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 2024
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 2024
| 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 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
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.
New Horizon Trust aims 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:
-
create better life chances, opportunities and empower young people to access and develop appropriate services for themselves and their peers.
-
encourage young people from deprived communities to effect positive change and support them to achieve their full potential through sports related activities.
The football club established in 2021/22 continues to receive good support and other youth club activities which include pool, badminton, table tennis, PSF, table football etc continue to show strong demand. The aim is to increase this number and promote our activities to the wider community.
FINANCIAL REVIEW
Financial position
£25,039 income was received in 2023-24 (£14,779 - 2022- 23) from a combination of donations, sponsorships and grants. £20,876 was spent on delivering projects, activities and overhead costs. The £4,163 surplus was transferred to reserves to support programmes in 2024-25.
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
Registered office
30 Bentinck Road Nottingham NG7 4AF
Page 1
New Horizon Trust Limited
Report of the Trustees for the Year Ended 31 March 2024
Trustees
Mr Atif Hussain Mr Nabeel Akhtar Mr Ajaz Hussain Director Mr Perwaise Ayoub Director Mr Daniyaal Scott Davies Teacher Mr Muhammed Qasim Hussain Teacher Ms Nida Umar Teacher
Company Secretary
Independent Examiner
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
GOING CONCERN
The charity does not have any permanent sources of income and so is wholly dependent on raising donations and grants to support its projects and activities. The trustees remain confident of being able to attract further income.
Approved by order of the board of trustees on 3 December 2024 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 2024.
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:
-
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.
Maqbool Ahmed The Institute of Chartered Accountants in England and Wales
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
3 December 2024
Page 3
New Horizon Trust Limited
Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 | 31.3.23 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 85 | 24,569 | 24,654 | 12,279 | |
| Other trading activities | 2 | - | 385 | 385 | 2,500 |
| Total | 85 | 24,954 | 25,039 | 14,779 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Project delivery | 35 | 19,551 | 19,586 | 20,991 | |
| Other | 1,290 | - | 1,290 | 1,240 | |
| Total | 1,325 | 19,551 | 20,876 | 22,231 | |
| NET INCOME/(EXPENDITURE) | (1,240) | 5,403 | 4,163 | (7,452) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | (340) | - | (340) | 7,112 | |
| TOTAL FUNDS CARRIED FORWARD | (1,580) | 5,403 | 3,823 | (340) |
The notes form part of these financial statements
Page 4
New Horizon Trust Limited
Balance Sheet 31 March 2024
| 31.3.24 | 31.3.23 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Debtors | 10 | - | 250 | 250 | - | |
| Cash at bank | - | 5,153 | 5,153 | 441 | ||
| - | 5,403 | 5,403 | 441 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 11 | (1,580) | - | (1,580) | (781) | |
| NET CURRENT ASSETS/(LIABILITIES) | (1,580) | 5,403 | 3,823 | (340) | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | (1,580) | 5,403 | 3,823 | (340) | ||
| NET ASSETS/(LIABILITIES) | (1,580) | 5,403 | 3,823 | (340) | ||
| FUNDS | 12 | |||||
| Unrestricted funds | (1,580) | (340) | ||||
| Restricted funds | 5,403 | - | ||||
| TOTAL FUNDS | 3,823 | (340) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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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 3 December 2024 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 2024
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 2024
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Fundraising events | 385 | - |
| Sponsorships | - | 2,500 |
| 385 | 2,500 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Accountancy fees | 800 | 760 |
3. NET INCOME/(EXPENDITURE)
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Support staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies - Other trading activities - Total - EXPENDITURE ON Charitable activities Project delivery 1,518 Other 480 |
31.3.24 1 Restricted fund £ 12,279 2,500 14,779 19,473 760 |
31.3.23 1 Total funds £ 12,279 2,500 14,779 20,991 1,240 |
31.3.23 1 Total funds £ 12,279 2,500 14,779 20,991 1,240 |
|---|---|---|---|
| 14,779 | |||
| 20,991 1,240 |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 7
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted Restricted fund fund £ £ Total 1,998 20,233 NET INCOME/(EXPENDITURE) (1,998) (5,454) RECONCILIATION OF FUNDS Total funds brought forward 1,658 5,454 TOTAL FUNDS CARRIED FORWARD (340) - |
Total funds £ |
|---|---|
| 22,231 | |
| (7,452 7,112 |
|
| (340 |
7. GRANTS RECEIVED
The following grants and donations were received to further the activities of the charity.
| 2022 | 2023 | |||
|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | |
| Donor | £ | £ | £ | £ |
| Karimia Association | 19,359 | 0 | 6,042 | 6,042 |
| Muslim Sport Foundation | 0 | 0 | 2,241 | 2,241 |
| Saracens Café Ltd | 0 | 0 | 1,500 | 1,500 |
| Muslim Hands | 0 | 0 | 1,000 | 1,000 |
| Others | 5,593 | 85 | 3,996 | 3,996 |
| Total | 24,952 | 85 25,037 14,779 |
8. GOING CONCERN
The charity does not have any permanent sources of income and so is wholly dependent on raising donations and grants to support its projects and activities. The trustees remain confident of being able to attract further income.
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| At 1 April 2023 and 31 March 2024 | 450 |
| DEPRECIATION | |
| At 1 April 2023 and 31 March 2024 | 450 |
| NET BOOK VALUE | |
| At 31 March 2024 | - |
| At 31 March 2023 | - |
continued...
Page 8
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.3.24 | 31.3.23 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors | 250 | - | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Accrued expenses | 1,580 | 781 | ||
| 12. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.23 | in funds | 31.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (340) | (1,240) | (1,580) | |
| Restricted funds | ||||
| Restricted fund | - | 5,403 | 5,403 | |
| TOTAL FUNDS | (340) | 4,163 | 3,823 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 85 | (1,325) | (1,240) | |
| Restricted funds | ||||
| Restricted fund | 24,954 | (19,551) | 5,403 | |
| TOTAL FUNDS | 25,039 | (20,876) | 4,163 |
continued...
Page 9
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,658 | (1,998) | (340) |
| Restricted funds | |||
| Restricted fund | 5,454 | (5,454) | - |
| TOTAL FUNDS | 7,112 | (7,452) | (340) |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | - | (1,998) | (1,998) |
| Restricted funds | |||
| Restricted fund | 14,779 | (20,233) | (5,454) |
| TOTAL FUNDS | 14,779 | (22,231) | (7,452) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,658 | (3,238) | (1,580) |
| Restricted funds | |||
| Restricted fund | 5,454 | (51) | 5,403 |
| TOTAL FUNDS | 7,112 | (3,289) | 3,823 |
continued...
Page 10
New Horizon Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 85 | (3,323) | (3,238) |
| Restricted funds | |||
| Restricted fund | 39,733 | (39,784) | (51) |
| TOTAL FUNDS | 39,818 | (43,107) | (3,289) |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 11
New Horizon Trust Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations received | 4,909 | 10,038 |
| Grants | 19,360 | 2,241 |
| Fees and charges | 385 | - |
| 24,654 | 12,279 | |
| Other trading activities | ||
| Fundraising events | 385 | - |
| Sponsorships | - | 2,500 |
| 385 | 2,500 | |
| Total incoming resources | 25,039 | 14,779 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 11,472 | 12,048 |
| Consultants and coaches | 4,609 | 3,634 |
| Postage and stationary | - | 49 |
| Events and catering | 2,014 | 3,209 |
| Equipment and resources | 631 | 1,583 |
| Staff training | 555 | 400 |
| Legal fees | 35 | 35 |
| Sundry expenses | 270 | 33 |
| 19,586 | 20,991 | |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration for non audit work | 800 | 760 |
| Insurance | 490 | 480 |
| 1,290 | 1,240 | |
| Total resources expended | 20,876 | 22,231 |
| Net income/(expenditure) | 4,163 | (7,452) |
This page does not form part of the statutory financial statements
Page 12