CHARITY REGISTRATION NUMBER: 1160955 Newmarket Day Centre CIO Financial statements 31 March 2024
Newmarket Day Centre CIO Financial statements Year ended 31 March 2024 Pages Trustees, annual report 1to6 Independent auditorfs reporl to the truslees 7t010 Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Notes to the financial stslements 14to24
Newmarket Day Centre CIO Trustees. annual report Year ended 31 March 2024 The trustees present their report and the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordan with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporling by Charities.. Siatement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administrative details Registered charity name Newmarket Day Centre CIO Charity registration number 1160955 Principal office Fred Archer Way Newmarket Suffolk CB8 8NT The truslees The trustees who served during the year and at the date of approval were as follows: J Calvert (Chairman) T Wood (Treasurer) P Creagh-coen T Ellis E peOtt A Walmsley N Wright (Chair of friends of Newmarket Day Centre)
Newmarket Day Centre CIO Trustees. an nual report {continu8d) Year ended 31 March 2024 Management Team V Fixe (Centre Manager) L Stephenson (Duty Manager) Bankers Barclays Bank PIC 58 High Street Newmarket Suffolk CB8 9AA CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ Investment managers Charfes Stanley & Company Limtted 25 Luke Streer London EC2A 4AR Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park NOlCh NR7 OLB
Newmarket Day Centre CIO Trustees. an nual report {continu8d) Year ended 31 March 2024 Objectives and activities The trustees refer to the guidance in Section 17(5) of the Charities Act 2011 on public benefit when reviewing Iheir aims and objectives and planning their future activities. The Charity's Objectives, in line with the prior year, are for the public benefit the relief of over 50's living in and around Newmarket, in particular by the provision of facilities for the support education, recreation, physical and mental wellbeing. The Centre regularly engages in a variety of activities aimed at fostering community engagement and personal development. These include educational events, recreational sports including Yoga, and cultural events. These activities collectively create a vibrant and supportive environment for participants. Achievements and perfomiance Firstly, I would like to Ihank all the staff for their unstinting and loyalty to Ihe Day Centre without whom we not be able to provide all the facilities and services. Whilst thanking the staff they would not be able to cary out all the tssks and services without the help of the many Volunteers who give up their time freely and for no pecuniary award. We have been fortunate during the year to have received some large donations and legacies- it is quite heartening to have been remembered by those that are no longer with us and demonstrates the way the Day Centre is valued by those in the community who use our facilities. The Friends continue to be a huge source of fundraising with their July Lunch on the Racecourse and Winter Lunch in Thurlow Barns as well as the bridge evening at the Centre. with new ideas on the horizon. We experimented in 2022 by opening the Orangery on Saturday momings, we have seen a decrease in numbers resulting in increased costs. something that we will be monitoring closely moving fotward. We were unfortunate to have lost our 5-Star Food Hygiene rating, due to the kitchen being old and worn, however we are extremely pleased to say that with the legacies and donations from various sources over the years, we were finally able to have our Kitchen Refurbished, resulting in the Centre getting back the 5 stsrs. Our dated and tired dining and lounge fumiture was replaced in using donations and legacies. We have achieved so much over this year mainly due to the continued donations from various sources in Newmarket and surrounding villages, we thank each and every one of you.
Newmarket Day Centre CIO Trustees. an nual report {continu8d) Year ended 31 March 2024 Financial review Income in the year on charitable activities increased to £256,648 (2023.. £203,101 } overall income also increased to £1,337,414 (2023 £681.389) mainly as a result of legacies received in the year. The resulting expenses increased to £547,979 (2023- £425,279). The net gain for the year before (losses)Igains on investmenl movements amounted to £789.43512023'. nel gain of £256.1101. Investrnent gains amounted to £55,29312023.' losses of £28,492), contributing to an overall increase in funds of £844,728 (2023.. increase in funds of £227,618). Investment Policy The Iruslees have the power under the consliiution to invest Ihe charitys funds in any way they think fit provided they obtain and consider professional investment advice. The trustees, investment policy is to take a sensible middle course with the aim of achieving a steady increase in both capital and income. In accordance with this policy, Charles Stanley manages the investment portfolio on a discretionary basis. Reserves Policy This policy has been produced in accordance with the Charity Commissioners. guidelines on charities, reserves and the definition of reserves contained therein. Consequently reseeS exclude: The pemianent endowment fund - the trustees are legally bound to hold the capital indefinitely. It is only the income generated on this fund which can be applied towards the centre's running costs,. The restricted funds - which can only be applied for those purposes for which the original funding was provided and not lowards general running expenses., The designated funds - these funds are designated by the trustees and can only be realised by disposing of tangible fixed assets or fixed asset investments held for charity use. The Iruslees recognise that the cenlre needs to hold freely available reserves for its general purposes= (a) because it is substantially dependent on voluntary income which is inevitably subject to fluctuation from year to year: (b) to maintain its significant commitments and obligations to its communiiy and meet the growing demands on the centre,. and (c)to provide protection against unforeseen expenditure and events. The trustees aim to maintain unrestricted reseNes which are sufficient: {a) to avoid the necessity of realising fixed assets held for the charivs use- {b) to cover operating costs in a range which is the equivalent of 2 to 6 months core expenditure which would amount to between £91,330 and £273,990. Total reserves at 31 March 2024 were £1,966,765 {2023'. £1,122,307), which included restricted funds of £15,513 (2023.. £11,077) and designated funds of £755,878 {2023= £606,355). As noled above, all designated funds represent the value of fixed assets (tangible and investments) and can only be realised by disposing of the related assets. At 31 March 2024 the centre's unrestricted. undesignated reserves stood at £875,626 {2023: £257,419, which was some way above target. as a result of high legacy income in the year. This additional level of reserve will ensure the centre is able to invest further in its activities over the coming year. The trustees monitor the level of reserves and their reserves policy on a regular basis and are able to undesignated and withdraw down investments to meet this need as necessary. Plans for future periods To upgrade and replace windows and doors allowing to save on overall costs. to update the chiropody room, to replace corridor and stair vinyl flooring. We have increased our profile in the town and will continue to do so further afield liaising with third parties lo allow cliental to receive the support and services they require.
Newmarket Day Centre CIO Trustees. an nual report {continu8d) Year ended 31 March 2024 Structure, governance and management Governing instrument The Gharity is governed as a Charitable Incorporated Organisation (CIO) with effect from 13 April 2015. A new constitution was agreed and registered with the Charty Commission on 17 March 2015. The charity is govemed by its board of trustees. Trustees and Operational Structure The Trustees of the Centre during the year are shown in the reference and administrative details of these accounts. The Trustees are responsible for the strategic direction, govemance and policies of the CIO. Day lo day operation of the Centre is delegated to the Centre Manager, with regular, but infomal, liaison with the Treasurerfs support they continue to set and monitor the budgets for the Centre as a whole and each department. Trustees will consider whether new trustees are required. with specific skills to help run the charity more effectively. They then agree what skills, experience and knowledge are needed and write it down in the fomi of a short job description and person specification. The trustees consider the best methods of attracting a diverse range of candidates with the skills the charity needs. This may include advertising intemally and exiemally on webpage vacancies or with third party. The trustees check that the candidates have not been disqualified from acting as trustees, and candidates are asked to confimi in writing Ihat this is Ihe case. Candidates are asked to consider and declare any existing or potential conflicts of interest. Upon appointment. key documents are circulated to all new Trustees. induction is vital part of the process of ensuring that trustees can become valuable and effective members of the board as quickly as possible. Providing an induction programme that is suitable for the new trustee and which will equip the trustee with the information they need. New Trustees are also introduced to all staff within the charity to gain a clear understanding of how the charity operates. Pay for key management of the centre is determined by the Board of Trustees. Risk Management A risk management report is prepared on an annual basis, Trustees wrll consider management structure, staffing levels, appointment of new trustees, health and safety budgets, maintenance and the impact of the National Living Wage. True and fair override The financial slatemenls have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports)Regulations only to the extent required to provide 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than Ihe Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Newmarket Day Centre CIO Trustees. an nual report {continu8d) Year ended 31 March 2024 Truslees. responsibilities statement The trustees are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each 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, of the charity for Ihat period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP- make judgments and accounting estimates Ihat are reasonable and prudent- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Charities Act 2011, the Charities {Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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. 2910112025 The trustees, annual report was approved on trustees by= and signed on behalf of the board of T Wood (Treasurer) Trustee
Newmarket Day Centre CIO Independent auditor's report to the trustees of Newmarket Day Centre CIO Year ended 31 March 2024 Opinion We have audited the financial statements of Newmarket Day Centre CIO {the 'chariWI for the year ended 31 March 2024 which comprise the statement of financial activities. balance sheet. statement of cash flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 stste of the charity's affairs as al 31 March 2024 and of its inGoming resources and application of resources, including its income and expenditure, for the year Ihen 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 Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the auditor 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 slatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aGGordance 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 concem In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of aGGounling in the preparation of the financial siatements 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 charitys 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 trustee with respect to going concern are described in the relevantsections of this report. Other information The other information comprises the infomiation included in the trustee's annual report, other than the financial statements and our auditorfs report thereon. The trustee is responsible for the other informalion.our opinion on the financial statements does not cover the other infonnation and 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 siatements or our knowledge obtained in the course of Ihe audit or othemise 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 financialstalements themselves. If, based on the work we have performed, we conclude that there is a material misstalement of Ihis other information, we are required to report that fact. We have nothing to report in this regard.
Newmarket Day Centre CIO Independent auditor's report to the trustees of Newmarket Day Centre CIO (continued) Year ended 31 March 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustee'sreport is inconsistent in any material respect with the financial sLgtements; or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records- or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in Ihe trustee's responsibililies statement set out on page 31, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements. the trustee isresponsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Newmarket Day Centre CIO Independent auditor's report to the trustees of Newmarket Day Centre CIO (continued) Year ended 31 March 2024 Auditor's responsibilities for the audit of the financial statements We have been appointed as audilor under section 144 of the Charilies Acl 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance aboul whether the financial statemenls as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs 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 misststement when it exists. Misstatemenls Gan arise from fraud or error and are considered material if, individually or in in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= Enquiry of management and those charged with govemance; Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Performing audit work over the risk of management override of controls, including tesling of joumal entries and other adjustments for appropriateness. evaluating the rationale of significant transactions outside the normal course of activities and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial siatements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional Conalment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at.. www.frc.org.uldlibrarylstandards-codes-policylaudit-assurance-andothicslauditors-responsibilities-for-the-a udit.This description fomis part of our auditor's report.
Newmarket Day Centre CIO Independent auditor's report to the trustees of Newmarket Day Centre CIO (continued) Year ended 31 March 2024 Other matters which we are required to address The charity was exempt from audit in the year ended 31 March 2023 and consequently the corresponding figures are unaudited. Use of our report This report is made solely to the charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Mark Proctor FCA DChA (Senior Statutory Auditor) For and on behalf of Lovewell Blake LLP Charlered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB 3010112025 10-
Newmarket Day Centre CIO Statement of financial activities Year ended 31 March 2024 2024 Restricted Endowment funds funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activilies Other trading activities Investment income 1,018,874 256.648 35.921 15.108 10.000 1,028,874 256,648 35,921 15.971 414,943 203,101 48,299 15.046 863 Total income 1.326.551 10.000 863 1,337.414 681,389 Expenditure Raising funds Costs of other trading activities Investment management costs Charitable activities 13,375 13,375 11,869 4,666 512.684 2,790 7,456 527,148 7,023 406,387 14,464 Total expenditure 530,725 14,464 2,790 547.979 425,279 Net income and net movements in funds before gains and losses on investments 795,826 (4,464) (1,927) 789,435 256,110 Net gainsl{lossesl on investments 29,771 25,522 55,293 (28,492) Net income before transfer of funds 825,597 (4,464) 23,595 844,728 227,618 Transfers between funds (57.867) 8.900 48.967 Net movement in funds 767,730 4,436 72,562 844.728 227,618 Reconciliation of funds Total funds brought forward Total funds carried forward 863.774 11,077 247,186 1,122.037 894,419 1,631.504 15,513 319,748 1,966,765 1,122,037 The stalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 14 to 24 fomi part of these financial statements. 11
Newmarket Day Centre CIO Balance sheet 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 12 13 215,829 870,310 143,101 716,518 1.086.139 859,619 Current assets Stocks Debtors Cash at bank and in hand 14 15 990 8,340 901,179 990 8,262 269,096 910,509 278.348 Creditors: Amounts falling due within one year 16 (29,883) (15,930) Net current assets 880,626 262,418 Total assets less current liabilities 1.966,765 1.122,037 Net assets 1.966,765 1.122,037 Funds of the charity Endowment funds Restricted funds Unrestricted funds 319,748 15,513 1,631,504 247,186 11,077 863,774 Total Gharity funds 17 1,966,765 1,122,037 These financial statements were approved by the board of trustees and authorised for issue on 29/1120........, and are signed on behalf of the board by.. T Wood (Treasurer) Trustee The notes on pages 14 to 24 fomi part of these financial statements. 12-
Newmarket Day Centre CIO Statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net income 844,728 227,618 Adjustments for.. Depreciation of tangible fixed assets Net gainsl{lossesl on investments Dividends, interest and rents from investments Other interest receivable and similar income Accrued expenses 21.009 (55.293) (15,856) 11151 10,080 20,043 28,492 115,046) 240 Changes in." Stocks Trade and other debtors Trade and other creditors {90} (3,100) (1,917) 256,240 (78) 3,873 Cash generated from operations 808,348 Interest received 115 Net cash from operating activities 808.463 256,240 Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Purchases of other investments Proceeds from sale of other investments 15,856 (93,737) (129,135) 30.636 15,046 119,933) 1127,096) 113,660 Net cash used in investing activities (176,380) 118,323) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 632.083 269,096 237,917 31,179 901,179 269,096 The notes on pages 14 to 24 fomi part of these financial statements. 13-
Newmarket Day Centre CIO Notes to the financial statements Year ended 31 March 2024 General information The charity is a registered Charitable Incorporated Organisation in England and Wales. The registered address and principal office is Fred Archer Way. Newmarket, Suffolk. CB8 8NT. Statement of compliance The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Apted Accounting Practi. The financial stalemenls have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view.. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. Accounting poliGies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation investments measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. Going concern The accounts have been prepared on the on going concem basis and the Trustees believe Ihat no material uncertainties exist. The Trustees have considered the level of funds held and the expected income and expenditure for Ihe next 12 monlhs from authorising these financial statement. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concem. Fund accounting Unreslricted funds are available for use at Ihe discretion of the trustees to further any of the charity's purposes. Designaled funds are unreslricted funds earmarked by the tTUStees for particular future project or commitment. Restricted funds are subjecled to restrictions on Iheir expenditure declared by the donor or through the temis of an appeal, and fall into one of Iwo sutFclasses.' restricted income funds or endowment funds. 14-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 Accounting policies (Continued) Income All income is included in Ihe statement of financial activities when enlillement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impracticle to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabily measured. No amounts are included for the contribution of general volunteers. income from contracts for Ihe supply of semces is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities lo which it relates- expenditure on raising funds includes the costs of all fundraising activities. events. non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. I costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Operating leases Lease payments are recognised as an expense over the lease temi on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease tem, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. 15-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 Accounting policies (Continued) Tangible assets (continued) An increase in the caryng amounl of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impaimient thal has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown wilhin other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over Ihe useful economic life of that asset as follows.. Leasehold propety and improvement Centre fumiture, fittings and equipment Shop equipment 2 % or 10% straight line 10Yo or 250/0 straight line 25Yo straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Stocks StOGks are measured at the lower of cost and eslimaled selling price less cosls lo complete and sell. Cost includes all costs of purchase. costs of conversion and other costs incurred in bringing the stock to its present location and condition. Donations and legacies Unrestricted Funds Restricled Total Funds Funds 2024 Donations Other donalions George Gibson Almshouse Foundation - rent 22,497 22,497 10,000 10,000 Legacies Legacies 981,959 981,959 Grants Grants 14,418 14,418 1,018,874 10,000 1,028,874 16-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 Donations and legacies (continued) Unrestricted Funds Restricted Total Funds Funds 2023 Donations Other donations George Gibson Almshouse Foundation - rent 31,646 31,646 10,000 10.000 Legacies Legacies 365.797 365,797 Grants Grants 7.500 7,500 404,943 10.000 414,943 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Day care including teas and meals Chiropody and hairdressing 231,821 24,827 231,821 24,827 179.453 23,648 179,453 23,648 256,648 256,648 203,101 203,101 Investment income Unrestricted Endowment Total Funds Funds Funds 2024 Investment income Interest received 14,993 115 863 15,856 115 15,108 863 15,971 Unrestricted Endowment Total Funds Funds Funds 2023 Investment income Interest received 13,926 1,120 15,046 13,926 1,120 15,046 17-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 Expenditure on charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Care services Water rates Rates Light and heat Property expenses Cost of providing meals Hygiene and cleaning Repairs and insurance Depreciation Support costs 167,588 2,937 1.101 39,324 34,242 148,977 20.450 167,588 2,937 1,101 39,324 48,706 148,977 20.450 14,464 6,260 91,805 6,260 91,805 512,684 14,464 527,148 Unrestricted Funds Restricted Total Funds Funds 2023 Care services Water rates Rates Light and heat Property expenses Cost of providing meals Hygiene and cleaning Repairs and insurance Depreciation Support costs 134,512 2,232 1.127 29,054 22,634 130,051 14,893 897 8,082 49,183 134,512 2,232 1,127 29,054 36,356 130,051 14.893 897 8,082 49,183 13,722 392,665 13,722 406,387 Analysis of support costs 2024 2023 Office costs Legal and professional Audilors and examiners fee Sundry expenses 56.324 21,582 13,140 759 26,877 17,258 3,120 1,928 91,805 49,183 Net gainsl{losses) on investments Unrestricted Endowment Total Funds Funds Funds 2024 Gainsl(losses) on listed investments 29,771 25,522 55,293 Unrestricted Endowment Total Funds Funds Funds 2023 Gainsl(losses) on listed investments {15.182) (13.310) 128,492) 18-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 Net income Net income is stated after chargingl(crediting)= 2024 2023 DepreGiation of tangible fixed assets 21,009 20,043 10. Staff costs The totsl stsff costs and employee benefrts for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Pension costs 229.649 11,280 3,411 175,887 7,161 2,257 244,340 185,305 The total staff costs and employee benefits are then expensed by service in the notes to the accounts as follows= 2024 2023 Care services Costs of providing meals Support Gosts office costs 154.007 67,504 22,829 122.372 61,782 1,151 244,340 185,305 The average head count of employees during the year was 14 (2023: 11). No employee received employee benefits of more than £60.000 during the year (2023: Nil). 11. Trustee remuneration and expenses The key management personnel of the charity comprise the trustees and the management team. The total amount of employee benefits (including employer pension contributions) and fees received by the management team for their services to the charity was £50,294 (2023: £49,287). No trustee received any remuneration for seIS as a trustee in the current or prior year from the Charity. The trustees received reimbursement of expenses during the year totalling £889 (2023.. £2801. 19-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 12. Tangible fixed assets Centre Leasehold furniture, property and fittings and improvement equipment Shop equipment Total Cost At 1 April 2023 Addilions 367,764 61,836 229,011 2,848 12,126 29.053 608,901 93,737 At 31 March 2024 429,600 231,859 41.179 702,638 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 243,143 11,124 212,046 6,260 10,611 3.625 465,800 21,009 254,267 218,306 14.236 486,809 Carrying amount At 31 March 2024 175,333 13,553 26,943 215,829 At 31 March 2023 124,621 16,965 1,515 143,101 13. Investments Listed investments Cost or valuation At 1 April 2023 Additions Disposals Fair value movements 716.518 129,135 {30,6361 55,293 At 31 March 2024 870,310 Impainnent At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 870,310 At 31 March 2023 716,518 All investments shown above are held at valuation. 14. Stocks 2024 2023 Raw materials and consumables 990 990 -20-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 15. Debtors 2024 2023 Trade debtors Other debtors 6,635 1,705 8,262 8,340 8,262 16. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other Greditors 12,617 13.200 3,411 655 7,847 3.120 2,122 2,841 29,883 15,930 21
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 17. Analysis of charitable funds Restricted funds At 1 April 2023 Gains and (losses) At 31 March 2024 Income Expenditure Transfers Notional rent Boiler Miscellaneous equipment Boiler Hairdresser blinds Chairs and tables 10,000 (10,000) {49) 1.609 1,560 1,559 7,875 {161) (3,500) 1,398 4,375 (12) {742) (14,464) 22 8,158 8,900 11,077 10,000 8.900 15,513 At 1 April 2022 Gains and (losses) At 31 March 2023 Income Expendibjre Transfers Notional rent Boiler Miscellaneous equipment Boiler Hairdresser blinds 10,000 (10.000) {49) 1.658 1,609 1.720 11,375 {161) {3.500) 1,559 7,875 46 (12) (13,722) 34 14,799 10,000 11,077 The restricted notional rent fund represents an annual donation in kind in respect of rental expenditure. The kitchen equipment, ntre doors. boiler, hairdresser blinds and chairs and tables restricted funds all represent the net book value of fixed assets purchased using restricted donations in previous years. The value of the fund will be reduce inline with the useful economic lives of the assets held within the fund. The miscellaneous equipment restricted funds represent the net book value of equipment acquired from reslricted income in previous periods. The value of the fund will be reduce inline with the useful economic lives of the assets held within the fund. -22-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 Endowment funds At 1 April 2023 Gains and (losses) At 31 March 2024 Income Expendiiure Transfers Permanent endowment fund 247,186 863 (2.790) 25,522 48,967 319,748 At 1 April 2022 Gains and (losses) At 31 March 2023 Income Expendiiure Transfers Permanent endowment fund 263,429 1,120 (2.749) (13,310) (1,304) 247,186 The permanent endowment fund relates to monies received to be held as a pemianent endowment of the Newmarket Day Centre. The fund includes any movements in market value of the fund during the year. The charity uses income generated from the restricted investment fund to cover the charity's general expenditure. Unrestricted funds At 1 April 2023 Gains and (losses) At 31 March 2024 Income Expenditure Transfers General Designated fixed assets Designaled investments 257,419 1,311,443 (509,514) (183,722) 875,626 137,023 (16.545) 84,838 205,316 469.332 15,108 (4.666) (530,725) 29,771 41,017 550,562 863,774 1,326,551 29,771 (57,867) 1,631,504 At 1 April 2022 Gains and (losses) At 31 March 2023 Income Expenditure Transfers General Designated fixed assets Designated investments 14,634 656,343 (388,188) {25,370) 257,419 133.412 (16.321) 19.932 137.023 468,145 13,926 (4,299) (408,808) (15,1821 (15,182) 6.742 469,332 616,191 670,269 1,304 863,774 The designated fixed asset fund represents the net book value of the charity's fixed assets acquired from previously designated income as well as additional funds to cover expected future fixed asset additions set at £5.000 (2023.. £5,000). The value of the fund will be reduce inline with the useful economic lives of the assets held within the fund. The designated investment fund represents donations received in previous years which are held to provide a source of income to support the centre's operation in future years. The fund includes any movements in market value of Ihe fund during the year. The charity uses income generaled from the investment fund to cover the charity's general expenditure. The trustees have decided that a minimum of £150,000 should be retained within the fund at all times. -23-
Newmarket Day Centre CIO Notes to the financial statements {continuedJ Year ended 31 March 2024 18. Analysis of net assets between funds As at 31 March 2024 Pemianent endowment Total Funds funds 2024 Unrestricted Funds Restricted Funds Tangible fixed assets Investments Net current assets 200,316 550.562 880.626 15,513 215,829 870,310 880.626 319,748 Net Assets 1,631,504 15,513 319.748 1,966,765 As al 31 March 2023 Pemianent endowment Total Funds funds 2023 Unrestricted Funds Reslricted Funds Tangible fixed assets Investments Net current assets 132,024 469,332 262,418 11,077 143,101 716,518 262,418 247.186 Net Assets 863,774 11,077 247,186 1,122,037 19. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 269,096 632,083 901,179 20. Operating lease commitments The total future minimum lease payments under non-cancellable operaling leases are as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 10,000 40,000 500,000 10,000 40,000 510,000 550,000 560,000 21. Related parties Whilsl T Wood, a trustee, does not receive remuneration from Ihe charity for his services as a Trustee, he was paid consultancy fees £10,750 {2023: £11,840). There were no other related paty transactions in this or the prior year.