REGISTERED CHARITY NUMBER: 1114772 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE NEWSTAR FOUNDATION Whitehead & Howarth 327 Clifion Drive South Larn St Annes Lancashire FY8 IHN
THE NEWSTAR FOUNDATION ONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2025 Page Report of tbe Trnstee5 Independent Examiner'$ Report Statement of FinaDeial Activities Balan¢¢ Sheet Cash Flow Statement Notes to the Casb Flow StatemeDt Iyotes to the Financial SIAtements 8 to 11 Detailed Statement of Financial Activities 12
THE NEWSTAR FOUNDATION REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2025 The trustees have pleasure in presenting their report and the accounts of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP} "Accounting and Reporting by Charities" IFRS 102) An preparing the annual report and financial ststements of the charity. The financial statements have been prepared in accordan¢¢ with the acwunting policies set out in nole I to the accounts and comply with the ¢harity's Tmst Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in a¢¢ordance with the Financial Reporting Stsndard appli¢able in the UK and Republic of Ireland (effective October 2019). OWEcrtVES AND ACTIVITIES Objeetlves and Y4ims The charity's objects are to relieve poverty, sickness, hardship and distress to human life in general in any part of the world through donations or provision of aid in the fonn of medical or food or in such manner as the Iruste¢s may deiemine from time to time and to advance and promot¢ education in any part of the world. The trust has r¢¢eived donations from individuals and organisation5 which have raised money lo fulfil its ainis. During the year, funds of £235,000 have been raised and donations have been made to needy individuals. This has been in the forn] of monetary donations which have been used to buy essentials and medicine for poverty stricken individuals who have been aife¢ted by natural or manmade disasters.Grants are awarded to projects following VIeW by the Trustees. Public benefit The trustees have had due regard to guidanc¢ published by the Charity Commission with regards to public benefit and are satisfjed that the charity satisfies the requirements. ACHIEVEMENTS AND PERFORMANCE Charitable activities The charity has in particular helped orphans and widows in developing countries to help them to be looked after in dignified manner and for widows to be self-sufficient by means of providing vocational trdining in order for them to ¢am a livelihood. FINANCIAL REVIEW Financial position Details of the results for the year can be found on page 5. FUTURE PLANS The trnstees will continue io make donations ¢0 individuals and projects that meet the criteria incliided in the Charity obj¢cls. STRUCTURE, GOVERNANCE AND MANAGEMEIYT Governing do¢ument The Charity is governed by its Trnst Deed dated 3 April 2006 (as amended by resolution dated 5 April 2013) Recruitment and appointment of new trustees There must be at least thre¢ trustees. Apart from the first trustees, ¢v¢ry trustee must be appointed for a tenn of 5 years by a resolution of the trustees p&8sed at a special meeting under clause 15 of lh¢ de¢d. In selecling individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effethive administration of the charity. Trnst¢es are provided with infonnation relating to the charity on appointmeni. The trustees rnust hold at least two ordinory meetings each year. Risk management The trustees have reviewed the risks to Nvhich the charity is subject and established procedures to mitigate these risks REFERENCE AND ADMINISTIL4TIVE DETAILS Registered Charity number 1114772 Page I
THE NEWSTAR FOUNDATION REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2025 Principal address Caxton House Caxton Road Fulwood Preston PR2 9ZB Trustees l Bargit Chairn)an Mrs S Bargit Reference and adminislralive details are shovm in the schedule of ¢harity inforniation on page l of the accounts. Details of trustees who served in the year can be found on page l. Independent Examiner Whitehead & Howarth 327 Clifton Drive South Lytham St Annes Lancashire FY8 IHN RESERVES Free reserves are ¢utt¢ntly £497,857. The trustee5 review grant claims as appropriate and pay grants tach year. Approved by order of th¢ board of trustees on ............ . and S1ca on its behalf by: G)d- Mrs S Bargit - Tn]ste¢ Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NEWSTAR FOIINDATION Independent examiner'5 report to the trustees of The Newslar Foundation I report to the charity trustees on my examination of the accounts of The Newstsr Foundation (thc Trust) for the year ended 31 March 2025. Responsibilities and bASiS of report As the charity Irustees of the Twst you are responsible for the preparation of the accounts in accoTdan¢e with the requirements of the ChaTities Act 2011 (*he Act.). I report in respect of my examination of the Ttuses accounts carried out under S¢¢lion 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner'5 Statement Slnce your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confim) that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I hav¢ completed my examination. I confmn that no material matters have come to my attention in connection with thc examination giving me cause to believe that in any material respecl: accounting records were not kept in respect of the Trust as required by Section 130 of the Act: Dr the accounts do not accord with those records- or the accounts do not comply with the applicable requirements ¢on¢erning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 otheT than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examination. I hav¢ no concerns and have come acr05$ no other matters in connection with the examination to which attention sbould be draNM) in this report in order to enable a proper understanding of the arrounts to be reached. Mark Croasdale Bsc FCA Whitehead & Howarth 327 Clifton Drive South L)tham St Annes Lan¢ashire FY8 IHN Page 3
THE NEWSTAR FOUNDATION srATEMENT OF FINANCJAL ACTIVITIES for the Year Ended 31 MARCH 2025 31.3.25 Unrestricted funds 31.3.24 Toral nds Notes INCOME AND ENDOWMENfs FROM Donations and legacie5 258,751 235,000 Investrnent income 824 Total 259,575 235,151 EXPENDITURE ON Charitable aetivities Donation paid out 276.550 201.850 NET INCOMEI(EXPENDITURE) (16.975) 33.301 RECONCILIATION OF FUiYDS Total funds brOu)t forward 514,832 481.531 TOTAL FUNDS CARIUED FORWARD 497.857 514,832 CONTINUING OPERATTONS Thc Statement of Financial Activities includes all gains and losses in the year and therefore a statement of totsl re¢ognised gains and losses has not been prepared. All of the above amounts relate to conlinuing a¢liviti¢s. All income and expenditure in the cuent and previous year was unrestricted. The notes form part of these financial statements Page 4
THE NEWSTAR FOUIYDATION BALANCE SHEET 31 MARCH 2025 31.3.25 Unrestricted funds 31.3.24 Total fwlds Not¢s CURRENf ASSETS Debtors Cash at bank 2,500 497,182 2,500 514.157 499,682 516.657 CREDITOILS Amounts falling due within one year (J,825) {1,825) NET CURRENT ASSETS 497,857 514,832 TOTAL ASSETS LESS CURRENT LIABILITIES 497,857 514,832 NET ASSETS 497.857 514.832 FUNDS Unrestri¢ted funds 497.857 514,È32 TOTAL FUNDS 497,857 514,832 Th¢ financial ststements were approved by th¢ Board of Trustees and authorised for issue . and were Signed on its behalf by.. on I Bargit - Trustee The notes forni part of these financial ststements Page 5
THE NEWSTAR FOUNDATION CASH FLOW STATEMENT for the Year Ended 31 MARCH 2025 31.3.25 31.3.24 Notes Cash flows from operating Activities Cash g¢n¢rat¢d from operations {17.799) 33.150 Net cash (used in}Iprovided by operating activities (17,799) 33,150 Cash floivs frorn investing activities Inlerest received 824 Net cash provided by investing activities 824 151 Change in cash and cash equivalents in the reporting period Cash and cash equivalents 4t the beginning of the reportRng period (16.975) 33,301 514.157 480.856 Cash and Cash equivalents at the end of the reporting period 497,182 514.157 The notes foTm part of these fiT]ancial statements Page 6
THE NEWSTAR FOUNDATION NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 MARCH 2025 RECONCILIATION OF NET (EXPENDITUREYINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net (expenditureyincome for the reporting period (as per the Statement of FingneiAI Activities) Adjustments for: Interest received (16,975) 33,301 (824) {151) Net cAsh (used inyprovided by operatlODS (17.799) ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash t]ow At31.3.25 Net cash Cash at bank 514,157 (16.975) 497.182 514.157 (16.975) 497,182 Debt Debts falling due within l year {1,825} (1.825) (1.825) (1,825) Total 512,332 (16,975) 495.357 The notes fomi part of these financial statements Page 7
THE NEWSTAR FOUTr4DATJON NOTES TO THE FINANCIAL STATEMENTS for ihe Year Ended 31 MARCH 2025 ACCOUNTIIYG POLICIES Basis of preparing the finontial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Ac¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prcpaTing thciT accounts in accordance with the FAnanGial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)., Finaneial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Judgements and key assumptions There are no judgements or key assumptions made in the preparation of a¢¢ounts. Income All income is recognised in the Statement of Financial A¢ttviti¢s once the charity has entitlement to the fimds, it is probable that the in¢ome will be received and the arnount can be measured reliably. Expenditur¢ Liabilities are recognised u expenditure as soon as there As a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is a¢¢ounted for on an accruals basis and has been ¢lassified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particulaT headings they have been allocated to activities on a basis consisteni with the use of resources. TaxAtion The ¢harity is exempt from tax on its charitable activiti¢s. Fund aecounting Unrestrictcd fvnds can be used in accordance with the ¢haritabl¢ objectives at the discretion of the trustees. Re5tri¢ted funds can only be uscd for P2rticular restricted purposes wiihin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted puryoses. Further explanation of the nathre and purpose of each fund is included in the notes to the financial statements. Going CODcern The trustee5 asses5 whether the use of going concern is appropriate, ie whether there aT¢ any material uncertainties related to events or ¢onditions that may cast significant doubt on the ability of the charitablc company to continue as a going concern. The trustees make this assessm¢nt in respect of a period of at least one year from the date of authorisation for issue of the accounts and have nCluded that the charity has adequate resoU¢S to Continue in operational existence for the foreseeable future and there are no nterIal uncertainties about the charity's ability to continue as a going concern. There are no significant areas of adjustments or key assumptlons in the preparation of the accounts. Page 8 continued...
THE ]YEWSTAR FOIINDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2025 INVESTMENT INCOME 31,3.25 31.3.24 Deposit a¢¢ount interest 824 151 OTHER 31.3.25 31.3.24 Support costs 660 All donations paid are to organisations for projects in line with the charity objects. TRusfEES' REMUNERATION AND BENEFITS There wer¢ no trustees, remuneration or other benefits for Ihe yeoT ended 31 March 2025 nor for ihe year ended 31 March 2024. Trnstees, expens¢5 There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. COMPARATIVES FOR THE STATEMEIYT OF FINANCIAL AcfiviTJES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 235,000 Investment income 151 Total 235.151 EXPENDITURE ON Ch4ritAble a¢tivRties Donation paid out 201,850 NET INCOME 33,301 RECOIYCILTATION OF FUNDS Totsl funds brought forward 481,531 TOTAL FUNDS CARRIED FORWARD 514,832 Page 9 ntinued...
THE NEWSTAR FOUNDATION NOTES TO THE FINANCIAL STATEMENfs- continued for the Year Ended 31 MARCH 2025 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other debtors 2,500 2,500 CREDITORS: AMOUNfs FALLIIYG DUE WITHIN ONE YEAR 31.3.25 31.3.24 OtheT creditors 1,825 1,825 LOANS An analysis of the maturity of loans is given below.. 31.3.25 31.3.24 Amounts falling due within one year on demand: Other loans 1,825 1.825 MOVEMENT IN FUNDS Net movement in thnds At 31.3.25 At 1.4.24 UnrestTi¢led funds General fund 514,832 {16,975} 497.857 TOTAL FUNDS 514,832 {16,975} 497,857 Net movement in fiinds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General thnd 259,575 (276,550} (16,975) TOTAL FUNDS 259,575 (276,550) (16,975) Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 481,531 33,301 514,832 TOTAL FUNDS 481.531 33,301 514,832 Page 10 ntinued...
THE NEWSTAR FOUNDATION NOTES TO THE FINANCIAL STATEMENfs - continued for the Year Ended 31 MARCH 2025 MOVEMENT IN FUNDS- continued Comparative net movement in filnds, included in the above are as follows: Incoming resOU¢S Resources expended Movement in fimds Unrestricted funds General fund 235,151 (201,850) 33,301 TOTAL FUNDS 235.151 (201,850) 33,301 A Guent year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.25 At 1.4.23 Unreslrieted funds General thnd 481,531 16,326 497,857 TOTAL FUNDS 481,531 16,326 497,857 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resour¢es expended Movement in funds Unrestrieted funds General fund 494.726 {478,400) 16,326 TOTAL FUNDS 494,726 {478,400) 16,326 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 h¢ is the husband of Sazeda Bargit. During the year, Ihe charity re¢eived donations of £2,500 (2024: £20,000) from Nova Apparel Limited, a company in which Imran Bargit has control. Additionally, Imran & Sazeda Bargit made Charitable donations of £55,000 (2024: £50,000) Éo the Foundation. At the year end £1,825 (2024: £1.825) was owed to Imran Bargit relating to expenses incutred on behalf of the Charity. No remun¢ration or reirnbursements for expenses were paid io the trustees in the year. Pagell
THE NEWSTAR FOUNDATION DETAILED STA TEMENT OF FINANCIAL ACTIVJTIES for the Year Ended 31 MARCH 2025 31.3.25 31.3.24 INCOME AND ENI)OWMEiYrs Donations gnd legaeies Gifts Donations Gift aid 237,500 21,250 175,000 60.000 258,751 235,000 Investment income Deposit account iTttrest 824 151 Totsl incoming resources 259,575 235,151 EXPENDITURE Charitsble activitie5 Donations paid out 276.550 201,190 Support StS Governance costs Arcountancy and legal fees 660 Total resources expended 276,550 201,850 Net (exptnditureyincome (16,975) 3).301 This page does not forn) part of the statutory financial statements Page 12