2023-12-31-accounts

REGISTERED COMPANY NUMBER: 02888488 (England and Wales) REGISTERED CHARITY NUMBER: 1035688

Report of the Trustees and Audited Financial Statements for the Year Ended 3 I December 2023 for NEW WAYS IA COMPANY LIMITED BY GUARANTEE}

NEW WAYS IA COMPANY LIMITED BY GUARANTEE\

Contents of the Financial Statements for the Year Ended 31 December 2023

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||||| |---|---|---|---| |Page| |Report of the Trustees|1|to|6| |Report of the Independent Auditors|7 to 10| |Statement of Financial Activities|11| |Balance Sheet|12| |Cash Flow Statement| |Notes to the Cash Flow Statement|14| |Notes to the Financial Statements|I 5 to 27| |Detailed Statement of Financial Activities|28| |13|

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NEW WAYS IA COMPANY LIMITED BY GUARANTEE)

Report of the Trustees for the Year Ended 31 December 2023

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 3 I December 2023. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 IFRS I 02) I effective I January 2019).

For the year to 31 December 2023 Ms A Docherty continues to also serve as the charity's Chief Executive Officer !Volunteer).

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NEW WAYS ————————— (A COMPANY LIMITED BY GUARANTEE\ Report of the Trustees for the Year Ended 3 I December 2023

OBJECTIVES AND ACTIVITIES Review of the Year

In 2023 New Ways continued to support projects that ore in line with the primary objective of the charity which is to help communities to thrive in the four African countries where the charity supports projects (Ethiopia, Kenya, Malawi and South Sudan) in conjunction with their partner organisation. Since the Cavid pandemic the charity has seen a notable reduction in grass roots support and especially unrestricted donations - this has not changed in 2023. The majority of donations are now restricted which has impacted the support for key projects such as the nursery schools and education programme supported in all four countries, There has been an increase in support from Grant Making Organisations (GMOs), primarily for water projects. The trustees are grateful for all the support provided by our donors enabling the charity to help those in greatest need and the charity will continue to support the primary areas of focus.

This year the charity funded projects valued at just over of £404,000, down by approx. 5% when compared to 2022. Just over half of the funds were dispersed to projects which represent our long-term ongoing projects (nurseries, education, health and agriculture). Funding for our water projects to build the water infrastructure in Turkana (Northern Kenya) represented 45% of our grants in 2023.

In total, New Ways was able to fund 21 projects across the four countries. As noted above, the amount sent to improve the quality of the lives of the people in Africa was just over £404,000. The bulk of the projects we support are based in Turkana and they represented 87% of our project funding predominantly due to 45% of our expenditure being focussed on water infrastructure mostly bore holes. This year Ethiopia represented just over 11% of project spend, Malawi represented 0.5% and South Sudan 2% of total funding. The majority of wafer infrastructure programmes in Turkana were supported by the States of Guernsey Overseas Development Fund and another Grant Making Organisation - these 2 organisations provided almost £100,000 of support in 2023. Of the 21 projects funded, 12 would be deemed small projects, as individually they were all less than £10,000 and together, they totalled just over £43,700 (II%).

In 2023, the charity's income fell marginally when compared to 2022, however, restricted funding predominantly from GMOs continues to be a major component of our income. We received funding from 7 grant making organisation representing 32% of our income (approx. £145,000). Unrestricted funding remains low at 21% a similar percentage when compared to 2022 but significantly down from years prior to that. We were successful this year in raising restricted funding from GMOs and major individual benefactors providing both restricted and unrestricted funding.

The running of nutritional nursery schools in Turkana continues to be a key part of our activities as they are critical projects with the primary aim of feeding children in the age group 2-7 to ensure they grow and develop to reach their full potential. Equally, as this is the first rung of education, we hope that more children will then go to primary school. In this period, there were three main areas in Turkana where the schools are located; these are Lobur, Nariokotome, and Todonyang. In Turkana, on average, each of the nursery classes has 50-70 children attending on a regular basis, therefore the project is covering nutritional and educational needs of over 1,200 children. Payments are made to cover the full running costs once or twice a year. In addition, we contributed running costs of the nutritional nurseries in four areas of Ethiopia, as well as South Sudan. In this financial year, we contributed over£ I 05,000 to the nutritional nursery schools in the four countries with 72% supporting the 20 Turkana nurseries, where funding for two of them is being provided by a GMO. Funds sent in this period were to cover the teachers' salaries, educational equipment, school uniforms and to provide the children with two meals a day whilst attending the nursery 5-6 days a week. This is very important as a first level education for children before they move on to primary school, and ensures we reduce infant mortality in the region. In Ethiopia the funding for the nurseries is predominantly covered by 2 GMO.

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Ss NEW WAYS ————————————— IA COMPANY LIMITED BY GUARANTEE) —— Report of the Trustees for the Year Ended 3 I December 2023 _—

Another key theme continues to be the Education programmes which include supporting two primary schools, as well as student and child sponsorship programmes Their focus is to support children and young adults in primary, secondary and tertiary education in Turkana in Kenya, as well as in Ethiopia. As a result of the success of our Girls Education Programme, supported by a key benefactor for over I O years, we now have over I O young ladies from Turkana attending either University or College in Kenya, the first of which graduated in 2024. A total of just over £61,000 was sent to the educational projects in the period. This included the support for a primary school in Todonyang where the Turkana and Dassanech {from across the border in Ethiopia) live side by side while being educated to promote peace in the area, which is a very important initiative. In addition, the primary school in Nariokotome is supported in partnership with an organisation in London and, we have a key programme in Ethiopia where the children are supported by specific individuals, and this represents 28% of the total spend on education projects. Education is critical in the empowerment of the next generation.

An area of critical importance is the provision of water resources and the development of the infrastructure given the dry and arid nature of Turkana, and the other countries where we operate. As well as being necessary for survival, the availability of water is very empowering and generally enables more children to attend school and encourages agriculture endeavours, Water projects have, therefore, been a long-term theme of the charity. In 2023, we had continued support from GMOs {over £115,0001 supporting water projects in Turkana. Of the funds transferred during 2023 {just over £185,000), almost £42,000 was provided by the States of Guernsey for a water project in Turkana to build two earth pan dams. In Turkana, we invested in the water infrastructure, including the drilling of 3 bore holes in the Lobur area and 2 in Todonyang area, These 5 were partly funded by US registered charity, Buy I Give I {BIG 11, plus a number of UK GMOs. Our water projects will continue to provide the local people with a source of clean drinking water, which will be available throughout the year, ensuring that they are able to take care of their own personal needs, as well as their animals, on which they rely for nutrition. Having bore holes in a village also ensures more girls go to school.

There were a number of other small infrastructure programmes including provision of solar lamps in Malawi at a significant discount, which enables the students to study in the evenings and for families to spend more time together. This programme is supported by BIG I.

The provision of key health services in Turkana is a very important and ongoing aspect of the work of our partner organisation as it is not currently provided by the local government. We supported three projects with funds of £44,000 being sent this year to Turkana and South Sudan. The primary project is the Nariokotome Health Programme where we cover the running costs of medical aid that is provided to the remote villages and outstations on a regular basis. New Ways provides 20% of the total budget with the rest of the funds being provided by a European NGO, The government does partner with us to provide vaccines and retro viral drugs, Malaria remains the biggest issue for the local people especially in the rainy season. In addition, we supported a similar programme in the Lobur area of Turkana. A major supporter of our health programme is BIG I. We also funded a project in South Sudan to cover the cost of employing a nurse in their health programme. This project is supported by an NGO.

There are a number of other projects covered in the financial information.

The administrative support costs of the charity were just under £25,000 {similar to recent years) and are retained at such a low level due to the important volunteer support the charity has organised and maintained. Additionally, there are governance costs of just over £5,000. Together these represent under 7% of the gross income of the charity. The majority of the administration costs cover two part-time resources, including a bookkeeper and an individual who makes applications to GMOs. We aim to ensure that the bulk of the funds we raise go to helping the people in the four countries we operate in, We continue to save funds due to the very high level of volunteer support in running the charity, including the CEO. We also have over 20 volunteers in key activities providing support to the charity, further reducing costs and maximising the spend on projects,

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i NEW WAYS —— (A COMPANY LIMITED BY GUARANTEE)

———_____ Report of the Trustees for the Year Ended 31 December 2023

During 2023 the majority of our projects were monitored largely by fhe New Ways chair and vice Chair who reside in Nariokotome, Turkana (Northern Kenya) and are the representatives of our partner on the ground in all four African countries where we work. They also act as our relationship manager with the partner organisation in all countries. Almost all of our projects are managed by members of the MCSPA who are also members of New Ways, are well known to all directors and who live permanently in either Turkana (Kenya), Ethiopia, South Sudan, or Malawi. They ensure that we receive good quality financial reports on how the funding is spent. We also raised just over £62,000 from our regular giving programme (similar to 2022). In 2012, we established a relationship with Buyl Givel (B 1 G 1) a US registered charity with an administration base in Singapore that enables small and medium sized businesses to give to charities in an effective manner. This has been a very positive and supportive relationship and in 2022 we raised just over £35,000 through them for various projects mostly for the Nariokotome health, bore holes in Turkana and our Ethiopia nurseries. This is down significantly from the previous year,

STRATEGIC REPORT

Investment policy and objectives

The Charity holds all its funds on short-term deposit with its bankers.

Reserves policy

In the Trustees' view, the reserves should provide the charity with adequate financial stability to meet its running costs for a minimum of one year and the means for it to meet its charitable objectives in the short term.

The trustees propose to maintain the charity's reserves at a minimum level of £50,000 and have done so having regard to its manner of operation and of likely funding streams.

The trustees review the amount of reserves that are required to ensure that they are adequate to fulfil the charity's continuing obligations as a minimum on an annual basis and more regularly if necessary.

Future plans

The Board of Directors have agreed that our focus and key themes remain unchanged working closely with our partner organisation. Our key projects continue to be the provision of first rung education and nutritional support via maintenance of nutritional nursery schools in Turkana (Northern Kenya), Ethiopia, and South Sudan. As well as a range of education projects predominantly in Kenya and Ethiopia. The provision of health care in Turkana remains a long-term commitment of the charity and we will give some support in South Sudan. New Ways will continue to fund community-enabling and social services projects supported by benefactors and other trusts.

Infrastructure will be a significant aspect of project funding in 2024 with a focus on water in Turkana, predominantly due to the funding programme from a GMO and individuals. Additionally, the States of Guernsey the are providing funding for the building of 2 earthpan darns. Our long term donor will continue to support building of the Development Centre in Nyangatorn, South West Ethiopia.

Ultimately, support for the projects we would like lo fund will very rnuch depend on the funds raised frorn GMOs and benefactors. We are now able to host our project managers so they can visit donors to discuss the projects they are implementing. We will focus on working hard to raise as much as possible. All projects are designed to empower the local people and ensure they have the tools to thrive.

The budget for the financial year to end December 2024 remains ambitious and is over £500,000 but final funding will depend on what can be raised.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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NEW WAYS IA COMPANY LIMITED BY GUARANTEE\ ~~a~~ Report of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation

The original members of the company were the 17 subscribers to the memorandum and articles of association. The number of permitted members is unlimited subject to the approval of the Board. The current membership stands at 25. Annual subscriptions fixed by the board are, unless waived, in full or part, due from the members. There is a board of directors for the direction and management of the affairs of the company which consists of no less than 5 or more than 12 members. To be eligible for appointment to the board a person shall be a member of the company or a representative duly authorised by a corporation which is a member of the company. Increases or decreases in the number of board members is subject to a general meeting of the company. The board currently meet on a quarterly basis and require a two-thirds majority voting on all key issues with the exception of those specified in the articles which were approved in September 2015 and registered in October 2015 with the Charity Commission and Companies House. The charity has a registered office and most volunteers and staff work from home. Several of the volunteers take responsibility for running different areas of the organisation. New Ways sends out a newsletter to members and supporters two or three times a year.

Risk management

Whilst risk assessment can limit risk. it does not eliminate risk. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity and are satisfied that the systems in place to mitigate exposure to these risks are operating efficiently.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02888488 !England and Wales)

Registered Charity number 1035688

Registered office

47 Cumberland Street London SWIV 4LY

Trustees

F Margain Ms Angela Docherty S Garner W Carson F Aguirre (resigned 18.3.23) Ms L Jillo Chairperson Ms S Wamalwo I appointed 18.3.23)

Ms L Jillo is the chairperson.

Company Secretary

S Garner

Auditors

WDM Registered Auditors Chartered Accountants 378 Brandon Street Motherwell MLI IXA

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NEW WAYS {A COMPANY LIMITED BY GUARANTEE}

Report of the Trustees for the Year Ended 31 December 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Solicitors

Solicitors: Bates Wells Braithwaite, Charity & Social Enterprise Department, I O Queen Street Place, London, EC4R I BE.

Bankers

Bankers: NatWest, City of London, PO Box 12258, I Princes Street, London, EC2R SBP.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of New Ways (a company limited by guarantee) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware;

• there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, WDM, will be proposed for re-appointment at the forthcoming Board Meeting.

Report of the trustees, incorp company directors, on .... .(.'f ..

board of trustees, as the

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Report of the Independent Auditors to the Members of New Ways la company limited by guarantee I

Opinion

We have audited the financial statements of New Ways (a company limited by guarantee} lthe 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. inciuding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards !United Kingdom Generally Accepted Accounting Practice I.

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing IUK) (ISAs IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or colleclively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements: and

the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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Report of the Independent Auditors to the Members of New Ways fa company limited by guarantee I

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees,

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion;

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees' remuneraHon specified by law are not made; or

we have not received all the information and explanations we require for our audit,

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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i Report of the Independent Auditors to the Members of New Ways la company limited by guarantee)

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, inciuding fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 , taxation legislation and data protection, anti-bribery, employment, charity legislation and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

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Report of the Independent Auditors to the Members of New Ways la company limited by guarantee)

reviewing correspondence with HMRC, relevant regulators including the Charity Commission, and the company's legal advisers,

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed,

fot vi . Graham1l my !Senior Partner) for and on behalf of WDM Registered Auditors Chartered Accountants 378 Brandon Street

Motherwell

ML1 1XA < Date: iS ¥ Awrat tD) \

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NEW WAYS (A COMPANY LIMITED BY GUARANTEE}

	Statement of Financial Activities	Statement of Financial Activities	Statement of Financial Activities
	for the Year Ended 3 I December 2023
				31.12.23	31.12.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	2	95,361	361,656	457,017	484,821
Investment income	3	3,081		3,081	370
Total		98,442	361,656	460,098	485,191
EXPENDITURE ON
Raising funds	4	492		492	3,956
Charitable activities :	5
Grants Payable		34,692	369,813	404,505	421,076
Support costs		24,735	2	24,737	26,49 I
Governance Costs		5,454		5,454	4,932
Total		65,373	369,815	435,188	456,455
NET INCOME/(EXPENDITURE)		33,069	(8,159)	24,910	28,736
RECONCILIATION OF FUNDS
Total funds brought forward		115,076	171,301	286,377	257,641
TOTAL FUNDS CARRIED FORWARD		148,145	163,142	311,287	286,377

The notes form part of these financial statements

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NEW WAYS — IA COMPANY LIMITED BY E ~~EE~~ GUARANTEE) Balance Sheet 31 December 2023

				31.12.23	31.12.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	13	31,859		31,859	71,630
Cash at bank		123,977	163,142	287,119	221.096
		155,836	163,142	318,978	292,726
CREDITORS
Amounts falling due within one year	14	(7,691)		(7,691)	(6,349)
					--
NET CURRENT ASSETS		148,145	163,142	311,287	286,377 --
TOTAL ASSETS LESS CURRENT LIABILITIES		148,145	163,142	311,287	286,377
					--
NET ASSETS		148,145	163,142	311,287	286,377
FUNDS	15
Unrestricted funds				148,145	115,076
Restricted funds				163,142	171,301
					--
TOTAL FUNDS				311,287	286,377

The financial statements were approved by the Board of Trustees and authorised for issue on ·{i·"'$f("·"Q<>1,;,J.f" and were signed on its behalf by:

The notes form part of these financial statements

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	NEW WAYS
_(A_COMPANY LIMITED BY GUARANTEE\ et
Cash Flow Statement
for the Year Ended 31 December 2023 oe ee	for the Year Ended 31 December 2023 ee ee ES ee
	31.12.23	31.12.22
Notes	£	£
Cash flows from operating activities
Cash generated from operations	62,942	24,457
Net cash provided by operating activities	62,942	24,457
Cash flows from investing activities
Interest received	3,081	370
Net cash provided by investing activities	3,081	370
Change in cash and cash equivalents in
the reporting period	66,023	24,827
Cash and cash equivalents at the
beginning ot the reporting period	221,096	196,269
Cash and cash equivalents at the end of
the reporting period	287,119	221,096

The notes form part of these financial statements

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NEW WAYS IA COMPANY LIMITED BY GUARANTEE) _—

Notes to the Cash Flow Statement SS for the Year Ended 31 December 2023 ——<$—$—$_— —

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

		31.12.23	31.12.22
		£	£
Net income for the reporting period ( as per the Statement of Financial
Activities)		24,910	28,736
Adjustments for:
Interest received		(3,081)	1370)
Decrease/ (increase) in debtors		39,771	13,848)
lncrease/(decrease) in creditors		1,342	161)
Net cash provided by operations		62,942	24,457
ANALYSIS OF CHANGES IN NET FUNDS
	At 1.1.23	Cash flow	Al31.12.23
	£	£	£
Net cash
Cash at bank	221,096	66,023	287,119
	221,096	66,023	287,119
	-
Total	221,096	66,023	287,119

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

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NEW WAYS ———— (A COMPANY LIMITED BY GUARANTEE)

————————— Notes to the Financial Statements for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 '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 1021 (effective 1 January 20191', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

(a) Donations

Donations are included in the year in which they are receivable and the amount can be measured reliably.

(bj Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

Expenditure

Liabilities are recognised as expenditure as soon as 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs include those costs incurred in the governance of the company's assets and are primarily associated with constitutional and statutory requirements.

Tangible fixed assets

Tangible fixed assets costing more than £100 are capitalised, including any incidental expenses of acquisition. Depreciation has been provided on the tangible fixed assets at an annual rate of 15% on the reducing balance method, so as to write off the assets over their estimated useful life.

Taxation

The company is a charity within the meaning of section 506(11 of the Taxes Act 1988. Accordingly the company is potentially exempt from taxation in respect of income or capital gains received with categories covered by section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

Restricted and designated funds

Funds restricted by the donor are treated as restricted funds. All other receipts are unrestricted funds however the charity has designated part of these funds for specific purposes. The aim and use of each designated fund is detailed in the notes to the financial statements. General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectivity's of the charity and which have not been designated for other purposes.

continued ...

Page 15

NEW WAYS a IA COMPANY LIMITED BY GUARANTEE\

Notes to the Financial Statements - continued as ——_— $s for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Debtors

Debtors are reco[g] nised at the settlement amount due after any discount offered.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term hi[g] hl[y ] li[q] uid investments with a short maturity of three months or less from the date of ac[q] uisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the charit[y ] has a present obligation resultin[g ] from a[p] ast event that will probably result in the transfer of funds to a third[p] arty and the amount due to settle the obli[g] ation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowin[g ] for an[y ] discounts due.

2.

DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
	31.12.23	31.12.22
	£	£
Donations	271,761	262,878
Gift aid	39,367	47,458
Grants	145,829	150,439
Subscriptions	10	10
Sponsored Event Income	50	24,036
		--
	457,017	484,821

Grants received, included in the above, are as follows:

Grants received, included in the above, are as follows:
	31.12.23	31.12.22
	£	£
Narikotome Health Project	6,060	21,460
Earth Pan Dam	37,682
Turkana Bore Hole	60,034
Malawi School		1,000
Turkana Borehole		76,000
Ethiopia Nurseries	20,000	7,498
South Sudan Water Project	4,276	38,481
Lobur Mobile Clinic		3,000
South Sudan Health Programme	3,000	3,000
Lobur Nurseries	9,777
TodonyangNurseries	5,000
	145,829	150,439

continued ...

Page 16

NEW WAYS

IA COMPANY LIMITED BY GUARANTEE)

~~A,~~ Notes to the Financial Statements - continued for the Year Ended 31 December 2023

3. INVESTMENT INCOME

INVESTMENT INCOME
			31.12.23	31.12.22
			£	£
Deposit account interest			3,081	370
RAISING FUNDS
Raising donations and legacies
			31.12.23	31.12.22
			£	£
Fundraising costs - events			492	3,956
CHARITABLE ACTIVITIES COSTS
	Grant
	funding of	funding of
	activities		Support
	_(see_note		costs lsee
	61		note 71	Totals
	£		£	£
Grants Payable	404,505			404,505
Support costs		«	24,737	24,737
Governance Costs			5,454	5,454
	404,505		30,191	434,696
GRANTS PAYABLE
			31.12.23	31.12.22
			£	£
Grants Payable			404,505	421,076

4.

5. CHARITABLE ACTIVITIES COSTS

6.

Page 17

continued ...

NEW WAYS ~~———~~ IA COMPANY LIMITED BY GUARANTEE}

Notes to the Financial Statements - continued ~~—— —$—~~ for the Year Ended 31 December 2023

6. GRANTS PAYABLE· continued

The total grants paid to institutions during the year was as follows:

	31.12.23	31.12.22
	£	£
Lobur Secondary School Sponsorship	3,300	6,001
Todonyang Nurseries	13,100	16,082
Ethiopia Nurseries	25,283	30,148
Turkana Earth Pan Dam	43,735
Nariokotome Health Project	36,000	25,500
Lobur Nurseries	15,500	7,500
Empowerment & Education	7,614	6,909
Nariokotome Nurseries	47,765	49,986
Malawi Bore Hole		13,780
Furrows in the desert	7,500	7,000
Todonyang Primary School	1,300	2,200
Turkana Girls Education	5,420	5,970
Turkana Emergency Project		15,000
Malawi Solar Lamps Ethiopia Education	1,550 17,451	1,700 18,250
Management Centre Nyangatom South Ethiopia		30,000
Turkana Bore Hole	139,337	58,448
Lobur Mobile Clinic	5,000	5,000
Malawi Nursery School		3,600
Lobur Primary School Sponsorship	3,300	5,000
Nariokotome Primary School	22,600	8,000
South Sudan Nursery	3,500	3,760
South Sudan Resource Centre		28,952
Malawi School Car		625
Malawi Albino Project Malawi Agriculture		3,000 540
South Sudan Water Project	2,000	43,400
Turkana Women's Empowerment		24,725
South Sudan Health Programme	3,000
Nariokotome Secondary School	250
	-
	404,505	421,076

7, SUPPORT COSTS

SUPPORT COSTS
			Governance
	Management	Finance	costs	Totals
	£	£	£	£
Support costs Governance Costs	22,353 .	2,384 -	5,454	24,737 5,454
	---	---	---	--
	22,353	2,384	5,454	30,191

continued ...

Pagels

NEW WAYS IA COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2023

7. SUPPORT COSTS • continued

Support costs, included in the above, are as follows:

			31.12.23	31.12.22
	Support	Governance	Total	Total
	costs	Costs	activities	activities
	£	£	£	£
Web Site maintenance	1,549		1,549	1,512
Consultancy Costs	10,400		10,400	12,600
Telephone	341		341	266
Postage and stationery	344		344	194
Administration	8,018		8,018	9,752
Travel Costs	1,370	.	1,370	742
Subscriptions	331		331	216
Bank charges	2,383	.	2,383	1,215
Foreign Gain/Loss	1		1	(6)
Auditors' remuneration		2,520	2,520	2,382
Accountancy	e	2,934	2,934	2,550
	24,737	5,454	30,191	31,423
	---			---

8, NET INCOME/(EXPENDITUREJ

Net income/{expenditure) is stated after charging/{crediting):

	31.12.23	31.12.22
	£	£
Auditors' remuneration	2,520	2,382

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

Travelling expenses totalling £1,369.67 {2022 - £742) covered the trustees', one of which was the Chef Executive, to carry out due diligence on the projects.

10. STAFF COSTS

The average number of employees in the year is O {2022 - 0).

Page 19

continued ...

NEW WAYS ———— IA COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements - continued ——— for the Year Ended 31 December 2023 —————

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

		Unrestricted	Restricted	Total
		funds	funds	funds
		£	£	£
	INCOME AND ENDOWMENTS FROM
	Donations and legacies	88,543	396,278	484,821
	Investment income	370		370
				--
	Total	88,913	396,278	485,191
	EXPENDITURE ON
	Raising funds		3,956	3,956
	Charitable activities
	Grants Payable	98,786	322,290	421,076
	Support costs	26,498	(7)	26,491
	Governance Costs	4,932		4,932
				--
	Total	130,216	326,239	456,455
	NET INCOME/(EXPENDITURE)	(41,303)	70,039	28,736
	RECONCILIATION OF FUNDS
	Total funds brought forward	156,379	101,262	257,641
	TOTAL FUNDS CARRIED FORWARD	115,076	171,301	286,377
	The above information relates to 2022.
12.	TANGIBLE FIXED ASSETS
				Fixtures
				and
				fittings
				£
	COST
	At I January 2023 and 31 December 2023			1,919
	DEPRECIATION
	At I January 2023 and 31 December 2023			1,919
	NET BOOK VALUE
	At 31 December 2023
	At 31 December 2022

continued.,,

Page 20

NEW WAYS IA COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements· continued for the Year Ended 31 December 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
			31.12.23	31.12.22
			£	£
	Income Tox Recoverable		17,711	62,547
	Accrued Income		14,148	9,083
			31,859	71,630
				--
14,	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
			31,12,23	31.12,22
			£	£
	Accrued expenses		7,691	6,349
15.	MOVEMENT IN FUNDS
			Net
			movement	At
		At 1.1.23	in funds	31.12.23
		£	£	£
	Unrestricted funds
	General fund	115,076	33,069	148,145
	Restricted funds
	Lobur Secondary School Sponsorship	1,200	479	1,679
	Ethiopia Education	1,965	(1,965)
	Nariokotome Health Project	28,593	(17,241)	11,352
	Lobur Nurseries	917	318	1,235
	Empowerment	147	213	360
	Todonyang Nurseries		2,256	2,256
	Nariokotome Nurseries	25,713	(4,647)	21,066
	Furrows in the desert	2,000		2,000
	Todonyang Primary School	344	(300)	44
	Turkana Girls Education	2,420	(2,420)
	Malawi Solar Lamps	527	1,137	1,664
	Lobur Mobile Clinic	5,000		5,000
	Malawi Bore Hole		675	675
	Management Centre Nyangatom South
	Ethiopia		47,500	47,500
	Turkana Borehole	71,145	(45,696)	25,449
	Ethiopia Nurseries	1,103	642	1,745
	Lobur Primary School Sponsorship	1,369	907	2,276
	Nariokotome Primary School	21,385	7,382	28,767
	Girls Education Burkina Faso	188		188
	Turkana Nurseries	4,209	(771)	3,438
	Malawi Agricutlure	38		38
	Malawi Albino Project	38		38
	South Sudan Health Programme	3,000		3,000
	Nariokotome Secondary School		872	872
	Research Centre		2,500	2,500
		171,301	(8,159)	163,142
	TOTAL FUNDS	286,377	24,910	311,287

continued ...

Page 21

NEW WAYS {A COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS • continued

Net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	98,442	(65,373)	33,069
Restricted funds
Lobur Secondary School Sponsorship	3,662	(3,183)	479
Ethiopia Education	12,438	(14,403)	(1,965)
Turkana Earth Pan Dam	37,682	(37,682)
Nariokotome Health Project	18,761	(36,002)	(17,241)
Lobur Nurseries	11,042	(10,724)	318
Empowerment	990	(777)	213
Todonyang Nurseries	7,256	(5,000)	2,256
Nariokotome Nurseries	43,118	(47,765)	(4,647)
Furrows in the desert	6,000	(6,000)
Todonyang Primary School	68	(368)	(300)
Turkana Girls Education	2,400	(4,820)	(2,420)
Malawi Solar Lamps	2,687	(1,550)	1,137
Lobur Mobile Clinic	5,000	(5,000)
Malawi Bore Hole	675		675
Management Centre Nyangatom South
Ethiopia	47,500		47,500
Turkana Borehole	93,641	(139,337)	(45,696)
Ethiopia Nurseries	25,925	(25,283)	642
Lobur Primary School Sponsorship	4,207	(3,300)	907
Nariokotome PrimarySchool	29,982	(22,600)	7,382
Turkana Nurseries		(771)	(771)
South Sudan Health Programme	3,000	(3,000)
South Sudan Water Project	2,000	(2,000)
Nariokotome Secondary School	1,122	(250)	872
Research Centre	2,500		2,500
	361,656	(369,815)	(8,159)
TOTAL FUNDS	460,098	(435,188)	24,910

continued ...

Page 22

NEW WAYS IA COMPANY LIMITED BY GUARANTEE) oe

Notes to the Financial Statements continued

for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS • continued

Comparatives for movement In funds

		Net
		movement	At
	At 1.1.22	in funds	31,12.22
	£	£	£
Unrestricfed funds
General fund	156,379	141.303)	115,076
Restricted funds
Lobur Secondary School Sponsorship	2,510	11.310)	1,200
Tononyang Nurseries	15,423	115,423)
Ethiopia Education		1,965	1,965
Nariokotome Health Project	14,738	13,855	28,593
Lobur Nurseries	1,971	{1,054)	917
Empowerment	185	138)	147
Nqriokotome Nurseries	27,938	(2,225)	25,713
Furrows in the desert	2,000		2,000
Todonyang Primary School	300	44	344
Turkana Girls Education	475	1,945	2.420
Malawi Solar Lamps	463	64	527
Lobur Mobile Clinic	2,000	3,000	5,000
Malawi Bore Hole	13,780	113,780)
Turkana Borehole	1,747	69,398	71,145
Ethiopia Nurseries	157	946	1,103
Lobur Primary School Sponsorship	2,270	1901)	1,369
Nariokotome Primary School	3,708	17,677	21,385
South Sudan Resource Centre	7,975	{7,975)
Girls Education Burkina Faso	188		188
Turkana Nurseries	3,344	865	4,209
Malawi Agricutlure	90	152)	38
Malawi Albino Project		38	38
South Sudan Health Programme		3,000	3,000
	101,262	70,039	171,301
TOTAL FUNDS	257,641	28,736	286,377

Page 23

continued ...

NEW WAYS {A COMPANY LIMITED BY GUARANTEE\

Notes to the Financial Statements - continued for the Year Ended 3 I December 2023

15. MOVEMENT IN FUNDS • continued

Comparative net movement in funds, included in the above are as follows:

Comparative net movement in funds, included in the above are as follows:	Comparative net movement in funds, included in the above are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted tunds
General fund	88.913	(130,216)	(41,303)
Restricted funds
Lobur Secondary School Sponsorship	3,664	(4,974)	(1,310)
Tononyang Nurseries		(I 5,423)	{I 5,423)
Ethiopia Education	13,614	(11,649)	1,965
Nariokotome Health Project	39,350	(25,495)	13,855
Lobur Nurseries	120	(1,174)	(1,054)
Turkana Emergency Project	11,658	(I 1,658)
Empowerment	147	(185)	(38)
Nariokotome Nurseries	47,761	[49,986)	[2,225)
Furrows in the desert	4,000	[4,000)
Todonyang Primary School	597	(553)	44
Turkana Girls Education	5,000	(3,055)	1,945
Malawi Solar Lamps	1,764	(1,700)	64
Lobur Mobile Clinic	3,000		3,000
Malawi Bore Hole		(13,780)	(13,780)
Management Centre Nyangatom South
Ethiopia	2,910	(2,910)
Turkana Borehole	131,096	(61,698)	69,398
Ethiopia Nurseries	18,806	(17,860)	946
Malawi Nursery School	1,000	(1,000)
Lobur Primary School Sponsorship	4,099	(5,000)	(901)
Nariokotome Primary School	25,676	(7,999)	17,677
South Sudan Resource Centre	15,457	(23,432)	(7,975)
Malawi School Car	609	(609)
Turkana Nurseries	1,571	(706)	865
Malawi Agricutlure	80	(132)	(52)
Malawi Albino Project	3,038	(3,000)	38
South Sudan Health Programme	3,000		3,000
South Sudan Water Project	38,481	(38.481 I
Turkana Women's Empowerment	19,780	(19,780)
	396,278	(326,239)	70,039
TOTAL FUNDS	485,191	(456,455)	28,736

continued ...

Page 24

NEW WAYS (A COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements - continued for the Year Ended 3 I December 2023

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

		Net
		movement	At
	At 1.1.22	in funds	31.12.23
	£	£	£
Unrestricted funds
General fund	I 56,379	(8,234)	148,145
Restricted funds
Lobur Secondary School Sponsorship	2,510	(831)	1.679
Tononyang Nurseries	I 5,423	(I 5,423)
Nariokotome Health Project	14,738	(3,386)	11.352
Lobur Nurseries	1.971	(736)	1,235
Empowerment	185	175	360
Todonyang Nurseries		2,256	2,256
Nariokotome Nurseries	27,938	(6,872)	21.066
Furrows in the desert	2,000		2,000
Todonyang Primary School	300	(256)	44
Turkana Girls Education	475	(475)
Malawi Solar Lamps	463	1.201	1,664
Lobur Mobile Clinic	2,000	3,000	5,000
Malawi Bore Hole	13,780	(13,105)	675
Management Centre Nyangatom South
Ethiopia		47,500	47,500
Turkana Borehole	1.747	23,702	25.449
Ethiopia Nurseries	157	1,588	1,745
Lobur Primary School Sponsorship	2,270	6	2,276
Nariokotome Primary School	3,708	25,059	28.767
South Sudan Resource Centre	7,975	(7,975)
Girls Education Burkina Faso	188		188
Turkana Nurseries	3,344	94	3,438
Malawi Agricutlure	90	(52)	38
Malawi Albino Project		38	38
South Sudan Health Programme		3,000	3,000
Nariokotome Secondary School		872	872
Research Centre		2,500	2,500
	I 01.262	61,880	163,142
TOTAL FUNDS	257,641	53,646	3 I 1,287

Page 25

continued ...

NEW WAYS

IA COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements· continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS· continued

A current year 12 months and prior year I 2 months combined net movement in funds, included in the above are as follows:

A current year 12 months and prior year I 2 months combined net movement in funds, included in the above are as follows:	A current year 12 months and prior year I 2 months combined net movement in funds, included in the	A current year 12 months and prior year I 2 months combined net movement in funds, included in the	A current year 12 months and prior year I 2 months combined net movement in funds, included in the
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	187,355	1195,589)	18,234)
Restricted funds
Lobur Secondary School Sponsorship	7,326	18,157)	1831)
Tononyang Nurseries		115,423)	115,423)
Ethiopia Education	26,052	126,052)
Turkana Earth Pan Dam	37,682	137,682)
Nariokotome Health Project	58,111	161,497)	13,386)
Lobur Nurseries	11,162	111,898)	1736)
Turkana Emergency Project	11,658	111,658)
Empowerment	1,137	(962)	175
Todonyang Nurseries	7,256	(5,000)	2,256
Nariokotome Nurseries	90,879	197,751)	16,872)
Furrows in the desert	10,000	110,000)
Todonyang Primary School	665	(921 I	1256)
Turkana Girls Education	7,400	(7,875)	1475)
Malawi Solar Lamps	4,451	(3,250)	1,201
Lobur Mobile Clinic	8,000	(5,000)	3,000
Malawi Bore Hole	675	(13,780)	(13,105)
Management Centre Nyangatom South
Ethiopia	50,4 I 0	(2,910)	47,500
Turkana Borehole	224,737	(201,035)	23,702
Ethiopia Nurseries	44,731	(43,143)	1,588
Malawi Nursery School	1,000	(1,000)
Lobur Primary School Sponsorship	8,306	(8,300)	6
Nariokotome Primary School	55,658	(30,599)	25,059
South Sudan Resource Centre	15,457	(23,432)	(7,975)
Malawi School Car	609	(609)
Turkana Nurseries	1,571	(1,477)	94
Malawi Agricutlure	80	(132)	(52)
Malawi Albino Project	3,038	(3,000)	38
South Sudan Health Programme	6,000	(3,000)	3,000
South Sudan Water Project	40,481	[40,481)
Turkana Women's Empowerment	19,780	(19,780)
Nariokotome Secondary School	1,122	(250)	872
Research Centre	2,500		2,500
	-
	757,934	(696,054)	61,880
TOTAL FUNDS	945,289	(891,643)	53,646

continued ...

Page 26

NEW WAYS IA COMPANY LIMITED BY GUARANTEE)

Notes to the Financial Statements - continued —_—— — ——— —— —— for the Year Ended 31 December 2023

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 27

~~——————~~ NEW WAYS (A_ COMPANY LIMITED BY GUARANTEE)

	NEW WAYS (A_COMPANY LIMITED BY GUARANTEE) ~~——————~~
	Detailed Statement of Financial Activities ~~————————————————————————————~~
	for the Year Ended 31 December 2023
		31.12.23	31.12.22
		£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations		271,761	262,878
Gift aid		39,367	47,458
Grants		145,829	150,439
Subscriptions		10	10
Sponsored Event Income		50	24,036
			-
		457,017	484,821
Investment income
Deposit account interest		3,081	370
Total incoming resources		460,098	485,191
EXPENDITURE
Raising donations and legacies
Fundraising costs - events		492	3,956
Charitable activities
Grants to institutions		404,505	421,076
Support costs
Management
Web Site maintenance		1,549	1,512
Consultancy Costs		10,400	12,600
Telephone		341	266
Postage and stationery		344	194
Administration		8,018	9,752
Travel Costs		1,370	742
Subscriptions		331	216
		-
		22,353	25,282
Finance
Bank charges		2,383	1,215
Foreign Gain/Loss		1-	(6)
		2,384	1,209
Governance costs
Auditors' remuneration		2,520	2,382
Accountancy		2,934	2,550
		-
		5,454	4,932
		-	--
Total resources expended		435,188	456,455
		--
Net income		24,910	28,736

This page does not form part of the statutory financial statements

Page 28