Newblggln by the Sea Herltsge Partnershlp Charlty No. 1121602 Company No. 06255729 Trustees, Report and Unaudlted Accounts 31 March 2024
Newbiggin by the Sea Heritage Partnershlp Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Summary Income & Expenditure Account Balance Sheet Statement of Cashflows Notes to the Accounts Detailed Statement of Financial Actlvities 15 Page I
Trustees Annual Report The day to day management of the activities of Newbiggin by the Sea Heritage Partnership has been successfully achieved this year. The company continues with its operation of Newbiggin Maritime Centre and Newbiggin Rocket House. 2023-24 has been a successful year for the Partnership. The Rocket House, Kite and Maritime Festivals, Heritage Open Days, live theatre productions and Art Exhibitions were visited and appreciated by an increased number of visitors. Throughout the wlnter months, NHP funded a 'Warm Space, to help support the local community through the cost of living increase. Newbiggin Heritage Partnership continued to provide work exp8rienca and training for adults with leaming differences. The trustees would like to record their thanks to the many volunteers who have helped and supported the work of the company. Also to local Funders and the many members of the public who have contributed donations throughout the year. Signed on behalf of the Trustees: Grace E Air Trustee 15 October 2024 Page 2
Newbiggln by the Sea Heritage Partnership Independent Examiners Report Independent Examlner's Report to the trustees of Newbi8Eln by the Sea Heritage Partnershlp I reportto the charlty trustees on my examination of the financial statements of Newbiggln by the Sea Heritage Partnership for the year ended 31 March 2024. Responslbilities and basis of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparatlon of the financial statements in accordance wlth the requlrements of the Companle5 Act 20061'the 2006 Act. Havin8 satisfled myself that the financial statements of the Charity are not required to be audlted under Part 16 of the 2006 Act and are ellgible for independent examination, I report in respect of my examination of vour charity's financial statements as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examlnation I have followed the Directions given by the Charity Commission under section 14515) Ib) of the 2011 Act. Independent examlner's statement I have completed my examinatlon. I can conflrm that no materlal matters have come to my attention In connection with the examination giving me cause to believe: accounting records were not kept in accordance with section 386 of the 2006 Art," or • the financial statements do not accord wSth those records,. or the financial statements do not comply with the accountlng requirements under section 396 of the 2006 Act other than any requlrement that the financial statements give a 'true and fair, view which Is not a matter considered as part of an independent examination; or • the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountlng and reporting by charities appllcable to charities preparlng their accounts In accordance wlth the Financial Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connectlon with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Kay Wightman FFA FTA Accounting for Good CIC 2 Geordle Ridley Place Upper Precinct Wesley Court Blaydon on Tyne Tyne and Wear NE215BT 15 October 2024 Page 3
Newbiggin by the Sea Heritage Partnershlp Statement of Financial Activities for the year ended 31 March 2024 Unre5trlcted funds 2024 Restricted fund5 Total ndS Total fi•nds 2024 2024 2023 Notes Income and endowments from: Donations and legacles Charitable activities Other 43,524 5,375 24,000 1,241 44,765 5,375 24,000 143,356 2,761 Total 72,899 1,241 Expenditure on., Other 74,140 146,117 Total 12,374 12,374 877 13,251 13,251 22,994 22,994 Net galns on Investments Net Incorne Transfers between funds Net income before other gains/(lossesl Other gains andlosses Net movement In funds Reconcillation of fvnds: Total funds brought forward Total funds carrSed forward 877 60,525 364 60,889 123,123 364 {364) 60,889 60,889 123,123 60,889 60,889 123,123 3,045,165 200 3,045,365 2,922,242 3,045,365 3,106,054 200 3.106,254 Page 4
Newbiggin by the Sea Heritage Partnershlp Summary Income and Expendlture Account for the year ended 31 March 2024 2024 2023 Income 74,140 146,117 GF0s5 Income for the year Expenditure 74,140 146,117 12.907 21,27S Depreciation and charges for Impairment of flxed assets 344 1,719 Total expendlture for the year Net income before tax for the year Net Income for the year 13,251 22,994 60.889 123,123 60,889 123,123 Page S
Newbiggln by the Sea Herltage Partnership Balance Sheet at 31 March 2024 Company No. 0625S729 Notes 2024 Flxed assets Tangible assets 2023 10 2,579,627 2.579,627 Current a5setS Debtors Cash at bank and in hand 2,578,471 2,578,471 li 12,000 515,982 527,982 {1,3551 526,627 3,106.254 3,106,254 3,106,254 652 467,193 467,845 {951) 466.894 3,045,365 3,045,365 3,045,365 Credltors: Amount falling due wlthin one year Net current assets Total assets less current liabllitie5 Net assets excludSn£ penslon asset or Ilablllty Total net assets 12 The funds of the charlty Restrfrted fvnds Restrlcted income funds 13 200 200 Unrestrirted funds General funds Des18nated funds 200 200 13 611,256 2,494,798 3,106,054 550,367 2,494,798 3,045,165 Reserves 13 Totsl funds 3,106,254 3,045,365 These accounts have been prepared In accordance with the special provlsions of Part 15 of the Companies Act 2006 relating to small companSes. For the year ended 31 March 2024 the company was entitled to exemption under sectlon 477 of the Companies Act 2006 relating to Small companies. The members have not required the company to obtaln an audlt In accordance with section 476 of the Companies Att 2006. The d1CtorS acknowledge thelr responslbllltles for complying With the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 15 October 2024 And signed on its behalf bF.. Gr EAir Trustee 15 October 2024 Page 6
Newbiggln by the Sea Herltage Partnershlp Statement of Cash flows for the year ended 31 March 2024 2024 2023 Cash flow5 from operatlng activltles Net income per Statement of Financlal Activltles 60,889 123,123 Adjustments for.. Depreciation of property, plant and equipment Dividends, interest and rents from investments (Increase)/Decrease in trade and other receivables Increase/(Decreasel in trade and other payable5 344 (24,0001 {11,3481 406 1,719 14,007 (500) Net cash provlded by operatlng actlvlties 26,291 138,349 Cash flows from Investlng actlvitles Payments for property, plant and equlpment Divldends, interest and rents from Investments 11,500) 24,000 (87,460) Net cash from/(used In) investlng actlvitles 22,500 {87,460) Net cash from flnanclng actlvltles Net Increase in cash and cash equlvalents 48,791 50,889 Cash and cash equlvalents at the beglnnlnz of the year 467,193 416,303 Cash and cash equivalents at the end of the year 515,984 467,192 Components of cash and cash equlvalents Cash and bank balances 515,982 467,193 515,982 467,193 Page 7
Newblggln by the Sea Heritage Partnershlp Notes to the Attounts for the year ended 31 March 2024 l Accountlng policles Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) {effertlve I January 2015) - (Charitles SORP {FRS 102}}, the Financial Reporting Standard appllcable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Change In basls of accountlng or to prevlous attounts There has been no change to the accountln8 policies Ivaluatlon rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountlng Unrestricted funds These are avallable for use at the dlscretion of the trustees in furtherance of the De51gnated funds general objects of the charlty. Revaluatlon funds These are unrestricted funds earmarked by the trustee5 for particular purposes. These are unrestricted funds which Include a revaluation reserve representlng the restatement of investment assets at their market values. These are available for use subject to restrlctions imposed by the donor or through terms of an appeal. Re5trlcted funds Income Recognitlon of income Income Is Included In the Statement of Financial Activlties (SOFA) when the charity becomes entitled to, and vlrtually certaln to recelve, the income and the amount of the income can be measured with suffleient rellabllity. Income wlth related Where income has related expenditure the Income and related expendlture Is expendrture reported gross in the SOFA. Donations and legacies Voluntary income recelved by way of grants, donations and glfts is Included in the the SOFA when receivable and only when the Charlty has unconditlonal entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same tlme as the donations and glfts gift/donation to whlch it relates. Donated services and facillties These are only included In Income {wlth an equivalent amount in expendlture) where the benefit to the Charity Is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not Included in the accounts. Investment income This is Included in the accounts when recelvable. Gains/(losses) on This Includes any gain or loss resulting from revaluing investments to market value revaluatlon of fixed at the end of the year. assets Galns/{lossesl on investment assets This includes any gain or loss on the sale of investments. Page 8
Newbiggln by the Sea HeritsEe Partnership Notes to the Accounts Expenditure Recognition of expenditure Expendlture 15 recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expendrture to which it relates. Expenditure on raising funds These comprlse the costs associated wlth attracting voluntary income, fundralsing Expenditure on trading costs and investment management costs. These comprise the costs incurred by the Charity in the delivery of its actlvrties and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet pald. These include those costs associated with meeting the constitutional and statutory requirements of the Charity* Including any audivindependent examination fees. osts linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular actlvity. Grants payable Governance costs Other expenditure Taxatlon The charity is exempt from corporatlon tax on its charltable actlvlties. Tanglble flxed assets and depreclatlon Depreciation is provided at the following annual rate5 in orderto write off each asset over its estimated useful life: Plant & Machlnery 25% Stralght Line Freehold investment property Investment propertles are measured Initlally at cost and subsequently at falr value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activlties as they arlse. Stocks Stock is Included at the lower of c05t or net reali5able value. Donated items of stock are recognised at falr value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits wlth banks and other short-term highly liquid investments wlth original maturities of three months or less and bank overdrafts. In the statement of financlal posltion, bank overdrafts are shown within borrowlngs or current liabllities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 9
Newblggin by the Sea Heritsge Partnership Notes to the Accounts Trade and other creditors Short term creditors are measured at the transactlon prlce. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estlrnated rellably. Credltors and provisions are normally recognised at thelr settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off In the year in which It is incurred. Forelgn currencle$ Monetary assets and liabilities denominated in currencles other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions In currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchan8e differences are are taken into account In arrlving at net Income/expenditure. Leased assets Where the charity enter5 into a lease which entails taking substantially all the rlsks and rewards of ownership of an asset, the lease is treated as a finan lease. Leases which do not transfer substantlally all the risks and rewards of ownershlp to charlty are classified as operatlng leases. Assets held under finance leases are initlally recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the rn5nlmum lease payments. The corresponding Ilability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reductlon of the lease obllgation so as to achieve a constant rate of interest on the remainlng balance of the Ilability. Flnance expenses are recognlsed immediately, unless they are directly attributable to qualifying a55ets, In whSch case they are capltalised in accordance with the charity's policy on borrowin8 Costs. Assets held under finance leases are depreciated In the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basls over the lease term. In the event that lease Incentlves are recelved to enter into operating leases, such Incentives are recognised as a liabS11ty. The a8gregate beneflt of Incentives is recognlsed as a reduct5on of rental expense on a stralght-llne basls. Penslon costs The charity operates a deflned contributlon plan for Its employees. A deflned contrlbution plan is a pension plan under whlch the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obli8ation5. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently admlnistered funds. RLxeipt of donated goods. facllitles and services All donated goods, facilities and services recelved are recognised withln incoming resources and expenditure at an estlmate of the value to the charity. Page 10
Newblg£ln by the Sea Heritage Partnership Notes to the Accounts 2 Company status The company is a prlvate company limited by guarantee and consequently does not have share capltal. 3 Statement of Financial Activltles - prlor year Unrestricted funds Restricted funds Total funds 2023 2023 2023 Income and endowments from: Donations and legacles Charitable actlvlties 143.356 2,761 143,356 2,761 Total 146,117 146,117 Expendlture on: other 22,994 22,994 Total 22,994 22,994 Net Income 123,123 123,123 Net Income before other galnslllosses) Other galns and losses; Net movement In funds 123,123 123,123 123,123 123,123 Reconciliation of funds: Total funds brought forward Total funds carried forward 2,922,042 200 2,922,242 3,045.165 200 3,045,365 4 Income from donatlons and legacles Unrestrlcted Re5tr1cted Total 2024 Total 2023 Donations 43,524 43,524 1,241 1,241 44,765 44,765 143,356 143.356 5 Income from charltable activltle5 Unrestrlcted Total Total 2023 2024 5,375 5.375 5,375 5,375 2,761 2,761 PaEe 11
Newbiggln by the Sea Heritage Partnership Notes to the Accounts 6 Other income Unrestricted Total Totsl 2023 2024 24.000 24,000 24,000 24,000 7 Other expendlture Unrestrlrted Restrlcted Total Total 2024 2023 Premises costs Amortlsation, depreciation, impairment, profivloss on disposal of fixed assets General administratlve cost5 Legal and professlonal costs 1,294 458 1,752 14,998 344 1,719 8,721 2,015 12,374 239 8,960 2,195 13,251 4,964 1,313 22,994 180 877 8 Net Income before transfers 2024 2023 Thls Is stated after charging- Depreclation of owned fixed a55ets 9 Staff c05ts No employee received emoluments in excess of £60,000. 10 Tanglble fixed assets 344 1,719 Land and bulldln8S Plant & Machlnery Total Cost or revaluatlon At l April 2023 Additions At 31 March 2024 Depreclatlon and impalrment At l April 2023 Depreclation charge for the Year At 31 March 2024 2,298.147 14,832 1,500 16,332 280,324 2.593,303 1,500 2,594,803 2,298,147 280,324 14,832 14,832 344 344 15,176 15,176 Net book value5 At 31 March 2024 At 31 March 2023 2,298,147 2,298,147 1,156 280,324 280,324 2,579,627 2,578,471 Page 12
Newblggin by the Sea Heritage Partnership Notes to the Accounts 11 Debtors 2024 2023 VAT recoverable Prepayments and accrued income 17 635 12.000 12,000 652 12 Creditors: amounts falling due within one year 2024 2023 Other taxes and social security other creditors Accruals 27 379 949 1,355 9SI 951 13 Movement In funds Incomlng resources Resources •xpended At31 March 2024 (Includin8 At l April other 2023 galnsllosse$) Gross transfers Restricted funds: Restrlcted Income funds: Beach Wheelchairs Equlpment Purchase5 200 200 1,241 (877) 13641 Total 200 1,241 18771 (364) 200 Unrestrlrted funds: General funds 550,367 72,899 112,374) 364 611,256 Designated funds: General Day to Day Management & Operations Total 2,494,798 2,494,798 2,494,798 2,494,798 Total funds 3,045,365 74,140 113,2511 3,106,254 Purposes and restriction5 in relation to the funds: Restricted funds: Beach Wheelchairs Equipment Purchases De5iBnated funds: General Day to Day Management & Operations Page 13
NeWbi1n by the Sea Heritage Partnershlp Notes to the Accounts 14 Analysls of net a55ets between funds Unrestricted funds Restrfcted funds Total Fixed assets Net current assets 2,579,627 10,645 2,590,272 2,579,627 526,627 3,106,254 515,982 515,982 15 Reconcillatlon of net debt At31 March 2024 At l April 2023 Cash flows Cash and cash equlvalents 467,193 467,193 48,789 48,789 515,982 515,982 Net debt 467,193 48,789 515,982 16 Related party dlsclosures Controlling party The company Is Ilmlted by guarantee and has no share capital. thus no slngle party controls the company. Page 14
Newbiggin by the Sea Herltage Partnership Detailed Statement of Flnancial Activities for the year ended 31 March 2024 Unrestricte d funds Restricted funds Total funds 2024 2024 Totsl funds 2023 2024 Income and endowments from: Donations and legacies Donations 43,524 43,524 1,241 1,241 44,765 44,765 143,356 143,356 Charltable actlvlties 5,375 5,375 5,375 5,375 2,761 2,761 Other 24,000 24,000 24,000 24,IXIO Total Income and endowments 72.899 1,241 74,140 146,117 Expendlture on: Premises costs Light, heat and power Premlses repair5 and maintenance 199 199 1,095 458 1,553 14,998 1,294 458 1,752 14,998 General administratlve costs, includlng depreciation and amortlsation Depreciation of Plant & Machinery Bank charges General insurances Postage and courlers Sundry expenses 344 344 1,719 170 8,094 170 8,094 179 4,580 102 457 239 239 696 103 6,683 9,065 9,304 Legal and professional costs Audit/lndependent examination fees Accountancy and bookkeeping Other legal and professlonal costs 950 950 950 771 771 363 294 180 474 2,015 180 2,195 1,313 Total of expenditure of other costs Total expendlture Net galns on investments 12,374 877 13,251 22,994 12,374 877 13,251 22,994 Net income 60,525 364 60,889 123,123 Page 15
NewbSggln by the Sea Heritage Partnership Detsiled Statement of Financial Activities Transfers between funds 364 1364) Net income before other galnslllosses) Other Gains 60,889 60,889 123,123 Net movement In funds 60,889 60,889 123,123 Reconciliatlon of funds: Total funds brought forward 3,045,165 200 3,045,365 2,922,242 Total funds carrled forward 3,106,054 200 3,106,254 3,045,365 Page 16