REGISTERED CHARITY NUMBER: 326882 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 FOR THE I S A CHARITY Crowe U.K. LLP 4th Floor St James House St Jarnes Square Cheltenhatn Gloucestershire GL50 3PR
THE I S A CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 Pagè Reference and Administrative Details Report of the Trustees Indèpèndènt Examinèr's Rèport Statement of Financial Activities 8alance Sheet Notes to the Flnanclal Statements 7 to 11 Detailed Statement of Financial Activities 12
THE I S A CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JANUARY 2022 TRUSTEES Mrs MB Paice Mrs AP Kent C L Grinling R Paice T Slack (appointed 3.10.221 PRINCIPAL ADDRESS 2 The Mansion Northwick Park Blockley Moreton in Maish GL56 9RJ REGISTERED CHARITY NUMBER 326882 INDEPENDENT EXAMINER Growe U.K. LLP 4th Floor St Jarne5 House St Jarnes Squaie Cheltenham Gloucestershire GL50 3PR SOLICITORS Lawrence Stephens Solicitors 50 Farrington Road London ECIM 3HE BANKERS Handelsbanken 35 Hays Mews London W1J SPY Page 1
THE I S A CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022 The trustees present their report with the financial statements of the charity for the year ended 31 January 2022. The trustees have adopted the provisions ol Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Irel8nd {FRS 1021 leffective 1 January 20191. OBJECTIVES AND ACTIVITIES Objects To apply the capital and income of the trust fund lo the benefit of such charitable purpose or charitable institutions or charitable foundations within the United Kingdorll in such a manner and in such proportions as the trustees may from tirne to tirne in their ab501ute discretion determine, provided that the tIU5tees tnay during such peiiods as is allowable by law accumulate any sutplus income by investing the same and the resulting income to and as part of the trust fund. Activitles and aehievements for th8 year In planning our activities for the year. we kept in mind the Charity Commission's guidance on public benefit al our trustee rneetings. During the year, the charity continued to sponsoi a nutmber of projects including a Cur8torial Fellowship ftsi young curators and an inib"ative to support ex-offenders, tts secure sustainable employment. In addition, the charity supported young furniture makers as well as leading bespoke foofvlear designers, to sustain, grow and develop their practice. Students and disadvantaged members of society have benefited from the support provided through grants and campaigns funded by the charity. The activities have enabled the beneficiaries to a¢sS and make the first steps towards sustainable employment. The trustees intend for the charity to continue to support the same beneficiaries in the future. They are curiently working on developing a substantial new Fund lo support new thinking and innovation in regional Museurns through the introduction of an Independent cuialor. The Fund will be launched in February 2023 and it will run for a 2 year programme. FINANCIAL REVIEW Financial position Totsl incorne for the year wa5 £53,181 12021. £46.4291 primarily by investment returns. Total expenditure was £52.131 12021". £89,949) ol which £32,681 12021."£48,5141 was grants and donations. Investment poli¢y The Trustees, Act 2000 now confers the charity's investment powers. The charty airns lo keep the rnajorily of its funds in interest bearing bank accounts. and not lo invest in any high-risk fund5 Reserv policy It is the intention of the trustees to build up the trust fund with a view to establishing a significant charitable foundation when sufficient funds are avai18ble. The funds at the year-end were £1,510.62012021.. £1,505.4551. Going concern The charity has cash resources and no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources and that there are no material uncertainties about the charity's ability to continue IN operational existence for the foreseeable future. They continue to believe the going conrn basis of awounling appropriate in preparing the financial 51alernenls. PLANS FOR FUTURE PERIODS The Trustees and management intend to continue with the current activities, providing grants to support travel and international developrnent. supporting professional development in the visual arts and carnpaigning for the employment of ex-offender5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Risk management The trustees actively review the major risks laced by the charity on a regular basis, and having examined operational and business risks confronting it can confim that they have established systems to mitigate the significant risks. STATEMENT OF TRUSTEES, RESPONSIBILITIES The ttuslees are responsible for pieparing the Report of the Trustees and the financial statements in a¢wrdance wrfch applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Aecounting Practice). Page 2
THE I S A CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022 STATEMENT OF TRUSTEES. RESPONSIBILITIES- continued The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources. including the incorlle and expenditure, of the charity for that period. In preparing those financial statements, the trustees are iequiied to select suitable accounting policies and then apply them consistently., observe the methods and principles IN the Gharily SORP.. rnake judgements and eslirnales that are re850nable and prudent., prepare the financial statetnent5 on the going concern basis unless It is inappropriate to piesume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which discjose with reasonable accuracy al any lirne the financial position of the Charity and to enable Ihern lo ensure that the financial slalemenls comply wlh the Chaiities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the piovisions of the trust deed. They are also responsible for safeguarding the assets of the chaiity and hence foi taking reasonable steps lor the prevention and detection of fraud and other irregularities. The Tru$lee5 are responsible for preparing the Trustees, report and the financial ststemenls in accoidance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Aecounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of iesources of the charity for that period. In prep81ing these Iinancial st8tements. the Ttustees are iequiied 1. select suitable accounting policies and then apply Ihern consistently., 2. observe the methods and principles in the Charities SORP., 3. Tnake judgements and accounting estim8tes that ale reasonable and piudenl.. 4. State whether applicable UK Accounting Standard5 have been followed, subject to sny material departures disclosed and explained in the financial statements., and 5. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Ttustees are responsible foi keeping proper accounting recoids that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the finanaal position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 8Nd the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable 5tep5 for the pievention and detection ol fraud and other iiregularities. It is the charity's intention to continue to make grants in the areas of the arts, education, travel and similar charitable causes. 2911112022 Approved by order ol the board of tiustees on ............................................. and signed on its behalf by.. Mrs AP Kent- Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE I S A CHARITY Independent •xamrn8r's report to thè trustèes of Thè I S A Charity I report to the Iruslees on my exarninalion of the accounts of The ISA Charity for the year ended 31 January 2022 which ale set out on pages 6 to 11. This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I wight state to the charity's trustees those rratters l am required lo state lo them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept 01 assume ie5ponsibility to anyone other than the chaiity, the charity's mernbers as a body and the charity's trustees as a txjdy lor my independent examiner's work, for this report, or for the opinions I have formed. Rèsponsibilitiès and basis of rèport As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Chaiities Act 2011 I'the Act'i. I report in respect ol my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my exarninalion I have followed all the 8pplicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act", or 2. the accounts do not accord with those records", or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a'ttue and fair view, which is not 8 matter wnsidered as part of an independent exarninalion. I confim there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Guy Biggin FCCA, ACA Crowe U.K. LLP 4th Floor St Jarne5 House St Jarne5 Squaie Cheltenham Gloucestershire GL50 3PR Date". 29 Novernb8r 2022 Page 4
THE I S A CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022 2022 Unrestricted fund 2021 Total funds Notes INCOME AND ENDOWMENTS FROM Donations 5,205 1,917 Investment income 47.978 44,512 Total 53.181 46,429 EXPENDITURE ON Support costs 20,280 41,435 Charitsble activities The Exceptionals Chaileston Trust Holboume Museum Craft Council Other Grants to Institutions Atelier Groves Foundling Museum FCO Designs Grants to individuals Cotswold Food Bank 4,610 5,943 9,000 9,000 7,500 11,158 5,010 5,000 4,500 5,000 2,930 4,800 1,913 4,000 Total 52.130 89,949 Net gainslllossesl on investments 4,115 11,1151 NET INCOMEIIEXPENDITURE 5,166 144,6351 RECONCILIATION OF FUNDS Total funds brought forward 1,505,454 1,550,089 TOTAL FUNDS CARRIED FORWARD 1,510.620 1,505,454 The notes form part of these financial slalernenls Page 5
THE I S A CHARITY BALANCE SHEET 31 JANUARY 2022 2022 Unrestricted fund 2021 Total funds Notes FIXED ASSETS Inve5trnents 1,043.013 1.100,533 CURRENT ASSETS Cash at bank 468,507 408,804 CREDITORS Amounts falling due within one year 10 19001 13,8831 NET CURRENT ASSETS 467.607 404,921 TOTAL ASSETS LESS CURRENT LIABILITIES 1,510.620 1,505,454 NET ASSETS 1,510,620 1.505,454 FUNDS Unrestricted funds 1.510,620 1,505,454 TOTAL FUNDS 1,510,620 1,505,454 The financial statements were approved by the Board of Trustees and authorised for issue 291.1112.Q22 and were signed on its behalf by.. on AP Kent- Trustee The notes form part of these financial slalernenls Page 8
THE I S A CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 ACCOUNTING POLICIES Basis of pParatIOn The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Gharilies SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recornmended Piactice applicable to charitie5 pieparing their accounts in accordance with the Financial Reporting Standaid applicable In the UK and Republic of Iieland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial staternents have been prepared under the historical cost convention, with the exception of investments which are included al market value. as modified by the revaluation of certain assets. The ISA Chaiity is an unincorporated charity (charity number 3268821 registered in England and Wales. The registered address is E4 Albany, Piccadilly, London, W1J OAR. The financial statements have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and tsir, view. This departure has involved following the Charitie5 SORP IFRS 1021 PLJblished on 16 July 2014 rathei than the Accounting and Reporting by Charities". Statement of Recommend Practice effective from 1 April 2005 which has since been wthdrawn. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless olherwse staled in the relevant notes lo these accounts. The financial stslemenls have been prepared in attordance with the Staternent ol Recommended Practice". Accounting and Reporting by Charities preparing their accounts in accordance wth the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and The Charities Act 2011. The ISA Charity constitutes a public benefit entity as defined by FRS 102. Income Donations are recognised once the charity has entitlement to the income, it is probable that the income will be received. and the amount ol income receivable can be measured reliably. Income from investments is recognised onty if received or declared and re¢eiv8ble. Investment incorne is dividends and inleie51 from investments. Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party, il 15 probable th818 transfer of economic benefits will be required in settlement and the amount of the oblig81ion be measured reliably. Expenditure is classilied by activity. The costs of e8ch activity are made up of the total of direct costs and support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support costs are those costs incuired directly in support of expendituie on the objects of the chaiity 8nd include govein8nce costs, investment rnanagement costs and other professional fees Incuried a5 Costs of running the chaiity. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure where the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been mel 81 the year end dale are noted as 8 commitment but not accrued as expenditure. Liabilities Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a Ir8nsfer of economic benefit will be required in seltlemenl, and the arnount of the seltlernent can be estirnated reliably. Liabilities are recogni5ed 8t the atllount the chaiity anticipates it will pay to settle the debt. Taxation The charity is exempt from tax on ils charitable adivities. Fund accounting General funds ale unrestiicted fund5 which ale available for use at the di5cietion of the Tiustees in furtheranee of the general objectives of the charity and which have not been designated for other purposes. Going cone•rn The charity has cash resources and no requirement for 8xternal funding. The TrLJStees hav8 8 reasonable expectation that the chaiity has adequate resouice5 and that there are no material uncertainties about the charity's ability to continue in operational existence for the foreseeable future. They continue to believe the going conrn basis of accounting appropriate in preparing the financial stalemenls. Page 7 continued...
THE I S A CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2022 INVESTMENT INCOME 2022 2021 Dividends received Deposit account interest Loan interest received 1.774 1,613 124 42,775 46.202 47,976 44,512 Fixed asset investments are a forrn of financial instrument and are initially reoognised at their transaction cost and subsequently rneasured al fair value at the Balanoe sheet dale, unless fair value rannot be measured reliably In which case It Is measured at cost less irnpaiment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl on investments, in the Statement of financial activities. SUPPORT COSTS Support costs 2022 2021 Support costs 20.208 41,435 SUPPORT COSTS Amounts payable to the Independent Examiner total £90012021.. £7801. Support Costs Includes Governan costs in respect of Accountancy of £9(K)12021." £7801 and Piofe55ion81 fees of £12,98912021'. £7,636). TRUSTEES. REMUNERATION AND BENEFITS During the year Mis AP Kent, a trustee, wa5 paid a salary of £5,00012021". £30,000) ft)r services provided to the charity. There were no other cost incurred by the trustees on behalf of the charity. Truste8S' eXP8ns8S There weie no tIU5tees' expenses paid for the year ended 31 January 2022 nor for the year ended 31 January 2021. ANALYSIS OF EMPLOYMENT COSTS 2022 2021 Wages and salaries Social Security costs 5,000 30.000 2,935 5,489 32,935 The average number of employees during the year was 1 {2021.' 11. There were no higher paid employees and all salary costs are for Key Management Personnel Page 8 continued...
THE I S A CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations 1,917 Investment income 44,512 Total 46,429 EXPENDITURE ON Support costs 41,435 CharStable actlvStles The Exception815 Chadeston Trust Holboume Museum Craft Council Other Grants to Institutions Grants to individuals Cotswold Food Bank 5,943 9,000 9,000 7,500 11,158 1,913 4,000 Total 89,949 Net gainslllossesl on investments 11,1151 NET INCOMEIIEXPENDITUREI 144,6351 RECONCILIATION OF FUNDS Total funds brought forward 1.550,089 TOTAL FUNDS CARRIED FORWARD 1.505,454 FIXED ASSET INVESTMENTS 2022 2021 Shares Loans 46,243 996.770 42,128 1.058,405 1,043.013 1,100,533 Additional information as follows.. Listed investrnenls MARKET VALUE At 1 February 2021 Revaluations 42,128 4.115 At 31 January 2022 46,243 NET BOOK VALUE Al 31 January 2022 46,243 At 31 January 2021 42,128 Page 9 continued...
THE I S A CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2022 FIXED ASSET INVESTMENTS- continued Other loans At 1 February 2021 Repayments in year Interest charged 1,OS8,405 1107,8371 46,202 At 31 January 2022 996.770 There were no investment assets outside the UK. Cost or valuation at 31 January 2022 is represented by.. Listed investments Valuation in 2021 Valuation in 2022 42,128 4.115 46,243 CASH AT BANK 2022 Total funds 2021 Total funds Bank deposit aaUnt 468,507 408,804 Total 468,507 408,804 Cash at bank and in hand indudes cash held in current accounts. 10. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Other creditors Awrued expense5 3,103 780 900 900 3,883 11. MOVEMENT IN FUNDS Net rllovemenl in funds At 31.1.22 Al 1.2.21 Unrestricted funds General fund 1,505,454 5,166 1,510,620 TOTAL FUNDS 1,SOS,454 5,166 1,510,620 Page 10 continued...
THE I S A CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2022 11. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movernent in funds Unrestricted funds General fund 53,181 152,1301 4.115 5.166 TOTAL FUNDS S3,181 IS2,1301 4,115 5,186 Comparatlves for movement In funds Net movement in funds At 31.1.21 At 1.2.20 Unrestrfcted funds General fund 1,550,089 144,6351 1,505,454 TOTAL FUNDS 1,550,089 144,6351 1,505,454 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources xpended Gains and losses Movernent in funds Unre5tTiCted funds General fund 46,429 {89,9491 11,1151 {44,6351 TOTAL FUNDS 46,429 {89.9491 {44,6351 12. RELATED PARTY DISCLOSURES During the year, the charity received donations totalling 25,205 12021". £1,917) from ISA (Holdings) Lirnited, 8 company the trustees Mr R Paice, Mrs M Paice and Mrs AP Kent have shareholdings in. During the year, the charity loaned ISA (Holdingsl Lirnited the surll of £996,77012021.. £1,058.4051. The loan accru85 interest at 4.50/ts above th8 Bank of England's ba58 rate 8nd is 18P8yab18 by 31 December 2025. Page 11
THE I S A CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022 2022 2021 INCOME AND ENDOWMENTS Donations Donations 5,205 1,917 Investment income Dividends received Dep051t account interest Loan interest received 1,774 1.613 124 42,775 46.202 47,976 44,512 Totsl in¢oming Our¢e$ 53,181 46,429 EXPENDITURE Charitsble activities Grants to institutions Grants to individuals 28.921 2,930 46,601 1,913 31,851 48,514 Support costs Manag8ment Wages Social security Sundries offi expense s,000 30,000 2,935 734 95 6,318 32,935 Finance Bank charges 72 84 Gov•rnane• eosts Accountancy and professional fees 13.889 8,416 Total resourTrs expended 52,130 89,949 Net incomellexpenditurel before gains and 1055es 1.051 143,5201 Realised recognised gains and losses Realised gainslllossesl on fixed asset investments 4,115 Net Incomellexpendlturel 5,166 144,e351 This page does not form part of the stalulory financial statements Page 12