**REGISTERED CHARITY NUMBER: 326882**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **FOR**
## **THE I S A CHARITY**
Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham Gloucestershire GL50 3PR
**THE I S A CHARITY**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|12|
|**Detailed Statement of Financial Activities**||13||
**THE I S A CHARITY**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JANUARY 2024**
|**TRUSTEES**|AP Kent|
|---|---|
||C L Grinling|
||R Paice|
||T Slack|
|**PRINCIPAL ADDRESS**|2 The Mansion|
||Northwick Park|
||Blockley|
||Moreton in Marsh|
||GL56 9RJ|
|**REGISTERED CHARITY NUMBER**|326882|
|**INDEPENDENT EXAMINER**|Crowe U.K. LLP|
||4th Floor|
||St James House|
||St James Square|
||Cheltenham|
||Gloucestershire|
||GL50 3PR|
|**SOLICITORS**|Lawrence Stephens Solicitors|
||50 Farrington Road|
||London|
||ECIM 3HE|
|**BANKERS**|Handelsbanken|
||35 Hay's Mews|
||London|
||W1J 5PY|
Page 1
**THE I S A CHARITY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objects**
To apply the capital and income of the trust fund to the benefit of such charitable purpose or charitable institutions or charitable foundations within the United Kingdom in such a manner and in such proportions as the trustees may from time to time in their absolute discretion determine, provided that the trustees may during such periods as is allowable by law accumulate any surplus income by investing the same and the resulting income to and as part of the trust fund.
## **Activities and achievements for the year**
In planning our activities for the year, we kept in mind the Charity Commission's guidance on public benefit at our trustee meetings. During the year, the charity continued to sponsor a number of projects including a Curatorial Fellowship for young curators and an initiative to support ex-offenders, to secure sustainable employment.
In addition, the charity supported young furniture makers as well as leading bespoke footwear 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 access 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 have also developed a substantial new Fund to support new thinking and innovation in regional Museums through the introduction of an independent curator. The Fund was launched in February 2023 and it will run for a 2 year programme.
## **FINANCIAL REVIEW**
## **Financial position**
Total income for the year was £126,948 (2023: £16,897) primarily from donation income. Total expenditure was £91,589 (2023: £70,367) of which £44,585 (2023: £34,353) was grants and donations.
## **Investment policy**
The Trustees’ Act 2000 now confers the charity’s investment powers. The charity has invested in a property with the aim of achieving rental income from 2024 onwards and aims to keep the majority of its excess funds in interest bearing bank accounts, and not to invest in any high-risk funds.
## **Reserves 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 available. The funds at the year-end were £1,486,576 (2023: £1,453,786).
## **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 concern basis of accounting appropriate in preparing the financial statements.
## **PLANS FOR FUTURE PERIODS**
The Trustees and management intend to continue with the current activities, providing grants for mentoring and business incubation, supporting professional development in the visual arts and campaigning for the employment of people with lived experience of the criminal justice sector.
## **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 faced by the charity on a regular basis, and having examined operational and business risks confronting it can confirm that they have established systems to mitigate the significant risks.
Page 2
**THE I S A CHARITY**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024**
Approved by order of the board of trustees on 28 June 2024 and signed on its behalf by:
AP Kent - Trustee
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE I S A CHARITY**
## **Independent examiner's report to the trustees of The I S A Charity**
I report to the trustees on my examination of the accounts of The ISA Charity for the year ended 31 January 2024 which are set out on pages 5 to 14.
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 might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) 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 examination 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 Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I confirm 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 James House St James Square Cheltenham Gloucestershire GL50 3PR
28 June 2024
Page 4
**THE I S A CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted
fund Total funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations 125,000 1,699
Investment income 2 1,948 15,198
Total 126,948 16,897
EXPENDITURE ON
Support costs 3 47,004 36,014
Charitable activities
The Exceptionals 3,517 5,422
Other Grants to Institutions 4,600 2,500
-
Foundling Museum 9,000
Grants to individuals - 1,400
Cotswold Food Bank 5,200 5,300
The Gordon Russell Trust - 1,266
Patternmakers - 1,000
Curatorial Fund 31,268 8,465
Total 91,589 70,367
Net gains/(losses) on investments (2,569) (3,364)
NET INCOME/(EXPENDITURE) 32,790 (56,834)
RECONCILIATION OF FUNDS
Total funds brought forward 1,453,786 1,510,620
TOTAL FUNDS CARRIED FORWARD 1,486,576 1,453,786
**----- End of picture text -----**
The notes form part of these financial statements
Page 5
**THE I S A CHARITY**
## **BALANCE SHEET 31 JANUARY 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted
fund Total funds
Notes £ £
FIXED ASSETS
Tangible assets 8 1,238 1,616
Investments
Investments 9 40,310 42,879
Investment property 10 997,658 997,658
1,039,206 1,042,153
CURRENT ASSETS
Debtors 11 199,594 54,819
Cash at bank 12 248,856 357,764
448,450 412,583
CREDITORS
Amounts falling due within one year 13 (1,080) (950)
NET CURRENT ASSETS 447,370 411,633
TOTAL ASSETS LESS CURRENT LIABILITIES 1,486,576 1,453,786
NET ASSETS 1,486,576 1,453,786
FUNDS 14
Unrestricted funds:
General fund 1,486,576 1,453,786
TOTAL FUNDS 1,486,576 1,453,786
**----- End of picture text -----**
The financial statements were approved by the Board of Trustees and authorised for issue on 28 June 2024 and were signed on its behalf by:
AP Kent - Trustee
The notes form part of these financial statements
Page 6
**THE I S A CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparation**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The ISA Charity is an unincorporated charity (charity number 326882) registered in England and Wales. The registered address is 2 The Mansion, Northwick Park, Blockley, Moretion-in-Marsh, GL56 9RJ. The financial statements have been prepared to give a ‘true and fair’ view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommend Practice effective from 1 April 2005 which has since been withdrawn.
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 of income receivable can be measured reliably. Income from investments is recognised only if received or declared and receivable. Investment income is dividends and interest from investments.
## **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 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 incurred directly in support of expenditure on the objects of the charity and include governance costs, investment management costs and other professional fees incurred as costs of running the charity. 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 to conditions which have not been met at the year end date are noted as a 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 transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount the charity anticipates it will pay to settle the debt.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **Financial instruments**
Page 7
continued...
**THE I S A CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Financial instruments**
Financial instrument are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
## **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 concern basis of accounting appropriate in preparing the financial statements.
## **2. INVESTMENT INCOME**
## **3.**
|Dividends received
Loan interest received
**SUPPORT COSTS**
**Support costs**
Support costs|**2024**
**£**
1,948
-
1,948
**2024**
**£**
46,895|**2023**
**£**
1,755
13,443
15,198
**2023**
**£**
36,014|
|---|---|---|
## **4. SUPPORT COSTS**
Amounts payable to the Independent Examiner total £1,080 (2023: £950).
Support costs includes Governance costs in respect of Accountancy of £1,080 (2023: £950) and Professional fees of £22,105 (2023: £15,305).
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023.
## **6. ANALYSIS OF EMPLOYMENT COSTS**
|Wages and salaries
Social security costs|**2024**
**£**
-
-
-|2023
£
11,959
1,116
13,305|
|---|---|---|
The average number of employees during the year was nil (2023: nil).
Page 8
continued...
**THE I S A CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024**
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations
Investment income|**Unrestricted**
**fund**
**£**
1,699
15,198|
|---|---|
|**Total**|16,897|
|**EXPENDITURE ON**
Support costs
**Charitable activities**
The Exceptionals
Other Grants to Institutions
Foundling Museum
Grants to individuals
Cotswold Food Bank
The Gordon Russell Trust
Patternmakers
Curatorial Fund|36,014
5,422
2,500
9,000
1,400
5,300
1,266
1,000
8,465|
|**Total**|70,367|
|Net gains/(losses) on investments|(3,364)|
|**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward|(56,834)
1,510,620|
|**TOTAL FUNDS CARRIED FORWARD**|1,453,786|
|**8.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 February 2023 and 31 January 2024|**Computer**
**equipment**
**£**
1,889|
|**DEPRECIATION**
At 1 February 2023
Charge for year|273
378|
|At 31 January 2024|651|
|**NET BOOK VALUE**
At 31 January 2024|1,238|
|At 31 January 2023|1,616|
Page 9
continued...
**THE I S A CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024**
## **9. FIXED ASSET INVESTMENTS**
**----- Start of picture text -----**
|||
|---|---|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At 1 February 2023|42,879|
|Revaluations|(2,569)|
|At 31 January 2024|40,310|
|NET BOOK VALUE|
|At 31 January 2024|40,310|
|At 31 January 2023|42,879|
**----- End of picture text -----**
There were no investment assets outside the UK.
Cost or valuation at 31 January 2024 is represented by:
**----- Start of picture text -----**
|||
|---|---|
|Listed|
|investments|
|£|
|Valuation in 2023|42,879|
|Valuation in 2024|(2,569)|
|40,310|
**----- End of picture text -----**
Fixed asset investments are a form of financial instrument and are recognised in accordance with note 1.
## **10. INVESTMENT PROPERTY**
**----- Start of picture text -----**
|||
|---|---|
|£|
|FAIR VALUE|
|At 1 February 2023|
|and 31 January 2024|997,658|
|NET BOOK VALUE|
|At 31 January 2024|997,658|
|At 31 January 2023|997,658|
**----- End of picture text -----**
Investment properties were valued by the Trustees on a market value basis at 31 January 2024 in accordance with note 1.
## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Other debtors|199,594|54,819|
**----- End of picture text -----**
Page 10
continued...
**THE I S A CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024**
## **12. CASH AT BANK**
|Bank deposit account
Total
Cash at bank and in hand includes cash held in current accounts.
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**14.**
**MOVEMENT IN FUNDS**
**At 1.2.23**
**£**
**Unrestricted funds**
General fund
1,453,786
**TOTAL FUNDS**
1,453,786
Net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
126,948
(91,589)
**TOTAL FUNDS**
126,948
(91,589)
**Comparatives for movement in funds**
**At 1.2.22**
**£**
**Unrestricted funds**
General fund
1,510,620
**TOTAL FUNDS**
1,510,620|**2024**
**Total**
**funds**
**£**
248,856
248,856
**2024**
**£**
1,080
**Net**
**movement**
**in funds**
**£**
32,790
32,790
**Gains and**
**losses**
**£**
(2,569)
(2,569)
**Net**
**movement**
**in funds**
**£**
(56,834)
(56,834)|**2023**
**Total**
**funds**
**£**
357,764
357,764
**2023**
**£**
950
**At 31.1.24**
**£**
1,486,576
1,486,576
**Movement**
**in funds**
**£**
32,790
32,790
**At 31.1.23**
**£**
1,453,786
1,453,786|
|---|---|---|
Page 11
continued...
**THE I S A CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2024**
## **14. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
16,897
(70,367)|**Gains and**
**losses**
**£**
(3,364)|**Movement**
**in funds**
**£**
(56,834)|
|---|---|---|---|
|**TOTAL FUNDS**|16,897
(70,367)|(3,364)|(56,834)|
## **15. RELATED PARTY DISCLOSURES**
During the year, the charity received donations totalling £125,000 (2023: £nil) from WS Market Place 9 Limited, a company the trustees Mr R Paice and Mrs AP Kent have shareholdings in.
Page 12
**THE I S A CHARITY**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024**
**----- Start of picture text -----**
2024 2023
£ £
INCOME AND ENDOWMENTS
Donations
Donations 125,000 1,699
Investment income
Dividends received 1,948 1,755
Loan interest received - 13,443
1,948 15,198
Total incoming resources 126,948 16,897
EXPENDITURE
Charitable activities
Grants to institutions 44,585 32,953
Grants to individuals - 1,400
44,585 34,353
Support costs
Management
-
Wages 11,959
-
Social security 1,116
Pensions - 101
Rates and water 15,302 8,812
Insurance 1,833 1,972
Light and heat 2,944 1,080
Sundries 2,053 1,431
Office expense 1,200 1,335
Computer equipment 378 273
23,710 28,079
Finance
Bank charges 109 145
Governance costs
Accountancy and professional fees 23,185 7,790
Total resources expended 91,589 70,367
Net income/(expenditure) before gains and
losses 35,359 (53,470)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments (2,569) (3,364)
Net income/(expenditure) 32,790 (56,834)
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 13