Chirlty r•glstratlon nUMr 1165434 Company registTrtlon nUmr 06373460 (England and Wal88) THE HEART OF THE CITY PARTNERSHIP ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE HEART OF THE CITY PARTNERSHIP LEGAL AND ADMINISTRATIVE INFORMATION Tru¥t••s Mr GM Black MT J GnAndy Mr P W(xxl Mr E Jubb Dr RM Pears Miss E MacRobert iss K Mouniain Mr l Ayris Mr A Serfonleln Ms KL Kilgour (Appointed 20 December 20241 {Apwnlefl 22 May 20241 MrAHay Charfty number 1165434 Company number 06373460 R8gistgr•d offl Femwood House Femwood Road Jtrsmond Newc8stte upon Tyng Uniled King¢Jom NE2 1TJ Audltor Rob LaidlerA¢countsnts Limited Fernwood H04Jse Fomwood Road Jesmond Newcastto upon Tyne Tyne and W$or Engl8nd NE2 ITJ 8ankor• Handelsbanken Earf Grey House 7&85 Grey Street Ntrwc8stt0 U1 Tyne NE2 1TJ Virgsn Money S Cattl¥ Maal Hexham NE46 INJ United Twsl Bank One Ropamakef Stre81 London EC2Y 9AW
THE HEART OF THE CITY PARTNERSHIP CONTENTS Pag• Independent ai*Jitorfs r8FM)rt 10-12 Statement of finanual athil 13-14 Balance shegl 15 Stslement of fi(Ms 16 )tes lo the financial statements 17-24
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. wh) are also directors of the charity for the PUfF¥Jses of thè Ctynp8nt8s Act 21XJ6. present thelr report with th¢ financk41 slatemts of Ihg (anty for the year end 31 December 2024. The trustees have adopted the provisions of Acc(¥Jnting and Reporting by Charities.. stateffnt of Recommended PractKe applicablè lo Charit wepariny ltr.r aCCnts in a¢¢ordancg vrilh the Fin8n¢ial Repx)rbng Standard applic8Ne in the UK and Republic of Ireland IFRS 1021 leffectNe 1 January 20151. ObJectlv•s and acthiEtles The charity is establ¢shed for. - the advancement of education and prorrKJiion of leamiryJ in la110 to the Mslory and heritage of tho area around Newraslje Cathojra. In partIClar Newcastlè Castlè, N8wiasllg UKM)n Tyno: . the adv&n¢ement of Cullu and hentage by the encouragemert of the kx41 community and ms1t0 to the City to appreciate and 8njoy tho history and fabric of th6s6 buldings." and the pr&r¥aon and prt1te¢t of Newca5tte Caslle a5 a building of hislorical interest and public irnFKSrtance and particularty the Grade l List and sCtthd knnt Monuments known as Ihe Blacat Gato 8nd Casu¢ Keep. Background to Curr•nt Actl¥itl•g Thè Hg8rt of the City Partnership IHOCP) leases New£ Casde from Nthvcasue Cty Coun1 al 8 P8ppercorn rent and operates the herilage asset as a predominanlly paid-for Msitor attraction. HOCP'S stratryic approach basèd on tt)e printhe$ that safeguartling the ftrture of Newcastle Caslle is best a¢hiev8(I through enguring the btsildings Temain in use and that their signrficar, uJltUTal and wider Comrr1c4al benefits for the aty are understood and appre(iate¢J by Ihe publ and b(al s(ths, as well as kal $Fne$S8$. These ptin¢iples infom HOCP'S 4- year rdling stralegtc an and financial management. In 2024, Newcas#e Casue was primarity av8labk to the general putAic as a paiikfor visilor attraction, open 7 days per week betsveen April and Oclober and 5 days per week during Ihe rest of the year. Opening were norrna#y 10am lo 5pm arKI in any gNen year fvll rjosure of Newrasle ca$ on a rK)mial onIng day is (lY p8mttt8d fcv a maximum of 10 days thrc4Jgh the year. thi5 being to facditate all-day venue hires e.g. wwjdings. blrt b8cing Ihe public benefrt dèrived from be4r8 open as a ptace lo visit Infwmalion aboul Newc29d• CasU• and its history is provided to Vi51tors Ihr%>Jgh a guidetM)ok, audKI guHles. information boards and t(XJTS. In addition. Newcaslje Caslje ns an ertucation prryramme ol sd)od visits to the c&sde and ryffjtreach sessions. Muth of NewrAs#e Casue's PLsbltc-laung work is supported by volunIee. The tK)ard of Itustees aware that lees can exdude Mth bjw dwJs8tAe incomes ar is keen to ensufe aCLW to this herttage asset is possitrle tr all. Our admiss¢ ¢hargif¥J strtthre allows discounts for certain priorities e.g. unwaged, fall}ies, dised. senior citizens. armed foTce5. NHS etc. Admission fees are benchmarked against similar attractrons in region.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achi•vement• and porfornianc• G•n•fal vlsltors to N•wcastlo Castl The g&ngral publi¢ currently ¢onstilulg8 the fflakjrity of visitors to Nowcasle Caslle, orffl ticket sales afe the18rgesl income stream lor tlie charity. Hawng moved to annual passes in 2023 to enable visitors. especially Irioal people, greaier access lo New¢asile Ca8lle, we contsnuad this lickeling appio8ch in 2024. FIAlowlng a comparatlve review of other attraclitsns, we decided to incrfjase the price ol the annual pass. while offering 8dditional benefits to visitors such 8$ a progfamm8 ol on-site actIv.&8 to en¢our8ge f8P881 visits, as wo11 as a discount in the shop on rgtum vl$its. The level of r&luming visilors for 2024 was 1.6% compared wilh 1% in 2023. Based on the number of visitOTS 2023 whlch was 36.023. the target Trumber ol annual paylng vlsllors for 2024 wa$ 36,000. W8 were not ablg lo a¢hi8vè this l&vg1, wilh th8 actyal total numbèr of annual paying visitors in 2024 being 32.293. In 2024 N8wcaslle Castle was open to visitors lor 324 day51314 in 20231. Th8 do¢Te89e in visitor numbgrs In 2024 w¥s disappointing bul m8St)ly arose In August and Io 8 lessor gxtent in Aprfl and October. Ffom infomial dl$cussions with other visitor attractions in the area, as well as research und&rtak8n by our local vi8itor economy Partnorship, Destination North E8St EnglarKt, there 8ppears to hav& begn o general d&crease in visitors lo paid.for indoor attractions in August 2024 and this is therefore unlikely lo be an Issue whlch was 8p8cffi¢ lo Newcasllo CasY8. Wtr are Carefully monilorbng vlsilor numbors in 2025 to undersland wh&lher th¢rg any new trend$ In visiior numbers. School vlBlt• and outr•ach work Engaging with school groups 1$ a lundament81 part ol thè educ81ional work wo do at N8wcastlo Castlo. In 2024 the number of visllors from schools was 3.635, a decrease In numbérs when compared with 202314,2931 whlch may reflo¢l flnanclal pr8ssure8 on schools. Poople partidpallng In oulrfjBch sesslons was 982 lo sllght Increase on 20231 making a lotal 014.617 participants in our education programme. We engaged with a total of 145 schools of which 4¢A are speual tsduc8tion81 n&&ds And disabilities ISENDI schods. We believe in ensuring that every individual has access to (he offer at Newcasde Castle and were able to faciliiale pupils wlh SEND accordingly wlh 128 pupils visiting ¥s p8rt ol SEND groups. W8 also aim lo engagg with s¢hix)Is I01•d in dopriv8d aroas. In 2024 approxlmately 43% of ychools that w8 worked wlih Wafe in the lop 30% morn deprived areas kn the UK Idecilt 1, 2, or 31. Educatlon prol•¢ts We continue to develop our educailonal programme both al Newcasle Casue Bnd through outreaeh Work, lo rèach an Increasing 8udience, induding seeking gr8nls 10 8UPPOrt this work. In 2024 wtr wured £1,155 of funding through Ihe Gateshead FC Foundabon to deliver four session8 on 'Medleval Skills. 8t New¢a$tl8 Castl8 for groups from four locol h0O18 from dgprivod areas worklro th Gatoshead FC Foun¢jatn. Wtr a150 securèd £3,244 from SlroelGame$ for Ihtsir Holiday Activity Fund Programmè whlch consisted of foLsr weeks ol froe aciJviti8s and a meal lor children ovgr the summgr holayS. Thi5 programme 15 targeted towards thildren In receipt of free school meals. Heallhworks provided £2,400 01 fvnding to onable L*S lo dellver Education Workshops IOT the Old Scolswnod Projecl. This project aims 81 engaging chIldn from the Wesl End of N8110 wsth the hi$tory ol Scotswood and th¢ Surrounding Br08S throuuh a series of edijcational workshops, nevAy Written tour3 and 8Ctlvlly d8yS. Thls is being delivered in concert wilh H8althworks. In February 2022 we receiv6d funding Irorn the RW Mann Trust and William Web$ler Trust lo d8llver an outreach prniect to SChty Children based around Srilish values. Thls projed was d8llvorod In 2024.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Improvlng acces5iblllty Jamès Lovatt, one of HOCP'S empkjyèes. ratsgd £1.542 in the Gre Nrth Run for acc8ssible interpretation for th6 Newcasde Casoe. This wll be to develop new experiences foT Vi%tor5 wilti limited mobilty or visu impaimi¢nts, aiming lo alkw4 Visitors to see, hear and tOLth thè èntsrety of Ihe Castle Keèp wrthoul havlng to leave OLtr acceSsie 9round-fjloor rwm. In 2025 these fijnds will be matched by the Heart ol the City P8rtnership. Sir¢ce the fijndrakssng effort we have.. . inlrodued a (£ownload8bl? a(£ess guide fty (Xjf Web. . commissKJned a 3D Virtual Scan of the Castle Keep writh the aim of vi5itC45 beiry ab to navigate their way arotxnd tt)e spac drtalIY thOut usiNJ lh8 stairs; won sUptive EoyerAward eady 2(Y25 frcqn North EastAuti5m scY. Stud•nt and work plaments In 2024 we h05tgd 12 student plaim8nts. (x)wiry edu(3tional Imls fr(MYt socfjndwy s¢twl lo unrvgrsrty d8g¥ees. to vocational oua1ifKatic$. These placements are designed as a first step tthvards the individual's career and differ deptlIng on urse rwJuir8ments1o.g. knjrism. henlage. art and deggnl. Retsil Our ta offer provided further ethJcatJn reVr IiKKs. toys elc} lating to the C8sde and its direct Surroundings. We have promoted Supr$ arvj craftets such a% Clavrs aThJ Claustra, Phologrdphy North and Canny Gadgies which setl thr producls our retail stwe. During 2024 we undèrtlK)k a ci)mpletè Vi&W of t)ur rgtail offèr ènd extended tt to indudè pL(6t nmy toys aThJ gift ware for adults. We have seen an increase of spend per head Irom £l.CNI on averwJe in the last quarter of 2023 to £1.61 on averwJg in the last qu8rt8r of 2024. Money made from the Trtail offef SlJPPOrt8d thè ovèrall susta'nabilty of Newcasde Castte and ts delivery of HOCP'S charitable obj'ects. Ev•nts We believe that attemalive, ou14)fthours culiural Event pre¢yamming can attract a more diverse audience and introduce them to Ihe ttistory and heritage of New(lIe c8 the 5urroun(Jing aEP#. In 2024 we hosted 22 film nights. 22 tks and UreS. 2 rrdv tavern nJhts. 7 workshops I th8atre I music and facilitated 84 walking tosjrs of drffering natures from tours of medval Newcastlg to ts¥111 ¢a$Ue tours and KKls' Cas11& AdvtUrS tours. Wo have dso Introdu a variety of free xtiwties that run every single day during the schcd holJ8yS. Promollon and Infornmtlon Follow4ng the re¢ruitrnont of a new MarketiAg antl CoMmurratK Offi¢er in 2024, ¥bt u)ntinue lo devek>p our Pfomotion and awaren8ss-raising of NevKasUe Caslle and HOCP'S activit%es in a number of ways.. Prfnt Athfertising We advertsse in Print publications gnd at New(xstte We prtividè Ryers in rdavanl local hospitalty bLtsinesses and are progressing partnership devdopmenL We are currendy review7ng processas to mltOr and evaluatè thése typèg of pronK)lJon. WebBito The websitè is used to enaNe visitOf5 to book in artVare and pThide Informat about Newcasue Casde's public events proJramme. Unique wsiiors to thè websFte in 2024 tolalled 561,778. 8 decrease of 19,129 since 2023. Ewnewsl•tter Al the end of Decemter 2024 our gene ewSetter. vhych is sent CYJE every ilwee weeks, had 4940 5ubscribeFS. an increa58 of 81X) ¢)ver the year. The new51elter is used to inform subscribers about N8wca5I9 C85tt8's progr8mme of events indudtng any additi to the visitor exwience. retail offer5. ffnt projects and fund-raislng athes. We sent out 17 general trnewsletters an average open Tate of 38% 143.5% in 20231 and an average dick4hrough rate of 6.7% {13.7% in 2023?. So¢lal m•dl• HOCP uses socAal media to rai58 awarer about its aLeS and charitable status, pUlS bttyJs aboul historical IopMCS. and engage with partners. D1rj 2024 social media erlJagerrnt consisted of: 13.822 Facebook bUnesS page l(Aknvers lan increase of 522 from 20231, 4,4ts1 x.com Ipreviousty Ttter frAlow9I, la de(xease of 99 2023}, 4,812 Inst8gram fdk)wer5. lan increase of 470 from 20231 660 Tik Tok foWerS lan incfease of 64 from 20231 aThJ 434 Linkedln frjllowars lan incfgasè of 29 from 20231. Goo0 My 8usinès• We aly) ujntinued to tkse Goog My BLtsiness in 2024. During 2024 we had 44.802 business interact$ lir¢teractions are when peoF4e call, mèssage. make twkings. ask foi diroclion$ and mor8 from your BtJsin6ss Profilo on Goo91. Wa have 2,8 (knJl8 re¥w5 and an overall stsr rating of 4.5 out of S. Tripadvisor New(x5tt8 Castle 15 currenuy ranked 6b of traveller favcrite Things To Do Newcaslle with an overall rating of 4.4 stsrs fr(Im 1.039 reviews. Our meJJva walking touf in New(asYe currendy ranked Trof Musl-Do Experiences in N&sIle, wilh an overall slar r8b.ng of 5 from 26 Trviews.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Educatws vigits tyA8e Group li¢ Edwattt)n . Hire Tyre IF.Ats* •V• E¥vnti
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 bll Benefit Thè trust6trs conffirn that they have rofolred to th8 Charity ComffAsSM guJanco ¢)n Put4 b8nefft en rovithng the Trusfs aims and obj'eclives aTrJ in planning futura actiV41iès. Referring to our obJ'e¢liv•s aNI a¢iivtties, &hvIng arKI maintainiThJ independent finandal sustalnabHity is to pfeserying and wotecting the buildings we w8rale. Keeiyng the buAdirrys in the hearts and mind5 of local communities and Ihose from fijrlher afield 15 a key engagement iargeL Our formal Isch¢)d8 and grnupsl edLThtJn prowsion. inf1 leaming loutroach and earty-yoaTS provi8lon} and informal lifelong teaming IlTrlerprotstK)n, 0¥ts, tslks, ltrctures elcl are at the heart of our work of advancing education and leamlng in relation to Ihe hislory and heritage of New¢asda Casue and th8 $urro(tnding area. In 2024 wo W61Med a lolal of 3,635 PLtplls lo the Casllo as part of fom1 educatio group5. We hav& seen an Increase groijps uyning jusl lor haff-day vIts this year. They C(MJnt for 41% of aH lomial Uc81k>nal groups. Full4Jay visits account lor 48% and $811-gu¥Je(1 11%. 49% of <xJr educat1 $110 are in Key Slag8 1 (years 1 an¢J 2 01 sch¢X)11, 80 this is s1 an area of foojs. bjt Ihere is otheTh¥i88 a fairly even sprnad ol differgnt 898 gfOUPS. Visits wero led by our1•8mtng staff and volunteors. Wg also <tInUed to see $th(lS tK)oking Outreach visits Irom Ihts cast into their dassrooms. wlh a total of 18 Outfeath visits bCed in 2024. With ths of oxtsmal fundlng we have run a number of wc48¢ls for chilttrw from tyopnvèd are8$ or in recéipt of free s(1 ITls. In gddllkn the primary offor. to ensure Ihal tho88 not eruaged aclively in visiling hentage attracttons are indud6d and encoufaged to appreciate and onpy th8 hislory and fabn"c of Newcaslè Cas¥e, wo nomi8lly offer a r8ngg of immgfsivè, bn18ra¢tive ¥xp8nèn¢es and &vents. such 85 fdm nighls. tJks. lectures. theatre shows and workshops on cafefully Selecled days and evenings. These are USLb811y aimed 8t chAdron, familie8 and adults and work tOWBfds 8ttro¢ting and invoknng dlff¥rgnl 8udl&nces from just tho "htsriiagg cmsumers". In 2024 Income from Tavem Nights and Walking Tour5, talks, film nBJhts, theatr8 and oth&r ovents lotall811 £32,334. VanLtg hlre I Pravato hir& offgrs peoplo a way to enga9e and inior4¢t their honlag& vthdst providing an addibonal inc<8 stream lo support tha 8us181nabillty of Neweasue Castle and the delivery ol Ihe tharitae obpcis. and a¢tivli¢e$ coninu¥d in 2024 at a level eommen$urate wllh onsurtrng apwopriale thls of wbli¢ educational attess to Iho slle. We have also continued to delsvei Medieval Newcasde Wdkry T13. availa9 to tha 98ngrn1 wttith hove pro¥od io bo popular. HOCP malrit8Sn8 an cryoSng dakgu• with th• noighbouw N¢46• C•lh8drnl induding oxplorfng potsitAg avènues of partntrnNp. HOCP currently has an averdge of 23 steff members. Stsff roles c¥)ver senlor management. superwsory management. event pvyJrdmmirrfJ. marketing, venLbe hire, rotail display and PLsrcha$fvvJ. 18aming, informal leamlng, outreach, financ• and fr0ntf-hS0. During 2024 wg rgcwited three new memlm of staff lo key rol83. The whose toam is 811PWrt¥d by strorvJ 1oader5Fwp thrOh m8nagem8nt vtho arn in tum supportod by the of Irusloe$ an¢J a sUCOMMIttee of the board, tho B1r Man89gmenl Committee IBMCI. Stsff are lurth&r supported by our team of volunlgets. The vdunleerthse reduced in size during and after th8 COVID-19 pandgmic, trv)wever il has now relumed lo fvll str&ngth wilh 35 vcAuntgers Iwping Wrth a¢b.vrtS across the speclnjm of ddiverables and 8round 15 tring very regularty aclNe. espeaalty in the delivery of education and •vgnts. Th• volunte8fS wer& invdve(l in several aspects of the funning ol the Caslltr induding ijeliverirg.. L•amlng- around 12 Voluntee (ame In 1ogul8rly to d1¥ tourn to xthcds. a88i8t in vthkshops and cary out FREE lamily actrvities. Ev•nts~ We have a Sm1 rml of arwnd 5 voluntoern assi4yng wilh the ddivery of our 8v8nts programme. R•nlM•nI - We have a group of around 18 vcAunl8ws ¢albJ Ihe New¢a$tle knay wfv) provide live hislon'cal inlefwetalTh onsite al the Caslo K89p. In th¢ summer of 2024, we hosted a staff training day as a fitst stèp towarfs ajlture change and organisation81 devdopmenl. Anecdolal feedback ind¢cated th81 staff 8prKeci3led beiry able lo er4Jage th all business aaS and the aspects of t*aMbUdIfig were successfvl. The team Collcfoated a list of valu&$ for th8 organisation lo implémgnl within public-facing acts'vity and day to day 0ratIOnS - wtrl(x)ming. indussvity. community, discLJVery, 8uthentsty. Staff also recognised thè imwrtan¢g of imwwng day-lctrday valsje of tho tKkèt foi visitors. staff engagement linduding communic81K and trainingl as well as aLKlience dèvelopmènt Ilooking lo tsrgel OUT weaker audiencas, improvs atr£sstbility armj ifflprovo our VIbIlIty vhthtn ttw communbtyl. These outcomes will be used to Inffm future strategic prioritss.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 rkPI In 2022 w8 restarte¢J the practice of taking on students on work placoments. In 2024 we host a tolal of 12 work placèmènts ianging from ono (Jay pgr 9k for 8 young person Irom EducalKin and Services for P80ple with Autism. multiple one week school pl8cemens and 2 longer term univernity placoments. Nèw Colleg8 Dufham studenls commenced a project vAih us lo r8d&sign Some of our extemal $ignage and to record for $cho(A groups 8n introductory ¥80 and a s8ri88 of videoB ol our Castle Ch8r#¢t6rs. urc• fFu dln HOCP'S princlpal SOUF(s of funding gre admis*on fees and Glft Aid. Aongsid8 this. venue hire and out of hours events generate addition income. Whero approprtete, rK)n-prfmary Iradlng sour¢es ol Income g&neral& rev8nue that is us&d in futur& budg81 yoars lo offset the wsls of delivering primary purpose functions such as our educatson and outreach pfogrammes, 88 w811 as inv&8ting in staff and improving tho vl8ilor offer and experionco. 8&en 2016 and 2019 HOCP workod towa$ financial sèlf-sufficiency. 2019 saw HOCP genera18 5 small surplus. one year 8h88d of plan. which. when measured Against previoLlS years indicated HOCP was on a palh to a stsble and 58lf-sustaining operational modgl, #nobling il to deliver significant pvbli¢ benefti from its core aclivibes through 8dmisslons, events, learnSng and outreach. The COVID-19 pandomlc In 2020 aiid 2021 h51 prlnclpal $uur¢ès ol lundlng hard. Over the last few years, wg hovo 8g&n 8 Steady recovery wlth the results from 2023 being on a par wlth 2019. In 2024, although Ihe number ol visitors was lower than target, the total admisslon foes includlng in¢reasod gift aid held up and, laking into a¢count grants received, HOCP generated a small surplus lor the year. In 2024 HOCP recelved the lollowing gr8nt$'. £25.000 granl from 8arbour Trust as unr¢strfcted ¢or¥ funding. £1,155 through lh8 Gatoshead FC Foundallon lo dollvor se881on8 on 'M&dieval Ski118' al N•wcaslle Ca8110 for group8 from foul l¢xal 8¢hool5. £3.244 from stre8lGame8 lor th6lr Hdiday Actiwty Fund Programmo. £1,$42 ralsed by Jamès Lovatt In tho Great North Run for o¢cesslblè intèrpretation frjr Ngw¢a8tlg Castle. £2,400 from He811hworks lo delivèr Educallon Wofk5hops- the Old S¢otswood Projgct. Wo 8ro vory gr81&ful lo th88e organi88tlons and IndIdu01S who have contrfbuted lo support our 8Ctlvitles. HOCP'$ fo¢us for 2025 Is to lrnprove vlgilor &xpe¥ien¢è, value for money, and lo reach new 8udlènce5. 2025 will gee continued delivery of our diverse events programmg, but will seo addltional days of freè onsite acfjv115es durfng gt8nd8r(J open hours. Ihe lavnch of new corporate engagement packages and enhanced partnership working. This alongside a defined, well-promoted and targeted marketlng strBtegy will olm to boDSt ovorall vlsllor numbtsrs and reocl) within the Ioc81 community and will be supported by grant fundlng and other lundraising efforts. Thg spocg TrentlY 8v8ilable lo HOCP tyslrictg the 8¢op8 and frequèn¢y of our activiliey, particularfy in the coro argas of education and lifelong 18amlng, and in providing gT8ater value for money for our vlsitors. HOCP is consHl8rlng what optsons may ba availablè to èxpand our 8¢tivibes in other 8ro8s of the $ite in the long lem. ms Irom HOCP ond6d 2024 with o sm?11 surplus and 8 reasonable &gsh balance. HOCP taIned a doctrnl level of UFtreserved fund5 al the end of 2024 and with prL¢dent and cautious budget and strategy measures in place lor 2025 HOCP remains posilive regarding the opportunitles for further growih. Attractlng grant funding to strèngthèn and maintsin Ihal position will contsnued ft)cus for 2025 and beyond.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnan¢lal r•vl•w The results fr)T th¥ year are shown on the Stslèmonl of Financial Actiwti&s. Incomlny SOurC$S lotalled £563,685 12023.. £486,154) ol which £555,344 is considered lo b8 unrestricled in nature. Rgsour¢o8 gXPgnd&d totall8d £538,37612023.' £464,266) such that over811 tho charity accnJ6d a SurLIS of £27,309 12023.. £21,888 surplus). Al 31 December 2024, tho chadty h8s closing resèrvès totalllng £261.779 12023.. £234.470I of which £255.07912023.' £231,970) ar6 unrestridad. Fro9 r888rves, being unrastrictsd reserves less Ihal tsed up in fixèd as881s, stood al £253,63812023'. £230.7731. R•s•rv•8 and Inv•8tm•nt Pollcy The trustees havo always agreed that they will gndeavour lo keep six monlhs wnnin9 ¢osls of HOCP Ic) b& hold in ros8rve. rgadily &vailablo. Th8y havg also agr8ed to end8avour to gen6rato a SLtstainable, low risk relum through investments with an accept88 level of risk. Such retums to be drawn down to the trading account al tho ¢Jiscr8lion of BMC or th& board oftnJsl8es, lo fijnd piol&cts or business pro¢Ing9. Structure, gov•manc• and manag•m•nt Governlng Document HOCP is è Private Compar¢y Limit by GuAfOntae Incorporalod under th& Companies Act 2006 and is 8 wlsler8d Charity. The objects ler whlch HOCP w88 Incorporated and Ils powgrs 8re conlalngd wlthln Sts Artlcl88 ol Association. The trustees, who are also the directors for the PUfpK$88 ol company law, and who served during Iho yoar and up lo the data 01 $ign8turo ol the financi81 statements were.. Mr GM Black Mr J GTundy Mr P Wood Mr E Jubb Dr RM Pears Reverend P Dobson Miss E MacRobort Mlss K Mountain Mg M Willlams Mr l Ayris MrA Serfontein Ms KL Kilgour MrAHay (Resigned 1 Septernber 20241 IRegignod 7 November 20241 IAppolnttd 20 December 20241 IAppointod 22 May 20241 R•erultm•nl of TruItl Trusts&s artr rè¢ruil&d 88 per the Articles of Associallon. Truste85 feeluiled, bul not from thè app)inling bodles, are recnJit8d around the skills. knowledg6 and eXrienC6 requlmd to hèlp slè&r th& organlsatl¢)n. Organl¥Atlon•l •trudurn The Artides ol Association provhde th81. The buslness of HOCP shall be manag8d by the Tnjslees, being the Members of HOCP. who MAY ex&rcise Its powers. The numbgr of Twstg6$ to bg 8ppoSntgd as Dlr8ctors of HOCP shall not be18ss than 6 and shall not bo mote than 12 of whom: Up lo shall be 4ppointed by Newcaslfe City Coundl Up to 2 shall b& appointed by the Dean & Chaptèr of N8we4$11o Cath8dr81 Up lo 2 shall b8 8PPOtnled by the Society ofAntiqUar3 of NewcasUe upon Tyne The most senior managèr, tho Chief Ex$¢utivg Officer, is 8ppoinlgd by thè Trusteas lor tho purpose of ensuring the fulurg $uslaln8bility of Newcasde Castle and promoting and developing tho Mder objecis ol the charity. Truslee meetings are held quarterfy with BMC meetin9 at mlnimum 6 Ilmes per y&8r to speclfically inf¢)m) the dlrectlon of Newcasue Castle and lo support the Chief Executive Officer.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Poll¢y Not•s Existing policie5 have been revie•J in li with our Olcy schedute". Trustge Cle ol Prath"ce Operaliro Reseryes & Investment Safeguarding Ir arKI Informatffi Security Cardhdder Inlormabon Health and S8foty Financial ContrcAs Dala PfDle¢¢ Environmenial Equal Opportunit Rahabilit8tion of Offender8 Staff Wdlare Flexible WofkiThJ K•y M•nag•m•nt R•mun•r•tlon Key management remuneralh)n is d8i•rnin•d by lh• TnJst•&$. Rd•t•d P•rtb•• Thw8 are no ro18lad parts. Rl$k M•n•ym•nt HOCP takes g compreh&nsfv8 and systemallc approach lo r¥sk-managem8nt. Idenlfykng signlficant risks under 6 maln he8ding$.' Slralegthusiness, HR & resources, wop8ty. op8rats'onal, goYgmaThx, and finanual. Procedur&s are In plaee to mlbg810 of Otmise fftanage the most 5igntfunt risks h1onlif and a Risk R•gistar is in pla. The Risk Rogislor is regularfy r8viow&Y by BMC and tho Board and updat8d. Whan new risks are idenlrfied. polid8y andlor procedur8s afg dovdopod to Male th& risk. 8tat•rngnt of tru•t•••' r••pon•ltrAIItI•• Th8 trustees Iwho arg al$0 Ihe dre¢tors of HOCP for the pu of company lawl afe resp(ms10 lor prep8rfng the Report ol Ihe Trustees and the finanaal slalements in accAydance A¢h appliCae law and Unlled Kingdom Accounting Slondardg {United Kin Generally Aixepted Accountsng Practscel. induding FInarla1 Repyting St8ndard 102 Yhe Financi81 Rep)rting Slandard applub18 Fn the UK and Rtwblic ol Irel8nd'. Companylow fgquires Ihe Irustees to FffepaTr financial slatements for finandal yegr wthlch glve 8 Irug 8nd f8ir vlew of the stote of affairs ol Ihe charitable ¢crfnp8ny and of th8 inconmng rèsources and applicats'on of resources, indudlng th8 incomè and experlture. 01 the charrtable c4Jmpany IOT thal pgrKxI. In propanng Ihose financial statements, tho Irustses aro r8qUif8d lo . selact SLbitatle a¢counts'ThJ p98 8nd then arwy Ihem u)n8iStenty. . ot)serve the method5 arvj pnnaF4es in Ihe Charity SORP,. mako jUdMnts al èstimates Ih81 are reaale and wdent., Prep818 tho financlal statements on the goiro concem basis unless It is Inapproprtats to prgsym8 th th8 charitablg company wdl ¢o)bnug in twsinoss. The Iruste¢s a respx)nsitAe IOT keeping proper accounting records Wh dtsdose with reasonat4e 8CCUfacy at any lirne the financial posilwt of the charitae company ar4J to ènable them to enwfe that Ihe fln8wal s1gtèmènt8 comply witti the Companies Act 2006. They ale a150 reswjnsble for saleguardillg the assets ol the thar4t8ble company and hence for tskir¥g re830n8ble sieps for the pVentIOn and dete(on of fraud and other iryegu18rities. This report has b8on prepared in gcwd8n(* wjlh tho stxa81 povistcrt of Part 15 of the Ctynwitr5 Ad 2006 lating to small compariies.
THE HEART OF THE CITY PARTNERSHIP TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Auditor If no 9eneral meeting is held to consider the appointrnent of audrtors, Ihe auditors, Robson Laidler Accountants Lirnited. will be deeme(S to be re-appoiT)led vnless the members prevent the deemed rg-appointment or pass a resolub.on to remove thfjm as aLSditors. Disclosure of lrforniation to audltor Each of the trustees has confirmed that there is no informatiors of which they are awar8 whicli is felevant lo the audrt, bul of which the 8udilor is un8w8re. They have furthèr confimed that thèy hove taken appropriate steps to idefttsfy such levaTrt irformation and to establish that the auditor Is aware o15uch inlormalion. trustees, ieport was opprovad by the Board of Trustg&5. Signed on behalf of the Charity's Iruslees. Mr GM Black Trusta• De'. Ig.g. 2015
THE HEART OF THE CITY PARTNERSHIP INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HEART OF THE CITY PARTNERSHIP Oplnlon We have audited the finarwl statemerrts of The Heart of the City Partne15hip (the 'tharity') for ihe year ended 31 Dècembèr 2024 %thich the statement of fin8n(ial actlbe$, ba8ncè she8t. thè statèmènt of cash flows and notes to the finanaal ststements, indLKling swfficant accounbng p1. The financ¢al reFN)rbng framework that has been applied in ttir partron 15 applb Lgw and Unrtod Kwjom A(xxKJnling Standarrls. including Financial R8POTting Slandard 102 The Finanoal Re(ng Standard applicatslo in th8 UK and RePU1C of Ireland (United ltingjom GeralY Ac¢opt8d A¢(x)untrivJ Pra¢W In our ¢¥lnion. Ihè financF31 stslemwts: gtve ¥ true Bnd fair view of Ihe state of the chafitable companl5 affairs a5 at 31 December 2024 and of ils inming resoufc8s and appiution of rescmjrces. indudw its irthma and èXFnditure. for th& year then end. and have beèn pr8pargd hi ar£ord8nc wrth the requirements of ts CThnies Act 2LK6. Basls for oplnlon W6 condurtod osjr audtt in aLftYdance wilh Intemathjnat Standards on Auditsng IUKI (ISA5 {UKII and applTrcabla law. OUT Te5ponsibilths under those standalds afè lurthèr dèscJiW in thg Audit¢8 $MsIbilitIeS for the audit of the financial statoments 88Ct of wr rgwL We are irNYepeiKlent of th8 tharity in aOrdanCe the ethical requirements that are relevant to CJT audit of the financd statements in the UK. mdtNJ"ng the FRC'S Eth4¢al Standard. aTrJ we have fulfilled C othèr ethul reSp9b[bes In ac¢JNdance with trSe reqU1mentS. We bel¢eve Ihgt the 8udit evKlence we have obtained i8 sufficient a[voale lo provKts a basis for our Canclus14)ns r•lating to Bo¥ng c¢)ncern In 8uditsng the finanrial statements, we have conduded that the trustees. u$0 of the wing CA)ncm basis of accounting in the preparatn of the fifianc stern is apwopriate. Based on the work we have &rfrrnd, w8 have rn)t idenlafiwl any matsrial uncwtsinties relatiry to events or conditions that, indiwdtjally w cA)IleLvely. may casl gficant bI on the charity's abdity to conkn.nue as a g(Mng (x)ncem for a per of at least twelve months from when the fin8n¢>al stslW)ts are 8Uthorised for issue. Our responsibilitses and the respon%tAliiies of the trustees respyt to n9 i>yKem are ¢Jescribed in the rdeyant tionS of thi8 rèk Oth•r infomiatlon The other inlorrnation comprises the inforrnaticfft Induded the annual rorx)rt othw than the finanual stalemonts and c4Jr audilorfs re thèroon. The trustees are re5powtrAe for the other irrfomation conlained within the annual rertht. Our Opini on the finanaal slatemerts does cover the other information and, gxcopt t¢ the oxtent olhewse exFlici¢ty slated in our reprt, wè do not express any f(Mm ol assuranc% cx)ndu5ion thereon. Our resw)sitslity Is lo read the otheT information and. in doiThJ so. consider ¥thether the olher tnf0miatic is materially inconsistent wth the finanaal statements or oui knowrtei*Je obtsilled in the (x)ur5e of the audit. or othwwise appears to be Motenty missts18d. If wo Mjentify such malenal irKgynStSter or apparent material missiatements, we are r8qiJired lo delerniTh whethor this gives rtso lo a matèrial misstat8m8nt in Ihè fir7anci4 ststomgnts ih9ffl581ves. 11, based on the work we havg perfomwd. we C4XKaude Ihat there is a material mi55tatemenl of this other inlomiation. arg reouired to report that fact. We have nothing to reF¥Mt in this regard. Opinions on oth•r matt•r6 proscrib•d by th• Compani8s Act 21x16 In our oynion. based on the work undertakèn in the cours6 tsl our audrt.. the information given in the tnJstees' report for the financial year for vthieh Ihe finaneA statements 810 prepared, which indudes th• dirgctors. rel Fryared for the pufFKJses of company law, is crrttstent with the financial ststemenls.. and trto dirèctors, report lftduded MlhFn the truslees. reFnrt has been prepared in acdxrdarKe witti applicable leg requirements. 10-
THE HEART OF THE CITY PARTNERSHIP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HEART OF THE CITY PARTNERSHIP Matters on whl¢h we requlred lo report by ex¢eptlon In the lighl of the knowledge and understandin9 of the charity and sis environment oblained in the course of the audit. we have not (dentified matèiial misststements in tha directors, rèptsrt included within thè tnjstees, report. We have nolhing to report In respect of the following mattels in rel8tion to whlch the Companlas Act 2tX16 requltes us to report to you If, in otjr opinion.. adeouate accounllng reeofds have not been kept, or returns adequale for our audit have not been received from branches not visited by us,. or the financ statements are not in agreement with the acwunling record5 ar returns; or c¥rtain dtsdosures of IDJsleos' TeMuneratn specified by law are not made-. or we hav8 not received all th& infomi8titsn and explanations w& r•qyir8 for oijr audit., or the trustees were not entiued to Pfepare the finanoal slatèmenls in SOrdance w41h Ihe small Companies regime and take advantage ol the small companies. exemptions in preparing the trustees. report and frorTr the quiremenl lo prepare a strategic report. Responslbllstles of trustees As explained more fully in the statement of Iruslees, responsibillts'¢s. the Irustees. who are also the dlrectrjrs of the harily for thè purpose of company law, a fesp)nsible for the preparation of the financial statements and for bè¥n9 satisfied that they give a true and fair view. and fof such inlèmal eontrol as the trustees determine is necessary to 8n$ble thtr preparation of financial statements that are free trom material misstatement. whether due to fraud or error. In preparing Ihe financial statements. the tru$10&$ are rosponsibl¢ for assessing the charity's ability to Continuè as a going concem. disdosing, as applicable. matters related lo going concern and usirwJ the golng concern basis ol accounting unless tre trustees 8lther intewl to liquidate the charitable company or to cease operations, or have no realistic altemats'vg but to do so. Auditorfs rosponsibllltl0s for th• audit of th8 finanelal stat•m•nts Our objectives are to obtain reasonable assurance about whethér the fin8nci81 statemènts a5 a whole are free frorn matenal mlsstatement, vthether due to fraud or erTW, and lo sssue an auditorfs report that indurto$ our opinion. Reasonable assurar¥ce is 8 hlgh l&vel of assurance but is not a gua¥antèe that an audit conducted in aco)rdance wrth ISAS IUKI will always detect a material misstalemenl when il exists. Mi5sts1ernenls c8n arise from fraud or error and are considered m8lerial il, Trndrvidually or in the aggregate. they could reasonably be expected lo influenr the economic decisions ol users tsken on the basis of these financial statements. Th8 gxlent lo thich our p)(dUr&S aro ¢apabl8 of dotfjding irrogLtlarities. including fraud, Is detailed b810w. The nsk of Mate31 mis$tatèment due to 6fror or fraud has been ass6ss&d in conjunction with how internal controls may mitigate any such risk. These contro15 &re revlewed as part ol the audlt by ornIng system$ walklhroughs to eftsu they Bre operating effectively. Analytical review and substantive testing is also perfomied on 411 matellal balances and therelore any sn5tan¢es of non-compliance shoLld be identified or considered as insignificant. In Identfrn9 and assessing risks of material misstatement in respect of irregularities, induding fraud. the audit engagement team-, obtained an understanding of the nature of the industry and secloT, induding the legal and regulatory framowork. in which the MpanY operat¢s and how the MpanY c(#nplies with thallggal and regulatory framework inquired with management and Ihose tharged with governance gbwt their own idèntiftfAtth and ossessment ol the fisks of irwularilies, including any know actual, suspected or alleged instances ol fraud di$¢ussed th managèment and those charged w>th govem8nce any non-compliance with laws and regulations and how fr8ud might OCCUT including 85sessments of how and where the financial statèmènts may be susceptible to fraud. The risk of management override of contro15 was also Considered an area ol potential misststemonl du& to fr8iJd. Audit procedures perfomied induded lesting of manual joumal entries and other adjustmersts and evalsJatirig the business rationale in relation to significant, untssu81 trans8ctions and ti8nsacb.ons entered into outside nomial course of business.
THE HEART OF THE CITY PARTNERSHIP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HEART OF THE CITY PARTNERSHIP There are inherent Ilmitations In the audit pro¢e(lures d&s¢rlbe(J atsjva and the primary responsibility lor the provantion and dgteclion of irregulaTilias induding fraud rosts wilh managernant. As wlth any audit, thgre mmaingd a risk ol non-detecbon of irr8gularitiès, as IhÈse may involve collusion, forgery, intentsonal ornissions. misfewosentations or tho overrlde ol ifilemal controls. A further doscriplion of our resFonsibilities is available on the Financial Ropott'ng Council's wèbsite at.. http$.-11 www.frc.org.uklauditorsTesponsibilitie$. This descripllon foms part of our 8udilorf8 Teport. U•• ol otlr report This reporl is mado so191y lo the ¢haritable company's m6mbers. 85 a body, in accordance with Chapter 3 of Part 16 of the Compani85 Act 2006. Our audit work has en undertaken so that wo mlght stsle lo the charitable company's membeis Ihose matters we afe required lo gtale lo thèm in Èn audrtols report and for no otheT purpose. To the fullost exlonl pgrmitted by law. w8 do not accept or assume responslbility to anyone other than the ch8ri18ble company and the charitabla company's mgmbers as a b(%ly. for our 8u(Jil work. for this report, or for the opinions we have lomèd. Nlchola8 Cunnlngham MSC Bse FCCA IS•nlor Statutory Audltorl lor and an bèhthll of Rob¥on Laldlor Accountants Llmltod 8tstutory Audltor Fernwood Hou89 Fernwood Road Jfjsmonij Newcastle upon Tyn• Tyn¥ and W&ar Englantl NE2 1TJ 12-
THE HEART OF THE CITY PARTNERSHIP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Cunent fin•n¢lal y•ar Unr•str5cÈ•d Restri¢tgd funds funds 2024 2024 Total Totsl 2024 2023 Notes Income and Donations and le9ac4es Charitae aclivities TKket sales Investments Other trading actNities frt)m: 25.3n 8,341 33.714 5.651 370,374 2,324 157,273 370.374 2,324 157,273 328,356 529 151.618 Total incom• 555.344 8.341 563,685 486.154 ndlture on- Rais¢no funds 51.813 4.141 55,954 64.289 Charitable activiti8S 480.422 480,422 399.977 Total resources expend•d 532.235 4.141 536.376 464.266 Net incom• ft>r th• yoarf Net movement In funds 23.109 4.200 27.309 21.888 Ftjnd baTrces al 1 January 2024 231,970 234,470 212.582 Fund balanc•s at 311)•cemb•r 2024 255.079 6.700 261,779 234,470 The statement of finanoal 8¢tivittes iUB$ all gams aThJ recognised in the year. The statement of rtnanctal aclryities indudes 8U gn5 los reLxw¢sed ift Ihe year. All Income and expenditure derive from conlinuirKJ activtlies. The sl8tèment tsl fln8n¢i818ctiwties alg) rxmplie$ the rgquir¢ments frx an income and expenditure acc>)unt under the Companies Act 2006. 13-
THE HEART OF THE CITY PARTNERSHIP STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prfor fin•n¢lal y•ar Unro¥tricted Restricted funds funds 2023 2023 Totsl 2023 Incom• and ènd Oonabons and legau8S harrtable adivitie5 Tirel sales Investments Other trading aCINe$ 4,451 1.200 5.651 328.356 529 151.618 328,356 529 151.618 Total Ineom• 484.954 1.200 486,154 Raising funds 63.163 1.126 64.289 Chaiitable activilres 399.977 399,977 Totsl re8our¢o$ expended 463.140 1.126 464,266 Pl•t In¢om• for thg yfrarl N•t mov¢m¢nt In funds 21.814 74 21,888 bal8n(s at 1 January 2023 210.156 2,426 212.582 Fund balanc•s at 31 D•c•mb•T 2023 231,970 234,470
THE HEART OF THE CITY PARTNERSHIP BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 N0t•$ FIX a$•gts T8ngif)l¥ assets 10 1,441 1,197 Current 448914 Sloc*s Debtors Cash al b8nk and In hand 11 12 8,043 14,143 280,772 5,185 11,490 250,043 302,958 266,718 Cr•dltori- amounts talllng du• wllhln on• y••r 13 {42,6201 {33.445} N•t aurr•nt 8ss•t8 260,338 233,273 Total a$••t• l••$ curr•nt Ilabllltl•s 261,779 234.470 Th• funds ol th• ch•rlty Resth'cted income funds Unr8strfd8d lund$ 15 6.700 255.079 2,500 231,970 261,779 234,470 The financial 81atemenls were appvoved by tho Irusle88 on i.l( U.LY..101 Mr GM Black Tru¥t•o coMnY registration number 06373460 IEng18nd 8nd Wales) 15-
THE HEART OF THE CITY PARTNERSHIP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEM8ER 2024 2024 2023 Not•s Cash flotlrt from opwating actfvltS•s Cash genefated from operalions 18 47.390 Invosting activ1•$ Purchase of tangiblè fixed assets Investment inwme received {1.399) 2.324 1660) 529 Ilèt e3sh generated froml(usod In) invesng actl¥ltl•s 925 1131} Net cash uwl In fin•n¢ing activities Net snc¥e¥se in cash and cash •qulval•nts 30.729 47.259 Cash and cash 8qufvaonts at beginniro of J*ar 250.043 202,784 Cash and u$h •qulvthts at end of year 280.772 250.043 16-
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng policlg• Charlty Inforniatlon The Hoart of the City Partnership is a private company limilod by guarantee incorporated in England 8nd Wa188. The r8glstered offlce is Femwood Hous&. Fernwood Road, Jesmond, New¢asll& upon Tyne. NE2 1TJ, Unrted Kingdom. 1.1 Accountlng conv•ntlon The financial statemgnls have be&n prep8red in accordanc8 With the Compan1&$ Act 2006, FRS 102 The FlnanGial R&porting Standard applSc8ble in the UK and Ropublle of Irgland. I'FRS 102.1 and the Charilles SORP "Accounting and Reporb"ng by Charities.. Stat8menl of Recommended Pr8clico appli¢abl8 lo chanti8S prèparing their accounts in accordan¢6 with the Flnancial R&portlng Standard applicable In the UK and Republic of Ireland IFRS 1021" leffeclive l January 20191. Th8 charity is a Publ1¢ Benefit EnlSty as defined by FRS 102. Tht Iln8ndal 8tstomenls aro prgpared in sterling, which 18 the lunclional curroncy of tho charity- Monetary amounts In these financlal stal?ments 8ro Unded lo iho nogrest £. Hgart of the Clty Portnership mèets the do15nllion of 8 publi¢ bgnefft 8nlity gntry under FRS 102. Assets and Ilabilities artr Inltlally re¢ogni69d at hlstorfGo1 $1 or transa¢llon valuo unl8s$ olhgThlse slalod In thg rg18vanl accounting policy nolels). 1.2 Golng ¢onc•rn Al the limè ol approvlng the flnjndal stalèmenls, M)8 Irustaes have a rea80nable 8XPgCtation th81 th& chorfty has adequate resourc65 lo ¢onUnug In operallonal oxlslgnce lor the foreseeable fulLtre. Thus the inJ8tses conts'nuo lo adopl golng concein basls of accounting in preparing the financial 5talemènts. 1.3 Charliabl• funds Unrèstricted funds ar& available for u88 al the di3¢relion of Ihtr Iruslees In lurth¢r8n¢g of thgir cholltabl oble¢tlv8s. Rèstric18d funds are subject to spécific condltlons by donors or gr8nlor$ 98 lo how they MBY bg used. The PUTpose5 and use5 of the re$lrlc¢8¢J lund$ aro sel oul in thg nolo¥ lo th8 financial statements. 1.4 Incom• Incom& is re¢ognised when iho d)arlly is legally entlved toll aft&r any parformance condllions have b8en mot, the amoL+nts can bo moosurgd rfjliably, arid it 1$ probab18 Ihal incom8 will be reGeived. Cash donations are recognised on receipt. Other donations are r8mIsed once th6 ¢h8rity has bèen notSflod of the donation, unles8 Perfonnan condltions r8qulre deferral of the arnounl. Income lax recoverabl8 in rolallors to donations rec8tved undgr GSlt Aid or d8ed5 of cov8nanl is rècogn*s8d 81 the time of th$ donation. Grants, where ènUtlefffil is not ¢ondltlon81 on the d&llvery of a 8pec4fic p8rform8nce by the charfty, aro rgcognlsed when the charfty becomes Ltnconditsonally enllued to the grant. Incorning re80urces from grants, where Telated to P9rforMan 8nd spe(allc d81iv8r8bl85, are 8¢counl&d for as thtr ch8rfty 8ams th& rfghl lo consideration by its performanc8. 17-
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢lo1 {Contlnuod) 1.$ Exp•ndltur• All expendlture Is aounted for on an accruals basis and has been dassifie(l under headings that aggrg9819 11 costs related lo the rlggory. Where cosls cannot bè direelly attributed lo particulaf headings Ihey have been allocated to activth'es on a basis consistent use of iho ro8ourcey. Expenditure Includes ony VAT whid) nn0t be fully r6c0vèd, 8nd is r6POrtod 8$ part ol the oxponditure to which it relates.. - Costs ol g&nfjrating fund$ comprise the costs associated wtth attracting voluntsry Incomé. Charitallg gXPgndll(tr8 MprIseS those costs In[Ted by thg ch8rfly in ihe d8lNery of Its aclivltlès and SerV8S for ils beneficiar¢es. 11 includes both c051s that can b& allocalgd dlre¢tly lo Such actlvrfi&s and tho$¢ costs of an indlrect nalLtre n¢cgssary lo sijpport them. 1.6 Tanglbl• flx•d a8a•t• Tangible fixed assets aro Initifjlly mea$urg(l al 918nd subsequendy measured at ¢o$l or valuation, nèt of d•prèc181ion and 8ny imp8irThnl loss88. 0gpr8CiOtlon 1$ rewnlsgd so 83 to wrlte off the cost or v8luaJon ol assotsloss thglr rosklual valLtes over thglr Js8lul Ilv88 on the followlng bastrs.. Computers 33% on eo8t The gain or 108$ arising on the di8po8al of on asset is delèmiintsd 88 the drffereneè beNv8en tho sal proGeed$ 8nd the G8rylng valve of thè as$¥l, and 1$ iecour)1ged in the 8t81emenl ol llnan¢lal 8divthtts. 1.7 Impalmi•nt of flx•d as••ts At èach reporting and dat&, Ihe ¢harily fevlews the Carrying amounts ol Ils tanglbje 888ets lo determine ether there is any indication that th058 asse16 have suffered an impairmenl loss. If any wch indication exl$ts. the r6cover8ble amount ol the ass&1 Is esllm81ed In ordor to delermlno the extent of the Impalrmonl 1098 lif any). 1.8 8to¢k• Stocks are valued al the low&r of cost and nol realisable value, after making due allowarice for obsdate and slow moving Items. 1.9 Ca•h and ca•h •qubval•nts Cash and cash equivalenis incltjde c*8h in hand. deplts hdd 01 c811 with banks. other short-lerm liquid invg$tmenis th origin81 malurilies ol thre¥ months or less. 8nd bAnk ov8rdraft$. Bank overdrafts ar& shown wSlhln boryowings in current liabilitles. 1.10 Tax•llon As a charity, the company 18 ex#mpl from lax on incom8 and galns to the extgnl that th980 are 8ppligd to ¢h8ritab10 IA)jècts. No tax chBig•s hav8 aris&n in the charity. 1.11 P•nJlon co•ts other tr1TmI)Dt bon•fits The chantable oomp8ny oper8fes a defined contribution pensson $ctheme. Contributions payable to the charitable companys pension are charged to the Statemenl of Finanry81 Activsties sn th8 p8riod lo ¥thich th•y ro18to. 1.12 Cr¢dltors and pmvlslons Creditors and provi08 ar& YegniSed wher8 the charity has a present obligation resulting from a past ovenl that will probably result in the transfer of funds lo a Ihird party and the Amount due to settle thè obligaiion can be me8sured or estimated reliably. Creditors and provisions are normally recognised 81 their 5ettloTnent amount sftèr allovAng for hny tradè dls(x>unts duo. 18-
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEM8ER 2024 DonatSon$ and l•ga¢l•$ Unrestri¢tod Restricted funds funds general 2024 Total Unrestricted Restricied funds funds general 2023 Total 2024 2024 2023 2023 Oonations ar gifts Gfants 373 25,000 1.542 6,799 1.915 31,799 351 4,100 351 5,300 1,200 25,373 8,341 33.714 4.457 1,200 5.651 Oth•r incomo Unrestrlcted Unrestrlctpd funds funds 2024 2023 Other income Event Inu)me VenLie income Retail 23.966 39,444 48,613 45,250 27,224 49,134 28,738 46,522 157,273 151,618 Raislng funds Unr•strtctod Restrfctod funds funds gentral 2024 Total Unrestrfcted Restricted funds funds 9enèrnl 2023 Tot 2024 2024 2023 2023 Raising funds Operating charty shops Oth¥r traijing a¢tivili98 25,058 26,755 25,058 30,896 23,921 39,242 23.921 40.368 4,141 1,126 Sl,813 4.141 55.954 63.163 1,128 64,289 19.
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expondlturn on charltable actlvltles Charltable Charftable actlvites actlvitas 2024 2023 Olrect eo#ts Stèff wsls Dopreciats'on and 1rnpaient Rates and water InsLirance 362.774 1,155 1,159 9,026 302.903 7,028 1,358 6,962 b li Light and heal Telephone Postage and statlongry MaTkeb"ng an¢J publioty Sundri8S Travelling Training Repairs Card mèrchine ¢h8rges 19.263 3,027 1,388 25.905 7.534 304 1.837 28,600 8.706 12,262 2,217 1.094 18,603 2,284 357 723 27,068 8,641 470.678 391.500 Sharg of 8UPPOrt and govomance costs18eg not• el Support GoveTn8ncg 4,188 5,556 4.601 3,876 480,422 399,977 Analy81s by fund Unrestricted funds 480,422 399.977 Support Costs allocated to actlvltl•* 2024 2023 Payrdl fees Professional fe&s Govgrn8nce costs 2,122 2.066 2,346 2,255 3,876 9.744 8,477 Analy80d betw••n: Chariiable a¢tivitos 9.744 8.477 -20-
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 Truste•8' remunernllon and b•n•ffts None ot the trustees lor any persons connoctsd vrilh Ihgml r8c8Nod any r6muneratton benefits from the charity dumg Ihtr year. Th8r8 were no tntsteg's expenses paid for the yeaf eThJed 31 Dgcember 2024 nor for the year endod 31 December 2023. Employees The average monthly number of erne$ during the year was". 2024 Numb•r 2023 Numbgr Management and admini5tr3t 23 23 Employnt Costs 2024 2023 Wages 8nd salari&s Social secuty costs Other pension cx)5ts 331,928 19,305 11,541 280,723 12.533 9,647 362.774 302,3 Key management remuneration totalK8d £51.48312023: £49.3161 There wer8 no eM0yeeS vthc6e annua reJnerdtfvyn was mtye £60.0. Taxatlon The charity 1$ exempl from tax8bon its a(alts.S trUSe all IL8 inc4) is applied for charitsb wrposes. 21
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Tanglbl• Ilxed ass•ts Cost Al 1 January 2024 Additions 34,036 1,399 Al 31 Cknmb8r 2024 35,435 DoprKlailon and Impalmmnl Al l January 2024 Deprocialion charged in the y8•r 32,839 1,155 At 31 December 2024 33,994 Carrylng amaunt AI 31 DKgmber 2024 1.441 Al 31 Decemb•r 2023 1.197 11 Sto¢k• 2024 2023 Flnlghed and for r•s•fè 8,043 5,185 12 D•btor• 2024 21123 Amounts f4lllng du• wlthln ¢)ne ye•r: TTado deblo other debtors Prep8ymonts ond aCrnd inw 3,123 2.418 10.236 8,389 14.143 11.490 13 Crndltor8.' arnounts f•lllng du• wtthin on• ymr 2024 2023 Other taxati and Srity Trade crediloT5 Other credrtrys AjS and deferred income 5.622 12.945 3.282 20.n1 2,609 7,613 5,039 18.184 42.620 33.445
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Retlrement beneflt scheme• 2024 2023 O•fln&d contrlbutSon 8ch•m•s Ch8rgo to prollt or lo$$ In respect of defined contn'bution schemes 11,541 9,647 The ¢harlty op8r81e$ 8 d•fined contrfbullon penslon sch&m& lor all qualty'ng employegs. The o$sets of the s¢hgm6 are held s¶t&ly Irom those of Ihe charity In an independently administered fund. 1S Restrlcted fund¥ The r8Stricled funds of the charity comprise tre Unexp8nd bal8nco9 of donations gnd grants held on tru81 3ubje¢l to spo¢lfi¢ conditions by donors as to how they moy be used. Movemènt In funds Incomlng R••ourM• r•*ourc•# •xp•nd•d 31 D•rnb•r 2034 l•nc• it l J•nu•ry 2024 CCTV DefibriSlBtor A Mlval Tovem Experf¢nc• HolidayAclivilie5 Fund Gateshead FC Fovndalion Old Scol5wood Project AccessiN8 interpretation for N8wca3Uè Castle 218 1.644 638 218 1.644 278 298 322 2.400 1,542 13601 12.9481 1833} 3,244 1,155 2,400 1,542 2.500 8,341 14,1411 6.700 CCTV . The ¢h8rlty re¢eive<l 8 gfant of £1.000 in 2018 from Wm Webster TnJ8t 8n¢J a grant of £4,000 In 2020 from Newcastle Clty Council lor the Snstall8tson ol a CCTV system. Deflbrlllator The charity received a grant 01 £1,644 In 2019 Irom Montsmenl Ward Committee lor the ins1811ation of a defibrfllator In tho castlo and cathodral. A M•dl•v#l Tav•m Exp•rl•nc• - Tho Charity re1VOd a grant from tho Social Enterpris8 Academy as part of their Sleps lo Sustainability funding lor the creation of a medieval tavern night, lo help generate Income through paid for evenls, and corporate venue hlre. Holld•y A¢tlvltle• Fund - The Charfty received a grant of £3,244 Irom Street G8mes Sports Charfty to dgllver the objè¢livè8 of the Newc8stte's 8851 Ever HolidayActiv¢ty and Food Programme lor 2024. Gat•sh•ad FC FoLtndatlon - The charity wll run a 3 session cre8llvè hlstory project betweon Aprtl-July 2024 for 3pproximately 120 children from 3 prlmary Sch1. The charity received a grant 01 £1,155 from G8leshead FC Foundation, Old Scotswood Prol•ct - The ¢harlly received a grant of £2.400 from H•olthworks to dellvgr Ed(tion Wod(shops. Accosslble Interpretstlon ltsr Nowcastle Castl• - The charity recelved £1.542 lor accessible Interpret8tlon for Nèwcastle Casll•. -23-
THE HEART OF THE CITY PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 An•lyl¥ ol ¥wt 4$¥ets b•tY•n lund• Unrnstrlct•d Rmtrlctsd funds lund8 2024 2024 Totsl 2024 At 31 O•c•mb•r 2024: Tan9ible assgts Current assetsllliats.litses> 1,441 253.638 1.441 260.338 6.7fy) 255,079 6.7 281,779 Unr•strlcted lunds 2023 RMtrlcted fund• 2023 Totsl 2023 At 31 0•mbr 2023: T8ngitrJ& 8ssets Current 8s8etsllli8tlitsl 1,197 230.773 1,197 233,273 231,970 234.470 17 R•l•l•d party tr•n•Ktlon• There We no di8dosatrAe r618led paty tr8risactCA)s dn9 the year12023- none). 18 Ca•h g•n•rat•d from op•rntlons 2024 2023 Surplus for the yaar 27.309 21.888 Adju51nnts lor.. Investment ino)mè Ttttonlstd in slalèmenl of flnandal activllies Deprery8ts'on and Impalrnnt of 18ngle fixed asseis 12.3241 1.155 IS291 7.028 vernenls in thing capilèl.. IlncTeas8Vdecrease in slocks Ilncrnasevdecreasg in debtor8 Increase in credllors 12.8581 12,6531 9,175 3.767 4,728 10.508 C*h g•n•r•t•d Inm op•r•tlon¥ 47.390 19 Analy•ls of changu In n•t fund• The charity had no materd debt durirwJ the year. -24-