Empowering the disadvantaged . . .
New Futures Nepal Limited
ANNUAL REPORT Annual Report and Financial Statements for the year ended 31 MARCH 2023
NEW FUTURES NEPAL
(A Company limited by guarantee and not having a share capital)
Company No. 07492988 Registered Charity No. 1142984
Directors Lynne McCutcheon Paul Crook Andrew Small Charles Barton Helen Crook
Patrons
Sir Chris Bonington CVO CBE DL
Registered Office 18 Eastfield Road, Leamington Spa, CV32 4EX
Independent Examiner
Thomas May FCCA, Jerroms West Point, Second Floor,Mucklow Office Park Mucklow Hill, Halesowen B62 8DY
Accountant
Susan Ellam ACMA 18 Eastfield Road, Leamington Spa, CV32 4EX
Bankers HSBC Bank plc Cathedral Lanes, 5-6 High Street, Coventry, CV1 5RE
CONTENTS
| CONTENTS | |
|---|---|
| Directors’ Report | 3 |
| Independent Examiner’s Report Statement of Financial Activities |
9 10 |
| Balance Sheet | 11 |
| Notes to the Accounts | 12 |
© 2023 New Futures Nepal Limited
New Futures Nepal empowers disadvantaged children and adults of Nepal by raising funds for initiatives that promote health, education and independence and supports social integration for children with disabilities to live in the community and within safe and loving homes. We adopt a ‘hands on, personal approach’, keep our administration costs low and work with local charities and organisations worldwide to facilitate the charity’s goals and aims.
Design by Roger Warham, Blade Communications rw@bladecomms.com
2 NEW FUTURES Nepal Annual Report 2022/23
New Futures Nepal Limited
DIRECTORS REPORT
The Directors present their report and accounts for the year ended 31 MARCH 2023.
Structure, Governance and Management
The Charity was formed as a company limited by guarantee. The Directors who served during the year and at the date of this report were: Lynne McCutcheon, Andrew Small, Charles Barton, Helen Crook, and Paul Crook. The Directors manage the affairs of the charitable company in association with the Trustees and meet at least five times a year at formally convened meetings. The Trustees who served during the year were: Alex Maher, Lee Brown, and Steven Davis.
Objectives and Activities
The Charity’s objectives are:
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To relieve and support cases of need, hardship, distress or disability for people living in the Federal Democratic Republic of Nepal or for people of Nepalese origin or nationality worldwide;
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To advance the educational needs of people in the Federal Democratic Republic of Nepal or for people of Nepalese origin worldwide;
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For such other charitable purposes for Nepalese people as the Trustees may determine from time to time.
Public Benefit
The reference and administrative details of the Charity are as follows:
Charity Number: 1142984 Company Number: 07492988 Registered Office: 18 Eastfield Road, Leamington Spa, CV32 4EX
The role of Independent Examiner for the Charity is appointed on an annual basis. The Directors and Trustees appointed Jerroms GCN in June 2023 to be their Independent Examiner to replace Barry Parker CPFA, who stepped down during the year.
The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its Charities and Public Benefit guidance states that there are two key principles to be met to show the organisation’s aims are for the public benefit; firstly, there must be an identifiable benefit or benefits and secondly, that the benefit must be to the public or a section of the public. The Directors consider that they have complied with Section 17 of the Charities Act 2011 and the guidance issued by the Charity Commission in respect of Public Benefit.
Risk Management
During the Charity’s Annual General Meeting held on 27 September 2022, Angela Bowen and Charles Barton stood down as per the terms of the company’s Memorandum and Articles of Association. Angela Bowen explained that reluctantly she was not standing for re-election. Charles Barton offered himself for re-election and was unanimously re-elected as a Director/Trustee.
International Money Movement & Grant Aid:
The Charity operates internationally, regularly transferring funds to Nepal and India. The Directors have taken all possible steps to mitigate the risks involved in such transfers.
Regular funds to Nepal are sent by international transfer directly from HSBC Bank.
NEW FUTURES Nepal Annual Report 2022/23 3
Most funds are paid to a registered Nepali charity, “Disabled Welfare Association Nepal, Hope Centre”, which is based in Kathmandu. The Nepali Social Welfare Council requires New Futures Nepal to declare annually the amount of funds to be provided in the twelve months following the declaration and these figures are verified and form part of the Nepal Government’s annual checks. Disabled Welfare Association is also audited annually by an external accountant and the Directors are provided with a full set of accounts and audit reports. The computerised accounting system used by Disabled Welfare Association is operated by an accountant who is employed to take charge of its bookkeeping. The system is known to the Trustees as it is the same as that operated by Hope Family Trust in India.
Funds are also sent annually to Self–Help Group for Cerebral Palsy Nepal, an NGO based in Dhapakhel, Kathmandu, who is the umbrella NGO for several smaller organisations. These funds are for the benefit of the daycare centre run by Parents Self-Help Group in Bhaktapur for the support of disabled children within the community. A further Memorandum of Understanding was entered into in February 2022 for three years between New Futures Nepal Limited and Self-Help Group for Cerebral Palsy Nepal. This is a large NGO subject to stringent checks by the Nepali Government and New Futures Nepal are again obliged to declare the amount of funds to be sent each year.
Directors use their best endeavours to check that the funds are used as intended by visiting the project whenever possible during their visits, and by keeping in contact with the NGO. One-off payments are sometimes made to other NGOs in Nepal and a test payment of £50 is always made before any larger amounts are transferred. Directors use their best endeavours to check that funds have been spent as intended whenever possible during their annual visits to Nepal.
Funds sent to India are subject to Indian Money Laundering Regulations which specify that foreign charities may only transfer funds to Indian charities licensed to receive foreign funds. New Futures Nepal regularly transfers funds by international transfer directly from HSBC Bank to The Hope Family Trust in Kalimpong, West Bengal. This charity is audited annually by the Indian Government and again we receive a copy of the accounts and audit report.
International Monitoring of Projects & Grants:
As stated in the previous paragraph, the Charity reviews audited accounts of Disabled Welfare Association and Hope Family Trust each year and receives written reports and financial statements from Cerebral Palsy Nepal. A document detailing how to check and monitor when “on the ground” has been compiled by two of the most experienced trustees and is available for all trustees as guidance and a checklist. Due to the global pandemic, no trustee monitoring trips to Nepal or India took place during the year to March 2022 but monitoring trips are planned for April 2023.
Data Privacy:
Following the major review in 2020 of the charity’s GDPR procedures, the privacy policy is reviewed and discussed at trustee meetings once a year as a minimum.
Financial Report
During the year, the Charity's income amounted to £93,798 and total payments to support our charitable activities amounted to £99,306. Overall donations reduced to £82,182 from £92,171 which is a decrease of 11%.
There was an overall increase of £2,467 in regular donations in the year. This is our lifeblood but has mainly been as a result of existing donors increasing the amount of their standing orders as opposed to new donors.
4 NEW FUTURES Nepal Annual Report 2022/23
The Directors and Trustees have reviewed the Charity’s cash position, its Budgets and future planned expenditure and have agreed that the Charity is in a sound financial position.
Reserves Policy
The Charity has a prudent approach in managing its resources, particularly when it comes to its Unrestricted Funds. As of our most recent yearend, the amount for these funds stands at £145,228 (compared to £163,139 in 2022). The entirety of this amount has been thoughtfully designated by the Directors to support a range of meaningful initiatives. These include the invaluable work of organisations like Disabled Welfare Association, Cerebral Palsy Nepal, and Hope Family Trust.
The decision to designate all of the Unrestricted Funds towards these long-term projects was a careful and compassionate choice made by the dedicated Directors and Trustees. This decision aims to ensure that the Charity can maintain consistent financial backing for these projects in the face of ongoing global challenges, primarily stemming from the COVID-19 pandemic and more recently the situation in Ukraine.
Given the Charity's financial performance this year and the enduring challenges faced by individuals and organisations in Nepal, this prudent approach is deemed essential. The Charity firmly believes that by operating with a high level of prudence, it can better support those who depend on its services. As a result, the Free Reserves at our year-end are set at zero, reflecting the Charity's commitment to wisely managing its resources to have the most significant impact possible.
Other Policies
The Charity has policies for Reserves, Safeguarding Vulnerable Adults & Child Protection, Equal Opportunities, Health & Safety, Travel & Expenses, Privacy, Conflict of Interest, Financial Controls, Risk Management and Volunteer Management.
Achievements and Performance
We are delighted to present our Annual Report for 2023, a year marked by significant milestones, inspiring achievements, and the unwavering commitment of our dedicated teams, volunteers, and supporters. Together, we've continued to create meaningful change in the lives of disadvantaged individuals in Nepal and West Bengal. As we share the following highlights, challenges, and future plans, please know that your support has made all the difference.
This year, not only did we commemorate two decades of our charity's existence, but we also soared to new heights by raising over £2,000,000 for our transformative projects. This journey has been a labour of love, and it has been made possible because of your unwavering support. To commemorate this anniversary, we hosted parties and events throughout the year, allowing us the privilege to connect with as many of you as possible. It's in these moments that we felt the warmth of our extended family, where our supporters, volunteers, and partners came together to reaffirm our collective commitment to creating positive change. Celebrating our 20th anniversary was a testament to the power of community. We extend our gratitude to Make Good Grow and Gibson Haus for their invaluable contributions to these joyous occasions.
NEW FUTURES Nepal Annual Report 2022/23 5
New Futures Nepal Limited
DIRECTORS REPORT
The trustees are now happily meeting in person again for their regular sessions, which has rekindled our passion for our mission. We're happy to report too that the Charity has renewed its membership with BRANNGO, which has been a good source of valuable information and connections.
mobility problems, continue to find love, care, and support from Usha and their fellow companions. Our older children are embracing responsibility and personal growth, their dreams kindled by the secure environment Tilak and his team strive to promote.
Nurturing Dreams:
Financial Resilience and
Community Support
Admittedly, this year brought financial challenges that tested our resolve. While these challenges were anticipated due to the far-reaching effects of the Covid pandemic and the subsequent cost of living crisis, they were met with a spirit of resilience. Our supporters, known for their boundless creativity, rallied around us with energy and new ideas. Through various fundraising initiatives and their indomitable spirit, we were able to brave the storm and continue our impactful work.
Empowering Individuals
The story of Nirmala, one of our exceptional individuals, has touched new heights. Her selection to represent Nepal in the U.S. Department of State Global Sports Mentoring Program is an honour she truly deserves. Beyond her global strides, Nirmala's achievements also shine brightly at home, as she secured a silver medal in the Nepal national para powerlifting championships. Her journey is a testament to the unbounded potential in each of our beneficiaries.
Empowering Nepal:
Hope Centre:
A Home of Hope and Growth
The Hope Centre continues to be a beacon of hope, providing a nurturing environment for the children in our care. As we've seen changes unfold, including new children joining and others stepping into college, the heartwarming constants remain. Pramila and Kumari, our beloved children with severe motor and
A Tale of Transformation
Nepal, with its breathtaking landscapes and vibrant communities, remains a cornerstone of our efforts. In collaboration with The Everest Mera Foundation, we're immensely proud to announce that the Municipal Council for the Mahakulung Rural Municipality of the southern Everest region named a peak 'Royal Britain Peak' (standing tall at
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6 NEW FUTURES Nepal Annual Report 2022/23
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after year. The annual report and accounts, which are of top-notch quality, are skillfully edited and produced by Roger Warham. Roger goes above and beyond by offering his time and expertise without any charge. Our website is meticulously maintained by Lalith Athiappan, who is incredibly responsive and thoughtful when it comes to implementing changes. And a special shoutout to someone who is truly indispensable to the Charity's operations - our exceptional and dedicated accountant, Susan Ellam.
approximately 5200m above sea-level) in honour of New Futures Nepal. This recognition, a symbol of our enduring commitment to the region, reflects the lives touched and futures brightened through our collective endeavours.
In collaboration with the Everest Mera Foundation, we've extended our impact to students in the Mahakulung region, providing vital winter school clothing to 890 school aged children. Education remains our most potent tool for shaping lives and transforming futures.
Kalimpong:
Cultivating Leaders of Tomorrow
Our work in Kalimpong has been no less impactful. As two young adults embark on their journey to become nurses, our children continue to shine in their studies. Karishma, Samiksha, and Saika, among others, are not only growing academically but are also exemplifying the true essence of community support by helping each other flourish. Our partner in Kalimpong, Kiran Chettri and house parents Betty and Arjun continue to inspire and encourage all of the children to reach their full potential.
Coming Together:
Celebrating with Purpose and raising funds
Our annual gathering in Malvern, set against the backdrop of renewed friendships, raised funds and created lasting memories. Raising Steam, our unique steampunk festival, brought together a tapestry of art, music, and camaraderie. Our challenge events, driven by your enthusiasm and commitment, have only reaffirmed the strength of our community.
Heartfelt Gratitude
We want to extend our heartfelt gratitude to the amazing professionals and small businesses who generously dedicate their time and expertise year
All of this support from the incredible professionals mentioned above, as well as the kind-hearted donors, sponsors, friends, and family, has truly made a tangible difference in the lives of the young people we aim to help. As a team of volunteers united by the same purpose, we're working towards empowering underprivileged children and adults in Nepal. It's all thanks to each and every one of you - we simply couldn't do it without your support.
Future Horizons:
Shaping Lives Ahead
Looking ahead, we have grand plans that echo the resounding impact of our past. As we look forward to receiving awards, inspiring talks, empowering education, and hosting crucial events, we do so with a sense of shared purpose.
Big changes are coming and our trustees are leading the charge, ready to give our charity a fresh, vibrant new look with a brand makeover and a shiny new website. This means we'll be able to reach even more hearts and minds around the globe, spreading the news of New Futures Nepal far and wide.
NEW FUTURES Nepal Annual Report 2022/23 7
Speaking of global impact, our colleagues in Nepal are in for some incredible news! With the National Child Rights Council redrafting adult residential care laws, we're right there alongside them, building a fantastic new annexe for those incredible over-18s who'll always need our support. It's a challenge, no doubt, but together, we’ll do this!
As more of our children in Hornbeam House prepare to take on independent lives, our dedicated team is gearing up to make some positive changes. We're committed to ensuring that every single child has the chance to pursue further education or vocational training, ensuring that the legacy of Hope Family Trust continues to transform lives for decades to come.
And that's not all! We're keeping the spirit of collaboration alive, working hand in hand with Everest Mera Foundation and Cerebral Palsy Nepal, creating brighter, more hopeful futures for the disadvantaged in Nepal.
Post Balance Sheet Events: A Return to Beloved Nepal
After a prolonged wait, in early April 2023 we finally journeyed back to Nepal, witnessing many changes woven across the landscape. The Kathmandu valley, with its vibrant pace of construction, held both promise and concern for the loss of arable land. Roads, though improved, remain a patchwork, and the story of progress continues beyond the valley with new roads on the other side of the Sindhuli valley. We observed pockets of development, such as new hydro power stations that now grace the hills, providing power to the communities. Yet, challenges persist, with rising prices and a slower tourism sector. Beyond doubt, the most heartwarming sight was reuniting with the children and young adults at the Hope Centre and the dedicated team led by Tilak Shrestha.
By order of the Board
Get ready for an event-filled extravaganza! Our fundraising calendar is packed, starting with an exciting tour to Nepal in September 2023, followed by the London Winter Walk in January 2024, a rejuvenating Mindfulness and Wellbeing Retreat set for March 2024, and an electrifying Raising Steam event in July 2023. There's something for everyone to get involved in, so mark those dates and let's make these events unforgettable!
Director: Mr Andrew Small
Date: 23 November 2023
Together, we're painting a vibrant and limitless future, powered by the unbreakable bond that ties us all together.
8 NEW FUTURES Nepal Annual Report 2022/23
Examiner’s REPORT
REPORT OF THE INDEPENDENT EXAMINER TO THE DIRECTORS OF NEW FUTURES NEPAL LIMITED
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023 which are set out on pages 10 to 15.
Independent examiner’s statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Mr Thomas May Jerroms GCN Limited West Point, Second Floor, Mucklow Office Park Mucklow Hill, Halesowen B62 8DY
23 November 2023
NEW FUTURES Nepal Annual Report 2022/23 9
NEW FUTURES NEPAL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
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Unrestricted Restricted Total
Notes Total 2022
Fund Fund 2023
£ £ £ £
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| Income and endowments from: | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Donations and legacies | 48,691 | 33,491 | 82,182 | 92,171 | ||||||||||||
| Other trading activities | 11,122 | 0 | 11,122 | 15,260 | ||||||||||||
| Investments | 494 | 0 | 494 | 136 | ||||||||||||
| Total | 60,307 | 33,491 | 93,798 | 107,567 | ||||||||||||
| Expenditure On: | ||||||||||||||||
| Raising funds | 2 | 12,403 | 0 | 12,403 | 5,631 | |||||||||||
| Charitable activities | 3 | 65,815 | 33,491 | 99,306 | 101,773 | |||||||||||
| Total | 78,218 | 33,491 | 111,709 | 107,404 | ||||||||||||
| Net income/(expenditure) and net movement in funds for the year |
(17,911) | 0 | (17,911) | 163 | ||||||||||||
| Reconciliation of funds: | ||||||||||||||||
| Total funds brought forward | 163,139 | 6,516 | 169,655 | 169,492 | ||||||||||||
| Transfer of funds | ||||||||||||||||
| Total funds carried forward | 7 | 145,228 | 6,516 | 151,744 | 169,655 |
10 NEW FUTURES Nepal Annual Report 2022/23
NEW FUTURES NEPAL LIMITED
BALANCE SHEET AT 31 MARCH 2023
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Notes 2023 2022
£ £
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| Current Assets | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Debtors | 5 | 14,141 | 9,175 | |||||||
| Cash at bank and on deposit | 153,770 | 172,671 | ||||||||
| 167,911 | 181,846 | |||||||||
| Creditors | ||||||||||
| Amounts falling due within one year | 6 | 16,167 | 12,191 | |||||||
| Total assets less current liabilities | 151,744 | 169,655 | ||||||||
| Represented by: | ||||||||||
| Unrestricted funds: | 7(i) | |||||||||
| - Designated | 145,228 | 163,139 | ||||||||
| - General | 0 | 0 | ||||||||
| Restricted funds | 7(ii) | 6,516 | 6,516 | |||||||
| 151,744 | 169,655 |
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Approved by the Board of Directors and authorised for issue on 23 November 2023
Director: A. C. Small
Company Registration No: 07492988
NEW FUTURES Nepal Annual Report 2022/23 11
NEW FUTURES NEPAL LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023
1. Accounting policies
1.1. Charity Information
- New Futures Nepal Limited is a private company limited by guarantee incorporated in England and Wales whose company number is: 07492988. The registered office is 18 Eastfield Road, Leamington Spa, CV32 4EX.
New Futures Nepal Limited aims to help empower disadvantaged children and adults in Nepal.
1.2. Basis of preparation of accounts
The accounts are prepared under the historical cost convention, in accordance with the Companies Act 2006, and United Kingdom Applicable Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019). The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the neared £.
1.3. Income and expenditure
Voluntary income and donations are accounted for when the charity is entitled to receipt and the amount can be measured with reasonable certainty. Other income is accounted for on the accruals basis.
1.4. Resources expended
All 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 a particular heading they have been allocated to activities on a basis consistent with use of the resources.
Expenditure on governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.6. Value added tax
Value added tax is not recoverable by the charitable company, and where incurred is therefore included in the relevant costs in the statement of financial activities.
1.7. Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
1.8. Fund accounting
The following funds are held by the Charity:
Unrestricted -these are funds which can be used in accordance with the charitable objects at the discretion of the directors.
Restricted - these are funds that 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.
1.9. Critical Accounting Estimates and Judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
1.5. Grants payable
Grants are accounted for when approved by the Directors.
12 NEW FUTURES Nepal Annual Report 2022/23
NEW FUTURES NEPAL LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023
| 2. Raising Funds |
2023 | 2022 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fund raising event costs | 6,070 | 3,204 | ||
| Communication and website | 522 | 0 | ||
| Subscriptions | 2,249 | 1,366 | ||
| Publicity and newsletter | 0 | 0 | ||
| Governance costs | 1,130 | 842 | ||
| Travel and subsistence | 2,164 | 219 | ||
| Printing, postage and stationery | 268 | 0 | ||
| 12,403 | 5,631 | |||
| 3. Charitable activities |
2023 | 2022 | ||
| £ | £ | |||
| The Hope Centre and Hornbeam House | 42,274 | 28,460 | ||
| Projects in Nepal | 7,204 | 25,881 | ||
| Support costs | 16,337 | 13,086 | ||
| 65,815 | 67,427 | |||
| Restricted | ||||
| Educational fees | 0 | 0 | ||
| The Hope Centre and Hornbeam House - Sponsor A Child | 33,491 | 34,346 | ||
| Disabled Equipment | 0 | 0 | ||
| 99,306 | 101,773 |
NEW FUTURES Nepal Annual Report 2022/23 13
NEW FUTURES NEPAL LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023
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Support Governance Support Governance
Support costs Costs Costs 2023 Costs Costs 2022
£ £ £ £ £ £
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| Insurance | 598 | 169 | 767 | 705 | 202 | 907 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank charges | 291 | 82 | 373 | 304 | 86 | 390 | |||||
| Accountancy | 2,668 | 752 | 3,420 | 1,888 | 532 | 2,420 | |||||
| Professional fees | 449 | 127 | 576 | 88 | 22 | 110 | |||||
| Provident fund - Tilak Shrestha | 2,333 | 2,333 | 2,094 | 2,094 | |||||||
| Contribution towards salaries | 6,906 | 6,906 | 6,820 | 6,820 | |||||||
| Regional manager | 2,437 | 2,437 | 1,187 | 1,187 | |||||||
| Overseas travel | 655 | 655 | 0 | 0 | |||||||
| 16,337 | 1,130 | 17,467 | 13,086 | 842 | 13,928 | ||||||
| Analysed between: | |||||||||||
| Raising funds | 1,130 | 1,130 | 842 | 842 | |||||||
| Charitable activities | 16,337 | 16,337 | 13,086 | 13,086 | |||||||
| 16,337 | 1,130 | 17,467 | 13,086 | 842 | 13,938 |
Accountancy costs include £1,000 (2022 £ 0) payable to the independent examiners
4. Directors and employees
No remuneration was paid to the directors or their connected persons in the year.
Expenses reimbursed to four directors in respect of travel, postage, stationery and promotional material amounted to £2,444 (2022 - £199).
There were no persons employed by the charity during the year.
| 5. Debtors |
2023 | 2022 | ||
|---|---|---|---|---|
| £ | £ | |||
| Gift aid | 4,113 | 6,684 | ||
| Prepayments and accrued income | 10,028 | 2,491 | ||
| 14,141 | 9,175 |
14 NEW FUTURES Nepal Annual Report 2022/23
NEW FUTURES NEPAL LIMITED
NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023
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6. Creditors 2023 2022
£ £
Trade creditors 614 18
Other creditors 2,125 4,966
Deferred income 2,700 3,210
Accruals 10,728 3,997
16,167 12,191
7 (i) Unrestricted funds
General fund £
At 1 April 2022 163,139
Net income in the year (17,911)
Transfer 0
At 31 March 2023 145,228
Designated funds £
At 1 April 2022 163,139
Transfer (17,911)
At 31 March 2023 145,228
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The planned use of Designated funds is set out under the Reserves policy in the Directors’ Report
| 7 (ii) Restricted funds | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| At 1.4.2022 | Net Movement in Funds |
Transfer between Funds |
At 31.3.2023 | ||||||||
| £ | £ | £ | £ | ||||||||
| Skiing income for disabled equipment | 6,516 | – | – | 6,516 | |||||||
| The Hope Centre and Hornbeam House - | – | – | – | – | |||||||
| Sponsor a Child | |||||||||||
| 6,516 | – | – | 6,516 |
Net movement in funds included above is made up as follows:
| Restricted funds | Inccoming Resources |
Resources Expended |
Movement in Funds |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Skiing income for disabled equipment | – | – | – | |||||||||||
| The Hope Centre and Hornbeam House - Sponsor a Child | 33,491 | 33,491 | – | |||||||||||
| 33,491 | 33,491 | – |
8. Related Party Transactions
There are no Related Party Transactions that require disclosure.
NEW FUTURES Nepal Annual Report 2022/23 15
Empowering the disadvantaged . . .
New Futures Nepal Limited
New Futures Nepal Limited is a registered charity in England and Wales (1142984) and a company limited by guarantee registered in England No 07492988
Head Office and address for donations:
New Futures Nepal Limited 18 Eastfield Road, Leamington Spa, CV32 4EX
www.newfuturesnepal.org info@newfuturesnepal.org
www.instagram.com/newfuturesnepal
www.facebook.com/NewFuturesNepal
www.twitter.com/NewFuturesNepal