REGISTERED COMPANY NUMBEIL. 01769840 (England and Wales) REGISTERED CHARrrY NUMBER: 514717 Report of the TnletS and Unaudlted FIDADelal Stalements for the Year Ended 31 M#rcb 2024 for Newburn Rlverslde Reereallon Assodatlon Lfjmlted Peter Weldon & Co. L 87 Station Road Ashington Northumberland NFA63 8RS
NewburD Riverside Recreatlon Assoclatlon Llmited Contents of the Flnaneial StAtements for tbe Yegr Ended 31 Msrch 2024 Page Report of the Trustees I to 4 IndependeDt Eumlner'j Report Statement of FlnAn¢lAI A¢tlvltle8 Balance Sheet Notes to the Flnanelal Stat¢m¢nts 9 to 17 Detfilled St2tement of FlnAnefial Actlvltles 18
Newburn RlYer$lde Recreation Associatfion Limited Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 l January 2019). OWECTIVES AND ACTIVITIES The charity exists for the benefit of th¢ public through the provision of its services to any member of the public, and the tntee5 have considered the Charity Commission's guidance on public benefit. The charitys purpose as set out in the objects contained in the company's Articles of Association is to: promo* the benefit of the inhabitants of Tyne and Wear and the Neighbourhood (hereinafter Called the "area of benefit" by the provision of the facilities in the interests of social welfare for recreation and other leisure time occupation with the object of improving the life for the beneficiaries; and provide improvement and maintenance of the grounds and buildings at Newbum Leisure Centre for the purpose of recreation and other leisure time occupation with the object of improving the conditions of life for the beneficiaries. Newburn Leisure Centre has developed a wide range of activities to meet these objectives based upon the following facilities available to the public: * Indoor sports hall * Fitness facilities * Sensory roomllntera¢tive Room * Indoor climbing wall * Outdoor sports field * Outdoor 5-a-side courts * Water based activilies on adjacent River Tyne • Outdoor activities in adjacent Newburn Countryside Park Newburn Leisure Centre became independent from an integrated venture with Newcastle City Council on l April 2015. The organisational structure, management and operations are well established and the centre is operating at a similar level prior to the changeover. The aim of the charity is lo be self-financing and promote the long term security of the centre. The trustees have paid due regard to guidance issued by the Chariry Commission in deciding what activities the charity should undertake. ACHIEVEMENT AND PERFORMANCE Budgets The income for 2023124 was supported by grants, and rental income from ies subsidiary on interest reIVed in baT)k interest. The 2024125 budget is based on 2023124 preforn)ance including a £125,000 depreciation charge with respect to leasehold amortisation. Page I
Newburn Rfverslde Re¢reatioD AsCIatiOn IAmited Report of the Trnstees for the Yr Ended 31 Marcb 2024 ACHIEVEMENT AND PERFORMANCE Targets The primary target was to foresee andlor &ldress the Continuing implications of Newcastle City Council grant withdrawal and position the Centre fInanS and operation Structu for the immediate, medium and long terni fuwre. Aetlvltles There is a wide range of activities relad to the facilities available. A¢curnte records of users are kepi as part of the review of ongoing operations. The future perforniance of the group will be influenced by the Consolidation of core activities. Delivery of services operates via the wholy owned subsidiary company. Future developments Initial proposals for a range of future facility developments at the Centre remain in place and the group continues to seek grants for Capital developmenL equipment and revenue activities. FINANCIAL REVIEW Financial posltlon During the year ended 31 si March 2024 the net assets of Newburn Riverside Recreational Association de¢re&sed by £97,944 (2023- £93,769). Total funds at th¢ year-end were £1,395,481 (2023: £1,493,425). The trading aspect. that is the activities undertaken at the Centr< remains broadly wnstant although there are a number of different "one events that occur each year. The number and variety of activities is extensive and usagelincome fluctuates year on year between the activities. The Centre is run by the eharity's trading subsidiary, Newburn Sports Services Limite(L Investment policy and objtttives The trustees consider the most appropriate policy of investing funds at the Current time is to retain an increasing level of funds on deposit. Reserves poli The trustees believe it is pent to mainlain unrestricted funds at a level, which equas to approximately 6 months unr¢stricfrd expenditure being £75.000. At the year end these totalled £1.395.481 (2023: £1.493.425). STRUCTURE GOVERNANCE AND MANAGEMENI GoverniDg doeument Newburn Riverside Recreation A$sl&tIOn Limited is a company limited by guarantee. and a registered charity in England governed by its rnemorandum and articles of association dated I l March 1996. Charity number 514717. Company number 01769840. The company h&s no share capitsl. Recrnllmtttt and appolntnient of tnistees The Board of TteeS shall consist of not less than 3 and is not subject to a maximum. Tn are appointed at the annual general meeting or during the year to fill a vawicy however they will only hold office until the next annual general meeting if they are not reA)pointed at that meelin& Page 2
Newburn Rfiyerslde RecreatSon Assoclatfion Limited Report of the Trustees for the Year Ended 31 Mareh 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Organisation The Board of Trustees meet on a monthly basis to administer the charity and to review Strate and future operation requirements. The charity comprises of the provision of a recreation centre for all ages within Tyne & Wear through its subsidiary Newbem Sports Services Limited. The subsidiary company operates the sports ¢entre. Newburn Leisure Centre is open 7 days a week (excluding public holidays and a Christmas closure period). The day to day management of the Centre, site activities, staff, facility resources and operational aspects is the responsibility of the management staff comprising the Centre Manager and Duty Managers. The Centre management stsff report to and eonsult the Company Secretary on discretionary spending etc. and issues arising at the Centr¢ that require executivelauthority. The Centre Manager and Company Secretary meet on a regular b&8is between the monthly management meetings. IDductlon snd tralnlng of new trustees New Trustees receive copies of all relevant documentation, which are explained by the chair. This will include the constitution, organisation management inforniation relating to their role, the scope and responsibility of the Board and the system of delegated authority and infomation about the cycle of meetings. Opportunities for meeting staff are also arranged. Pay pollcy for key management personnel The trustees consider key management comprise the charity's trustees who are in charge of directing and controllin& running and operating the charity on a day to day basis. Details of trustee's remuneration and expenses are disclosed in the notes to the accounts. The pay of the trustees is reviewed annually. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 01769840 (England and Wales) Registered ChArfity Dumber 514717 Reglstered offiee Newburn Leisure Centre Grange Road, Newburn Newcastle Upon Tyne Tyne &Wear NE15 8ND Trustees W Shaw Quantity Surveyor J F Lambert Quantity Surveyor L I Wright Finance Administrator (resigned 121812023) E A Whittaker Retired (deceased 81612023) M Hogarth Postal Worker M H Townson Retired Engineer Page 3
Newburn Riverside Recreation Association Limited Report of the Trustees for the Year EDded 31 March 2024 REFERENCE AND ADMINISTII4TIVE DETAILS Company Secretary J F Lambert Independent Examiner Peter Weldon & Co. Ltd 87 Station Road Ashington Northumberland NE63 8RS Approved by order of the board of trustees on 26 November 2024 and signed on its behalf by: Ji W Shaw - Trustee Page 4
IndepeDdent ELqminer's Report to the Trnstees of Newburn Riverside Recreation A&4ociation Limited Independent examiner's report to the trllstttl of Newbllrn Rfverside ReereatiOD AssociAtlon Limited ('the Comp2Dy') I report to the charity trustees on my examination of accounts of the Company for the year ended 31 March 2024. Responsibilitles and basis of report As the charity's trustses of the Company (and also its directors for the purpow of company law) you are responsible for the preparation of the accounts in accordatKe with the requirements of the Companies Act 2006 (Ihe 2006 Ace). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent eninatiOrb I report in respect of my VAamination of your charitys accounts as carried out under Section 145 of th¢ Charities Act 2011 (*he 2011 Ace). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) {b) of the 2011 Act. Independent examiner's ststement I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respxt of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the arxounts give a tnie and fair view which is not a matter considered &8 part of an independent eLqmination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no eon¢erns and have come across no other matters in connection with the eMinatIon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Peler Weldon Peler Weldon & Co. Ltd 87 Station Road Ashington Northumberlar NE63 8RS 31 October 2024 Page 5
Newburn Riverside Reereath)n Association Limited Statement of Flnanelal Aedvltles for the Year Ended 31 M*r¢h 2024 2024 UDrestrkt¢d funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 16.690 18,678 Other trading activitt¢s Investment income 31.659 2,983 31,659 1.017 Total 51.332 51,354 ExPENDURE ON Raising funds 143,173 137,221 Other 6.103 7,902 Total 149,276 145,123 NET INCOMEIIEXPENDITURE) (97,944) (93,769) RECONCILIATION OF FUNDS Total funds brought forward 1.493.425 1.587.194 TOTAL FUNDS CARRIED FORWARD 1395.481 1,493.425 The notes forni part of these financial statements Page 6
Newburn Rlversfide Recreatlon Assoclation Limited Balance Sbeet 31 March 2024 2024 Unrestrlcted fund8 2023 Total funds Notes FIXED ASSETS Tangible assets Investments 990.713 1,114,394 990,715 1,114,396 CURRENT ASSETS Debtors Cash at bank 10 402.571 163,092 379,907 168.966 565,663 548,873 CREDITORS Amounts falling due within one year (27,346) (11,540) NET CURRENT ASSETS 538,317 537,333 TOTAL ASSETS LESS CURRENT LIABILfriES 1,529,032 1,651,729 CREDITORS Amounts falling due after more than one year 12 (133.551) {158,304) NET ASSETS 1,395,481 1,493,425 FUNDS Unrestricted funds 14 1,395.481 1.493,425 TOTAL FUNDS 1,395,481 1,493,425 The charitable company is entitled to exemption from audit under Section 477 of the Companie5 A¢t 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for ihe year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The notes forni part of these financial statements Page 7 continued...
Newburn Riverside Recreation Association Limited Balance Sheet- continued 31 March 2024 The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements ivhich give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance ivith the provisions applicable to Charitsble companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 26 November 2024 and were signed on its behalf by: J F Lambert - Trustee UQ W Shaw - Trustee The notes forni part of these financial statements Page 8
Newburn Riverside Recrealion Association Limited Noles to the Finaneial Statements for the Yevdr Ended 31 Mareb 2024 AccouKfiNG POLICIES Basis of preparing the ffinanclal statements The financial statements of the clwitable cornpany. which is a public benefit entity under FRS 101 have been prepared in accordance with the Charities SORP (FRS 102) 'Ac¢ounting 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 l January 2019),, Financial Reporting Standard 102 Tr Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Aa 2006. The financial sLements have been prepared under the historical cost convention. with the ¢x¢¢ption of investments which are included * market value. Income All income is recognised in the Statement of Financial Activities once the charity h&s entitlement to the funds, it is probabl¢ that the income will be received and the amount can be measured reliably. Donations and legaeks Income from donations and grants that provide core funding or are of a general nature are recognised where ther¢ is entitlemenL certainty of receipt and the amounts can be measured with sufficient reliability. Expendlture Liabilities are recognised as expenditure &s soon Ls there is a legal or constructive obligation committing the charity to that expenditure, 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 a¢cound for on an accnlS basis and h&s been classified under headings that aggregate all cost related to the category. Wher¢ costs can[t be directly attributed to particular headings they have been atlocated to activities on a b&sis consistent with the use of resources. Governance costs Include those costs associated with meeting the constitutional and stawtory requirements of the group and include accountancy fees and costs linked to the strategic management of the group. Tanglbk red assets Depreciation is provided at the following annual rates in order to write off &qch &ss¢t over its estimated useful life. Long leasehold Plant and machinery Fixtures and fittings 25-50 years straight line on reducing balance per a1uM 15% on reducing balarKe per annum IndividuaI assets costing £50 or more are capitalised at cosL The gain or loss arising on th¢ disposal of an asset is deterniined as the difference between the sale proceeds and the carrying value of the asseL and 1$ reCOls¢d An net incomel(expenditure) for the year. Subsequent costs. including replacemeni parts. are capitalised only when it is probable that such )sts will generate future economic benefits. Any replaced parts or remaining carrying amounts are then derecognised. All other costs of repairs and maintenance are charges to the SLqtement of Financial Activities. continued...
NewburD Riverside RecreAtlon Assodatlon Llmited Notes to the Fin2ncig1 Statements- tontlnued for tbe Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Taxation The charity is exempt from corporation tax on its charitable activities. Fund aeeouDting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees unless the funds have been designated for other purposes. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpose Further explanation of the natsire and purpose of each fund is included in the notes to the financial statements. DONATIONS AND LEGACIES Donations and legacies Unrestricted Funds Total 2024 Total 2023 Grant release NCC Covid-19 grant 14.900 14,900 14,900 3,778 14,900 14,900 18.678 OTHER TRADING A1VITIEs 2024 2023 Operation of Sports Centre 31.659 31.659 Page 10 Continued...
Newburn Rlverslde Recreation Assoclallon Limited Notes to the FIDancll Statements- ¢oDtiDued for the Year Ended 31 Mareh 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 2,983 1.017 NET INCOMEI(EXPENDrfuRE) Net incomel(expenditure) is stad after Chgin(Credit1n). 2024 2023 Depreciation - owned assets 130.957 131,970 TRUSTEES, REMUNEKiTION AND BENEFITS There were no trustees, remunerntion or other benefits for year ended 31 March 2024 nor for the year ended 31 March 2023. Trusteu, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPAIL4TWES FOR THE STATEMENT OF FINANCIAL AcrivlEs Unrestrleted funds INCOME AND EIYDOWMENTS FROM Donations and legacies 18,678 Other trading tIvItieS Investment income 31,659 1,017 Total 51J54 EXPENDITURE ON Raising funds 137221 Other 7,902 Total 145.123 Pagell continued...
Newburn Riverside Recreation A$slti0ll iamited Notes to the Financial Ststenients - eODlinued for the Year Ended 31 Mareh 2024 cohtPARATIVFS FOR THE sfATEMENf OF FINANCIAL A1VrEs. eontinued Unrestricted funds NET INCOMEI(EXPENDTlllRE) (93.769) RECONCILIATION OF FUNDS Total funds brought forward 1,587,194 TOTAL FUNDS CARRIED FORWARD 1,493,425 TANGIBLE FIXED ASSETS Fithr&q and fittings IA)Dg leasebold Plant and maebfillery Totals COST At l April 2023 Additions 3.626209 317.490 2,810 56.804 4,000,503 7.276 At 31 March 2024 3,626209 320JOO 61270 4.007.779 DEPRECIATION At l April 2023 Charge for year 1541,607 125.114 295,741 4.631 48,761 1212 2,886.109 130,957 At 31 March 2024 2.666.721 300J72 49.973 3.017,066 NET BOOKVALUE At 31 March 2024 959,488 19,928 11297 990,713 At 31 March 2023 1.084,602 21,749 8,043 1.114,394 Page 12 continued...
Newburn Riverside Re¢reation A&qoeiAtion Llmlted Notes to the FIDanclAI Ststements- CODtlnued for the Year Ended 31 March 2024 FIXED ASSET INVESTMEKrs Sb8res ID group undertakfjngs Cost or valuatAon As at l April 2022 & 31 March 2023 Carryfing amount As at 31 March 2022 As at 31 March 2021 The charity has a wholly owned subsidiary, Newburn Sports Services Limited, a company incorporated and registered in England and Wales (company number 02684100). Its registered office is Newburn Leisure Cenlre, Grange Road, Newburn. Newc&stl¢ upon Tyn¢. NEI 5 8BD. The company operates the sports centre Newburn Leisure Centre on behalf of the charity and pays li some of its profits to the charity by gift aid. Newburn Sports Services Limited is exempt from audit by virtue of s479A of the Charities Act 2006. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Amounts owed by group undertakings Other debtors Prepayments 400.727 1,671 173 379.593 173 402.571 379,907 Page 13 continued...
Newburn Rfverjide RecreAtion Assocfiatlon Lthifited Noles to the FID8nelal Statements- CODtinued for the Year Ended 31 March 2024 11. CREDITORS: AMouKfs FALLING DUE wrrHIN ONE YLIR 2024 2023 Bank loans and overdrafts (see note 13) Trade creditors Other creditors Accruals and deferred income AcCnd expenses 8.920 5,587 921 10.752 8,920 533 1.166 27346 11,540 12. cREDORS. AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 13) Grant reserve 14,321 119,230 24,174 134,130 133.551 158,304 13. LOANS An analysis of the matiwity of loans is given below: 2024 2023 Amounts falling due within one year on dernand: Bank loans 8,920 8.920 Amounts falling due between two and five years: Bank loans - 2-5 years 14.321 24.174 Page 14 continued...
Newburn Rfverslde Reerestlon Assoclatlon Limlted Notes to the Financial Ststements - contlnued for tbe Yefir Ended 31 Mareh 2024 14. MOVEMENT IN FUNDS Net movement ID funds At 3113124 At 114123 Unrestrlcted funds Unrestricted fund 1,493,425 (97,944) 1,395,481 TOTAL FUNDS 1,493.425 (97,944) 1,395,481 Net movement in funds, included in the above are as follows: IneomlDg resoureej Resources expended Movement ID funds Unrestrlcted fundj Unrestricted fund 51,332 (149,276) (97,944) TOTAL FUNDS 51,332 (149,276) (97,944) Comparallves for movement ID fvnds Net movement In funds At 3113123 At 114122 Unre8trlcted funds Unrestricted fund 1,587,194 (93,769) 1,493,425 TOTAL FUNDS 1,587,194 (93,769) 1,493,425 Page 15 continued...
Newburn Riverside Recreation Assoe6atloD Limiled Notes to the Flnaneial Statements- continued for the Year Ended 31 March 2024 14. MOVEMENT IN FIJNDS. conthiued Comparative net movement in funds included in the above are as follows: Incoming reurCeS Re80urees expended Movement In funds Unrejtrlcted funds Unrestricted fund 51,354 (145,123) (93,769) TOTAL FUNDS 51,354 (145,123) (93.769) A current year 12 months and prior year 12 months combined position is as follows: Net movement In funds At 3113124 At 114n2 Unrejtrleted fund8 Unrestricted fund 1,587,194 (191,713) 1,395,481 TOTAL FUNDS 1,587.194 (191,713) 1,395,481 A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows: Ineomlng resourc¢8 Resoureei expeDded Movement In Unrestrleted funds Unrestricted fund 102,686 (294,399) (191,713) TOTAL FUNDS 102,686 (294,399) (191,713) Page 16 continued...
Newburn Rfvernlde Recreallon Association IAmlted Notes to the FlnaDciJII Statements- lltinued for the Year Ended 31 March 2024 IS. RELATED PARTY DISCLOSURES Included within debtors is an arnount of £400,727 (2023: £379,593) owed by Newburn Sports Services Limite a subsidiary of Newburn Riverside Recreation Limited. Rent of £31,659 (2023: £31.659) wa5 paid to Newbum Riverside Recreation Association Limited during the year. Page 17
Newburn Riverside Recreatlon Association Limited Detalled Statement of FIDAnclAI Aetlvfitles for the Year EDded 31 March 2024 2024 2023 INCOME AND ENDOWMENTS DoDatloDS And lega¢les Grants 16,690 18.678 Otber tradlng a¢tlvltles Operation of Sports Centre 31,659 31.659 IDvestment ID¢ome Deposit account interest 2,983 1,017 Totsl IncomlDg re8our¢es 51,332 51 J54 EXPENDITURE Other trgdlng aetlvltlej Operation of the sports centre 25 12 Support costs FIDance Bank ¢harg¢s 124 95 Other Premises costs Freehold property Plant and machinery Fixtures and fittings 14,883 125,114 4,630 1.213 10.137 125,114 5.436 1.419 145,840 142,106 GoverDance costs Accountancy fees Legal fees Bank loan interest 1000 490 797 2,000 910 3.287 2,910 Total resources expended 149,276 145.123 Net expenditure (97,944) (93,769) This page does not fonn part of the statutory financial statements Page 18