THE NICHOLAS EVERITT PARK
FINANCIAL
STATEMENTS 31 MARCH 2022
THE NICHOLAS EVERITT
TRUSTEE’S
FOR THE YEAR ENDED 31 MARCH
The Trustee present their report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and 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 published in October 2019.
Reference and Administrative Details
| Charity Name | The Nicholas Everitt Park Trust |
|---|---|
| Charity Number | 304788 |
| Address of Charity: | The Pavilion |
| Nicholas Everitt | |
| Park Oulton Broad | |
| Lowestoft | |
| Sufolk | |
| NR33 | |
| 9JR | |
| Trustee | Oulton Broad Parish Council |
| Councillors of Oulton | Cllr S Keller |
| Broad Parish Council | Cllr B Falat |
| Cllr J Bragg | |
| Cllr T | |
| Cannon Cllr | |
| P Carver Cllr | |
| B Keller Cllr | |
| A Page Cllr | |
| L Pullen | |
| Cllr C Ashdown | |
| Independent Examiner Lovewell Blake LLP |
|
| Chartered | |
| Accountants | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business | |
| Park Norwich | |
| Norfolk | |
| NR7 | |
| 0LB |
1
THE NICHOLAS EVERITT
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MARCH
Objectives and Activities
Principal Objectives
Land to be used as an open space by inhabitants and visitors to Lowestoft. Reasonable facilities shall be given for general sports and recreation including water sports.
Public benefit
Open all year round the park is an impressive green space alongside the broads. A traditional park in many respects with a number of visitor attractions, it also provides a variety of habitats for the wildlife which inhabit the space. This popular park is used throughout the year for many events and is renowned for those activities associated with the broad itself including powerboat racing and fishing. The park gained the green Flag award again in 2022.
In the centre of the park is a traditional bandstand and a large, open space. This is a popular spot for picnics. Beyond this is the children's play area, trampolines, crazy golf and refreshment facilities. There are traditional seasonal bedding displays which lead down to the tennis courts and bowling greens. Lowestoft Museum is located within the park offering a wealth of local history.
Used by both visitors and the local community.
The trustee has given due regard to the guidance issued by the Charity Commission on public benefit.
Achievements and Performance
During the year ended 31 March 2022 the following occurred:
-
Ongoing discussion regarding the leaseback agreements with East Suffolk Council and Waveney Norse in connection with the car parks at Nicholas Everitt Park.
-
Review of leases and licences held by some of the tenants.
-
East Suffolk Council took over running of the harbour master and their crew for an initial period. Whilst they are doing this rental income is being received.
-
Works have been completed for the Broad House refurbishment. The flat above the museum has been divided to include some rooms for the museum. The other rooms are the new Council offices and community rooms. In the future there is hope that the charity will be able to rent the community room out.
-
The tennis courts continued to be maintained.
-
The leisure Centre needs some refurbishment and a new roof.
-
Norse maintenance costs for the maintenance of the park are still being ‘gifted’ by the Parish Council, as there are still no funds in the charity account to cover this. There is hope that the charity will be self-sufficient in a couple of years. The value of the gift for the year ended 31 March 2022 was £84,800.
-
Fundraising and events in the park have picked up and we have started to get some funds from craft fairs and events.
-
Covid-19 support grants helped throughout the year for the Pavilion and Museum.
-
Security is still required in the park in the evenings, and this has now been budgeted for. at a cost of £49,920..
-
Powerboat meetings were back this year, so income was received from them.
-
Bowls facilities are back open.
-
Tennis facilities opened.
2
Achievements and Performance (continued)
-
The pavilion was hired out for the Arts circle and income received.
-
The Charity continued to hold the monthly meetings virtually.
-
An adult gym has been installed in the park.
Financial Review
Reserves policy
The charity is underwritten by Oulton Broad Parish Council. Free reserves as at 31 March 2022 amounted to
£38,823 (2021: £55,464). The charity also held restricted reserves of £5,500 (2020: (£5,000)).
Plans for Future Periods
The charity has the following plans for 2022/23:
-
Park maintenance costs will continue to be gifted by the Parish Council. The value of the gift is £93,280.
-
The pavilion and museum were able to open again.
-
Income from events is expected to continue to be reduced, mainly due to the current climate.
-
Security will continue to be needed.
-
The museum trustees, with the help of the charity and others, were successful in gaining a grant from MEND via the lottery, in the region of £400k to help with the re-pointing and cellar repairs.
-
The shelter that burnt down has been rebuilt as an exact copy.
-
Work will be undertaken to try and separate the Parish Council and the charity and publicise the fact that they are two separate entities.
-
The charity now has a page on the Oulton Parish Council website and will be developing a charity Facebook page.
-
Plans to refurbish some of the assets that have not been touched in years.
-
The Charity will continue to hold the meetings virtually.
Structure, Governance and Management
Governing Document
The Nicholas Everitt Park is a charity that was established under a Deed of Gift 1929 which set out the objects and powers of the charity. The charity is registered with the Charity Commission. (Registration No 304788).
Recruitment and Appointment of Trustees
The sole Trustee of the charity is Oulton Broad Parish Council.
Organisational Structure
On 1st April 2018 the trusteeship of the charity transferred from Waveney District Council to Oulton Broad Parish Council.
The day-to-day operation of the charity is undertaken by the clerk of the charity and Oulton Broad
Parish Council. This report has been approved and signed on behalf of the Trustee:
Date: 3 January 2023
THE NICHOLAS EVERITT
INDEPENDENT EXAMINER’S REPORT TO THE
FOR THE YEAR ENDED 31 MARCH
I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 6 to 8.
Responsibilities and basis of report
As the charity’s Trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
I 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 accounts to be reached.
Bankside 300 Independent Examiner Peachman Way LOVEWELL BLAKE LLP Broadland Business Park
Chartered Accountants
Norwich Norfolk 29 November 2021 NR7 0LB
5
THE NICHOLAS EVERITT
RECEIPTS AND PAYMENTS
FOR THE YEAR ENDED 31 MARCH
Nicholas Everitt Park Trust 2021/2022
Income and Expenditure Account for Year Ended 31st March 2022
| 31st March 2021 Operating Income |
31st March 2022 |
|
|---|---|---|
| 18,708 Lowestoft Museum |
17,689 | |
| 0 Administration |
95,010 | |
| 530 Flat |
0 | |
| 6,600 Harbour Master |
12,650 | |
| 4,990 Park and Sports Grounds |
8,701 | |
| 10,708 The Pavilion |
8,367 | |
| 21,064 Park Assets |
65,451 | |
| 312 Miscellaneous |
0 | |
| 47,755 Rental Income |
35,543 | |
| 6,580 121 Bridge Road |
11,892 | |
| 708 113 Bridge Road 117,955 Total Income 22,093 Running Costs Lowestoft Museum |
0 255,303 19,138 |
|
| 3,495 Administration |
2,690 | |
| 301 Flat |
34,793 | |
| 1,235 Harbour Master |
3 | |
| 1,086 Toilets |
5,774 | |
| 58,998 Park and Sports Grounds |
91,865 | |
| 142 The Pavilion |
3,547 | |
| 5,905 Park Assets |
18,156 | |
| 0 Outbuilding The Old Forge |
1,880 | |
| 0 Everitt Park Cafe |
90,449 | |
| 79 LeaseBack |
0 | |
| 990 121 Bridge Road 94,324 Total Expenditure General Fund Analysis (38,759) Opening Balance 117,955 Plus : Income for Year 79,196 94,324 Less : Expenditure for Year (15,128) 990 Transfers TO / FROM Reserves (16,118) Closing Balance |
1,398 269,692 (16,118) 255,303 239,185 269,692 (30,507) 12,411 (42,919) |
6
THE NICHOLAS EVERITT
STATEMENT OF ASSETS AND NOTES TO THE FINANCIAL
AS AT 31 MARCH
| Fixed assets – Cost/value Note s Land and buildings 2 Fixtures, fttings and equipment 2 Community asset 2 Total fxed assets Current assets Cash at bank Debtors Total current assets Current liabilities Independent examination fees accrual Grant repayable to Parish Council Total current liabilities |
202 2 £ 1,956,000 159,345 - 2,115,345 - - 1,690 - 1,690 |
202 1 £ 3,741,000 159,345 145,000 4,045,345 |
202 1 £ 3,741,000 159,345 145,000 |
202 1 £ 3,741,000 159,345 145,000 |
202 1 £ 3,741,000 159,345 145,000 |
|---|---|---|---|---|---|
| 55,464 4,674 60,138 |
|||||
| 1,530 - 1,530 |
These accounts were approved by the Trustee on 3 November 2022
Notes
1. Accounting convention
The financial statements have been prepared on the receipts and payments basis.
2 Fixed assets
During the years ended 31 March 2021 and 31 March 2022 the Trustees took the opportunity to review the assets of the charity and the value of such assets. The Trustees have valued the land and building assets, including those which were transferred from East Suffolk Council in 2017, by a chartered surveyor. The same values have been used for insurance purposes.
7
3 Analysis of receipts and payments between funds
| 31 March 2022 Cas h Unrestricted Restricted Museum heating Total 31 March 2021 Cash Unrestricted Restricted Museum heating Disabled swing Total |
in hand broug ht forwar d Receipts Payments £ £ £ 50,464 255,303 (83,894 ) 5,000 5,500 (7,325 ) 5,000 5,500 (7,325 ) 55,46 4 260,803 91,219 in hand broug ht forwar d Receipts Payments £ £ £ 20,460 125,775 (97,120 ) (333) 8,000 (6,318) - 5,000 - (333 ) 13,000 (6,318 ) 20,12 7 138,775 103,438 |
Cash in hand carried Transfers forward £ £ 13,388 33,323 (5500 ) - (5500 ) 13,388 38,823 Cash in hand carried Transfers forward £ £ 1,349 50,464 (1,349) - - 5,000 (1,349 ) 5,000 - 55,464 |
Cash in hand carried Transfers forward £ £ 13,388 33,323 (5500 ) - (5500 ) 13,388 38,823 Cash in hand carried Transfers forward £ £ 1,349 50,464 (1,349) - - 5,000 (1,349 ) 5,000 - 55,464 |
|---|---|---|---|
THE NICHOLAS EVERITT PARK
FINANCIAL STATEMENTS
31 MARCH 2022
THE NICHOLAS EVERITT PARK
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 1 – 4 |
| Accountants’ Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the accounts | 8 - 11 |
THE NICHOLAS EVERITT PARK
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustee present their report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and 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 published in October 2019.
Reference and Administrative Details
| Charity Name | The Nicholas Everitt Park |
|---|---|
| Charity Number | 304788 |
| Address of Charity: | The Pavilion |
| Nicholas Everitt Park | |
| Oulton Broad | |
| Lowestoft | |
| Suffolk | |
| NR33 9JR | |
| Trustee | Oulton Broad Parish Council |
| Councillors of Oulton | Cllr S Keller |
| Broad Parish Council | Cllr B Falat |
| Cllr J Bragg | |
| Cllr T Cannon | |
| Cllr P Carver | |
| Cllr B Keller | |
| Cllr A Page | |
| Cllr L Pullen | |
| Cllr C Ashdown | |
| Cllr D Bromley (appointed June 2022) | |
| Cllr N Cuss (resigned January 2022) | |
| Clerk to Council | Ms M McGoun |
| Independent Examiner | Lovewell Blake LLP |
| Chartered Accountants | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business Park | |
| Norwich | |
| Norfolk | |
| NR7 0LB |
1
THE NICHOLAS EVERITT PARK
TRUSTEE’S REPORT CONTINUED
FOR THE YEAR ENDED 31 MARCH 2022
Objectives and Activities
Principal Objectives
Land to be used as an open space by inhabitants and visitors to Lowestoft. Reasonable facilities shall be given for general sports and recreation including water sports.
Public benefit
Open all year round the park is an impressive green space alongside the broads. A traditional park in many respects with a number of visitor attractions, it also provides a variety of habitats for the wildlife which inhabit the space. This popular park is used throughout the year for many events and is renowned for those activities associated with the broad itself including powerboat racing and fishing. The park gained the green Flag award again in 2022.
In the centre of the park is a traditional bandstand and a large, open space. This is a popular spot for picnics. Beyond this is the children's play area, trampolines, crazy golf and refreshment facilities. There are traditional seasonal bedding displays which lead down to the tennis courts and bowling greens. Lowestoft Museum is located within the park offering a wealth of local history.
Used by both visitors and the local community.
The trustee has given due regard to the guidance issued by the Charity Commission on public benefit.
Achievements and Performance
During the year ended 31 March 2022 the following occurred:
-
Ongoing discussion regarding the leaseback agreements with East Suffolk Council and Waveney Norse in connection with the car parks at Nicholas Everitt Park.
-
Review of leases and licences held by some of the tenants.
-
East Suffolk Council took over running of the harbour master and their crew for an initial period. Whilst they are doing this rental income is being received.
-
Works have been completed for the Broad House refurbishment. The flat above the museum has been divided to include some rooms for the museum. The other rooms will be used for the new Council offices and community rooms. In the future there is hope that the charity will be able to rent the community room out.
-
The tennis courts continued to be maintained.
-
The leisure Centre needs some refurbishment and a new roof.
-
Norse maintenance costs for the maintenance of the park are still being ‘gifted’ by the Parish Council, as there are still no funds in the charity account to cover this. There is hope that the charity will be self-sufficient in a couple of years. The value of the gift for the year ended 31 March 2022 was £84,800.
-
Fundraising and events in the park have picked up and we have started to get some funds from craft fairs and events.
-
Covid-19 support grants helped throughout the year for the Pavilion and Museum.
-
Security is still required in the park in the evenings, and this has now been budgeted for at a cost of £49,920.
-
Powerboat meetings were back this year, so income was received from them.
-
Bowls facilities are back open.
-
Tennis facilities opened .
2
THE NICHOLAS EVERITT PARK
TRUSTEE’S REPORT CONTINUED
FOR THE YEAR ENDED 31 MARCH 2022
Achievements and Performance (continued)
-
The pavilion was hired out for the Arts circle and income received.
-
The Charity continued to hold the monthly meetings virtually.
-
An adult gym has been installed in the park.
Financial Review
The results for the year are shown on pages 6 – 11.
Reserves policy
The charity is underwritten by Oulton Broad Parish Council. Free reserves as at 31 March 2022 amounted to £31,329 (2021: £46,844) including restricted reserves of £6,000 (2021: £5,000).
The required level of reserves to be held is to be equivalent to six months expenditure.
Plans for Future Periods
The charity has the following plans for 2022/23:
-
Park maintenance costs will continue to be gifted by the Parish Council. The value of the gift is £93,280.
-
The pavilion and museum are able to open again.
-
Income from events is expected to continue to be reduced, mainly due to the current climate.
-
Security will continue to be needed.
-
The museum trustees, with the help of the charity and others, were successful in gaining a grant from MEND via the lottery, in the region of £400k to help with the re-pointing and cellar repairs.
-
The shelter that burnt down has been rebuilt as an exact copy.
-
Work will be undertaken to try and separate the Parish Council and the charity and publicise the fact that they are two separate entities.
-
The charity now has a page on the Oulton Parish Council website and will be developing a charity Facebook page.
-
Plans to refurbish some of the assets that have not been touched in years.
-
The Charity will continue to hold the meetings virtually.
Structure, Governance and Management
Governing Document
The Nicholas Everitt Park is a charity that was established under a Deed of Gift 1929 which set out the objects and powers of the charity. The charity is registered with the Charity Commission. (Registration No 304788).
Recruitment and Appointment of Trustees
The sole Trustee of the charity is Oulton Broad Parish Council.
3
THE NICHOLAS EVERITT PARK
TRUSTEE’S REPORT CONTINUED
FOR THE YEAR ENDED 31 MARCH 2022
Organisational Structure
On 1st April 2018 the trusteeship of the charity transferred from Waveney District Council to Oulton Broad Parish Council.
The day-to-day operation of the charity is undertaken by the clerk of the charity and Oulton Broad Parish Council.
True and fair override
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Independent examiner
Mark Proctor FCA DChA of Lovewell Blake LLP will be reappointed as independent examiner for the ensuing year.
This report has been approved and signed on behalf of the Trustee:
Date: 30 January 2023
4
THE NICHOLAS EVERITT PARK
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE
FOR THE YEAR ENDED 31 MARCH 2022
I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 6 to 11.
Responsibilities and basis of report
As the charity’s Trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
I 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 accounts to be reached.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) 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 since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Mark Proctor FCA, DChA Bankside 300 Independent Examiner Peachman Way LOVEWELL BLAKE LLP Broadland Business Park Chartered Accountants Norwich Norfolk 31 January 2023 NR7 0LB
5
THE NICHOLAS EVERITT PARK
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Unrestricted Restricted £ £ Income Grants – towards repairs and maintenance 160,432 6,000 Grants – Covid 19 20,000 - Property lettings 58,325 - Leisure activity – Bowls 1,990 - Leisure activity – Powerboats 1,080 - Leisure activity – Tennis 371 - Leisure activity – Other 960 - Donations 285 - Misc. income 5,861 - VAT recovered - - Total Income 249,304 6,000 Expenditure on Charitable Activities Insurance 227 - Legal fees 1,125 - Independent examination 1,406 - Solicitors 2,787 - Chartered surveyors - - Management fees 471 - Repairs and maintenance (including capital) 169,869 6,757 Security 48,232 - Utilities 35,921 - Event expenses 257 - Miscellaneous 2,767 - Total Expenditure (263,062) (6,757).. Net income for the year before revaluation (13,758) (757) Revaluation (1,930,000) - Net income before transfer of funds (1,943,758) (757) Transfers between funds (1,757) 1,757 Net movement in funds (1,945,515) 1,000 Fund balance at 1 April 2021 4,092,189 5,000 Fund balance at 31 March 2022 2,146,674 6,000 |
2021 Total Funds Unrestricted Restricted £ £ £ 166,432 - 13,000 20,000 41,416 - 58,325 59,643 - 1,990 746 - 1,080 - - 371 243 - 960 - - 285 - - 5,861 1,906 - - 9,616 - 255,304 113,570 13,000 227 215 - 1,125 - - 1,406 1,282 - 2,787 1,646 - - 2,735 - 471 515 - 176,626 19,448 6,318 48,232 44,133 - 35,921 10,732 - 257 - - 2,767 180 - (269,819) (80,886) (6,318) (14,515) 32,684 6,682 (1,930,000) - - (1,944,515) 32,684 6,682 - 1,349 (1,349) (1,944,515) 34,033 5,333 4,097,189 4,058,156 (333) 2,152,674 4,092,189 5,000 |
Total Funds £ 13,000 41,416 59,643 746 - 243 - - 1,906 9,616 126,570 215 - 1,282 1,646 2,735 515 25,766 44,133 10,732 - 180 (87,204) 39,366 - 39,366 - 39,366 4,057,823 4,097,189 |
|---|---|---|
6
THE NICHOLAS EVERITT PARK
BALANCE SHEET
AS AT 31 MARCH 2022
| Fixed assets Land and buildings Fixtures, fittings and equipment Community asset Total fixed assets Current assets Cash at bank Debtors - VAT Total current assets Current liabilities Independent examination fees accrual Creditors Total current liabilities NET ASSETS Funds Unrestricted Restricted Total funds |
2022 £ 1,796,000 159,345 160,000 2,115,345 33,324 21,760 55,084 (1,656) (16,099) (17,755) 2,152,674 2,146,674 6,000 2,152,674 |
2021 £ 3,741,000 159,345 145,000 4,045,345 55,464 4,674 60,138 (1,530) (6,764) (8,294) 4,097,189 4,092,189 5,000 4,097,189 |
|---|---|---|
These accounts were approved by the Trustee on 30 January 2023.
7
THE NICHOLAS EVERITT PARK
NOTES TO THE ACCOUNTS
AS AT 31 MARCH 2022
1. Principal accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
(a) Statement of compliance and basis of preparation
The accounts have been prepared on a historical cost basis as modified for certain assets held at valuation in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charites Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
(b) Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
Income from donations and legacies is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
-
Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
-
Property income is accounted for in the period to which it relates.
8
THE NICHOLAS EVERITT PARK
NOTES TO THE ACCOUNTS
AS AT 31 MARCH 2022
(d) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
(e) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
(f) Going concern
The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
(g) Fixed assets
During the years ended 31 March 2021 and 31 March 2022 the Trustees took the opportunity to review the assets of the charity and the value of such assets. The Trustees had previously valued the land and building assets, including those which were transferred from East Suffolk Council in 2017, on a current value per square metre / foot but during the year ended 31 March 2022 a valuation was completed by a chartered surveyor.
Included within fixtures, fittings and equipment are assets of £112,321 which were paid for by Oulton Broad Parish Council; funded by grants received by Oulton Broad Parish Council or through insurance claims.
2. Staff costs and emoluments
The charity had no employees during the year (2021: Nil) therefore, no employees received emoluments of more than £60,000 during the year (2021: Nil).
9
THE NICHOLAS EVERITT PARK
NOTES TO THE ACCOUNTS
AS AT 31 MARCH 2022
3. Trustees’ remuneration and reimbursed expenditure
No Trustees received any remuneration or expenses from the charity during the year (2021: Nil).
4. Related party transactions
Some of the Councillors of the Oulton Broad Parish Council are tenants of the properties owned by the Charity with rental charges being on a commercial basis.
During the year a total of £160,432 was received from Oulton Broad Parish Council in grants.
5. Analysis of charitable funds
31 March 2022
| Unrestricted Restricted Safety Fence Viewing platform Disabled swing Total 31 March 2021 Unrestricted Restricted Museum heating Disabled swing Total |
Funds brought forward £ 4,092,189 - - 5,000 5,000 4,097,189 Funds brought forward £ 4,058,156 (333) - (333) 4,057,823 |
Transfers and Receipts Payments Revaluation £ £ £ 249,304 (263,062) (1,931,757) 2,000 - - 4,000 - - - (6,757) 1,757 6,000 (6,757) 1,757 255,304 (269,819) (1,930,000) Receipts Payments Transfers £ £ £ 113,570 (80,886) 1,349 8,000 (6,318) (1,349) 5,000 - - 13,000 (6,318) (1,349) 126,5705 (87,204) - |
Funds carried forward £ 2,146,674 2,000 4,000 - 6,000 2,152,674 Funds carried forward £ 4,092,189 - 5,000 5,000 4,097,189 |
|---|---|---|---|
10
THE NICHOLAS EVERITT PARK
NOTES TO THE ACCOUNTS
AS AT 31 MARCH 2022
6. Analysis of net assets between funds
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| Funds | Funds | Funds 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 2,115,345 | - | 2,115,345 |
| Current assets | 49,084 | 6,000 | 55,084 |
| Creditors less than 1 year | (17,755) | - | (17,755) |
| Net assets | 2,146,674 | 6,000 | 2,152,674 |
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 4,045,345 | - | 4,045,345 |
| Current assets | 55,138 | 5,000 | 60,138 |
| Creditors less than 1 year | (8,294) | - | (8,294) |
| Net assets | 4,092,189 | 5,000 | 4,097,189 |
11
THE NICHOLAS EVERITT PARK
FINANCIAL
STATEMENTS 31 MARCH 2022
THE NICHOLAS EVERITT
TRUSTEE’S
FOR THE YEAR ENDED 31 MARCH
The Trustee present their report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and 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 published in October 2019.
Reference and Administrative Details
| Charity Name | The Nicholas Everitt Park Trust |
|---|---|
| Charity Number | 304788 |
| Address of Charity: | The Pavilion |
| Nicholas Everitt | |
| Park Oulton Broad | |
| Lowestoft | |
| Sufolk | |
| NR33 | |
| 9JR | |
| Trustee | Oulton Broad Parish Council |
| Councillors of Oulton | Cllr S Keller |
| Broad Parish Council | Cllr B Falat |
| Cllr J Bragg | |
| Cllr T | |
| Cannon Cllr | |
| P Carver Cllr | |
| B Keller Cllr | |
| A Page Cllr | |
| L Pullen | |
| Cllr C Ashdown | |
| Independent Examiner Lovewell Blake LLP |
|
| Chartered | |
| Accountants | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business | |
| Park Norwich | |
| Norfolk | |
| NR7 | |
| 0LB |
1
THE NICHOLAS EVERITT
TRUSTEE’S REPORT
FOR THE YEAR ENDED 31 MARCH
Objectives and Activities
Principal Objectives
Land to be used as an open space by inhabitants and visitors to Lowestoft. Reasonable facilities shall be given for general sports and recreation including water sports.
Public benefit
Open all year round the park is an impressive green space alongside the broads. A traditional park in many respects with a number of visitor attractions, it also provides a variety of habitats for the wildlife which inhabit the space. This popular park is used throughout the year for many events and is renowned for those activities associated with the broad itself including powerboat racing and fishing. The park gained the green Flag award again in 2022.
In the centre of the park is a traditional bandstand and a large, open space. This is a popular spot for picnics. Beyond this is the children's play area, trampolines, crazy golf and refreshment facilities. There are traditional seasonal bedding displays which lead down to the tennis courts and bowling greens. Lowestoft Museum is located within the park offering a wealth of local history.
Used by both visitors and the local community.
The trustee has given due regard to the guidance issued by the Charity Commission on public benefit.
Achievements and Performance
During the year ended 31 March 2022 the following occurred:
-
Ongoing discussion regarding the leaseback agreements with East Suffolk Council and Waveney Norse in connection with the car parks at Nicholas Everitt Park.
-
Review of leases and licences held by some of the tenants.
-
East Suffolk Council took over running of the harbour master and their crew for an initial period. Whilst they are doing this rental income is being received.
-
Works have been completed for the Broad House refurbishment. The flat above the museum has been divided to include some rooms for the museum. The other rooms are the new Council offices and community rooms. In the future there is hope that the charity will be able to rent the community room out.
-
The tennis courts continued to be maintained.
-
The leisure Centre needs some refurbishment and a new roof.
-
Norse maintenance costs for the maintenance of the park are still being ‘gifted’ by the Parish Council, as there are still no funds in the charity account to cover this. There is hope that the charity will be self-sufficient in a couple of years. The value of the gift for the year ended 31 March 2022 was £84,800.
-
Fundraising and events in the park have picked up and we have started to get some funds from craft fairs and events.
-
Covid-19 support grants helped throughout the year for the Pavilion and Museum.
-
Security is still required in the park in the evenings, and this has now been budgeted for. at a cost of £49,920..
-
Powerboat meetings were back this year, so income was received from them.
-
Bowls facilities are back open.
-
Tennis facilities opened.
2
Achievements and Performance (continued)
-
The pavilion was hired out for the Arts circle and income received.
-
The Charity continued to hold the monthly meetings virtually.
-
An adult gym has been installed in the park.
Financial Review
Reserves policy
The charity is underwritten by Oulton Broad Parish Council. Free reserves as at 31 March 2022 amounted to
£38,823 (2021: £55,464). The charity also held restricted reserves of £5,500 (2020: (£5,000)).
Plans for Future Periods
The charity has the following plans for 2022/23:
-
Park maintenance costs will continue to be gifted by the Parish Council. The value of the gift is £93,280.
-
The pavilion and museum were able to open again.
-
Income from events is expected to continue to be reduced, mainly due to the current climate.
-
Security will continue to be needed.
-
The museum trustees, with the help of the charity and others, were successful in gaining a grant from MEND via the lottery, in the region of £400k to help with the re-pointing and cellar repairs.
-
The shelter that burnt down has been rebuilt as an exact copy.
-
Work will be undertaken to try and separate the Parish Council and the charity and publicise the fact that they are two separate entities.
-
The charity now has a page on the Oulton Parish Council website and will be developing a charity Facebook page.
-
Plans to refurbish some of the assets that have not been touched in years.
-
The Charity will continue to hold the meetings virtually.
Structure, Governance and Management
Governing Document
The Nicholas Everitt Park is a charity that was established under a Deed of Gift 1929 which set out the objects and powers of the charity. The charity is registered with the Charity Commission. (Registration No 304788).
Recruitment and Appointment of Trustees
The sole Trustee of the charity is Oulton Broad Parish Council.
Organisational Structure
On 1st April 2018 the trusteeship of the charity transferred from Waveney District Council to Oulton Broad Parish Council.
The day-to-day operation of the charity is undertaken by the clerk of the charity and Oulton Broad
Parish Council. This report has been approved and signed on behalf of the Trustee:
Date: 3 January 2023
THE NICHOLAS EVERITT
INDEPENDENT EXAMINER’S REPORT TO THE
FOR THE YEAR ENDED 31 MARCH
I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 6 to 8.
Responsibilities and basis of report
As the charity’s Trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
I 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 accounts to be reached.
Bankside 300 Independent Examiner Peachman Way LOVEWELL BLAKE LLP Broadland Business Park
Chartered Accountants
Norwich Norfolk 29 November 2021 NR7 0LB
5
THE NICHOLAS EVERITT
RECEIPTS AND PAYMENTS
FOR THE YEAR ENDED 31 MARCH
Nicholas Everitt Park Trust 2021/2022
Income and Expenditure Account for Year Ended 31st March 2022
| 31st March 2021 Operating Income |
31st March 2022 |
|
|---|---|---|
| 18,708 Lowestoft Museum |
17,689 | |
| 0 Administration |
95,010 | |
| 530 Flat |
0 | |
| 6,600 Harbour Master |
12,650 | |
| 4,990 Park and Sports Grounds |
8,701 | |
| 10,708 The Pavilion |
8,367 | |
| 21,064 Park Assets |
65,451 | |
| 312 Miscellaneous |
0 | |
| 47,755 Rental Income |
35,543 | |
| 6,580 121 Bridge Road |
11,892 | |
| 708 113 Bridge Road 117,955 Total Income 22,093 Running Costs Lowestoft Museum |
0 255,303 19,138 |
|
| 3,495 Administration |
2,690 | |
| 301 Flat |
34,793 | |
| 1,235 Harbour Master |
3 | |
| 1,086 Toilets |
5,774 | |
| 58,998 Park and Sports Grounds |
91,865 | |
| 142 The Pavilion |
3,547 | |
| 5,905 Park Assets |
18,156 | |
| 0 Outbuilding The Old Forge |
1,880 | |
| 0 Everitt Park Cafe |
90,449 | |
| 79 LeaseBack |
0 | |
| 990 121 Bridge Road 94,324 Total Expenditure General Fund Analysis (38,759) Opening Balance 117,955 Plus : Income for Year 79,196 94,324 Less : Expenditure for Year (15,128) 990 Transfers TO / FROM Reserves (16,118) Closing Balance |
1,398 269,692 (16,118) 255,303 239,185 269,692 (30,507) 12,411 (42,919) |
6
THE NICHOLAS EVERITT
STATEMENT OF ASSETS AND NOTES TO THE FINANCIAL
AS AT 31 MARCH
| Fixed assets – Cost/value Note s Land and buildings 2 Fixtures, fttings and equipment 2 Community asset 2 Total fxed assets Current assets Cash at bank Debtors Total current assets Current liabilities Independent examination fees accrual Grant repayable to Parish Council Total current liabilities |
202 2 £ 1,956,000 159,345 - 2,115,345 - - 1,690 - 1,690 |
202 1 £ 3,741,000 159,345 145,000 4,045,345 |
202 1 £ 3,741,000 159,345 145,000 |
202 1 £ 3,741,000 159,345 145,000 |
202 1 £ 3,741,000 159,345 145,000 |
|---|---|---|---|---|---|
| 55,464 4,674 60,138 |
|||||
| 1,530 - 1,530 |
These accounts were approved by the Trustee on 3 November 2022
Notes
1. Accounting convention
The financial statements have been prepared on the receipts and payments basis.
2 Fixed assets
During the years ended 31 March 2021 and 31 March 2022 the Trustees took the opportunity to review the assets of the charity and the value of such assets. The Trustees have valued the land and building assets, including those which were transferred from East Suffolk Council in 2017, by a chartered surveyor. The same values have been used for insurance purposes.
7
3 Analysis of receipts and payments between funds
| 31 March 2022 Cas h Unrestricted Restricted Museum heating Total 31 March 2021 Cash Unrestricted Restricted Museum heating Disabled swing Total |
in hand broug ht forwar d Receipts Payments £ £ £ 50,464 255,303 (83,894 ) 5,000 5,500 (7,325 ) 5,000 5,500 (7,325 ) 55,46 4 260,803 91,219 in hand broug ht forwar d Receipts Payments £ £ £ 20,460 125,775 (97,120 ) (333) 8,000 (6,318) - 5,000 - (333 ) 13,000 (6,318 ) 20,12 7 138,775 103,438 |
Cash in hand carried Transfers forward £ £ 13,388 33,323 (5500 ) - (5500 ) 13,388 38,823 Cash in hand carried Transfers forward £ £ 1,349 50,464 (1,349) - - 5,000 (1,349 ) 5,000 - 55,464 |
Cash in hand carried Transfers forward £ £ 13,388 33,323 (5500 ) - (5500 ) 13,388 38,823 Cash in hand carried Transfers forward £ £ 1,349 50,464 (1,349) - - 5,000 (1,349 ) 5,000 - 55,464 |
|---|---|---|---|