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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
FINANCIAL STATEMENTS
For the year ended 31st March 2024
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
INDEX TO THE FINANCIAL STATEMENTS For the year ended 31st March 2024 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
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Year ended 31st March 2024
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
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31st March 2024
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
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b) Make judgements and estimates that are reasonable and prudent
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c) State whether applicable accounting standards have been followed, subject to any material departures that should be disclosed and explained in the financial statements
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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 2024
DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS
As last year, this year also has been very challenging. We have continued to establish a wider portfolio of programmes that have included the growth and development of the Black Unity Bike Ride (BUBR) programme, which although complements our main community led services, we have had to acknowledge that BUBR has taken on a life of its own.
Our level of funding has been achieved through the hard work of the BUBR team and with the voluntary support of the Management Committee.
NI management with the BUBR team have reached an agreement. BUBR needs to no longer be incubated by NI and get separate charitable status as soon as they can. We are also dealing with the impact of our dedicated Treasurer battling a long-term illness. We certainly feel the loss of her knowledge and service.
In the coming year we aim to realign our offer and develop a more sustainable 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 develop, plan and implement a succession pathway for the continuation and growth of the Association and its services at a pace where quality can be maintained.
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31st March 2024
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.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Corporate Support Donations | - | 36,000 |
| London Marathon | 25,000 | |
| National Lottery | 48,750 | - |
| Sky | 30,000 | - |
| Event Brite | 8,447 | 7,774 |
| Paypal | 20,000 | - |
| Subscriptions | 175 | - |
| 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 |
| Shopify | 2,461 | - |
| Donations | 2,570 | - |
| Twerk Jerk | 250 | - |
| Rapha Racing | 1,000 | - |
| Harwich Road Runners | 1,782 | |
| _____ | ______ | |
| 140,435 | 128,010 | |
| ====== | ====== |
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.
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31st March 2024
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 15 April 2025
Signed (Chair Person) For and behalf of the Management Committee
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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 2024 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…16[th] April 2025..
020 3561 3986 07958 685 519
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st March 2024
| Restricted | Unrestricted | 2024 | 2023 | |
|---|---|---|---|---|
| Funds | Funds | |||
| £ | £ | £ | £ | |
| Incoming Resources |
124,750 | 15,685 | 140,435 | 128,011 |
| Resources expended | ||||
| Direct charitable expenditure | (141,607) | (15,303) | (156,910) | (149,586) |
| __________ | ||||
| Net outgoing resources for the year | ( 16,857) | 382 |
( 16,475) | 21,575 |
| Accumulated funds brought forward | ( 25,677) | 21,284 | ( 4,393) | |
| - | ||||
| ______ | ||||
| Funds carried forward | (42,534) | 21,666 | (20,868) | 21,575 |
| ======================================= |
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 2024 | AS AT 31st March 2024 | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Notes | £ £ |
£ | £ | £ | |
| Tangible Fixed Assets | 3 | - | - | ||
| Current Assets | |||||
| Debtors and prepayments | 4 | 52,621 | 53,124 | ||
| Cash and bank balances | 3,258 | 16,380 | |||
| 55,879 | 69,504 | ||||
| CREDITORS: Amounts falling due within one year 5 | ( 3,900) | ( 1,050) | |||
| 51,979 | 68,454 | ||||
| Net Assets | 51,979 | 68,454 | |||
| ====== | ===== | ===== | |||
| REPRESENTED BY: | |||||
| Unrestricted funds | 7 | 18,841 | ( 28,025) | ( 28,025) | |
| Restricted funds | 7 | 33,138 | 96,479 | ||
| 51,979 | 68,454 | ||||
| ===== | ===== | ===== |
Chair Person Date15 April 2025
Treasurer ……………………………………………… Date………………….
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The notes on pages 12 – 14 form part of these accounts
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
DETAILED ANALYSIS OF INCOMING RESOURCES
FOR THE YEAR ENDED 31st March 2024
GRANTS RECEIVABLE AND OTHER INCOME 2024 2023
| Restricted Unrestricted Funds Funds £ £ National Lottery 48,750 - Sky 30,000 - London Marathon 25,000 - Shopify 2,461 Event Brite 8,448 Paypal 20,000 Rapha Racing 1,000 Donations 2,570 Corporate Support Donations - Go Fund Me - Subscriptions 175 BUBR Merchandise sales - - Donation from Trust Fund - - BUBR Africa - - BUBR Festival - Twerk Jerk - 250 Horwich Road Runners - 1,781 _ _ Total Incoming Resources124,750 15,685 |
£ 48,750 30,000 25,000 2,461 8,448 20,000 1,000 2,570 - - 175 - - - - 250 1,781 _____ 140,435 |
£ - - 7,774 368 36,000 10,000 12,408 43,000 16,658 1,802 ____ 128,011 |
|---|---|---|
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
DETAILED ANALYSIS OF INCOMING RESOURCES
FOR THE YEAR ENDED 31st March 2024
DIRECT CHARITABLE EXPENDITURE
| Restricted £ Bank Charges - Merchandise - Printing - Storage - Telephone - Audit and accountancy - Professional Fees - Hire Event/Catering - Photography - Event Prod Merchandise - Marketing - Rwanda Express 4,840 Event Fee 44,689 BUBR Africa - Employee Costs - Cycling 2,701 Active Creative 4,359 Social Enterprise 1,200 IT Services Akua Subsistence Black Unity Bike Ride 44,876 London Marathon 38,942 Miscellaneous - _ Total Expenditure141,607 _ |
Unrestricted 2024 2023 £ £ £ - 106 6,771 6,771 420 420 50 3,879 3,879 342 86 86 83 350 350 350 - - 47,811 - 7,772 350 350 - 19,187 - - 657 - 4,840 - 44,689 37,886 - 20,140 2,500 2,500 10,290 - 2,701 4,359 - 1,200 - - 4,456 - - 96 - - 160 - 44,876 - - 38,942 947 947 200 _____ 15,303 149,586 149,586 _______ |
|---|---|
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NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2024
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
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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.
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2024
- 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 2024 Additions Balance at 31st March 2024 Depreciation Balance at 1st April 2023 Charge for the year Balance at 31st March 2024 Net Book Value At 31stMach 2024 At 31stMarch 2023 4. Debtors Lambeth Education The Village 5. Creditors |
Equipment Total £ £ - - - - _ - -_ - - - - _ -__ - - - ==== ==== - - ==== ==== 2024 2023 £ £ 33,000 33,000 19,623 20,124 52,623 53,124 ===== ===== 2024 2023 £ £ |
|---|---|
| _____ - ==== - ==== |
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| HMRC Other creditors |
2,500 1,400 3,900 ==== |
- 1,050 |
|---|---|---|
| 1,050 ==== |
NEW INITIATIVES YOUTH & COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st March 2024
6. Analysis of net assets between funds
| Restricted Unrestricted | Total | |
|---|---|---|
| Funds Funds | ||
| £ £ | £ | |
| Fixed assets | - - | - |
| Current assets | 55,879 - | 55,879 |
| Current liabilities | - (3,900) | ( 3,900) |
| _____ | ||
| Total net assets | 55,879 (3,900) | 51,979 |
| =========================== | ||
| 7.Statement of Funds | ||
| Balance at Incoming Resources Transfers | Balance at | |
| 01/04/23 resources Expended | 31/3/24 | |
| £ £ £ £ | £ | |
| Unrestricted funds | 18,459 15,685 ( 15,303) - | 18,841 |
| Restricted funds | 49,995 124,750 (141,607) |
33,138 |
| _____________ | ||
| Total funds | 68,454 140,435 (156,910) - | 51,979 |
| ==================================================== |
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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