NEW PARK COMMUNITY AND ARTS ASSOCIATION
Limited by Guarantee
Trustees’ Report and Unaudited Financial Statements
for the year ended 31 August 2021
Registered Charity Number 1110112 Registered Company Number 05459818
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NEW PARK COMMUNITY AND ARTS ASSOCIATION
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Report of the trustees | 2 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Accounting policies | 8 |
| Notes to the financial statements | 10 |
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
CHARITY INFORMATION
Trustees
Mr Michael Foyle (Chairman) Mr George Appleby Ms Katherine Dickens (resigned 14 December 2020) Mr Stuart Dobbin (Treasurer) Dr John Jarvis Mr Ian Oliver Dr Robert Simpson
Principal and registered office
New Park Centre New Park Road Chichester West Sussex PO19 7XY
Registered charity number
1110112
Registered company number
05459818
Company secretary
Mr Stuart Dobbin
Independent examiner
Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers
NatWest 5 East Street Chichester West Sussex PO19 1HH
Page 1
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
REPORT OF THE TRUSTEES
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
New Park Community & Arts Association is registered as a Charitable Company with its Governing Documents being in the form of its Memorandum and Articles of Association. The Trustees (listed on page 1) are both Trustees of the Charity and Directors of the Company, and are selected on the basis of the skills and experience which they bring to the charity. They are appointed by an ordinary resolution of the members of the charity in general meeting although the trustees have the power to appoint not more than two additional trustees during the course of the year.
The Trustees have considered the risks associated with operating New Park Community & Arts Association and are taking steps to minimise these risks.
OBJECTIVES AND ACTIVITIES
The main objects of the Charity, as defined in the Governing Documents, are:
-
“a. to promote the benefit of the inhabitants of Chichester and its neighbourhood (hereinafter called “the area of benefit”) without distinction of sex, sexual orientation, race or of political, religious or other opinions, by associating together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants;
-
b. to secure the maintenance and development of a community and arts centre (hereinafter called “the Centre”) and to equip and manage the same (whether alone or in co-operation with any local authority or other person or body) in furtherance of these Objects.
-
c. to promote such other charitable purposes as may from time to time be determined.”
In determining the activities to be undertaken by the charity in furtherance of these objects, the trustees have had regard to the Charity Commission’s guidance on public benefit.
New Park Community & Arts Association exists to provide accessible and safe facilities where organisations and individuals can offer social, cultural, recreational and welfare activities or services for residents of Chichester and district.
The Centre managers continue to pursue these aims, and maintain their commitment to operate efficiently, ensuring financial and charitable accountability.
ACHIEVEMENTS AND PERFORMANCE
A challenging year when the full impact of the Coronavirus pandemic was felt. Phased reopening late summer 2020 saw around 30% of regular bookings return, for socially distanced adult activities initially, followed by children’s groups. During the second and third lockdowns, only permitted activities took place (formal support groups and formal education). By the end of Summer 2021, during the unfolding Government Road map, the number of bookings grew to around 60%. Covid precautions remained at the highest level to protect the vulnerable nature of many services users.
Prior to reopening the café bar in October 2020, volunteers attended Covid training to cover hygiene and social distancing precautions. Services and product range were adapted to comply with licencing terms.
Building works through the year focused on completing roof repairs, maintenance of heating and ventilation systems, and dealing with a large water leak in the car park. Delays to the supply of materials, meant the fitting of wooden shutters in the Old Dojo had to be postponed to the Autumn half term. Due to the impact of the pandemic on reserve levels, plans to develop a second Auditorium were put on hold.
The existing staff was enhanced by recruiting a part-time caretaker for practical aspects of planned maintenance, buildings repairs, inspection, and testing.
Page 2
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
REPORT OF THE TRUSTEES
After his passing the preceding year, and at his behest, a commemorative bench for co-founder, Trustee and lifelong supporter, Tony French was located overlooking Jubilee Park.
FINANCIAL REVIEW
Incoming resources during the year ended 31 August 2021 totalled £115,689 (2020: £175,462). Total expenditure for the period was £198,331 (2020: £213,624) giving rise to an overall deficit for the year of £82,642 (2020 deficit: £38,162).
As at 31 August 2021, the charity had total funds of £2,286,497 (2020: £2,369,139) with restricted funds of £13,712 (2020: £13,607) retained in a restricted fund available only for the future development of the New Park Centre. Unrestricted free reserves were £231,670 (2020: £319,083). During the 2019-20 financial year the trustees commissioned a comprehensive buildings condition survey. When complete, and fully costed, the survey will enable trustees to designate funds for the planned maintenance of its buildings and for the improvement of outdated facilities. The trustees consider the charity should maintain positive free reserves equivalent to six months operational expenditure in order to safeguard continuing delivery of its objects during any temporary and unforeseen shortfall in incoming resources. This target has been exceeded.
PLANS FOR FUTURE PERIODS
Commitment to replacing the roof of the school building will remain a high priority, as will be the need to return reserves to pre-pandemic levels. The prospects of phase two building works will start by recruiting expertise and experience in fundraising and development to the NPCAA Board.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees (who are also directors of New Park Community and Arts Association for the purposes of company law) are responsible for preparing the Report of the Trustees’ 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 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;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant information of which the charitable company’s independent examiner is unaware; and
-
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.
APPOINTMENT OF INDEPENDENT EXAMINER
During the year under review the charity’s income remained below the audit threshold. The charity’s independent examiner, Geoffrey Frost of Blue Spire Limited, has continued in post for the year under review and expressed his willingness to continue in the coming year.
Page 3
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITEO FINANCIAL STATEMENTS FOA THE YEAR ENDED 31 AUGUST 2021 REPORT OF THE TRUSTEES These accounts have been prepared in accordance with the provisions ol the Companies Act 2006 applicable to companies subject lo the small companies regirne. Approved by the trustees and signed on their behalt. Mr Michael Foyle, Chairman Trustee, New Park Cornmunity & Arts Association Dale Page 4
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 INDEPENDENT EXAMINER'S REPORT Independent Examinerfs Report to the Trustees of New Park Community and Arts Association I report to the charity trustees on my examination of the accounts ol the Company for the year ended 31 August 2021 which are set out on pages 6 10 16. Responsibililies and basis of report As the charty trustees of the company land also ils directors for the purposes ol company lawl you are responsible for the preparation of the accounts In accordance with the requirements. of the Companies Act 20061'the 2006 Act'l. Having satisfied Myse that the accounts ol the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Oirections given by the Charity Commission under section 14515llbl ol the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come lo my attention in connedion with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect ol the company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements ol section 396 of the 2006 Act other than any requirement that the accounts give a'lrue and fairview, which is not a maller considered as part of an independent examination", or the accounts have not been prepared in accordance with the methods and principles ol the Statement of Recommended Practice for accounting and reporting by charities applicable to charfties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic ot Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Geoffr st Sc Blue Spire imited Cawley Priory South Pallanl Chichester West Sussex P019 1SY Honsl FCA Date Page 5
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Charitable activities 3 Other 4 Total EXPENDITURE ON: Charitable activities 5 Total Net income/(expenditure) TRANSFERS Gross transfers between funds 16, 18 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 16 Total funds carried forward 16 |
Unrestricted Funds £ 2,480 190 71,153 34,026 107,849 190,596 190,596 (82,747) - (82,747) 2,355,532 2,272,785 |
Restricted Funds £ 7,840 - - - 7,840 7,735 7,735 105 - 105 13,607 13,712 |
2021 Total Funds £ 10,320 190 71,153 34,026 115,689 198,331 198,331 (82,642) - (82,642) 2,369,139 2,286,497 |
2020 Total Funds £ 36,778 1,303 112,381 25,000 |
|---|---|---|---|---|
| 175,462 | ||||
| 213,624 | ||||
| 213,624 | ||||
| (38,162) - |
||||
| (38,162) 2,407,301 |
||||
| 2,369,139 |
None of the charity's activities were acquired or discontinued during the above financial years. The charity has no gains or losses other than those dealt with in the statement of financial activities above.
Page 6
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note FIXED ASSETS Tangible fixed 85sels 10 2,041,115 2,036.449 CURRENT ASSETS Debtors Cash al bank and In hand 18,2 238,875 257,075 11.618 353,988 365,606 CURRENT LIABIUTIES Creditors.. 3mounts falling due within one year 11.693 32,916 Net curront assètsllllabllftlosl 245.382 332,690 Total net a55èts 2,286.497 2.369.139 FUNDS OF THE CHARrrY Restr6ct8d funds 13.712 13.fj07 Designated fund- fixed assets General fund Unrostrietod funds 2.041.115 231.670 2,036.449 319.083 16 2,272,785 2.355,532 Total charity funds 2.286,497 2,369,139 For Ihe year ended 31 August 2021 the charty was èniided lo exèmption uNJer section 477 of the Companie5 Act 2006 relating lo small companEs. The members have not wuired company to obtain an audit in accordance wth seclion 476 ofthe CompafjES Act 200e. The trusleÈ$ acknoYAedge their responsibilities for comp-n9 Wlth Ihe requiremenls of the Act with respect lo actounling records and preparatson of aCunt. These finandal statements have been prepared In accordanTr wilh the speaal provisions rèlating to companiÈ$ subject 10 the small companie8 regime within Part 15 of the Companies Act 2006. The finanal slalemenls on pages 6 to 16 were appioved and aulh0ri5ed for issue by the Iruslees. and signed on their behaff by-. Mr Michael FOe, Chaiu Mr stuart Dobbin. Trustee Oale Date New Park Community & Arts Assotiation Company No.. 05459818 Page 7
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
ACCOUNTING POLICIES
Scope and basis of the financial statements
New Park Community and Arts Association is an incorporated charity, limited by guarantee, incorporated in England with the company number 05459818. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are outlined in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Statement of cash flows
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Investment income is earned through holding assets for investment purposes such as shares and cash deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
● Expenditure on charitable activities; which includes costs of operating the Centre and costs incurred to support those activities
Expenditure allocated to governance costs comprises the costs of production of statutory accounts and the accountants’ report, together with any costs associated with trustees’ meetings, legal advice for trustees and costs associated with constitutional and statutory requirements.
Employee benefits
When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The Charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Page 8
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
ACCOUNTING POLICIES
VAT
The Charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 (CTA 2010), as such no income tax is payable on the charity's activities.
Fixed Assets
Tangible fixed assets costing £2,500 or more and with an economic useful life of more than one year are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Heating & ventilation equipment 15 years straight line Fixtures and fittings 3 years straight line Seating and building improvements 10 years straight line
Depreciation is not charged on long leasehold land and buildings on the basis that it would be immaterial as the buildings have a very long useful economic life and the lease is likely to be renewed on similar terms to those currently in place. The Trustees have in place a long-term maintenance plan and carry out an annual review for impairment of the buildings in order to confirm that there has been no impairment such that the buildings’ carrying value would be diminished.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Operating leases
Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.
Fund accounting
Unrestricted funds 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 9
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| New Park Sports & Social Club Donations and grants 2. Income from investments Bank interest |
Unrestricted Funds £ 2,400 80 2,480 Unrestricted Funds £ 190 190 |
Restricted Funds £ - 7,840 7,840 Restricted Funds £ - - |
2021 Total Funds £ 2,400 7,920 10,320 2021 Total Funds £ 190 190 |
Unrestricted Funds £ 24,375 731 25,106 Unrestricted Funds £ 1,303 1,303 |
Restricted Funds £ - 11,672 11,672 Restricted Funds £ - - |
2020 Total Funds £ 24,375 12,403 |
|---|---|---|---|---|---|---|
| 36,778 | ||||||
| 2020 Total Funds £ 1,303 |
||||||
| 1,303 |
3. Income from charitable activities
| Room hire Miscellaneous |
Unrestricted Funds £ 71,153 - 71,153 |
Restricted Funds £ - - - |
2021 Total Funds £ 71,153 - 71,153 |
Unrestricted Funds £ 112,381 - 112,381 |
Restricted Funds £ - - - |
2020 Total Funds £ 112,381 - |
|---|---|---|---|---|---|---|
| 112,381 |
4. Other income
| Government grants - COVID-19 relief Government grants - CJRS support Insurance claims |
Unrestricted Funds £ 25,143 5,625 3,258 34,026 |
Restricted Funds £ - - - - |
2021 Total Funds £ 25,143 5,625 3,258 34,026 |
Unrestricted Funds £ 25,000 - - 25,000 |
Restricted Funds £ - - - - |
2020 Total Funds £ 25,000 - - |
|---|---|---|---|---|---|---|
| 25,000 |
Page 10
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
5. Expenditure on charitable activities
| Rent and rates Insurance Water charges Gas and electricity costs Telephone Printing, postage and stationery Planned long term maintenance Repairs and maintenance Sundry costs Employment costs Janitorial costs Fees and inspections Depreciation Equipment purchased Provision for bad debts Governance costs (see note 6) |
Unrestricted Funds £ 6,589 6,657 948 24,946 3,159 1,086 26,144 18,164 209 69,634 18,282 5,829 6,557 - 1,282 1,110 190,596 |
Restricted Funds £ - - - - - - - - - - - - - 7,735 - - 7,735 |
2021 Total Funds £ 6,589 6,657 948 24,946 3,159 1,086 26,144 18,164 209 69,634 18,282 5,829 6,557 7,735 1,282 1,110 198,331 |
Unrestricted Funds £ 7,826 5,203 1,192 17,368 2,801 1,375 50,986 8,348 873 66,843 25,246 6,630 6,557 - - 1,080 202,328 |
Restricted Funds £ - - - - - - - 675 - - - - - 10,621 - - 11,296 |
2020 Total Funds £ 7,826 5,203 1,192 17,368 2,801 1,375 50,986 9,023 873 66,843 25,246 6,630 6,557 10,621 - 1,080 |
|---|---|---|---|---|---|---|
| 213,624 |
6. Governance costs
| Unrestricted Funds £ Independent examiner's fees 1,110 1,110 7. Independent examiner's remuneration Unrestricted Funds £ Examiner's fees - examination 1,110 |
Restricted Funds £ - - Restricted Funds £ - |
2021 Total Funds £ 1,110 1,110 2021 Total Funds £ 1,110 |
Unrestricted Funds £ 1,080 1,080 Unrestricted Funds £ 1,080 |
Restricted Funds £ - - Restricted Funds £ - |
2020 Total Funds £ 1,080 |
|---|---|---|---|---|---|
| 1,080 | |||||
| 2020 Total Funds £ 1,080 |
Page 11
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
8. Wages and salaries costs
| 8. Wages and salaries costs | ||
|---|---|---|
| Gross wages Employer's national insurance (net of employment allowance) Employer's Pension cost Coronavirus Job Retention Scheme grants The number of employees on an average headcount basis was: Management and administration |
2021 Total Funds £ 64,951 2,174 2,509 (5,625) 64,009 2021 2.25 2.25 |
2020 Total Funds £ 61,459 2,930 2,454 - |
| 66,843 | ||
| 2020 2.00 |
||
| 2.00 |
There were no employees with emoluments (excluding employer pension costs) above £60,000 in this or the preceding year.
The Charity operates a defined contribution pension scheme. The total contributions paid into the scheme by the charity in respect of eligible employees for the year under review was £2,509 (2020: £2,454) with £310 (2019: £nil) payable at the balance sheet date.
9. Related party transactions
During the year under review and the preceding year no remuneration was paid to trustees who are the Charity's key management personnel. During the year under review and the comparative year no trustees were reimbursed travel expenses.
There were no other transactions with related parties which require disclosure in the financial statements.
10. Fixed assets
| Cost At 1 September 2020 Additions Disposals At 31 August 2021 Depreciation Accumulated at 1 September 2020 Charge for the year On disposals At 31 August 2021 Net book value at 31 August 2021 Net book value at 31 August 2020 |
Leasehold land and buildings £ 1,953,890 - - 1,953,890 - - - - 1,953,890 1,953,890 |
Heating & ventilation equipment £ 98,353 11,223 - 109,576 15,794 6,557 - 22,351 87,225 82,559 |
Fixtures, fittings & equipment £ 83,574 - - 83,574 83,574 - - 83,574 - - |
Total £ 2,135,817 11,223 - |
|---|---|---|---|---|
| 2,147,040 | ||||
| 99,368 6,557 - |
||||
| 105,925 | ||||
| 2,041,115 | ||||
| 2,036,449 |
As part of the funding agreement for the construction of the community centre, Sport England holds a charge over the building amounting to £450,000.
Page 12
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
11. Debtors
| Room hire charges receivable Prepayments Grants, donations and gift aid |
2021 Total Funds £ 8,858 6,252 3,090 18,200 |
2020 Total Funds £ 2,950 5,218 3,450 |
|---|---|---|
| 11,618 |
12. Creditors
| Amounts falling due within year: Deferred income (see note 12a. below) Deposits Accruals |
2021 Total Funds £ 175 4,500 7,018 11,693 |
2020 Total Funds £ - 4,500 28,416 |
|---|---|---|
| 32,916 |
Capital commitment
As at 31 August 2020 included in the accruals figure in note 12 above were liabilities totalling £19,630 in relation to ongoing repairs to the building. At that date the charity had a commitment of £25,640 for the completion of those works.
12a. Deferred income
| 12a. Deferred income | |||||
|---|---|---|---|---|---|
| Brought | Released | Deferred | Carried | ||
| forward | in year | in year | forward | ||
| £ | £ | £ | £ | ||
| Various | Room hire | - | - | 175 | 175 |
| - | - | 175 | 175 |
13. Contingent liability
At the balance sheet date no liability has been recognised in relation to the final element of the costs of the heating and ventilation equipment due to an ongoing dispute over whether any further amounts are payable and therefore the charity is unable to measure reliably. During the year under review the charity met costs totalling £11,223 in relation to works undertaken, with a possible, but uncertain, obligation to pay a further £3,500, with a contribution towards these costs of £8,600 expected.
14. Commitments
| Total future minimum lease payments under non-cancellable operating leases, analysed as follows: Land & Buildings Not later than one year Later than one year and not later than five years Later than five years Office equipment Not later than one year Later than one year and not later than five years |
2021 Total Funds £ 6,421 25,684 - 32,105 820 3,280 4,100 |
2020 Total Funds £ 6,421 25,684 6,421 |
|---|---|---|
| 38,526 | ||
| 719 - |
||
| 719 |
Page 13
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
15. Analysis of net assets between funds
| Tangible assets Current assets Current liabilities |
Unrestricted Funds £ 2,041,115 243,363 (11,693) 2,272,785 |
Restricted Funds £ - 13,712 - 13,712 |
2021 Total Funds £ 2,041,115 257,075 (11,693) 2,286,497 |
Unrestricted Funds £ 2,036,449 351,999 (32,916) 2,355,532 |
Restricted Funds £ - 13,607 - 13,607 |
2020 Total Funds £ 2,036,449 365,606 (32,916) |
|---|---|---|---|---|---|---|
| 2,369,139 |
16. Analysis of net movement in funds
| 16. Analysis of net movement in funds | |||||
|---|---|---|---|---|---|
| Restricted funds Development fund Purchase of equipment Other restricted funds Total restricted funds Unrestricted funds Designated fund - fixed assets General fund Total unrestricted funds Total funds Restricted funds Development fund Purchase of equipment Other restricted funds Total restricted funds Unrestricted funds Designated fund - fixed assets General fund Total unrestricted funds Total funds |
Year ended 31 August 2021 | ||||
| Total funds brought forward £ 13,457 - 150 13,607 2,036,449 319,083 2,355,532 2,369,139 |
Total Total Transfers incoming resources between resources expended funds £ £ £ 105 - - 7,735 (7,735) - - - - 7,840 (7,735) - - - 4,666 107,849 (190,596) (4,666) 107,849 (190,596) - 115,689 (198,331) - Year ended 31 August 2020 |
Total funds carried forward £ 13,562 - 150 |
|||
| 13,712 | |||||
| 2,041,115 231,670 |
|||||
| 2,272,785 | |||||
| 2,286,497 | |||||
| Total funds brought forward £ 13,081 - 150 13,231 2,043,006 351,064 2,394,070 2,407,301 |
Total incoming resources £ 376 11,296 - 11,672 - 215,404 215,404 227,076 |
Total resources expended £ - (11,296) - (11,296) - (161,036) (161,036) (172,332) |
Transfers between funds £ - - - - (6,557) 6,557 - - |
Total funds carried forward £ 13,457 - 150 |
|
| 13,607 | |||||
| 2,036,449 411,989 |
|||||
| 2,448,438 | |||||
| 2,462,045 |
17. Description of funds
Development fund
This comprises grant and donation income for use in the development of a new centre. Once expended on fixed assets, these funds are transferred to the general fund and form part of the assets of the charity and will be expended through depreciation in future periods.
Purchase of equipment
Funds received, including from Chichester City Council New Homes Bonus and Examplas, to cover the costs of equipment replacement and small general administrative expenses.
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NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
17. Description of funds (continued)
Designated funds - fixed assets Designated funds representing the net book value of fixed assets.
18. Transfer between funds
| From To Transfer 1 Designated fund - fixed assets General fund General fund Designated fund - fixed assets 19. Comparative statement of financial activities Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Charitable activities 3 Other 4 Total EXPENDITURE ON: Charitable activities 5 Total Net income/(expenditure) TRANSFERS Gross transfers between funds 16, 18 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 16 Total funds carried forward 16 Transfer of funds representing the movement on fixed assets for additions and depreciation. |
General Designated £ £ (11,223) 11,223 6,557 (6,557) (4,666) 4,666 (4,666) 4,666 Unrestricted Restricted Funds Funds £ £ 25,106 11,672 1,303 - 112,381 - 25,000 - 163,790 11,672 202,328 11,296 202,328 11,296 (38,538) 376 - - (38,538) 376 2,394,070 13,231 2,355,532 13,607 Unrestricted Funds |
Restricted Funds £ - - |
|---|---|---|
| - | ||
| - | ||
| 2020 Total Funds £ 36,778 1,303 112,381 25,000 |
||
| 175,462 | ||
| 213,624 | ||
| 213,624 | ||
| (38,162) - |
||
| (38,162) 2,407,301 |
||
| 2,369,139 |
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NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
NOTES TO THE FINANCIAL STATEMENTS
20. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
2021 2020 Financial assets £ £ Debt instruments measured at amortised cost: Room hire receivable debtors 8,858 2,950
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