REGISTERED COMPANY NUMBER: 06809593 (England and Wale51 REGISTERED CHARITY NUMBER: 1128541 Report of the Trustees and Financial Statements for the Year Ended 31 Marth 2023 Newstarts
Newstarts Contents of the Financial Statements for the year ended 31 March 2023 Page Report of the Trustee5 Independent Examiner's Report 13 Ststement of Financial Activities 14 Balance Sheet 15 Ststement of Cashflows 16 Notes to the Financial Statements 17
Newstarts IRe8iStered number: 06809593) Report of the Trustees Ilncludlng Directors, Report) for the year ended 31 March 2023 The trustees who are also directors of the charity forthe purposes of the Companles Act 2006, presenttheir report with the financial statements of the charity for the year ended 31 M3rch 2023. The trustees have adopted the provisions of Accounting and Reporting by Charitie5: Statement of Recommended Practi pplicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. The Trustees confirm that they have complied with the duty In Section 4 of the Charities Art 2011 to have due regard to public benefit guidance by the Charity Commission in delivering the activities undertaken by the Charity. OBJEcfivES AND AcnvmES Pur ose and charitable ob'ects To alleviate poverty through providing practical help to families and vulnerable people and ac55 to free and discounted household items To assist in the resettlement of homele55 and other vulnerable people who are In need, hardship or distress through offering support and advice and opportunities for learnin8 and work experience. To relieve poverty and protert and preserve the environment for the public beneftt by promoting and enabling the reuse of unwanted household goods. The aims of the charity are to reduce and prevent both poverty and homelessne55 and to reduce the effect of landfill on the environment, encourdging local people to participate in the work, whether that IS through donations of furnitu andlor funds and through volunteerin8 in one of the many role5 available. Our aims fully reflect the purposes that the charity was set up to further. Vision NewStart5' vision is to see individuals 3chleving their full potential. where homelessness, poverty, debt and environmental damage become thin8s of the past, and where community challenges are solved by the local community. nificant activitie5 In 2022123 we spent £499,481 (excludes depreclatlonl on charitable attivities in the following ways: - Emergency Interyention- providing emergency food and free furniture 92% - Support costs -Fundraising costs Ensurin our work delivers our aims We review our aims, objectives and artivities each year. Thi5 review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aims, objertives and activities remain focused on ourstated purposes. We have erred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activitie5. In particular, the Trustee5 consider how planned activitie5 will contribute to the aims and objertives they have set.
Newstarts IReglstered number: 068095931 Report ofthe Trustees (includlTrg Dlrectorf Report) for the year ended 31 March 2023 The focus of our work Our main objectives for the year contlnued to be the redurtion and prevention of homelessness and poverty and protection of the environment. Although the effert5 of the COVID-19 pandemic have been reducing, there are still some resiilual ramifications that have affected our work over this past year. In addition, we have, in the last six months of the year, seen the increaslng pressures on families and individuals brought about by the cost-of-living crisis. Provlding a range of services through ourfurntture and IT re-use social enterprises Providing emergency help through signposting and emergency food provision Working in partnership with other agencles to ensure that individuals and families are able to access the services that best match their needs. Providing free and affordable fumiture to those m05t in need Providing debt and money advice in partnership with Community Money Advice Providing a communty hub in New Frankley How our activitie5 deliver ublic benefit Our main artivities and who we try to help are descrlbed below. All our charitable activities focus on the reduction and prevention of homelessness, poverty and the environmental impact of landfill and are unilertaken to furcher our charitable purposes for the public benefit. Our activities are delivered from our headquarters in Bromsgrove. our satellite site in New Frankley. south-west Birniingham. orfrom a partner site. Who used and benefltèd from our services Our objects and some of our fundinB limit the services we provide to the residents in worsterShire, Birmingham, Warwickshire and other areas. The continuing effects of the COVID-19 pandemic and the increasing pressure brought about by the cost-of-living crisis meant that whilst our provision of free furniture tUrned to pre-covid levels. the number of food parcels remained signlficantly above pre- pandemic levels and we continued to provide 7-day food parcels. All of our referral services are provided free of charge to the recipients. Equal access to our services is an important issue for us. We believe equal access is vitsl and that successful outcomes must be shared by all communities that use our services. We currently monitor those accessing our seNices by gender, disability and ethnicity- Overthe next year we will be using the information we gather to develop marketing and fundralsing strategies. The impact of ourwork Boes beyond both those dirertly helped and the physical provtsion of furniture andlor food. Both our own research and that of others tdentifies the impact of furniture poverty on life chances. revealing that not only physical needs are met. but for many mental health is improved by the provision of furniture, enabling individuals and families to plan for the future.
Newstarts (Registered number: 068095931 Report of the Trustees (Includln8 Dirertorf Reportl forthe year ended 31 March 2023 Furniture Bank The furniture bank provides a r3nge of pr&loved household items at no cost. to individuals and families that have no other way of furnishing their homes. either as a new tenant or indeed if they are an existing tenant. In 2022123 we provided 334 households with household items, an increase of 128162%) on the previous year. This is much nearer pre-pandemic levels. The bar charts below show the breakdown of referrals, with Fig I showing the distribution of furnlture provision in rjumbers a¢ros5 north Worcestershire and Birmingham, and Fig 2 showing the distribution by provision in weight of goods provided across north WOrStershIre and Birmingham. The referrals provided to north Worcestershire SidentS tend to be much larger than those provided to Birmingham sIdentS and will often comprise sufficient fumiture to furnish a three-bedroomed house. -A of referrals. IRMINtsHAM a3 WORcÈ>fERSHIRE 67 io 30 40 50 60 70 Weight of goods provided {%) BIRMINGHAM BFrni1ki¥hU 28 woItCESTERSHIRE 72 io 20 30 40 60 70 80 82
Newstarts IRegistered number: 068095931 Report of the Tru#ees Oncludlng Dlrettorg Report) forthe year ended 31 March 2023 Food a15 During 2022123 the food bank provided 2,551 food parcels, an IncaSe on the prevlous year of 7%11681 and the equivalent of 127.449 meals. The increase this year has been caused by the challenges individuals and families face during the cost-of-livin8 crisis. We have continued to provide fresh items, and our parcels have continued to be for seven days. We remain gTateful to all the funders, businesses and individuals who have made this possible. In late spring of 2023. we are aiming to open up a community supemiarket, whlch will be pay-as-you-feel and will start with rescued fruit anil vegetables. This will be operating from our Bromsgrove slte. Uniform Bank Towards the end of 21122 we started a unifom) banK stocked from ttems donated to us during the pandemic. The bank has been widely used over the past year and we are now thinking of ways in which we can encourage more people to use the facillty, notjust as a poverty relief, but a150 as an environmental project. We are hoping that over the 23 summer holidays the bank will be opened up once a week as a swap shop. Social Enter rise Newstarts operates three social enterprise5. Two of these sell pre-loved rnitUre at affor(lable pri$, one operates from our headquarters in Bromsgrove, Worcestershire and the other from OLtr satellite site in New Frankley. Birmingham. In this last yearthe income from these two social enterprises, including collection donations and house clearances, amounted to 36% of our overall income. The sales at Bromsgrove were some of the best achieved, especially at the Bromsgrove site. We have fornied sorrhe great new partnerships, including being able to provide almost new mattresses. sofas. chairs and brand-new whtte good5. We believe these will add to our offer and whilst more expensive than our pre-loved stock. still provide some discount when compared to other retail outlets. Our third social enterprise involves the refurbishing and selling of computers. These are wllected from variety of 50urce5 and our team are then able to refurbish them so that they Can be sold on at affordable prices. Many a needed for Eow-income familie5 to gain entry to employment opportunities. This work produced an additional 3% ot our income in 22123. This year ha5 been a transitronal one for this project, with a move away from high levels of refurbishment to more repairs and servicln8. Although this keeps the technician5 busy. it is, in general, a lower yield in terms of finance. We have been realFy pleased this year to rekindle our relationship with the Heart of WOrSterShIre college ar5d have been able to accommodate a level 2 student and two T-Level students in this team. Addftionally, we have this year received some rent from the Community Hub at 4 Arden Road. Although onty a small amounL it has shown us that we are able to achieve some income from the site. Towards the end of the year we jolned the Charity Retail Gift Card scheme which we hope wlll open up further opportunitles and encourage people to think of us at birthdays and Christmas when gift cards are traditionally given.
NewSt¥ts (Reglstered number: 06809593) Report of the Trustees {Includlng DIrert0 Report) lor the year ended 31 March 2023 Volunteerin We are pleased that a number of our pre-pandemic volunteers have been able to return to working with LFS and we have welcomed a number of new volunteers. Over the past year we have engaged with almost 64 volunteers. This is still below our pre-pandemic levels; however we have changed our processes in order to make it easier for staff to book individuals into introdurtion and induction sessions that a provided every week. This system often sees four or five volunteers joining us. We have just finished the audlt for the Investors in Volunteers quality mark and wait with baited breath on the resulL Envlronmental Im act We are pleased to Say that in 2022123 we diverted 132 tonnes of household items from, a saving of 44.4 tonnes of C02 emissions. We are currently working on the calculations to understand our own carbon footprint and will be working towards ensuring that we are at least carbon neutral over the nexr few years. We have also just embarked on becoming an Approved Re-use Centre IARCI, which will benefit Us and our users. 132 tonnes 44.4 tonnes Communi We continue to provlde three newish projects within our communities and we have new projerts coming on board. No4-The New Frankley Community Hub. The Communty Hub became a space forfamilies and individuals over the winter where they coul keep warrn. This had led to a group of families starting a craft ply'n. stay and another group starting a small community garden in the back yard. In additlon. we have centlY welcomed the local food pantry into the space and a diabetes self-support gmup called Cuppa Squad. Money and Debt Advice- our money advisors have helped over 20 people in the last year. Some of these individuals have been carrying debt for many years, whi15t others just needed help with managing their money in a more organised fashion. The team, themselves, continue to learn and a new team memberloined in January. Community Builders- our community builders have continued to work in their respective communities. and we were pleased when Worcestershire County Council agreed to an extension to the work. We also decided toward the end of the yearto move one of the community builder5 from Catshill to Sidemoor. A number of groups have been started with the support of the community builders and lives have been really impacted.
Newstarts {Re8lstered number: 06809593) Report of the Trustees (including DIrectO Report) for the year ended 31 Mah 2023 Risks and Uncertainties The key risks and uncertainties that Newstarts faces a.. To have sufficient income to maintain serVIS provided to the community. Responding to the Increasing need for the services. The Board of Trustees malntains an organisatlonal risk 81Ster which identifies the rlsks and provides rnitigatSon to reduce the likelihood and impact of the risks identtfie(l. The Board of Trijstees Is developing a robust financial strategy supported by a digital strategy to ensure that suflicient income is available to maintain services. In addition. expenditure is monitored on a monthly basis to ensure that best value for money is achieved. The increases in food costs. utility costs and vehlcle fuel costs all have an impact not only on our Crnt clients, but also on the wider community. Those who have never before faced financial hardship may now find themselves in a difficult financial p051tion. Future Plans The Board of Trustees contlnue to work closely wtth the Executive team and volunteers to identify how services can be impmved and which new services and opportunities Newstarts may be able to develop. Our future plans include developing the community supermarket, wwth the possibility of finding an independent site, sharing our knowledge with others through the attendance at conferences and exhibition5, leading on a Poverty Truth Commission for Bromsgrove and finding new ways in whlch we can work with our community
Newstsrts (Registered numbw: 068095931 Report of the Trustees Ilncluding Dirertors. Report) for the year ended 31 March 2023 FINANCIAL REVIEW OVERVIEW Income Operating activities: our main operating income li.e. before grants and donations) Increased by Il% on last yearto reach £242,50712022: £217,970). This income is vital in helping to off-setoijr ever-increasing runnin8 Costs a5 we continue to expand our activities in countering poverty. Donations and Legacies: this vital incomesource increased by 21% in 22123 to £311,762. This was due mainty to successful applications to National Lottery and Julia and Harhs Rausin8 and the ndS raised to purthase a new van. Ex enditure Our costs increased by £44.173 to £507,197. Thi5 increase wa5 caused by signiflcant increases in the cost of fuel for the vans. food for the foodbank and increases in mortgage cost5, along with increased volumes of activity. Year End Outcome The net effect of income ovÈr expenditts resulted In our incurrlng a net surplu5 of £47.072 for the year 12022= surplus £11.7691. Cash Flow In cash flow term5 our balance at 31 March 2023 was £220.05912022.' £202,838). The Increase is mainly due to the increased cashflow from operatlng attivitles less the purchases of a new vehicle.
Newstarts {Re8istered number: 068095931 Report of the Trustee5 (including DIrert0 Report) forthe year ended 31 March 2023 Princi I fundin sources Newstarts, business model Is a social enterprise charitable company that receives funding from various sources. The main funding categories shown in Fig 3 totalling £554.269 are: Principal Funding Sources GRANTS 54% SALES 38% SLA DELIVERY& COLLECTION5 L414DFILLCREDITS Fig3 Prin alex enditure The main categories of expenditure. shown in Fig 4 totalling £499,481 (excluding depreciation) are: Principal Expenditure SAL4RIES 52% OTHER OVERHEADS 25% PREMISES 12% RA15114G FUNDS 4% TRANSPORT& WAREHOUSE VOLUNTEER LUP4CHES & FOOD BANK 3% I¢M 2cr* 3( 46 5(P Fig4
Newstarts (Registered number: 068095931 Report of the Trustees (induding Directorf Report) for the year ended 31 March 2023 Donations and Le ac¢es These amounted to £311.76212022: £256.8231 from the followin8 sources-. Bromsgrove District Council JH Rausling Trust National Lottery Partnership Peoples, Posttode Lottery Awards for All Eveson Albert Hunt- Arnold Clark, Aviva; BARN: Beatri Lang Trust. Cadbury Charitable Trust,. DMP Ellis,. Evenson Charitable Trust- George Henry Collins,. GW Turner,. Grimley Charity. Grimmitt Trust. Groundwork U[ Heart of England: J Hopklns & HI Sawyer- Lasletts- lord Barnaby Foundation- Lord Austin Trust- Mitchell Marsh. The SMB Charitable Trust. Worcestershire Community Fund: 29 May 1961 Charitable Trust: Other donations from private individuats, churches, fundraising events and other or8anisations. Please a15Q See Note 18 for further detail5. Restrirted income and ex nditure Induded in the above note"Donations and Legacies" a certain grants and funding that come to Newstarts with restrictions as to their use, amounting to £286,293 12022.. £222,860). Newstarts does not have discretion over how restricted funds are used other than for the nominated purpose. A total of £211,04912022: £235,754) was spent as restritted expenditure with a restritted fund balance of £215,418 being carried forward to next year. Major restricted expenditures in the year were111 purchase of food for our emergency food service121 salaries vestment 11 Most of the charrty's cash sOUrceS a spent on a short-term basis. This means that Newstarts is not able to pla Cash on interest earning deposits without unacceptable Trotl periods or unavoidably low interest rates. The charity continues to review its Investment policies so as to ensure that as far as possible it maximises Its cash posltlon. Reserves The Trustees have maintained their policy whereby the unrestritted funds held by the charity should aim to cover up to 3 months, operating expenditrjre. A5 our unrestricted reserves as of March 2023 were £37,657 12022.. £65,880), which is still short of this target, we are at present likely to remain below our required reserve levels. Accordingly, the longer-term str3teEY 15 to continue to build serveS wheneverthis is possible. Restricted serveS were £215,41812022: £140.1231. Further detai15 are provlded in Note 18.
Newstarts (Registered number: 068095951 Report of the Trustees (including Directors, Report) for the year ended 31 March 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governance and mana ement Newstarts 15 an independent charity. registered on 8 March 2009, having been incorporated as a limited company by guarantee on 4 February 2009. It cornmenced trading in this format on l April 2(X)9 Icharity registration riumber 11285411. The charity is controlled by its governing document. Memorandum and Articles of Association. Recruitment a ointment and indurtion of new trustees The Board of Trustees may at any time appoint persons willin8 to act as Trustee, and Trustees are normally drawn from experienced charitable or business backgrounds. The induction of new Trustees is conducted on a one-to-one basis. Any training needs are identified, and input is scheduled a5 soon as appropriate. Declsion makin The trustees delegate day to day management of the charity to M Kenyon Ithe chief executive) and relevant staff who are accountable to the Trustees. Res onsibilities of trustees Trustee5 are expected to take a c105e Inte5t in the operations and outcomes of the charity, and to meet regularly to review the business of the charity. The main responsibilities of the board of Trustees are: To ensure the charity is carrying out tt5 purposes for the public benefit To compEy with the charitys governing document and the law To act in charity's best interest5 To manage the charity'5 resource5 responsibly To act with reasonable care and skill To ensure accountability within the charity, as well as when responsibllity is delegated to staff or volunteers To comply with the Statutory Accounting and Reporting requirements io
Newstarts (Reglstered nurnber: 06809593) Report of the Trustees lincluding Dlrectors, Report} for the year ended 31 March 2023 REFEREN AND ADMINISTRATIVE DEfAILS Registered Company number 06809593 (England and Wales) Registered Charity number 1128541 ReEi5tered office I Sherwood Road Aston Fields Bromsgrove Worcestershire B603DR Trustees Stuart Hood (resigned 17.04.231 Sarah Reece-mills lan Jones Matt Bonham Therese Down Susan Burton ts'olned 18.10.221 Key Personnel Marion Kenyon- Chief Executive Officer Andrew Pain- HR & Development Manager Iresigned 31.03.23) Independent Examiner It Doesn't Have to Cost the Earth Ltd 47 St Dunstan5 Close Worcester WR5 2AJ 50licitors Thomas Horton LLP Strand House 70 The Strand Bromsgrove Accountants Be Buoyant Ltd Reinsbrook Sambourne Park Sambourne B96 6PE Bankers Barclays Bank 118 High Street Bromsgrove Worcestershire B618ET This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2(K)6 relating to small companies. li
Newstarts {ReBiStered number: 068095931 Report of the Trustees lindudlng Directors, Report} for the year ended 31 March 2023 Statement of trustee< responsiblllties The trustees, who are also the directors of Newstarts for the purpose of company law, are responsible for preparing the Annual Trustees, Report 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 charity and of the incoming resources and application of resources, Induding the income and expenditure. of the charitable company for that year. In preparing these financial statement5. the Trustees are required to: select suitable accounting policies and then apply them consistentlv- observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subjett to any materlal departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on I September 2023 signed on its behalf by: lan Jones Trustee 12
Independent Exarninerfs Report to the Trustee5 of Newstarts Charitable Company for the year ended 31 Mar¢h 2023 I report to the trustee5 on my examination of the account5 of Newstarts {"the CompanWI for the year ended 31 March 2023 which are set outon pages 14 to 32. Responsibilities and basis of report As the charity trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in actordance with the requirements of the Companies Act 20061'the 2006 ACYI. Having satisfied myself that the accounts of the Company are not qUired to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Art'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerf5 Statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confim) that l am qualified to undertake the examination because l am a member of the Chartered Institute of Management Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept In respect of the Company as required by section 386 of the 2006 Act. or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reportlng by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Teresa Fennell, ACMA CGMA It Doesn't Have to Cost the Earth Ltd. 47 St Dunstan'5 Close. Worcester. WR5 2 Date: 13th September 2023 13
Newstarts Statement of Financial Activities (incorporating gn Income and ExpeDditure Account) for the year ended 31 March 2023 Unrestricted Restricted 2023 2023 Note TOTAL Unrestricted Restricted 2023 2022 2022 TOTAL 2022 INCOME FROM: Donations and legacie5 Charitable activities 25,469 286.293 311,762 241,012 33.963 222.860 256.823 217.970 241,012 1.495 217,970 Other income 1,495 TOTAL INCOME 267.976 286,293 554,269 251,933 222,860 474,793 EXPENDITURE ON: Raising funds Charitable activities 1,670 18.782 20,452 486.745 17,076 19,680 294,478 192,267 224,666 218,678 443,344 TOTAL EXPENDITURE 296,148 211.049 507,197 227.270 235,754 463,024 {EXPENDITURE)IINCOME 128.172) 75,244 47,072 24.663 112,894) 11.769 Transfer between funds {51) 51 iioi io NMovEMENTIN FUNDS (28.223) 75,295 47,072 24.653 112,884) 11.769 FurKI balances brought forward 65,880 140,123 206.003 41,227 153,007 194,234 TOTAL FUNDS CARRIED FORWARD 37,657 215.418 253,075 65,880 140.123 206,003 The statement of financial actlvtties includes all gains and losses recognised during the year All income and expendtture derive from continuing activfcies. 14
Newstarts (Registered number.. 06809593) Balance Sheet As at 31 March 2023 Notes 2023 2022 FIXED ASSETS Tongible assets io 365.778 350,700 CURRENT ASSETS Stock Debtors Cash at bank and in hand 2,597 17,204 220,059 li 15,083 202,838 239.860 217,921 CREDITORS . amounts falling due within one year 12 129,579) 130,2591 CURRENT ASSETS 210,281 187,662 TOTAL ASSEtS LESS CURREf4T LIABILITIES 576,059 538,362 CREDITORS . amounts falli due after one year 13 1322,984) 1332,3591 253.075 206,003 FUNDS Unrestricted Restricted 37,657 215,418 18 65,880 140.123 TOTAL FUNDS 253,075 206,003 The company was entrtled to exemption from audit under $477 of the Companie5 Act 2006 relating to small companies but as this company is a charty, it is subject to independent examination underthe Charities Act 2011. The members have not require(I the company to obtain an audit in accordance wtth section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respett to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with SORP FRSIO2. The financial statements were approved and authori5ed for issue by the Board on Is*&m k)Snd signed on its behalf by.. Trnstee Trustee I ANJ 15
Newstarts Ststemellt of Cashflows for the year ended 31 March 2023 Notes 2023 2022 CASH INFLOW FROM OPERATING ACTIVITIES 16 72,965 27,045 CASH OUTFLOW FROM INVESTING ACTIVITIES Payment to acquire tangible f ixed assets 122.794) CASH OUTFLOWS FROM FINANCING AcfiviTIES Bank loan repayment Bank irrterest paid 111,054) 121.896) 155,744) 112,2051 119,6961 NEf CASH OUTFLOW FROM INVESTING ACTIVITIES 131.9011 NET INCREASEI{DECREASEI IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS ATTHE START OF PERIOD CASH AND CASH EQUIVALENTS ATTHE END OF PERIOD 17,221 14.8561 202,838 207,694 220,059 202038 CASH AND CASH EQUIVALENTS CONSISTS OF: Cash at bank and in hand 220,059 202.838 16
Newstarts Notes to the fin*neial statements for the year epjded 31 March 2023 ACCOUNTING POLICIES Basis of Preparfng Financtal Statements The charity constitutes a public benefit entity as defined by FRS 102. The financial Statements have been prepared in accordance with 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 i55ued in October 2019 ISORP FRS1021, the Financial Reporting Standard applicable in the United fingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice that Is SORP FRSIO2. The financial statement5 are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the funttional currency of the charity. The significant accounting policie5 applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unles5 Otherwise stated. Funds Unrestricted funds are available for use at the di5cretlon of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds a funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each Significant restrlcted fund is set out in the notes to the financial statements. Income recognitlon All incoming resource5 are included in the Statement of Financial Activitie5 ISOFAI when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. The following specific polices apply.. (al Voluntary income by way of donations and grants is included in full in the Statement of Financial Activities when tt is receivable. Ibl Items donated and sold through the charity's shop are included as incoming resources within actmties for generating funds when they are sold. No amount is included in the financial statements for volunteer time in line wlth the SORP IFRS 1021. Further detail is Riven in the Trustees, Annual ReDOrt. 17
Newstarts Notes to the fiDanci*I statements for the year ended 31 Mareh 2023 ACCOUNTING POLICIES Icontinuedl ExpendÈture recognition Liabiltties are recognised as expenditure as soon as the is a legal or constructive obligation committing the charity to that expenditure, it 15 probable that a transfer of economic benef its will be required in settlement and the amount of the obligation can be meaSUd reliably- Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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 the resources. Governance Costs Governance costs irKlude those costs associated with meetingthe constitLrtional and statLrtory requirements of the charity. Offsetting There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the SORP FRS102 or FRS 102. Tangible flxed assets Tangible fixed assets are stated at cost lor deemed costl or valuation less accumulated depreciation and accumulated impaimient losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tsngible fixed assets, at rates calculated to write off the cost, le55 estimated residual value, of each asset on a systematic basis over it5 expected useful life as follows: Freehold land is not depreciated Freehold buildings 2% on cost Improvement to property 20% on cost Plant & Machinery 33% on cost Motor Vehicles 33% on cost Computer Equipment 33% on c05t The minimum thresholds for capltalisation are: Land, Buildings and Improvements- £5,000 Plant and Machinery. Motor Vehicles and Computer Equipment- £i.000 18
Newstarts Notes to the finathcigl statements ror the year eDded 31 March 2023 ACCOUNTING POLICIES {continuedl Impalrnient Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset. or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carryirE amount exceeds its recoverable amount, an impairment loss is recognised in the SOFA unless the asset is carried at a revalued amount where the impairmerrt loss is a revaluation decrease. PensTon costs and other post tIrement benefits The charity operates a defined contribution pension scheme. Contribution5 payable to the pension scheme are charged to the Statement of Financial Attivities in the period to which they relate. Tax The charity is exempt from corporation tax on its charitable activities. It is also relieved from VAT registration on its sale of goo(ts, as all such sales are based on goods freely donated. Debtors and Creditors Debtors are measured at the undiscounted amount of cash receivable. Creditors are measured at the undiscounted amount of cash payable. Crltlcal accounting estimate5 and judgements In the applicatiorTr of the charitable company's accounting policies, the Trustees are required to make judgements, estimates and assumptions abo the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical evidence and experience and other factors that are considered to be relevant. Actual resu5ts may differ from these estimates. The estlmates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recoEnised in the period in which the estimate is revised where the vIsion affect5 only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Going concem The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authori5ing these financlal statements. The budgeted income and expenditure is sufficient with the level of reserves for the charty to be able to continue as a going concern. 19
Newstarts Iyotes to the financial stgtements for the ye9r ended 31 March 2023 DONATIONS AND LEGACIES Unrestricted Restricted 2023 2023 TOTAL Unrestricted Restricted 2023 2022 2022 TOTAL 2022 Donations Grants 25,268 201 34,268 277.494 18,304 15,659 1,020 221.840 19,324 237,499 277.293 25,469 286,293 311,762 33,963 222,860 256,823 Analysis of Government grants included above: HMRC CJRS Award5 for All Lottery Bromsgrove District Council National Lottery Partnership 474 474 iO,OOD 99.594 30,000 iO,OOD 99.594 84.464 84.464 139.594 139.594 474 84.464 84.938 CHARITABLE ACTIVITIES Unrestricted Restricted 2023 2023 TOTAL Unrestricted Restricted 2023 2022 2022 TOTAL 2022 Display room income Landfill re-use credits IT income Collection & delivery donatiorss seiCe level agreements Gift aid tax 186,641 6,756 17.350 10,265 20,IY)O 186,641 6.756 17,350 10,265 20,OfJ) 154.117 6.081 26.354 9,579 20.000 1.839 154,117 6,081 26.354 9,579 20,000 1,839 241,012 241,0 217,970 217.970 20
Newstarts Notes to the financial ststements for the year ended 31 March 2023 RAISING FUNDS Unrestricted Restricted 2023 2023 TOTAL Unrestricted Restricted 2023 2022 2022 TOTAL 2022 Basis of Allocation Staff Costs Overheads Time based Usage 1.501 169 16,868 1,914 18,369 2,083 2,395 209 15,705 1.371 18,100 1,580 Support Costs 1.670 18,782 20.452 2,604 17,076 19,680 CHARITABLE ACTIVITIES Basi5 of AllocatK>n Total 2023 Total 2022 Note Staff costs PrniSes Office costs Repairs and maintenance Provision of welfare Motor and travel Professional & Insurance Advert15ing Waste disposal Othercosts Bank interest Depreciation Time based Usage Usage Direct Direct Direct Usage Direct Direct Direct Usage Usage 253,059 34,788 11.560 14,581 89,265 24,818 15,637 6,132 4,659 2,342 21.896 7.407 219,137 26,836 11,211 11,832 98.430 21.638 14.059 2.529 6,313 2,118 19,696 8,951 486,145 61XI 442,750 594 Govemance costs Direct TOTAL EXPENDITURE 486.745 443,344 Unrestricted funds Restricted fund5 294,478 192,267 224,666 218,678 486,745 443,344 21
Newstarts Iyotes to the finaocial statements for the year ended 31 March 2023 INCOMEIIEXPENDITUREI Net incomellexpenditure) is stated after charging 2023 2022 Depreclation- owned asset5 7,716 8,951 Included within.. Raising Funds Charitable Activities Note 4 Note 5 309 7.407 8,951 7,716 8,951 FEES FOR EXAMINATION OFTHE ACCOUNTS Independent examination for the year was £60012022: £594I- TRUSTEES, REMUNERATION AND EXPENSES The trustees neither received nor waived any remunerdtion during the year12022: £Nill. The trustees did not have any personal expenses reimbursed duringthe year12022: £NIII The trustees have indemnity cover. 22
Newstarts Notes to the financiAI statsments for the year ended 31 March 2023 srAFF COSTS AND KEY MANAGEMENT PERSONNEL 2023 2022 Notes Wages and salarie5 Social security costs Pension costs 251,717 12,746 6,965 220,424 10,592 6,221 271,428 237,237 Included within". Raising Funds Charitable Activlties Note 4 Note 5 18.369 253.059 18.1(M) 219.137 271.428 237,237 2023 Number 2022 Number The average number of employees during the yearwas as follows- Chief Executive Staff managers Operational and administrative staff io 16 14 No employee received total employee benefits (excluding employer pension costs) of more than £60.CKJO. The charity operates a defined contribution plan for the benefit of tts employees. During the year the total paid to key management was £58.58112022'. £59,702) 23
Newstarts NotLg trj tbe fiDancial statements for the yexr ended 31 March 21123 10. TANGIBLE FIXED ASSETS Freehold Improvements Plant & Motor Property to Property Machinery Vehicles Computer Equipment Total Cost '. At l April 2022 Additions Disposals 387,127 13,620 15.203 38,925 22,794 4,203 459,078 22,794 At 31 March 2023 387,127 13.620 15.203 61,719 4.203 481,872 Depreciation . At l April 2022 Charge for the year Disposals At 31 March 2023 36.786 5,476 13,620 14,844 359 38,925 1,881 4,203 108.378 7,716 42,262 13,620 15,203 40,806 4,203 116,094 NBV at 31 March 2023 344,865 20,913 365,778 NBV at 31 March 2022 350,341 359 350,700 Net book value at 31 March 2023 represents fixed assets used for charitable purpose5. 11. DEBTORS 2023 2022 Trdde debtors Other debtors Rent deposit Reserve gift aid Prepayments & accrued income 2,065 3,283 1,754 1,875 500 7,671 1,875 500 12,764 17,204 15,083 24
NewStarts
Notes to the financial statements for the year ended 31 March 2023
12. CREDITORS : Amounts falling due within one year
| 12. | CREDITORS : Amounts falling due within one year | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note 14) | 10,126 | 11,805 | |
| Trade creditors | 5,495 | 2,878 | |
| Social security and other taxes | 5,563 | ||
| Other creditors | 1,370 | 1,016 | |
| Accruals | 7,025 | 14,560 | |
| -- | |||
| 29,579 | 30,259 | ||
| a | |||
| 13. | CREDITORS : Amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans (see note 14) | 322,984 | 332,359 | |
| CL | |||
| 14. | BANK LOANS | ||
| An analysis of the maturity of the loans is given below: | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank loans | 10,126 | 11,805 | |
| a | a | ||
| Amounts falling due between one and two years: | |||
| Bank loans | 10,957 | 12,452 | |
| eee | eee | ||
| Amounts falling due between two and five years: | |||
| Bank loans | 114,920 | 124,033 | |
| eee | a | ||
| Amounts falling due in more than five years: | |||
| Bank loans | 197,107 | 195,874 |
25
NewStarts
Notes to the financial statements for the year ended 31 March 2023
15. SECURED DEBTS
The following secured debts are included within creditors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans | 333,110 | 344,164 |
The Charity Bank Limited hold a charge over the company which covers the freehold property. Big Issue Invest hold a charge over the company which covers the freehold property.
16. CASH INFLOW FROM OPERATING ACTIVITIES
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net income for the year | 47,072 | 11,769 |
| Bank Interest payable | 21,896 | 19,696 |
| Depreciation and impairment of tangible fixed assets | 7,716 | 8,951 |
| {Increase) in stock | (2,597) | |
| (lncrease)/decrease in debtors | (2,121) | 2,508 |
| lncrease/(decrease) in creditors | 999 | {15,879) |
| 72,965 | 27,045 |
26
Newstarts Notes to the financial statements for the year ended 31 March 2023 17. MOVEMENT IN FUNDS Balance at Incoming Resources l April 2022 Resources Expended Balance at Transfers 31 March 2023 Unrestricted Funds Restricted Fund5 65,880 140,123 267.976 286,293 1296,148} 1211,049} 1511 51 37.657 215,418 Total Funds 206,003 554.269 1507,1971 253,075 Balance at Incoming Resources Balance at l April 2021 Resources Expended Transfers l April 2022 Unrestricted Funds Restrirted Funds 41,227 153,007 251,933 222060 1227,2701 1235,7541 iioi io 65080 140,123 Totsl Funds 194.234 474,793 {463,024} 206,003 27
Newstarts Notes to the financial statements for the yeAr ended 31 March 2023 RESTRJCTED FUNDS The income funds of the charity ilUde restricted funds comprising of the following trnexpended balances of donations and grants held on trust for speclflc purposes= Balance at In¢omin8 Resources l April 2021 Resources Expended Transfers Balance at Incomlng Resources Balance at l April 2022 Re50urce5 Expended Transfers 31 March 2023 29 May 1961 Charltable Trust Albert Hunt Trust Alfred Haines Arnold Clark Aviva Awards for All 8&M Food BARN Lottery BARN NAVCA Baron Davenport Beatrfce LangTrust Big Issue Birmingham Citycouncll Bromsgrove District Councll Cadbury Charitable Trust Charity Aid Foundation Crowdfunder OMF Ellis Didymus Easter E8g Fund Eveson Foodbank Frankley Parlsh Councll Garfield Weston Foundation Geor8e Henry Collins Charfty s,0 6,OQ) 15,0331 16,0001 4,532 762 5,0(M) 1,000 1,000 19,5321 11,7621 11,o(101 I,Ch)O 432 iopoo 1,000 14291 131 10,000 482 iio,0001 14821 io,oc 7,150 7,150 16,0521 1,098 I,OLJ) I,OLXJ 249 12591 io 5,000 s,0 3,000 13,0001 12,2191 116.2081 2.219 28,000 85,464 97,256 99,594 1,0 189,3021 107,548 I,ooo 66,220 LOOO 167,2201 3,477 3,477 15.0001 4,000 14,(M)01 1201 (7,5001 14771 19,3021 130.0001 12,0001 28 20 7,500 477 10.000 30,000 2.000 10,000 500 iio,(x)01 15011 2,000 12,lY)01
Newstarts Notes to the financial statements for tbe year eDded 31 March 2023 RESTRICTED FUNDS Icont'dl Balance at Incorning Resources Balance at Incomlng Resources Balance at l Aprfl 2021 Resources Expended Transfers l April 2022 Resources EKpendÈd Transfets 31 March 2023 GJW Turner Grlmley Charity Grimmitt Trust Groundwork UK HeartofEaThd J Hopkins & HJ Sawyer IH Rausing Trust Laslett5 Lord Austin Trust Lord Barnby Founda0 Mitchell Marsh National Lottery Partnership Nationwide Buildin8 Society Peoples, Postcode Lottery Roger & Dou8105 Turner Rowlands Severn Trent Water The February Fund The Montal Charitable Trust The SMB Charitable Trust WCC Foodbank William Cadbury Trust Worcestershire Community Fund Restricted Fund Balances 3,000 1,00) 3,CKJO 3,000 1,000 3.000 2,000 4,000 750 51.360 5,844 16,0351 11,0001 13,1Y)Ql 12,9911 14,0001 17291 110.6801 18,7671 11,oooi 35 11,0001 12.0081 2,008 1,000 5,000 1,000 191 13,969 118,9691 1211 40.680 2,934 2,934 1,000 1,000 3,000 5,000 30,OL)J 3,000 5,000 20,011 19,9891 122,0871 115,4301 40,000 117,9151 12,2231 14,1321 22,085 2,223 1,132 25,000 9,570 3,OQ) 5,ODJ 5,000 5,000 1,029 5,000 5,000 11,0291 15,0001 15,(MJOI I,OC4) 11.0241 24 3,001 13,Wll 496 10,000 110,4961 1,336 1.336 153,007 222A60 1235.7541 io 140.123 286,293 1211,0491 51 215,418 29
Newstarts F4otes to the fin&ncig1 statements for the year ended 31 March 2023 RESTRICTED FUNDS Iconvdl Funders in excess of £20.000 (2022-231 Bromsgrove Distrirt Council IBDCI De5crfptlon of Funding Funding from BDC as part of the WCC PLFblic Health pilot to fully fund two community builder posts. developing Asset Based Development Work in Bromsgrove £49,514. Foodbank and essential items £45,080 Additlonal fundlng forAsset Based Community Development project £5.1) Fundingtoward5 core costs and foodbank Fundingtoward5 core costs Fundingtowards salary costs JH RauslingTrust National Lottery Partnership Peoples, Postcode Lottery The following funds also directly related to the operating costs of the Food Bank: Awards forAII Lasletts Lord Austin Heart of England Groundwork UK Grimmitt Trnst GIWTumer Worcestershire Communlty Fund The following funds atso directly related to the operating costs of the Volunteer Program: Albert Hunt Trust J Hopkins & HJ Sawyer George Henry Collins Charity Grimley Charity Core Costs grants were provided by- Arnold Clark Aviva BARN NAVCA Beatrice Laing Fund Cadbury Charitable Trust DMF Ellis Evesons GJW Turner Grimmitt Trust Lord Bamabv Mitchell Marsh The SMB Charitable Trust 29th May 1961 Charitable Trust 30
Newstarts Notes to the financial ststements for ihe veAr ended 31 Mvdrch 2023 RESTRICTED FUNDS {cont'dl RETRicfED FUND5 BALANCE SHEEr at 31 March 2023 2023 2022 FIXED ASSErs Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand 2,500 138,702 215,418 215,418 141,202 CREDITORS . amounts falling due within one year 11,0791 CURRENT ASSETS 215,418 140.123 TOTAL ASSETS LESS CURRENT LIABILITIES 215,418 140.123 CREDITORS . amounts falling due after one year 215,418 140,123 FUPIDS Restricted 215,418 140.123 TOTAL RESTRICTED FUNDS 215,418 140,123 19. PENSIONS AND OTHER POST-RETIREMENT BENEFITS Defined contrlbution penslon plans The charty operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £6,96512022: £6,2211 The pension liability and expense are allocated to UnstrICted or restricted based upon the role of the employee that the contribution is for. The outstanding pension contributions at the year end amounted to £1,37012022- £1,0161- 31
Newstarts Notes to the financial statewellts for tbe year ended 31 March 2023 20. OPERATING LEASES At the reporting end date the charitable company had outstanding commitments forfuture minimum lease payments under non-cancellable operation leases, which fall due as follows.. 2023 2022 Within one year Between 2-5 years More than 5 years 2,010 1413 Repeyments made in the year 202 All operating leases are treated as an expense. 21. RELATED PARTIES There were no related party transaction5 for the trustee5 in the year ended 31 March 2023. The Chief Executive Officer is married to a supplierwho provides PAT testing for the charitable company. The amount paid to the supplier duringthe year was £4.15412022- £3.1381 The outstanding to the supplier at the yearend amounted to £284 {2022: £1371. 22. ULTIMATE CONTROLLING PARTY The charity is controlled by the trustees. 32