REGISTERED COMPANY NUMBER: 08215381 (England and Wales) REGISTERED CHARITY NUMBER: 1150424
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
New Horizon Trust Limited
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
New Horizon Trust Limited
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
New Horizon Trust Limited
Report of the Trustees for the Year Ended 31 March 2021
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 March 2021. 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
New Horizon Trust was established in 2012 to act as a resource for young people up to the age of 25 living in Nottingham, by providing advice and assistance and organising programmes of physical, educational and other activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
New Horizon Trust provides a range of activities and support arrangements for young people in one of the most deprived areas of Nottingham. It's aim is to divert youngsters from antisocial behaviour and utilise their time more constructively through activities and sports related events.
After the lifting of the pandemic restrictions New Horizon Trust has reinstated efforts to promote integrational work in order to tackle social isolation and promote community cohesion through a series of events which involve children and youth.
The project aims to:
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create better life chances, opportunities and empower young people to access and develop appropriate services for themselves and their peers.
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encourage young people from deprived communities to effect positive change and support them to achieve their full potential through sports related activities.
In 2021/22 we are aiming towards establishing a football club, and currently have 50+ children attending youth club activities which include Pool, badminton, table tennis, PS4, table football etc.. The aim is to achieve 70+ children over the next 6 months mainly from the Bobbersmill / Radford areas. Going forward, we will be propmoting rour activities to the wider community.
FINANCIAL REVIEW
Financial position
Income of £43,032 was £32,884 higher than 2020 as the charity was successful in receiving £34,780 of grants from a number of donors. Full details of the donors are set out in the notes to the accounts. Due to Covid-19 and the requirements to isolate for long periods and associated restrictions the charity was unable to deliver some of the planned activities resulting in some of the grants being underspent. Expenditure is therefore low resulting in a surplus of £28,489. With restrictions lifting in 2021/22, the number of activities will increase to fully utilise all funding.
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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08215381 (England and Wales)
Registered Charity number
1150424
Page 1
New Horizon Trust Limited
Report of the Trustees for the Year Ended 31 March 2021
Registered office
30 Bentinck Road Nottingham NG7 4AF
Trustees
Mr Atif Hussain Mr Nabeel Akhtar Mr Ajaz Hussain Director Mr Perwaise Ayoub Director (appointed 20.9.20) Mr Daniyaal Scott Davies Teacher (appointed 20.9.20) Mr Muhammed Qasim Hussain Teacher (appointed 20.9.20) Mr Tanveer Mahmud Teacher (appointed 20.9.20) (resigned 25.9.20) Ms Nida Umar Teacher (appointed 20.9.20)
Company Secretary
Independent Examiner
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
Approved by order of the board of trustees on 16 December 2021 and signed on its behalf by:
Mr Atif Hussain - Trustee
Page 2
Independent Examiner's Report to the Trustees of New Horizon Trust Limited
Independent examiner's report to the trustees of New Horizon Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's 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 charity'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.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. 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.
Maqbool Ahmed ACA M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
16 December 2021
Page 3
New Horizon Trust Limited
Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 | 31.3.20 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 10,752 | 32,280 | 43,032 | 10,148 | |
| Charitable activities | |||||
| Other income | - | 12,537 | 12,537 | - | |
| Total | 10,752 | 44,817 | 55,569 | 10,148 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Project delivery | - | 25,780 | 25,780 | 13,139 | |
| Other | 1,300 | - | 1,300 | 380 | |
| Total | 1,300 | 25,780 | 27,080 | 13,519 | |
| NET INCOME/(EXPENDITURE) | 9,452 | 19,037 | 28,489 | (3,371) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | (5,801) | - | (5,801) | (2,430) | |
| TOTAL FUNDS CARRIED FORWARD | 3,651 | 19,037 | 22,688 | (5,801) |
The notes form part of these financial statements
Page 4
New Horizon Trust Limited
Balance Sheet 31 March 2021
| 31.3.21 | 31.3.20 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Cash at bank | 6,984 | 19,037 | 26,021 | 502 | ||
| CREDITORS | ||||||
| Amounts falling due within one year | 7 | (3,333) | - | (3,333) | (6,303) | |
| NET CURRENT ASSETS/(LIABILITIES) | 3,651 | 19,037 | 22,688 | (5,801) | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 3,651 | 19,037 | 22,688 | (5,801) | ||
| NET ASSETS/(LIABILITIES) | 3,651 | 19,037 | 22,688 | (5,801) | ||
| FUNDS | 8 | |||||
| Unrestricted funds | 3,651 | (5,801) | ||||
| Restricted funds | 19,037 | - | ||||
| TOTAL FUNDS | 22,688 | (5,801) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 16 December 2021 and were signed on its behalf by:
Mr Atif Hussain - Trustee
The notes form part of these financial statements
Page 5
New Horizon Trust Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
1. 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.
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.
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% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.
Restricted funds are 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.
Page 6
continued...
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Accountancy fees | 760 | 380 |
| Other operating leases | 7,100 | 3,150 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 10,148 - EXPENDITURE ON Charitable activities Project delivery 13,139 - Other 380 - Total 13,519 - NET INCOME/(EXPENDITURE) (3,371) - RECONCILIATION OF FUNDS Total funds brought forward (2,430) - TOTAL FUNDS CARRIED FORWARD (5,801) - |
Total funds £ 10,148 13,139 380 13,519 (3,371) (2,430) (5,801) |
|---|---|
continued...
Page 7
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
5. GRANTS RECEIVED
The following grants and donations were received to further the activities of the charity.
| 2021 2020 Restricted Unrestricted Total Total Donor £ £ £ £ Active Partnerships 2,000 0 2,000 2,000 Loettery Fund 18,000 0 18,000 Covid-19 Response 9,930 0 9,930 Nottingham City Council 0 2,500 2,500 250 Streetgames 1,600 0 1,600 0 Rank Foundation 750 0 750 Total 32,280 2,500 34,780 2,250 6. TANGIBLE FIXED ASSETS Computer equipment £ COST At 1 April 2020 and 31 March 2021 450 DEPRECIATION At 1 April 2020 and 31 March 2021 450 NET BOOK VALUE At 31 March 2021 - At 31 March 2020 - 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 31.3.20 £ £ Trade creditors 2,193 5,923 Accrued expenses 1,140 380 3,333 6,303 |
2021 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | |||
| £ | £ | £ | £ | |||
| 2,000 | 0 | 2,000 | 2,000 | |||
| 18,000 | 0 |
18,000 | ||||
| 9,930 | 0 | 9,930 | ||||
| 0 | 2,500 | 2,500 | 250 | |||
| 1,600 | 0 | 1,600 | 0 | |||
| 750 | 0 | 750 | ||||
| 32,280 | 2,500 |
34,780 | 2,250 | |||
| Computer equipment £ 450 450 - - 31.3.21 31.3.20 £ £ 2,193 5,923 1,140 380 3,333 6,303 |
continued...
Page 8
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.4.20 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (5,801) | 9,452 | 3,651 |
| Restricted funds | |||
| Restricted fund | - | 19,037 | 19,037 |
| TOTAL FUNDS | (5,801) | 28,489 | 22,688 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 10,752 | (1,300) | 9,452 |
| Restricted funds | |||
| Restricted fund | 44,817 | (25,780) | 19,037 |
| TOTAL FUNDS | 55,569 | (27,080) | 28,489 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.4.19 | in funds | 31.3.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (2,430) | (3,371) | (5,801) |
| TOTAL FUNDS | (2,430) | (3,371) | (5,801) |
continued...
Page 9
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 10,148 | (13,519) | (3,371) |
| TOTAL FUNDS | 10,148 | (13,519) | (3,371) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (2,430) | 6,081 | 3,651 |
| Restricted funds | |||
| Restricted fund | - | 19,037 | 19,037 |
| TOTAL FUNDS | (2,430) | 25,118 | 22,688 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 20,900 | (14,819) | 6,081 |
| Restricted funds | |||
| Restricted fund | 44,817 | (25,780) | 19,037 |
| TOTAL FUNDS | 65,717 | (40,599) | 25,118 |
continued...
Page 10
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 11
New Horizon Trust Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations received | 7,957 | 5,288 |
| Grants | 34,780 | 2,250 |
| Fees and charges | 295 | 2,610 |
| 43,032 | 10,148 | |
| Charitable activities | ||
| Grants | 12,537 | - |
| Total incoming resources | 55,569 | 10,148 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 16,722 | 5,746 |
| Rent | 7,100 | 3,150 |
| Postage and stationery | - | 50 |
| Sundries | 125 | - |
| Consultants and coaches | 1,773 | 3,670 |
| Postage and stationary | - | 523 |
| Events and catering | 60 | - |
| 25,780 | 13,139 | |
| Support costs | ||
| Finance | ||
| Legal & professional fees | 35 | - |
| Other | ||
| Subscriptions | 505 | - |
| Governance costs | ||
| Auditors' remuneration for non audit work | 760 | 380 |
| Total resources expended | 27,080 | 13,519 |
| Net income/(expenditure) | 28,489 | (3,371) |
This page does not form part of the statutory financial statements
Page 12