**Charity registration number 1129502** 

**Company registration number 04357221 (England and Wales)** 

## **CENTRE WEST (NEWCASTLE)** 

**(A COMPANY LIMITED BY GUARANTEE)** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION** 

**Trustees** Rev G R Curry Mr F Laird Cllr H Rahman Ms L Douglas Ms M Bartley Cllr T Cairns (Appointed 18 July 2023) **Charity number** 1129502 **Company number** 04357221 **Registered office** The Beacon Westgate Road Newcastle upon Tyne Tyne and Wear NE4 9PQ **Auditor** Sumer Auditco Limited Unit 2 Gosforth Park Avenue Newcastle upon Tyne NE12 8EG **Bankers** The Co-operative Bank plc P.O Box 101 1 Balloon Street Manchester M60 4EP 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) CONTENTS** 

||**Page**|
|---|---|
|Trustee's report|1 - 5|
|Independent auditor's report|6 - 8|
|Statement of financial activities|9 - 10|
|Balance sheet|11|
|Statement of cash flows|12|
|Notes to the financial statements|13 - 25|





**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEE'S REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024** 

The trustees present their annual report and financial statements for the year ended 31 March 2024. 

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 is "to directly contribute to the closing of the gaps in quality of life between the people of the West End and the remainder of the City and enhance their life chances". 

This is a broad, cross cutting remit.  In working towards the social, economic and physical regeneration of the inner west of Newcastle, Centre West currently undertakes a range of activities in keeping with its social enterprise ethos to achieve this including: 

- maintaining a portfolio of properties to give Centre West a stable financial footing and benefit the community by clustering activity and services in the west end, creating opportunities for the area. 

- in partnership with Groundwork South Tyneside and Newcastle developing the Beacon as an employment and enterprise hub. 

- seeking out, developing and delivering targeted enterprises and initiatives to increase opportunities and open up choice for individuals and communities, e.g. Hat-trick. 

- maintaining strategic relationships with key service providers and local decision-makers to influence and inform the design and delivery of services and shape planning and investment in redevelopment of the area. 

- sustaining a network of community intelligence, brokering conversations and supporting our communities to play a role in the decisions that affect the west end of Newcastle. 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. 

## **Achievements and performance** 

The challenges facing the communities of the inner west of Newcastle remain significant. This was exacerbated by the pandemic and subsequent cost of living crisis, which is constraining solutions and altering the public sector infrastructure delivering services to the area. Centre West is taking an incremental approach to these challenges, all the while championing the place of communities in those decisions that affect the area and the lives of those living there. 

The Board started the process of planning a new three-year strategy, this was interrupted due to the Covid pandemic. In April 2022 the Board met with the staff to familiarize themselves with the staff and agreed an update of the charities objectives and approve the redesign of the Website. All actions previously agreed with the Board, requested by staff, and proposed by Investors in People as part of agreed strategies implementation. The Website update is largely completed with all Board members providing profiles, videos showcasing CHEFF and Hatrick programs and regular news blogs being posted. 

During the pandemic Centre West and the Beacon partnership invested in new IT infrastructure. Working with our IT contractor the old server and obsolete computers were replaced. The cloud-based Microsoft 365 system was adopted, and staff training was provided which enabled both partnerships to operate remotely. This in turn has enabled Hat-Trick and CHEFF to deliver their respective programs in a more flexible way. The big change following the pandemic is the opportunity for the team to work directly together, having a positive impact for operations and planning and the staffs wellbeing. 

In April 2023 Centre West was assessed by Investors in People and retained its IPP status. The report confirmed that Centre West is performing well above the average Investors in People score as well as for the industry sector within which it operates i.e. social work activities including charities. For all areas IIP rates Centre West at least a 9 out of 10. 

- 1 - 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEE'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024** 

## **The Beacon** 

Occupying the site of the former West Road Fire Station, this £6.6 million development was completed in December 2011 and now provides a multi-use eco-friendly building for supporting and developing community enterprise, businesses, employment, education, and business training events. Significantly, it is a partnership with the environmental charity, Groundwork South Tyneside and Newcastle. 

Due to the nature of changing demand a process speeded up by the pandemic. In 2021–22 the joint Board took the decision to concentrate on business support particularly the hot-desking offer and reduce the events offer to meeting room hire only. Demand for office accommodation and artisans’ workshops is consistently more than, the target of 85%. The project after initially requiring significant investment reported a break-even position for the 2022-23 financial year. Due to utilities costs rising in October 2024 from @ £50k to @ £105K per annum.  The year ended with a -£15k deficit in 2023-24. Priorities for future development are: 

- Repayment of the owning charities investment, Centre West £273K. 

- Reduce utilities costs and CO2 emissions via grant investment in on site renewable power generation 

- and LED lighting throughout the building. 

- Mitigate rates risk and generate additional income – Implement the Beacon agreed development plan to establish an enterprise hub on the 2nd floor. 

- Generate income – Additional to Co-working, virtual tenancies and business events. Establish an enterprise offer for special Educational Needs young people as part of the enterprise hub offer. 

## **Governance arrangements for Hat-Trick & CHEFF.** 

Both Hat-Trick and CHEFF are managed as separate ring-fenced projects. Budgets are approved by the Board and grant income restricted; both also have separate approved business development plans. This provides clarity, regarding, their respective trading accounts and provides protection from community development work commitments. Centre West has reduced central costs and made significant provision to mitigate risk. 

## **Hat-trick** 

Hat-Trick is a highly regarded community sport coaching and health initiative. It has continued to grow and has continued to develop during 2022/23. Despite the impact of Covid and cost of living crisis. As part of the Board agreed development strategy Hat-Trick expanded its operations into Gateshead and has successfully negotiated with the council to extend activities from September 2024 growing in scope and size in 2024/25. 

Hat-Trick has taken on 4 apprentices this time for the year 2024/25. The quality of the training and program were recognized nationally in 2022/23, Annmarie Roberts was awarded apprentice graduate of the year, and Dwayne Murray mentor of the year by our training agent Coach Core. Dwayne, Michelle Monk and Kate Codling, (CHEFF), all successfully completed their level 5 management course in 2023 as part of their career development pathway The year 2024/25 we are planning to offer the same level of training to the 2 remaining FT staff members. Anne Marie Roberts and Lewis Richie. 

Hat-Trick has established a national reputation for excellence. Both managers are in demand as business consultants for other sports-based community initiatives around the country and this also presents an opportunity for growth. Hat-Trick have strong partnership links nationally, regionally, and locally and this presents opportunities to further develop schemes of work such as family health, community safety, counter extremism, dangers of social media, holiday hunger and steps to employment. 

In 2023/24 Hat-Trick’s team of staff and volunteers reached over 10,000 children, young people, and adults, raising aspirations, increasing opportunities, and getting people active. 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEE'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024** 

## **CHEFF** 

Approved as a pilot project in January 2019 the CHEFF project was evaluated against performance in January 2021, the Board exercised the option to extend the project for a further 3 years. In July this year an apprentice was appointed to support the coordinator. The objectives agreed for CHEFF include the following: 

- Encourage families to lead healthier lifestyles.Target specific groups to reduce social exclusion – older residents. 

- Reduce inequalities in health. 

- Provide safe, high quality, minimal cost, inclusive, accessible, activities for all the family. 

- Work in partnership with the local community and other services 

- Encourage families to volunteer, gain qualifications, improve their outcomes and become role models to their local community. 

- Increase the reputation of Centre-West in the local community. 

- Opportunity for a programme to be developed that could be replicated across new areas. 

To 31 March 2024 CHEFF had achieved income of £45,684 and a deficit of £18,510 which was less than expectations. CHEFF is operating at capacity and requires a full-time support worker to grow and achieve future targets. It provided services to over 50 families and over 800 individuals. 

## **Partnerships and community engagement** 

Centre West maintained effective relationships with Newcastle City Council and other key service providers, navigating the significant policy landscape shifts at both national and local level, restructure and refocusing of priorities. Examples of the value achieved through partnership working is the key role played in the development of business planning for Elswick Pool, which has achieved a 6% + surplus in its first full year of trading. 

Going forward Centre West’s joint Board and staff will meet in October/November to plan and update the business plan to address the ongoing deficit generated by central costs. 

## **Financial review** 

This report relates to the period 2023-2024 during which income and expenditure related solely to the charity’s core activities. 

During the year a surplus of £57,009 was generated (2023: deficit of £143,779). The charity holds unrestricted funds of £1,178,547 (2023: £1,178,252) and restricted funds of £401,215 (2023: £343,502). 

The 'free reserves' of the charity (defined as those unrestricted funds not designated for specific purposes or tied up in fixed assets) stood at £1,173,487 at the year end (2023: £1,177,430). 

The cash reserves of the charity have been largely utilised in funding the operation of The Beacon over the last eight years but have been boosted by the sale of the remaining property portfolio over the past three years. 

## _**Reserves policy**_ 

In 2023-2024 the Trustees continued to operate a prudent reserves policy to reflect the time of transition for the charity and turbulence in the economy.  The trustees have established an unrestricted reserves policy level to allow the Board to take appropriate action to ensure the continuity of its operations for several months should income be interrupted.  It also includes unanticipated costs including staff absence. 

## _**Risk statement**_ 

Centre West maintains a risk register and regularly reviews and evaluates risk and identifies appropriate preventative activities to minimise risk to the organisation. Trustees are confident that risks have been identified and appropriate risk management measures are in place. However risks are kept under continual review and regular risk evaluation exercises are undertaken with trustees. 

## _**Grants and contracts**_ 

The Hat-Trick and CHEFF projects, continue to attract funding from a range of funders in the form of grants and contracts. 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEE'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024** 

## _**Plans for the future**_ 

During 2023 - 2024 Centre West’s strategic aims are: 

- Generate a surplus from the Beacon operations. Develop the CHEFF project initiative. 

- Encourage the continued growth and reach of the Hat-trick project. 

- Develop a relationship and explore business opportunities with the Helix, Campus for Ageing and 

- Expand the numbers and expertise of the Centre West Board 

- Continue community development activities, supporting Elswick Pool to ensure its sustainability 

- Maintain and update marketing through the website and social media. 

We will continue the prudent management of our assets and explore further diversification of income to reduce risk and increase capacity for further community activity. 

The asset strategy will be kept under review to ensure risk to income is minimised and return on investment and community outcomes maximised. 

Hat-trick will undertake a review of its business model to ensure its ongoing sustainability. Indications are that the strong reputation the project has developed with funders, partners and beneficiaries places the project in a strong position to address any challenges it may face. 

## **Structure, governance and management** 

Centre West (Newcastle) is a charitable company limited by guarantee and was established as a charity in May 2009 to lead the regeneration of the Cruddas Park, Arthur's Hill, Ryehill and Elswick areas of the West End of Newcastle. It is the successor to New Deal for Communities (Newcastle) Limited. 

Centre West (Newcastle) is governed by a memorandum and articles of association. The governance is the responsibility of the Board of Trustees, which takes decisions on the strategic leadership of the organisation by democratic majority vote at its general meetings, which take place bi-monthly.  The Board comprises appointed trustees, and two elected Ward Members (proposed by Newcastle City Council). An agreed Role Specification is used to inform the suitability of potential trustees. The elected trustees serve a four-year term with elections taking place every second year for one trustee from each constituency; co-opted trustees are appointed annually. 

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: 

Rev G R Curry Mr F Laird Cllr H Rahman Ms L Douglas Ms J Byrne (Resigned 17 July 2023) Ms M Bartley Cllr T Cairns (Appointed 18 July 2023) 

The council has not re-appointed a Cllr to sit on the Board 

Upon appointment, all trustees are provided with role descriptions, an information pack including the annual report, memorandum and articles of association and Centre West's policy and procedures. Existing trustees and staff participate in the induction.  Periodic training is made available to the Board to support trustees in their role. 

The Trustees have appointed a small staff team to support them in their work. Responsibilities for the day to day running of the organisation, managing the property portfolio, exploring new enterprise opportunities, community engagement and partnerships development are delegated to the Partnership Director and reported at subsequent board meetings. 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) TRUSTEE'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024** 

Centre West holds a 57.61% share in The Beacon, which is managed by a separate partnership board. The Centre West Board has the right to nominate two trustees to sit on the Beacon partnership board. These trustees are delegated authority to take decisions about the capital build and overarching operation of the Beacon, which are reported to the Centre West Board. Issues that have a direct bearing on the strategic direction of or risk to Centre West are referred to the Centre West Board. 

## **Statement of Trustee's responsibilities** 

The trustees, who are also the directors of Centre West (Newcastle) for the purpose of company law, are responsible for preparing the Trustee's Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. 

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; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Auditor** 

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the company will be put at a General Meeting. 

## **Disclosure of information to auditor** 

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. 

## **Small company exemptions** 

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. 

The Trustee's report was approved by the Board of Trustees. 

.............................. 

## **Rev G R Curry** 

## **Trustee** 

Dated: ......................... 

- 5 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTRE WEST (NEWCASTLE)** 

## **Opinion** 

We have audited the financial statements of Centre West (Newcastle) (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of our audit: 

- the information given in the Trustee's report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and 

- the directors' report included within the Trustee's report has been prepared in accordance with applicable legal requirements. 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CENTRE WEST (NEWCASTLE)** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustee's report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustee's report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the statement of Trustee's responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

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**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CENTRE WEST (NEWCASTLE)** 

## **Capability of the audit in detecting irregularities, including fraud** 

Based on our understanding of the charitable company and the sector in which it operates, we identified that the following laws and regulations are significant to the entity: 

- Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law and Charity Law. 

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation. 

These matters were discussed amongst the engagement team at the planning stage and the team remained alert throughout the audit. 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence and legal costs incurred; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Use of our report** 

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

.............................. 

**Stephen Slater (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Unit 2 Gosforth Park Avenue Newcastle upon Tyne NE12 8EG** 

Date: ......................... 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## **FOR THE YEAR ENDED 31 MARCH 2024** 

|**Current financial year**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**Notes**<br>**£**<br>**£**<br>**Income and endowments from:**<br>Donations and legacies<br>**3**<br>-<br>322,435<br>Charitable activities<br>**4**<br>3,361<br>164,600<br>Investments<br>**5**<br>28,654<br>-<br>Other income<br>**6**<br>-<br>-<br>**Total income**<br>32,015<br>487,035<br>**Expenditure on:**<br>Charitable activities<br>**7**<br>91,743<br>457,782<br>Net gains/(losses) on investments<br>**12**<br>87,484<br>-<br>**Net incoming/(outgoing) resources before**<br>**transfers**<br>27,756<br>29,253<br>Gross transfers between funds<br>(28,460)<br>28,460<br>**Net movement in funds**<br>(704)<br>57,713<br>Fund balances at 1 April 2023<br>1,179,251<br>343,502<br>**Fund balances at 31 March 2024**<br>1,178,547<br>401,215|**Total**<br>**2024**<br>**£**<br>322,435<br>167,961<br>28,654<br>-<br>519,050<br>549,525<br>87,484<br>57,009<br>-<br>57,009<br>1,522,753<br>1,579,762|**Total**<br>**2023**<br>**£**<br>302,312<br>113,781<br>30,765<br>20,000<br>466,858<br>557,754<br>(52,883)<br>(143,779)<br>-<br>(143,779)<br>1,666,532<br>1,522,753|
|---|---|---|



The statement of financial activities includes all gains and losses recognised in the year. 

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## **FOR THE YEAR ENDED 31 MARCH 2024** 

## **Prior financial year** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**Notes**<br>**£**<br>**£**<br>**Income and endowments from:**<br>Donations and legacies<br>**3**<br>-<br>302,312<br>Charitable activities<br>**4**<br>11,922<br>101,859<br>Investments<br>**5**<br>30,765<br>-<br>Other income<br>**6**<br>20,000<br>-<br>**Total income**<br>62,687<br>404,171<br>**Expenditure on:**<br>Charitable activities<br>**7**<br>105,508<br>452,246<br>Net gains/(losses) on investments<br>**12**<br>(52,883)<br>-<br>**Net incoming/(outgoing) resources before transfers**<br>(95,704)<br>(48,075)<br>Gross transfers between funds<br>(30,367)<br>30,367<br>**Net movement in funds**<br>(126,071)<br>(17,708)<br>Fund balances at 1 April 2022<br>1,305,322<br>361,210<br>**Fund balances at 31 March 2023**<br>1,179,251<br>343,502|**Total**<br>**2023**<br>**£**<br>302,312<br>113,781<br>30,765<br>20,000<br>466,858<br>557,754<br>(52,883)<br>(143,779)<br>-<br>(143,779)<br>1,666,532<br>1,522,753|
|---|---|



The statement of financial activities includes all gains and losses recognised in the year. 

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 

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## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET** 

## **AS AT 31 MARCH 2024** 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**13**<br>Investments<br>**14**<br>**Current assets**<br>Debtors<br>**15**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**16**<br>Net current assets<br>**Total assets less current liabilities**<br>**Deferred income**<br>**18**<br>**Net assets**<br>**Income funds**<br>Restricted funds<br>**20**<br>Unrestricted funds|**2024**<br>**£**<br>**£**<br>2,177,347<br>995,274<br>3,172,621<br>384,575<br>60,701<br>445,276<br>(267,366)<br>177,910<br>3,350,531<br>(1,770,769)<br>1,579,762<br>401,215<br>1,178,547<br>1,579,762|**2023**<br>**£**<br>**£**<br>2,328,567<br>1,007,790<br>3,336,357<br>324,620<br>28,130<br>352,750<br>(245,755)<br>106,995<br>3,443,352<br>(1,920,599)<br>1,522,753<br>343,502<br>1,179,251<br>1,522,753|
|---|---|---|



The financial statements were approved by the Trustees and authorised for issue on ......................... 

.............................. 

**Rev G R Curry Trustee** 

## **Company Registration No. 04357221** 

- 11 - 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS** 

## **FOR THE YEAR ENDED 31 MARCH 2024** 

|**Notes**<br>**Cash flows from operating activities**<br>Cash absorbed by operations<br>**24**<br>**Investing activities**<br>Purchase of tangible fixed assets<br>Proceeds from disposal of  investments<br>Investment income received<br>**Net cash generated from investing**<br>**activities**<br>**Net cash used in financing activities**<br>**Net increase/(decrease) in cash and cash**<br>**equivalents**<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at end of year**|**2024**<br>**£**<br>(5,315)<br>100,000<br>28,654|**£**<br>(90,768)<br>123,339<br>-<br>32,571<br>28,130<br>60,701|**2023**<br>**£**<br>**£**<br>(105,410)<br>-<br>-<br>30,765<br>30,765<br>-<br>(74,645)<br>102,775<br>28,130|
|---|---|---|---|



- 12 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **1 Accounting policies** 

## **Charity information** 

Centre West (Newcastle) is a private company limited by guarantee incorporated in England and Wales. The registered office is The Beacon, Westgate Road, Newcastle upon Tyne, Tyne and Wear, NE4 9PQ. 

## **1.1 Accounting convention** 

The financial statements have been prepared in accordance with the charity's [governing document],  the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102. 

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 accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties . 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. The Board has concluded that the going concern assumption is appropriate in preparing these 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. 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

Capital grants and contributions receivable are credited to deferred income and released to the income and expenditure account over the estimated lives of the relevant assets. 

Revenue grants and contributions received and receivable in respect of specific project expenditure are credited to deferred income and recognised in the income and expenditure account in the same period as the related expenditure. 

The funding is received in accordance with the provisions and conditions as specified in the offer letters which regulate the way in which such funds may be spent. 

- 13 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **1 Accounting policies** 

## **(Continued)** 

## **Government grants** 

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 

A grant that specifies performance conditions is recognised in income when the performance conditions are met.  Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 

## **1.5 Expenditure** 

This relates to the costs of carrying out the activities of the charity. Where there are costs common to both direct charitable and management expenditure judgement is applied on a time allocation basis. 

Charitable activities include expenditure associated with the provision of projects undertaken to benefit the area and property activities for the regeneration of the local area, including both direct cost and support costs relating to these activities. 

Governance costs include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. 

## **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 property 25 years straight line Fixtures and fittings 33 1/3% straight line Computers 33 1/3% straight line 

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). 

## **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. 

- 14 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **1 Accounting policies** 

**(Continued)** 

## **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. 

## _**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. 

## **1.13 Legal status of the charity** 

The company is limited by guarantee and has no share capital. In the event of a winding up, every member undertakes to contribute to the payment of liabilities such amount as may be required not exceeding the total of £1. 

## **1.14 Joint arrangement** 

Joint arrangements are accounted for in accordance with Financial Reporting Statement 9 - Accounting for associates, joint ventures and joint arrangements. These financial statements recognise only Centre West (Newcastle)'s share of the income, expenditure, assets and liabilities of joint arrangement projects. 

- 15 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **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. 

## **Critical judgements** 

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 

## **Assessing indicators of impairment** 

In assessing whether there have been any indicators of impairment of assets, the trustees have considered both external and internal sources of information such as market conditions and experience of recoverability. The properties are periodically valued by Chartered Surveyors to ensure freehold properties are accurately disclosed in the financial statements. 

## **Key sources of estimation uncertainty** 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. 

## **Determining residual values and useful economic lives of tangible fixed assets** 

The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. 

Judgement is applied by trustees when determining the residual values for tangible fixed assets. When determining the residual value trustees aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. The carrying amount of tangible fixed assets at the reporting end date was £2,177,347 (2023: £2,328,567). 

## **3 Income from donations and legacies** 

||**Restricted**|**Restricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Grants receivable|322,435|302,312|
|**Grants receivable for core activities**|||
|Newcastle CC revenue grant|50,191|31,041|
|Release of deferred capital grants|149,830|149,830|
|Other grants|122,414|121,441|
||322,435|302,312|



- 16 - 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **4 Income from charitable activities** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**Activities**<br>Services from charitable<br>activities<br>-<br>164,600<br>Share of The Beacon<br>Partnership profit<br>3,361<br>-<br>3,361<br>164,600|**Total**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>164,600<br>-<br>101,859<br>3,361<br>11,922<br>-<br>167,961<br>11,922<br>101,859|**Total**<br>**2023**<br>**£**<br>101,859<br>11,922|
|---|---|---|
|||113,781|



## **5 Investments** 

||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Income from listed investments|28,654|30,765|



## **6 Other income** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Settlement of dilapidation|-|20,000|



- 17 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **7 Charitable activities** 

|**Project undertaken**<br>**to benefit area**<br>**2024**<br>**£**<br>Staff costs<br>259,440<br>Depreciation and impairment<br>154,459<br>Advertising and communication<br>305<br>Equipment<br>26,585<br>Trustee and staff expenses<br>6,759<br>Office costs<br>-<br>Property costs<br>4,484<br>Legal and professional fees<br>600<br>Sundry expenses<br>5,150<br>457,782<br>Share of support costs (see note 8)<br>73,815<br>Share of governance costs (see note<br>8)<br>17,928<br>549,525<br>**Analysis by fund**<br>Unrestricted funds<br>91,743<br>Restricted funds<br>457,782<br>549,525|**Total**<br>**Project undertaken**<br>**to benefit area**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>259,440<br>255,375<br>154,459<br>154,459<br>305<br>194<br>26,585<br>30,379<br>6,759<br>5,504<br>-<br>91<br>4,484<br>967<br>600<br>2,400<br>5,150<br>2,877<br>457,782<br>452,246<br>73,815<br>87,820<br>17,928<br>17,688<br>549,525<br>557,754<br>91,743<br>105,508<br>457,782<br>452,246<br>549,525<br>557,754|**Total**<br>**2023**<br>**£**<br>255,375<br>154,459<br>194<br>30,379<br>5,504<br>91<br>967<br>2,400<br>2,877|
|---|---|---|
|||452,246<br>87,820<br>17,688|
|||557,754|
|||105,508<br>452,246|
|||557,754|



- 18 - 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 MARCH 2024** 

|**8**<br>**Support and governance costs**<br>**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**2024**<br>£<br>**£**<br>**£**<br>Staff costs<br>35,545<br>-<br>35,545<br>Depreciation<br>2,076<br>-<br>2,076<br>Trustee and staff<br>expenses<br>-<br>-<br>-<br>Advertising and<br>communication<br>749<br>-<br>749<br>Equipment<br>52<br>-<br>52<br>Property costs<br>5,580<br>-<br>5,580<br>Office supplies<br>5,080<br>-<br>5,080<br>Rent<br>21,028<br>-<br>21,028<br>Legal and professional<br>fees<br>2,880<br>-<br>2,880<br>Bank charges and<br>interest<br>36<br>-<br>36<br>Sundry expenses<br>789<br>-<br>789<br>Audit fees<br>-<br>3,600<br>3,600<br>Accountancy<br>-<br>14,328<br>14,328<br>73,815<br>17,928<br>91,743<br>**Analysed between**<br>Charitable activities<br>73,815<br>17,928<br>91,743<br>**9**<br>**Net movement in funds**<br>The net movement in funds is stated after charging/(crediting):<br>Fees payable for the audit of the charity's financial statements<br>Depreciation of owned tangible fixed assets|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>34,932<br>-<br>2,338<br>-<br>97<br>-<br>3,958<br>-<br>56<br>-<br>5,820<br>-<br>4,762<br>-<br>27,522<br>-<br>2,820<br>-<br>36<br>-<br>5,479<br>-<br>-<br>3,000<br>-<br>14,688<br>87,820<br>17,688<br>87,820<br>17,688<br>**2024**<br>**£**<br>3,600<br>156,535|**2023**<br>**£**<br>34,932<br>2,338<br>97<br>3,958<br>56<br>5,820<br>4,762<br>27,522<br>2,820<br>36<br>5,479<br>3,000<br>14,688|
|---|---|---|
|||105,508|
|||105,508|
|||**2023**<br>**£**<br>3,000<br>156,797|



## **10 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 

## **11 Employees** 

The average monthly number of employees during the year was: 

|**2024**|**2023**|
|---|---|
|**Number**|**Number**|
|11|13|



- 19 - 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

|**11**<br>**Employees**<br>**Employment costs**<br>Wages and salaries<br>Social security costs<br>Other pension costs|**(Continued)**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>271,527<br>261,630<br>14,255<br>20,345<br>9,203<br>8,332<br>294,985<br>290,307|**(Continued)**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>271,527<br>261,630<br>14,255<br>20,345<br>9,203<br>8,332<br>294,985<br>290,307|
|---|---|---|
|||290,307|



There were no employees whose annual remuneration was more than £60,000. 

## **Remuneration of key management personnel** 

Key management has been determined to be the trustees and the Partnership Director of the charity. Trustees receive no remuneration or benefits. 

The remuneration of key management personnel is as follows. 

||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Aggregate compensation|36,347|32,611|



## **12 Net gains/(losses) on investments** 

||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Revaluation of investments|89,036|(52,883)|
|Gain/(loss) on sale of investments|(1,552)|-|
||87,484|(52,883)|



- 20 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## **FOR THE YEAR ENDED 31 MARCH 2024** 

## **13 Tangible fixed assets** 

|**Cost**<br>At 1 April 2023<br>Additions<br>At 31 March 2024<br>**Depreciation and impairment**<br>At 1 April 2023<br>Depreciation charged in the year<br>At 31 March 2024<br>**Carrying amount**<br>At 31 March 2024<br>At 31 March 2023|**Freehold**<br>**property**<br>**Fixtures and**<br>**fittings**<br>**£**<br>**£**<br>3,861,479<br>29,507<br>-<br>4,307<br>3,861,479<br>33,814<br>1,534,733<br>29,507<br>154,459<br>1,421<br>1,689,192<br>30,928<br>2,172,287<br>2,886<br>2,326,746<br>-|**Computers**<br>**£**<br>84,291<br>1,008<br>85,299<br>82,470<br>655<br>83,125<br>2,174<br>1,821|**Total**<br>**£**<br>3,975,277<br>5,315|
|---|---|---|---|
||||3,980,592|
||||1,646,710<br>156,535|
||||1,803,245|
||||2,177,347|
||||2,328,567|



## **14 Fixed asset investments** 

|**Cost or valuation**<br>At 1 April 2023<br>Valuation changes<br>Disposals<br>At 31 March 2024<br>**Carrying amount**<br>At 31 March 2024<br>At 31 March 2023<br>**Debtors**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Amounts owed by joint ventures<br>Prepayments and accrued income|**Listed**<br>**investments**<br>**£**<br>1,007,790<br>89,036<br>(101,552)<br>995,274<br>995,274<br>1,007,790<br>**2024**<br>**2023**<br>**£**<br>**£**<br>49,520<br>41,346<br>274,514<br>273,081<br>60,541<br>10,193<br>384,575<br>324,620|**Listed**<br>**investments**<br>**£**<br>1,007,790<br>89,036<br>(101,552)<br>995,274<br>995,274<br>1,007,790<br>**2024**<br>**2023**<br>**£**<br>**£**<br>49,520<br>41,346<br>274,514<br>273,081<br>60,541<br>10,193<br>384,575<br>324,620|
|---|---|---|
|||995,274|
|||995,274|
|||1,007,790|
|||**2023**<br>**£**<br>41,346<br>273,081<br>10,193|
|||324,620|



## **15 Debtors** 

- 21 - 



## **CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **16 Creditors: amounts falling due within one year** 

|Other taxation and social security<br>Trade creditors<br>Amounts owed to joint ventures<br>Other creditors<br>Accruals and deferred income|**2024**<br>**£**<br>4,196<br>4,512<br>210,673<br>3,108<br>44,877<br>267,366|**2023**<br>**£**<br>5,769<br>2,528<br>214,034<br>3,328<br>20,096|
|---|---|---|
|||245,755|



## **17 Collaboration** 

On 28 February 2011 the charity entered into a collaboration agreement with the environmental charity Groundwork South Tyneside and Newcastle. The purpose of the arrangement has been to fund and supervise the construction of The Beacon Building as described in the trustees report. The two parties agreed the way in which the project was to be financed and these financial statements recognise Centre West (Newcastle)’s share of the relevant assets and liabilities. The capital contribution from Groundwork South Tyneside and Newcastle was £1,575,000. 

## **18 Government grants** 

Deferred income is included in the financial statements as follows: 

|Deferred income is included within:<br>Shown as deferred income on the face of the balance sheet<br>Movements in the year:<br>Deferred income at 1 April 2023<br>Released from previous periods<br>Deferred income at 31 March 2024|**2024**<br>**£**<br>1,770,769<br>1,920,599<br>(149,830)<br>1,770,769|**2023**<br>**£**<br>1,920,599|
|---|---|---|
|||2,070,429<br>(149,830|
|||1,920,599|



Included in deferred government grants is £1,770,769 (2023: £1,920,599) in relation to The Beacon development. 

## **19 Retirement benefit schemes** 

|**Retirement benefit schemes**|||
|---|---|---|
||**2024**|**2023**|
|**Defined contribution schemes**|**£**|**£**|
|Charge to profit or loss in respect of defined contribution schemes|9,203|8,332|



The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 

- 22 - 



**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **20 Restricted funds** 

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. 

## **Current financial year** 

|**Current financial year**||||||
|---|---|---|---|---|---|
|||**Movement in funds**||||
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1 April 2023**|**resources**|**expended**||**31 March**|
||||||**2024**|
||**£**|**£**|**£**|**£**|**£**|
|Beacon Building|285,412|149,830|(154,458)|-|280,784|
|Hat-Trick Project|39,738|364,118|(311,777)|10,000|102,079|
|Science City|18,352|-|-|-|18,352|
|CHEFF Project|-|45,684|(64,144)|18,460|-|
||343,502|559,632|(530,379)|28,460|401,215|



## **Prior financial year** 

|**Prior financial year**||||||
|---|---|---|---|---|---|
||||**Movement in funds**|||
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1 April 2022**|**resources**|**expended**||**1 April 2023**|
||**£**|**£**|**£**|**£**|**£**|
|Beacon Building|290,040|149,830|(154,458)|-|285,412|
|Hat-Trick Project|52,818|207,034|(230,114)|10,000|39,738|
|Science City|18,352|-|-|-|18,352|
|CHEFF Project|-|47,307|(67,674)|20,367|-|
||361,210|404,171|(452,246)|30,367|343,502|



## **Beacon Building** 

Grant funding was received for the construction of a new social enterprise building to support the local business community in partnership with Groundworks South Tyneside and Newcastle. This fund represents the charity's share of the building as included in tangible fixed assets. 

## **Hat-Trick Project** 

The Hat-Trick project was founded in 2005, using football as an ideal method to help young people gain skills and confidence - while having a great time along the way. This project is funded by grants restricted for this purpose. 

## **CHEFF Project** 

The CHEFF project was founded in 2019, to encourage families to lead healthier lifestyles, reducing inequalities in health. This project is funded by grants restricted for this purpose. 

## **Science City** 

The Newcastle Science City Community Engagement Project was launched to bring people of all backgrounds together to get involved with science and find out how it can make a real and lasting difference to their communities. The fund balance relates to an underspend on the project, for which authorisation is being sought to transfer to unrestricted funds. 

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**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **20 Restricted funds** 

## **(Continued)** 

## **Transfers between funds** 

This represents a rental charge deducted from the Hat-trick project for the rental of office space and a core charity contribution to the Hat-trick project for a trip to Estonia. 

## **21 Unrestricted funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

|General funds<br>**Previous year:**<br>General funds|**At 1 April**<br>**2023**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**£**<br>**£**<br>**£**<br>1,179,251<br>32,015<br>(91,743)<br>**At 1 April**<br>**2022**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**£**<br>**£**<br>**£**<br>1,305,322<br>62,687<br>(105,508)|**Transfers**<br>**Gains and**<br>**losses**<br>**At 31 March**<br>**2024**<br>**£**<br>**£**<br>**£**<br>(28,460)<br>87,484<br>1,178,547<br>**Transfers**<br>**Gains and**<br>**losses**<br>**At 31 March**<br>**2023**<br>**£**<br>**£**<br>**£**<br>(30,367)<br>(52,883)<br>1,179,251|
|---|---|---|



## **22 Analysis of net assets between funds** 

## **Current financial year** 

|**Current financial year**||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**£**|**£**|**£**|
|Fund balances at 31 March 2024 are represented by:||||
|Tangible assets|5,060|2,172,287|2,177,347|
|Investments|995,274|-|995,274|
|Current assets/(liabilities)|178,213|(303)|177,910|
|Provisions and deferred income|-|(1,770,769)|(1,770,769)|
||1,178,547|401,215|1,579,762|
|Prior financial year||||
||**Unrestricted**|**Restricted**|**Total**|
||**£**|**£**|**£**|
|Fund balances at 31 March 2023 are represented by:||||
|Tangible assets|1,821|2,326,746|2,328,567|
|Investments|1,007,790|-|1,007,790|
|Current assets/(liabilities)|169,640|(62,645)|106,995|
|Provisions and deferred income|-|(1,920,599)|(1,920,599)|
||1,179,251|343,502|1,522,753|



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**CENTRE WEST (NEWCASTLE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **23 Related party transactions** 

Two trustees that served during the year, H Rahman and J Byrne, are councillors of Newcastle City Council which acted as the accountable body to the NDC funding, but does not deliver any of the company's projects. Funding is received from Newcastle City Council. At 31 March 2024 an amount of £33,105 (2023: £12,011) is owed from Newcastle City Council and is included in debtors. 

|**24**|**Cash generated from operations**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||Surplus/(deficit) for the year|57,009|(143,779)|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(28,654)|(30,765)|
||Loss on disposal of investments|1,552|-|
||Fair value gains and losses on investments|(89,036)|52,883|
||Depreciation and impairment of tangible fixed assets|156,535|156,797|
||Movements in working capital:|||
||(Increase)/decrease in debtors|(59,955)|9,034|
||Increase in creditors|21,611|250|
||(Decrease) in deferred income|(149,830)|(149,830)|
||**Cash absorbed by operations**|(90,768)|(105,410)|



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