2023-08-31-accounts - Newent Initiative Trust

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Patron: Mark Harper Registered Charity No: 1074500 Company Limited by Guarantee (Registration Number 3709565) Registered Address: 36 Broad St NEWENT Glos GL18 1AJ

E-mail: newentcc@gmail.com Phone: 01531 820782

Trustees Report for the Period 2022 - 2023.

Newent Initiative Trust (The Trust), with its premises in the centre of Newent, provides a varied range of youth and community services.

The Trust, just as similar charities, have experienced significant challenges during this reporting period. The increase in energy costs and availability of certain foodstuffs have driven us to readjust our community offerings, focusing more on supporting those most vulnerable. Notwithstanding this,, The Trust have performed a variety of activities, working closely with our local food bank, providing outreach activities with our at risk young people, giving guidance and reassurance to families, those living alone and isolated.

As part of The Trust’s other community activities, The Trust continues to act as agent for the financial and project support to a small number of other local organisations, retaining and managing their various accounts, thereby enabling them to operate more effectively with the minimum of bureaucracy.

With the valued support of other community-based groups The Trust were able to expand some services, albeit at some risk. Even with the excellent financial and welfare support provided by County, District and Local Councils, we continue drawing more upon our limited financial reserves. Our youth and community cafe activities have continued to prove to be successful, all of which clearly demonstrates The Trust’s inclusive approach and ongoing commitment to Newent and its surrounding areas.

The burden of raising funding within an environment where charitable grants have been difficult to secure has fallen upon a small number of trustees, without whom the Charity would not have survived. The Trust will undoubtedly find the coming year even more challenging than previously as it strives to continue to deliver its charitable aims within our community, and the wider rural environment of which we are part.

The Trustee's thanks are extended to our funders, staff, and volunteers, for their continuing belief and unstinting support throughout what has again been a difficult period.

The Trust continues to remain optimistic and looking forward to a more stable and brighter future in which we can continue to thrive..

Keith C. Urch

Patron: Mark Harper Registered Charity No: 1074500 Company Limited by Guarantee (Registration Number 3709565) Registered Address: 36 Broad St NEWENT Glos GL18 1AJ

E-mail: newentcc@gmail.com Phone: 01531 820782

Chair of Trustees Newent Initiative Trust Endorsed for Issue by Trustees at their Meeting of 13[th] May 2024

REGISTERED COMPANY NUTrIBER: 03709565 (England ind We$) REGJSTERED CHARITY NLIMBER: 1074500 RKPORT OF THE TRLSTKES LYD LINAUDITED FIPithCLiL srATElIES FOR THE YEAR E.YDED 31 AUGUST 21123 FOR Newent Inltlxtlve Trust Knights 21 HigbDam Busiti Centre Higbna GlouCl¢r$Ire GL? 8DN

Newent Inltlative Trust CONTENTS OF THE FLYLNCL4J, ST ATENIENTS FOR TIIE YEAR ETr4DED 31 AUGLST 2023 Page Report of the Trustees Independent Examlner's Report StAtement of Ftlllnclal Attlvities Balanc¢ Sheet Notes to the Flnancial St*tements 5 to 8 Detalled Statement of Finan¢i41 A¢tivitl

Newellt Inltiative Trust RP.PORT OF THE TRLISTEES FOR THF YY,AR ENDID 31 AUC.UST 20 The trustees wbo are atso directors of the charity for th¢ PUTPQS¢S of the Compatiies Act 21M>6, present their report with the financial st&tements of th- charity for th¢ year ¢ud¢d 31 AUg$t 20?3. The trustees bave adopted the provisions of Ac¢ounting and Reporting by Charities.. Statement of R¢Wutd¢d Pra¢tice applicable to c4ariues preparing tbeir accounts in accordance with the Financial Reporting Standard appii¢abl¢ iD th¢ UK and Republic of Ireland (FRS 102) {Eff¢ctive l Jattuary 2019). STRUCTURE, GOVERNANCE ALYD mANAGEIEyT GoverDing documellt The cbarity. is Controll by its governing docum¢ a deed of trJsL and constitutes a limited ¢ompally, li¥llit¢d by guarAnlee, as defined by the CompanieA Act 21M)6. REFERENCE ALND AD.MITrIISTRATIVE DETAILS Registered Company number 03709i65 (England and Wales) R¢gi$tered ChArlty llumber 1074500 Registered offi¢e 36 Broad Stre¢t Newent Gloucestershire GL18 IAJ Trustees M S Draper T "bbott$ C B SLone T B Fowler R¢v S I V Mason H Feld Kcurch Mrs M J Highton Cotnpany Seeretary T Gibbons liidep¢od¢llt Examlner Knights 21 Higl)nam Business Celltre Highnam Gloucestershire GL2 8DN ApprovEd by order of the board of ttugtees on 13th May 2024 and signed Oll its behalf by: K Ur¢h- Tntst¢e Page I

INDEPED•D£NT EXAMINER'S REPORT TO THE TRLSTEES OF EM'ENT INITIATIVE TRUST Independent ¢x&miller's report to the trust¢e8 of Newellt Inttiative Trnst {'the Compitty,) I report to the charity trnst¢¢s on my ¢xamiDation of tb¢ accounts of tbe Compally for the year ended 31 August 2023. Respon$ibiiitles and basis of report As the charity's tSteeS of thc Company (alld a150 its diJectors for the purp)ses of company law) you ar¢ responsible for the preparation of tbe accounts ill accoTdanc¢ with the requiieojcurs of the CompBni¢s Act 2006 {tb¢ 2006 ACV), Having Satisfied myself that the accounts of tbe Comp8ny not required to be audited under Pan 16 of the 2(106 Act And are eLigible for independent exatllination, E report in respect ofjny examination of your charliS accounts as Caled OUL under Seeiion 145 of tbe Cbariiies Act 2011 {'the 2011 Act). tn carrying out my examination I have follow¢d th¢ Dire¢tion$ giveu by th¢ Charity Comnjission under Section 145(5) (b) of the 2011 ACL Illdepeudent ¢TalDer'S statejllent I hav¢ completed my examination. I that no matt¢rs have ¢tsthe to my att¢ntioll in collnection Hryth the exaniination giving me cause to believe= accounting records were not kept io respect of the Company as required by Section 386 of th¢ 2006 Act. or the aecounts do not accord with those records. or the accounts do llot comply with the AccoJnting requiTernents of Section 396 of the 2006 Act other than any requirement tb&t the aleoiints give a tsue and fair view whicb is not a matter cottsidered as part of an independent examination; or the aceounts have tkot beeu prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting alld reporting by eharities (applicable to clMtities preparing their accounts in accordance with the Financial Reporting Standard 8pplieable ill the UK and Republic ot Ireland (FRS 102)). I have no concerns and have come acros5 no other mattcrs in conDWtion with th¢ ¢iarnination to which attention sliould be drawn in this report in ol'der to enable a proper understsnding of the accovnts to be reachEd. Knights Knights Accountunts 21 Highnam Business Centre Highnam Gloucesteishire GL2 8DN Dat¢.' 15th May 2024 Page 2

Newent InltAative Trust STATEIIF.NT OF FINANCIAL ACTtI,ITIES FOR THV. I'F..AR ENDFD 31 AUGLST 2023 2023 2022 Total Unrestri¢ted funds Notes INCOME AND ED4DOWMENTS FROM Donations and legacies 34,102 23,743 Other trading a¢tivities 3.2119 631 2,4ll 79 Tot41 37,942 Charitable actiTritie$ NeweTht Initiative Trust Total 45,219 NET INCOMEI(EXPEtiDITURE) (7277) (19.773) RECONCILIATION OF FLryDS Total futtds brought forward 122,870 142,643 I'OTAL FUNDS CAIUUED FORWARD 115.593 122,870 The notes forni part of these fiDaDci&I statements Page 3

Newent Initiative TTU5t BALANCE SFtEET 31 ALC.UST 2023 2023 Unrestrict¢d 2022 Total fund$ Notes FIXED ASSETS Tangible assets 97,612 101,036 CURRENT ASSETS Debtors Casb at bank and iti halld 2,213 16,860 19,073 22,654 CREDrroRS Amounts falling due withm otte y (1,092) (820) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES l15,593 122.870 NET ASSETS 115,593 122,870 FUNDS Unrestricted funds 10 I15,593 122,870 TOTAL FUNDS 115)93 129.870 Th¢ charitable corapany is erntiiled to exemption from audit under Section 477 of the copanieS Act 2006 for the year ended JI August 21Y23. The n]embers have noi required the eotnpany to obtsill an audit of its fllLancial statements foi the year ended 31 Augusi 2023 in aceordan¢e with Section 476 of the Companies Act 2<M. The trustees acknowledge their respoiisibilitÉes for ensuring that thc charitable company keeps accowiting records that comply with Sections 386 and 387 Df the Companies Act 2006 and preparing financial statements which give a true and fair tW of the slate of affairs of tht ¢haTitable compally at the end of each fjnattcial )'eat and of its Surp1 or deficit for ea¢b fwan¢ial year in a¢cordallce with tti¢ requirettLents of SectioDS 394 and 395 alld which oth.erw5s¢ ¢onwly with the requirernents of the Companies Act 2006 relating to financial StatoM¢n so far as appli1¢ to the charitable compally. {b) Thes¢ fIuancial statements have been prepared ill accordan with the provisions applicable to chLrit8ble companies subject to the small compaJ)ies regime. The financial StatMents were approved by the Board of Trnstee5 and authoriscd foi. issue on 13th May 2024 and w¢r¢ signed on its behalf by.. K Urch- Trustee The notes form wt of these finaneial statements Page 4

Newent lAltlatlve Trust OTES TO THE FIIA.NCIAL ST.4TE.%IENTS FOR THE YEAR ENDED 31 ALGLST 2023 Accouf4TING POLICIES Bthsis of preparRng the financigl st&tetnents The f]nancial statements of the charitabl¢ ¢QllLpaTty, whieh 15 tt publie benefit entity under FRS 102, haiie be prepared in accordance with tbe Charities SORP IFRS 102) Accollllting &nd Reporting by Charities.. Statement of R¢ooErllneuded Practice applicable ro charities pr¢parin8 their c0UrLts in 8ccordAttce with tlie Financial Reporting Stalldd applicable in tbe UL aud Republic of Ir¢land (FRS 102) (effectiNe l Jartuary ?019)', Fillan¢ial Reporting Standard 102 'Tbe Financial R¢porting Standard applkcable in the and Republic of Ireland, aud th¢ Companies Act 21M)6. The financial statements have b¢¢n pt¢P8red uuder tbe historic eosÉ convention. Income All income is re¢ogDised in the Statem¢llt of Financial Acttvitieg once the ¢lMrity Ims entitl¢ment to the funds, it 18 probable that the income wilK be re¢¢ived and the amount can be measured reliably. Expendlture Liabiltties are recogtiised as expenditure as 5(bon as Éh¢re is a legal or constn]ctive tsbligation committing the charity to that expenditure, it is PTobllble that a transfer of econ¢)mic b¢n¢fits will be required in settlement and the amount of the obligation Call be measured reliably. Expenditure is aCCOUDttd for on att &cGrnals basis and I been classified under headings that aggrega all cost related 10 the cat¢gory. Nvhere costs cannot be directly attTibuted to particular hcadings they have been allocaied to activities on a basis collsistent with the use of resources. Tangible flxed assets Dcpreciation is provided at the following anllual rat¢s itt lder to wtite off each asset over its estimat¢d use1 life. Freehold property Fixmres and fittinES 150/0 rth¢ing ba12uee #nd 2P/o on ¢ost 15Yu on Teducing balan Taxatio Th¢ charity is eKempt fro coryorntioll tax on its chJTitsble activities. Fund accounting Unrestricted fuiids ¢aD be us¢d in ac¢ordaTLee witb the cbaJitable objectives at the diwetioii of th¢ tnJ$t¢e$. Restricted funds only b¢ US for particular restricted purposes within tbe objects of tIL¢ ¢harity. Restrictions arise when specified by di¢ donoror wbeD fimds are raised for p8rtieul8rrestricted purposes. Further explanation of the DAture and putpose of each fiwd is includ¢d ID the llote5 to the finkllcial statements. OTHER TRADING ACTIVITIES 2023 2022 Roojn hire Other incorne Gov¢rnnTrelli Job Retentiott Scherne Grants 390 2.819 100 20 2,291 3,209 2,411 Pag¢ 5 continv¢d...

Newent Initiutiye Trust NOI'LS 'I'O I'HE FINCIAL ST.4TEMENTS- conunlled riOK'I'tIL YEAR ENDED 31 ALGLST 7023 VESTMEP*T ILYCOIIE 2023 2022 Deposit account interest 631 79 NET INCO.VIEI(EXPENDITLIiE) Net incomell¢xpenditur¢) is ststed after Chargin{creditingj. 2023 2022 Deprxiation- owned assets TRUSTEES, REMUNERATION AND BEITFITS There were no rnstees, remuneration or other benefits for the y¢ar ethdcd 31 August 2023 nor for the year ¢nd¢d 31 August 2022. Truytee5' expen There were no trustees, exp¢Dscs paid for the year ended 31 Au8USt2023 nor for the year ended 31 August 2022. COMPAIL4TITr'KS FOR THE STATELlNT OF FINANCIAL ACTIVITIES Ullrestrictsd fid$ INCOME AND ENDOWLIIENTS FROM Donations and legacit5 23,743 Other trading activities Illyestellt iDc0C 2,411 79 Totgl EXPEYDITURE ON Cbaritable actiii¢ie5 Newent Initiaiive T1 46,006 r4ET IPICO.TrIEI(EXPEL¥DITURE) (19,773) RECONCILL4TION OF FUTrS Total fuuds brougjit forward 142,643 TOTAL FUNDS CARIUED foRWARD 122 870 Page 6 continued..,

Nesyeut Initiative Trust NOTES 'I'O I"HL blNAYCIAL STATENIENTS- colltsnued FOR'I'HE YLAK ELYDED 31 ALGLST 2023 TALYGIBLE FLKED ASSETS Fixtur¢s Freehold propety fittings Totals COST At I September 2022 and 31 August 2023 167 560 DEPRECIATION At I Sepiember 2022 Charge foryear 67.002 3,352 7.735 72 74,737 3,424 At 31 August 2023 70354 78,161 NET BOOK VALUK At 31 Augusi 2023 97,206 97,612 At 31 August 2022 100,558 478 101,036 DEI BTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade d¢blor5 Prepayments I,608 605 2,213 CREDITORS: AMOUNTS FALLtNG DUE THIN ONE YEAR 2023 2022 seawity otber taxes Accrued expenses 108 820 1,092 820 ID. MOVEMENT IN FUNDS Net )overnent in funds Ai 31.8.23 At 1.9.22 Unrestricted fund8 Newent Initiative Trust 117,349 (10,273) 107,076 Restricted funds Joe Meek Events Skate Park International Fri¢lldsbip Group Repair Café Buses4Us 579 1,884 407 597 2,054 579 7134 407 39 5,250 (2001 (2,054} TOTAL FUNDS 12?.870 7.2771 115593 Pag¢ 7 continued...

Newent Inltiative Trust OTEtri TO THE FINA.YCIAL STATEIIEYTS- eontinue41 FOR THE YEAR 31 AUGLTST 2023 ii. RELATED PARTY DISCLOSLRLS There were no related party transaclions for th¢ y¢ar ethded 31 August 2023. Page 8

Newent Ittltiative Trust DETAILED STATEIIIENT OF FIN.)ct.L ACTlVtTtES FOR THE YEAR ENDED 31 ALC.UST 2023 2023 2022 INCOME AND EfsT)OWMENTS Donations and legacies Donations Grants 3,488 6,050 17,693 34,102 23,743 Other trgding a¢tivities Room hirc Other income Govemmeni Job Retention Schejne Grants 390 2,819 loo 20 2,291 3,209 2,411 nvestment inctsme D¢po8lt account int¢rest 631 79 Total Incoming reJouree5 37,942 26.233 EXPENDITURE CharitAble &ctivities Wages Rates and water Insuranie Light and heat Telephone Postage and stationery Sundries ComLllunity caf¢ Repairs and rell¢wals D¢coratillg costs Property m&intenance Computer and l.T costs Valegro HAF Licenses and subscriptions Adverttsing and promotions Freehold propety Fixtures and fittiThgs 31,291 463 26,876 284 1,102 612 166 395 436 557 609 740 3,485 429 4,838 1,048 3,530 176 66 390 1.171 1,165 403 738 231 137 3,351 72 43,968 44,930 Governatht¢ ¢05ts Brouglit foN'ard Accountancy 48 1,203 200 876 1,076 Total resources expellded Net expenditure 7,277 19,773) This page does llot fotrn part of the statutory financial stat¢lliellts Page 9