Charity registration number 310492 (England and Wales)
NORTHGATE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NORTHGATE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A Gillespie |
|---|---|
| J Riley | |
| J Norman | |
| D Bevan | |
| A Rae | |
| C Debman | |
| D Richards | |
| S Adams | |
| Charity number (England and Wales) | 310492 |
| Principal address | C/o 19 Weymouth Road |
| Ipswich | |
| Suffolk | |
| IP4 5BB | |
| Independent examiner | Staines and Co |
| 235 Foxhall Road | |
| Ipswich | |
| Suffolk | |
| IP3 8LF |
NORTHGATE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
NORTHGATE FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
The objects of the charity are to promote the education of persons under the age of 25 who are in need of financial assistance and are resident in or attend or have attended a community, voluntary or foundation school in Suffolk.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives, when planning future activities and when setting the grant making policy for the year.
The objects of the charity are to promote the education of persons under the age of 25 who are in need of financial assistance and are resident in or attend or have attended a community, voluntary or foundation school in the area of benefit in particular but without limitation through the provision of:
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Grants tenable at any school, university, college or education, or other institution of further education (including professional or technical); or
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Equipment or books to assist such persons to pursue their education (including the study of music and other arts, sport, social and physical education), to undertake travel in furtherance thereof, or to prepare for or enter a profession, trade, occupation or service on leaving school, university or other educational establishment; or
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such items and services or special benefits for which provision is not made from public funds for any community, voluntary or foundation school in the area of benefit.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity is a constituted as unincorporated charity and is registered with the Charity Commission in the United Kingdom. The charity was established by a charitable trust deed on 23 April 1968 and is governed by a scheme of the Charity Commission dated 20 December 2004 as amended by a resolution dated 9 May 2012.
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NORTHGATE FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The trustees who served during the year and up to the date of signature of the financial statements were:
A Gillespie
J Riley J Norman D Bevan A Rae C Debman D Richards S Adams
Recruitment and appointment of trustees
The Board consists of 2 Nominated Trustees and 4 Co-opted Trustees. The Trustees of the Northgate Foundation and responsible for the appointment of the Co-opted Trustees.
The Trustees listed below were appointed by the following bodies:
A Rae Ipswich Borough Council D Richards Suffolk County Council S Adams Suffolk County Council
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
J Riley
Trustee
2 December 2024
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NORTHGATE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NORTHGATE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NORTHGATE FOUNDATION
I report to the trustees on my examination of the financial statements of Northgate Foundation (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Staines and Co
235 Foxhall Road Ipswich Suffolk IP3 8LF 3 December 2024
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NORTHGATE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Current financial year Unrestricted funds 2024 Notes £ Income from: Donations and legacies 3 18,177 Investments 4 27,237 Total income 45,414 Expenditure on: Charitable activities 5 42,043 Total expenditure 42,043 Net gains/(losses) on investments 9 84,512 Net income/(expenditure) and movement in funds 87,883 Reconciliation of funds: Fund balances at 1 April 2023 378,248 Fund balances at 31 March 2024 466,131 |
Restricted Endowment funds funds 2024 2024 £ £ - - - - - - - - - - - - - - 11,389 664,742 11,389 664,742 |
Total 2024 £ 18,177 27,237 45,414 42,043 42,043 84,512 87,883 1,054,379 1,142,262 |
Total 2023 £ 17,903 27,148 45,051 36,184 36,184 (36,720) (27,853) 1,082,232 1,054,379 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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NORTHGATE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Prior financial year Unrestricted funds 2023 Notes £ Income from: Donations and legacies 3 17,903 Investments 4 27,148 Total income 45,051 Expenditure on: Charitable activities 5 36,184 Total expenditure 36,184 Net gains/(losses) on investments 9 (36,720) Net income and movement in funds (27,853) Reconciliation of funds: Fund balances at 1 April 2022 406,101 Fund balances at 31 March 2023 378,248 |
Restricted Endowment funds funds 2023 2023 £ £ - - - - - - - - - - - - - - 11,389 664,742 11,389 664,742 |
Total 2023 £ 17,903 27,148 45,051 36,184 36,184 (36,720) (27,853) 1,082,232 1,054,379 |
|---|---|---|
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NORTHGATE FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities The funds of the charity Endowment funds 14 Restricted income funds 15 Unrestricted funds 16 |
2024 £ 187 124,993 125,180 (1,080) |
£ 1,018,162 124,100 1,142,262 664,742 11,389 466,131 1,142,262 |
2023 £ 183 121,626 121,809 (1,080) |
£ 933,650 120,729 |
|---|---|---|---|---|
| 1,054,379 | ||||
| 664,742 11,389 378,248 |
||||
| 1,054,379 |
The financial statements were approved by the trustees on 2 December 2024
J Riley Trustee
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Northgate Foundation is constituted as unincorporated charity and is registered with the Charity Commission in the United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 4 years straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from Ipswich School
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from Ipswich School | 18,177 | 17,903 |
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Dividends received | 27,148 | 27,148 |
| Interest receivable | 89 | - |
| 27,237 | 27,148 |
5 Expenditure on charitable activities
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| Staff costs | 754 | 705 |
| Grant funding of activities (see note 6) | 38,077 | 32,697 |
| Share of support and governance costs (see note ) | ||
| Support | 3,212 | 2,782 |
| 42,043 | 36,184 | |
| Analysis by fund | ||
| Unrestricted funds | 42,043 | 36,184 |
| Grants payable | ||
| Charitable | Charitable | |
| activities | activities | |
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 38,077 | 32,697 |
6 Grants payable
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries |
2024 Number 1 2024 £ 754 |
2023 Number 1 |
|---|---|---|
| 2023 £ 705 |
There were no employees whose annual remuneration was more than £60,000.
9 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 84,512 | (36,720) |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2023 & 31 March 2024 | 933,650 |
| Carrying amount | |
| At 31 March 2024 | 933,650 |
| At 31 March 2023 | 933,650 |
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 12 Debtors Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 187 2024 £ 1,080 |
2023 £ 183 |
|---|---|---|
| 2023 £ 1,080 |
14 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| At 1 April 2023 | At 31 March | |
|---|---|---|
| 2024 | ||
| £ | £ | |
| Permanent endowments | ||
| 664,742 | 664,742 | |
| Previous year: | At 1 April 2022 | At 31 March |
| 2023 | ||
| £ | £ | |
| Permanent endowments | ||
| 664,742 | 664,742 |
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | April 2023 | At | 31 March |
|---|---|---|---|---|
| 2024 | ||||
| £ | £ | |||
| 11,389 | 11,389 |
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
| Restricted funds | (Continued) | |
|---|---|---|
| Previous year: | At 1 April 2022 | At 31 March |
| 2023 | ||
| £ | £ | |
| 11,389 | 11,389 |
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds Analysis of net assets between funds At 31 March 2024: Investments Current assets/(liabilities) At 31 March 2023: Investments Current assets/(liabilities) |
April 2023 Incoming resources £ £ 378,248 45,414 April 2022 Incoming resources £ £ 406,101 45,051 Unrestricted funds 2024 £ 342,031 124,100 466,131 Unrestricted funds 2023 £ 257,519 120,729 378,248 |
Resources expended Gains and losses At 31 March 2024 £ £ £ (42,043) 84,512 466,131 Resources expended Gains and losses At 31 March 2023 £ £ £ (36,184) (36,720) 378,248 Restricted Endowment Total funds funds 2024 2024 2024 £ £ £ 11,389 664,742 1,018,162 - - 124,100 11,389 664,742 1,142,262 Restricted Endowment Total funds funds 2023 2023 2023 £ £ £ 11,389 664,742 933,650 - - 120,729 11,389 664,742 1,054,379 |
Resources expended Gains and losses At 31 March 2024 £ £ £ (42,043) 84,512 466,131 Resources expended Gains and losses At 31 March 2023 £ £ £ (36,184) (36,720) 378,248 Restricted Endowment Total funds funds 2024 2024 2024 £ £ £ 11,389 664,742 1,018,162 - - 124,100 11,389 664,742 1,142,262 Restricted Endowment Total funds funds 2023 2023 2023 £ £ £ 11,389 664,742 933,650 - - 120,729 11,389 664,742 1,054,379 |
|---|---|---|---|
| Total 2024 £ 1,018,162 124,100 |
|||
| 1,142,262 | |||
| Total 2023 £ 933,650 120,729 |
|||
| 1,054,379 |
17 Analysis of net assets between funds
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NORTHGATE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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