REGISTERED COMPANY NUMBER: 02888488 (England and Wales) REGISTERED CHARITY NUMBER.. 1035688 Ro ort of the Trustees ond Audite Financial Statements for the Y r Ended 31 December 2024 for NEW WAYS A COMPANY LIMITED BY G ARANTEE
EW WAYS A COMPANY LIMITED BY GUARANTEE Contents ol the Finan fort r Ended31 D tem nls 2024 Page Report of the Trustees Report of Ihe Independent Auditors statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statemenl 14 Notes to the Cash Flow Statement 15 Notes to the Financial Statements 16 to 29 Detailed Statement of Financial Activities 30 10 31
NEW WAYS NY LIMITED BY GUARANTEE Re orl of the Tr Year Ended 31 December 2024 The truslees 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 December 2024. The financial statements comply with the Charities Acl 2011, the Companies Act 2006, Ihe Memorandum and Articles of Associalion, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chorities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 201 ?). For the year to 31 December 2024 Ms A Doch&rty conlinues to also serve as the charity's Chief Executive Officer (Volunteerl. Poge I
A COMPANY LIMITED BY GUARANTEE Re ort of the T ust for th& Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Rovlew ol the Year In 2024 New Ways conlinued to support projects that are in line with the primary objective of the chority which is to help communities to Ihrivg in the four African countries where the charity supports projects (Ethiopia, Kenya, Malawi and South Sudan) in conjunction with its partner organisation. Since the Covid pandemic the charity has seen a notable reduction in grass roots support and especially unrestricted donation5 this has not changed significanlly in 2024 but more representatives of our portner organisation are visiting the UK. The majority of donations are now restricted which has impacted the support for key projects such as the nursery schools and education programmo supporled in all four countries, There has been an increase in support from Grant Making Organisations IGMOS). primarily for water projects. The trustees are grateful for all the support provided by our donors enobling the charity to help fhose in greatest need and the charity will continue to supporl the primary areas of focus. This year the chority funded projects valued at just over £319,000, down by approx. 20f. when compared to 2023 - $0 a disappointing year and partially due to a drop of over £50,000 from granl making k)odies, Just over 60fo of the funds were dispersed to projects which represent our long-term ongoing projects (nurseries, education. health and agriculturel. Funding for our water projects to build the water infrastiuGture in Turkana (Northern Kenya) represented 30% of our grants in 2024 and continues to be a priority area. In total, New Ways was able to fund 26 proectS 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 £319.1X)O. The bulk of the projects we support are k)ased in Turkana and they represenled 82% of our project funding predominantly due to 30Y¢ of our expenditure being focussed on water infraslructure and 23% for nursery school's programme. This year Ethiopia represented just over l 0% of project spend, Malawi represented 4Itr and South Sudan 2Yo of tolal funding. The majority of water infrastructure programrnes in Turkana were supported by the States of Guernsey Oversea5 Development Fund and another Grant Making Organisation - these 2 organisations provided over £70,(K)O of support in 2024. Of the 26 projects funded, 17 would be deemed small projects. as individually they were all less thon £10,000 and together, they totalled almost £65,000120f.l. In 2024, the charity's income fell by 1410 when compared to 2023, however, restricted funding predominanlly from GMOS continues to be a major component of our income. We received fundir)g from 7 grant making organisation representing 2410 of our income lapprox, £94.0001. Unreslricted funding remains low at ?1 To a similar percentage when compared lo 2023 but significantly down from previous years. We were successful this year in raising restricted funding from GMOS and major individual benefactors providing both restricted and unrestricted funding. Paga 2
NEW WAYS A COMPANY LllvllTED BY GUARANTEE Re ort of thè Truslees f r the Ysar Ended 31 Decemb8r 2024 The running of nutritional nursery schools in Turkana continue5 to be a key part of our activities as they are criticol 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, a5 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 areos 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 1,300 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 £105,000 to Ihe nutrilional nursery schools in fhe four countries with 68fo supporting the 21 Turkana nurseries, where fvnding for two of them is being provided by Gmo's. Funds sent in this period were to cover the leacher5' salories, 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. ond ensures we reduce infanl mortality in the region. In Ethiopia the funding for the nurseries is predominantly covered by 2 GMO. 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 lerliary educafion in Turkana in Kenya, as well as in Elhiopia. As a result of the success of our Girls Education Frogramme, supported by a key benefactor for over l O years, we now have over 13 young ladies from Turkana c]Itending either University or College in Kenya, the first of which gradualed in 2024. A lotal of just under £57,0 was sent to the educational projecls in the period. This included the support for a primary school in Todonyarng where the Turkana ond Dassanech (from acros5 the border in Ethiopial live side by side while being educated to promote peoce in the area, which is a very important initiatlV6. In oddition, the primary school in Nariokotome is supported in partnership with an organisation in London and, we have a key programme in Ethiopia where Ihe children are supporled by specific individuals. Education 15 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 Turkano, and the othei countries where we operate. As well as being necessary for survival, the availability of water is very empoweiing and generally enables more children lo attend school and encourages agriculture endeavours. Water projects hav8, therefore, been a long-term theme of the charity. In 2024, we had continued supporl from GMOS lapprox. £70,000) supporting water projects in Turkana. Of Ihe funds transferred during 2024 (just over £96,000), almost £51,000 was provided by the States of Guernsey for a water project in Turkana to build two earth pon dams. In Turkana, we invested in the water infrastructure, including the drilling of 2 bore holes in the Noriokotome area These 2 were partly funded by US regislered charity, Buyl Givel IBI GI I, plus a number of UK GMOS and otFier benefactors. Our water projects will continue to provide Ihe 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 borehole5 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 81 Gl. Page 3
EDB Re ort of the Trustees De er 2024 The provision of key health service5 in Turkana 15 a very important and ongoing aspect of the work of our partner organisation a5 It is not currently provided by the local government. We supported three projects with funds of almost £31,0(K) 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 ond outstatlOn5 on a regular ba515. New Ways provides 20Yo of the total budget with fhe rest of the funds being provided by a European NGO. The governmer)I does partner with us to provide vaccines and retro viral drugs. hlalaria 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 Bl Gl. We also funded a project in South Sudan to cover the cost of employing o 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 jusl under £35,000 lan increase of about a third in comparison to recent year51 and are retained at such a low level due to the important voSunleer support the charity has organised and maintoined. Additionally, there ore governance costs of just over £6,500. Together these represent just over l Olo of the gross income of the chorily. The majorily of the administratlon costs cover two part-time resources, including a bookkeeper and an individual who makes applications to GMOS. We aim lo ensure that Ihe bulk of the funds we roi5e go lo 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 olgo have over 20 volunteers in key aclivities providing support to the charity, further reducing costs and maximising the spend on projects. During 2024 the majority of our projects were monitored largely by the New Ways chair and vice Chair who reside in Nariokotome, Turkono (Northern Kenya) and are the represenlolives of our partner on the ground in all four African counlries where we work. They also act a5 our relationship manager with the partner organisation in all countries. Almost oll of our projects are manoged by members of the N4CSPA, who ore a150 members of New Ways, are well known to all directors and who live permanently in either Turkana IKenyal, Ethiopia, South Sudan, or Malawi. They ensure thot we receive good quality finoncial reports on how the funding is spent. We also raised just under £61,000 from our regular giving programme (similar to 20231. In 2012, we estoblished a relolionship wilh BuylGivel IBIGII a US registered charity with an administration base in Singapore Ihat enables small and medium sized businesses to give to charities in an effective manner. This has been a very positive and suppoitive relalionship and in 2024 we raised almost £44,000 through them for variou5 projects mostly for the Nariokotome health, bore holgs in Turkana and our Ethiopia nurseries. This is down significantly from the previou5 year. STRATEGIC REPORT Investment polley and objectlves The Charily holds all its fund5 on short-term deposit with its bankers. Reserves policy In the Ttustees, view, the reserves should provide the charity with adequate financial stabilily to meet its running costs for a minimum of one year and the means for il to meet its charitable objectives in the short term. The trustees propose to moinlain 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 Ihat are required lo ensure that they are adequate to fulfil the charity's continuing obligations as a minimum on an annual basis and more regularly if necessary. Page 4
A COMPANY LIMITED BY GU orl of the for the Yeor Ended 31 D slees er 2024 STRATEGIC REPORT FLrture 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 mainlenance of nutritional nursery schools in Turkana (Northern Kenya), Ethiopia, and South Sudan. As well os a range of educalion projects predominantly in Kenya and Ethiopia. The provlsion 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 2025 with a focus on water in Turkana, predominantly due to the funding programme from a GMO and individuals. Additionally, the States of Guernsey are providing funding for the building of 2 bore holes. Our long term donor will continue to support the building of the Development Cenlre in Nyangotom, South West Ethiopia. ultimately, support for the projects we would like to fund will very much depend on the funds roi5ed from GMOS and benefactors, We are now oble 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 lo thriv&. The budget for the financial year to end December 2025 remains ambitious and is over £500,IX)O but final funding will depend on what can be raised. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng 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. Organlsallon The original members of the company were Ihe 17 subscribers to the memorandum and arlicles of association. The number of permitted members is unlimited subject to Ihe 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 o 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 memt)ers. To be eligible for appointmenl to the board a person shall be a member of the company or a representative dulv authorised by a corporation which is a member of the company. Increases or decreoses in Ihe number of board members is subjecl to a general meeting of the company. The board currently meet on a quarterly basis and require a hvo-thirds majority voting Dn all key issues with the exception of those specified in the arlicles which were approved in September 2015 and registered in Octok)er 2015 with the Charity Commission and Companie5 House. The charity has a registered office and most volunteers and stalf work from home. Several of the volunfeers fake responsibility for running different areas of the organisotlon. New Ways sends out a newsletter to Members ond supporlers two or three times a year. Rlsk management Whilst risk assessment can limit iisk, i* does not eliminate risk, The Tru5fee5 have assessed the major risks to which the charity is exposed, in particular those related lo the operation and finances of the charily and are Satisfied that Ihe systems in place to mitigate exposure lo these risks are operating efficiently, Page 5
NEW WAYS NY Llh41TED B ACO EE Re ort of Ihe Trustees Ended 31 De fort REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 02888488 (England and Wolesl Reglstered Charlly number 1035688 Reglstered offlce 47 Cumberlond Street London SWIV 4LY Trustees F Margoin Ms Angela Docherty S Garner W Carson Ms L Jillo Chairperson Ms S Wamalwa Ms L Jillo is the chairperson. Company Secretary S Garner Audilors WDM Register&d Auditors Chartered Accountants 378 Brandon Street Mothewell MLI IXA Sollcltors Solicitors: Bates Wells Braithwaite, Charity & Social Enterprise Department, 10 Queen Street Flace, London, EC4R I BE. Bankers Banker5: Natwest. City of London. PO Box 12258, 1 Princes Street, London, EC2R 8BP. STATEMENT OF TRUSTEES. RESPONSIBILITIES The twstees Iwho ore also the direclors of New Ways la company limited by guarantee) for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standords (United Kingdom Generally Accepted Accounting Practice). Page 6
NEW WAYS NY LIMITED B EE Re ort of the Trustees STATEMENT OF TRUSTEES, RESPONSIBILITIES - conllnued Company law requires the trustees to prepare financial statements for each financial year which give o true and fair view of the state of affairs of the charilable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing Ihose financial slatements, the Irvstees are required to select suitable accounting policies and then apply them consislenlly,. observe the methods and principles in the Charity SORP; make judgements and estimates Ihat are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material deparlures disc105ed 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 wih reasonable accuracy at any time Ihe financial position of the charitable Gompany 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 compony and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far 05 the truslees are aware.. Ihere is no relevan audif information of which the charitable company's audilors are unoware,. and the trustees have taken all steps that they ought to have taken to moke themselves aware of any relevant audit information and to establish that the auditors are awore of that information. AUDITORS The auditors, WDM. will be proposed for re-appoinlment at the forthcoming Board Meeting. Report of the trustees. incor the company dir@ctor5, On tin trate eport, approved by order of the board of trustees, as and signed on the bocrd'5 behalf by: Ms Ang Do rty- Trust Page 7
Re orl of the I de acom an limited b uaranlee Opinion We have audited the fincjncial statements of New Way5 la company limited by guarantee) (the 'charitable company'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Ihe Cash Flow Stotemenl and notes to Ihe financial statements, including a summary of signlficant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements: give a Irue ond fair view of the state of the charitoblg company's affairs as 0131 December 2D24 and of its incoming resources and applicalion of resources, including its income and expendilure, for the year then ended,, have been properly prepared in accordance with United Kingdom Ger)erally Accepted Accounting Practice,. and have been prepared in accordance with Ihe requirements of the Companie5 Act 2006. Basis for oplnlon We conducted our audit in accordance with Internolional Standards on Audiling IUKI IISAS IUKII and applicable law. Our respon5ibilifies under those standards are further described in the Audi*ors' responsibilities for the audit of the financial Statements section of our reporl. We are independent of the charitable company in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, ond we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng 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 condition5 that, individually or collectively, may cast significanl doubl on the charitable company's ability to continue as a going concern for a period of at leost twelve months from when the financial stafements are authorised for issue, Our responsibilitle5 and the responsibilities of the trustees with respecl fo going concern are described in the relevant sections of this report. other Infoymatlon The trustees are responsible for the other information. The other information comprise5 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 maferially inconsistent with the financial statements or our knowledge obtained in the audit or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent materiol misstatements, we are required to determine whelher 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 reporl that fact. We have nothing to report in this regard. Page 8
Ra ort of the Inde endent Auditors to the Members ol New Wa limited b an uarantee Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in Ihe Report of the TSleeS for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustee5 has been prepared in accordance with applicable legal requirements. MatFers on whlch we are required lo reporl by excepllon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audil, we have not identified malerial misstatements in the Report of the Trustees. We have nothing to report in respect of the following malters 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 hav@ 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 trustee5' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllllles of trustee$ As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable compony for the purposes of company lawl ore responsible for the preparation of the financial sla*ements and for being satisfied thal they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slafements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial stalerrents, the trustee5 are responsible for assessing the charitable company's ak)ility to continue as a going concern, disclosing, os applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidale the charitable company or to cease operations, or hove no realistic alternative but to do so. P(Jgg 9
Ro ort ol the Inde endent Auditors to Members of New Wa limited b acom an uaranlee Our responsibillff es for the audll of the financlal statements Our ok)j8ctives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material missatement, whether due to fraud or eOr, 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 guaranfee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalement when it exists. Misstat&ments can arise from fraud or error and ore considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tok&n on th& basis of these financiol statements. The extenl to which our procedures are capable of detecting irregularities, including fraud is detailed below: We oblained an understanding of the legal and regulatory frameworks thal are applicable lo New Ways and determined thol the most significant ore: - Those that relate lo the form and content of the financial statements, such as the charity SORP". Those that relate to the transfer of funds to foreign countries We understood how New Ways is complying with those frameworks by observing the oversight of those charged with governance, the culture of honesty and ethical behaviour and the emphasis placed on fraud prevention which may reduce opportunities for fraud to take place. We assessed the susceptibility of the linanclal statements to material misstatement, including how froud might occur by moking an ossessment of the key fraud risks to New Ways and the manner in which such risks may manifesl themselves in praclice, based on our previous knowledge of New Ways as well as an assessment of the current environment. Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Due to the CUernt political situation in cerfain African countries where New Woys operates, we checked all payments transferred to foreign countries via NoMest bank which then provided a re050nable assurance that the financial staterrenls were free of fraud and error. 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 Audiors. Pagelo
t of the Ind dént Audllors to th& Memb8rs ol Ngw Wa limile acom on tee Use of our report Thi5 report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might state to the charilable company's members those matters we are required to stale to them in an auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other thon 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. Graha my (Senior Partner) for ar)d on behalf of WDM Registered Auditors Chartered Accountants 378 Brandon Street Motherwell MLI IXA Dote:. o4a- Pagoll
NEW WAYS A COMPANY LIMITED BY GUARANTEE stalsmont of Financial A t for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Tolal funds Unrestricted funds Reslricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 82,031 309.874 391,905 457,017 Investment income 3,810 3,810 3,081 Total 85,841 309,874 395,715 460,098 EXPENDITURE ON Raising funds 414 414 492 Charltable actlvitles Granls Payable Support costs Governance Costs 37,466 34,452 6,558 281,937 293 319,403 34,745 6,558 404,505 24,737 5,454 Tolal 78,476 282,644 361,120 435,188 NET INCOME 7,365 27,230 34,595 24,910 RECONCILIATION OF FUNDS Tolal funds brought forward 148,145 163.142 311,287 286,377 TOTAL FUNDS CARRIED FORWARD 155.510 190,372 345,882 311,287 The notes form part of th&sa financlal statements Page12
NEW VIAYS MPANY LIMITED BY GUARANTEE Bulance Sheel 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Reslricled funds Notes CURRENT ASSETS Debtors Cash at k)ank 13 26.166 138,266 26,166 328,640 31,859 287,119 190,374 164,432 190,374 354,806 318,978 CREDITORS Amounfs falling due within one year 14 (8,924) (8,924) 17,6911 NET CURRENT ASSETS 155,508 190,374 345.882 311,287 TOTAL ASSETS LESS CURRENT LIABILITIES 155,508 190,374 345,882 311,287 NET ASSETS 155,508 190,374 345,882 311,287 FUNDS Unrestricted fund5 Restricted funds 15 155,508 190,374 148,145 163,142 TOTAL FUNDS 345,882 311,287 The an al stat ents were approved by the Board of Trustees and authorised for issue on and were signed an ils behalf by., Angela Doche ee The notes form part of these financial statements Poge13
NEW WAYS YLI EDB ACO PA Cash Flow Slatement 31.12.24 31.12.23 Notes Cash flows from operatlng actlvltles Cash generated from operations 37.711 62,942 Net cash provided by operating activities 37,711 62,942 Cash Ilows from Invesllng actlvllles Interest received 3,810 3,081 Net cash provided by investing activities 3,810 3,081 Change In cash and cash equivolents In the reportlng perlod Cash ond cash equivalenls ot the beglnnlng of the reportlng perlod 41,521 66,023 287,119 221,096 Cash and cash equlvalents at the end of the reportlng period 328,640 287,119 The notes form parl of these financial slatemenls Page14
NEW WAYS PANY LIMITED BY GUA ACQ TEE for the Yaor Endad 31 Déce RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.24 31.12.23 Net Income for the reportlng perfod (as per the Statemenl of Financial Activilies) Adjustments for: Interest received Decrease in debtors Increase in creditor5 34.595 24,910 (3,810) 5,693 1,233 13,0811 39,771 1,342 Nel cash provided by operalions 37,711 62,942 ANALYSIS OF CHANGES IN NET FUNDS Al 1.1.24 Cash flow At31.12.24 Not cash Cash at bank 287,119 41,521 328,640 287,119 41,521 328,640 Total 287,119 41,521 328,640 The notes form part ol thèse financial statements Page15
WA A COMPANY LIMITED BY GUARANTEE Notes to the Financial Statements for th& Year Ended 31 December 2024 ACCOUNTING POLICIES Basls ol preparing the flnanclal statements The financial statements of the charitable company, which is a public benefit enfity under FRS 102, have been prepared in occordance with the Charities SORP IFRS 1021 'Accounting ond Reporting by Charities: Statement of R&commended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Sfandard 102 'The Financial Reporling Standard applicable in the UK and Republic of Ireland, and the Companie5 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 chcJrity hos enfillemenl 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 lo particular categories of income.. lal Donations Donations are included in the y6ar in which they are receivable and the amount can be measured reliably. Ibl Interest receivoble Interest on funds held on deposit is included when receivable and ths amount can be measured reliably by the charity; this is normally upon notification of the interes paid or payable by the bank. Expendlture Liabilities are recognised a5 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 settlemenl and the amount of the obligation can be measured rellably. Expenditure is accounted for on an accruals basis and has been classified under heodings thot aggregate all cost related to the category. Where costs conno be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resource5. Grants offered subject to condifions which have not been mel at the year end date are noted as a commitment but not accrued as expenditure. Governance cosls Governance costs include those costs incurred in the governance of the company's assets and are primarily associated with constitutional and stalutory requirements. Tanglble lixed assels Tangik)le fixed assets costing more thon £1 00 are capitalised, including ony incidenlal expenses of acquisition. Depreciation has been provided on the tangible fixed assets at an annual rate of 15To on the reducing balance method, so as to write off the assets over their estimated useful life. Page 16 continued...
NEW WAYS A CONIPANY LIMITED BY GUARANTEE Notes to th& Financl I St ens- con for Ihe Year Ended 31 Decsmbgr 2024 ACCOUNTING POLICIES - contlnued Taxolion The company is a charity within the meoning of section 506111 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 ore applied to exclusively charitable purposes. Restrlcled and deslgnated fund5 Funds restricted by the donor are treated as restricted funds. All other receipts ar& unrestricted funds however the chariy has designated part of these funds for specific purposes. The aim ond use of each designated fund is detailed in the notes to the financial statements. General funds are unreslricted funds which are available for use at the discrefion of the Trustees in furtheronce of the general objectivity's of the charity and which have not been designated for other purposes. Debtors Deblors are recognised at the settlement amount due afler any discount offered. Cash al bank and in hand Cosh al bank and cash in hand includes cosh and short term highly liquid inve5tmenls with a shorl maturity of three months or less from the date of acquisition or opening of the deposil or similar account. Credltors Creditors are recognised where the charity has a present obligation resulting from a past evenl that will probably resull in the transfer of funds lo a Ihird party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normclly recognised at their settlement amount after allowing for any discounts due. DONATIONS AND LEGACIES 31.12.24 31.12.23 Donations Gift aid Grants Subscriptions Sponsored Event Income 59,467 38,235 94,098 10 95 271.761 39,367 145,829 10 50 391,905 457,017 Page17 continued,..
NE WA A COMPANY LIMITED BY GUARANTEE cia st ements - conti ued Year Ended 31 Dacamber 2024 DONATIONS AND LEGACIES - contlnued Grants received, included in the above, are as follow5,, 31,12.24 31.12.23 Narikolome Health Project Earth Pan Dam Turkana Bore Hole Ethiopia Nurserie5 South Sudan Water Project South Sudan Health Programme Lobur Nurseries Todonyang Nurseries 6,060 37,682 60,034 20,000 4,276 3,000 9,777 5,000 50.785 6,900 27.609 940 7,864 94,098 145,829 INVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest 3,810 3,081 RAISING FUNDS Ralsing donations and legacles 31.12.24 31.12.23 Fundraising costs - events 414 492 CHARITABLE ACTIVITIES COSTS Grant funding of octivilies Isee note 61 Support costs Isee note 71 Totals Grants Payable Support costs Governance Costs 319,403 319,403 34,745 6,558 34,745 6,558 319,403 41,303 360,706 Page18 continued...
NEW WAYS A COMPANY LIM TEDB RANTEE N te5 to the Financial Statements - continuod for the Year End ember 2024 GRANTS PAYABLE 31.12.24 31.12.23 Grants Fayable 319,403 404,505 The total grants paid to institutions during the year was as follows.. 31.12.24 31.12.23 Fishing Boat Lobur Secondary School Sponsorship Todonyang Nurseries Efhiopia Nurseries Turkana Earth Pan Dam Nariokotome Health Project Lobur Nurseries Empowerrnent & Education Nariokotome Nurseries Furrows in the deserl Todonyang Primary & Secondary School Turkana Gid5 Education Turkana Emergency Project Malawi Solar Lamp5 Ethiopia Education Turkana Bore Hol Lobur Mobile Clinic South Sudan Nursery Lobur Primary School Sponsorship Malawi Education Nariokotome Primary School South Sudan Nursery Kenya Teriary Education South Sudan Water Project Turkana Women's Empowerment South Sudan Health Progromme Nariokotome Secondary School Research Centre 3,470 3,800 18,300 29,998 51,600 20,900 10,700 500 42,960 5,000 2.834 3,177 5,000 3,570 2,134 44,450 6,000 3.000 3,000 9,966 24,575 3,300 13,100 25,283 43,735 36,000 15,500 7,614 47,765 7,500 1 ,3(K) 5,420 1,550 17,451 139,337 5,0(J) 3,300 22,600 3,500 5,500 2,000 11,000 4,000 1,500 2,469 3,000 250 319,403 404,505 Page 19 cor)linued...
NEW WAYS A COMPANY LI TE Notes to the Financial Stalem8nts continued for the Year Ende 31 December 2024 SUPPORT COSTS Governance costs Management Finance Tota15 Support costs Governance Costs 32.136 2,609 34,745 6,558 6,558 32,136 2,609 6,558 41,303 Support costs, included in the ak)ove, are as follows: 31.12.24 Total activities 31.12.23 Total activiti8S Support costs Governance Costs Web Site maintenance Consultancy Costs Telephone Postage and stationery Administration Travel Costs Subscriptions Bank charges Foreign Coin/Loss Auditors, remuneration Accountancy 506 19,575 224 506 19,575 224 481 10,034 416 900 2,577 32 3,360 3,198 1,549 10,400 10,034 416 900 2,577 32 8,018 1,370 331 2,383 3,360 3,198 2,520 2,934 34.745 6,558 41,303 30,191 NEE INCOME/(EXPENDITURE) Net income/lexpenditurel is stated after charging/lcreditingl: 31.12.24 31.12.23 Auditors, remuneration 3,360 2,520 Page 20 confinued...
N EW WAYS Y LlhAITED BY GUARANTEE PA No*es to the Fi Endad 3 December 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trvstees, expenses Travelling expenses totalling £417 12023 - £1,370) covered the trustees,, one of which was the Chef Executive, to cary out due diligence on the projects. 10. STAFF COSTS The average number of employees in Ihe year is 012022 - 01. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricled funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 95,361 361,656 457,017 Investment income 3,081 3,081 Tolal 98,442 361,656 460,098 EXPENDITURE ON Raising funds 492 492 Charltable actlvllles Grants Poyable Support costs Governance Costs 34,692 24,735 5,454 S69,813 404,505 24,737 5,454 Tolal 65,373 369,815 435,188 NET INCOMEI(EXPENDITURE) 33,069 18,1591 24,910 RECONCILIATION OF FUNDS Total funds brought foword 115,076 171,301 286,377 TOTAL FUNDS CARRIED FORWARD 148,145 163,142 311,287 The above information relates to 2022. Page 21 continued,..
NEW WAYS A COMPANY LIMITED BY GUARANTEE Notes to the Financial Statements- continued for the Year Ended 31 December 2024 12. TANGIBLE FIXED ASSETS Fixtures and fittings COST Al l January 2Q24 and 31 December 2024 1,919 DEPRECIATION At l January 2024 and 31 December 2024 1,919 NET BOOK VALUE At 31 December 2024 At 31 December 2023 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12,23 Income Tax Recoverable Accrued Income 21,471 4,695 17,711 14,148 26,166 31,859 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Accrued expenses 8,924 7,691 Page 22 continued...
A COMPANY LIMITED BY GUARANTEE otes the Flnancial Slalements - continued for th& Y&ar Ended 31 Dec&mb6r 2024 15. MOVEMENT IN FUNDS Net movement In funds At 31.12.24 At 1.1.24 unrerIcted funds General fund 148,145 7,363 155,508 Reslrlcted lunds Lobur Secor)dary School Sponsorship Ethiopia Education Nariokotome Health Project Lobur Nurseries Empowerment Todonyang Nurseries Noriokotome Nurseries Furrows in the desert Todonyc]ng Primary & Secondary School Turkana Girls Education Molawi Solar Lamps Lobur Mobile Clinic Malawi Bore Hole Management Centre Nyangatom South Ethiopia Turkano Borshol& Ethiopia Nurseries Lobur Primary School Sponsorship Narioko*ome Primary School Malawi Education Kenya Tertiary Education Girls Education Burkina Faso Turkana Nurseries Malawi Agricutlure Albin5im Project in Malawi South Sudan Health Programme Nariokolome Secondary School Research Centre 1,679 627 13,807 224 847 (81) 13,071 (3,428) 88 2,306 13,807 11,576 2,082 279 15,327 17.638 2,088 11,352 1,235 360 2,256 21,066 2,000 44 2,172 1,764 (1,664) 2,000 2,216 1.764 1,664 5,000 675 675 47,500 25,449 1,745 2,276 28,767 31 (3,461) 6,713 926 (S,449) 94 5,680 47,531 21,988 8,4S8 3,202 23,318 94 5,680 188 3,119 188 3,438 38 38 3.000 872 2,500 (319) (38) (38) (2,962) (872) {2.500) 38 163,142 27,232 190,374 TOTAL FUNDS 311,287 34,595 345,882 Page 23 conlinued...
NEW WAYS PANY LIMITED BY GUA EE Notes lo the Financial Statements - conlinu8d 15. MOVEMENT IN FUNDS . contlnued Net movement in funds, included in the above are as follows: Incomlng resources Resources 8xpended Movement in funds Unrestrlcled funds General fund 85,841 {78,478) 7,363 Reslrlcted lunds Lobur Secondary School Sponsorship Ethiopia Education Turkano Earth Pan D(Jm Nariokotome Health Project Lobur Nurseries Empowerment Todonyang Nurseries Nariokolome Nurseries Furrows in the desert Todonyong Primary & Secondary School Turkana Girls Education Malawi Solar Lamps Lobur Mobile Clinic Management Centre Nyangatom South Ethiopia Turkana Borehole Ethiopia Nurseries Lobur Primary School Sponsorship Nariokotome Primary School Malawi Education Fishing Boats Kenya Tertiary Education Turkana Nurseries Malawi Agricutlure Albinsim Project in Malowi Soulh Sudan Health Prograrrme Turkana Women's Empowerment Nariokotome Secondary School Research Centre 4,432 15,941 50.785 21,128 2.200 419 31,371 39,532 4,088 (3,805) (2,134) (50.785) (20,904) (1.353) (500) (18,300) {42,960) (4,000) 627 13.807 224 847 (81) 13.071 (3,428) 88 3,900 4.941 961 7,000 (1,728) (3,177) (2,625) (5,000) 2,172 1,764 (1.664) 2,000 31 40,989 36.711 3,926 19.127 2.107 3,470 11,180 95 (38) (38) 1,038 4,000 609 (31) 31 (3.461) 6,713 926 (5,449) 94 (44,450) (29,998) (3,000) (24,576) (2,013) {3.470) {5,500) (414) 5,680 (319) (38) (38) (2,962) (4,000} (4,000) (1,481) (2,469) (872) (2,500) 309,874 (282.642) 27.232 TOTAL FUNDS 395,715 (361,120) 34,5?5 Page 24 continued...
NEW WAYS A COMPANY LIMITED BY GUARANTEE Notes to the Financial Stale continued for Ihe Year Ended 31 D8cember 2024 15. MOVEMENT IN FUNDS - contlnued Comporalives for movement In lund$ Net movement In funds Al 31.12.23 All.1.23 Unre51ricled funds General fund 115,076 33,069 148,145 Restrlcted funds Lobur Secondary School Sponsorship Ethiopio Education Nariokotome Health Project Lobur Nurseries Empowerment Todonyang Nurseries Nariokotome Nurseries Furrows in the desert Todonyang Primary & Secondary School Turkana Girls Education Malawi Solar Lamps Lobur Mok)ile Clinic Malawi Bore Hole Management Centre Nyangatom South Ethiopia Turkana Borehole Ethiopia Nurseries Lobur Primary School Sponsorship Nariokolome Primary School Girls Education Burkir)a Faso Turkana Nurseries Malawi Agricutlure Albinsim Project in Malawi South Sudan Health Progromme Nariokotom8 Secondary School Research Centre 1,200 1,965 28,593 917 147 479 11,9651 117.2411 318 213 2,256 14,6471 1,679 11,352 1,235 360 2,256 21,066 2,000 25,713 2,000 13001 12,4201 44 2,420 527 5,000 1,664 5,OlX) 675 675 47,500 145,6961 642 907 7,382 47,500 25,449 1,745 2,276 28,767 188 3,438 38 38 3,000 872 2,500 71,145 1.103 1,369 21,385 188 4,209 38 38 3,000 17711 872 2,500 171,301 18,1591 163,142 TOTAL FUNDS 286,377 24,910 311,287 Pag6 25 conlinu&d...
WAYS A COMPANY LIMITED BY GUARANTEE e Financi Inue for th& Year Ended 31 December 2024 15. MOVEMENT IN FUNDS . contlnued Comparative net movemenl in funds, included in the above are as follows,, Incoming resources Resources expèndad Movement in funds Unrestrlcted funds General fund 98,442 165,3731 33,069 Restrlcted funds Lobur Secondary School Sponsorship Ethiopia Education Turkana Earth Pan Dam Nariokolome Health Project Lobur Nurseries Empowerment Todonyang Nurseries Nariokotome Nurserles Furrows in the desert Todonyang Primary & Secondary School Turkana Girls Education Malawi Solar Lamps Lobur Mobile Clinic Malawi Bore Hole Manogement Centre Nyangatom South Ethiopia Turkana Borehole Elhiopia Nurseries Lobur Primary School Sponsorship Naiiokotome Primary School Turkana Nurseries South Sudan Health Programme South Sudan Water Project Nariokotome Secondary School Research Centre 3,662 12,438 37,682 18,761 11,042 990 7,256 43,118 6,000 13,1831 114,4031 137,6821 136,0021 110,7241 17771 15,0001 147,7651 16,0001 479 11 ,9651 117,2411 318 213 2,256 14,6471 68 2,400 2,687 5,000 675 13681 14,8201 11 ,5501 15,0001 13001 12,4201 1,137 675 47,500 93,641 25,925 4,207 29,982 47,500 145,6961 642 907 7,382 17711 1139,3371 125,2831 13,3001 122,6001 17711 13,0001 12,OQOI 12501 3,000 2,000 1,122 2,500 872 2,500 361,656 1369,8151 18,1591 TOTAL FUNDS 460,098 1435,1881 24,910 Pag& 26 continued...
NE A COIAPANY LIMITED BY G NTEE Notes to I cial St t for Ihe Year Ended 31 0 ents - continued ber2 MOVEMENT IN FUNDS - contlnued A currenl year 12 months ond prior year 12 months combined posilion is as follows.. Nel movement in funds At 31.12.24 Al 1.1.23 Unrestrlcted funds General fund 115,076 40,432 155,508 Restrlcted funds Lobur Secondaw School Sponsorship Ethiopia Education Noriokotome Health Project Lobur Nurseries Empowerment Todonyang Nurseries Nariokotome Nurseries Furrows in the desert Todonyar7g Primary & Secondary School Turkana Girls Education Malawi Solar Lamps Lobur Mobile Clinic Malawi Bore Hole Management Centre Nyangatom South Ethiopia Tuikona Ptrorehole Ethiopia Nurseries Lobur Primary School Sponsorship Nariokotome Primary School Malawi Education Kenya Terliary Education Girls Education Burkina Faso Turkana Nurseries Malawi Agricutlure Albinsim Project in Malawi South Sudan Health Programme 1 ,2(X) 1,965 28,593 917 147 2,306 13,807 11,576 2,082 279 15,327 17,638 2,088 11,842 117,0171 1,165 132 15,327 18,0751 25,713 2,(X)O 344 2,420 527 5,000 1,872 16561 15271 2,OOD 675 2,216 1,764 7,000 675 47,531 149,1571 7,355 1,833 1,933 94 5,680 47,531 21,988 8,458 3,20 23,318 94 5,680 188 3,119 71.145 I,ios 1,369 21,385 188 4,209 38 38 3,OQl) 11,0901 1381 1381 12,9621 38 171,301 19,073 190,374 TOTAL FUNDS 286,377 59,505 345,882 Page 27 conlinved...
NEW WAYS ANY LIMITED BY GUARANTEE Noles to the F. for th ents-c ntinued End&d 31 December 2024 15. MOVEMENT IN FUNDS - conlinued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are os follows.. Incomlng resources Resourcos expended Movemgnt in funds Unrestrlcted funds General fund 184,283 1143,8511 40,432 Restriclèd funds Lobur Secondary School Sponsorship Ethiopia Educalion Turkana Earth Pan Dam Nariokotome Health Project Lobur Nurseries Empowerment Todonyong Nurseries Nariokotome Nurseries Furrows in the desert Todonyang Primary & Secondary School Turkana Girls Education Malawi Solar Lamps Lobur Mobile Clinic Malawi Bore Hole Management Centre Nyangatom South Ethiopia Turkana Borehole Ethiopia Nurseries Lobur Primary School Sponsorship Nariokolome Primary School Malawi Education Fishing Boats Kenya Tertiary Educofion Turkana Nurseries Malawi Agricutlure Albinsim Project in Malawi South Sudon Health Programme South Sudan Water Project Turkana Women's Empowermenl Nariokotome Secondary School Research Centre 8,094 28,379 88,467 39.889 13,242 1.409 38,627 82.650 10,088 16,9881 116,5371 188,4671 156,9061 112,0771 11 ,2771 123,3001 1?0,7251 I i 0,0001 1,106 11,842 117,0171 1,165 132 15,327 18,0751 88 3,968 7.341 3,648 12,000 675 12,0961 17,9971 14,1751 I i 0,0001 1 ,872 16561 15271 2,000 675 47,531 134,630 62,636 8,133 49,109 2,107 3,470 11,180 95 1381 1381 4,038 2,000 4,000 1,731 2,469 47,531 149,1571 7,355 1,833 1,933 94 1183,7871 155,2811 16,3001 147,1761 12,0131 13,4701 15,5001 11,1851 5,680 11,0901 1381 1381 12,9621 17,0001 12,0001 14,0001 11,7311 12,46?) 671,530 1652,4571 19,073 TOTAL FUNDS 855,813 1796,3081 5?,505 Page 28 conlinued...
NEW WAYS MPANY LIMITED GUARANTEE Notes lo the Financial Statements - conti the Yeor Ended l December 2024 16. RELATED PARTY DISCLOSURES There were no related party transactions for thg year ended 31 December 2024. Page 29
OMPANY LIMITED BY GUARANTEE elo lement of Financ Activ e Yaar Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Doncrtlons and legacles Donations Gift aid Grants Subscriptions Sponsored Event Income 259,467 38,235 94.098 10 95 271,761 39,367 145,829 10 50 391,905 457,017 Investment Income Deposit account interest 3,810 3,081 Tolal Incomlng resources 395,715 460,098 EXPENDITURE Raising donallons and legacles Fundraising costs - events 414 492 Charmable uctlvllles Grants to institutions 319.403 404,505 Support cosls Management Web Site maintenance Consultancy Costs Telephone Postage and stationery Adminislralion Travel Cosls Subscriptions 506 19.575 224 481 10,034 416 900 1,549 10,400 341 344 8,018 1,370 331 32.136 22,353 Finance Bank charges Foreign Gain/Loss 2.577 32 2,383 2,609 2,384 Governance cosls Auditor5, remuneration Carried forward 3,360 3.360 2,520 2,520 This poge does not form parl of the statutory financial statements Page 30
A COMPANY LIMITED BY GUARANTEE Delalled Statement of Fin nc al for th8 Y&ar Ended 31 Decambar 2024 31.12,24 31,12.23 Governance costs Brought foward Accountancy 3,360 3,198 2,520 2,934 6,558 5,454 Total resources expended 361,120 435,188 Net Income 34,595 24,910 This page does not form part of the statutory financial slalements Page 31