THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Established In 1824 as the IPSWICH MECHANICS INSTITUTION NOTICE OF ANNUAL GENERAL MEETING Notice is hereby glven io members that the 200 Annual G8n8ral Meeting wlll be held at Admiral's House, 13 Tower Str8et, Ipswich, on Friday 25 April 2025 at 11 arn. AGENDA Welcorne by Presklent, Mr Martin Spettigue. 2 . Apobgles for absence. Mlnut8s of the previous Annual G8n8ral Meeting and Matters Ari8ing. Presentatlon of the Trustee8 Annual Report by the Chalr. Mrs Allson Stewart, MBE and report from th8 Honorary Treasurer, Mr Peter Edwards. To rec8iV8. approve and adopt the Report of the Committee of the Ipswich Institute together with the Accounts for the year ended 31° December 2024. To elect the follon9 to fill vacanci88 on the Comffllttee: A Stewart MBE Mr P Whiley Retiring under Rule 5, offerfng thems8lves for re- electbn There are two vacand88 on the Committee for which norninations may be rnade. A list of all nomlnatK)ns received will be exhibited in th8 Reading Room fourteen days prior to the Meeting. To resolve that Wtth effect from 1 st June 2025 Ihe joining fe8 (£5) for new Mernbe shall be removod arKI 8nnual subscriptlons shall be." Single M8mb8r Combined Household Membership Members 90 years of age and ov8r, wlth five years mernbership Student membership £115 £210 £40 £40 To appoint Contador Accountancy Services as independent examiner for the ensulng year. The Minutes of the prevlous Annual Géneral Meetlng held on Friday 26 April 2024 are displayed on the LSbrary notice-board. Members wishing to have a wpy may obtain this frorn the office on application. ILarge print copies are available on request].
IPSWICH INSTITUTE THE IPSWICH INSTITUTE READING ROOM AND LIBRARY REPORT & ACCOUNTS for the year ended 31 December 2024 Charlty No 304772
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY CONTENTS Report of th8 Trustees Adrninistration and R8f8r8nc8 InforniaOn Auditors. Report Stat8m8nt of Financi81 Activltles Balance Sheet 9-11 12 13 Cash Flow Ststement Notes fonning to the Financial Statements 14 15-23
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustses for the Year Ended 31st December 2024 Achievements and Performance The trustaes monitor the 8CtÉvities and development of the Institute under the headings of Finance. Govemance & Buildings. New Angle Prize. and Library, Education & Marketing. Reports from the various subcommittees and working groups with responsibilities in eath of these areas follow. Librdry, Education and Alarketing. The Instrtute meets Its objectives chiefly through th8 provlsion of a wkle-ranglng programme of leisure leamlng courses. The number of enrolments on both Evening and Day Courses increased in 2024 to 1.855. We are making significant progress In our goal to match the record number in 2019, befora the pandemic, of 2,4CX9. Course Enrolments over 10 years 29JO 2015 2016 2017 2019 2019 2020 2021 2022 2Q23 2024 As well as the ever-popular hlstory. fitness and languag8 subjects, tt)urs8s In litaraluro, art, economics, and philosophy were also in demand. The year saw celebrations for the bicentenary of the Institute. To mark 200 years a small grant of £6,000 was obtalned from the National Lottery Herftage Fund on the 20th of October 2023 to provid8 a variety of free acts'vities for members and non-members alike. These induded talks on Beethoven, Ghost Signs and Exploring the Human Personality as well as a Q & A session with author Rory Clements, a hlstory of food sasgion and a visit from Ipswlch Town Football Club. Alongslde the talks were 8 S8ri88 of fwe guided walks kindly led by the Ipswich Tourlst Guides. a fashion show. 8 quiz a8 well as tea and cake on the 23 of November - the date of the Institute's foundation. 524 people attended the licketed events and over 150 cupcakes were eaten. An average of 40 members 8njoy8d nine coach trips to venues auoss the south and east of England, Includlng Th8 Natton81 Portralt Gallery, St Alban's Cathedral, and Hyde Hall. The last trip of the year on the 20 of November was to vSslt a fellow member of the Independent Llbrarls AssoCiatn, BSshopsgate Llbrary In London. Library loans have continued to grow. Staff have ensured that new books by authors enjoyed by the memb8rs are available as earty as possible as well as buying work by new authors.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustees for the Year Ended 31st December 2024 Library Loans 12¢JX) 2CQO 2016 2017 1018 ioiy 2022 2023 2024 library Loan5 Mombernhip & Marketing These activities Mt only please our existing mernber5 but they also attract new members, and tt is gratrfying to note that membership incoma has rlsen after th8 large drop In 2020. Over 2024 the Institute had 1,900 member8. Membershlp Income 120( i(YKx)O 2016 2017 2018 2019 2030 202 2023 2024 li)cume 2024 saw the arrival of a n8w Membership and Mart(8ting Offic8r, Beth O'Regan who ioined the Institute in January. New Anglo Prlze The eighth biennial New Angle Prize (NAP) for literattjre set in, or influenced by, the region of East Anglia opened for entries In 2024 as well as the second University of Suffolk Creative Suffolk Author Award {CSA4). The prizes wlll tak8 place in 2025 with the winn8rs announced at an awards dlnner on Ih the 25 of September at Hintlesham Golf Club. The Instituts is grateful for the 8UPPOrt given by the University of Suffolk and the SLrffolk Book League.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustees for the Year Ended 31st December 2024 Bulldlng8 and Gov•manc• The have been several repairs and improvements during 2024. Includlng, but not Ilmlt8d to, eleven sash window renovations in Admiral's House, new kitchen appliances, further replacement and paIr of electrical wlring, repairs to one of the front door surrounds after Ft was damaged by a lory. and a full check and replacernent of broken and missing tiles on the roof of Admiral's House. There will be further rnajor paIrS needed In 2025 Including the r8pI8C8m8nt of th8 flat r(x)f, 8bove the Hanson Room In Adrniral's House. Caterlng The Chart Room Café, In Admlrafs House, which was opened In 2021. Is now established and successful, exceeding the use of Pages Café in Tavem StreeL We have notlced that both have become friendty and comfortable refuges for members in the cold weather as well as a place for sooal gathering, Everyone really appreciates the warm welcome provided by kngie and her team. Financial Reviow. By Mr Peter Edwards, Treasurer The Institute made a deficit on its 0rational actlvltles. of £114.458 In 2024. However, it $VId be noted that around £32,067.93 of the extra Income In the year represents the bequest from the fomi8r President of Institute, Ann Dunford. Excluding this amount, the Instiknte's operation81 deficit in 2024 was £146.525, almost unchanged (x)mpared with its operatlonal deficat in 2023 (£141.156. The rnaln factors affecting the Institute's income and expenditure in the year are set out below. Th8 Institute'8 main sour8 of Income are frorn members. subscrfpfjons, course fees and other educational income and from catering in¢x)me. It also has smaller amounts of income from its tenants In Admlral's House and from the dtvidend5 rel[Ved from tls investment portfolio, which is managed by external managers. The Income from members, subscriptions in 2024 was £95,521, around 8% higher than in 2023, mainly because of the increase in subscriptions that was agreed in 2024. The Income from its 8du¢atlonal a[VitIeS in 2024 was c. £153,226, around 6% hlgher than in 2023, which refieL*s both higher course fees and the increase In the number of Lx)urs8s and members taking p8rt in courses in the year. The catering incom8 in 2024 was £146,664, an increase of around 3% over 2023. The Institute's catering acts'vities mad8 8 loss of £44,591 In 2024, slightly higher than the caterlng loss in 2023 (£38.356). The Institvie's total Income In 2024 from all sources was £517,791, £47,914 higher than in 2023. Exduding the Dunford bequest. the increase in the incom8 from th8 Institute's operab'onal atyivities was £15,847 in 2024. The operational expendire in the year was £632,249, around 2% (£13,717) higher than in 2023, whlch reflects the underlying impact of inflation on the Instiiute'5 operating costs. The Institute's operatlonal expenditure therefore continues to exc88d its operational income by a considerable amounL As result the Institute has had to liquidate some of its investments in 2024 to finance the deficiL There was a Small capital gain on the value of its investrnents in th8 year of £29.150. which meant that the net deficit in the year, after taking account of the capitsl gain. was £85,308. The value of the Institute's investments at the end of 2024 was £902.983, cornpared to £1,008.221 at the end of 2023, reducts'on of £105,238 In the year. Further dr8wdown8 in the Institute's investments will continua to be required for as long as the Institut8 continues to incur a deficit on its operational activities. 'Dperatlonal acilvilles ref& to th8 d8y-tO-d8y oper8llon of the Institute without tsking into consideratson the value or any g8ins or108s8s of investments
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustees for the Year Ended 31st December 2024 Administration Informatlon Ob'ectlves Charltable Objects The charitable object of the Ipsw5th Institute is 'lo advan th8 edu¢xtlon of the inhabitants of Ipswlch and neighbourhood by the provision of a Library and Reading Room and by otherwise promoting Scien(, Ltt8rature, the Fine Arts and Adult Instruction.. The objective is met through the Institute's education81 programme of d8y and evening courses. tslks, workshops and vists and through the provision of the Library and Reading Room, with its stock of ficlion and non.fiction books. audio books, music CDS and periodicals. Public Benefft The Charitie8 Act 2011 requires that registered charit188 hav8 purposes or alm8 that are Identifiable as b8ing for the public benefit. Membership of the Institute 18 avallable to 811 who wish to Joln. and the Institute's marketing strategy alms to ensure that as wlde a range of local people as possible is aware of the facilities on offer. The Evenlng Leamlng Pragramme Is open to all, including those who may not want or be able to take out member8hip in order to a(xess the day-time facilities. The Institut8 has m8mb8rshlp fees whlch are r8vSewed annualty, and St Is the Trustees. vlew thal fees are reasonable, even for those on a low income. Educational fees. as well as cefé prices, a also kept as low a5 possible. Grant Making Policy The Institsjte invites applications from org8nisations for small grants to benefit the u)mmunity in ways which fit with th8 Institute's Ovffl educational objectives. The Trustees set aside a Surn annualty to cover such grants and consld6r each appllcatlon on Its merits. No designated fund has b8en created for these monies as the Institute is under no obligation to make payments rf no suitable applications are reived.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustees for the Year Ended 31st December 2024 Plans for the Future We seek to grow our mernbership and offer to dellver the charitable objectives of the Ipsvhch Institute. To be an organisation with a purpose. Where mernbers can learn something new, be inspired, socialise, and relax and unwind. A welcomlng oasis of calm wtth a high-qualty, fun and engaging 188ming experience. Tha out(xJmes we wish to achieve in tha next five years are: . Membership growth.. to grow our membership back to the18vel $88n in 2019. From 1,900 members across the year to 2.500 Enhanrnent. to improve the condition of our bulldings to delNer our educational objective in pleasant and safe surroundings . Resilience: secyjrlng the Institute's finances and reduclng the operational defi&t Partherships: We will build and maintain positive relationships with other organtsations in IpswKh through projects and educational grants . Community: We will deliver ptogrammes that support leamlng and build communlty Our plans for the next year to meet thes8 objectlves Include th8 replacement of the flal roof above the Hen80n Room in Admiral'8 House and the provision of an extra 'mini temi, of events and 8Ctivities in July and AugU8t 2025. Structurn Gornan and Mana •mant The Instftute and Its Governlng Document The Ipswich InstitLrte Reading Room and Library ('Th8 Ipswich Institute,) is an educational charity with mernben8hip open to anyone who can access Its facilities. Originalty founded in 1824 as one of the first of Dr George Birkbeck's Mechanic's Inststutions. the Institute has occupied its current Tavem Street iyjilding SIn 1834 and The Admiral's House in Tower Street since 2000. The Instllute's goveming document comwlses a set of rules last revised 23 Aprfl 2021, logether wlth by8laws last revised on 23 April 2021. Reserves Without specifying a fixed amount for long term retention, the Institute's Financial reseprfes are held to ensure the Institute can discharge its financlal responslbilities. remaln vlable in times of unprecedented unc8rt8inty. can invest in necessary maintenance of its buildings, and maintains a reserve for investrnent in future projects as agreed by the Trustees, At 31st December 2024 unresttlcted funds amounted to £904. Restrict8d funds amounted at 31 st December 2024 to £Nil. Designated funds at 31st December 2024 amounted to £1.296,388. These funds represent the Institute's financial res8N8, they can, and have b88n used to, carry out the Instita,S reserves policy (see above). Please see note 13 in the notes to Ihe financial statements for more information.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustees for the Year Ended 31 st December 2024 TrustO05 The Instrtute Is managed by an Executive Comrnlttee of not more than twelve Trustees elected by General Meeting. The three longest Serving members of the Committee retire each year at the Annual M8mber5' Meeting and are eligible for r8welection. The Committee keeps the skill requirernents for Trustees under review and when vacancies occur, aims to CD-OPt new members with appropriate skills. All new Trustees a fully briefed. Regulatory informalion is available from the Charity Commission and services are avallable through Communlty Ai*ion Suffol Member5 who can offer speclfic expertise or experien are sometimes Clpted to the committee or to working groups. The Literary Priz8s working group, organising the biennial New Angle Prize for Llterature and the Creative Suffolk Author Award. contlnues to be supported by Ms. Gill Lowe of th8 Suffolk Book League, and by Amanda Hodgkinson from the University of Suffolk, The Trustees arKI c¢>opted memberys provlde thelr Serv1 voluntarily and £33 expensès wore d8imed In 3J24. Organlsatlon and Slafflng The Executive Cornmittee. attended by all Trustees. meets at least four times a year to make strateglG decisions for the Instttut8 and to oversee performance in all are88 of adivity. There are three sub-commlttees: Finance: Gov8mance & Bulldings; and Education, Llbrary & Mafketing As well as one worklng group for the Llterary Prfze. These commthes and working groups oparat8 under agreed terms of reference and rewrt to the full Exeojtive. Organ15ation and Stafflng Offic8rs of the Charity and the m8mb8rship of sub<ommittees are decided annually at a trustees, meeting imm8dlat8ly following the AGM. In April 2024 Mrs Alison Stewart was 818Cted as chair and Mr Peter EardS as honorary aSur. Mrs Marion Harvey was elected as ViG&Chair. The following chairs of SUCoMMIttees and Working Groups ware 8ppointed' Mrs Stewart (Finance Sub- Cornmitt88) Ms H8rv&y (Govemanc8 and Buildings Sub£ornmitt88). Mr K8n Windsor (Library, Education and Marketing scoMMIttee). and Mrs Stewart (New Angle Priz8 Working Group). These remain the most recent re-elections and appointments following the 2023 AGM. Day-to-day management of the Institute Is dalegated by the Executlve to the General Manager, Jo Rooks, who. wlth her senior management team, 18 responsible for the admlnistration of the Institute. The Chairman and other officers meet regularfy th8 General l¥lanager to discuss Issues of relevance between committee meetings.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Report of the Trustees for the Year Ended 31st December 2024 Trustees, Res onslbllltles In Relatlon to the Flnanclal Ststements The Tnjstees 8re responsible for prep8ring th8 Trustees, Annual Report and the financial statements in accordance with applicable law and regulab'ons. The law applicable to Char4tles In England & Wales requires the Trustees to prepare financial Statements for each financial year in accordance with Unit8d Kingdom Generally Accepted Accountsng In preparing these financial statements, the Trustees are required to: select sultable accountlng pollcies and apply them conslstently. observe the methods and principles In the Charities SORP: make judgments and accounting 8Stimates that are r88sonabl8 and prudenl; state whether applicable accounting standards have been followed, subject to any material departure5 disdosed and exp18in8d in the financial staternents; and prepare the financial statements on the going concem basis unless It Is Inapproprlate to presume that the charity will continue in operation. The Twsiees are responsible for keepSng adequate accounting CordS that disdose with reasonable acojracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charfties Act 2011. the Charity (Accounts and Reports) Regulatlons 2008 and the provision of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenb'on and deteclion of fraud and other 1rregu1arfeS. In so f8r as the Trustees are aware: there is no relevant audit information of whith the Charttjls auditor 18 unaware; and the Trustees have tak8n all stsps that they ought to have taken to make thernselves awdre of any relevant audit infomiation and to establish that the auditor is 8W8re of that infomiation.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Reference Information Name of the charity Charity Numbèr Principal Office Telephone: Website Ipswlch Instllute Readlng Room & Llbrary 304772 15 Tavern Street, Ipswich IP13AA 01473 253992 www.Ipswlchlnstltute.org.uk Mr. M Spettigue Mr. K Fletcher President Vice Presidenl Trustees Chair.. Mrs. A Stewart MBE (re•electlon Aprll 2024) Mrs. M Harvey Mr. P Edwards Vice Chair: Treasurer. Mr. R Attenborrow Mr. J Fleld Ms. J Roger5 Mr. C Serrltiello Mr. P D Whlley (re-electlon Aprll 2024) Mrs. S Wilson Mr. K Windsor General Manager Auditor Ms. J Rooks Sumer Audit co, Fllzroy House, Crown Street. Ipswich, IP1 3LG Co•operatlve Bank, 9- 11 Queen Street Ipswich IP11SW Bank of Scotland, The Mound, Edinburgh EH11YZ Birketts Solicitors. 141-145 Prfnces Street Ipswlch IP1 Charles Stanley & Co Ltd, 33 Lower Brook Street Ipswich, IP4 1AQ EWS 31 Lower Brook Street, Ipswich IP4 1AQ Fenn Wright, 1 Bullermarket, Ipswlch, IP11BA Bankers Solicitors Inveslmenl Advisers Property Advisers Approved by the Trustees on 11 March 2025 and signed on their behalf by: Mrs. A Stewart Chair of Trustees
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Indopondent Audltorfs Roport To The Tru81008 of The Ip8wlch In8tltuto ReadSng Room And Llbrary The Ipswich Institute Reading Room And Llbrary We have 8udited the financial statements of The Ipswich Institute (the "Charl> for the year ended 31 December 2024 which comprise of the Statement of Flnancial Activities, the Balance Sheet and related note8, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting practi>. including Financial Reporting Standard 102"The Financial Reporting Standard applicable in the UK and RepubliG of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the finanoal stat8ments: give a twe and fair view of the state of the Charftys affairs as at 31 December 2024 and of Its incoming resources and application of resources for the year then ended: have b88n properly prepared in 8Ctx)rdance ryth United Kingd Gen8r811y A(%epted ACCOUnng Practice; and hav6 been prepared In accordance wFth the requlrements of the Charfties Act 2011. Basls for Oplnlon We ndUCted our audit In accordance with InternaOnal Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responslbilits'es under these standards arg lurther described In the Auditor's responsibilities for the audit of the financial statements section of our r8porL We are independent of the Charity in aco3rdance wth the ethical requirements that are relevant to our aud of the financtal statements in the UK. induding the Financlal Reporting Coundl's Ethical Standard. and we have fulfilled our other ethical responsibilities in 8ccordance with these requirements. We believe that the audit evldence we have oblained Is suffiaent and appropriate to provide a basls for our opinion. Conclu5ion5 relJtlng to going concom In auditing the financial statements. we have concluded that the Trustees, use of th8 going (XCern basls of accounts'ng In the weparation of the financial statements is approprlate. Based on the work we have perfomied. we have not Identified any material uncertainties relating to events or condltions that. individually or collectively. may cast slgnfficant doubt on the Charlty's abillty to continue as a going concem for a peri(Kl of at least fr1ve months from when the financial statements are authoris8d for issue. Our responsibilities and the responsibllities of the Trustees with respect to golng concem are described in the relevant S8Ction8 of this r8porL Other inforniation The other informats.on comprises the InfOrMaOn Included In the ReFX)rt and Accounts other than the financial statements and our Audltor's Report thereon. Trustees are responsible for the other information. Our opinion on the financial ststements does not cover the other infonnation and, except to the extent OtheSe explicrtly stated in our report. we do not eXpsS any form of assurance condusion thereon. Our responsibility is lo read the other Information and. in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we id8ntty such mat8rial inconsistsncies or apparent material misstatements, we a required to detemiine whether there Is a material misststement in the finan081 statements or a materi81 misstatement of the other infomation. If. bas8d on the work we have performed. we condude that there is a material misstatem8nt of this olher Inf0mtIon. w8 are requlred to report that fact. We have nothing to report in this regard.
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Independent Audltor's Report To The Trustees of The Ipswlch Instltute Reading Room ArKI Llbrary Tho Ipswlch Instltute Readlng Room And Llbrary (Conllnued) Matters on whlch we are requlred to report by exceptlon We have nothlng lo report in respect of the following matters In relation to which the Ch8rtties {A(xounts and Reports) Regulations 2008 require us to report to you rf. In our opinion: the informats'on given in the Trustees, Report Is inconslstent In any materfal respect with the financial statements; or • sufficient accounting records have not bèen keptr, or the financial statements are not in agreement with the accounting re(xirds and r8tums; or we have not received all the Infonnation and explanations we require for our audit Respectivo rasponsiblllties of Truste•s As explained more fully in the Trustees. Responslbllltles Statement. set out on page 6, the Trustees are r8sponsibl8 for th8 preparation of the financAal statements and for being satlsfied that they give a true and fair view. and for such intsrnal o)ntrol as the Tru8t8es detsmiine is necessary to enable the preparation of financial statemenls that are free from mat8rial misstatement, whether due to fraud or effor. In prepartng the financial statements. the Trustees are Te5ponsible for assessing the Charrtls ability to continue as a going concem. disclosing, as 8pplic*ble. matters related to going concem and using the going 0Cern basis of accounting unless the Trustses either intend to liquid8te th8 Charity or to cease operations. or have no realistic altemative but to do so. Audltorf8 r•spon8lbilitle8 for th• audit of the financial •tatom•nts We h8ve been appointed as 8uditor under section 145 of the Charities Act 2011 and report in accordance Vth the Act and relevant r8gu18tions mad8 or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from materlal mlsstatemenc whether due to fraud or ern)r. and to Issue an AudStofs Report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audil conductsd in 8ccordance with ISAS (UK) 4MII always deted a matertal misstatement when it exists. Misstatements L3n arise from fraud or error and are ojnsidered matarial If. individually or in the aggregate. they could reasonabty be expected to influence the ecrnomic decisions of users taken on the basis of these financlal staternents. The extent to whioh our procedur88 are capable of detecting irregularili88, including fraud Is detalled below.. We identified areas of laws and regulations that could rea80nably be expected to have a rnaterial effect on the ffinancial ststements from our general commercial 8xperienc8 and through discusslons and enqulries of Trustees and management. During the engagernent team briefing, the outcomes of th888 discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Charity. The following lav and regulations were identified as being of sIgnIfican to the Charlty: Thos8 laws and regulations considered to have a direct effect on th8 financial statements including UK fin8nci81 reporting standards, tsXaon regulations and the Charitie8 Act 2011; Those lavLq and regulations considered to have an indirect effect on the financial statements. These indude the Health & Safety Act 1974. human rights and 8mployment law, food safety and GDPR compliance. io
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Indopendont Audltorf$ Report To The Trustees of The Ipswich Instituts Raading Room And Llbrary The Ipswlch Instltute Readlng Room And Library (Continued) Audit procedures undertaken In response to the potentlal rfsks relating to irregularities (which include fraud and non-compliance with laws and regulations) cornprised of: enquiries of management and those charged with govemanc8 as to whether the Charty complies with such regulations: 8nquiries of management and those thard with govemance conceming ary 8Ctual or potentlal Iltlgatton or claims, inspection of relevant legal documentstion, review of board minutes. testing the appropriateness of entrles in the nomlnal ledger, Induding journal entries and the performance of analytical procedures to identify any unexpected movements in account balances which may be A further description of our responsibllitles for the audtt of the financial statements Is located on the Finanaal Reporting CouneAI's website aL www.frc,or .uklauditorsres onsibili This description forms part of our Auditorfs ReporL User of our report Thls report is made solely to the Charityvs Trustees, as a body, in accordance wlth Part 4 of th8 Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght stat8 to the Charity's Trustees those mattets we are required to ststa to them in an Auditofs Report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone oth8r than the Charity and the Charitys Trustees as a body, for our audit work, for thls report, or for the opinions we have fomied. Sumer Auditco LlmSted ststutory Auditor Fitzroy Hous8 Crown Street Ipswich Suffolk IP1 3LG Date 31 March 2025 Sumer Auditco Limited is eligible to act as auditor in lenns of s8Ctlon 1212 of the Companles Act 20(k8. 11
THE IPSWICH INSTITUTE READING ROOM AND UBRARY statement of Flnancial Activities Year ended 31 December 2024 Unrestrlct•d Unrestricted 2024 2023 INCOME Note Inc¢xM from ¢harltablè actlvltlo8 SubsCripns ar joining fees Fe8s, m8mb8rs' educ8tson study groups & lectures Educatlonal trips and events Donations and legacies 2(J)th AnnNorsary income 95,521 132,963 20,263 32,376 2,607 283,730 88.260 114.933 23,119 232,292 Income from othor tradlng actlvlt Catering income Sales of booksbags. fines, r8s8r4atlon8, and perbdt 146,864 2,622 149,286 142.219 4.808 147.027 Income from InVtments Prorty income (oted inve5tsnents (Dividends) Int8r88t recelvabl8 45,154 39,179 442 84.775 517,791 49.275 40.860 423 90,558 489,877 TOTAL INCOME EXPENDITURE Expenditure on charilablo activit Wages and salaries - library Direct costs Premises Costs Supwrt cost5 EducaknaS grants D8preciation Au(Jito¢s remuneration Trusteas èxpens8S 57.979 120,723 53.899 104,173 52,389 122.946 69,265 102,813 201 2.682 7,300 29 357.625 15 1.999 7,700 Exp•nditur• on ral8lng funds Wages and 5alari95 - Catering DIrt costs Premises costs SupFort costs D8preciatic 112,072 77,558 70,051 19,022 108.149 72,750 57,008 13.551 9,449 260.907 285,743 TOTAL EXPENDITURE 632,249 618,532 NET (EXPENDITURE)IINCOME FOR THE YEAR BEFORE NET GAINSI(LOSSES) ON INVESTMENTS N•t 9•In (loss) on Invo8tm•nts Realised Unreallsed 114,458 148,655 1.122 28,028 29,150 (4,716) 2.517 7.233 NET {EXPENDITURe)nNCOME FOR THE YEAR 8818nces brought forw8rd 8t 1 J8nu8ry Balances rrted forward at 31 Docernber 185.308) 1,382,600 1297,292 155.888 1.538,488 1.382.6 All In&Th arKI expendliure Is unrestrlcted and derfves frorn DJnUnulng acUv]ties. 12
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Balance Sheel As at 31 DeCeMr 2024 2024 2023 Notas FIXED ASSETS Tanglbl8 fix8d 88S8ts Quoted Inve8tm8nt8 442,697 853,691 1.296,388 451.736 1,001.572 1.453.308 CURRENT SE[s Restaurant slock Debtors Cash at bHnk and in hand 4.716 22,688 117.254 144,658 6.543 25,964 41.485 73,992 10 CURRENT LIABILITIES Credltors: amounts falllng due vlthln 1 y88r NEf CURRENT (LIABILITIES) 11 143.754 144,700 904 70,708 NET A&8ETS 1,297292 1.382.600 FUNDS Designated General 13. 14 14 1296.388 1,453,308 70,708 1,297.292 1.382,600 Approved and auihoriyed Issue at a meetin9 of the Executlve Commlttee of tho 1Pch In8titute on 29 March 2025 Mrs A Stewart Chairman.. £L4 <?6IL£.sescirty Mr P Edwdrrls Treasurer. 13
THE IPSWICH INsnTUTE READING ROOM AND LIBRARY Cash Flow Statement As al 31 Decomber 2024 Noto8 2024 2023 Cash flows from operaling activitie5 N8t lexpendtiureylncome for thé year Adjuslments for: Depreciation Net gainsl (losse8) on In¥estmeTrts Movement In stock Movement in deblors Movement in creditors (85.308) {155,888) 9.039 (29,1501 127 3376 3,252 (97,0641 12,131 7.233 (2,321) {2,159) 33,961 (107.1)43) Cuh flows from InstIng aetivttl•8 Purchase of tangible flxed &8sets Net dlsposal of Investments Net cash used In investing acdvltlas (1.ixio) 91.883 90.883 177.031 177,031 Not Incroa80 In cash and caoh oqulvalent8 Cash and cash equt¥alents at the boglnnlng of the year 79.967 (16.160) 53.447 37287 Cash and cash equlvalents at the end ol th• y••r 117.254 37,287 14
THE IPSWICH INSTITUTE READING ROOM AND UBRARY Notes to the Financlal Statements Year ended 31 December 2024 1 Accountlng PollcS8• (a) Basls of ratlon Th8 flnanclal slatements have b8en rrfepared under the hlstorlcal cnst conv8ntlon wlth Items recc¥Jn15ed al ccist or transaction value unless olherw15e stated In the relevant notes to the rinanaal staternents. The finandal statements have been prepared in acciydance ¥Mth 'Acwunting and Repng by Chartbe5.' Slalement of Recommended Practice applicabte to chariljes prepar6ng thelr accounls in accordance wbth the Flnanclal Reports StarKlard applicable in th8 UK and Republic of Ireland (FRS 1021 (Second Edltion). and the FSnandal Reportlng Standard applicabte in the Untted lfjrvJdom and Republic of Ireland {FRS 102) and the Charities Act 2011 and UK Gonerally Accepted Praclic8 as it applles from 1 January 2015. The Ilnanclal sta18monts have been prepared to glv8 a 'tnJ8 and falrf vl8w and have departed from the CharItS (Acc(yJnts and Report5) Regulation5 2008 lY to Ihe extent required to provide a Irue and fair view. This departure has Involved following 'Accounting and Reporting by Charltles.. Sta18m8nt of R8commended Practi applicable lo charleS preparing thelr accounts In accordance wlth the Financial Reporting Standard applicab In the UK and Republic of Ireland (FRS 102) {S8cond Editk)n)'rather than th8 AccountlrwJ and R8POrtlry by Charftl88: Stalgment of R8comm8nd8d Practi 8ffectiv8 from 1 Aprll 2LX15 whith has since been lthdraTr. (b) Gol concem The financial statements have been prepared on a golng concem bosls. The trustees are Ct[nuallY reviewing Ihelr plans and forecasts and believe that the going conc*rn basls Is approprfate. The Tnjstees bdieve that for a perK)d of at least 12 months from Ihe date of approval of th8s8 flnanclal 8tatam8nts lh8 Charfty has ad8quat8 r8serv8s to continue. The financial statements do Th)t include any adjustrnents that might be requlred rf the application of the going concern b8si8 proves to be in8pproprfate. The Ch8rfty ¢onstitute8 8 wbllc benefit entity as defined by FRS 102. A38ets and Ilabllltks are inlti8lly recognised at hlstorical cost or transactlon value unless otherélse ststed In the relevant aco)unllryJ pollcy. (d) In¢¢)mln r•sou All Incoming resources are included In the Slat8ment of Financial Aclivitl88 wh8n the Charfty Is legally antktled to the income. It Is probable that the amount will be received and the amount can be quanllfied wlth reasonab18 8(turacy. Income from charitsble actNitse8 18 8ccounled for on the 8ccrua18 basis and any recelved In advance of Ihe a(%ountlng perK)d is deferred. Donatlons and all other receipts from lundralsiro and trading activtt6es are reported gros8 and accountsd for as SORP crklerfa are met. Investment Income and interest receable aro Induded when recefvabl8. Other irMirrfj resources ar8 included when they fall du8" any income received In advance Is def8rred. 15
THE IPSMCH INSTrruTE READING ROOM AND LIBRARY Notes to the Financial Statem8nts Year ended 310ecember 2024 1 Accountlng Pollcl88 (contlnued) AFI expendlbjre 18 accnunt8d for on an ac(¥uals basls 8nd Is recognised wthen th8re is 8 legal ( 18tru¢Uve obligallon to Pay. Expenditur8 h8s b88n classffied under headlngs that aggr8g8t8 all costs relatlng to the cats9, Costs of r8lsirwJ funds are those costs Incurred In attr11ng voluntary Incom8. Ch8rlt8ble acfvltl8s comprfse those costs Incurred by the thartty In the dèllv8ry of Ms activlties and servlces for Its beneficlaries. It Includes both costs that can b8 815ocated directty to such 8thtl8s and those costs of an inthrect nature necessary to supwt them. Gov0rn8nc8 costs Indude Ihose rAlS assodated wlth meetlng the ¢on8tltutknal arttd stsiutory requlrements ol th8 Charlty and Include the audlt fees and costs link to th8 straleglc management of the Ch8rlty. Support costs are those costs Incurred dlrecty In Supp ol expenditure on the of thè Charity. Support costs have been allocated to activty [%ts cabgorfes on a basls designed to roflecl the use of r88ource&. Re8ource8 expended exdude alirlbulable VAT wfiich Is expected to be partialty r8covar8d. Ig) uoted Invo8lments In accordance wth FRS 102 Inve8trnents are held at falr value. It is the Charitys palicy to revalu8 the Investments at 31 Dec6mber each year, such that the Invastm8nts are sold there is no galn or Ioss arlsing r8lats'ivJ io the prfor y88rs. A8 a result the Ststement of Financial Activltles includes ttrM)se unrealls8d galns and Ioss8s arfslng Irom th8 rev8luatx)n on the investment portfolk) throughout the year. (h) Tan l>le Fixed Asse (i) Freehold F>ropety 15 Tavem Stre8t and 13 Tovmr Stre8t The Instltute's w&mlse$, 15 Tavern Str8Ot and 13 Tow Street. 7hEre purchased for th8 purrK>se of housln9 the Institute's Library and Reading Room and olh8r &lucational activities. 15 Tavem Street was wrthased In 1834 and the cosl has been wholly vrtitten ofl in prior ye8fS. As it Is not the intention to dlspose of these prop8rUes. thè Committ88 considers that an expr6sslon of tt)elr mafket Value Krjuld be of no 8ccounting signrficance and théy have not IncIje0 any market value of these pr8ml8es In these flnanclal slat8mants. (11) Fro8hold Property 15 Tower Street The prop8ty was purchased In 2000 and Is clas$Sfied 88 a mixed used propety. Thè èntlra property has been accounted for as a langlble flx8d asset and Is Induded at Cost to reflect that the propety was acquired for use by the Chartty. (111) No depreciatfion Is provided on the propertles In either 2023 or 2024 In Ilne seckn8 hl and hii above. 15 Tower Straot Is felt to held at abov8 its r8sldual value. 16
THE IPSMCH INSTITirrE READING ROOM AND UBRARY Notes to the Financial Ststements Yoar ended 31 December 2024 l Accountlng Pollcle5 (conunuod) (h) Tan Ible Flxed Assets continu (iv) All re81 (freehold) propety Is held on behalf of the Ipswch Institute by the Official Custodian ft)r Charltth. (v) Llbrary Books, Furnlshlng arvj Equipment The value of Ise has not been included in tangible red assèts as all f8placements and additions are charged against Income In the year ihe experKtilure is 1njrr8d. (vll Prop8ty ImproVemts Expenditure on the Inslallati)n of a new café area In 2020 and dlsabled toilet In fvAJmlrals House in 2018 are induded at cost arrfj are being depre(iated on a stralght line basis over a perh)d of 5 yBars. (l) Stock Stock Is valued at the Iow8r of cost and n8t r8alisabl8 value. U) Flnanclal In8trumont8 Th8 Charlty only has financlal assets and liabilities that quallfy as baslc finandal Instruments. Basic financial in51rumenls are intbally recognised 8t transaction value and subs8qu8ntly measurod at 1r settlemant value. (k) Fund accountin Gener81 unrestrided funds wthl¢h are available for use at the discretion of the Trust8os in furtheranc8 of the general objectlves of th8 Charfty arKI vthlch hav8 rt boen deslgnatBd for olher purp¢)5es. Designat funds comprls8 unr6strlcted fund8 th81 have bo8n 86t asld• by Ihe Trustees for particular purposes and are allo¢at8d to Capital. The Capital fund is repr8sented by tsngible fixed assets and invesbnents. Transfers b8tW88n unrestrlcted g8neral funds and unrestrided designated funds may be made at the Trustees, discr8ti0n. Charty operates a defined contribulron pensi stheme. Ihe assets of wfiich are held separa181y from those of the Charity in an independenuy administered fund. Contribudons are charged to the Statement Of Finan81 Aclivities for tho pgriod in whlth they are payab18 to th8 scheme. 17
THE IPSWICH INSTrruTE READING ROOM AND UBRARY Notes to the Flnanclal Statem8nts Year ended 31 December 2024 2 Judgments In apptylng accountlng pollcles and k•y sources of estirnatlon uncortalnty In preparing these financial statements. the TTUStees have mad8 th8 follov*lng ludgements: No depredatlon Is provided on th? propertie5 since the Trustees (x)ndar that th8 resklual values are above thelr hlstorlc cost and th8r8for8 th8lr depreciation Is Insignificanl. 3 Dlrect Costs 2024 2023 Expenditure on charltable actlvltles BkS bought MIlIaneOuS library wrcha8es Mu81c tapes and CDS bougm Nevé3papers and perlodlcals Tutors for members, 8duc2tlon, 8tudy grp8 & IturnS Educational trips and events 5,518 1,116 5.007 5.644 11.020 10,662 86,649 82.261 16,343 19.317 120,723 122,948 Expondlturn on ralslng funds Caterfng cost of saS8s ifjtchen sundrfes Fund manager fees 59.789 4,660 13,109 77.558 58,974 4,602 9.174 72.750 Total dlr•cl costs 198,281 195.696 4 Pr•m1808 CO8t8 Charftablè Generatlng actlvitie$ funds Caterlr¥J & Managing Invostrnents Total 2024 Total 2023 Rates & water LlghL h88t & power InsuranG8 Fumishings & eqUipMt Repalrs & redecoratlc Cleaning materials 1.917 17,083 11,184 2.515 3.751 17 1,021 2,938 3,278 26,862 43,945 43,309 3,410 14,594 13.430 8,696 11,211 27,940 14,705 18.456 5.244 15,358 32.806 33.072 70,051 123,950 126,273 53,899 18
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Notes to Iha Flnancial Statements Year ended 31 D8cemb8r 2024 S Support costs Charltsbl• G•norntlng funds Catèrlng & Managlng InStMent8 Totsl 2024 Totsl 2023 Wages and $818rfes {S88 5) Printing, stationery & pjstage Telephone Photccopler Mlscellaneous n,764 6,968 359 395 22,687 104,173 73,764 6,968 1,078 39S 40,990 123,195 72.687 4.885 1.612 627 36.553 116.364 719 18,303 19,022 Support costs are allocated sp8cifi¢ally to ¢h8rltsble 8ctlvtdes. generatlng funds and m8nagSng Inve$trnents where po$slble. Those whlch relats to am or som• headlrys aro alk)cated based the percentage of fk)or spac* oc0jod by 98¢h heading. G Staff co81• 2024 2023 Wages and 8alarle8 ScKi81 securlty costs ps1On 226,412 10,728 6,67S 243,815 219.814 3.481 233,225 Attrilxrtèd to ¢harltable activtttes - dlrect - support (xjsts (See note 4) 57.979 73.764 52,389 71,530 131,743 123,919 AttrftrArted to gon8ratlng funds - direct - 8UPPOrt o)sts (See note 4) 112,072 108,149 1,157 112.on 243,815 109,306 233,225 2024 2023 Number of èmploye who èamed £60.000 p.8. or more Totsl afflount of salarie5 pakl to key p8fsonnel A¥erag8 numb8r of employee5 Average number of full lime equlvalent emplo88 Av8rag8 numter of tutors (all part time) ,385 15 71.810 14 Trustees rernunwation None of those who were Trustees of the Ipswich Institut8 at any tlme durfng elther the current year or th8 prfor year r8cavèa any remuneration from Ipswich Institute. Trustees expenses of £33 Vre relmbur8ed during the year (2023 £4). Related Pa Transactlons There were no material related party transactions during the year {2023: None). 19
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Note8 to the Flnanclal Statemonts Year ended 31 December 2024 7 Prof•s8lonal charge• Total 2024 Totsl 2023 Audltorfs remun8ratlon In relat b the audit of the finanlcal stsIents Trustees, expenses 7.700 7,3(X) Tangible fix•d Tol•l 15 Tavorn 13 Tower 15 Tower Stre•t Streot Stro•t Boller Prop•rty Replac• knpro¥•m Equlp 2024 Ai 1 January 2024 1,000 260,189 180.OCK) 71,539 22.275 55,496 590,499 Addilions At 31 Dacemb8r 2024 1,(X)0 260,189 180,OCKI 71,539 22,275 55.496 590,499 Depreclation At 1 January 2024 71.517 22.275 43,971 138,763 Ch8fge for ypar 9,017 9,039 At 31 Dacemb8r 2024 71,539 72,275 52,988 147,802 Net baok bal At 31 December 2024 260,189 180,OIX) 2.508 442,697 AI 31 DeTh)er 2023 260,189 180,OC() 11.525 451,736 15 Tavem Street arKI 13 and 15 Tower Street are hdd for th8 purpos8s of the Instrtut8'8 athitias. 9 Quoled inveslments Totsl 2024 Totsl 2023 Market value 811 January 1.001,572 1,100,688 Additions Disp0881s Realised losses on d18PO8al8 Unrealised losses 84,$84 188,623 1261,6151 (280,506) (4,716) (2,517) 28,028 Mavkot valug 8131 Decomber 853,ts1 1,001,572 20
THE IPSWICH INSTITUTE READING ROOM AND LIBRARY Notos to the Flnanclal Stst8monts Yaar ond•d 31 December 2024 10 Oebtors 2024 2023 Trade debkn5 Prep8ym8nts, accxu8d Income and Other debl(*s 3,078 19,610 8,033 19,931 22,688 25.964 11 Credftorg 2024 2023 Amounts falling due wlthin one year. Bank ovwdraft VAT Def8rr8d Incoma Othèr crlitOrS Accruals 4.198 2.542 86.785 31,742 19.433 5,423 102,330 16,842 19,159 {Nolo 12) 143,754 144,700 12 frad Incon 2024 2023 As at l January Releas&J in year Provided for 86,785 186,785) 102,330 n.482 (77,482) 86,785 As at 31 December 102,330 86,785 Deferred income cornprises subscription, course and educatk)nal trip fee8 P81d In advance. 13 Statement of Funds stateftnt of Fund8 - Curr?nt year Gains & Loss•s 1Jan24 Incomlng Outgolry Trnnsf• 31 Dec 24 Deslgnatad fund8 Capital fijnd Unro8trlcted fund8 Genral fund 1.453.308 (9,039) (147,881) 1,296,388 {70.708) 517.791 <623,210) 147,881 29.150 1,382.600 517,791 (832,249) 29,150 1.297,292 21
THE IPSWICH INSTITUTE READING ROOM AND UBRARY Notes to the Flnanclal Ststements Year ended 31 December 2024 13 Statement of Funds Icontlnued) statement of Funds - prfor year Galns & Losses 1 Jan 23 Incoming Outgoing Transfors 310ec 23 Deslgnaled fund8 Capital fund Unrestrlcted lund• Genral fund 1,563.555 (12.131) {98.116) 1,453,308 (25,067) 469.877 (606,401) 98.116 (7.233) VO,708) 1,538.488 469,877 (618,532) (7.233) 1,382,600 The capitsl fur m8y only be used for c8pEtsI expendlture In re8peci of expan8lM and Improvement of premlses. 14 Anatysls of net a880ts botwa•n funds Tanglblo Ilxed assets Inve8tmeni* Not current •s8ets Al 31 Docémb•r 2024 N•t ass•ts Deslgnated funds 442,697 853,691 1,298,388 442,697 853.691 1,296.388 Gènernl unrestrkted funds Totsl funds 442,697 853,891 1,297.292 Tangible Net red current 8¥0ts Inv•alm•nt8 Il•bllltles Net auots Al 31 December 2023 D••lgnatod fund8 Capital 451,736 1.001,572 1.453,308 451,736 1.001,572 1.453,308 General unrestricted funds {70.708) 170.708) Total fund8 451,736 1,001,572 70.708 1,382,6
THE IPSWICH INSTITUTE READING ROOM AND UBRARY Notes to the Financial Statements Year ended 31 December 2024 15 EduGalional Gran1• No grants were made during the yBar ended 31 December 2024 {2023: £201) to support Ihe follo*ryng literaoy, arts and educational proJKts: 2024 2023 C Grover- Ftyers for concert Jobcèntro School Supplies Ba 101 201 16 Tax Statu6 The Ipswich Institute is 8 Charity wthin the meaning of the Charities Acts 2011 and es such Is Charity vithin the meaning of Part 11, cOrFratIOn Tax Acl 2010. AccJNdlngty Th8 IpSWh Institute ks potsntlally ex8rnPt from tax2tlon In respect of Income or gains red wthin categories covered by Part 11. CratIon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains kt 1992 to th& 8Xtant that such incom8 or galn8 8r8 applied exdusivety to It'8 tharltabie purwse. 23