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2022-08-31-accounts

NEW PARK COMMUNITY AND ARTS ASSOCIATION

Limited by Guarantee

Trustees’ Report and Unaudited Financial Statements

for the year ended 31 August 2022

Registered Charity Number 1110112 Registered Company Number 05459818

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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 2022

CHARITY INFORMATION

Trustees

Mr Michael Foyle (Chairman to 3 May 2022) Dr John Jarvis (Interim Chairman 3 May 2022 to 22 November 2022) Mr Robert Long (Chairman from 22 November 2022) Mr George Appleby Ms Diane Ashby Mr Stuart Dobbin (Treasurer) Mr Andrew Harrop Mr Ian Oliver Dr Robert Simpson

(resigned 3 May 2022) (appointed 3 May 2022) (appointed 3 May 2022) (appointed 3 May 2022) (resigned 3 May 2022)

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 2022

REPORT OF THE TRUSTEES

The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2022. 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:

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

2021-2022 was characterised by our slow but steady recovery from the Covid Pandemic which significantly impacted our activities and revenue streams. We will feel those impacts for some time to come, but our management team is to be commended for the manner in which they have maintained a high degree of normality at the Centre, and provided a vibrant, yet safe, environment for our customer’s clients.

Additional challenges were identified as we continued to invest in further surveys of the roof in the knowledge that we would be incurring a significant expense at some point as part of lease commitments. Additionally, during the year the government began signalling the likelihood of significant energy cost increases over the course of the next few years, and indeed the possibility of a general economic recession.

Fortunately, the attractiveness of our activities to an eclectic range of organisations has been maintained and in addition to retaining a high proportion of our traditional clients, we have been attracting new ones.

An ongoing responsibility of the Board is to monitor our organisational effectiveness, and to ensure that Board members have experience with different skill sets relevant to the organisation’s operation, and to that end we appointed Diane Ashby, Andy Harrop and Robert Long in May 2022 bringing us experience and expertise in HR, Change Management and Marketing and Sales.

Page 2

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

REPORT OF THE TRUSTEES

Staff developments during the year included recruitment to replace the outgoing Operations Manager who retired in April 2022, and our Caretaker successfully completed his probationary period in November 2021.

One of the most visible and appreciated services at the Centre is the Bar and Café administered by the New Park Sports and Social Club. The Club is an independent, not for profit Society affiliated to the Association. The Club manages and operates food and beverage services provided at the Centre. Their increased contribution during the reported period reflects the gradual return to normality as more hirers return following the pandemic hiatus

Despite these trying circumstances, we remain optimistic and excited by the opportunities for the Centre in 2022-2023 and beyond.

FINANCIAL REVIEW

Incoming resources during the year ended 31 August 2022 totalled £224,309 (2021: £115,689). Total expenditure for the period was £218,839 (2021: £198,331) giving rise to an overall surplus for the year of £5,470 (2021 deficit: £82,642).

As at 31 August 2022, the charity had total funds of £2,291,967 (2021: £2,286,497) with restricted funds of £13,787 (2021: £13,712) retained in a restricted fund available only for the future development of the New Park Centre. Unrestricted free reserves were £239,738 (2021: £231,670). 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:

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:

Page 3

NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 REPORT OF THE TRUSTEES APPOINTMENT OF INDEPENDENT EXAMINER During the year under review the charity's In￿Me remained below the audit threshold. The charity's independent examiner, Geoffrey Frost ol Blue Spire Lirnited, has continued in post lor the year under review and expressed his willingness to continue in the coming year. These accounts have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime. Approved by the trustees and signed on their behalf. Mr Robert Long, Ghairman Trustee, New Park Community & Arts A$S￿la110n Date 6? Page 4

NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INDEPENDENT EXAMINER'S REPORT Independent Examlnerfs Report lo the Trustee$ of New Park Community and Art$ Assoclallon I report to the charity trustees on my examination ol the accounts of the company for the year ended 31 August 2022 which are sel out pages 6 to 16. Responsibilities and basis of report As the charity Iruslees ol the cornpany laThJ also ils directors lor the purposes of company lawl you are responsible for the prepaialion of the a¢counls in a¢cordan¢e with the requirements. of the Companies Act 20061'lhe 2006 Act'i. Having satisfied myself that the accounts ol the company are not required to be audr(ed under Part 16 ofthe 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 Ilhe 2011 Ad'l. In Carrying out my examination I have lollowett the Directions given by the Charity Commission under section 14515llb} ol th8 2011 Act. Independent exarniner's Statement I have completed my examination. I confim that no matters have come lo my attenliDn in connection with the examination giving me cause to bèlieve that in any material respect.. acwunting records were not kept in respect of 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 of section 396 01 the 2006 Act other than any requirement that the accounts give a'lrue and fairview, whiGh is not a mallerconsidered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles ol the Statement ol Recommended Pr8clice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Finanoal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in orcler to enable a proper understanding ol the accounts lo be reached. Geottrey Frosl BSclHonsl FCA Blue Spire timiled Cawley Priory South Pallanl Chichester W8sI Sussex P019 1SY 7fy1S Dale /zfv Page 5

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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
£
44,083
414
161,522
4,000
210,019
213,229
213,229
(3,210)
8,605
5,395
2,272,785
2,278,180		 Restricted
Funds
£
14,290
-
-
-
14,290
5,610
5,610
8,680
(8,605)
75
13,712
13,787		 2022
Total
Funds
£
58,373
414
161,522
4,000
224,309
218,839
218,839
5,470
-
5,470
2,286,497
2,291,967		 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

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 2022 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 FIXED ASSETS Tangible fLKed assets 2.038,442 2.041.115 CURRENT ASSETS Deblors Cash at bank and in hand 9.939 259.393 269,332 18,20D 238.875 257.075 ¢URRENT UABIUTIES Creditors.. amounts falliro due wtthin one year 15,807 11,693 Net turrenl 06setslllÈabilitiesl 253.525 245,382 Total net assets 2.291,967 2,286,497 FLINDS OF THE CHARITY R88trlcted ￿ndS 16 13.787 13,712 Designated lund- fixed assets General fund Untsstrlctod funds 2.038,442 239,738 2,041.115 231.670 2.278.180 2.272,785 Total chaiity funds 2.291.967 2,286,497 For the year ended 31 NJJgusl 2022 the charity wa8 entil￿d io exemption under 88cUon 477 of ￿ Compani88 Act 2006 relating io small companies. The members have not requireLI the company to oblaln an audll in accordance th sects.on 476 ofthe C0rf¥)an￿8Ael 2(Kl6. The trustees ackn￿edge their responsibilities for (J)mplying vith Ihe requiiemenls of the Act with respect to accounting records and preparation of accounts These finanul statements havè been prepared in acGordantr with fv speoal prwsions relalirvj lo wrnpanw Subject lo the small cornpanies r￿lm2 wthin Part IS ofthe Cotnpanies Aci 2006. The fmancial statements on pages 6 to 16 were approvéd and authorised forissue by the trusieets, and slyned on their behatr by.. Mr Robert LM9, Chairman Mr SIu8rt Dobbin. Trustee Date Oale q￿l New Park Comfflunity & Art5 A5swation Cornpany No.: 05459818 Chanly No. 1110112 Page 7

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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 2022

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 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

New Park Sports & Social Club
Donations and grants
2. Income from investments
Bank interest
3. Income from charitable activities
Room hire		 Unrestricted
Funds
£
44,000
83
44,083
Unrestricted
Funds
£
414
414
Unrestricted
Funds
£
161,522
161,522		 Restricted
Funds
£
-
14,290
14,290
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2022
Total
Funds
£
44,000
14,373
58,373
2022
Total
Funds
£
414
414
2022
Total
Funds
£
161,522
161,522		 Unrestricted
Funds
£
2,400
80
2,480
Unrestricted
Funds
£
190
190
Unrestricted
Funds
£
71,153
71,153		 Restricted
Funds
£
-
7,840
7,840
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2021
Total
Funds
£
2,400
7,920
10,320
2021
Total
Funds
£
190
190
2021
Total
Funds
£
71,153
71,153

4. Other income

Government grants - COVID-19 relief
Government grants - CJRS support
Insurance claims		 Unrestricted
Funds
£
4,000
-
-
4,000		 Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
4,000
-
-
4,000		 Unrestricted
Funds
£
25,143
5,625
3,258
34,026		 Restricted
Funds
£
-
-
-
-		 2021
Total
Funds
£
25,143
5,625
3,258
34,026

Page 10

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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
£
7,560
7,871
1,083
26,319
2,603
1,058
17,947
23,726
585
78,052
33,559
5,361
7,635
-
(1,282)
1,152
213,229		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
110
-
-
5,500
-
-
5,610		 2022
Total
Funds
£
7,560
7,871
1,083
26,319
2,603
1,058
17,947
23,726
585
78,052
33,669
5,361
7,635
5,500
(1,282)
1,152
218,839		 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

6. Governance costs

Independent examiner's fees Unrestricted
Funds
£
1,152
1,152		 Restricted
Funds
£
-
-		 2022
Total
Funds
£
1,152
1,152		 Unrestricted
Funds
£
1,110
1,110		 Restricted
Funds
£
-
-		 2021
Total
Funds
£
1,110
1,110

7. Independent examiner's remuneration

2022 2021
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Examiner's fees - examination 1,152 - 1,152 1,110 - 1,110

Page 11

NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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		 2022
Total
Funds
£
73,098
2,339
2,615
-
78,052
2022
3.00
3.00		 2021
Total
Funds
£
64,951
2,174
2,509
(5,625)
64,009
2021
2.25
2.25

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 £2,615 (2021: £2,509) with £325 (2021: £310) 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 2021
Additions
Disposals
At 31 August 2022
Depreciation
Accumulated at 1 September 2021
Charge for the year
On disposals
At 31 August 2022
Net book value at 31 August 2022
Net book value at 31 August 2021		 Leasehold
land and
buildings
£
1,953,890
-
-
1,953,890
-
-
-
-
1,953,890
1,953,890		 Heating &
ventilation
equipment
£
109,576
4,962
-
114,538
22,351
7,635
-
29,986
84,552
87,225		 Fixtures,
fittings &
equipment
£
83,574
-
-
83,574
83,574
-
-
83,574
-
-		 Total
£
2,147,040
4,962
-
2,152,002
105,925
7,635
-
113,560
2,038,442
2,041,115

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 2022

NOTES TO THE FINANCIAL STATEMENTS

11. Debtors
Room hire charges receivable
Prepayments
Grants, donations and gift aid
12. Creditors
Amounts falling due within year:
Deferred income (see note 12a. below)
Deposits
Accruals
12a. Deferred income
Various
Room hire		 Brought
forward
£
175
175		 Released
in year
£
(175)
(175)		 2022
Total
Funds
£
3,567
6,357
15
9,939
2022
Total
Funds
£
215
4,500
11,092
15,807
Deferred
in year
£
215
215		 2021
Total
Funds
£
8,858
6,252
3,090
18,200
2021
Total
Funds
£
175
4,500
7,018
11,693
Carried
forward
£
215
215

13. Contingent liability

At the comparative year end no liability had 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 comparative year 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. All matters have been concluded in the year and therefore no contingent liability exists at the balance sheet date.

Page 13

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

NOTES TO THE FINANCIAL STATEMENTS

14. Commitments

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		 2022
Total
Funds
£
6,421
19,263
-
25,684
820
2,460
3,280		 2021
Total
Funds
£
6,421
25,684
-
32,105
820
3,280
4,100

15. Analysis of net assets between funds

Tangible assets
Current assets
Current liabilities		 Unrestricted
Funds
£
2,038,442
255,545
(15,807)
2,278,180		 Restricted
Funds
£
-
13,787
-
13,787		 2022
Total
Funds
£
2,038,442
269,332
(15,807)
2,291,967		 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

16. Analysis of net movement in funds

16. Analysis of net movement in funds
Restricted funds
Development fund
Purchase of equipment
Air Handling Unit (AHU) improvement
Other restricted funds
Total restricted funds
Unrestricted funds
Designated fund - fixed assets
General fund
Total unrestricted funds
Total funds		 Year ended 31 August 2022
Total funds
brought
forward
£
13,562
-
-
150
13,712
2,041,115
231,670
2,272,785
2,286,497		 Total
incoming
resources
£
75
5,500
8,605
110
14,290
-
210,019
210,019
224,309		 Total
resources
expended
£
-
(5,500)
-
(110)
(5,610)
-
(213,229)
(213,229)
(218,839)		 Transfers
between
funds
£
-
-
(8,605)
-
(8,605)
(2,673)
11,278
8,605
-		 Total funds
carried
forward
£
13,637
-
-
150
13,787
2,038,442
239,738
2,278,180
2,291,967

Page 14

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

NOTES TO THE FINANCIAL STATEMENTS

16. Analysis of net movement in funds (continued)

16. Analysis of net movement in funds (continued)
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
incoming
resources
£
105
7,735
-
7,840
-
107,849
107,849
115,689		 Total
resources
expended
£
-
(7,735)
-
(7,735)
-
(190,596)
(190,596)
(198,331)		 Transfers
between
funds
£
-
-
-
-
4,666
(4,666)
-
-		 Total funds
carried
forward
£
13,562
-
150
13,712
2,041,115
231,670
2,272,785
2,286,497

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.

Air Handling Unit (AHU) improvement Funds received towards the cost of improvements to the centre's air handling unit.

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
Transfer 2
Restricted fund - AHU Improvement
General fund
Transfer of funds representing the costs incurred within general funds in previous years.
Transfer of funds representing the movement on fixed assets for additions and depreciation.		 General
Designated
£
£
(4,962)
4,962
7,635
(7,635)
2,673
(2,673)
8,605
-
8,605
-
11,278
(2,673)
Unrestricted Funds		 Restricted
Funds
£
-
-
-
(8,605)
(8,605)
(8,605)

Page 15

NEW PARK COMMUNITY AND ARTS ASSOCIATION

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

NOTES TO THE FINANCIAL STATEMENTS

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
20. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
Financial assets
Debt instruments measured at amortised cost:
Room hire receivable debtors		 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
2022
£
3,567		 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
2021
£
8,858

Page 16