Charity registration 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 2025
THE NEWELL CENTRE ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr John Shippam Ms S Stevens Mr L S Colville (Appointed 11 December 2024) Ms S A Jerram (Appointed 11 December 2024) Charity number 1123356 Company number 05995956 Registered office The Bassil Shippam Centre Tozer Way St Pancras West Sussex Chichester PO19 7LG Independent Examiner David Knight FCA CTA Carpenter Box Piper House 4 Dukes Court Bognor Road Chichester West Sussex PO19 8FX Bankers Barclays Bank plc 74/75 East Street Chichester West Sussex PO19 1HT Investment advisors IEP Financial 119 Church Road Hove East Sussex BN3 2AF
THE NEWELL CENTRE ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
THE NEWELL CENTRE ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are to promote the welfare of the aged in any manner which now is or hereafter may be deemed by law to be charitable within the City of Chichester and the surrounding district.
This is done by providing social meetings 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 two properties it owns to local clubs and societies for their meetings or classes.
We review our objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks 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 review helps us to ensure our objectives remain focused on our stated purpose.
Public benefit
The trustees have paid due regard to guidance on public benefit 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.
Achievements and performance
Significant activities and achievements against objectives
The charity had another successful 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 members.
Financial review
Income for the year amounted to £47,539 (2024: £53,024) and resources expended amounted to £70,359 (2024: £73,534) resulting in a net increase/(decrease) in funds of (£22,820) (2024: (£20,510)) for the year. There were investment gains/(losses) of £7,048 (2024: £15,098 loss) resulting in an overall net increase/ (decrease) in funds of (£15,772) (2024: £5,412 decrease). At the balance sheet date the unrestricted income funds amount to £238,845 (2024: £254,617) and the unrestricted revaluation reserve is £978,857 (2024: £978,857), giving total unrestricted funds of £1,217,702 (2024: £1,233,474). Total restricted funds amount to Nil (2024: nil) giving total funds of £1,217,702 (2024: £1,233,474).
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between 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 funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to 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 practical.
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THE NEWELL CENTRE ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Structure, governance and management
The charity is a company limited by guarantee and does not have a share capital.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr John Shippam Michael Taylor (Resigned 11 December 2024) R L Carvey (Resigned 11 December 2024) Ms S Stevens Mr L S Colville (Appointed 11 December 2024) Ms S A Jerram (Appointed 11 December 2024)
Recruitment and appointment of trustees
The charity is administered by a board of four trustees who meet regularly throughout the year.
Appointment of the trustees is governed by the Memorandum and Articles of Association. The trustees are authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. The trustees are appointed both on the basis of the knowledge, experience and skills they can bring to the role. The trustees have a policy for appointment of new trustees. Potential new trustees are invited to attend at least one trustees' meeting before making their decision and are provided with copies of the constitution, minutes of trustees' meetings and the last two sets of accounts.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
.............................. Mr John Shippam
Trustee
Date: .............................................
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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 financial statements of The Newell Centre Association (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity (and 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 Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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 financial statements to be reached.
David Knight FCA CTA
Carpenter Box Piper House 4 Dukes Court Bognor Road Chichester West Sussex PO19 8FX
Dated: .........................
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THE NEWELL CENTRE ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Voluntary income | 3 | 4,000 | 6,497 |
| Charitable activities | 4 | 237 | 240 |
| Other trading activities | 5 | 41,602 | 44,725 |
| Investments | 6 | 1,700 | 1,562 |
| Total income | 47,539 | 53,024 | |
| Expenditure on: | |||
| Raising funds | 7 | 45,947 | 48,797 |
| Charitable activities | 8 | 24,412 | 24,737 |
| Total expenditure | 70,359 | 73,534 | |
| Net gains on investments | 12 | 7,048 | 15,098 |
| Net expenditure and movement in funds | (15,772) | (5,412) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 1,233,474 | 1,238,886 | |
| Fund balances at 31 March 2025 | 1,217,702 | 1,233,474 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE NEWELL CENTRE ASSOCIATION
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Tangible assets 14 Investments 15 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Income funds Unrestricted funds General unrestricted funds Revaluation reserve |
2025 £ £ 983,180 215,915 1,199,095 4,673 18,696 23,369 (4,762) 18,607 1,217,702 238,845 978,857 1,217,702 1,217,702 |
2024 £ £ 983,942 229,636 1,213,578 5,493 18,478 23,971 (4,075) 19,896 1,233,474 254,617 978,857 1,233,474 1,233,474 |
2024 £ £ 983,942 229,636 1,213,578 5,493 18,478 23,971 (4,075) 19,896 1,233,474 254,617 978,857 1,233,474 1,233,474 |
|---|---|---|---|
| 1,213,578 19,896 |
|||
| 1,233,474 | |||
| 1,233,474 | |||
| 1,233,474 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.
The directors acknowledge their responsibilities for complying 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 statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
Mr John Shippam Trustee
Company Registration No. 05995956
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
The Newell Centre Association is a private company limited by guarantee incorporated in England and Wales. The registered office is The Bassil Shippam Centre, Tozer Way, St Pancras, West Sussex, Chichester, PO19 7LG.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern 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 conditions 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 to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Grants are included in full in the Statement of Financial Activities when receivable.
Investment income is included when receivable.
Incoming resources for charitable trading activity is accounted for when earned.
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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.
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an indirect nature to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include fees and costs linked to the strategic management of the charity.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Not depreciated Fixtures, fittings & equipment 15% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). There was no such impairment as at 31 March 2025.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial 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 its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities 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 subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates 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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from voluntary income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 4,000 | 6,497 |
Included within Donations and gifts is £3,600 (2024: £3,600) received from the Bassil Shippam & Alsford Charitable Trust.
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4 Charitable activities
| Membership joining fees & subscriptions 5 Income from other trading activities Funds raised from lettings 6 Income from investments Income from listed investments Interest receivable 7 Expenditure on raising funds Management of lettings Other fundraising costs Staff costs Depreciation and impairment Investment management Total costs |
2025 2024 £ £ 237 240 Unrestricted Unrestricted funds funds 2025 2024 £ £ 41,602 44,725 Unrestricted Unrestricted funds funds 2025 2024 £ £ 1,526 1,348 174 214 1,700 1,562 Unrestricted Unrestricted funds funds 2025 2024 £ £ 30,470 34,389 12,611 11,464 572 674 43,653 46,527 2,294 2,270 45,947 48,797 |
2024 £ 240 |
|---|---|---|
| 46,527 | ||
| 2,270 | ||
| 48,797 |
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8 Charitable activities
| Staff costs Depreciation and impairment Meeting refreshments and entertainment Water rates and rubbish collection Insurance Light and heat Cleaning Repairs and maintenance Printing, postage and stationary Telephone Licenses Gardening Sundry expenses Bookkeeping and accountancy Share of governance costs (see note 9) 9 Support costs allocated to activities Governance costs Analysed between: Charitable activities |
2025 £ 10,971 191 1,528 566 719 1,562 1,783 1,626 120 169 132 225 9 3,247 22,848 1,564 24,412 2025 £ 1,564 1,564 |
2024 £ 9,973 224 1,704 374 1,270 1,434 1,852 2,879 138 165 187 210 - 2,952 |
|---|---|---|
| 23,362 1,375 |
||
| 24,737 | ||
| 2024 £ 1,375 |
||
| 1,375 |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
11 Employees
Number of employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| 2 | 2 | |
| Employment costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries | 36,030 | 30,900 |
| Other pension costs | 540 | 463 |
| 36,570 | 31,363 |
12 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Revaluation of investments | 8,912 | 15,033 |
| Gain/(loss) on sale of investments | (1,864) | 65 |
| 7,048 | 15,098 |
13 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14 Tangible fixed assets
| Freehold land and buildings £ Cost At 1 April 2024 978,857 At 31 March 2025 978,857 Depreciation and impairment At 1 April 2024 - Depreciation charged in the year - At 31 March 2025 - Carrying amount At 31 March 2025 978,857 At 31 March 2024 978,857 |
Fixtures, fittings & equipment £ 26,679 26,679 21,594 762 22,356 4,323 5,085 |
Total £ 1,005,536 |
|---|---|---|
| 1,005,536 | ||
| 21,594 762 |
||
| 22,356 | ||
| 983,180 | ||
| 983,942 |
Freehold investment properties were revalued on an open market basis on 29 January 2008 by the charity's insurers, Aviva. The historic cost and accumulated depreciation of those properties is £nil.
15 Fixed asset investments
| Old Mutual | |||
|---|---|---|---|
| Wealth | |||
| £ | |||
| Cost or valuation | |||
| At 1 April 2024 | 229,636 | ||
| Additions | 94,543 | ||
| Add net gain on revaluation | 30,702 | ||
| Disposals | (138,966) | ||
| At 31 March 2025 | 215,915 | ||
| Carrying amount | |||
| At 31 March 2025 | 215,915 | ||
| At 31 March 2024 | 229,636 | ||
| 16 | Financial instruments | 2025 | 2024 |
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 215,915 | 229,636 |
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THE NEWELL CENTRE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
17 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Prepayments and accrued income |
2025 £ 2,087 2,586 4,673 |
2024 £ 1,820 3,673 |
| 5,493 |
18 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2025 £ 585 1,881 350 1,946 4,762 |
2024 £ 514 1,257 350 1,954 |
| 4,075 |
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