THE NICHOLAS EVERITT PARK FINANCIAL STATEMENTS 31 MARCH 2025
THE NICHOLAS EVERirr PARK CONTENTS Page Trustees, Report Accountants, Report Statement of Financial Activities Balance Sheel Notes to the accounts 8-11
THE NICHOLAS EVERirr PARK TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustee present their report and financial statements for the year ended 31 March 2025. 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 Admlnlstrative Details Charity Name The Nicholas Everitt Park Charlty Numb•r Address of Charity: 304788 Flat 1 Broadhouse Nicholas Everitt Park Oulton Broad Lowestoft Suffolk NR33 9JR Trustse Oulton Broad Parish Council Counclllors of Oulton Broad Parish Councll Cllr S Keller Cllr B Falat Cllr J Bragg Cllr P Carver Cllr B Keller Cllr C Ashdown Cllr D Bromley Cllr A Besford-Land Cllr D Munro (resigned,Ii/tt¥2L25 Cllr J Davis Cllr J Turner (appointed 17 June 2024) Cllr V Wickard (appointed 17 F8bruary 2025) Clerk to Council Ms M M¢Goun Bank Barclays 21-22 Cornhill Bury St Edmunds Suffolk IP33 1DY Ind•p•ndent Examiner Lov8well Blake LLP Chartered Accountants Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 OLB
THE NICHOLAS EVERirr PARK TRUSTEE'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Objectives and Activities Principal Objectives Land io be used as an open space by inhabitsnts 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. 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 refreshm8nt facilities. There are traditional seasonal bedding displays which lead down to th8 tennis courts and bowling greens. Lowesloft 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 2025 Ihe following occurred: The pavilion was hired out for the Arts circle, wood tumer. Bowls, regular Pilates group and Museum hire and income received. The park was awarded the Green Flag Award again this year. Improvements have been made to the beds beside the sunken gardens to match on each side. Two new Grounds Staff in place and have improved the park, working alongside FONEP. Flnancial Review The r8sults for the year are shown on pag8s 6- 11. Reserves policy The charity is underwritten by Oulton Broad Parish Council. Free reserves at 31 March 2025 amounted to £38,307 (2024.. £32.312) with restricted SerVeS of £6,000 (2024: £6.000}. The required level of reserves to be held is to be equivalent to six months expenditure.
THE NICHOLAS EVERITT PARK TRUSTEE'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Plans for Future Periods The Charity has the following plans for 2025126.. Park maintenance will continue to be gifted by the Parish Council. the value of the gift is £137,000. The income from events is expected to increase due to more events planned throughout the year. Security will continue to be needed. The Old Forge will have a new roof. The Charity will continue to hold meetings but in person going forward. The pavilion is open for hire. Incorne from events is expected to continue to improve with added events in the year. Work will be undertaken to lry 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 dredge the Land Spring Drain to remove all litter and reduce the smell. Plans to refurbish some of the assets that have not been touched in years. Structure, Governance and Management Governing Document The Nicholas Ev8ritt 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 Tru5tee5 The sole Trustee of the charity is Oulton Broad Parish Council. Oryanisational Structure On 1 April 2018 the trusteeship of the charity transferred from Waveney District Council to Oulton Broad Parish Council. The day-toaY operation of the charity is undertaken by the clerk of the charity and Oulton Broad Parish Council. True and fair override The financial statemenls have been prepared to give a 'Yrue 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 Reporknng 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 sinc8 b8en withdrawn.
THE NICHOLAS EVERITT PARK TRUSTEE'S REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Independent examlner 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: Cllr S Keller
THE NICHOLAS EVERirr PARK INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2025 I reF)Ort to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2025 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'5 Statement have completed my examination. I confirm that no material matters have come to my attention in connection with th8 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 accounts do not comply with the applicable requirements concerning the form and content of accounts set out in th6 Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and faiff view which is not a matter considered as part of an independent examination. Your attention is drawn to the fact that the Charty has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in aGGordanGe 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 PractiGe issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. l understand that this has been done in order. for the accounts to provide a true and fair view in accordance with the Generally AGcepted AcGounting Practice effective for reporting periods beginning on or after 1 January 2015. 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. Mark Proctor FCA, DChA Independent Examlner LOVEWELL BLAKE LLP Chartered Accountsnts Bankside 300 Pea¢hman Way Broadland Buslness Park Norwich Norfolk NR7 OLB
THE NICHOLAS EVERITT PARK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Unrestrlcted Restri¢ted 2024 Total Unrestricted Restrlcted Funds Total Funds Ineome Grants - towards repairs and maintenance Property letlings Leisure activity- Bowls Leisure activity- Other Leisure activity- Power Leisure activity- Tennis Donations 162.310 162,310 129,000 129,000 53.118 2.096 10.563 1,848 53,118 2,096 10,563 1,848 50,655 2,084 6,293 2,130 400 50.655 2.084 6,293 2.130 400 64 127 127 Total Income Expendlture on Charitable Activities Insurance Independent examination Chartered surveyors Management fees Subscriptions Repairs and maintenance Security Ulilities Event expenses Miscellaneous 330 2.217 259 483 805 142,455 43,553 31,755 1,633 577 330 2,217 259 483 805 142.455 43.553 31.755 1.633 577 287 2,273 287 2.273 462 462 115.614 45.362 24.398 798 974 115.614 45.362 24,398 798 974 Total Expendilure 190.168 Net movemont in funds 5,995 5.995 458 458 Fund balance at 1 April 2024 Fund balance at 31 March 2025 2 153999
THE NICHOLAS EVERITT PARK BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Fixed assets Land and buildings Fixtures, fittings and equipment Community asset 1,796,000 159,345 160 000 1.796.000 159.345 160 000 Total fixed assets 2 115345 2115345 Current assets Cash at bank Debtors - VAT 2,910 1.590 Total current assets Current liabilities Independent examination fees accrual Creditors (2,295) {2,273) Total current liabilities NET ASSETS 2 159652 2 153 657 Funds Unrestricted Restricted 2,153,652 2,147,657 Total funds These accounts were approved by the Trustee on: 27 . 0 l . 202G Cllr S Keller
THE NICHOLAS EVERITT PARK NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 1. Principal accountlng pollcles The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. (a) Statement of ¢ompllan¢e and basls 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 Practi¢e applicable to charFties preparing their accounts in accordance with the Financial Reporting Standard applicab18 in th8 UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland (FRS 1021, the Charites Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Odober 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practi effective from 1 April 2005 which has Sin been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. Fund accounting Unrestrict8d 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 8ntitlement has passed to the charity, it is probable that the economic benefits associated wlth 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, donatlons and gifts and is included in full in the Statement of Financial Activities wh8n receivable. Grants, wh8re entitlement is not conditional on the delivery of a specific performance by the charity, are recognis8d 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 performan¢e. Property income is accounted for in the period to which it relates.
THE NICHOLAS EVERITT PARK NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 {d) Expendlture 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 liabilty is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the 8mount receivable or payable including any related transaction Costs, un18SS the arrangement constitutes a financlng transaction. wher8 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 subsequ&ntly measured at amortised cost. {fj Going concem The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered Ihelevel 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 wilh the level of reserves for the Charity to be able to Gontinue as a going concern. (gl Fixed assets During the years ended 31 March 2021 and 31 March 2022 the Trustees took the opportunity to review the assets of tha charity and thè 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 I foot but during the year ended 31 March 2022 a valuation was completed by O A Chapman & Son Limited. Included within fixtures. fittings and equipm8nt are assets of £112.321 which w8r8 paid for by Oulton Broad Parish Council. funded by grants received by Oulton Broad Parlsh Council or through insurance laims. 2. Staff costs and emoluments The Charity had no employees during the year (2024: Nil} therefore, no employees received emoluments of more than £60,000 during the year (2024: Nil).
THE NICHOLAS EVERirf PARK NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 3. Trustees, remuneration and relmbursed expendlture No Trustees received any remuneration or expenses from the charity during the year (2024." Nil). 4. Related party transactions Some of the Councillors of the Oulton Broad Parish Council are tenants of the properbes owned by the Charity with rental Charges being on a Commercial basis. During the year a totsl of £162,310 (2024.. £129,000) was received from Oulton Broad Parish Council in grants. 5. Analysls of charltable funds 31 March 2025 Funds brought forward Transfers and Revaluation Funds carried forward Income Expenditure Unrestricted 2 147657 230 062 224 067 2 153 652 Restricted Safety Fence Viewing plafform 2,000 2.000 Total 31 March 2024 Funds brought forward Transfers and Revaluation Funds carried forward Income Expenditure Unrestrlct•d 2 147 199 190 626 190 168 2 147657 Restricted Safety Fence Viewing platfomi 2,000 2,000 Total 10
THE NICHOLAS EVERITT PARK NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 6. Anatysis of net assets between funds 31 March 2025 Unrestricted Funds Restricted Funds Total Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year 2,115.345 60.629 2,115,345 66,629 6,000 Net assets 31 March 2024 Unrestrlcted Funds Restricted Funds Total Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year 2.115.345 36.370 2,115.345 42,370 6,000 Net assets
NICHOLAS EVERITT PARK TRUST RE6. fHARf4Y3047E8 Dear Sirs Financial statements for the year ended 31 March 2025 The following representations are made on the basis of enquiries with those individuals, with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charity's financial statements for the year ended 31 March 2025. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All repsentationS are made to the best of our knowledge and belief. General We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion. We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011, being that gro: income for the year does not exceed £1 m or £250,000 if gross assets exceed £3.26m, from the requirement to h; its financial statements for the financial year ended 31 March 2025 audited. We confirm we have declared all income, including legacies. of which we are aware at the year end, whether received during the year or following the year end. We have fulfilled our responsibilities as trustees, as set out in the tenns of our engagement letter dated 9 Januao 2024 under the Charities Act 2011, for preparing financial statements in accordance with applicable law and Unit( Kingdom Accounting Standards {UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you. All the transactions undertaken by the charity have been properly reflected and recorded in the accounting recorc All the accounting records have been made available to you for the purpose of your independent examination. Wi have provided you with unrestricted access to all appropriate persons within the charity, and with all other record and related information requested. including minutes of all management and trustees meetings and corresponder with The Charity Commission. The financial statements are free of material misstatements, including omissions. Nicholas Everitt Park Trust. Charity Registered 304788 Broad House Nicholas Everitt Park Oulton Broad Lowestoft Suffolk, NR33 9JR 01502 580942 clerk@ob-pc.gov.uk
NICHOLAS EVERITT PARK TRUST RE6. (XARtri 3D47E8 Dear Sirs Financial statements for the year ended 31 March 2025 The following representations are made on the basis of enquiries with those individuals, with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charity's financial statements for the year ended 31 March 2025. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief. General We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion. We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011, being that gros< income for the year does not exceed £1 m or £250,000 if gross assets exceed £3.26m, from the requirement to ha) its financial statements for th6 financial year ended 31 March 2025 audited. We confirm we have declared all income, including legacies, of which we are aware at the year end, whether reiVed during the year or following the year end. We have fulfilled our responsibilities as trustees, as set out in the tenns of our engagement letter dated 9 January 2024 under the Charities Act 2011 , for preparing financial statements in accordance with applicable law and Unitei Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you. All the transactions undertaken by the charity have been properly reflected and recorded in the accounting record All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charity. and with all other records and related infomiation requested. including minutes of all management and trustees meetings and correspondeni with The Charity Commission. The financial statements are free of material misstatements, including omissions. Nicholas Everitt Park Trust, Charity Registered 304788 Broad House Nicholas Everitt Park Oulton Broad Lowestoft Suffolk, NR33 9JR 01502 580942 clerk@ob-pc.gov.uk
NICHOLAS EVERITT PARK TRUST R£fj. CHARWV 30178 Intemal control and fraud We acknowledge our responsibility for the design, implementation and maintenance of intemal control systems to prevent and detect fraud and error, and we believe that we have appropriately fulfilled these responsibilities. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a resum of fraud. We have disclosed to you all InStanS of known or suspected fraud affecting the entty involving those individuals, who have a significant role in internal control or others that have a material effect on the financial statements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity's financial statements communicated by analysts. regulators or others. Assets and liabilities The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity's assets. ex1 for those that are disclosed in the notes to the financial statements. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate. We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. Asset Valuations We consider that the carrying value of assets held at valuation as per valuation completed in 2022 appropriately reflects the fair value at the year end. Boating Lake £25,000 Leisure Centre £225,000 Pavilion £125.000 Tennis Court £90.000 Marina (Yacht Station) £175.000 Harbour Master £75,000 1-7 The Boulevard £120.000 Museum £300.000 Clerks office £50.000 Park Café £150,000 Band Stand £10,000 Play area £150.000 Bowls Green £70.000 The Boulevard £60.000 Car parks £100,000 Toilets £10,000 Boulevard toilets £10,000 Pump house £1,000 121 Bridge Road £200,000 Friend of park building £5,000 The Forge £5.000 Total = £1.956.000 Accounting estimates The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures. are appropriate to achieve recognition. measurement and disclosure that is reasonable in the context I the applicable financial reporting framework. Nicholas Everitt Park Trust, Charity Registered 304788 Broad House Nicholas Everitt Park Oulton Broad Lowestoft Suffolk. NR33 9JR 01502 580942 clerk@0pc.gOv.uk
NICHOLAS EVERITT PARK TRUST REG. CHARifY 304788 Bank accounts We have disclosed to you all bank accounts operated by the charity. Loans and arrangements The charity has not granted any advances or credits to or made guarantees on behalf of trustees other than those disclosed in the financial statements. Legal claims We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received an such matters, as appropriate, have been properly accounted for and disclosed in the financial statements. Laws and regulations We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements. Related parties Related party relationships and transaclions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements. Serious incidents We confimi that no serious incident reports have been submitted to the Charity Commission, nor any events considered for submission, during the year or in the period to the date of signing of the balance sheet. Subsequent events All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed. Going concern We believe that the charity's financial statements should be prepared on a going concern basis, on the grounds th; current and future sources of funding or support will be more than adequate for the charity's needs. We also confiri our plans for future action(s) required to enable the charity to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believ8 that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements. Grants and donations All grants. donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. Nicholas Everitt Park Trust, Charity Registered 304788 Broad House Nicholas Everitt Park Oulton Broad Lowestoft Suffolk. NR33 9JR 01502 580942 clerk@ob-pc.gov.uk
NICHOLAS EVERITT PARK TRUST RE6 CHAftffY3O*78U Each trustee has taken all steps that they ought to have taken as a trustee in order to make themselves aware of any relevant information and to establish that you are aware of that information. Yours faithfully Signed on behalf of the board of trustee of The Nicholas Everitt Pa Date..Z1...J.an¢.ry...Oth...... .. Nicholas Everitt Park Trust. Charity Registered 304788 Broad House Nicholas Everitt Park Oulton Broad Lowestoft SLrffolk, NR33 9JR 01502 580942 clerk@ob-pc.gov.uk