**Charity Registration No. 1072645**
**Company Registration No. 03578938 (England and Wales)**
## **NEW COMMUNITY NETWORK**
**ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **NEW COMMUNITY NETWORK**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr C N D Romilly|
|---|---|
||Mr A Sheen|
||Mrs K Swift|
||Mr J Cathie|
||Mr J Sargent|
||Ms S E Chart|
|**Charity number**|1072645|
|**Company number**|03578938|
|**Principal address**|Central Hall|
||St Mary Street|
||Southampton|
||Hants|
||SO14 1NF|
|**Registered office**|Central Hall|
||St Mary Street|
||Southampton|
||Hants|
||SO14 1NF|
|**Auditor**|Caladine Limited|
||Chantry House|
||22 Upperton Road|
||Eastbourne|
||East Sussex|
||BN21 1BF|
|**Bankers**|Barclays Bank PLC|
||Hatton Garden Business Centre|
||99 Hatton Garden|
||London|
||EC1N 8DN|
||CAF Bank Limited|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4JQ|
|**Solicitors**|Blake Morgan|
||New Kings Court|
||Tollgate|
||Chandler's Ford|
||Eastleigh|
||Hampshire|
||SO53 3LG|
## **NEW COMMUNITY NETWORK**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1-4|
|Statement of trustees' responsibilities|5|
|Independent auditor's report|6-8|
|Consolidated statement of financial activities|9-10|
|Charity statement of financial activities|11-12|
|Consolidated and charity statements of financial position|13|
|Consolidated statement of cash flows|14|
|Notes to the financial statements|15-31|
## **NEW COMMUNITY NETWORK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
The trustees present their annual report and financial statements for the year ended 31 August 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 Memorandum and Articles of Association, the Companies Act 2006 and "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**
The objectives of the charity are:
- To advance the Christian faith;
- To advance education;
- To promote the creative arts for the public benefit;
- To relieve those who are poor, in conditions of need, hardship or distress or who are aged or sick; and
- To promote such other charitable objects as the trustees shall from time to time determine.
The Trustees have considered and have had due regard to the Commission’s guidance on public benefit and, in particular, the specific guidance on activities for the advancement of religion.
The Trustees are satisfied that the objectives of the Charity have been met, and that appropriate procedures and controls are in place to ensure continued operation.
## **Grant making policy**
The charity is not primarily a grant making charity and does not solicit applications from organisations or individuals. We will from time to time make grants from our own funds or specifically raise funds for projects undertaken by other organisations. This would normally be in a geographical location and for a purpose we cannot undertake ourselves e.g. international crisis relief.
We will also make small grants to individuals with whom we have personal contact to enable them to achieve one of our charitable objectives. All grants are monitored to ensure they are used for the purpose that they are given.
Grants made during the year amounted to £124,446 (2023: £128,401) and were made up of £48,112 of grants to individuals (2023: £35,862) and £76,334 of grants to institutions (2023: £92,539). An analysis of institutional grants made above £10,000 is provided in note 10 in the accounts.
## **Achievements and performance**
New Community Church’s expressions of church at both Central Hall and in the Sholing area of Southampton continued to meet throughout 2023/24.
These congregations have continued to be supported by a wide variety of small group activities throughout the week including Alpha courses for those exploring faith, group activities for young people, Zoom prayer meetings and learning opportunities for those who want to study in more depth.
School of Ministries was our teaching and training programme which developed and trained leaders in Christian ministry, working mainly in developing countries where leaders would be unable to attend traditional training establishments We have now transferred this work to the Pioneer Trust (Charity No. 1118766) as they are better able to manage the programme through their international work.
## **Advance Education**
We continue to partner with New Generation Schools Trust to deliver primary education through Hope Community School. The school are currently tenants of Central Hall as a temporary site whilst permanent facilities are being built nearby. A new site for the school has been secured and plans are underway to design, plan and build. The planned opening date of September 2025 will be missed and we expect Hope school to be tenants of Central Hall for at least another year.
As a church we have an agreement to provide governance, chaplaincy, volunteers and wrap-around services to the school.
- 1 -
## **NEW COMMUNITY NETWORK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **Promote Creative Arts**
We have provided a supportive environment for artists, singers, and musicians. Local orchestras, bands, and choirs regularly use Central Hall as a performance venue. These are booked through our trading subsidiary, New Community Ventures, which has seen a growing momentum of bookings through 2023/24.
## **Relief of the poor and those in need, hardship or distress**
Our ‘Community Hub’ at Central Hall, which provides an umbrella for the various caring initiatives that we operate has continued to function throughout the year, with an increase in the numbers attending. We have been able host a variety of groups - including, Creative English classes, Community Café, and Warm Space with up to 100 guests.
Through the work of our Hope Community School chaplain, we have supported children and families from the local area with targeted educational and practical support. The Baby Branch has continued to operate, providing baby clothes and equipment to parents in need. We have also been able to provide local community members with food through a weekly Fare Share operation.
We have continued to support the work of the Kibera Saints and Umoja group in Kibera, Kenya. We have also been able to sponsor other relief projects in Kenya and India.
## **Financial review**
The principal funding sources for the Charity are voluntary donations and income from hire of facilities. These funds are used to operate the church congregations and projects with a Christian ethos.
Voluntary giving increased to £528,520 (2023: £487,425). Unrestricted voluntary income, which includes donations and related tax recovered, was £544,054 (2023: £493,427) and restricted voluntary income £82,183 (2023 - £90,016).
The Consolidated Statement of Financial Activities reports an overall surplus of £76,430 (2023: surplus of £62,605) for the year. However, this includes a depreciation charge, which is a non-cash item, of £49,900 (2023: £48,560).
Capital expenditure in the year was £19,347 (2023: £4,660).
The balance outstanding on our bank loan as at the end of the financial year was £231,773 (2023: £262,261). New Community Ventures Ltd (NCV) made a profit of £166,811 (2023: £193,573).
Total funds held as at 31 August 2024 were £1,360,127 (2023: £1,283,697), of which £184,514 (2023: £222,585) were restricted, and £1,175,613 (2023: £1,061,112) were unrestricted.
## **Reserves policy**
The board of trustees has examined the charity’s requirements for reserves in the light of the main risks to the organisation and has decided that the established reserves policy needed to be changed in the knowledge that Hope School would be vacating the building at some time in the next year or so. The established policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should be kept to the lowest possible figure, has been changed such that the charity will intentionally reduce expenditure in order that reserves can be increased to cover a temporary loss of income from when Hope School move to their new premises. The board of trustees consider that they would be able to continue the current activities of the charity for a sufficient period to allow New Community Ventures to build up income from other tenants of Central Hall, this being the main risk to the charity’s income in the near future.
The group free reserves (defined as the unrestricted net current assets of the group) at 31 August 2024 were £264,262 (2023: £152,567).
## **Investment policy**
The board of trustees has considered the most appropriate policy for investing the charity’s short-term funds and has found that interest bearing current accounts and deposit accounts, designed for the charity sector, meet their requirements to generate a reasonable return with security of capital and ease of access as projects develop. The board of trustees considers the return on investments to be adequate. The charity has no long-term cash investments.
- 2 -
## **NEW COMMUNITY NETWORK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
We have benefited significantly from the use of Central Hall by Hope Community School over the past 7 years. The school has now purchased a site on which to build a new school facility. This will mean that the current licence agreement will come to an end in September 2025. It is expected that this licence will be extended.
## **Structure, governance and management**
## **Governing document**
New Community Network is a charitable company limited by guarantee, incorporated on 10 June 1998 as The Cornerstone Network and registered as a charity on 30 November 1998. The name was changed to New Community Network at an Extraordinary General Meeting held on 19 September 2005.
The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association which was amended by special resolution on 29 March 2022.
## **New Community Ventures Limited**
New Community Ventures Limited is a private company limited by shares, incorporated on 27 January 2017. New Community Network owns the entire share capital.
## **Recruitment and appointment of board of trustees**
Trustees are normally, but not exclusively, recruited from the members of the charity who are all fully supportive of our aims and practically involved in the work of the charity. We aim to keep a balance of skills and backgrounds to facilitate the efficient functioning of the group. A comprehensive package of training utilising Charity Commission publications and other materials is provided to ensure that trustees are aware of their responsibilities and the hallmarks of good governance. Under the requirements of the Memorandum and Articles of Association one third of the members of the board of trustees must retire each year at the AGM.
## **Organisational structure and decision making processes**
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr C N D Romilly Mr A Sheen Mrs K Swift Mr J Cathie Mr J Sargent Ms S E Chart
Membership – The Charity Members form a panel of reference for the full time staff and volunteers. They meet formally at the Annual General Meeting and appoint the trustees.
Board of Trustees – The Trustees meet once per quarter to review progress against activities planned and set budgets for the year. Individual trustees work closely with staff to ensure best practice is applied and good governance is maintained.
Leadership Team – The Leadership Team meet weekly to oversee the day to day running of the organisation, assess the effectiveness of the various teams and manage the budget.
The pay and remuneration of the Charity’s key management personnel are set by benchmarking against equivalent roles in similar organisations in the charity sector. They are reviewed annually and are subject to individual and company performance.
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## **NEW COMMUNITY NETWORK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **Risk management**
The Board of Trustees has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects, and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
## **Auditor**
In accordance with the company's articles, a resolution proposing that Caladine Limited be reappointed as auditor of the company will be put at a General Meeting.
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report was approved by the Board of Trustees.
.............................. **Mr C N D Romilly** CMY Chair of Trustees Dated: ......................... 03/02/2025
- 4 -
## **NEW COMMUNITY NETWORK**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
The trustees, who are also the directors of New Community Network for the purpose of company law, 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).
Company Law 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, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 adequate 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 Companies Act 2006. 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.
- 5 -
## **NEW COMMUNITY NETWORK**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW COMMUNITY NETWORK**
## **Opinion**
We have audited the financial statements of New Community Network (the 'parent charitable company') and its subsidiary together (the 'group') for the year ended 31 August 2024 which comprise the group and parent charitable company statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 31 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
- 6 -
## **NEW COMMUNITY NETWORK**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW COMMUNITY NETWORK**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with trustees, and from our commercial knowledge and experience of the charity sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent charitable company, including the Companies Act 2006, Charities Act 2011, employment legislation, health and safety, and Anti-Money Laundering laws;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
- 7 -
## **NEW COMMUNITY NETWORK**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW COMMUNITY NETWORK**
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
## **Audit response to risks identified**
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC and relevant regulators
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
**Mr Colin James Dadswell FCCA (Senior Statutory Auditor) for and on behalf of Caladine Limited**
13 March 2025 .........................
**Chartered Certified Accountants Statutory Auditor**
Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
- 8 -
## **NEW COMMUNITY NETWORK**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**Notes**
Donations and legacies
**3**
Charitable activities
**4**
Other trading activities
**5**
Investments
**6**
Other income
**7**
**Expenditure on:**
Raising funds
**8**
Charitable activities
**9**
Other
**12**
**Total resources expended**
142,635
**Net incoming resources**
**before transfers**
Gross transfers between funds
**22**
Fund balances at 1 September 2023
**Fund balances at 31 August 2024**
2,175
-
**Unrestricted**
**£**
**£**
**funds**
22,381
-
-
136,882
1,037,583
(60,452)
(22,381)
1,061,112
222,585
1,175,613
184,514
**Net income/(expenditure) for the**
**year/Net movement in funds**
114,501
(38,071)
**Total income**
1,174,465
82,183
-
521,907
142,635
515,676
-
1,557
-
601,550
**Restricted**
**Income and endowments from:**
21,829
-
547,354
82,183
**funds**|2,175
1,209
**£**
**£**
-
-
-
82
1,180,218
1,154,440
76,430
62,605
1,283,697
1,221,092
1,360,127
1,283,697
76,430
62,605
1,256,648
1,217,045
589,122
601,550
672,875
664,542
515,676
481,483
1,557
-
**Total**
21,829
43,271
629,537
583,443
**Total**
**2024**
**2023**|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 9 -
## **NEW COMMUNITY NETWORK**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
|||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|
|||**funds**|**funds**|**2023**|
||**Notes**|**£**|**£**|**£**|
|**Income and endowments from:**|||||
|Donations and legacies|**3**|493,427|90,016|583,443|
|Charitable activities|**4**|43,271|-|43,271|
|Other trading activities|**5**|589,122|-|589,122|
|Investments|**6**|1,209|-|1,209|
|**Total income**||1,127,029|90,016|1,217,045|
|**Expenditure on:**|||||
|Raising funds|**7**|481,483|-|481,483|
|Charitable activities|**8**|514,013|158,862|672,875|
|Other|**11**|82|-|82|
|**Total resources expended**||995,578|158,862|1,154,440|
|**Net incoming resources**|||||
|**before transfers**||131,451|(68,846)|62,605|
|Gross transfers between funds|**22**|(11,444)|11,444|-|
|**Net income/(expenditure) for the**|||||
|**year/Net movement in funds**||120,007|(57,402)|62,605|
|Fund balances at 1 September 2022||941,105|279,987|1,221,092|
|**Fund balances at 31 August 2023**||1,061,112|222,585|1,283,697|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## **NEW COMMUNITY NETWORK**
## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total resources expended**
604,044
142,635
**Net incoming resources**
**before transfers**
Gross transfers between funds
Fund balances at 1 September 2023
**Fund balances at 31 August 2024**
**£**
**£**
**Restricted**
**Unrestricted**
**funds**
**funds**
**Income and endowments from:**
1,200 -
705,235
82,183
21,829 -
**Total income**
731,997
82,183
**Net income for the year/**
- -
22,381
(60,452)
(22,381)
127,953
**Net movement in funds**
105,572
(38,071)
1,055,079
222,585
1,160,651
184,514
1,865 28.00
2,175 -
1,558 -
602,179
142,607|43,271
777,004
**Total**
**Total**
**2024**
**2023**
**£**
**£**
21,829
1,200
787,418
-
82
746,679
760,091
-
-
67,501
62,593
67,501
62,593
1,277,664
1,215,071
1,345,165
1,277,664
1,200
1,893
1,782
2,175
822,684
814,180
1,558 -
744,786
758,227
1,209|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## **NEW COMMUNITY NETWORK**
## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 31 AUGUST 2023**_
||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**2023**|
||**£**|**£**|**£**|
|**Income and endowments from:**||||
|Donations and legacies|686,988|90,016|777,004|
|Charitable activities|43,271|-|43,271|
|Other trading activities|1,200|-|1,200|
|Investments|1,209|-|1,209|
|**Total income**|732,668|90,016|822,684|
|**Expenditure on:**||||
|Raising funds|1,782|-|1,782|
|Charitable activities|599,365|158,862|758,227|
|Other|82|-|82|
|**Total resources expended**|601,229|158,862|760,091|
|**Net incoming resources**||||
|**before transfers**|131,439|(68,846)|62,593|
|Gross transfers between funds|(11,444)|11,444|-|
|**Net income for the year/**||||
|**Net movement in funds**|119,995|(57,402)|62,593|
|Fund balances at 1 September 2022|935,084|279,987|1,215,071|
|**Fund balances at 31 August 2023**|1,055,079|222,585|1,277,664|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 12 -
## **NEW COMMUNITY NETWORK**
## **STATEMENTS OF FINANCIAL POSITION**
## _**AS AT 31 AUGUST 2024**_
|||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|---|
|||**2024**|**2023**|**2024**|**2023**|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Property, plant and equipment|**14**|1,107,438|1,138,200|1,092,766|1,133,015|
|Investments|**15**|-|-|1,000|1,000|
|||1,107,438|1,138,200|1,093,766|1,134,015|
|**Current assets**||||||
|Inventories||1,008|1,008
-|-|-|
|Trade and other receivables|**16**|47,802|60,188|46,939
55,406|46,939|
|Investments|**17**|300,036|300,036
-|300,036|-|
|Cash at bank and in hand||246,173|436,771|154,221|394,697|
|||595,019|497,967|509,663|441,636|
|**Current liabilities**|**18**|(146,243)|(122,815)|(62,177)|(68,332)|
|Net current assets||448,776|375,152|447,486|373,304|
|**Total assets less current liabilities**||1,556,214|1,513,352|1,541,252|1,507,319|
|**Non-current liabilities**|**19**|(196,087)|(229,655)|(196,087)|(262,261)|
|**Net assets**||1,360,127|1,283,697|1,345,165|1,245,058|
|**Income funds**||||||
|Restricted funds|**22**|184,514|222,585|184,514|222,585|
|Unrestricted funds||1,175,613|1,061,112|1,160,651|1,055,079|
|||1,360,127|1,283,697|1,345,165|1,277,664|
The financial statements were approved by the Trustees on ….............................. 3 February 2025
> Mr C N D Romilly 4 **Chair of Trustees**
**Company Registration No. 03578938**
- 13 -
## **NEW COMMUNITY NETWORK**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**26**
**Investing activities**
Purchase of property, plant and equipment
Proceeds on disposal of property, plant and equipment
Purchase of current asset investments
Income from investments
**Net cash used in investing activities**
**Financing activities**
Repayment of other borrowings
Repayment of bank loans
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**£**
**£**
**£**
**£**
155,331
108,939
(4,660)
1,767
-
2,175
1,209
(3,451)
-
-
(30,488)
(279,908)
(30,488)
(279,908)
(190,598)
(174,420)
436,771
611,191
246,173
436,771
**2024**
**2023**
(19,347)
(315,441)
(300,036)|
|---|---|
|||
- 14 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies**
## **Company information**
New Community Network is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Central Hall, St Mary Street, Southampton, Hants, SO14 1NF.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
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. The principal accounting policies adopted are set out below.
The group financial statements include the accounts of New Community Network (the charity) and its subsidiary New Community Ventures Limited.
## **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 unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors 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.
## **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 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.
Other trading income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
- 15 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies (Continued)**
## **1.5 Expenditure**
Liabilities are recognised when a constructive obligation exists, the payment is probable and the obligation can be measured or estimated reliably.
Resources expended are allocated to the particular cost centre to which they relate and include irrecoverable VAT.
Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional.
## **1.6 Property, plant and equipment**
Property, plant and equipment are initially measured at cost and subsequently measured at cost , 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 basis:
Freehold land and buildings 50 years straight line Plant and equipment 5 - 10 years straight line Fixtures and fittings 5 - 10 years straight line Computers 3 years straight line
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 net income/(expenditure) for the year.
Items of equipment are capitalised where the purchase price exceeds £1,000.
## **1.7 Non-current 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.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.8 Impairment of non-current assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
## **1.9 Inventories**
Inventories are stated at lower of cost and estimated selling price less costs to sell.
## **1.10 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.
- 16 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies (Continued)**
## **1.11 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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
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.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables 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 trade and other payables 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.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.12 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.
## **1.13 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.14 Leases**
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
- 17 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **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 Donations and legacies**
|Grants
82,183
547,354
493,427
90,016
Gift aid
84,410
11,608
**Donations and gifts 2023**
Donations and gifts
409,017
78,408
453,107
75,413
90,947
6,770
544,054
82,183
**Donations and gifts 2024**
Donations and gifts
Gift aid
544,054
82,183
Donations and gifts
**£**
**£**
3,300
-
**Unrestricted**
**Restricted**
**funds**
**funds**|3,300
629,537
528,520
97,717
626,237
626,237
**£**
**Total**
**2024**|-
**£**
583,443
**Total**
**2023**|
|---|---|---|
|||583,443|
|||487,425
96,018|
|||583,443|
- 18 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **4 Charitable activities 2024**
|**4**|**Charitable activities 2024**|||||
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|||
|||**funds**|**funds**|**Total 2024**|**Total 2023**|
|||**£**|**£**|**£**|**£**|
||Fee income|21,829|-|21,829|43,271|
||**Charitable activities 2023**|||||
|||**Unrestricted**|**Restricted**|||
|||**funds**|**funds**||**Total 2023**|
|||**£**|**£**||**£**|
||Fee income|43,271|-||43,271|
|**5**|**Other trading activities 2024**|||||
|||**Unrestricted**|**Restricted**|||
|||**funds**|**funds**|**Total 2024**|**Total 2023**|
|||**£**|**£**|**£**|**£**|
||Rental and hire charges|601,550|-|601,550|589,122|
||**Other trading activities 2023**|||||
|||**Unrestricted**|**Restricted**|||
|||**funds**|**funds**||**Total 2023**|
|||**£**|**£**||**£**|
||Rental and hire charges|589,122|-||589,122|
- 19 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **6 Investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Interest receivable|2,175|1,209|
**7 Other income**
||||**Unrestricted**|**Unrestricted**|
|---|---|---|---|---|
||||**funds**|**funds**|
||||**2024**|**2023**|
||||**£**|**£**|
|Net gain on disposal of tangible fixed assets|||1,557|-|
|**Raising funds 2024**|||||
||**Unrestricted**|**Restricted**|||
||**funds**|**funds**|**Total 2024**|**Total 2023**|
||**£**|**£**|**£**|**£**|
|Trading costs|||||
|Staff costs|177,213|-|177,213|158,073|
|Cost of trading subsidiaries|45,073|-|45,073|37,369|
|Building costs|103,964|-|103,964|78,478|
|Communications|2,829|-|2,829|2,973|
|Finance costs|759|-|759|878|
|Resource costs|74,892|-|74,892|99,502|
|Depreciation|4,295|-|4,295|2,910|
|Support costs (see note 11)|106,651|-|106,651|101,300|
||515,676|-|515,676|481,483|
|**Raising funds 2023**|||||
||**Unrestricted**|**Restricted**|||
||**funds**|**funds**||**Total 2023**|
||**£**|**£**||**£**|
|Trading costs|||||
|Staff costs|158,073|-||158,073|
|Cost of trading subsidiaries|37,369|-||37,369|
|Building costs|78,478|-||78,478|
|Communications|2,973|-||2,973|
|Finance costs|878|-||878|
|Resource costs|99,502|-||99,502|
|Depreciation|2,910|-||2,910|
|Support costs (see note 11)|101,300|-||101,300|
||481,483|-||481,483|
## **8 Raising funds 2024**
- 20 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **9 Charitable activities**
|Staff costs
Counselling, events, courses and community work
**Analysis by fund**
Unrestricted funds
Restricted funds
**10**
**Grants payable**
Grants to institutions:
Umoja
Jeevan Asha
Pioneer Trust
Missionary Maintenance Services
Other grants below £10,000
Grants to individuals
Grant funding of activities (see note 10)
Share of support costs (see note 11)
Share of governance costs (see note 11)|**£**
521,907
142,635
**2024**
**£**
9,197
4,000
25,211
4,000
33,926
48,112
285,093
347,627
664,542
664,542
**2024**
62,534
124,446
124,446
171,577
20,892
76,334|**£**
253,792
**2023**
104,756|
|---|---|---|
|||358,548
128,401
162,558
23,368|
|||672,875|
|||514,013
158,862|
|||672,875|
|||**2023**
**£**
11,848
20,800
17,471
12,000
30,420|
|||35,862
92,539|
|||128,401|
- 21 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **11 Support and governance costs 2024**
|Staff costs
Depreciation
Counselling, events, courses and community work
Finance costs
Insurance costs
Resource costs
Other costs
Audit fees
Accountancy
Other financial services
Legal and professional
Analysed between
Raising funds
Charitable activities
**Support and governance costs 2023**
Staff costs
Depreciation
Counselling, events, courses and community work
Finance costs
Insurance costs
Resource costs
Other costs
Audit fees
Accountancy
Legal and professional
Analysed between
Raising funds
Charitable activities|**£**
**£**
**£**
**£**
-
45,605
-
45,605
12,483
-
12,483
21,933
-
21,933
16,964
-
16,964
-
18,507
-
18,507
-
5,700
5,700
-
5,335
5,335
-
8,880
8,880
-
977
977
-
**£**
**£**
**£**
-
-
-
-
-
-
-
4,890
5,940
12,538
-
18,625
106,651
134,875
134,875
127,768
278,228
20,892
299,120
299,764
106,651
**Support**
**costs**
**Governance**
**costs**
**Total 2023**
**Total 2023**
**Governance**
**costs**
127,768
171,577
20,892
192,469
278,228
20,892
299,120
27,861
27,861
18,625
45,650
22,262
18,625
127,768
**Support**
**costs**
**Total 2024**
45,650
22,262
25,453
11,373
287,226
263,858
23,368
287,226
162,558
23,368
185,926
101,300
101,300
263,858
23,368
12,727
-
-
-
45,650
22,262
25,453
11,373
12,727
4,890
5,940
12,538
5,940
12,538
25,453
11,373
12,727
4,890
12,538|**£**
**£**
**£**
**£**
-
45,605
-
45,605
12,483
-
12,483
21,933
-
21,933
16,964
-
16,964
-
18,507
-
18,507
-
5,700
5,700
-
5,335
5,335
-
8,880
8,880
-
977
977
-
**£**
**£**
**£**
-
-
-
-
-
-
-
4,890
5,940
12,538
-
18,625
106,651
134,875
134,875
127,768
278,228
20,892
299,120
299,764
106,651
**Support**
**costs**
**Governance**
**costs**
**Total 2023**
**Total 2023**
**Governance**
**costs**
127,768
171,577
20,892
192,469
278,228
20,892
299,120
27,861
27,861
18,625
45,650
22,262
18,625
127,768
**Support**
**costs**
**Total 2024**
45,650
22,262
25,453
11,373
287,226
263,858
23,368
287,226
162,558
23,368
185,926
101,300
101,300
263,858
23,368
12,727
-
-
-
45,650
22,262
25,453
11,373
12,727
4,890
5,940
12,538
5,940
12,538
25,453
11,373
12,727
4,890
12,538|
|---|---|---|
|||287,226|
|||185,926
101,300|
|||287,226|
- 22 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **12 Other**
|**12**
**Other**|||
|---|---|---|
|Net loss on disposal of tangible fixed assets
**13**
**Employees**
**Number of employees**
The average monthly number of employees during the year was:
**Employment costs**
Wages and salaries
Social security costs
Other pension and life insurance costs|**2024**
**£**
-
26
26
**2024**
**£**
36,255
27,854
533,072
597,181
**2024**
**Number**|**2023**
**£**
82|
|||27
**2023**
**Number**|
|||27|
|||**2023**
**£**
497,774
27,529
14,330|
|||539,633|
No employee earned more than £60,000 during the year (2023: none).
## **14 Property, plant and equipment**
|**Cost**
At 1 September 2023
Additions
Disposals
At 31 August 2024
**Depreciation and impairment**
At 1 September 2023
Depreciation
Eliminated in respect of disposals
At 31 August 2024
**Carrying amount**
At 31 August 2024
At 31 August 2023
|**£**
**£**
**£**
**£**
**£**
-
3,558
2,006
-
-
-
(4,907)
(4,907)
41,163
3,151
3,373
2,213
49,900
-
-
-
(4,698)
(4,698)
6,157
3,982
1,124,754
3,307
1,138,200
1,083,591
6,564
13,717
3,566
1,107,438
974,568
158,313
82,047
12,219
1,227,147
933,405
155,162
78,674
14,704
1,181,945
2,320,145
13,783
19,347
2,058,159
164,877
95,764
15,785
2,334,585
**Freehold**
**land and**
**buildings**
**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Computers**
**Total**
2,058,159
161,319
81,981
18,686|
|---|---|
- 23 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **15 Fixed asset investments - see note 25**
|Investments in subsidiaries
**Cost**
At 1 September 2023 & 31 August 2024
**Carrying amount**
At 31 August 2024
At 31 August 2023|**£**
-
-
-
**Group**|**£**
1,000
**Charity**|
|---|---|---|
|||1,000|
|||1,000|
|**16**
**Trade and other receivables**
**Amounts falling due within one year:**
Amounts owed by subsidiary undertakings
Trade receivables
Other receivables
Prepayments and accrued income|**£**
**£**
-
-
29,977
29,900
7,452
8,268
10,373
22,020
**2024**
**2023**
**Group**
47,802
60,188|**£**
**£**
-
435
7,452
8,268
1,477
-
**2024**
**2023**
**Charity**
55,406
46,939
38,236
46,477|
|---|---|---|
## **17 Current asset investments**
|Fixed rate cash deposits
**Current liabilities**
**Notes**
Bank loans
**20**
Other taxation and social security
Deferred income
Trade payables
Other creditors
Accruals and deferred income|**£**
**£**
**£**
**£**
35,686
21,892
49,835
24,384
1,958
12,488
**2024**
**2023**
**2024**
**2023**
300,036
-
146,243
122,815
21,404
31,118
22,205
**Group**
964
14,518
32,606
**Group**|**£**
**£**
**£**
**£**
35,686
32,606
10,627
15,097
-
-
5,780
9,690
-
-
10,939
**2024**
**2023**
**2024**
**2023**
300,036
-
62,177
10,084
68,332
**Charity**
**Charity**|
|---|---|---|
## **18 Current liabilities**
- 24 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **19 Non-current liabilities**
|**Notes**
Bank loans
**20**
**20**
**Borrowings**
Bank loans
Payable within one year
Payable after one year
Amounts included above which falls after five years:
Payable by instalments|**£**
**£**
**£**
**£**
35,686
32,606
196,087
262,261
**2024**
**2023**
**Group**
196,087
229,655
22,419
69,951
231,773
262,261
**2024**
**2023**
231,773
262,261
**Group**|**£**
**£**
**£**
**£**
35,686
32,606
196,087
262,261
**2024**
**2023**
**Charity**
196,087
229,655
22,419
69,951
231,773
262,261
**2024**
**2023**
231,773
262,261
**Charity**|**£**
**£**
**£**
**£**
35,686
32,606
196,087
262,261
**2024**
**2023**
**Charity**
196,087
229,655
22,419
69,951
231,773
262,261
**2024**
**2023**
231,773
262,261
**Charity**|
|---|---|---|---|
||||32,606
229,655|
||||262,261|
||||69,951|
The mortgage is secured on the property at Central Hall, St Mary Street, Southampton, SO14 1NF.
## **21 Retirement benefit schemes**
## **Defined contribution schemes**
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £27,854 (2023: £14,330).
- 25 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **22 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|
||**Balance at 1**|||||
||**September**|**Incoming**|**Resources**||**Balance at 31**|
||**2023**|**resources**|**expended**|**Transfers**|**August 2024**|
||**£**|**£**|**£**|**£**|**£**|
|Relief International:||||||
|Jeevan Asha|14,711|10,585|(8,033)|-|17,263|
|Kibera development|1,548|20,514|(24,657)|7,500|4,905|
|Missionary maintenance||||||
|services|10,116|13,708|(4,032)|-|19,792|
|School of ministry|3,134|23,451|(32,966)|6,381|-|
|Relief local:||||||
|Central hall fund|1,301|-|(1,301)|-|-|
|Hardship fund|1,552|669|(259)|1,000|2,962|
|Rest and recoup fund|159,503|-|(30,762)|-|128,741|
|SO14 Mission fund|16,678|-|(12,754)|-|3,924|
|Special Guardians|357|-|(357)|-|-|
|Heat & Eat Response fund|5,407|2,084|(5,439)|1,500|3,552|
|Cuban Family Support|6,279|7,185|(19,464)|6,000|-|
|Next Generation Development|-|2,400|-|-|2,400|
|Minor restricted funds|1,999|1,587|(2,611)|-|975|
||222,585|82,183|(142,635)|22,381|184,514|
Relief International
Jeevan Asha - Indian orphanage.
Kibera Development - Funding a school build and missionary work in Kibera. Missionary Maintenance Services - Support for D & D Coates USA.
School of Ministry - Leadership development.
## Relief local
Central Hall fund - To fund ongoing renovation works to Central Hall.
Hardship fund - Local relief work.
Rest and recoup fund - To provide a place for rest, recovery and convalescence. SO14 Mission fund- To fund mission in Central Southampton.
Special Guardians - Support grandparents who are primarily carers for their grandchildren.
Heat & Eat Response fund - supporting individuals affected by the cost of living crisis.
Next Generation Development fund - fund to support and develop our next generation of young people and children.
Transfers represent the reallocation of income and expenditure between funds.
- 26 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **22 Restricted funds 2023**
|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|
||**Balance at 1**|||||
||**September**|**Incoming**|**Resources**||**Balance at 31**|
||**2022**|**resources**|**expended**|**Transfers**|**August 2023**|
||**£**|**£**|**£**|**£**|**£**|
|Relief International:||||||
|Jeevan Asha|21,354|9,422|(16,065)|-|14,711|
|Kibera development|6,266|11,695|(22,413)|6,000|1,548|
|Missionary maintenance||||||
|services|10,240|11,973|(12,097)|-|10,116|
|School of ministry|6,219|24,260|(32,349)|5,004|3,134|
|Relief local:||||||
|Central hall fund|2,216|281|(1,196)|-|1,301|
|Hardship fund|299|2,738|(1,485)|-|1,552|
|Rest and recoup fund|202,350|-|(34,847)|(8,000)|159,503|
|SO14|29,858|-|(13,180)|-|16,678|
|Special Guardians|357|-|-|-|357|
|Heat & Eat Response fund|-|9,483|(4,076)|-|5,407|
|Cuban Family Support|-|14,531|(16,252)|8,000|6,279|
|Minor restricted funds|828|5,633|(4,902)|440|1,999|
||279,987|90,016|(158,862)|11,444|222,585|
- 27 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**23**|**Analysis of net assets between funds**||||
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**||
|||**funds**|**funds**|**Total**|
|||**£**|**£**|**£**|
||Fund balances at 31 August 2024 are represented by:||||
||Property, plant and equipment|1,107,438|-|1,107,438|
||Current assets/(liabilities)|264,262|184,514|448,776|
||Long term liabilities|(196,087)|-|(196,087)|
|||1,175,613|184,514|1,360,127|
|||**Unrestricted**|**Restricted**||
|||**funds**|**funds**|**Total**|
|||**£**|**£**|**£**|
||Fund balances at 31 August 2023 are represented by:||||
||Property, plant and equipment|1,138,200|-|1,138,200|
||Current assets/(liabilities)|152,567|222,585|375,152|
||Long term liabilities|(229,655)|-|(229,655)|
|||1,061,112|222,585|1,283,697|
- 28 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **24 Related party transactions**
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
|**2024**|**2023**|
|---|---|
|**£**|**£**|
|156,574|128,949|
The trustees and their close family or associated companies have donated an aggregate sum of £55,306 (2023: £61,057) to the charity.
## Transactions with group companies
New Community Network was owed £46,477 (2023: £38,236) from New Community Ventures Limited at 31 August 2024.
- 29 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **25 Subsidiary undertakings**
New Community Ventures Limited (no. 10586696) is a wholly owned trading subsidiary of New Community Network. It runs Central Hall as an events venue. Below is a summary of its financial results and position.
|Gross income
Expenditure
**Surplus/(Deficit)**
Distributions to parent charity under gift aid
**Surplus after distributions**
Total assets
Total liabilities
**Equity**|**2024**
**£**
599,150
(432,339)
**15,962**
146,505
166,811
(157,881)
**8,930**
(130,543)|**2023**
**£**
(393,149)
586,722|
|---|---|---|
|||193,573
(193,561)|
|||**12**|
|||99,751
(92,719)|
|||**7,032**|
- 30 -
## **NEW COMMUNITY NETWORK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **26 Cash generated from operations**
|**Cash generated from operations**||||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
|Profit/(Deficit) for the year||76,430|62,605|
|Adjustments for:||||
|Investment income recognised in statement of financial activities||(2,175)|(1,209)|
|(Gain)/Loss on disposal of property, plant and equipment||(1,557)|82|
|Depreciation and impairment of property, plant and equipment||49,900|48,560|
|Movements in working capital:||||
|Decrease/(Increase) in inventories||-|118|
|Decrease/(Increase) in trade and other receivables||12,385|(8,042)|
|(Decrease)/Increase is trade and other payables||20,348|6,825|
|**Cash generated from operations**||155,331|108,939|
|**Analysis of changes in net debt**||||
||**At 1**|||
||**September**||**At 31**|
||**2023**|**Cash flows**|**August 2024**|
||**£**|**£**|**£**|
|Cash at bank and in hand|436,771|(190,598)|246,173|
|Loans falling due within one year|(32,606)|(3,080)|(35,686)|
|Loans falling due after more than one year|(229,655)|33,568|(196,087)|
||174,510|(160,110)|14,400|
## **27 Analysis of changes in net debt**
## **28 Non-audit services provided by auditor**
In common with many charities of our size and nature we use our auditor to assist with the preparation of the financial statements.
- 31 -