NEW PARK COMMUNITY AND ARTS ASSOCIATION
Limited by Guarantee
Trustees’ Report
and Unaudited Financial Statements
for the year ended 31 August 2023
Registered Charity Number 1110112 Registered Company Number 05459818
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 2023
CHARITY INFORMATION
Trustees
Mr Robert Long (Chairman from 22 November 2022) Dr John Jarvis (Interim Chairman 3 May 2022 to 22 November 2022) Mr George Appleby Ms Diane Ashby Mr Stuart Dobbin (Treasurer) Mr Andrew Harrop Mr Ian Oliver
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
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
NEW PARK COMMUNITY AND ARTS ASSOCIATION
REPORT OF THE TRUSTEES
The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2023. 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.
There was a change of Chair of the Board of Trustees of NPCAA in November 2022 when Robert Long took over from Dr. John Jarvis.
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
The trustees are pleased to report that NPCAA concluded a successful financial year on 31 August 2023. Following a steady recovery in bookings, revenues built during the year and exceeded an admittedly quiet prior year. Combined with careful cost control by our management team, the result was a satisfactory surplus and contribution to reserves which had been used to weather the Covid pandemic in previous years.
The New Park Centre’s customer base was stable during the year, with some additional gains and losses in keeping with experience typical of past booking trends. Obviously we are always happy to see new customers and unhappy to lose customers but the low rate of churn was encouraging.
Our management team’s commitment to the Centre, our customers and our place in the community was, once again, exemplary. During the year, the trustees appointed in May 2022 made important contributions to strengthen our customer relations and operational effectiveness. Trustees and the management team also worked closely with the New Park Sports and Social Club to help leadership transition during the year. The Sports and Social Club operates our Café Bar and, as a separate but affiliated organization, makes an important financial contribution to NPCAA.
Page 2
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
REPORT OF THE TRUSTEES
We are very aware that the New Park Centre is an important contributor to the community life of Chichester, and we want to nurture and grow that contribution. But we do not operate in isolation so we have also taken first steps to strengthen strategic relationships with the City and District Councils to ensure that our activities and priorities are well understood and supported.
FINANCIAL REVIEW
Incoming resources during the year ended 31 August 2023 totalled £253,141 (2022: £224,309). Total expenditure for the period was £209,033 (2022: £218,839) giving rise to an overall surplus for the year of £44,108 (2022 surplus: £5,470).
As at 31 August 2023, the charity had total funds of £2,336,075 (2022: £2,291,967) with restricted funds of £13,862 (2022: £13,787) retained in a restricted fund available only for the future development of the New Park Centre. Unrestricted free reserves were £291,407 (2022: £239,738). 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. During the year the trustees gave further consideration to the funds required to meet the costs of the roof replacement. In the 201920 financial year it had been proposed that £150,000 of the Association’s reserves should be earmarked for that purpose. In 2023-24 it is the intention of the trustees to create a designated fund for the roof replacement and that £150,000 of the unrestricted reserves be allocated to the designated fund.
PLANS FOR FUTURE PERIODS
Our most critical project for the coming year is to raise money to start replacement of our roof. This is a major project, which will cost approximately £500,000, and an exciting challenge and opportunity to invest in the future of the New Park Centre. Finally, it is not too early to mention that 2025 will see our 50[th] anniversary. We are looking forward to celebrating that huge milestone with the community and continuing the successful development of the New Park Centre.
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.
Page 3
NEW PARK COMMUNITY AND ARTS ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 REPORT OF THE TRUSTEES APPOINTME OF INDEPENDENT EXAMINER During the year under review the charity's income remained below the audit threshold. The charity's independenl 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. These accounts have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject lo the small companies regime. Approved by the trustees and signed on their behalf. Mr Robert Long. Chairman Trustee, New Park Community & Arts Association Dale Page 4
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
NEW PARK COMMUNITY AND ARTS ASSOCIATION
INDEPENDENT EXAMINER’S REPORT
Independent Examiner's Report to the Trustees of New Park Community and Arts Association
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 August 2023 which are set out on pages 6 to 16.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to 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 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting 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 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Date[20 May 2024]
Page 5
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 15, 17 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 15 Total funds carried forward 15 |
Unrestricted Funds £ 47,243 2,766 202,927 - 252,936 208,903 208,903 44,033 - 44,033 2,278,180 2,322,213 |
Restricted Funds £ 205 - - - 205 130 130 75 - 75 13,787 13,862 |
2023 Total Funds £ 47,448 2,766 202,927 - 253,141 209,033 209,033 44,108 - 44,108 2,291,967 2,336,075 |
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 |
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 2023 8ALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 FIXED ASSETS TaThg1b fixed assets 10 2.030,806 2,038.442 CURRENT ASSETS Debtors Cash at bank and in hand 14,661 306,058 320.719 9.939 259.393 269.332 CURRENT UABILITIES Credilots. amounts falling due within one year 12 15.450 15.807 Net current a5setsllliabilitiesl 305,269 253.525 Total net assets 2,336,075 2,291.967 FUNDS OF THE CHARIYY Restrictod funds 15 13,862 13.787 Desi9n2ted fund- fixed assets General fund Unrestricted fvnds 2.030,806 291.407 2,038,442 239.738 2.322.213 2.278.180 Total Gharity fund5 2.336.075 2.291,967 For the year eTrdl 31 August 2023 the ¢harity was entrued lo exemption under section 477 of the Companies Ad 2006 rèlating to small ompanies. The rnernbets have not reguld the company lo obtain an audit in accordance wlh sectn 476 of the Compan*s Ad 2008. The Iruslees aCknedge their respon5ibilthes for compEyino with the reqUireryntS of the Act with respect to accounting rfords and preparation of accounts. These financial slatetnents have be&n prepared in accordance with the special Prov1005 relating lo GotpanS subjed to the small companies gime within Part 15 of the Companies Act 2006. The finan<xal $latemenls on pages 6 to 16 were approved and aulhorised for issue by the ttU5tees, and signed on their behaff by.. Mr Robert Long, chaimn Mr Stuart Dobbin, Trustee Date Date N&w Park Community 8 Art5 Association Company No.: 05459818 Chanly No.: 1110112 Page 7
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 the exemption from providing a statement of cash flows within the Charities SORP and 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 2023
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 2023
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 4. Other income Government grants - COVID-19 relief |
Unrestricted Funds £ 47,000 243 47,243 Unrestricted Funds £ 2,766 2,766 Unrestricted Funds £ 202,927 202,927 Unrestricted Funds £ - - |
Restricted Funds £ - 205 205 Restricted Funds £ - - Restricted Funds £ - - Restricted Funds £ - - |
2023 Total Funds £ 47,000 448 47,448 2023 Total Funds £ 2,766 2,766 2023 Total Funds £ 202,927 202,927 2023 Total Funds £ - - |
Unrestricted Funds £ 44,000 83 44,083 Unrestricted Funds £ 414 414 Unrestricted Funds £ 161,522 161,522 Unrestricted Funds £ 4,000 4,000 |
Restricted Funds £ - 14,290 14,290 Restricted Funds £ - - 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 | ||||||
| 2022 Total Funds £ 4,000 |
||||||
| 4,000 |
Page 10
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 Bank charges Employment costs Janitorial costs Fees and inspections Depreciation Equipment purchased Provision for bad debts Governance costs (see note 6) 6. Governance costs Independent examiner's fees |
Unrestricted Funds £ 7,359 8,672 1,235 24,264 2,622 1,140 3,540 21,706 434 373 83,897 32,541 8,268 7,636 - 4,004 1,212 208,903 Unrestricted Funds £ 1,212 1,212 |
Restricted Funds £ - - - - - - - - - - - 130 - - - - - 130 Restricted Funds £ - - |
2023 Total Funds £ 7,359 8,672 1,235 24,264 2,622 1,140 3,540 21,706 434 373 83,897 32,671 8,268 7,636 - 4,004 1,212 209,033 2023 Total Funds £ 1,212 1,212 |
Unrestricted Funds £ 7,560 7,871 1,083 26,319 2,603 1,058 17,947 23,726 522 63 78,052 33,559 5,361 7,635 - (1,282) 1,152 213,229 Unrestricted Funds £ 1,152 1,152 |
Restricted Funds £ - - - - - - - - - - - 110 - - 5,500 - - 5,610 Restricted Funds £ - - |
2022 Total Funds £ 7,560 7,871 1,083 26,319 2,603 1,058 17,947 23,726 522 63 78,052 33,669 5,361 7,635 5,500 (1,282) 1,152 |
|---|---|---|---|---|---|---|
| 218,839 | ||||||
| 2022 Total Funds £ 1,152 |
||||||
| 1,152 |
7. Independent examiner's remuneration
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Examiner's fees - examination | 1,212 | - | 1,212 | 1,152 | - | 1,152 |
Page 11
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 The number of employees on an average headcount basis was: Management and administration |
2023 Total Funds £ 78,682 2,353 2,862 83,897 2023 3.00 3.00 |
2022 Total Funds £ 73,098 2,339 2,615 |
| 78,052 | ||
| 2022 3.00 |
||
| 3.00 |
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 £2,862 (2022: £2,615) with £nil (2022: £325) 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 2022 Additions Disposals At 31 August 2023 Depreciation Accumulated at 1 September 2022 Charge for the year On disposals At 31 August 2023 Net book value at 31 August 2023 Net book value at 31 August 2022 |
Leasehold land and buildings £ 1,953,890 - - 1,953,890 - - - - 1,953,890 1,953,890 |
Heating & ventilation equipment £ 114,538 - - 114,538 29,986 7,636 - 37,622 76,916 84,552 |
Fixtures, fittings & equipment £ 83,574 - - 83,574 83,574 - - 83,574 - - |
Total £ 2,152,002 - - |
|---|---|---|---|---|
| 2,152,002 | ||||
| 113,560 7,636 - |
||||
| 121,196 | ||||
| 2,030,806 | ||||
| 2,038,442 |
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 2023
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 Brought Released forward in year £ £ Various Room hire 215 (215) 215 (215) 13. 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 Office equipment No later than one year Later than one year and not later than five years |
2023 Total Funds £ 7,775 6,871 15 14,661 2023 Total Funds £ 701 4,500 10,249 15,450 Deferred in year £ 701 701 2023 Total Funds £ 6,421 12,842 19,263 820 1,435 2,255 |
2022 Total Funds £ 3,567 6,357 15 |
|---|---|---|
| 9,939 | ||
| 2022 Total Funds £ 215 4,500 11,092 |
||
| 15,807 | ||
| Carried forward £ 701 |
||
| 701 | ||
| 2022 Total Funds £ 6,421 19,263 |
||
| 25,684 | ||
| 820 2,255 |
||
| 3,075 |
Page 13
NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
NOTES TO THE FINANCIAL STATEMENTS
14. Analysis of net assets between funds
| Tangible assets Current assets Current liabilities |
Unrestricted Funds £ 2,030,806 306,857 (15,450) 2,322,213 |
Restricted Funds £ - 13,862 - 13,862 |
2023 Total Funds £ 2,030,806 320,719 (15,450) 2,336,075 |
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 |
15. Analysis of net movement in funds
| 15. 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 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 | 2023 | |||
| Total funds brought forward £ 13,637 - - 150 13,787 2,038,442 239,738 2,278,180 2,291,967 |
Total Total incoming resources resources expended £ £ 75 - - - - - 130 (130) 205 (130) - - 252,936 (208,903) 252,936 (208,903) 253,141 (209,033) Year ended 31 August |
Transfers between funds £ - - - - - (7,636) 7,636 - - 2022 |
Total funds carried forward £ 13,712 - - 150 |
||
| 13,862 | |||||
| 2,030,806 291,407 |
|||||
| 2,322,213 | |||||
| 2,336,075 | |||||
| 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 2023
NOTES TO THE FINANCIAL STATEMENTS
16. 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.
17. Transfer between funds
| From To Transfer 1 General fund Designated fund - fixed assets Transfer of funds representing the movement on fixed assets for depreciation. |
General Designated £ £ 7,636 (7,636) 7,636 (7,636) 7,636 (7,636) Unrestricted Funds |
Restricted Funds £ - |
|---|---|---|
| - | ||
| - |
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NEW PARK COMMUNITY AND ARTS ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
NOTES TO THE FINANCIAL STATEMENTS
18. 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 15, 17 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 15 Total funds carried forward 15 |
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 |
20. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
| 20. Financial instruments The carrying amounts of the Charity's financial instruments are as follows: |
||
|---|---|---|
| 2023 | 2022 | |
| Financial assets | £ | £ |
| Debt instruments measured at amortised cost: | ||
| Room hire receivable debtors | 7,775 | 3,567 |
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