Draft Financial Statement5 at 31 August 2023 at11..41..53 Charity registration number 1196037 NEW BURYCOMMUNITf CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 SEPTEMBER 2022 Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE LEGALAND ADMINISTRATIVE INFORMATION Trustee5 M5 Y Galloway Mr M Clarke Ms M Hunt (Appointed 40ctober 20211 (Appointed 4 October 20211 IAppoint@d 4 October 20211 Charity number 1196037 Principal address The New Bufy Community Centre I Ch3fles Pl3ce Bury St Edmund5 Suffolk IP32 6TD Independent examiner Gascoynes Ga5cDynes House Moseleys Farm Business Centre Fornham All Saints Suffolk IP28 61Y Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE CONTENTS Page Trustees. report Independent examiner's report Statement ollinancial activities Bèlancè sheet Note5 to the financial statements 5-10 Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE TRUSTEES, REPORT EOR IHE YSARSNDSD 30SEPIEMSSR2022 The truste&s present their annual report and financial statements lorthe year ended 30 S@pt@mber 2022. Tho financial st3tements have been propared in accord3nce with the accounting policies set out in note I to the financial 51atements and comply with the charity 5 Igoverning documenil, the Charitie5 Act 2011 and "Accounting and Reporting by Charities.. Statement ol Recommended PractlCÈ 3pplicablÈ to charilios preparing Ihoir accounts In 3ccordance with the Financial Reporting Standard applicable In the UK and Republic Of Iieland IFRS1021 (effective I january 20191. Objectives and activitie5 To promote in the area ol benefit wiihout distinction of sex or ol political,religious or other orinions by association with the local authorities.voluntary organisations and Inhabitants In a common effort to advance education and to provide facilities in the intere51 olsocial welfare lor iecrealion and leisuitrtime occupation with the object ol improving the conditions ol life loi the said inhabitants. The trustees have paid due regard to guid3nce issued by the Charity Commission in deciding what activities the charity should undertake. Financial review 11 is the policy ol the chaiily that unresliicted funds which have not been designated lor a specific use should be maintained al a level equivalent to between three 3nd six month's expenditure. The trustees consider that resewes * this level will ensure that, in the event ol a significant drop in funding, they will be able 10 continue Ihe charity's cuiient acliviiies while consideration is given to ways in which additional funds may be raised. This level ol reserves hasnot been mainlained throughout the year, due to the chaiily s infancy. The trustees understand this together with determining thai three months expenditure ol £15,000 is sufficient to avoid any unforeseen circumst8nce5, Structure, governance and management New bury Community Association is 3 registered charity, incorpor3ted in England and Wales, registration number 1196037. The registered office is The New Bury Community Centre, I Charles Place, Bury Si Edmunds, Suffolk, IP32 6TD. The chaiily's governance structure comprises ol its three trustees who hold responsibility for the day to day oversight ol the charily. Includirig Setting slrategic directiori and budgets. The Iru5tees who Se￿ed during the yearand up lo Ihe dale olsign8lure ol the financial slalements were., Ms Y Galloway (Appointed 4 October 20211 Mr M Clarke (Appointed 4 October 20211 MSM Hunt (Appointed 4 October 20211 The company's current poliq concerning the payment ol trade creditors is to follow the CBI'5 Prorrpt Payers Code (copies are avail3ble fvorn the CBI, Centre Point, 103 New Oxlorcj Stieet, London WCIA IDUI. The company'5 currenl policy concerning the payment oltrade creditors 15 to.. settle the terms of payment wilh suppliers when agreeing the terms of each transaction.. ensure Ihat 5upplier5 are made aw3re olthe term5 01 payment by Inclusion olthe relevant terms in contracts., and pay in accordance with the company s contractual and other legal obligations. The New Bury Community A350cialion is è registered charity, incorporated in England and Wale5, registration nurnber1196037. The registered office 15 The New Bury Community Centie, I Charles Place, Bury St Edrnunds, Suffolk, IP32 6TD. The Trustees, report was approved by the Board ofTrustees. Ms Y Galloway Trustee Date.. Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE INDEPENDENT EXAMINER'5 REPORT TOTHE TRUSTEES OF NEW BURY COMMUNITY CENTRE We report to the truste@s on our examination ol the financial statements ol New Bury Community Centre Ith@ charity) lorthe y@ar ended 30 September 2022. Re5pon5ibilitie5 and ba515 of report As the trustees ol the charity you are responsible loi the preparation ol the financial statements in accordance with the requirements olthe Charities Act 2011 (the 2011 Act). We report in respect ol our examination of the charity's financial statements c3rried out under section 145 01 the 2011 Act. In carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145 15llbl ol the 2011 Act. Independent examiner's statement Youi attenliDn Is drawn to the lact that the charity has prepared financial statement5 in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Siaternent ol Recommended Practice issued on l April 2005 which is referred to in the extsnl regulations bul has now been wiihdrawn. We understand that this has been done in order for financial slaternenls to provide a true and lair view in accordance with GenerallyAccepled Accounting Practice effective lor reporting periods beginning on or after I january 2015. We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause lo believe that In any material respect.. accounting records were not kept in respeci olthe charity as required by section 130 olthe 2011 Act,, or the financial statements do not accord with those records.. or the financial slalements do not comply with the applicable requirements concerning the form and content ol accounts set out in the Charities (Accounts and Reports) Regulations 2008 oihei than any iequiremeni thai the accounts give a true and lair view which Is not a matter considered as part olan Independent examination, We have no concerns and have corne across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ol Ihe financial statements to be leèched. Gascoynes Gascoynes House M05eleys Farm Bu5ines5 Centre Foinham All Saints Suffolk IP28 61Y Dated.. Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR IHE YEARSNDSD 3aSSFIEMSER2022 Unrestricted funds 2022 Resliicled funds 2022 Total 2022 Notes IncamÈ from.. Donations and legacies Charitable activitie5 34,976 34,976 67,721 67,721 Total income 67,721 34,976 102,697 Expenditure on,. Charitable activities 60,223 13,876 74,099 Net income lor the year/ Nel movement in funds 7,498 21,100 28,598 Fund balance5 al l October 2021 Fund balances èt 30 Septernber 2022 7,498 21,100 28,598 The ststemenl ollinancial activitie5 inclucjes all gains and losses recognised in the year. All income ènd expenditure derive from continuing activities. Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE BALANCE SHEET ASA1305EP15M8ER2022 2022 Notes Current assets Debtors Cash at bank and in hand 10 730 30,396 31.126 12,5281 Creditors.. amounts falling due within one year Net current assets 28,598 Income funds Restricted funds Unrestricted funds 21,100 7,498 28,598 The financial statements were approved by the Trustees on. Ms Y Galloway Trustee Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE NOTES TO THE FINANCIAL STATEMENTS EOR IHE YSARSNDSD 30SEPIEMSSR2022 Accounting policies Charity information The New Bury Community Association is a charity registered In England and Wales. The r￿IStered office Is I Charles Place, Bury Sl Edmunds, Suffolk, IP32 6TD. 1.1 Accounting eonvention The financi31 statements have been prepared in accordance with the charily's governing document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland" I'FRS 102,1 and the Charities SORP "Accounting and Reporting by Chafltios.. St31ement ol Recommonded Practico applicable to charities preparing their account5 in accordance with the Financial Reporling Siandard applicable ID the UK artj Republic ol Ireland IFRS 1021" leffeclive I january 20191. The charity is 3 Public Benefit Entity as defined by FRS 102. The charity has taken advantage ol the provisions in the SORP lor charities not to prepare a Statement ol Cash Flows. The financial statements have departed Irorn the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and lair view. This departure has Involved following the Statement ol ReiDmmended Practice lor chariiies applying FRS 102 rather than the version ol the Statement ol Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financial stalements are prepared in sterling, which is the function81 currency ol the charity. Monetary amounts in these financial sialements are rounded to the nearest £. The financial statements have been prepared under Ihe historical cost convention, Imodified lo indude the revaluation ol freehold properties and lo include investment properties and certain financial instruments al lair valuel. The principal accounting policies adopted are sei out below. 1.2 Going concern Al the lime ol approving the financial statements, the trustees have a reasonable expectation that the chaiily has adequate resources lo continue In operation31 existence lor the foreseeable future. Thus the trustees continue lo adopl Ihe going concern basis olaccounting in preparing the financial statements. 1.3 Charitable lunds Unrestricted funds are available lor use at the discretion olthe trustee5 in luriherance of their charitable objectives. Reslricled funds are subject 10 Specific conditions by donors as to how they may be used. The pur￿SeS and uses ol the restricted funcls are set out in the note5 to the financial statements. Encjowmenl funds are subject to specific conditions by donors that the capital must be maintained bythe charity, 1.4 Income Income Is recognised when the ch3rity Is legally entitled to It after 3ny performance Conditions hale been met, the amoLint5 can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified ol the donation, unless perform3nce conditions require deferral ol the amount. Incoffle tax recoverable in relation to donalions received under Gift Aid or deeds of covenant is recognised at the time ofthe donation. Legacies are recognised on receipt or otherwise il the charity has been notified ol an impending d6tribution. the amount is known, and receipt 15 expected. Ilthe atnount is not known, the legacy istreated a5 a contingenta55et. Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE NOTES TO THE FINANCIAL STATEMENTS ICQNTINUEDI EOR IHE YSARSNDSD 30SEPIEMSSR2022 Accounting policies Iconiinuedl 1.5 Expenditure Expenditure 15 recogni5ed once there 15 a legal or con5truclive obligalion to transfer econofflic bEnefit to a third party, it is probable that a transfer ol economic benefits will be required In settlement, and the amount ol Ihe obligation can be ea5ured reliably. Expenditure 15 cla55ified by activity. The costs 01 each activity are fflade up ol the total of dirEct cost5 and shared costs, Including SUPPOrt casts involved in undertaking each activity. Direct costs attributable to 3 single activity 3re 311ocated directly to that activity. Shared c0515 which contribute to fflore than one activity 3nd Support costs which are not attributable to 3 single aclivity are apportioned between thaso activities on 3 basis consistent with the use ol resources. Cenlral 51aff costs are allocated on the ba515 01 time spent, and depreciation charges are allocaled on the portion ol the asset s use. 1.6 Cash and cash equivalents Cash and cash equivalenls include cash In harid, deposits held 3t call with banks, Other short-term liquid Investments with original maturities ol three Months or less, and bank overdrafts. Sank overdrafts are shown within borrowings in current 1.7 Financial instruments The charity has elected lo èpply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0thei Financial Instruments Issues, ol FRS102 to all ol ils financial Instruments, Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions ol thè in51rumènt. Finèncial asset5 3nd liabilitie5 are offset, with Ihe nel amount5 pre5enled in the financial statemen15, whèn there is è legally enforceable right to sel ofF the recognised amounts and there is an Intention lo settle on a net basis or lo realise the asset 58sicfin8nC1818ssets Basic financial assets, which include debtors and cash and bank balances, are initially measured a Iiansaciion price Including transaction costs and are subsequently carried 31 amortised cost using the effective interest method unles5 the arrangement consiiluies a financing Iiansaciion, where the Iiansaciion is measured at the present value ol the future receipts discounted al a market rale ol interest. Financial assets classified as receivable within one year are not amortised, 8&sicfinJnci8lliabilities Basic financial liabilities, including creditors and bank loan5 are initially recognised at Iransaclion price unless the arrangement constilLiies a financing transaction, where the debt instrument 15 measured at the present value of the future paymenls discounted al a market rale ol Interest. Financial liabilities classified as payable within one year are not amort15ed. Debt In5trument5 are subsequentlycarried at amorti5ed cost, Using the effective interest rate method. Trade creditors are obligatl0n5 to pay for goo015 or 5ervice5 that have been acquired in the ordinJy Course ol opeTrtions from suppliers. Amounls pay3ble are classified as currenl liabilities Il payment Is due within one year or less.11 not, Ihey are presented a5 non-current liabilitie5. Trade creditor5 are recogni5ed initially at tr3n5action price and 5ub5equently measured at amortised cost using the effective Inteiesl method. D&r@cognition offinancialliabiliti@s Financial liabilities are derecogn15ed when thecharity'5 conlractual Obligations expire or are discharged or cancellecj. 1.8 Employee benefit5 The c05t of any unused holiday entitlement 15 recogni5ed in the period in which the employee s 5en/ice5 are received. Terrnination beDefit5 are recogDi5ed imrnediately a5 an expense when the charity 15 demonstrably cotnmitted to terminate Ihe @mployment olan employee or lo provide termination bonolils. Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE NOTES TO THE FINANCIAL STATEMENTS ICQNTINUEDI EOR IHE YSARSNDSD 30SEPIEMSSR2022 Critical accounting eslimates and judgements In the application ol the charity's accounting policies. the trustees are reouired to m3ke judgeM￿t$, estimates and a55umption5 about Ihe carrying amount of a5set5 and liabilitie5 that are not readily apparent from other 50urce5. The estimatos and associated assumptions are based on historical experience and other laclors that are (Dnsidored lo be relevant. Actual results may differ from these e5timate5. The e51imates and underlying a55umptlOn5 are reviewed on an ongoing ba515. Revi5ion5 to accounting e5timate5 are recognised In the period in which the estimate Is revised where the revision affects only that period, or in tho period olthe revision and future periods where the revision affects both current and future period5. Donations and legacie5 Restricted funds 2022 Local authority giants 34,976 Charitsble activities Sales 2022 Room Hire 67,721 Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE NOTES TO THE FINANCIAL STATEMENTS ICQNTINUEDI EOR IHE YSARSNDSD 30SEPIEMSSR2022 Charitable activities Grant Expenses 2022 Kitchen Grani Expenses Furniture GTrnt Expense Open Day Expen5e5 Restart Grant Expenses Stsrtup Grant Expenses 2,564 6,404 507 692 3,709 13,876 Share ofsupport costs (see note 61 60,223 74,099 Analysis by fund Unrestricted funds Reslricled funds 60,223 13.876 74,099 Support CO515 Support costs Management service costs Insurance Phone Costs General Admin Costs Accountsncy Rate5 & Water Light & Heal Cleaning Bin5 Licenses/subscriptions Advert15ing 12,764 4,880 1,083 1,259 732 2,276 25,952 7,772 515 2,367 623 60,223 Analysed between Charitable activities 60,223 Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE NOTES TO THE FINANCIAL STATEMENTS ICQNTINUEDI EOR IHE YSARSNDSD 30SEPIEMSSR2022 Trustees I trustee was reimbursed a total of £554 in expenses. Employees The average monthly number ol employees during the year was.. 2022 Number Total There were no employee5 whose annual remuneralion was rnore than £60,000. Taxation The charity is exernpt from tax on incoffle and gains falling within section 505 01 the Taxe5 Act 1988 or section 252 01 the Taxation ol Chargeable Gains Act 1992 to the extent that these are applied lo its charitsbleobjecls. 10 Debtors 2022 Amounts18lling due within one year.. Prepayments and accrued income 730 Creditor5.' amounts falling due within oneyear 2022 Other creditors Accruals and deferred income 1,796 732 2,528 Draft Financi31 Statement5 at 31 August 2023 3t11..41..53 NEW BURYCOMMUNIFICENTRE NOTES TO THE FINANCIAL STATEMENTS ICQNTINUEDI EOR IHE YSARSNDSD 30SEPIEMSSR2022 Restricted funds The income funds olthe charity Include restricted funds comprising the following unexpended balances ol donations and grants held on trust lor5pecilic purp05e5'. Mcwernent in funds Incoming Resources Bal3nceat resources expended 30 September 2022 Furniture Payment Kitchen Granl Locality Grant Open Day Grant Restart Grant Startup Costs Summer Activity Grant 6.404 3,OCrt) 1,000 1,2CK) 1,872 20,000 1,5CO 16.4041 12,5641 436 1,000 693 1,180 16,291 1,500 15071 16921 13,7091 34,976 113.8761 21,100 13 Analysis ol nèt assets betweèn funds Unrestricted funds 2022 Restricied lund5 2022 Total 2022 Fund balances at 30 September 2022 are represented by.. Currènt asset5/11iabilitiesl 7,498 21,100 28,598 7,498 21,100 28,598 14 Related party transactions There were no disclosable relaled party transactions during the year. 10-