REGISTERED COMPANY NUMBER: 06241692 {England nd Wales) REGISTERED CHARITY NUMB Chaitered Accountants Report of the Trustees and Audited Financial Statemonts for the Year Ended 31 May 2024 for Vita New Hope Ltd (formerly New Hope Limited) Radnoi House Greenwood Close Coiclill Gote Business Pork Cardff CF23 8PA BPU Limited Chartered Accountants Statutory Auditor Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA In Ihe UK ond iultslÈd loi ts long9 1ne Insii1Ul ol cfbQrtfjtÈdACCOun11s in Ervglor¢ onowoles. bpu ChoiieiedACCOunlonlS IS 0 Iiodiw nome ol BPU LI(Y cCpa Nvmboi 3723948 A IISI Of ditgctois Is OVQibUe the reg1sted oflice abovè. business potential unleashed
Vita New Hope Ltd (formerly New Hope Limited) Contents of the Financial Statements for the Year Ended 31 May 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements 11 to 18 Detailed Statement of Financial Activities 19 to 20
Vita New Hope Ltd (formerly New Hope Limited) Report of the Trustees for the Year Ended 31 May 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 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 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Maximisation of support to the developing world in order to achieve the goals set out in the mission statement. Mission statement.. The relief of the sicklpoor living in the developing world in particular Africa.This is to be achieved either generally or individually through the provision of grants, goods or services in particular, but not limited to the provision of education, purification of water and medical aid. Significant activities An overview of our activities and initiatives during the year is as follows: New Hope was set up in 2007 to provide funding for projects that would relieve the suffering of communities in developing countries and in particular Africa. This year the main recipient of these grantsl donations is Vita (RTI) Limited. ACHIEVEMENT AND PERFORMANCE Fundraising activities The fundraising activities of the charity and donations have resulted in a surplus for the year of £31,421 (2023 £34,745 deficit) after making donations to Vita (RTI) Limited during the year of £110,000 (2023 £nil}. Last year £28,200 was donated to Mercy Ships UK totalling £28,200, and £2,000 was donated to the Ukraine Appeal, none this year. Donation to Vita (RTI) Ltd This donation was to invest in climate smart communities in Africa at the bequest of the donor. Investment performance The charity invests surplus funds for the short term as it is mindful of the possible need to access these funds due to economic climate. These funds are intended to be held at a level so as to ensure continuing financial support for its charitable projects even with a downturn in trade. FINANCIAL REVIEW Principal funding sources The funding sources for carrying out the charity's objectives, is the receipt of donations.
Vita New Hope Ltd (formerly New Hope Limited) Report of the Trustees for the Year Ended 31 May 2024 FINANCIAL REVIEW Reserves policy The charity continues to endeavour to increase and safeguard its income in order to finance the objectives of the charity. To ensure adequate reserves are in place to fulfil the charity's objectives significant emphasis has been placed on controlling costs. This will remain in place for the foreseeable future. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Related parties The charity works closely with Vita (RTI) Ltd for their work in Africa. During the year Vita (RTI) Ltd became the sole member of Vita New Hope Ltd. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06241692 (England and Wales) Registered Charity number 1122262 Registered office Broadway House Upper Clifton Street Cardiff CF24 1 PU Trustees P F Lindsay C H George Company Secretaries P F Lindsay C H George Auditors BPU Limited Chartered Accountants Statutory Auditor Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA
Vita New Hope Ltd (formerly New Hope Limited) Report of the Trustees for the Year Ended 31 May 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Vita New Hope Ltd (formerly New Hope Limited) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by.. y order of the board of trustees on 31.. YloJ 20 and signed on its behalf P F Lindsay - Trustee
Report of the Independent Auditors to the Trustees of Vita New Hope Ltd (formerly New Hope Limited) Chartered Accountants Opinion We have audited the financial statements of Vita New Hope Ltd (formerly New Hope Limited) (the 'charitable company,) for the year ended 31 May 2024 which comprise the statement of Financial Activities, the Balance Sheet and notes to the financiali statements, including a summary of significant accounting policies. The financial: reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 May 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK), (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance, with the ethical requirements that are relevant to our audit of the financial statements in, the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ftadnor House Greenwood Close Caidill Gole Business Polk Coidlll CF23 8A4 Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of th going concern basis of accounting in the preparation of the financial statements is, appropriate. Based on the work we have performed, we have not identified any materia uncertainties relating to events or conditions that, individually or collectively, may cas significant doubt on the charitable company's ability to continue as a going concern fo a period of at least twelve months from when the financial statements are authorised foè issue. Our responsibilities and the responsibilities of the trustees with respect to going concer are described in the relevant sections of this report. Reg151eieé locorry( oudil Yrk Ihe In51ilLrte olChOrteiÈdACCOuiltant& In EngkJna ond Woies bpu cllerEd AttOuntonlS Is o Iiodiw r)01 epu Ll Cotnpony Number 3723948 fteg151@i@O Invlaks. lsieied ollice tsto. business potential unleashed
Report of the Independent Auditors to the Trustees of Vita New Hope Ltd (formerly New Hope Limited) Chaflered Accountants Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Ilfiatters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements. or the charitable company has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Radnoi Hou Greenwood Close Cardiff Gole Business Polk Caidlll CF23 8M Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that I they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting i unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. In th8 UK and I101e(s 101 a rongè of Invesiment L)uslnesSOctls bv th6 Inslituleol ChartweaAccovnionis In En9lonc50no WoiE5. bpu Chaitfried lccountoDts Is o lding nom&ol BPU LI CnY Nunibei 3723948 Reg1518iFd In Wole5. A Ilsl of okiectois Is OvOdQt Ii<Kn 1he reoistei8d dllCgQtb)ve business potential unleashed
Report of the Independent Auditors to the Trustees of Vita New Hope Ltd (formerly New Hope Limited) Choitered Accounlonts Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud o error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditi conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material,, if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risks of acts by the. charity that were contrary to applicable laws and regulations, including fraud. We, designed audit procedures to respond to the risk, recognising that the risk of no detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. The laws and regulations that we determined were most significant to the charity were, the Companies Act 2006 and Charities Act 2011. We obtained an understanding of how the charity is complying with those laws an regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of legal an professional spend for the year. We assessed the susceptibility of the charity's financial statements to materia misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls thal management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its, significant accounting estimates. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Radnoi House Gieenwood Close Coidill Gote Business Pork Coidiff CF23 8AA AlStEred tD Cuiryon audi1 Yiolk Irhlfe UK ond ieguloled loi a low ol InvEsttnenl business uctMIES by Ihg In5tiiule ol Chortei3JAccowlonls In ond woie5. bpu Cile1ed Accountonl$15 o Iiadirwj [@01 BPU Lld Compary Numbèr 37?394B Treglsieie(J In Wores. Allsl of diieciJs 150voltrA8 Iiom1hÈ Te91$1eied ollte obove. buslness potential unleashed
Report of the Independent Auditors to the Trustees of Vita New Hope Ltd (formerly New Hope Limited) Chartered Accountonts Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's I trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. BPU Limited Chartered Accountants statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8A4 Rodnor House Gieenwood Close Coidill Gale Busine55 Pork Coi(Jiff CF23 8M Date: i&teied tQCOlryOTrOuQil I'lolk UK Ond 189ulgled for o 10 Of Inve51rnent sInesS1)clivIIs the Ins1ilu1e ol Chtsrt@ied Accouniant4 En9lond ono wues. Ch011eiedAccounlonls a Iiodiry nofne ol BPU L1d Cornpan¥ Number 3723948 A Ilsi oldit8ctw Is0voltye Iiom the iety5twed oii*e othvg. business potential unleashed
Vita New Hope Ltd (formerly New Hope Limited) Statement of Financial Activities for the Year Ended 31 May 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes INCOIIfiE AND ENDOWMENTS FROM Donations and legacies 145,000 145,000 10,036 Other trading activities Investment income 10,164 12 1,492 1,492 Total 1,492 145,000 146,492 20,212 EXPENDITURE ON Raising funds 15,295 Charitable activities Support costs 5,071 110,000 115,071 39,662 Total 5,071 110,000 115,071 54,957 NET INCOMEI(EXPENDITURE) (3,579) 35,000 31,421 (34,745) RECONCILIATION OF FUNDS Total funds brought forward (778) 52,500 51,722 86,467 TOTAL FUNDS CARRIED FORWARD (4,357) 87,500 83,143 51,722 The notes form part of these financial statements
Vita New Hope Ltd (formerly New Hope Limited) Balance Sheet 31 May 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes CURRENT ASSETS Debtors Cash at bank 276 276 87,500 87,500 53,314 276 87,500 87,776 53,314 CREDITORS Amounts falling due within one year 10 (4,633) (4,633) {1,592) NET CURRENT ASSETSI(LIABILITIES) (4,357) 87,500 83,143 51,722 TOTAL ASSETS LESS CURRENT LIABILITIES (4,357) 87,500 83,143 51,722 NET ASSETS {4,357) 87,500 83,143 51,722 FUNDS Unrestricted funds.. General fund Restricted funds.. Carbon offset 12 (4,357) (778) 87,500 52,500 TOTAL FUNDS 83,143 51,722 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The notes form part of these financial statements continued...
Vita New Hope Ltd (formerly New Hope Limited) Balance Sheet - continued 31 May 2024 The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been audited under the requirements of Section 145 of the Charities Act2011. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial sta ments were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. P F Lindsay - Trustee The notes form part of these financial statements 10
Vita New Hope Ltd (formerly New Hope Limited) Notes to the Financial Statements for the Year Ended 31 May 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Financial reporting standard 102 reduced disclosure exemptions The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment 33 % straight line Taxation The charity is exempt from corporation tax on its charitable activities. continued...
Vita New Hope Ltd (formerly New Hope Limited) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 ACCOUNTING POLICIES - continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. OTHER TRADING ACTIVITIES 2024 2023 Shop income 10,164 INVESTMENT INCOME 2024 2023 Deposit account interest 1,492 12 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)'. 2024 2023 Auditors, remuneration Other operating leases 2,400 600 2,941 12 continued...
Vita New Hope Ltd (formerly New Hope Limited Notes to the Financial Statements continued for the Year Ended 31 May 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. STAFF COSTS The average monthly number of employees during the year was as follows.. 2024 2023 Shop Assistants No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 36 10,000 10,036 other trading activities Investment income 10,164 12 10,164 12 Total 10,212 10,000 20,212 EXPENDITURE ON Raising funds 15,295 15,295 Charitable activities Support costs 39,662 39,662 Total 54,957 54,957 NET INCOMEI(EXPENDITURE) <44,745) 10,000 (34,745) 13 continued...
Vita New Hope Ltd (formerly New Hope Limitedl Notes to the Financial Statements continued for the Year Ended 31 May 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund Total funds RECONCILIATION OF FUNDS Total funds brought forward 43,967 42,500 86,467 TOTAL FUNDS CARRIED FORWARD (778) 52,500 51,722 TANGIBLE FIXED ASSETS Computer equipment COST At 1 June 2023 and 31 May 2024 2,728 DEPRECIATION At 1 June 2023 and 31 May 2024 2,728 NET BOOK VALUE At 31 May 2024 At 31 May 2023 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments 276 14 continued...
Vita New Hope Ltd (formerly New Hope Limited) Notes to the Financial Statements - continued for the Year Ended 31 Ilfiay 2024 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 11) Trade creditors Accrued expenses 481 4,151 1,592 4,633 1,592 LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand.. Bank overdrafts 481 12. MOVEMENT IN FUNDS Net movement in funds At 116123 At 3115124 Unrestricted funds General fund (778) (3,579) (4,357) Restricted funds Carbon offset 52,500 35,000 87,500 TOTAL FUNDS 51,722 31,421 83,143 15 continued...
Vita New Hope Ltd (formerly New Hope Limited) Notes to the Financial Statements continued for the Year Ended 31 May 2024 12. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 1,492 (5,071) (3,579) Restricted funds Carbon offset 145,000 (110,000) 35,000 TOTAL FUNDS 146,492 (115,071) 31,421 Comparatives for movement in funds Net movement in funds At 116122 At 3115123 Unrestricted funds General fund 43,967 {44,745) (778) Restricted funds Carbon offset 42,500 10,000 52,500 TOTAL FUNDS 86,467 (34,745) 51,722 16 continued...
Vita New Hope Ltd (formerly New Hope Limited) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 12. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 10,212 (54,957) (44,745) Restricted funds Carbon offset 10,000 10,000 TOTAL FUNDS 20,212 (54,957) (34,745) A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 116122 At 3115124 Unrestricted funds General fund 43,967 (48,324) {4,357) Restricted funds Carbon offset 42,500 45,000 87,500 TOTAL FUNDS 86,467 (3,324) 83,143 17 continued...
Vita New Hope Ltd {formerly New Hope Limited) Notes to the Financial Statements continued for the Year Ended 31 May 2024 12. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 11,704 (60,028) (48,324) Restricted funds Carbon offset 155,000 {110,000) 45,000 TOTAL FUNDS 166,704 (170,028) (3,324) Restricted Funds Carbon Offset Fund this represents carbon offset money received from a donor who specified that at least half of their donation should be paid to Vita (RTI) Ltd a charitable company registered in Ireland to invest in climate smart communities in Africa. The other half can be used by the charity for projects that result in the lowering of carbon dioxide emissions into the atmosphere. 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 May 2024. 18