Charity R•gl$tration No. 310492 NORTHGATE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 NORTHGATE FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Tru$tees MrA J GillesF4e Mrs J Riby MrJ NOrn￿n Mr D Bevan Clr C Chambers Mrs J Parry Charfty numb8r 3104g2 Prlncipal addrè88 PO Box 979 Ipswich Suffolk IP9 2WH Indopendtrnt examlner Helen Rumsey FCA Ensors Accountants LLP Connexions 159 Princes Street Ipswich Suffolk IP11QJ Banker8 Nallonal Westminster Bank PIC 2 Tavem Street Ipswlch IP13BD NORTHGATE FOUNDATION CONTENTS Page Trustees, report Indep&r￿ent examln¢rfs report Statement of finan￿81 athities Balance sheet Notes to the ac￿￿nts 6-15 NORTHGATE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The trustees present their report and accounts for Ihg year ended 31 March 2021. The acc¥Jun15 have ￿en prepar8(l in a¢ttJrdanc8 with tha acrLJunting policie5 Set out in note 1 to the accounts and comply ￿th the charity's goveming docsJm8nl, the Ch8ribes Act 2011 arKI the Statement of Reo)mmended Practice applicable to charities preparfng their aco)unts in a¢xordance with FRS102 the financAal reportiTrJ stsndard In the UK and Republic of Ire￿nd - updated 1 January 2019. obloCtiv￿ and activiti08 The obleds oflhe charty are to proffK)te the educafjon of perg)ns und&r the ag8 of 25 who are Sn need of finanaal a&q(stsn￿ and are resident in or have attended o community. voluntary or f¢)un¢Jatk)n school In Suffolk. The trustees have paid due regard to guidance issued by the Charity Cornmission in de¢idin9 ￿8t actiwties the th&ity shcAJld und8rtaka. Th6 InJste8s confirm that they hav8 referred to the guidance contained in the Charty Commlsslon's general guldance on publ￿ benefit when remewing the charfty's alms and 0￿.ectIveS. when pknning future activrti85 and vthan seiung the grant rna￿ng policy for the year. A¢hSevements and perfomiance The objects of the charity are to promote the education of persons under the age of25 who ore in need of financlal assistsn(g and ar& residant in or attend or have attènd￿ a communty, vduntary ￿ foundaoon schcnl In the area of beneffit in particular but vthhoul limitation through the provlslon of= Grants tenabk al any schcM)I, unlversity, college of edU￿tiOn, or olher IrtstitLrt￿n of lurther education IlncludirvJ professonal or tethnicall,- or Equipment or b(M)ks to assist such parsons to pursue their educabon Ilnduding the study of music and other arts, sport. sodal and physlcal educstionl, to undertake travel In fvrtheran￿ theM)f, or to prepare for or enter a profeS￿On. trade. ocryJpatlon or servlce on leaving sthcd, universSty or other educational establlshment,. or Such items and sg[vi￿ or spgcial benefits for whith provision k8 not mad9 from Publ￿ fund5 for any ¢ommunity, volunlary or foundation school li thg area of benefit. Flnaneial review 11 is th8 policy of the charity that un￿$1￿cted funds which have not been designated for a spe(#fic use should be malntslned al a level oquivalent to befv￿n three and six month's expendittjre. The trustees (r)nsider that resgrves at Iru"s level ￿11 ensure that. in th8 8venl of a signfficant drop In funding, they will t* able to conttnue the charity's iurrent activiti85 Whi￿ cMsideration is given to ways in wh￿h addlllonal funds may ba raised. This level of reserves has been maintained throughout the year. A proporbon of the charity's un￿s1￿cted funds are also invested In fixed asset investments which provide additional investmont income for the charity. Forthe year ended 31 March 2021 Ihe tharfty rewrd8(J an overall surplus of £197.09312020.. deficit of £9471, meanlng th8tlh8 overallfvnds ofthe tharity have increased from £794,225 to £991,318. Thg unreslricled reserves ofthe charity have increased from £233.582 to £315.187. The trustees have asse88ad the malor rfsks to whlch the charity is exposed and are ￿0Sfied that the charity Is w911 plac&1 for ftJlur8 developmgnt and Ihat systems ore in pl&e lo mitvJats exposure lo any major rtsks that Iha charity may faGe. Golng conc•m and COVD.19 DurirrfJ th8 year Ihe Charity has been unable to provide the usual level of grants compared lo prewous years. This is 8 direct r8suII of the COVID-19 pandemic. which meant that many schod trips and dubs had lo be cancelled. The Chartty's invesknents have perfomied more strongw during 2021 compared lo 2020 as financi81 markets have sh(Mn some rec4wery fOlkn￿ng the Inltigl shock durfng the onset of the pandemic. The improved perfom)an(* of the tharfty's investments and th9 strong reserves policy albws the Trusts9$ to feal well p￿aced to resume supporbng young people in education throughout Suffolk when normality returns. On Ihis basis, the Trustses are confident that the tharity is still considered a going oJncem. NORTHGATE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Structurn, gov8rnanc• and manag•m•nt The charity Is ￿nStitUts￿ as an unincorporated chadty and 18 registered ￿th the Charity Commlsslon In the United Trthngdom. The charity was established by a tharitablg tnjsl deed on 23 ￿ri[ 1968 and is gov8med by scheme ofth8 Charity Commission dated 20 Decem&er 2004 as amended by a resolution datgd 9 May 2012. Th& Trusteas s8rv8d during the year were: Mr A J Gillespie Mrs J Rilgy Mr J Nomian Mr D Bevan Mrs J Pary Cllr C Chambers The Board conslsts of 2 Nominated Trustees and 4 Co￿Pted Trustees. The Trustees of th8 Northgate Foundation are rosponsible for the appointment of Cowepled Trustees. The Trustees listed below were appointed by the following bodies. Cllr C Chambers Mrs J Parry Suffolk County Council Ipswlth Btsr￿gh Couneil statement of tru$t¢•$' re$pon$lbllltle$ Th8 trustees are responsible for prepartng the Trustee8' Rap)rt and the acthunts in accordance with appIl￿ble law and United Kingdcffl Accounting Standards (Unlted ￿ngdoM Generalty Ac¢xpt6d Accounting Pract￿}. The law applicabl8 lo charities in England and Wales requires the Irustees to prepaie aC￿unts for eac* finanLYal ygar which givg a tru8 and fair vigw of the stale of affairs of the charity and of the inoJmlng resources and applioation of resources of Ihe charity for that year. In preparing thes8 aixounts. the trustees are required to.. - select suitsble 8cts)unllng polSdes aThJ then aP￿Y tham con$istonYy" - observe the metFN)ds and principle5 in Ihe charit￿s SORP.. - make Jud￿Ments and estimates that are reasonable and piudent.. - statevthether applKable accounting standafds have been follow￿. subject to any rnaterial departures disd¢)sed and eXp￿Ined In the ar￿unts.. and - prgpare the accounts on the go￿9 concem basls unkss It Is Inapproprlate lo presume that the charity wll continu8J in operation. The InJsl88S 8re responsible for keeping suffiaent accounting records that di￿Ose wllh reasonable accuracy at any time the financial PDsltlon of lh8 charity and enable them to ensure that the accounts comply the Charfljes Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the provlsions of the tsusl deed. Thoy are also resFXJnsible for safeguarding the assets of the charity and henc8 for ta￿ng reasonable steps for preventton and detection of fraud and othar irrggularili8s. )0 trusta&s' rap￿ was approved by t￿ Boattl ofTru8tees. Mrs J Rlky Trustee Dated.. NORTHGATE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHGATE FOUNDATION I rekx)rt lo tho tru8teos on my examlnallon of the accounts of Northgatg Foundation {the Charity) for the year ended 31 March 2021. Re8pon8Sbllltles and b￿1$ of roport As the trustees of the Charity you are responsible for the prepardtion of the accounts in aC￿rdanc& with thè raquiramants of the Charities Act 20111'the ACVI. I reF)Ort in respect of my examination Of1￿ Charlty's accounts can1ed out under Section 145 of the 2011 Act and in caryng out my examination I have folbwed all the applicable DI￿rKInS given by the Charity Commission under 145151{bl of the Act. Independent examlnerfs •tat•ment I have completsd my ex8mination. I ccnfirm that no malerk?I have come lo my attention in connection with the examinati{￿ giwng m8 Causa to b81i8vè that in any ￿￿te￿al respect.. accountmg recpyds were not kept in ￿Spect of the Charity as requ￿ed by section 130 of the Act.. or 2. the accounts do not accord vAth those records: or 3. the acccyJnts do not comply wth the 8pplubl8 requirem￿lS concerrMrffJ Ihe fonn and content of accounts sel out in the Charities IA¢counls and Reports) Regulations 21J08 other than any requlrèment that the aC￿unts glv6 a 'true and falr ￿eW which is not a matter considered as part of an independent examinath'on. I have no concems and have o)me acro55 no other matters in conneclion the examination lo wh5ch attention should be drawn in this rgPQrt in order to enable a proper undetstsnding of the a¢cwnts to b& reachgd. Helen Rurnsey FCA Ensors A¢￿)UntantS LLP ConneyJons 159 Princes Street Ipswich Suffolk IPI 1QJ Datèd.. 4th Janua.ry.2022 NORTHGATE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 Unrestrlcted R•strict•d Endowment funds funds furbds Total 2021 Totsl 2020 Notss Received from Ipswich School Investm8nts 20.864 25,853 20,884 26,092 17,541 25,578 239 Other irKome 50 50 Total Income 46,767 239 47.006 43.119 Charitsble activities 2,892 2.892 19.859 Net gainsllkjssès) on investments 37,730 1.408 113,841 152,979 {24,207) Not mov•rnont In funds 81,605 1,647 113,841 197,093 19471 Fund baL8nces at 1 Aprll 2020 233,582 9.742 S50,￿1 794,225 795.172 Fund balances at 31 March 2021 315,187 11.389 664.742 991,318 794,225 NORTHGATE FOUNDATION BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Not08 Fixod assets Tangible assets Investments 10 11 893.277 740,298 893.277 740.298 Current a880ts Debtois Cash at bank and In hand 12 151 101,010 31,710 24,327 101.161 56.037 Creditors: amounts falllng due wlthln one year 13 {3,1201 (2.1101 Net current assets 98,041 53,927 Tol•1 assots loss currnnt Ilabiliti•s 991,318 794.225 Capltal funds EndowTnent funds - general Incom• funds R8slricted fvnds Unrestricted funds 15 664.742 550.901 16 11,389 315,187 9,742 233.582 991,318 794.225 The acC￿nts were approved by the TnJ$tses on .. . Mrs J Riley Trus Mr J Nomian Truste& NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 A¢¢oundng pollcles 1.1 Accounting convention These accounts hava been prepared In 8c¢ordan¢e ￿th Yhe Flnanclal Repordng Stsndard appllcable In the UK and Republic of Ireland. I'FRS 102.1, "Accounting and ReFnrting by Charities. the Ststement of Recommended Practi￿ for charfttes apPI￿ng FRS 102, tho Charittes Act 2011 and UK Generalty A￿ePtsd A¢o)unting Practice as it applies from October 2019. The charity is o Public Bengfit Entity as defined by FRS 102. The aCc￿nts have been prepared underthe hlstorical eosl eonwtion. mO(￿fied to indude the revaluation of certain fix&1 assets. The princApal accounting policBs 8doptsd are sat out below. The financial ststements are prepared in sterfing. which is the functional currency of the charity. Monetary amounts in these flnandal s¢atemenls 8re rounded to the nearest pound. The financial stat8m8nls havg beon prepared to give a'lrue and falrf vlew and have departed from the Charfti9S (Aco)unts and Reports) Regu18tions 2008 only to the extent required lo promde a and falr V￿,. TNS departure has involved following Accounting and Reportng by Charities.. Statement of Recommgnded Pradi awJlic0b￿ lo charities preparing theirfinandal ststemenls in aceordance with tha Finanrial Reporting Stsndard applicable in thè UK and Republic of Ireland {FRS 1021. rat￿r than the Accounting and Reportir¥J by Charities.. Stslement of Recommended Pract)c* 8ffedve from 1 Aprtl 2005 which has sinee been wthdrawn. 1.2 Golng ¢onc•m Atthe Ilm8 ofapproving the aecc4Jnt8, 1he trustees have a reasonable expectstion that the chartty has adequate resources to FOR THE YEAR ENDED 31 MARCH 2021 Accounting Polici￿ Icontlnugd) 1.10 Impalmwnt of flxed a88ets Al each rewt'ng end date, the tharity reviews the carrying amounts ofits tangible assetsto deleThnine whether there Is any Indlc8tp)n that those assets have suffered an impairment loss. rf any such irKli¢ation exists, the rèojverable amount of the asset is estimated In order to delèmiine the extent of the imp8irmenl loss {if anyl- Wher& It is not posslble to estimate the retL)verable amount of an individual asset. the charity estimates the re￿}ver￿ble amount ofthe c4sh-generafjng unll lo whld) tho asset belongs. 1.11 Cash at bank and In hand Cash at bank and In ha￿1 are basic fnanaal assets and indude cash in hand. d8posits with banks and other short-term liquld investments with original maturities of Ihree monlhs or less. 1.12 Taxation The tharity 15 8X8mpt from corporation lax ￿ L*aritsble actiwtie5. 1.13 Employ￿ b•n•fits The t))st of ￿ort-terrn ern￿Oyee benefits are raeognised as a liability and an exFense. unles5 thos8 Costs are required to be recognised as part of the cost of stock or fixed assets. Th8 cost ot any unused hdKlay entiljement is rgcognispd in tho pgrlod In whkh the employee s $8rvlces ore received. Temination ￿nefits are recc4Jnised Imm&Jlatety as an exp8ns& when the Gharfty Is demonstrably c￿MItted to lemiinale the employment ofan employee orto provk1e temilna￿0n benefits. Critical accounting •sllmatss and judgomonts In the 8ppliotion of th8 charivs accounting pollcles, the trJste88 are required to make judgements. eslmates assumptions about tha carryng amount of assets and liabilities that ara not re￿ilY apparent from other sources. The estimatgs and assoclaled assumptions are based on hisloIiral eXperie￿e and otherfactors that aro consid8rod to be re￿Vant. Acbjal resutts may diffgr from these eslmates. The estlmales arKi underfying assumptions ar8 reviowed on 8n ongolng basis. Rewsions to accA)unlSng estimatos are recognlsed li the periDd in which the estimate is rev¢sed where the revislon affects only that peiicKI. or in the perigd of the revision and ftjture perl¢xls wherB the revisic￿ affgcts bolh ¢wrrent and hjture periods. NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Incom• from Ipswich School Unr￿tr1ded Restrl¢ted funds funds Total 2021 Total 2020 Income from Ipswith School 20,864 20,864 17,541 20,864 20.864 17.541 For the ygar ondgd 31 MarGh 2020 17,541 17,541 Inv•stment Income Unr•strfcted Rutrl¢tsd funds fund$ Total 2021 Total 2020 Incomg from listed investments Interest receivab18 25,853 239 26,092 25,578 25.853 239 26,092 25,578 For the year endèd 31 March 2020 25,345 233 25.578 NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Charttable activiti8$ Grants payable support ¢o$ts Total 2021 Total 2020 Grant funding of acthviti8s {se8 note 6) (420) 1420} 15,952 Shore of support costs {see note 7) Share of governan￿ costs {see note 71 1,721 1,721 2,377 1.591 1,591 1.530 {420) 3,312 2,892 19,859 Anatysls by fund Unrestricted funds Restrlctsd funds 1420} 3,312 2.892 {4201 3,312 2.892 F¢r th• year ¢ndod 31 March 2020 Unreslri¢ted funds Restricted funds 15,952 3,907 19.859 15,952 3,907 19,859 Grants payabl• 2021 2020 Grants lo individuals - 1 grant {2020: 104) (4201 15,952 14201 1S,952 R￿On¢ll1at5on of grants payablo 2021 2020 Commiknenl at 31 March 2020 Commitr))ents made In ihe yaar Grants pald durfrKJ the year Grants cancelled during the year Commitments al 31 Marth 2021 650 15.952 129.984) 13,962 (4201 15801 420 580 io NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Support costs Support costs Govemance eo8ts 2021 2020 Balis of allo¢4tion Stsff Costs Depreciation Admlnistratlon Insurance Examlnauon fee8 Payroll 428 428 968 Direct 62 Direct 749 Direct 598 Direct 1,530 Direct Direct 503 598 1,591 192 598 1,591 192 1,721 1,591 3,312 3.￿7 Tru$l• None of the trustees lor any persons connected with thfrm) r￿e1V￿d any remuneration or r8lmbursed expenses during this year or the prior year. Employ• Numljer of employe Thg averdgp monlhly number of employees during Ihe year was: 2021 Number 2020 Number Employment costs Wages and salaries 428 Therg ￿re no ompk+yees whose remuneralion was £60,000 or more during 2021 or 2020. NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 10 Tangible fixed assets CoM￿r EquIpm￿l Cost At 1 April 2020 Addltlon8 329 Al 31 March 2021 329 Dopreclatlon and Impalmient At 1 Apdl 2020 Depreaation charged Sn the year 329 Al 31 March 2021 329 Carrylng amount At 31 Ma￿h 2020 At 31 March 2021 11 Flxod asset Investments Valuatlon At 31 Marth 2020 Valuation ch8nges 740.298 152,979 Al 31 March 2021 893,277 Historical cost.. At 31 March 2021 438,895 At 31 March 2020 438.895 Inv•ytm•nt d•lails: Endowed Unrgstrictad Reslricled 664,742 220,311 8,224 893,277 Invesknents as at 31 March 2021 and 2020 cK*nsisl entirely of COIF Investment Funds. 12 NORTHGATE FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 12 Debtors 2021 2020 Amounts falllng duo wlthln one ￿ar. Prepayments and afxrued income 151 31.710 13 Cr•dllors: amounts falllng dug wlthln on• ￿ar 2021 2020 Grants payable Accruals and deferred income 3,120 1,530 3,120 2.110 14 Anal￿1$ of net aS￿ts bètween funds Unrestrlcted Restrlctsd Endowment Total FuThl balances at 31 Marth 2021 are represented by.. Tangible as8ets Investrnents Gurrent as8èts1 (liabiliI88) 220,311 94,876 8.224 3,165 664,742 893,277 98,041 315,187 11.389 664,742 991,318 Unréstrlded Restrict•d Endowmènt Total Fund balan(8s at 31 March 2020 are rewesented by: Tangible assets Invostrnents Currenl ass8ts1 {￿abIlitias) 182,582 51,000 6,815 2,927 550,901 740,298 53.927 233,582 9,742 550.901 794,225 13 NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2021 15 Endowmont funds Balance at 1 Aprll 2020 Movement In funds Income Expendlture Unreallsed Balance al 31 gainsl Mwch 2021 {los$8$} on Investments P•rnian&Tht •ndowments Northgale Fund 550,901 113,841 664,742 550,901 113,841 664,742 The Endowment fund reprgsents thD5e assets. whith must be held pemianenlly by the charity, prindp811y invesbnenls. Income ari￿n9 on tho 8ndowment fvnd can be used in a￿anCe Ihe objects ofthe charity and Is Induded as unrestricted ino)m8. Any gains or loss8s arising on the investrngnts and bgal adv1¢ relating to the furKI are charged against the fund. Movement In funds Incomè Expendlture Unrnalised Bal•n¢e at 31 galnsl March 2020 (losses) on Investsnènts Balancè at 1 Aprll 2019 Pormanent endowm•nts Northgate Furwj 568,915 (18,0141 550,901 568,915 118,014} 550,901 14 NORTHGATE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 16 Ro$trl¢t•d funds The ncome ftjnds of Ihe charity include re8tricted fijnds r￿MpriSIng the following une￿nded balances of dona*ons and grants hekl on trust for speafiG purposes: Movement in funds In¢om• Expgnditurn 8al•n¢• al 1 Aprll 2020 Unreallsed Balance at 31 gainsl{lossesl March 2021 on Investments E Hayter FuThJ 9.742 239 11,389 The E Haytar Fund is a I￿acY rec8ivgJ towards the promollon of nwslc In small primary sGhool$. Mo￿￿0n1 In funds IDcom• Expenditure Balance at 1 April 2019 Unreallsed Balance at 31 gainslllossesl March 2020 on Invo8tments E Hayter Fund 9,732 233 1223) 9,742 17 Rolat•d parti There have bgen no re18ted paty Irans8c1ions In the ￿rrent or prbr year that require disdosura. 15