Charity registration number 1196037
NEW BURY COMMUNITY ASSOCIATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
NEW BURY COMMUNITY ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity number
Principal address
Independent examiner
Ms Y Galloway Ms D Carthy Mr T Murray
1196037
The New Bury Community Centre 1 Charles Place Bury St Edmunds Suffolk IP32 6TD
Gascoynes Gascoyne House Moseleys Farm Business Centre Fornham All Saints Suffolk IP28 6JY
(Appointed 14 August 2024)
NEW BURY COMMUNITY ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
NEW BURY COMMUNITY ASSOCIATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
To promote in the area of benefit without distinction of sex or of political,religious or other opinions by association with the local authorities,voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year, due to the charity's infancy. The trustees understand this together with determining that three months expenditure of £15,000 is sufficient to avoid any unforeseen circumstances.
Structure, governance and management
The charity's governance structure comprises of its three trustees who hold responsibility for the day to day oversight of the charity, including setting strategic direction and budgets.
The trustees who served during the year and up to the date of signature of the financial statements were: Ms Y Galloway Ms D Carthy Mr T Murray (Appointed 14 August 2024)
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
The New Bury Community Association is a registered charity, incorporated in England and Wales, registration number 1196037. The registered office is The New Bury Community Centre, 1 Charles Place, Bury St Edmunds, Suffolk, IP32 6TD.
- 1 -
NEW BURY COMMUNITY ASSOCIATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Trustees' report was approved by the Board of Trustees.
Thomas M. Murray
Thomas M. Murray (Aug 29, 2025 11:46:20 GMT+1) Ms Y Galloway Trustee
26 August 2025
- 2 -
NEW BURY COMMUNITY ASSOCIATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NEW BURY COMMUNITY ASSOCIATION
We report to the trustees on our examination of the financial statements of New Bury Community Association (the charity) for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
We report in respect of our examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
We understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 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 to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Gascoynes
Gascoyne House Moseleys Farm Business Centre Fornham All Saints Suffolk IP28 6JY
Dated: 26 August 2025
- 3 -
NEW BURY COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 - 1,500 Charitable activities 4 131,656 - Investments 5 21,513 - Total income 153,169 1,500 Expenditure on: Charitable activities 6 101,351 3,091 Net incoming/(outgoing) resources 51,818 (1,591) Other recognised gains and losses Revaluation of tangible fixed assets - - Net movement in funds 51,818 (1,591) Fund balances at 1 October 2023 46,419 471,184 Fund balances at 30 September 2024 98,237 469,593 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 1,500 18,022 4,850 131,656 123,803 - 21,513 5,862 - 154,669 147,687 4,850 104,442 108,766 12,507 50,227 38,921 (7,657) - - 457,740 50,227 38,921 450,083 517,603 7,498 21,100 567,830 46,419 471,183 |
Total 2023 £ 22,872 123,803 5,862 |
|---|---|---|
| 152,537 | ||
| 121,273 | ||
| 31,264 457,740 |
||
| 489,004 28,598 |
||
| 517,602 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
NEW BURY COMMUNITY ASSOCIATION
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
| Notes Fixed assets Investment property 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds General restricted funds Revaluation reserve 15 Unrestricted funds |
2024 £ 1,345 119,077 120,422 (12,592) 11,853 457,740 |
£ 460,000 107,830 567,830 469,593 98,237 567,830 |
2023 £ 779 60,474 61,253 (3,651) 13,443 457,740 |
£ 460,000 57,602 |
|---|---|---|---|---|
| 517,602 | ||||
| 471,183 46,419 |
||||
| 517,602 |
The financial statements were approved by the Trustees on 26 August 2025
Thomas M. Murray
Thomas M. Murray (Aug 29, 2025 11:46:20 GMT+1)
Ms Y Galloway Trustee
- 5 -
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
Charity information
The New Bury Community Association is a charity registered in England and Wales. The registered office is 1 Charles Place, Bury St Edmunds, Suffolk, IP32 6TD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 6 -
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 7 -
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Restricted | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2024 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | ||
| Donations and gifts | - | 18,022 | - | 18,022 | |
| Local authority grants | 1,500 | - | 4,850 | 4,850 | |
| 1,500 | 18,022 | 4,850 | 22,872 | ||
| - 8 - |
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 4 | Charitable activities | ||||||
|---|---|---|---|---|---|---|---|
| Sales | Sales | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Room Hire | 131,656 | 123,803 | |||||
| 5 | Investments | ||||||
| Unrestricted | **Total ** | Unrestricted | |||||
| funds | funds | ||||||
| 2024 | 2024 | 2023 | |||||
| £ | £ | £ | |||||
| Rental income | 21,513 | 21,513 | 5,862 | ||||
| 6 | Charitable activities | ||||||
| Grant | Grant | ||||||
| Expenses | Expenses | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Kitchen Grant Expenses | 143 | 118 | |||||
| Open Day Expenses | - | 170 | |||||
| Restart Grant Expenses | (1,282) | 1,382 | |||||
| Startup Grant Expenses | 3,975 | 6,996 | |||||
| Christmas Grant Expenses | (45) | 934 | |||||
| Winter Response Grant Expenses | - | 824 | |||||
| Locality Grant Expenses | 300 | 828 | |||||
| Summer Activities Grant Expenses | - | 714 | |||||
| Coronation Grant Expenses | - | 541 | |||||
| 3,091 | 12,507 | ||||||
| Share of support costs (see note 7) | 96,540 | 107,343 | |||||
| Share of governance costs (see note 7) | 4,811 | 1,423 | |||||
| 104,442 | 121,273 | ||||||
| Analysis by fund | |||||||
| Unrestricted funds | 101,351 | 108,766 | |||||
| Restricted funds | 3,091 | 12,507 | |||||
| 104,442 | 121,273 | ||||||
| - 9 - |
| 2023 | £ | 22,829 | - | 6,884 | 1,898 | 4,638 | 4,412 | 3,361 | 42,122 | 20,621 | 1,422 | 579 | - | 108,766 | 108,766 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Governance costs | £ | - | - | - | - | 1,423 | - | - | - | - | - | - | - | 1,423 | 1,423 | ||||
| 2024 Support costs | £ £ |
20,282 22,829 |
1,205 - |
6,095 6,884 |
2,106 1,898 |
9,385 3,215 |
1,194 4,412 |
3,502 3,361 |
35,806 42,122 |
16,596 20,621 |
2,207 1,422 |
582 579 |
2,391 - |
101,351 107,343 |
101,351 107,343 |
||||
| Governance costs | £ | - | - | - | - | 2,420 | - | - | - | - | - | - | 2,391 | 4,811 | 4,811 | ||||
| Support costs | £ | 20,282 | 1,205 | 6,095 | 2,106 | 6,965 | 1,194 | 3,502 | 35,806 | 16,596 | 2,207 | 582 | - | 96,540 | 96,540 | ||||
| Support costs | Management service costs | Operating lease charges | Insurance | Phone costs | General administration | Investment property expenses | Rent, rates and water | Light and heat | Cleaning | Bins | Licenses/Subscriptions | Legal and professional | Analysed between | Charitable activities | |||||
| 7 |
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
8 Trustees
No trustees were reimbursed.
9 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2024 | 2023 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Investment property
| Fair value At 1 October 2023 Additions through external acquisition Net gains or losses through fair value adjustments At 30 September 2024 |
2024 £ - 2,260 457,740 |
|---|---|
| 460,000 |
| 12 Debtors Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Notes Deferred income 14 Other creditors Accruals and deferred income |
2024 £ 1,345 2024 £ 6,500 1,955 4,137 12,592 |
2023 £ 779 |
|---|---|---|
| 2023 £ - 1,796 1,855 |
||
| 3,651 |
- 11 -
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 14 Deferred income Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities |
2024 £ 6,500 |
2023 £ - |
|---|---|---|
| 2024 £ 6,500 |
2023 £ - |
- 12 -
| Restricted funds | The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: | Movement in funds Movement in funds |
Balance at Incoming Resources Balance at Incoming Resources Balance at |
1 October resources expended 1 October resources expended 30 September |
2022 2023 2024 |
£ £ £ £ £ £ £ |
Kitchen Grant 436 - (118) 318 - (143) 175 |
Locality Grant 1,000 1,000 (828) 1,172 500 (300) 1,372 |
Open Day Grant 693 - (170) 523 - - 523 |
Restart Grant 1,180 - (1,382) (202) - 1,282 1,080 |
Startup Costs 16,291 - (6,996) 9,295 - (3,975) 5,320 |
Summer Activity Grant 1,500 - (714) 786 - - 786 |
Christmas Grant - 1,000 (934) 66 - 45 111 |
Winter Response Grant - 1,600 (824) 776 1,000 - 1,776 |
Coronation Grant - 1,250 (541) 709 - - 709 |
21,100 4,850 (12,507) 13,443 1,500 (3,091) 11,853 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15 |
NEW BURY COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 16 Analysis of net assets between funds Unrestricted funds Restricted funds 2024 2024 £ £ Fund balances at 30 September 2024 are represented by: Investment properties 2,260 457,740 Current assets/(liabilities) 96,587 11,243 98,847 468,983 |
Total Unrestricted funds Restricted funds 2024 2023 2023 £ £ £ 460,000 2,260 457,740 107,830 44,159 13,443 567,830 46,419 471,183 |
Total 2023 £ 460,000 57,602 |
|---|---|---|
| 517,602 |
17 Related party transactions
During the year, Debbie Carthy, Trustee, provided cleaning services to the Centre at a commercial arms-length value. The total of these transactions amounted to £13,321. At the year-end date, there was a balance owing to Debbie Carthy of £nil.
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Full accounts for the year ended 30 September 2024 - The New Bury Community Association Final Audit Report 2025-08-29
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"Full accounts for the year ended 30 September 2024 - The New Bury Community Association" History
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