Trustees’ Annual Report for the period
From 1.4.22 Period start date To: 31.3.23 Period end date
Charity name: New Initiatives youth & Community Association
Charity registration number: 1121523
Objectives and Activities
| SORP reference |
||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | (a) To promote for the benefit of young people of African and African-Caribbean origin the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth in the interests of social welfare and with the object of improving the condition of life of the said inhabitants. (b) To help and educate young people of African and African-Caribbean origin living in regarding their culture and heritage to develop their full potential that they may grow to full maturity as individuals and members of society. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
The wellbeing, recovery, and restoration of young people, their families, and our community post-COVID, primarily driven by the progress of the Black Unity Bike Ride (BUBR) programme. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | The Trustees are appraised with the guidance issued by the Charity Commission with regard to public benefit. |
Additional information (optional) You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making Para 1.38
| Policy on social investment including program related investment |
||
|---|---|---|
| Contribution made by volunteers |
Para 1.38 | The NIYCA programmes would not be possible without the committed support of our volunteers. |
| Other |
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | This year continues to be challenging trying to reestablish our programmes without a base and centre for operations (withdrawn by LB Lambeth during the pandemic.) However, we have a new registered office and established links with a local business. To combat these setbacks and low morale among our volunteer team,there has been more focused on the wellbeing aspects of the organisation with the development and growth over the last couple of years of the BUBR initiatives annual bike ride across London, monthly “Come Ride With Us” events at the Velopark in Stratford, Park Runs across London, daily challenges, and participation in Ride London. Staff have also taken up training and monthly meetings and policy reviews.. Our In the coming year, we aim to build on this year’s successes and develop a fundraising strategy that aligns with our Association’s aspirations. Our goal is to grow the Association and its core offer of services to the level of previous years. At the same time maintain quality and increase service users amongst young people and their families. . |
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | |
|---|---|---|
| Investment performance against objectives |
Para 1.41 | |
| Other |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | Our aspirations to raise our level of funding have been achieved through the hard work of our Director/Coordinator, the team of volunteers with the voluntary support of the Management Committee. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Our policy is to hold funds equivalent to 3 months reserves for operating costs. |
| Amount of reserves held | Para 1.22 | £68454 |
| Reasons for holding zero reserves |
Para 1.22 | N/A |
| Details of fund materially in deficit |
Para 1.24 | None |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | There are no uncertainties about the charity continuing as a going concern |
| Additional information (optional) You may choose to include further statements |
Additional information (optional) You may choose to include further statements |
where relevant about: |
|---|---|---|
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | Principal fundraising are in relation to the BUBR events from National Lottery and Sky. |
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | None |
| A description of the principal risks facing the charity |
Para 1.46 | The key risk is claiming an outstanding grant from Lambeth Council in sum of £33,000. |
| Other | None |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 |
Trust |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Unincorporated association |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustees are elected at the Annual General Meeting (AGM) from members registered at least one month prior. |
Additional information (optional) You may choose to include further statements where relevant about:
| Policies and procedures adopted for the induction and training of trustees |
Para 1.51 | In-house training covers the following policies and procedures: • Governance and Legal Responsibilities • Financial Management • Risk Management • Safeguarding • Data Protection and Confidentiality (GDPR) • Employment and Volunteer Management • Equality and Diversity • Communications and Public Relations • Operational Policies |
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | The charity’s organisational structure includes a Management Committee comprising a Chair, Trustees, and a Secretary. All projects, programmes, and staff appointed by the organisation are accountable to this committee. |
| Relationship with any related parties |
Para 1.51 | There are no related parties |
| Other |
Reference and Administrative details
| Charity name | New Initiatives Youth & Community Association |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1121523 |
| Charity’s principal address | 17a Electric Lane London SW9 8LA |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Ayoola KaBaRa- Clarke |
Chair | |||
| Ella Jess-Reid | Treasurer | |||
| Paul Reid | Trustee | |||
| Marie Howell | Trustee | |||
| MollyBlasse | Trustee | |||
– Corporate trustees names of the directors at the date the report was approved
Director name n/a
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year | |
|---|---|---|
| n/a | ||
Funds held as custodian trustees on behalf of others
Description of the assets n/a held in this capacity Name and objects of the n/a charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for n/a safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
| Type of | Name | Address |
|---|---|---|
| adviser |
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
| Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date |
||
|---|---|---|
| Ayoola KaBaRa-Clarke | Ella Jess-Reid | |
Chair |
Treasurer | |
| 18.7.24 | ||
| 18.7.24 |
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
FINANCIAL STATEMENTS
For the year ended 31st March 2023
1
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
INDEX TO THE FINANCIAL STATEMENTS For the year ended 31st March 2023 INDEX PAGE Association details 3 Report of the Trustees 4 to 6 Report of the Independent Examiners 7 Statement of Financial Activities 8 Balance Sheet 9 Notes to the Financial Statements 12 to14
2
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Year ended 31st March 2023
Chair Person: Ayoola KaBaRa-Clarke Association Secretary: Marie Howell Registered Office: New Initiatives Youth & Community Association 17a Electric Lane London SW9 8LA Banker National Westminster Bank plc Brixton Branch 504 Brixton Road London SW9 8EB Accountants MM Associates 12 Songhurst Close Croydon Surrey CR0 3RQ
3
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31st March 2023
The trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Association and of its financial position at the end of that year. In preparing those financial statements the trustees are required to;
-
a) Select suitable accounting policies and apply them consistently through the years
-
b) Make judgements and estimates that are reasonable and prudent
-
c) State whether applicable accounting standards have been followed, subject to any material departures that should be disclosed and explained in the financial statements
-
d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business.
The Trustees are also responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Association and enable us to ensure that the financial statements comply with the applicable standards. We are also responsible for safeguarding the assets of the Association and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees present their report and the financial statements of New Initiatives for the year ended 31st March 2023
DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS
This year has been both challenging and refreshing. We have established a wider portfolio of programmes that includes the growth and development of the Black Unity Bike Ride (BUBR) programme, which complement our Main community led services to establish a physical and mental health focused programme supporting wellbeing for children and adults.
Our aspirations to raise our level of funding have been achieved through the hard work of the BUBR team and with the voluntary support of the Management Committee.
Financially we are establishing clear networks of support which will give the programmes we deliver greater stability and longevity.
In the coming year we aim to develop on this year’s financial successes and to develop a fund raising strategy, which matches our Association’s aspirations with Rites of Passage work with young people and their families. We will be aiming to grow the Association and its services at a pace where quality can be maintained, but where there is also an increase in service users.
4
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31st March 2023
We were able to continue with popular activities from last year through fundraising for the association.
FUNDING
The Management Committee and NEW INITIATIVES staff worked hard in partnership with BLACK UNITY BIKE RIDE (BUBR) on fundraising during the year. These efforts have resulted in a number of successful applications which allowed for the continuation of the association and for significant improvements in the financial position.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Corporate Support Donations | 36,000 | |
| National Lottery | - | 54,500 |
| Sky | - | 15,000 |
| Event Brite | 7,774 | 1,996 |
| Stripe Payments | - | 9,576 |
| Sum Up | - | 4,781 |
| Paypal | - | 2,838 |
| AS GLR | - | 5,000 |
| Subscriptions | - | 450 |
| Miscellaneous | - | 2,500 |
| BURB Merchandise Sales | 12,408 | |
| Go Fund Me | 10,000 | |
| Trust Funds Donation | 43,000 | |
| Other Income (New Init) | 368 | |
| BURB Africa | 16,658 | |
| BURB Festival | 1,802 | |
| _____ | ____ | |
| 128,010 | 96,641 | |
| ===== | ==== |
THANKS
We extend our gratitude to all of the staff, volunteers, members and the Management Committee , Directors and the BUBR team for all their hard work during the year.
FINANCIAL POSITION
Details of the Association’s financial position for the year are shown on pages 8-14 of the financial statements.
PRIOR YEAR ADJUSTMENT
Restating prior comparative due to material inaccuracy in disclosing assets and liabilities. Funds in the sum of £20,124 owed by a sister company The Village was not reflected in the accounts. As a result of the adjustment, restricted funds have increased from £76,335 to £96,479.
5
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31st March 2023
FIXED ASSETS
Details of movements in fixed assets during the year are set out in note 3 to the financial statements.
TRUSTEES
Those who served as Trustees during the year are shown on page 2 to the financial statements. No Trustee has any beneficial interest in the Association. All Trustees are members of the Association.
RISK MANAGEMENT AND RESERVES POLICY
The present level of funding is adequate to support the continuation of the Association for the medium term and the Trustees consider the financial position of the Association to be satisfactory.
The Trustees actively review the major risks which the Association faces on a regular basis. While maintaining the level of direct charitable expenditure, the Association will seek to build its reserves to a level which will provide a minimum of six months costs, including possible staff redundancies, plus an amount appropriate to cover any temporary shortfalls in income in order to meet legal and other obligations.
Approved by the Management Committee on 29 January 2024.
Signed . (Chair Person) For and behalf of the Management Committee
6
1121523
REPORT OF THE INDEPENDENT EXAMINERS TO THE MEMBERS
Of
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
We report on the financial statements for the year ended 31st March 2023 which are set out on the pages 8 to 14 which have been prepared on the basis of the accounting policies set out on page 12.
Respective Responsibilities of Trustees and Independent Examiners
The Management Committee is responsible for the preparation of the financial statements. It is our responsibility to form an independent opinion, based on our work, on those statements to report our opinion to you.
Basis of Statement
Our examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the association and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently we do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with our examination, no matter has come to our attention, which gives reasonable cause to believe that in any material respect the requirements to keep the accounting records in accordance with section 41 of the Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or to which, in our opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
MM Associates 12 Songhurst Close Croydon Surrey CR0 3RQ
Date 30 January 2024
020 3561 3986 07958 685 519
7
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st March 2023
| Restricted | Unrestricted | 2023 | 2022 | |
|---|---|---|---|---|
| Funds | Funds | |||
| £ | £ | £ | £ | |
| Incoming Resources |
97,460 | 30,551 | 128,011 | 96,641 |
| Resources expended | ||||
| Direct charitable expenditure |
(143,943) | ( 5,643) | (149,586) | (68,706) |
| __________ | ||||
| Net outgoing resources for the year | ( 46,483) | 24,908 |
( 21,575) | 27,935 |
| Accumulated funds brought forward | 20,806 | ( 3,624) | 17,182 | - |
| ______ | ||||
| Funds carried forward | (25,677) | 21,284 |
(4,393) | 27,935 |
| ======================================= |
All the above results derive from continuing activities. There were no recognisable gains or losses other that the above results.
The notes on pages 12 to 14 form part of these accounts.
8
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
BALANCE SHEET
| AS AT 31st March 2023 | AS AT 31st March 2023 | AS AT 31st March 2023 | ||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Notes | £ |
£ | £ | £ | ||
| Tangible Fixed Assets | 3 | - | - | |||
| Current Assets | ||||||
| Debtors and prepayments | 4 | 53,124 | 33,000 | |||
| Cash and bank balances | 16,380 | 37,606 | ||||
| 69,504 | 70,606 | |||||
| CREDITORS: Amounts falling due within one year | 5 | ( 1,050) | ( 700) | |||
| 68,454 | 69,906 | |||||
| Net Assets | 68,454 | 69,906 | ||||
| ====== | ===== | |||||
| REPRESENTED BY: | ||||||
| Unrestricted funds | 7 | (28,025) | ( | 6,449) | ||
| Restricted funds | 7 | 96,479 | 76,355 | |||
| 68,454 | 69,906 | |||||
| ===== | ===== | |||||
| Chair Person | Date 29 January | 2024 | ||||
| Treasurer |
Date29 January 2024 |
The notes on pages 12 – 14 form part of these accounts
9
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
DETAILED ANALYSIS OF INCOMING RESOURCES
FOR THE YEAR ENDED 31st March 2023
| GRANTS RECEIVABLE AND OTHER INCOME 2023 Restricted Unrestricted Funds Funds £ £ £ National Lottery - Sky - Event Brite 7,774 7,774 Stripe Payments - Sum Up - Paypal - AS GLR - Subs/Donations 368 368 Miscellaneous - Corporate Support Donations 36,000 36,000 Go Fund Me 10,000 10,000 BUBR Merchandise sales 12,408 12,408 Donation from Trust Fund 43,000 43,000 BUBR Africa 16,658 16,658 BUBR Festival 1,802 1,802 _ _ _____ Total Incoming Resources97,460 30,551 128,011 |
2022 £ 54,000 15,000 1,996 9,576 4,781 2,838 5,000 450 2,500 ____ 96,141 |
|---|---|
10
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
DETAILED ANALYSIS OF INCOMING RESOURCES
FOR THE YEAR ENDED 31st March 2023
DIRECT CHARITABLE EXPENDITURE
| Restricted £ Core Costs - Bank Charges - Merchandise - Printing - Insurance - Storage - Telephone - Audit and accountancy - Professional Fees 47,811 Driver Hire - Hire Event/Catering 7,772 Event Prod Merchandise 19,187 Marketing 657 Event Fee 37,886 BUBR Africa 20,140 Employee Costs 10,290 IT Services Akua Subsistance Black Unity Bike Ride Miscellaneous 200 _ Total Expenditure143,943 _ |
Unrestricted2023 2022 £ £ £ - - 3,441 106 106 - - - 50 50 315 - - 391 342 342 3,203 83 83 - 350 350 350 47,811 - - 775 7,772 19,187 657 37,886 20,140 10,290 4,456 4,456 96 96 912 160 160 - 59,238 200 81 _____ 5,643 149,586 68,706 _______ |
|---|---|
11
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2023
1. ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.
(a) Accounting Convention
The financial statements are prepared under the historical cost convention and on a going concern basis, which is dependent upon the availability of adequate continued funding. The nature of the Association’s funding is inherently uncertain as it is only agreed by the funding bodies each year. Should funding be discontinued in future years, the Association would have to find other sources of funding or significantly curtail its activities.
The accounts have been prepared in compliance with and in accordance with the Statement of Recommendation Practice for Charity Accounts.
(b) Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated to write off the cost of fixed assets less their estimated residual value over their expected useful life on the following basis:
Equipment 25% per annum straight line
(c) Income
Income is brought into the account on the basis of amounts received in the accounting period, or receivable at the accounting date and no provision is made for any actual or contingent liability to repay surplus grants. Voluntary income and donations are accounted for as received by the Association. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs where material.
(d) Restricted and Unrestricted Funds
The accounts distinguish between restricted and unrestricted funds. Restricted funds are received from donors and are subject to restrictions on the purposes for which they may be used. Unrestricted funds are those where there are no externally imposed restrictions. They include those freely available to the Association for expenditure or appropriation to reserves for internally designated purposes.
(e) Fundraising costs
Fundraising expenditure comprises costs incurred in inducing people and Associations to contribute financially to the Association’s work. This includes the cost of advertising for donations and the staging of special fundraising events.
12
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2023
2. Taxation, including Value Added Tax
NEW INITIATIVES is a voluntary Association with charitable aims and is exempt from Income Tax and Corporation Tax on its normal activities. Value Added Tax is not recoverable by the Association and as such is included in the relevant costs in the Statement of Financial Activities
| 3. Tangible Fixed Assets Cost Balance at 31st March 2023 Additions Balance at 31st March 2023 Depreciation Balance at 1st April 2022 Charge for the year Balance at 31st March 2023 Net Book Value At 31stMach 2023 At 31stMarch 2022 4.Debtors Lambeth Education The Village 5. Creditors Trade Creditors Other creditors |
Equipment T £ - - _ _- - - __ -____ - ==== - ==== 2023 £ 33,000 20,124 53,124 ===== 2023 £ - 1,050 1,050 ==== |
otal £ - - _ - - - __ -____ - ==== - ==== 2022 £ 33,000 - 33,000 ===== 2022 £ - 700 700 ==== |
|---|---|---|
| _____ - ==== - ==== |
13
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2023
6. Analysis of net assets between funds
Restricted Unrestricted Total Funds Funds £ £ £ Fixed assets - - - Current assets 69,504 - 69,504 Current liabilities - (1,050) ( 1,050) _____ Total net assets 69,504 (1,050) 68,454 ===========================
7. Statement of Funds
| Balance at Incoming Resources Transfers Balance at |
|---|
| 01/04/22 resources Expended 31/3/23 |
| £ £ £ £ £ |
| Unrestricted funds (6,449) 30,551 ( 5,643) - 18,459 |
| Restricted funds 96,479 97,460 (143,944) 49,995 |
| _____________ |
| Total funds 90,030 128,011 (149,587) - 68,454 |
| ==================================================== |
The balance of any funds will be utilised in the forthcoming months to meet the delivery commitments made by the Association and future depreciation charges.
14
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
FINANCIAL STATEMENTS
For the year ended 31st March 2023
1
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
INDEX TO THE FINANCIAL STATEMENTS For the year ended 31st March 2023 INDEX PAGE Association details 3 Report of the Trustees 4 to 6 Report of the Independent Examiners 7 Statement of Financial Activities 8 Balance Sheet 9 Notes to the Financial Statements 12 to14
2
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Year ended 31st March 2023
Chair Person: Ayoola KaBaRa-Clarke Association Secretary: Marie Howell Registered Office: New Initiatives Youth & Community Association 17a Electric Lane London SW9 8LA Banker National Westminster Bank plc Brixton Branch 504 Brixton Road London SW9 8EB Accountants MM Associates 12 Songhurst Close Croydon Surrey CR0 3RQ
3
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31st March 2023
The trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Association and of its financial position at the end of that year. In preparing those financial statements the trustees are required to;
-
a) Select suitable accounting policies and apply them consistently through the years
-
b) Make judgements and estimates that are reasonable and prudent
-
c) State whether applicable accounting standards have been followed, subject to any material departures that should be disclosed and explained in the financial statements
-
d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in business.
The Trustees are also responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Association and enable us to ensure that the financial statements comply with the applicable standards. We are also responsible for safeguarding the assets of the Association and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees present their report and the financial statements of New Initiatives for the year ended 31st March 2023
DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS
This year has been both challenging and refreshing. We have established a wider portfolio of programmes that includes the growth and development of the Black Unity Bike Ride (BUBR) programme, which complement our Main community led services to establish a physical and mental health focused programme supporting wellbeing for children and adults.
Our aspirations to raise our level of funding have been achieved through the hard work of the BUBR team and with the voluntary support of the Management Committee.
Financially we are establishing clear networks of support which will give the programmes we deliver greater stability and longevity.
In the coming year we aim to develop on this year’s financial successes and to develop a fund raising strategy, which matches our Association’s aspirations with Rites of Passage work with young people and their families. We will be aiming to grow the Association and its services at a pace where quality can be maintained, but where there is also an increase in service users.
4
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31st March 2023
We were able to continue with popular activities from last year through fundraising for the association.
FUNDING
The Management Committee and NEW INITIATIVES staff worked hard in partnership with BLACK UNITY BIKE RIDE (BUBR) on fundraising during the year. These efforts have resulted in a number of successful applications which allowed for the continuation of the association and for significant improvements in the financial position.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Corporate Support Donations | 36,000 | |
| National Lottery | - | 54,500 |
| Sky | - | 15,000 |
| Event Brite | 7,774 | 1,996 |
| Stripe Payments | - | 9,576 |
| Sum Up | - | 4,781 |
| Paypal | - | 2,838 |
| AS GLR | - | 5,000 |
| Subscriptions | - | 450 |
| Miscellaneous | - | 2,500 |
| BURB Merchandise Sales | 12,408 | |
| Go Fund Me | 10,000 | |
| Trust Funds Donation | 43,000 | |
| Other Income (New Init) | 368 | |
| BURB Africa | 16,658 | |
| BURB Festival | 1,802 | |
| _____ | ____ | |
| 128,010 | 96,641 | |
| ===== | ==== |
THANKS
We extend our gratitude to all of the staff, volunteers, members and the Management Committee , Directors and the BUBR team for all their hard work during the year.
FINANCIAL POSITION
Details of the Association’s financial position for the year are shown on pages 8-14 of the financial statements.
PRIOR YEAR ADJUSTMENT
Restating prior comparative due to material inaccuracy in disclosing assets and liabilities. Funds in the sum of £20,124 owed by a sister company The Village was not reflected in the accounts. As a result of the adjustment, restricted funds have increased from £76,335 to £96,479.
5
1121523
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31st March 2023
FIXED ASSETS
Details of movements in fixed assets during the year are set out in note 3 to the financial statements.
TRUSTEES
Those who served as Trustees during the year are shown on page 2 to the financial statements. No Trustee has any beneficial interest in the Association. All Trustees are members of the Association.
RISK MANAGEMENT AND RESERVES POLICY
The present level of funding is adequate to support the continuation of the Association for the medium term and the Trustees consider the financial position of the Association to be satisfactory.
The Trustees actively review the major risks which the Association faces on a regular basis. While maintaining the level of direct charitable expenditure, the Association will seek to build its reserves to a level which will provide a minimum of six months costs, including possible staff redundancies, plus an amount appropriate to cover any temporary shortfalls in income in order to meet legal and other obligations.
Approved by the Management Committee on 29 January 2024.
Signed . (Chair Person) For and behalf of the Management Committee
6
1121523
REPORT OF THE INDEPENDENT EXAMINERS TO THE MEMBERS
Of
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
We report on the financial statements for the year ended 31st March 2023 which are set out on the pages 8 to 14 which have been prepared on the basis of the accounting policies set out on page 12.
Respective Responsibilities of Trustees and Independent Examiners
The Management Committee is responsible for the preparation of the financial statements. It is our responsibility to form an independent opinion, based on our work, on those statements to report our opinion to you.
Basis of Statement
Our examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the association and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently we do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with our examination, no matter has come to our attention, which gives reasonable cause to believe that in any material respect the requirements to keep the accounting records in accordance with section 41 of the Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or to which, in our opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
MM Associates 12 Songhurst Close Croydon Surrey CR0 3RQ
Date 30 January 2024
020 3561 3986 07958 685 519
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st March 2023
| Restricted | Unrestricted | 2023 | 2022 | |
|---|---|---|---|---|
| Funds | Funds | |||
| £ | £ | £ | £ | |
| Incoming Resources |
97,460 | 30,551 | 128,011 | 96,641 |
| Resources expended | ||||
| Direct charitable expenditure |
(143,943) | ( 5,643) | (149,586) | (68,706) |
| __________ | ||||
| Net outgoing resources for the year | ( 46,483) | 24,908 |
( 21,575) | 27,935 |
| Accumulated funds brought forward | 20,806 | ( 3,624) | 17,182 | - |
| ______ | ||||
| Funds carried forward | (25,677) | 21,284 |
(4,393) | 27,935 |
| ======================================= |
All the above results derive from continuing activities. There were no recognisable gains or losses other that the above results.
The notes on pages 12 to 14 form part of these accounts.
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
BALANCE SHEET
| AS AT 31st March 2023 | AS AT 31st March 2023 | AS AT 31st March 2023 | ||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Notes | £ |
£ | £ | £ | ||
| Tangible Fixed Assets | 3 | - | - | |||
| Current Assets | ||||||
| Debtors and prepayments | 4 | 53,124 | 33,000 | |||
| Cash and bank balances | 16,380 | 37,606 | ||||
| 69,504 | 70,606 | |||||
| CREDITORS: Amounts falling due within one year | 5 | ( 1,050) | ( 700) | |||
| 68,454 | 69,906 | |||||
| Net Assets | 68,454 | 69,906 | ||||
| ====== | ===== | |||||
| REPRESENTED BY: | ||||||
| Unrestricted funds | 7 | (28,025) | ( | 6,449) | ||
| Restricted funds | 7 | 96,479 | 76,355 | |||
| 68,454 | 69,906 | |||||
| ===== | ===== | |||||
| Chair Person | Date 29 January | 2024 | ||||
| Treasurer |
Date29 January 2024 |
The notes on pages 12 – 14 form part of these accounts
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
DETAILED ANALYSIS OF INCOMING RESOURCES
FOR THE YEAR ENDED 31st March 2023
| GRANTS RECEIVABLE AND OTHER INCOME 2023 Restricted Unrestricted Funds Funds £ £ £ National Lottery - Sky - Event Brite 7,774 7,774 Stripe Payments - Sum Up - Paypal - AS GLR - Subs/Donations 368 368 Miscellaneous - Corporate Support Donations 36,000 36,000 Go Fund Me 10,000 10,000 BUBR Merchandise sales 12,408 12,408 Donation from Trust Fund 43,000 43,000 BUBR Africa 16,658 16,658 BUBR Festival 1,802 1,802 _ _ _____ Total Incoming Resources97,460 30,551 128,011 |
2022 £ 54,000 15,000 1,996 9,576 4,781 2,838 5,000 450 2,500 ____ 96,141 |
|---|---|
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
DETAILED ANALYSIS OF INCOMING RESOURCES
FOR THE YEAR ENDED 31st March 2023
DIRECT CHARITABLE EXPENDITURE
| Restricted £ Core Costs - Bank Charges - Merchandise - Printing - Insurance - Storage - Telephone - Audit and accountancy - Professional Fees 47,811 Driver Hire - Hire Event/Catering 7,772 Event Prod Merchandise 19,187 Marketing 657 Event Fee 37,886 BUBR Africa 20,140 Employee Costs 10,290 IT Services Akua Subsistance Black Unity Bike Ride Miscellaneous 200 _ Total Expenditure143,943 _ |
Unrestricted2023 2022 £ £ £ - - 3,441 106 106 - - - 50 50 315 - - 391 342 342 3,203 83 83 - 350 350 350 47,811 - - 775 7,772 19,187 657 37,886 20,140 10,290 4,456 4,456 96 96 912 160 160 - 59,238 200 81 _____ 5,643 149,586 68,706 _______ |
|---|---|
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2023
1. ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.
(a) Accounting Convention
The financial statements are prepared under the historical cost convention and on a going concern basis, which is dependent upon the availability of adequate continued funding. The nature of the Association’s funding is inherently uncertain as it is only agreed by the funding bodies each year. Should funding be discontinued in future years, the Association would have to find other sources of funding or significantly curtail its activities.
The accounts have been prepared in compliance with and in accordance with the Statement of Recommendation Practice for Charity Accounts.
(b) Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated to write off the cost of fixed assets less their estimated residual value over their expected useful life on the following basis:
Equipment 25% per annum straight line
(c) Income
Income is brought into the account on the basis of amounts received in the accounting period, or receivable at the accounting date and no provision is made for any actual or contingent liability to repay surplus grants. Voluntary income and donations are accounted for as received by the Association. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs where material.
(d) Restricted and Unrestricted Funds
The accounts distinguish between restricted and unrestricted funds. Restricted funds are received from donors and are subject to restrictions on the purposes for which they may be used. Unrestricted funds are those where there are no externally imposed restrictions. They include those freely available to the Association for expenditure or appropriation to reserves for internally designated purposes.
(e) Fundraising costs
Fundraising expenditure comprises costs incurred in inducing people and Associations to contribute financially to the Association’s work. This includes the cost of advertising for donations and the staging of special fundraising events.
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2023
2. Taxation, including Value Added Tax
NEW INITIATIVES is a voluntary Association with charitable aims and is exempt from Income Tax and Corporation Tax on its normal activities. Value Added Tax is not recoverable by the Association and as such is included in the relevant costs in the Statement of Financial Activities
| 3. Tangible Fixed Assets Cost Balance at 31st March 2023 Additions Balance at 31st March 2023 Depreciation Balance at 1st April 2022 Charge for the year Balance at 31st March 2023 Net Book Value At 31stMach 2023 At 31stMarch 2022 4.Debtors Lambeth Education The Village 5. Creditors Trade Creditors Other creditors |
Equipment T £ - - _ _- - - __ -____ - ==== - ==== 2023 £ 33,000 20,124 53,124 ===== 2023 £ - 1,050 1,050 ==== |
otal £ - - _ - - - __ -____ - ==== - ==== 2022 £ 33,000 - 33,000 ===== 2022 £ - 700 700 ==== |
|---|---|---|
| _____ - ==== - ==== |
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2023
6. Analysis of net assets between funds
Restricted Unrestricted Total Funds Funds £ £ £ Fixed assets - - - Current assets 69,504 - 69,504 Current liabilities - (1,050) ( 1,050) _____ Total net assets 69,504 (1,050) 68,454 ===========================
7. Statement of Funds
| Balance at Incoming Resources Transfers Balance at |
|---|
| 01/04/22 resources Expended 31/3/23 |
| £ £ £ £ £ |
| Unrestricted funds (6,449) 30,551 ( 5,643) - 18,459 |
| Restricted funds 96,479 97,460 (143,944) 49,995 |
| _____________ |
| Total funds 90,030 128,011 (149,587) - 68,454 |
| ==================================================== |
The balance of any funds will be utilised in the forthcoming months to meet the delivery commitments made by the Association and future depreciation charges.
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