Charlty registratlon number 1123356 Company registration number 05995956 (England and Wales) THE NEWELL CENTRE ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE NEWELL CENTRE ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees J H Shippam M P Taylor R L CaNey S Stevens Secretary WEDent Charity numbèr 1123356 Company number 05995956 Reglstered offl¢e The Bassil Shippam Centre Tozer Way St Pancos West Sussex Chichester P019 7LG Ind?p¢ndent Exomln•r David Knight FCA CTA Carpenter Box Jones Avens Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX Bankèrs Bardays Bank plc 74175 East Straet Chichester Wesl Sussex P019 1HT Investm•nt advlsors IEP Financial 119 Church Road Hove East Sussex BN3 2AF
THE NEWELL CENTRE ASSOCIATION CONTENTS Page Trustees, report Indepèndent examinerfs rèport Statement of financial aclivitles Balance $heet Notes to the financial statements 6-13
THE NEWELL CENTRE ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial ststements for Ihe year ended 31 March 2024. The financial ststements have been prepared in acts)rdance with the accounting policies set out in note 1 to thè financial statements and comply wilh the charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporting by Charilies.. 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 IFRS 1021 l&ffe¢tive 1 January 2019)". Objectivès and actlvltles The charity's objects are lo promote the welfare of the aged in any manner which now is or hereaPier may be deemed by law to be charitable within the City of Chichester and the surrounding district. This is done by providing social meelings and organising outings for elderly people in Chichester. Regular meetings are held which are attended by the members where refreshments and entertainment are provided. To enable the charity to provide such services income is generated by renting out the halls and meeting rooms in the properties it owns lo local clubs and sociekn'es for their meetings or classes. We r8vi8w our objectives and activities each year. This rèview boks at what we achieved and the outcomes ol our work in th8 previous 12 months. The review boks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The reVW helps us lo ensure our objects'ves rna1n focused on our stated purpose. Public benefrt The trustees have paid due regard to guidance on publi¢ benefft issued by the Charity Commission in deciding what activities the charity should undertake. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. A¢hlévements and performance Significanl activities and achievements against obiedives The charity had another su¢¢essful year with the meetings and trips being well attended and the facilities in the Bassil Shippam and Newell Centres being used by the majority of member8. Finan¢lal rovlew Income for the year amounted lo £53.024 {2023: £48,705) and resources expended amounted to £73,534 {2023: £67,374) resulting in a net increas81(derrease) in funds of {£20,5101 (2023= (£18.669)) for the year. There were investment gainslllosses) of £15,098 {2023'. £8.446 loss) resuhtng in an overall nel increasel (decrease) in funds of 1£5,412} (2023.. £27,115 decrease). At the balance sheet date the unrestn'cted income lunds amount lo £254.617 12023: £260,029) and the unrestricted revaluation reseNe is £978,857 {2023.. £978.857). giving total unrestricted funds of £1.233,474 {2023- £1,238.8861. Total restricted funds amount lo Nil (2023- nil) giving total funds of £1,233,47412023.' £1,238,886). Reserves policy It is the policy of the charity that unrestricted funds which have nol been designated for a specific use should be mainlained at a level equivalènt to beeen three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in fijnding, they will be able to ¢ontinue the charity's current activitie5 while considerats'on is gNen lo ways in which additional funds may be raised. This level of reserves has been maintsined throughout the year. Major risks The trustees have assessed the major risks to whith the charity is 8xposed. and are satisfied that systems are in place lo mitigate exposure to the major risks. Plans for future periods The Charity plans to continue to provide the same services seeking to improve them where pracb"rAI.
THE NEWELL CENTRE ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The charity is a company limtted by guarantee and does not have a share capitsl. The trustees. who are also the directors for the purFK)se of cornpany law. and who served during the year and up to the date of signature of the financial statements were.. J H Shippam M P Taylor R L Carvey S Stevens R8CfUrtment and apptyntment of bustees The charity is admlnistered by a board of four trustees who meet regularty throughout the year. AppntMent of tha truste8s is govemed by the Memrandum and Artides of Association. The trustees are authorised to appoint new trustees lo fill vacancies arising through resignatson or death of an existing trustee. Th8 trustees are appointed both on the basis of the knowledge. experienc8 and skills they can bring lo the role. Th@ trustees have a Wicy for appointment of new tnjstees. Potential new trustees are invited to attend at least one trustees. meeting before making iheir decision and are provided with copies of the Constitution. minutes of Iruslees. meetings and the last Iwo sets of accounts. None of the trustee$ has any beneficial interest in Ihe company. All of the trustees are members of the company and guarantee to contribute £10 in the evenl of a wirKling up. The trustees, report was approved by the Board of Trustees. J H Shlppam TNstee Date.,
THE NEWELL CENTRE ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NEWELL CENTRE ASSOCIATION I report to the trustees on my examination of the finarrial statements of The Newell Centre Association (the charity) for th8 y8ar ended 31 March 2024. Rasponsibllities and bas18 of report As the trustees of the charity land also its directors for the purposes of company law} you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Art 2006 (the 2006 Act). Having satisfied myself that the financial statsments of the charity are nol 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 the charity's financial statements ¢arried out under section 145 of the Charities Act 2011 (the 2011 Acll. In carying out my examination I have followed all Ihe applicable Direcoons glven by the Charity Commission under section 145{5){b) ofthe 2011 Ad. Independent examlnerfs statemént I hav8 compl8t8d my examination. I confimi Ihal no mattets have come to my attention in connection with the examination giving me cause to believe that in any material resped.. aOUnting rerdS were not kept in respect of Ihe charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with those records., or the financial slatem8nls do not comply with lh8 accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view vthich is not a matter considered as part of an independent examlnatign,. or the financial statements have not been pr8pared in accordance wsth the methods and principles of thè Statement of Recommended Practice for accounting and rèporting by charities applicable to charib'es Preparing their accounts in accordance with the Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021. I have no concems and h8ve come across no other matters in connection vlith the examination lo which attention should be drawn in this reFMJrt in order to enable a proper undérstanding of the financial statements to be reached. Davld Knlght FCA CTA Carpenler Box Jones Avens Piper House 4 Dukes Court Bognor Road Chichester Wesl Sussex P019 8FX Dated..
THE NEWELL CENTRE ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfcted Unrestricted fund5 funds 2024 2023 Notes Income from: Voluntary income Charitsble activlties Other tradin9 activities Investments 6,497 240 44.725 1,562 6,506 245 40,817 1,137 Total incon 53,024 48,705 Exp•ndlturo on: Ralsing funds Charitable activlties 48,797 24,737 44.239 23,135 Total expenditure 73,534 67,374 Net gainsl(losses) on investments 13 15,098 {8,44e) Net oxpendlture and movoment In funds 15.412) 127,1151 Reconelllatlon of funds: Fund balances at 1 April 2023 1.238,886 1.266,001 Fund balances at 31 March 2024 1.233,474 1,238,886 The statement of financial activrties includes all gains and losses recognis8d in the year. AJI income and expenditure derive from continuing activities.
THE NEWELL CENTRE ASSOCIATION BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxod assets Tangib16 assets Investments 15 16 983.942 229,636 984.840 235,460 1,213.578 1,220,300 Curront assets Debtors Cash at bank and in hand 18 5,493 18.478 5,590 16,677 23,971 22.267 Crodltorn: amounts falllng du¢ wlthln one year 19 (4.075) 13.681) Net current assets 19.896 18,586 Total assets les• current Ilabillliès 1.233.474 1,238,886 Income funds nreslrict8d funds General unrestricted funds Revaluation reserve 254,617 978,857 260,029 978,857 1.233.474 1,238.886 1,233.474 1,238,886 The company is entltled to the exempb'on from the audit requirement contained in s8¢tion 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibiltties for comptying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial stalements for the year in questson in accordanc8 With section 476. These financial ststements have been prepared in accordance viith the provisions applicable to companies subject to the small companies regime. The finanaal statements were approved by Ihe Tfustees on .... J H Shippam Trustee Company Reglstratlon No. 05995956
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies Charity Informatlon The New811 Cgntre Association is a pnvate company limited by guarantee incorporated in England and Wales. The registored office is The Bassil Shippam Centre, Tozer Way, St Pancras. West Sussex, Chichester, P019 7LG. 1.1 Accounling conventlon The financial statements have been prepared in accordance with the tharity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting armfj Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting pericwjs commencing from 1 January 2019}. The charity is a Public Benefft Entity as defined by FRS 102, The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Updat6 8ulletin I not to prepare a Stst8ment of Cash Fk)ws. The finenclal statements are prepared in sterling. which 1$ the functional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial slatements have been prepared under the historrGg1 cost (tnvenlion, Imodffied to include the revaluation of freehold properties and to include investrnent properlies and certain financial instrumgnls al fair valu8]. The pnncipal accounting policies adopted are set out below. 1.2 Golng conrArn At th8 time of approving the financial 8tatements. the Irustees have a reasonable expectats.on thal the charily has adequate resources to continue in operational exisience for the foreseeable future. Thus the Iruslees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees In furtherance of their charitable objectives. Restricted funds are subject to specific condltions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes trj the financial statements. 1.4 Incomè Income is recognised when Ihe chanty is legally entitled to il after any performance oinditions have been met, the amounls &gn be measured reliabty. and li is probabte that income wtll be rtrAived. Grants are induded in full in the Ststement of FinanGial Activities when receNable. Investrnent income is included when receNable. InGoming resources for charitsble trading activity is accounted for when earned. 1.5 Expendlture Expenditu is accounted for on an accruals basis and has been Classified under headings that aggregate all osts related to the category. Costs of generating funds comprise the costs associated with generating rents for the use of the halls and meeting rooms in the two properties owned by the charity.
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Contlnued) Charilable expenditure c¢Jmpris8S those costs incurred by the dprity in the delivery of its activities and services for its beneficiarles. It indudes both costs that can be directly allocated to such activities and those ¢osts of an indirect nature lo suppcrt them. Govemance costs include those costs associated with meetsng the constitutional and statutory requirements of the charity and indude fees and costs linked io the stratsgi¢ management of the chanty. 1.6 Tanglble fixed assets Tangible fixed ass8ts are initially m8asured at cost and subsequenty measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of 8SS8ts less their residual values over their useful lives on the following bases.. Frgehold land and buildings Fixtures. fittings & equipment Not depreoated 15% reducing balance basis The gain or loss arislng on the disposal of an asset is d8temiined as the difference betsve8n the sale proceeds and the carrying value of the assèl. and is recognised in the statement of financial acts'vities. 1.7 Flxod asset investments Fixed asset investrnents are initially measured at transaction price excluding transaction costs, arvj are subsequently measured at fair value at each reporh'ng date. Changes in fair value are recognised in nét incomel{expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impalrnient of flxod assots At each reportlng end date, the tharity reviews the carrylng amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists. the recoverable arnount of the asset is 8slimaled in order to determine the extent of the impairnienl loss (if any). There was no such impainn8nt as at 31 March 2024. 1.9 Cash and cash equlvalents Cash and cash equivalents inclu¢Je cash in hand, deposits held at call th banks. other short-term liquid Investments with original maturities ot three months or less, and bank overdrafts. Bank overdrafts are sh¢)wn wlthin borrowings in {rrent liabilities. 1.10 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of ils finanaal instruments. Financial insknuments ar8 recognised in Ihe tharitys balance sheet when the charity becomes paty to the contractual provisions of the instrumenL Finanrial assets and liabilits'es are offset, with the nel arrKJunts presented in the financial statements, when there is a legally enforceab right lo sel off the rec¢Jgnised amounts and there is an intention to selue on a net basis or to realise the asset and settle the liability simultaneously. Baslc Ilnancial assets Basic financtal assets. which include debtors and cash and bank balances, are initially measured al transacts.on price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transactron, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not arnortised.
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aecounting pollcles (Continued) Baslc financlal liabilities Basic financial liabillties. irluding creditors and bank loans are initially recognlsed at transactÉon price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Finan¢ial liabilities dassrfied as payable wilhin one year are not amortised. Debt instruments are subsequently carried at amortiS8d cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are ¢lassffied as current liabilits'es if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured at amrtised cost using the effective interesl method. Derecognltlon of flnanclal Ilabllltles Financial liabilitses are derecognisod when the charlty's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cosl of any unused holiday entitlement is reco9nised in th8 period in whith the employee's servlces ar8 re1ved. Temlnation benefts are renised immediately as an expense when the charity is demonstrably committed to temiinate the employment of an empk>yee or to provide temination benefits. 1.12 Retlrement beneflts Payments lo defined contribulion rets'rement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estlmats8 and Judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hislorical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Th8 estimates and underlying assumptions are reviewed on an ongoing basis. Revistons to accounting estimates are re¢ognised In the peric¥J in which the estimate is revised Whe the revision affects only that period. or In th8 period of the revision and future perio(Is where the revision affects both current and future periods. Income from voluirtary Incomo Unrestrlcted Unrestrlcted funds funds 2024 2023 Oonalions and gifts 6,497 6,506 Induded wilhin Donations and gifts is £3.600 (2023: £3.600) received from Ihe Bassil Shippam & Alsford Charitable Trust.
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Membership joining fees & subscriptions 240 245 Income from other tradlng actlvltles Unrestricted Unrestrlcted funds funds 2024 2023 Funds ralsed from lettlngs 44,725 40,817 In¢om• from Invwdtments Unrnstrictod Unrèstrl¢tod funds funds 2024 2023 Ino)me from listed lnveStffnts Interest receivable 1,348 214 1,100 37 1,582 1.137 Expèndkuro on ralslng funds Unrestrfcted Unrestricted funds funds 2024 2023 Management of lettlng8 Advertssing Other fundraising costs Staff costs Depreaation and impairment 30 29.529 11.464 792 34.389 11,464 674 46,527 41.815 Investment management 2.270 2.424 Total costs 48,797 44,239
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitsble activities 2024 2023 Staff ¢osts Depreciation and impaiment Meeting refreshments and enlertainment Water rates and rubbish lleCtIOn Insurance Llght and h8at Cleaning Repairs and maint8nance Printing, poslage and stationary Telephone Llcenses Gardening Bookkeeping and accountancy 9,973 224 1,704 374 1,270 1,434 1,852 2,879 138 165 187 210 2,952 9.973 1,824 486 1,475 1,413 1,707 1,311 87 157 45 210 2,952 23,362 21,904 Share of govemance costs (see note 9) 1,375 1.231 24,737 23,135 Support ¢osts allocated to actlvlll•s 2024 2023 Govemance costs 1.375 1.231 Analysod between: Charitable a¢tivtties 1.375 1.231 10 Net movement In funds 2024 2023 The nel movement in funds is stated after ChargIn(Crediting). Fees payable for the independent examination of the charity's fina181 stslemenls Depreciation of owned tsngible fixed assets 1.362 898 1,218 1,056 11 Truste•$ None of the truslees (or any persons connerted with them) received any r8munerats.on or benefits from the charity during the year. 10-
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Employees Number ol émployees The average monthly number of empbyees during the year was- 2024 Number 2023 Number Employment costs 2024 2023 Wages and salanes Other pensron costs 30,900 463 28,794 413 31,363 29.207 13 Not galnsl(lo$s•s) on Investments Unrnstrlcted UnSInGted funds funds 2024 2023 Revaluation of inv8Stments Gainl{10s8) on sale of investments 15,033 65 18,4661 20 15.098 18,446> 14 Taxation The charfty is exempt from tax on income and gains falling ¥thin section 505 of the Taxes Act 1988 or seclion 252 of th8 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 11
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible flxed assets Fr•¢hold laftd •nd bulldings Flxtur95. fittings & equtpment Total Cost At 1 April 2023 978.857 26,679 1.005,536 Al 31 March 2024 978,857 26,679 1,005,536 Depre¢latlon and Impaimiont At 1 Aprfl 2023 Depreciation charged in the year 20,696 898 20,696 898 At 31 March 2024 21,594 21,594 Carrylng amount At 31 March 2024 978.857 5,085 983,942 Al 31 March 2023 978,857 5,983 984,840 Freehold Investment properties wère revalued on an open market basis on 29 January 2008 by the Ghanly's insurers, Aviva. The historic cost and arxumulaled depreciats'on of those properties is £nil. 16 Flxed a88Ot Investment8 Old Mutual Wealth Cost or valuallon At 1 April 2023 Additions Add net galn on revaluation Disposals 235.460 1,348 36,532 (43,704) At 31 March 2024 229,636 Carrylng amount At 31 March 2024 229,636 At 31 March 2023 235,460 17 Flnanclal inslruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profft or loss 229.636 235.460 12-
THE NEWELL CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Debtors 2024 2023 Arnounts falling due wlthin one year. Trade debtors Prepayments and accrued incKJme 1,820 3,673 693 4.897 5,493 5,590 19 Creditors: amounts falllng due wtthln one year 2024 2023 Other laxation and social security Trade creditors Other creditors Accruals and deferred income 514 1.257 350 1,954 507 1.094 570 1,510 4,075 3.681 13-