REGIS'I'ERLD CHARII'Y NUMBER: 1114772 REPORT OF THE TRUSTEES AND NAUDITED FINANCIAL STATEMENTS FOR HEN NDA Whitehead & Howarth 327 Clifton Drivc South Lytham St Annes Lanca8hire FY8 IHN
THE C.ONTENTS OF THE FINANCIAL TATEMEs Page Report of the Trustees I to 2 Independent Examiner's Report Statement of Financial Activities BAIAnc¢ Sheet Cash Flow Statement Notey to the Cash Flow Ststement No¢¢$ lo th¢ Tr ininciAI S¢a¢¢m¢nt$ 8 to 11 DetRiled Statement of Flnanelal Aetlvl¢le$ 12
THE NEII'STAR FOUNDATION REPORT OF THE TRUSTEF.S for the I'eAr Ended 31 MARCH 2024 The trustees have pleasure in presenting their report and thc accounts of tlie charity for the year ended 31 March 2023. The trustees have adopled the provisions of the Statement of Re¢oniniended Practice (SORP} "Accounting and D the annual report and financial statements of the charity. Reporting by Charities" (FRS 102) in preparin. The financial statem¢nts have been prepared in accordance with the accounting policies Set out iv not¢ I to th¢ accounts and ¢vniply with the charity's Tnist Deed. the Charilies Act 201 l and Accoiinting and Rcportin¥ by Charities: Statement of Recommended Practi¢¢ 41ppli¢able lo charities prcparing th¢ir acrounls in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Repiiblic of Ireland (effective October 2019). OBJECI'IVES AIYD AcfiviTIES Objectives And aims The charity's objects are to relieve poveity, sickne.ss, hardship and di.%tress to human lifc in ¥eneral in any part of the world through donations or provision of aid in the fomi ot. medical or food or in sucl) manner as the trustees may deterniine from time to tiine and to advance and promote education in any parf of the world. The trust has received donations from individuals and organisations whicli have raised money lo fulfil its aims. During the year, fiinds of £235,000 have been raised and donations have been made lo needy individuals. This has been in the form of monetary donations which have been used to biiy essentials and medicine for poverty stricken individuals who have been affecied by natLiral or manmade disasiers.Grdnt5 urc awardvd to projects following review by the Triistees. Public benefit Tlie tru.stees have had due regard to guidance published by the Charity c.ommission with regards to public benefil and are satisfied that the charity satisfies the requirements. ACHIEVEMENT AND PERFORMANCE ChAritsble activities The charity lias in particular helped orphans and widows in developing countries lo hclp theni lo be looked after in a dignified manner and for widowy to be selt-sufficicnt by mcans of providing vocational training in order for them trj earn livclihood. FINANCIAL RFVIEW inancial position Details of tile results for the year can be found on page 5. FIITURE PLANS The Irust¢cs will continue to make donations to individuals and projects that meet the ¢ri¢eria in¢lud¢d in the Charity objects. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is governed by its Trust Deed dated 3 April 2006 (as amended by resolution d&ted 5 April 2013) ReeTUitment and appointment of new trustee5 There must be at least three trustees. Apart from the first trustees, every trustee must be appointcd for a temi of 5 years by a re501ulion of the trustees passcd at a special meeting under clause 15 of the deed. In Selecting individuals for appointment as trustees, the trustees musl have regard to the skills. knowledge and experience needed for the effective adrninistration ot ihe charity. Trustees are provided witli iiiforniation relating to the charity on appointment. The trustees must hold al leasl two ordinary meelings each year. Risk management The Irusl¢¢s hav¢ r¢vi¢wed the risk5 to which the charity is subject and eslablish¢d procediires to mitigate these risks REFERENCE AND ADi¥IINISTRATIVE DETAILS Registered Charity number 1114772 Page I
THE NEWSTAR FOUNDATION REVORT OF THE TRUSI"EES for the Year Ended 31 MARCH 2024 Prineipal address Caxton House Caxlon Road Fulwood Preston PR2 9ZB Trustees l Bargit Chairman Mrs S Bargit Reference and administrulive details are shown in the schedule of charity inforniation on page l of the accounts. Details of trustccs wlio scrved in the year can be found on page l. Independent Ex4mlner Whitehead & Howarth J27 c.lifton Drive South Lytham St Annes l.ancashir¢ FY8 IHN RESERVES Free reserves are currently £514,832. Th¢ trustees review grant ¢laim$ as appropriate and pay grants each year. Approved by order of the board of trustees on .. ..?!i.oiJzs................. and signed on its behalf by: Mrs S Bargit - I'ruslee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 'I"HE NEWSTAR FOIINDATION Independent examiner's report to the trustees of The Newstar Foundation I report to the charity trustees on my exainination of the accounts of The Newstar Foundation (tlie Trust) for the year ended 31 Mar¢h 2024. Re5ponslbllltle$ Ind basis of report As the charity trustees ot tl)e Trust you are responsible for the preparation of tlie accounts in accordance wÉlh the requirements of the Charities Act 2011 ('Ihe Act,). I report in re5pert of my examination of the Trust's accounts carried out undei. Section 145 of the Act and in carrying oul my examination I have followed all applicable Directions given by the Charity Commission linder Section 145{5)(b) of Ihe Act. Ind¢pendent exAminer'$ $t•tement I liave completed my examination. I confinn that Jlo niaterial matters have comc to my attentioii in Connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act; OT the accounts do not accord with those reLordb: ur the a¢¢ounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities {AcLounls and Reports) Regiilations 2008 other than any requiremcnt that the accounts give a trLie and fair view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in thi¥ rL'port in order to enable a proper undei'slanding of ihe accounts to be reachcd. Mark C.roasdale BS¢ fcA Whi¢ehead & Howarth 327 Clifton Drive South Lytl)am St Annes Lancashire FY8 1 FIN Date., Page 3
THE NEWSTAR FOUNDATION ATEMENT for the }' rEn F FIN, ' AL A 'TIVITI IMAR H 2024 31.3.24 Unrestricted funds 31.3.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2J5.000 340,000 Investment income 151 TotAI 235.151 340,000 EXPbNDII'URE ON CharltAble getivities Donation paid out 201,850 2.50,055 LYET INCOME 33,301 89,945 RF,C.ONCILIATION OF FUNDS Tolal funds brought forward 481,531 391.586 TOTAL bUNDS CARRIED F'ORWARD 514.832 481,531 CONTINUING OPERATIONS The Statement of Financial Aclivities inclLides all gains and losses in the year and thcrcforc a stAtement of totsl recognised gains and losses has not been prepared. All of the above amounts relate to continliing activiti¢s. All income and expendiliire in (he ciirrent and previous year was unrestricted. Tlie notes form part of tlie5e financial statements Page 4
THE NEWSTAR FOIINDATION BALANCE SHEET 31.3.24 Unrestricted funds 31.3.23 Total funds Notes CURRENT ASSETS Debtors c.ash ai bank 2,500 514.157 2,500 480,8.$6 516,657 483.356 CREDITORS Amounts falling due wiihin one year {1.825) (1,825) NET CURRENT A&SETS 514.832 481.531 TOTAL ASSETS LESS CURRENT LIABILITIES 514.832 481,531 NET ASSETS 514,832 481.531 FuDs Unrestricted funds 514,832 481,531 TOTAL FUNDS 514,832 481.531 The financial statements were approved by the Boai'd of TrLlStees and aLlthorised for issu¢ . J.110!1&.g.............. and were signed on its behalf by: on l Bargil - Trustee The notes forn) part of these financial statements Page 5
THE NEWSTAR FOIINDATIOY CASH FLOW STATEMENT or the Year En 31 MARCH 2024 31.3.24 31.3.23 Notes Cash flows from operAting etivities Cash ¥enerated from operation5 33.150 98.115 Net cash provided by operating activities 33.150 98.115 Cash flows from investing activities Intercst received 15 Net cash provided by investing aetivities Ch#n%e in eAsh 4nd cash equivalents in the reporting period Csh and cM¥h equivalents at the beginning of the reporting period i3,301 98.115 4SO,856 382,741 Cash And eA$h equtvglent$ at ihe end of the reporting period 514,157 480,856 The notes forn) part of these financial statements Page 6
THE NEWSTAR FOUNDATION I%OTES TO THE CASH FLOW STATFMENT for the Year Ended 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERA"I'ING AC.TIVITIES 31.3.24 31.3.23 Nel income for the reporting p¢riod (A8 per the Si*tement of Financial A¢tivili¢s) Adjustments for: Interes1 received D¢cr¢as¢ in debioTS Decrease in Creditors 33,301 89.945 {151) 10,000 (1.830) Net cAsh provided by operations 33.150 98,115 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net ca$h Cash at bank 480,856 514.157 480,856 33,301 514,157 Debt l)ebts falling due within l year (1,825) (1.825} (1,825) (1,825) 'I'ot41 479,031 33,301 512,332 The notes fom) part of these financial statements Page 7
THE NEWSTAR FOIIIYDATIO.N NOTES TO THE FINAI%CIAL STATEMELYTS for the Y¢4r Ended 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financi81 statements The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance wilh the Charitie5 SORP (FRS 102) 'Accounting and Rcpurting by Charities.. Statement of Recommended Practice applicable to charitics prcparin¥ Iheir accounts in a¢¢ordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019).. Financial Reporting Standaid 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, and the Charities A¢t 2011. The financial statements have been prepared under the histr)rical cost convention. ,ludgements and key AINumptions Thcrc are no judgemen¢$ or key assumptions niade in the preparation of accounts. Income All inconie is recognised in the Statemenr of Financial Activities once the ¢harity has entitlement to the funds. it is probable that the income will be received and the amount Can be measured reliably. Expenditur¢ Liabilities are recognised as expenditu as soon as there is a legal or constructive obligation ¢oinmitting the charity to that expenditure, it 15 probable tliat a transfer of economic ben¢fits will b¢ required in scltlenienl and the amount of the obligation can be Ineasured rcliably. Expenditure is accounted for on an aLLruals basis aiid has been classified under headings that aggregate all cost related lo the ¢al¢gory. Where cost$ cannot be dire¢tly attributed to particular h¢ading5 thcy have been allocated to activities on a basis consistenl with the use of resources. Taxotion The charity is exempt from tax on it5 charitable aclivilies. Fund aeeountlng Unreslri¢t¢d fiinds can be iised in accordance wilh rhe ¢haritable objectivcs at the di$¢retion of the trustees. Restricled funds ¢an only be used for particular restricted purposes within the objects of the ¢harity. Restrictions ariy when specified by the donor or wlicn funds are raised for particular restricted purposcs. Further explanation of the nature and purpose ofeach fund is included in the notes to the finan¢ial slatements. Going eoneern The trustees assess whether the use of going concern is appropriate, ie whethei. thei'e are any material uncertainties related to events or conditions that may cast significant doubt on the ability of thc charitable company to continue as a going concern. The Iruslees make this &ssessmenl in respect ot. a pcriod of at least one year from the date of authorisalion for issue of ihe accounts and have concliided ihat the charity has udequate resources to continue in oper&tional existencc for the foreseeable future and there are no matcrial uncertainties about tlie charity's ability lo continue a5 a going concerii. There are no signifi¢inl areas of adjustments or key assumptions in the preparation of the accounts. Page 8 Continued...
THE NEWSTAR FOUNDATION NOTES TO THE FINA'CIAL sTATE1lENTs - continued the l'ear Ended 31 MARCH 2024 INVESTMETrIT INCOME 31.3.24 31.3.23 Deposit account interest TRUSTEES, REluNERATIoN AND BETr4EFITS There were no trLlStees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended ) l March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR TIIE STATEMENT OF FINANCIAL A1vITIEs Unrc5tri¢ted fiiiids IIYCOME AND ENDOWMENTS FROM Donations and legacies 340,000 EXPENDITURE ON C"h4ril#ble #¢¢ivi¢ie¥ Donaiion paid out 250,055 NET INCOME 89,945 RECONCILIAI'ION OTr Tr'UNDS Total funds brought forward 391,586 TOTAL FUNDS CARRIED FORWARD 481,531 DEBTORS: Amols FALLING DUE WITHIN ONE YEAR 31.324 31.3.23 Other debtors 2,500 2,500 Page 9 continued...
THE NEW'STAR FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS - continu for the l'ear Ended 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIIY ONE YEAR 31.3.24 3 1.3.23 Otlier creditors ,825 1,825 LOANS An analysis of ihe maturity of loans is given below.. 31.3.24 31.3.23 Amounts fallintr due wiihin one year on demand: Other loans 1,825 1,825 MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fijnd 481,531 33.301 514,832 TOTAL FUNDS 481,531 33.301 514,8.32 Net movement in fLinds. in¢liided in the above are as follows: Inioming resour¢¢$ Resour¢¢s expcnded Movem¢nl in fijnds lJnrestrleted funds Gcncral fund 235.151 {201,850) 33,301 TOTAL FUNDS 235.151 (201.850} 33.301 Comparatives for movemenl in funds Nel movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund J91,586 89,945 481.531 TOTAL FUNDS 391.586 89,945 481,531 Page 10 continued...
THE NEWSTAR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- for th inued arEn I MAR "H 2024 MOVEMENT IN FUNDS- continued Coniparalive net moveinent in funds, included in the above are a5 follows- Incoming resouTce5 Resources expended Movcment in funds Ilnre8tricted fund5 General fund 340.000 (250,055) 89,945 TOI'AL FUNDS 340,000 (250,055) 89.945 A current year 12 months and prior year 12 nionths coinbincd p051tion is as follows.. Nel movement in funds At 31..3.24 At 1.4.22 Unre5tric¢ed fund$ General fund 391,586 123,246 514.832 TOTAL FuDs 391,586 123,246 514.832 A ciiritnl year 12 month5 and prior year 12 months Combined net movement in funds, included in the above arc as follows: Incoming resourcc5 Resources expended Movement in funds Unrestricted fund¥ General lld 575,151 (451.905) 123,246 TOTAL FUNDS 575,151 (451.905) 123,246 RELATED PARTY DISCLOSURES Sazeda Bargit is considered to be a related party as they are a trustee of the charity. Imran Bargit is considered to be a related party as he is tlie husband of Sazeda Bargit. During tlie ycar, the Lharily received donalion$ of £20.000 {2023.' £Nil) from Nova Apparel Limited, a company in which Iniran Bargil has Control. Addiiionally, Imran & Sazeda Bargil niade charitable donations of £50.000 (2023: £45,000) to the Foundation. At the year end £1.825 (2023: £1.825} was owed ta Iniran Bargil relating to expenses incurred on behalf of the Charity. No remuneration or reimbursement5 for expcnses were paid to the tNst¢es in Ihe year. Pagell
THE NEWSTAR FOUNDATION DETAILED STATETrIENT OF FINANCIAL ACTIVITIES 24 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 175,000 60,000 295,000 45.000 235,000 J40.000 Inw¢$tmen¢ in¢ome Deposit accounl interest 151 Total ineoming resources 235,151 340,000 EXPENDITURE Charitable activitlC5 Donations paid out 201,190 250.685 Support costs Covernance costs Ac¥ounlancy and leg41 fees 660 (630) Total resour¢¢s ¢xp¢nd¢d 201,850 250.05.S Net income 89,945 This page does not forni part of the statutory financial statements Page 12