**Patron: Rt Hon 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 ~~re~~ Phone: 01531 820782 12[th] February 2025 ## Annual Report of The Trustees for the Year Ended 31[st] August 2024 The Trustees who are also Directors of The Charity for the purposes of The Companies Act 2006, present their report together with the financial statements of The Charity for the year ended 31[st] August 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1[st] January 2019. Newent Initiative Trust (The Trust), with its premises in the centre of Newent provides a varied range of youth and community services. Like many similar smaller charities, we have experienced significant challenges during this reporting period. As a result of significant increases in energy and employment costs, and more importantly, the UK wide reduction in funding opportunities, we have yet again been forced to utilise our reserves. With our reserve funds greatly reduced, we have readjusted our offerings, focusing more on supporting those most vulnerable and in need of daily support within our community. The Trust have however performed more varied activities, working more closely with our local food bank, providing outreach activities with our at-risk young people, giving guidance and providing reassurance to families, those living alone and isolated. As part of The Trust’s other community activities, we have also acted as the agent for financial and project support to a small number of local organisations, retaining and managing their various accounts, thereby enabling them to operate more effectively with the minimum of bureaucracy under the banner of Newent Initiative Trust. With the valued support of other community-based groups, we endeavoured to expand our usual services, albeit at some risk to The Trust. Even with the limited financial and welfare support provided by County, District, Town Council, and local community organisations, we found The Trust relying more on one-off grants and drawing more upon our limited financial reserves. **Patron: Rt Hon 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 ~~re~~ Phone: 01531 820782 The Trust’s youth and community cafe activities have continued to be successful, supplemented by other community group activities, all of which demonstrate The Trust’s inclusive approach and ongoing commitment to Newent and its surrounding areas. Community projects of specific note this period include the major refurbishment of Newent’s War Memorial and the planned development of Newent’s long awaited Multiwheeled Skatepark Facility. The burden of securing additional funding within an environment where charitable grants have been difficult to obtain 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 as it strives to continue to deliver its charitable aims and objectives within our community and its unique wider rural environment of which we are part. Trustee’s thanks are extended to all of our funders, staff and volunteers, for their continuing belief and unstinting support throughout what was a difficult operating year. The Trust looks forward to a more financially stable and brighter future in which we can continue to flourish ## Keith C .Urc h Keith Urch Chairman and Trustee Newent Initiative Trust 12[th] February 2025 REI GIST￿1 RED COMPANY NUMBER; 03709565 n%land and Wales) REGISTERED CHARITY NUMBKR: 1074500 REP RT OF THL TRUSTEES DITED FINANCIAL TATKMENTS OR TFIL YEAR LI NDICD 31 A T 2024 FOR tive 'iis Knigbt5 21 Higliiiim Business C¢ntre Highna Gluuoesleishire L2 8DN Newent Inltl#llve Tru co FOR THE IAL STA T 2024 Page Repoi* of the Ti'u5t¢¢s Indepondent Kxomlnerls Report stRtem¢nt Financial A¢tlvitles Balance Sheet N¢rtey to the FlnAiicl&l Stacoments 5 to 8 Detaile(I StAtsmeiil of FinAiioiAI A¢tsYiti¢$ Newent JnllloÉlve OW Tllli TRUSTKES OR THE YEAR LI NDED 31 AUGUST 2Q24 Th¢ trnslees who are &150 directors of the ¢lwity for Ihq puty08es of the Compati1¢8 A¢t 20D6, pt¢y¢ttt I'k#Jr report with th¥ finunciil slat4ment8 of the ch&rlty for the yeu #nded 31 Augu%t 2024. The irustses have &dc)pted the PTovi$lons of Acttounting Reportxng by Chatities: Statement of Recommended Pra¢tice ELppIioELble t.o charities preparing their ttocounls itt a¢eordanc¢ with ¢h¢ Fillanci￿ R4)ortin8 Standard aLiplioabl¢ in the UK and. Repubb'o of ILEl&nd (FRS 102) (effective I Sanuary 20191. STRUCTURE, GOVERNAfqcE ALYD tVL4NAGEMENT Govornlng documellt The oharily LS Controlled by 118 goverlling docuLnent, & deed of trust, and ¢ongtilnteb a Lirllited company> limit¢d by guftrarAtso, AS defmed by the CO￿panie9 Act. 2006. REFEIIENCE AND ADLVIINISTRaTIVE DETAILS Registered Company ttumber 03709565 (Englwd fiDd w￿¢$) Regislered chA￿ty numb¢r 1074500 Reg18tered offlce 36 Broad Str¢et Nowettt GLoii¢estershire GL18 IAJ Truste*8 M S Draper T Gibbons C E Stoiie (Resish¢d 9th December 2024) T B Fowl¢r (Resigtted 13111 MAY 20241 Rev S I V m￿0￿ (Re8iglled 5th August 2024) H Feld Kcurch Mfs M J Higknton B Fle&thfLeld (Appoirnted 21.StNovembeL 2024) Cornpany Seeeèt'tsry A J Cox-Benll¢y liidcpeiideiit ]Lxaminf r I(nighls 21 Highllall BusLn¢8s C¢ntr¢ Highn& Glouce5tarshii'o GL2 8DN Approvcd by order oltlie bo&rd ot tLwlee8 on . Qc 25:, aid skgn¢d on ils b¢half by.. IC Urcli - Tntstet Page I NT PORT TO THE TRuST￿E8 OF Jndependent ¢xamlner 8 report to the *i'u8tets Newent Infitiatlv¢ Trust (Ithe CompAny') I report to the Ghwity trn8tse8 on my ex￿LInatIo0 of thtt ￿¢￿Ullts of the Company for the year end¢d 31 August 2024, Re8ponslbiiltlos and bRsl8 of vepovt A8 th¢ ch￿Ity'S tmstee8 of the Campany (atsd also IL$ directors for the purp08es of company law) you are re8ponsible for th¢ pr¢Faration. of th¢ accowits in accord￿￿8 with th¢ tequir¢m¢nts o£the Comp￿leS Act 2006 ('th¢ 2(NJ6 Aot,), HRving satisfied myself that the &ocount8 of the CoMp￿Y are not tequir¢d to be audited unda Part 16 of thB 2006 Act d are eligiblo foi itidep¢rtd¢tsl ex&mill&tion, I r¢port in ie8PBCt of my eKamm&tion of your charity's accounts as Carried out undor S'eetion 145 of the Charitios Act 2011 {'the 2011 A¢t'). In canyittg out thy ¢xataill&tlQll I have followed t]ke Directions given by the Charity Commission linder Section 145(5) (b) of th¢ 2011 AOL Independ¢nt exomintr's statement I have wmpleted my ¢xamittalLOn, I confirLn that no m&tters have oom¢ to my altenlion An ¢otlli¢ctioxi with examination giving ine cause to b¢liev¢: &c¢oiinting records w¢r¢ not kept ITh ro¥pe¢¢ of the CoLnp4lly &S itquired by Section 386 of the 2006 Act. or the accounts do not accord witkn those recoTd8' or tbe 4ccounts do not oomply with tbe accounting requirements of S¢clion 396 of the 2006 Act oth¢r tl]an olly requiremonl that tke ac¢ounts giv¢ a truo tmd fair view which is not a matter considered as part of &n ind¢pondent exami￿tion,, or thg &ocounts h&ve not been prepar¢d in &c6ordaLi¢e with the method8 &lld ptillclples of the state￿o￿t of R¢¢ommend¢d PIaotLce for accounting And reportlllg by cbariti&g (&pplicable IJ charities prepaLin% (Ileir *¢¢ounts a¢¢ordatsoe wl¢h tho Financial Rèporting StilldArd &pplic&ble in ttLe UK and Republic of ItelaDd (FRS 102)) I have tto ooftcern8 artd have cotlle acr088 llo other niatter8 in Gollnection with the examillatioll to whiclL 2tleThtioTh should be dr&wL itt this report itk order to enable a ptt>per underst￿dIllg of Ibe aooount8 to be reach¢d. Kni8hts Knigknts Ae¢DuttlRtst5 21 Highn&m Bu8ine88 C¢ntt'e Highllunl Oloucestershire GL2 8DN Date.. IE J. ry-irye P&ge 2 Ntwent Ini iative Tru5 TATEMENT or Fll¥AIYCIAL AC IVITI FOR THE YEAR ENDED 31 AUGUST 20 2024 Unttgtricted 2023 Total funds Nut¢8 INCOMEI AND EI NDOWMII NTS FROM Donations aiid l¢g8cies 41,802 34,102 Other trading activxties tnvestsnenl ittoome 4,443 3,209 631 Tot%ll 47,343 eharit&ble LCtivitle8 Newetst IlliliatiY¢ TtU8t 45,219 Totlll 45,219 NET INCOMEI(EXPENDTlllRE) (1,116) (7,277) RECONCILIATION OF FUNDS Total fulld8 brought forward 115,593 122,870 'roTAL FIJDIDS cARRI￿D FORWARD 114,477 115,593 The iioles fom part o'f tli(xi¢ fiiiiill¢i&l thlements P&ge 3 New¥nt Inlélatlve Trust ANCE SH 31 AUGUST 2024 2024 Unre8Èricted funds 2023 Total fund8 Notes Ill￿, D ASSETS Tangible assets 94,201 97,612 CURRENT ASSETS Debtors C88h atbal￿ aftd in hand 2,213 37,862 19,073 CREDUORS Amouuts £￿lIag due within on¥ y (2,131) (1,092) IYET CUR￿1 NT ASSETS TOTAL A&SXTS LW,S8 CURRENT LIABILITIES 129,932 115,593 NET ASSEI TS 129,932 115593 FufiDS U￿es￿l¢t¢d funds io 129,932 115,593 TOTAL FUNDS 129,932 115,593 charxt&ble ctsmpatty is entilled to exemption fron) Rudit und¢T S¢¢tion 477 of the C,ouipanies Act 2006 tor the year ended 31 August 2024. Th¢ Jttehkners have not required the ¢OllLpally to obttsin all audit of its finaftoial 8tatement8 for the ye&r ellded 31 All￿ll81 2024 Sn &c¢ordance with S¢¢tioll 476 of the Cottspllbios Act 2006. The trustees u¢lnce t￿¢ Ch￿Lty has entitlen)ont to the fl￿d&, it is probable that the llicome will be received and the trnoullt carj be measured reb&bly,' Expettdlture LiabiLili¢$ ve re¢ogiii$ed as expelldithre 8S Sooll as ther¢ is a legal or ¢onstruotive obli8Ation conwiitling th¢ cEwity to that expenditure, Lt is probAble Lhat a trallBler of economic benefits will be required in 8ettlement and the &mount of tb¢ obligation otLll b6 in¢agw'ed r¥liably. Expendittwe is a¢¢ount¢d for ott an aGGNal8 b&si8 and ba8 bo¢n ¢las8ified'imder headings that aggregate all oost related to th¢ ¢ategory, Where costs cannot bc directly atts'ibuled to particiil&r headings they have been &llocated to activitie8 on a b&sis Gonsistent with the use of reSul￿¢cl. Tangible f]xed Depr¢iation.i8 Ptov.ided" &t. the following ￿]nL￿[ rate5 in order to write off each asset over it8 eslLDl&ted iiseful life, Fr¢ehold propety Fixtures alld fLtting8 20/￿ on c08t 150/0 oll iyducitig bdall¢e Taxntlon 'I'TrLe cbarity 18 exempl from cory)oration tèLK OTh its cbEtritablg ttctivitLes. Fund ieeounting u￿¢S￿l¢t¢d futtds c&n be used in Ic ccordattce willi th¢ cbaritablv objectivcs at tile dIs￿ett￿ll of the trustees. R¢stri¢t£d. funds curt ottly be usea for particular r¢strict¢d wirpi)scs wiLhill the obj¢¢ls of charity. Restrictions t]ri8o when 4ptyoifi¢d bsr the donor or whets funds r&ised for particulLt' T￿trICt¥d putPDses. Further explanation of the nature Euid piiipose of ea¢h £L￿d is included in the notes ¢0 the financial 8tf4tsin¢irts, OTHER TIL4DING ACT'IVITIES 2024 2023 Room hiTe Other nicome 390 679 679 PAEe 5 continii¢d... ewellt Illltiatiye Tru8t NOTXS TO THK FINANCIAL STATEMENTS - continue YOR YEAIi EI NDfi D 31 AUGUST 2023 IIYVEI STLVAEI NT INCOM 2024 2023 Deposit ao¢oLint itileresl 1,098 631 NLT INCO[￿(EXp￿NDITUR￿) Net illcomel(expendittue} is st&tsd aftei chargingl(¢redltlng): 2024 2023 D¢precialion - owrLed a8seL's TRUSTEE'SI REMVNERATION Af4D BENEFITS .Th¢re were no trustees, remuneratiott or othor benefits for the year ejded 31 August 2024 nor for the yedy ended 3 J AUg￿￿t 2023, Trnstee$ expenses ThttrE were rto trustse8' expotises paid for tbe yell ￿Idea 31. Au￿7St2024 nor for the year ¢Jded 31 August 2023. COMPARA'fIvE$ s'.fATEMENT OF FEIANCIAL ACTIVITIII S Ullrestriclcd fillkd INCOM% ATr4D fffj0wm￿￿'rS FROTrI Don&tions ILfAd legacies 34,102 Other tLILdittg aotivities Ittve8ttnent iticotne 3,209 631 Total KXTENDITUIIK ON ChRrltable &ctEvities Noweiil Inillativg Trnst 45,219 INCOMEI(EXI?LNDII'URE) (7,277) RECONCILLITION OF VUNDS Total fund8 biougbt fcTrrward 122,870 TOTAL FUNDS CARRIED FORWARD 115,593 Page 6 ctrlltiriudd,., ent Ini¢i8tlYe'fi'ust NOTES TO THE FIN CIAL STATEI M INTS-eo FOR THIL YEI AR ENDED 31 AUCUST 2024 TANGIBLE FIXKD ASSETb' FixttiY¢S aiid l]Ilings Fretshold pj'opety Total8 COST At I September 2023 31, August 2024 167,560 8,213 175,773 DEPRBCIA TION At I Sepivmb¢i' 2023 Chuge for y¢ar 70,354 7,807 61 78,161 At 31 August 2023 NE'f BOOK. VALU At 31 Aiigust 2024 93,854 345 Al 31 August 2023 97,2C)6 4J6 97,612 DEBTORS: ALVIOUNTS FALLING DUE WITHIN QNE YEAR 2024 2023 Trade debtors Prepaynwits 1,608 605 715 715 CREDITORS: Amoupffs YALLING Duri WITHIN ONE YF,AR 2024 2023 Social securily tLnd other taxes Aconi¢d ¢xp¢ns¢s 108 984 2,131 1,092 10. MOVLMiiwf IN IIUNDS Nel ovemenl, in fithds At 1.9.23 31..824 Uiix'eytricted funds Newent Initiative Trust 107,076 11,2,71 118,347 B£stt'i¢ted funds Joe MeekEvents Sk&t¢ PSLrk lllteLnational14iendship aroiip Repair Caf¢ Stllart CA W8r M¢rnorial Fblld 579 579 7,034 407 1,362 500 1,703 (i 00) 4Q7 397 965 500 1,'703 TOTAL FIJNIk8 1.15,593 129,932 Pmge 7 coiitit]iied., ve fY118t OTES TO THE FINANLIA ST AR LI NDLD IAU TLI l￿ETr4TS- eontiiiued UST 2024 11, RELATID PARTY DISCI,OSURES Th￿¢ wer6 llo related paty trall8aCti0tt8 for the year ended 31 All8llSt 2024. Page 8 t Inltlotl e Trust DETAILED STATEThtENT OF WINANC. THE YEAR END£ UST 2024 2024 2023 INCOME Af4D IDIDOWMEIYTS DonitlDns and legacies Don￿l,10n$ Grants 3,705 38,097 3,488 30,614 4I,802 34,102 Other trndlng activitits Room Hire Café Income Other Ill¢0￿e 390 2,819 3,764 679 4,443 3,209 Investment lllcome Deposit account interest 631 TO1￿ Incoming V￿ourceS.. 47 J43 37,942 EXPEDIIJITURE ChAritAble ACti*itie5 Wages R&t¢s Rnd w&ter Insurg4llre Light and heat T6l¢phon¢ Post8ge alld 8thtioiiery Simdri¢s CDmmunily c&fe Repalrs and ra]ewals Cleaning co,%ts Conunullity Oliting￿trip8 Compul¢i ajjd I.T Losts Professional fees HAF Licenses thd subscriptions Advertl8ing Emd ptomotiotis Fre¢hold property Fixtures E￿d fittings 34,022 895 1,465 2.366 186 13 643 1,003 864 75 1,214 391 31,291 463 784 3,530 176 66 390 1,171 1,165 403 333 384 738 231 137 3,351 61 72 47,433 43,968 ttovei'nAn¢o costs Biought forwa Accoutttkwcy 48 1,203 1,026 1,251 Total rosources expettded 48,4S9 45,219 Net expettditiirf 7,27 T]Jis Pcige do¢s not totm y￿'t L)f Ilie 8tal'iitQLy finÉLneial statOLllQlIts Page REI GIST￿1 RED COMPANY NUMBER; 03709565 n%land and Wales) REGISTERED CHARITY NUMBKR: 1074500 REP RT OF THL TRUSTEES DITED FINANCIAL TATKMENTS OR TFIL YEAR LI NDICD 31 A T 2024 FOR tive 'iis Knigbt5 21 Higliiiim Business C¢ntre Highna Gluuoesleishire L2 8DN Newent Inltl#llve Tru co FOR THE IAL STA T 2024 Page Repoi* of the Ti'u5t¢¢s Indepondent Kxomlnerls Report stRtem¢nt Financial A¢tlvitles Balance Sheet N¢rtey to the FlnAiicl&l Stacoments 5 to 8 Detaile(I StAtsmeiil of FinAiioiAI A¢tsYiti¢$ Newent JnllloÉlve OW Tllli TRUSTKES OR THE YEAR LI NDED 31 AUGUST 2Q24 Th¢ trnslees who are &150 directors of the ¢lwity for Ihq puty08es of the Compati1¢8 A¢t 20D6, pt¢y¢ttt I'k#Jr report with th¥ finunciil slat4ment8 of the ch&rlty for the yeu #nded 31 Augu%t 2024. The irustses have &dc)pted the PTovi$lons of Acttounting Reportxng by Chatities: Statement of Recommended Pra¢tice ELppIioELble t.o charities preparing their ttocounls itt a¢eordanc¢ with ¢h¢ Fillanci￿ R4)ortin8 Standard aLiplioabl¢ in the UK and. Repubb'o of ILEl&nd (FRS 102) (effective I Sanuary 20191. STRUCTURE, GOVERNAfqcE ALYD tVL4NAGEMENT Govornlng documellt The oharily LS Controlled by 118 goverlling docuLnent, & deed of trust, and ¢ongtilnteb a Lirllited company> limit¢d by guftrarAtso, AS defmed by the CO￿panie9 Act. 2006. REFEIIENCE AND ADLVIINISTRaTIVE DETAILS Registered Company ttumber 03709565 (Englwd fiDd w￿¢$) Regislered chA￿ty numb¢r 1074500 Reg18tered offlce 36 Broad Str¢et Nowettt GLoii¢estershire GL18 IAJ Truste*8 M S Draper T Gibbons C E Stoiie (Resish¢d 9th December 2024) T B Fowl¢r (Resigtted 13111 MAY 20241 Rev S I V m￿0￿ (Re8iglled 5th August 2024) H Feld Kcurch Mfs M J Higknton B Fle&thfLeld (Appoirnted 21.StNovembeL 2024) Cornpany Seeeèt'tsry A J Cox-Benll¢y liidcpeiideiit ]Lxaminf r I(nighls 21 Highllall BusLn¢8s C¢ntr¢ Highn& Glouce5tarshii'o GL2 8DN Approvcd by order oltlie bo&rd ot tLwlee8 on . Qc 25:, aid skgn¢d on ils b¢half by.. IC Urcli - Tntstet Page I NT PORT TO THE TRuST￿E8 OF Jndependent ¢xamlner 8 report to the *i'u8tets Newent Infitiatlv¢ Trust (Ithe CompAny') I report to the Ghwity trn8tse8 on my ex￿LInatIo0 of thtt ￿¢￿Ullts of the Company for the year end¢d 31 August 2024, Re8ponslbiiltlos and bRsl8 of vepovt A8 th¢ ch￿Ity'S tmstee8 of the Campany (atsd also IL$ directors for the purp08es of company law) you are re8ponsible for th¢ pr¢Faration. of th¢ accowits in accord￿￿8 with th¢ tequir¢m¢nts o£the Comp￿leS Act 2006 ('th¢ 2(NJ6 Aot,), HRving satisfied myself that the &ocount8 of the CoMp￿Y are not tequir¢d to be audited unda Part 16 of thB 2006 Act d are eligiblo foi itidep¢rtd¢tsl ex&mill&tion, I r¢port in ie8PBCt of my eKamm&tion of your charity's accounts as Carried out undor S'eetion 145 of the Charitios Act 2011 {'the 2011 A¢t'). In canyittg out thy ¢xataill&tlQll I have followed t]ke Directions given by the Charity Commission linder Section 145(5) (b) of th¢ 2011 AOL Independ¢nt exomintr's statement I have wmpleted my ¢xamittalLOn, I confirLn that no m&tters have oom¢ to my altenlion An ¢otlli¢ctioxi with examination giving ine cause to b¢liev¢: &c¢oiinting records w¢r¢ not kept ITh ro¥pe¢¢ of the CoLnp4lly &S itquired by Section 386 of the 2006 Act. or the accounts do not accord witkn those recoTd8' or tbe 4ccounts do not oomply with tbe accounting requirements of S¢clion 396 of the 2006 Act oth¢r tl]an olly requiremonl that tke ac¢ounts giv¢ a truo tmd fair view which is not a matter considered as part of &n ind¢pondent exami￿tion,, or thg &ocounts h&ve not been prepar¢d in &c6ordaLi¢e with the method8 &lld ptillclples of the state￿o￿t of R¢¢ommend¢d PIaotLce for accounting And reportlllg by cbariti&g (&pplicable IJ charities prepaLin% (Ileir *¢¢ounts a¢¢ordatsoe wl¢h tho Financial Rèporting StilldArd &pplic&ble in ttLe UK and Republic of ItelaDd (FRS 102)) I have tto ooftcern8 artd have cotlle acr088 llo other niatter8 in Gollnection with the examillatioll to whiclL 2tleThtioTh should be dr&wL itt this report itk order to enable a ptt>per underst￿dIllg of Ibe aooount8 to be reach¢d. Kni8hts Knigknts Ae¢DuttlRtst5 21 Highn&m Bu8ine88 C¢ntt'e Highllunl Oloucestershire GL2 8DN Date.. IE J. ry-irye P&ge 2 Ntwent Ini iative Tru5 TATEMENT or Fll¥AIYCIAL AC IVITI FOR THE YEAR ENDED 31 AUGUST 20 2024 Unttgtricted 2023 Total funds Nut¢8 INCOMEI AND EI NDOWMII NTS FROM Donations aiid l¢g8cies 41,802 34,102 Other trading activxties tnvestsnenl ittoome 4,443 3,209 631 Tot%ll 47,343 eharit&ble LCtivitle8 Newetst IlliliatiY¢ TtU8t 45,219 Totlll 45,219 NET INCOMEI(EXPENDTlllRE) (1,116) (7,277) RECONCILIATION OF FUNDS Total fulld8 brought forward 115,593 122,870 'roTAL FIJDIDS cARRI￿D FORWARD 114,477 115,593 The iioles fom part o'f tli(xi¢ fiiiiill¢i&l thlements P&ge 3 New¥nt Inlélatlve Trust ANCE SH 31 AUGUST 2024 2024 Unre8Èricted funds 2023 Total fund8 Notes Ill￿, D ASSETS Tangible assets 94,201 97,612 CURRENT ASSETS Debtors C88h atbal￿ aftd in hand 2,213 37,862 19,073 CREDUORS Amouuts £￿lIag due within on¥ y (2,131) (1,092) IYET CUR￿1 NT ASSETS TOTAL A&SXTS LW,S8 CURRENT LIABILITIES 129,932 115,593 NET ASSEI TS 129,932 115593 FufiDS U￿es￿l¢t¢d funds io 129,932 115,593 TOTAL FUNDS 129,932 115,593 charxt&ble ctsmpatty is entilled to exemption fron) Rudit und¢T S¢¢tion 477 of the C,ouipanies Act 2006 tor the year ended 31 August 2024. Th¢ Jttehkners have not required the ¢OllLpally to obttsin all audit of its finaftoial 8tatement8 for the ye&r ellded 31 All￿ll81 2024 Sn &c¢ordance with S¢¢tioll 476 of the Cottspllbios Act 2006. The trustees u¢lnce t￿¢ Ch￿Lty has entitlen)ont to the fl￿d&, it is probable that the llicome will be received and the trnoullt carj be measured reb&bly,' Expettdlture LiabiLili¢$ ve re¢ogiii$ed as expelldithre 8S Sooll as ther¢ is a legal or ¢onstruotive obli8Ation conwiitling th¢ cEwity to that expenditure, Lt is probAble Lhat a trallBler of economic benefits will be required in 8ettlement and the &mount of tb¢ obligation otLll b6 in¢agw'ed r¥liably. Expendittwe is a¢¢ount¢d for ott an aGGNal8 b&si8 and ba8 bo¢n ¢las8ified'imder headings that aggregate all oost related to th¢ ¢ategory, Where costs cannot bc directly atts'ibuled to particiil&r headings they have been &llocated to activitie8 on a b&sis Gonsistent with the use of reSul￿¢cl. Tangible f]xed Depr¢iation.i8 Ptov.ided" &t. the following ￿]nL￿[ rate5 in order to write off each asset over it8 eslLDl&ted iiseful life, Fr¢ehold propety Fixtures alld fLtting8 20/￿ on c08t 150/0 oll iyducitig bdall¢e Taxntlon 'I'TrLe cbarity 18 exempl from cory)oration tèLK OTh its cbEtritablg ttctivitLes. Fund ieeounting u￿¢S￿l¢t¢d futtds c&n be used in Ic ccordattce willi th¢ cbaritablv objectivcs at tile dIs￿ett￿ll of the trustees. R¢stri¢t£d. funds curt ottly be usea for particular r¢strict¢d wirpi)scs wiLhill the obj¢¢ls of charity. Restrictions t]ri8o when 4ptyoifi¢d bsr the donor or whets funds r&ised for particulLt' T￿trICt¥d putPDses. Further explanation of the nature Euid piiipose of ea¢h £L￿d is included in the notes ¢0 the financial 8tf4tsin¢irts, OTHER TIL4DING ACT'IVITIES 2024 2023 Room hiTe Other nicome 390 679 679 PAEe 5 continii¢d... ewellt Illltiatiye Tru8t NOTXS TO THK FINANCIAL STATEMENTS - continue YOR YEAIi EI NDfi D 31 AUGUST 2023 IIYVEI STLVAEI NT INCOM 2024 2023 Deposit ao¢oLint itileresl 1,098 631 NLT INCO[￿(EXp￿NDITUR￿) Net illcomel(expendittue} is st&tsd aftei chargingl(¢redltlng): 2024 2023 D¢precialion - owrLed a8seL's TRUSTEE'SI REMVNERATION Af4D BENEFITS .Th¢re were no trustees, remuneratiott or othor benefits for the year ejded 31 August 2024 nor for the yedy ended 3 J AUg￿￿t 2023, Trnstee$ expenses ThttrE were rto trustse8' expotises paid for tbe yell ￿Idea 31. Au￿7St2024 nor for the year ¢Jded 31 August 2023. COMPARA'fIvE$ s'.fATEMENT OF FEIANCIAL ACTIVITIII S Ullrestriclcd fillkd INCOM% ATr4D fffj0wm￿￿'rS FROTrI Don&tions ILfAd legacies 34,102 Other tLILdittg aotivities Ittve8ttnent iticotne 3,209 631 Total KXTENDITUIIK ON ChRrltable &ctEvities Noweiil Inillativg Trnst 45,219 INCOMEI(EXI?LNDII'URE) (7,277) RECONCILLITION OF VUNDS Total fund8 biougbt fcTrrward 122,870 TOTAL FUNDS CARRIED FORWARD 115,593 Page 6 ctrlltiriudd,., ent Ini¢i8tlYe'fi'ust NOTES TO THE FIN CIAL STATEI M INTS-eo FOR THIL YEI AR ENDED 31 AUCUST 2024 TANGIBLE FIXKD ASSETb' FixttiY¢S aiid l]Ilings Fretshold pj'opety Total8 COST At I September 2023 31, August 2024 167,560 8,213 175,773 DEPRBCIA TION At I Sepivmb¢i' 2023 Chuge for y¢ar 70,354 7,807 61 78,161 At 31 August 2023 NE'f BOOK. VALU At 31 Aiigust 2024 93,854 345 Al 31 August 2023 97,2C)6 4J6 97,612 DEBTORS: ALVIOUNTS FALLING DUE WITHIN QNE YEAR 2024 2023 Trade debtors Prepaynwits 1,608 605 715 715 CREDITORS: Amoupffs YALLING Duri WITHIN ONE YF,AR 2024 2023 Social securily tLnd other taxes Aconi¢d ¢xp¢ns¢s 108 984 2,131 1,092 10. MOVLMiiwf IN IIUNDS Nel ovemenl, in fithds At 1.9.23 31..824 Uiix'eytricted funds Newent Initiative Trust 107,076 11,2,71 118,347 B£stt'i¢ted funds Joe MeekEvents Sk&t¢ PSLrk lllteLnational14iendship aroiip Repair Caf¢ Stllart CA W8r M¢rnorial Fblld 579 579 7,034 407 1,362 500 1,703 (i 00) 4Q7 397 965 500 1,'703 TOTAL FIJNIk8 1.15,593 129,932 Pmge 7 coiitit]iied., ve fY118t OTES TO THE FINANLIA ST AR LI NDLD IAU TLI l￿ETr4TS- eontiiiued UST 2024 11, RELATID PARTY DISCI,OSURES Th￿¢ wer6 llo related paty trall8aCti0tt8 for the year ended 31 All8llSt 2024. Page 8 t Inltlotl e Trust DETAILED STATEThtENT OF WINANC. THE YEAR END£ UST 2024 2024 2023 INCOME Af4D IDIDOWMEIYTS DonitlDns and legacies Don￿l,10n$ Grants 3,705 38,097 3,488 30,614 4I,802 34,102 Other trndlng activitits Room Hire Café Income Other Ill¢0￿e 390 2,819 3,764 679 4,443 3,209 Investment lllcome Deposit account interest 631 TO1￿ Incoming V￿ourceS.. 47 J43 37,942 EXPEDIIJITURE ChAritAble ACti*itie5 Wages R&t¢s Rnd w&ter Insurg4llre Light and heat T6l¢phon¢ Post8ge alld 8thtioiiery Simdri¢s CDmmunily c&fe Repalrs and ra]ewals Cleaning co,%ts Conunullity Oliting￿trip8 Compul¢i ajjd I.T Losts Professional fees HAF Licenses thd subscriptions Advertl8ing Emd ptomotiotis Fre¢hold property Fixtures E￿d fittings 34,022 895 1,465 2.366 186 13 643 1,003 864 75 1,214 391 31,291 463 784 3,530 176 66 390 1,171 1,165 403 333 384 738 231 137 3,351 61 72 47,433 43,968 ttovei'nAn¢o costs Biought forwa Accoutttkwcy 48 1,203 1,026 1,251 Total rosources expettded 48,4S9 45,219 Net expettditiirf 7,27 T]Jis Pcige do¢s not totm y￿'t L)f Ilie 8tal'iitQLy finÉLneial statOLllQlIts Page