Annual Report & Accounts 2021 - 2022
1
REGISTERED CHARITY NO: 1158238
ANNUAL REPORT
// 2021 - 2022
Legal and Administration Information
| Charitable Status: | Charitable Incorporated Organisation |
|---|---|
| Registered charity name: | Nova New Opportunities |
| Registered charity number: | 1158238 |
| Registered office: | Nova New Opportunities |
| 2 Thorpe Close | |
| London - W10 5XL | |
| Tel: 020 8960 2488 | |
| Email:admin@novanew.org.uk | |
| Web: www.novanew.org.uk | |
| Independent examiners: | Price Bailey LLP |
| Chartered Accountants | |
| 24 Old Bond Street | |
| London - W1S 4AP | |
| Bankers: | Unity Trust Bank |
| Nine Brindley Place | |
| Birmingham - B1 2HB | |
| Trustees: | Nick Wellington_– Chair, appointed 9/11/21_ |
| Shirley Wakelin_– outgoing Chair, resigned 9/11/21_ | |
| Jonnie Beverley_– Treasurer_ | |
| Jay Burgoyne_– appointed 7/09/21_ | |
| Anji Kang-Stewart | |
| Suzy Kruger | |
| Leslie Ramos_– appointed 9/11/21_ | |
| Jackie Randhawa_– resigned 22/02/22_ | |
| Kanika Seth |
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ANNUAL REPORT
// 2021 - 2022
Table of Contents
| Legal and Administration Information | 2 |
|---|---|
| Table of Contents | 3 |
| Introduction to Nova | 5 |
| Programmes: Adult Education | 8 |
| Programmes: Information, Advice & Guidance | 9 |
| Programmes: The Family Programme | 11 |
| Programmes: Social Change | 13 |
| Partners & Volunteers | 14 |
| Finance, Funders & Governance | 16 |
| Independent Examiner’s Report to The Trustees of Nova New Opportunities | 19 |
| Statement of Financial Activities | 20 |
| Balance Sheet | 21 |
| Notes to the Financial Statements | 22 22 - 30 |
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ANNUAL REPOFIT 1/ 2021- 2022 All around Nova in 2021122 4 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
Introduction to Nova
The Trustees have pleasure in presenting their report & financial statements for Nova New Opportunities for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 of the Accounts and comply with the Statement of Recommended Practice: Accounting & Reporting by Charities 2019 (Charities SORP FRS102).
OUR CHARITABLE AIMS
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To Provide Free & Low-Cost Education for all ages
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To Relieve Unemployment & Disadvantage
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To Promote Racial Equality, Diversity and Harmony between groups
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To Promote Social Inclusion
OUR BENEFICIARIES, OUR ROLE & OUR MISSION
Based in North Kensington and serving its poorest wards and those of surrounding London boroughs, 90% of people who use Nova’s services are from black, ethnic minority and migrant communities, many of whom are also refugees, long term-unemployed, women returning to work and lone parents.
We see our role as providing a bridge to mainstream social and economic engagement for individuals and communities facing barriers and disadvantage, providing practical support to:
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Develop knowledge, education, and confidence
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Connect diverse groups
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Provide opportunities
Our mission is to create the circumstances through which people have the opportunity
to achieve their potential regardless of background.
Our multifaceted offering reflects the needs of our community who often require support with many aspects of their lives. Our drive to promote greater social cohesion and the need for systemic change is in recognition of the fact that many of the micro-level issues faced by individuals emanate from systemic factors that feed the cycle of poverty and
disproportionately negative outcomes for people from minority and poor backgrounds.
Our work, therefore, operates on 2 levels:
‘Roots’ programming: Grassroots Community Support – including responsive actions (e.g., Grenfell, COVID-19), education, IAG, family programme and volunteering.
‘Reach’ programming: Dialogue Events and Influencing – focussing on challenging stigma, prejudice, and inequality – working with individuals, organisations, networks, and decision makers to move through conversation to action.
OUR SERVICES
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ANNUAL REPORT
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We achieve our aims through 4 interconnected programmes. In 2021/22 we delivered over 2,500 sessions across the organisation to 1,922 users including:
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Adult Education: over 63 accredited & non-accredited courses in English, Maths, ICT, Business Admin, Democracy & the Law in Britain;
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Information, Advice & Guidance (IAG): 100+ hours/week of one-to-one sessions, helping individuals gain employment & supporting those experiencing hardship;
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Children, Families & Young People’s Programme: over 583 activities throughout term times & holidays for low-income families – ranging from workshops with world class institutions to climbing & coding to online home-school support to our Nova Youth career & leadership initiatives;
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Social Change Programme: 30 workshops & events bringing individuals from widely different backgrounds together to challenge their own assumptions and identify shared values and Diversity & Inclusion workshops run for other organisations.
WHO WE WORK WITH AND CONTEXT FOR OUR SERVICES
Our services address diversity, disadvantage, and inequality. The Royal Borough of Kensington & Chelsea (RBKC) contains great diversity, huge disparities and inequalities of wealth, health, housing, employment and education and wide social divides.
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It is the 4th most diverse borough in the country with 34% of residents from Black, Asian or Ethnic Minority backgrounds. 23% are Muslim and in 34% of its households either no-one or only one of its occupants speaks English as a main language.
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1 in 4 children (24.4%) are recorded as living in poverty and eligible for free school meals.
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North Kensington’s Golborne ward - where Nova is based - is in the top 10% most deprived wards in the country.
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Life expectancy in RBKC’s poorest wards is 15 years less compared with the least deprived wards.
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RBKC has the second most expensive housing in the UK
Figures from: RBKC’s “State of the Borough Report 2021”, Kensington & Chelsea Foundation’s “Poverty & Prosperity in K&C Report 2021” & the National Census & Index of Deprivation.
Almost three-quarters of people Nova work with were born outside of the UK. For most people accessing our services (68%) we are often their only source of support. Almost half of new registrants were looking for work so, more broadly, the financial situation is extremely challenging, with 60% of children receiving free school meals (compared to a London Borough average of 22.5% in 2022) and 80% of households unable to afford an unexpected £500 expense.
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ANNUAL REPORT
// 2021 - 2022
About the People who Come to Nova
% New Child Registration - Age Profile
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23% 46% 26%
0% 20% 40% 60% 80% 100%
0 - 4yrs 5 -10 yrs 11 - 16 yrs 17 and over
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Ethnicity
Chinese Other Black background White Northern Irish Pakistani White Scottish Bangladeshi Black Caribbean White British Indian Other Mixed background White and Asian White English Other Asian background Black British White and Black African Other Ethnic Group White and Black Caribbean Moroccan Arab Black African Prefer Not to Say Other White background 0 5 10 15 20 25 30 35 40 45 50 55
----- Start of picture text -----
Immigration
Status
9%
Migrant
Asylum Seeker 52%
39%
Refugee
----- End of picture text -----
Languages
----- Start of picture text -----
English
Arabic
30%
Other
1%
Spanish 2%
Somali 3%
3%
Tigrinya 3%
Amharic
4%
Italian
Farsi 7%
French
Russian
Portuguese 17%
Punjabi
27%
Hindi
Yorubu
Urdu
----- End of picture text -----
Other spoken: Bengali, British Sign Language, Tagalog, Albanian, Armenian, Bulgarian, Chinese, Danish, Dari, Finnish, Kurdish, Kurdish Sorani, Vietnamese, Croatian, Polish, Romanian, Hungarian, Serbian
People in Paid Employment per Household
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37%
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of households cannot afford
unexpected £500 expense
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0 1 2 3 4
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Programmes: Adult Education
ESOL l ICT l Maths Employability l Personal Finance Online Digital Skills l Internet Safety l Intro to Life in Britain l Democracy & the Law l Digital Literacy
63 Courses
87% achievement
We were particularly affected by the Omicron variant in Autumn & Winter when the majority of our students usually enrol. So, as well as numbers being down, some planned courses were cancelled when learners struggled to engage due to COVID restrictions. Nevertheless, where the situation allowed, alongside online courses, our Learning team provided in-person learning, running smaller classes to maintain a safe environment. With face to face returning, we were able to start outreach work again and our IAG Advisors were able to regularly visit the learners to let them know about the service and to support each individual with their next steps.
For the next academic year, we return to deliver classes and workshops in both new and old outreach venues including, North Kensington Library, Al-Hasaniya, and the Harrow Club.
CASE STUDY
“I moved to the UK from Algeria. My husband was already settled here. I was determined to learn the language and be part of the community. A friend told my husband about Nova.
Although I started learning English, I was still very shy, I persevered though. I heard about Nova’s IAG team where I met Lola, who advised me on getting a voluntary job and showed me how to do this, asking that I write a supporting statement and send it to her for correction. My confidence grew as I did things on my own…). I was really at ease, at home with her. We both noticed one day how fluently we were conversing with each other.
Lola told me I was ready to start applying for jobs, I found this job at Boots and applied for it. We practised interview techniques, and I got the job. I was over the moon. I have been working for 4 months now... I converse well with customers, and I have made some friends.; I feel incredibly happy and part of a community.” - Dihia (2022)
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ANNUAL REPORT
// 2021 - 2022
Programmes: Information, Advice & Guidance
The goal of the service is to change our clients’ way of looking at life and what they think is possible. Many participants begin IAG with multiple entangled problems. IAG provides the nurturing support and practical tools that aren't sufficiently available elsewhere.
2021 – 2022
4 Advisers provided 2,946 sessions, involving 5,670 hours of dedicated 1-1 Support
Over 500 individuals supported – of whom:
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71% felt more able to resolve their given problem themselves
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100% would recommend the service to others
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30% continued to receive in-work support
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22% improved their employment
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15% moved from unemployment to employment
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33% were helped to move out of crisis
The cost-of-living crisis quickly usurped Covid issues as the
number one challenge for those seeking support with household budgeting, applications for grants, obtaining debt relief orders, negotiating payment plans with energy providers, food bank referrals, prevention of evictions and navigation of systems to access employment.
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Issues Helped With
Finding a job
Advice or services
Universal credit
Other
Housing
Money management
Food or basic supplies
Children's school
Mental health
Employer dispute
Rent arrears
0% 5% 10% 15% 20% 25% 30% 35%
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• Whilst Nova services remained
largely open, many of the organisations we would normally link with were either being inundated or only accessible online or via phone.
• We experienced rising demand with 10 new clients a week and with many clients facing multiple issues, longer appointments were needed with ongoing, intensive support.
- We had a particular focus on
supporting those returning to work, coming off furlough or sourcing new employment or routes into education and helping clients to develop their IT skills and improve their confidence and independence.
- We expanded our weekly outreach sessions on employment, housing and benefits at North Kensington Community Kitchen, the local library, food banks and Lancaster West Estate.
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The level of debt many clients are facing is dire. Previously helping get someone into work made the difference to their financial situation whereas now it so often doesn’t.
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While IAG looks to provide practical assistance to clients to overcome financial crises it can’t forestall them longer term. Next year we will fundraise for specialist cost of living support.
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Employer dispute Fully
Children's school 2% Achieved
5%
Money
Finding a job
management
22%
7%
Housing
12%
Accessing
Other
advice or
14%
services
19%
Universal credit
19%
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FEEDBACK
“Nova helped me gain my PIP mobility allowance, I could not do this on my own, following a stroke I now have more independence as I have a mobility scooter and can leave my home. My quality of life has improved so much.” — Robert
“My CV got fixed. My mental wellness has improved which was affected by pandemic. My flat has improved because of what they provided e.g., like curtain, flooring.” — Arsiema
“I was unemployed now, and I am working thanks to your help.” — Abdullah
“Alex listened to my situation and helped me more than any other service out here. I was in a real bad way because I was homeless, and Alex helped me with access to food banks which was a life saver.” — Darren
“They listen to you, they give you time to talk, they understand you.” — Fatma
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ANNUAL REPORT
// 2021 - 2022
Programmes: The Family Programme
Family Programme activities are designed to address the key needs of wellbeing, education, and
employability, supporting families with children and young people from early years to age 18. The Programme encourages new interests and skills and accessing London’s rich resources. With STEAM (Science, Technology, Engineering, Arts, Mathematics) focus we develop skills for the future: creativity, problem-solving, innovation, collaboration.
Our strong and trustful relationship with families means that the team are fully aware of the challenges families face - from finding the money to pay for school uniforms to urgent need for food bank referrals. For this reason, we work closely with the Information, Advice and Guidance team work to provide wrap
around support and optimise outcomes for children.
2021 – 2022
208 parents & carers and 321 children & young people were involved:
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90% were from black & minority ethnic communities from many parts of the world
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80% of parents, English was a second or third language
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90% of children were school age 5 – 15, with a fairly even spread across the age range
583 activities were provided, involving 7112 attendances
As a result - of the participants:
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97% rated their own and their children's experience as excellent or good
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93% reported their confidence in accessing new places has increased
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70% are likely to return to places/activities they discovered with us
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75% of children and adults made new friends
Activities included:
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Cultural trips to museums, galleries, the ballet, theatre, and opera:
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Highlights: Over 120 parents and children attended events at the Southbank Centre Imagine Children's Festival and 60 enjoyed amazing productions at Opera Holland Park - La Traviata, L’Amico Fritz and The Cunning Little Vixen.
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Family STEAM activities (Science, Technology, Engineering, Arts, Mathematics): Highlights: Young leaders from Nova were invited to join as Imperial College Youth Leader Science Champions: to design science learning activities for children and young people.
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Family days out across London:
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Highlights: 20 parents & children took part in Nova Naturewatch: delivered in partnership with the Royal College of Art and The Wildlife Trust to build and code a digital camera to capture wildlife in their local area.
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- Health, wellbeing & fitness activities, including climbing, gardening and fitness sessions: Highlight s: Ravenswall climbing wall offered regular climbing taster sessions for Nova families - an opportunity that most had never had a chance to try before!
“The activities that Nova run are absolutely fantastic. I don’t know what I would be doing if I wasn’t joined with Nova and not really getting the kids exposed to what is out there in London, whereas with Nova they give them that opportunity to find out about new activities, to learn new things, see different things and meet new people.” – Parent
Children & Young People’s Programme
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Adam and Zakariaa
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Covid-19 cast a spotlight on existing inequalities and the disproportionate impact on those children and young people already experiencing barriers to engagement and opportunity. So, during the year we concentrated on developing programmes to level up their opportunities, ensure they didn’t fall behind at school following the last 2 years’ disruption and help them develop new skills and interests to equip them for the future.
337 weekly class sessions & 87 activities were run, involving:
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Online After School classes: English and Maths classes for Years 3 to 8 and Science classes for Years 3 to 6 were run weekly, also book clubs for younger learners, a creative writing club, coding classes with Mama.Codes and an all-ages programme of science workshops (Meet a Scientist) delivered in partnership with Imperial College.
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To support learning at home, thanks to the charity Raspberry Pi we distributed over 150 free computers to households who couldn’t afford to provide them for their children.
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Creative & Educational Workshops: For example: With New Citizen’s Voice: we delivered a series of public speaking coaching sessions for a group of young people, to develop their communication skills in preparation for a series of interviews on community radio. With the Natural History Museum as its Young Photographers, young people have been involved in photographing and recording part of the Museum’s Wildlife Garden as it transforms into the museum’s new Urban Nature Project.
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Exploring Careers: Young people learned about different career opportunities through Visits to Employers & our Living Career Libraries enabling conversations with inspiring individuals whom we invited from a wide variety of career pathways and diverse backgrounds: to raise aspirations and nurture new interests.
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Nova Youth: a confidence and leadership project was developed for teenagers affected by Grenfell, involving training, information sharing, trips throughout London, sessions on wellbeing, employability, teamwork and confidence building.
“My daughter’s more confident, she doesn’t have to wait, and she can store things. It’s been a lifesaver, it really has” – Latifa
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“I’m enjoying school a lot more now. If it wasn’t for Nova, we wouldn’t have anything”. – Djia
“Before, me and my siblings had to share one Chromebook. Now, thanks to Nova (and Rapsberry Pi) I have my own computer, I am enjoying classes much more and it’s really – Samar helped my learning”
"Seeing the pupils make progress over the sessions is an absolute privilege and honour. They attend classes after school, returning every week, with enthusiasm, kindness, attentiveness and good humour. It is a joy to teach these children and see them improve." – Fiona, Nova English Teacher
Programmes: Social Change
Our programme of events builds community and civic contribution and develops community connections. We bring individuals from widely different backgrounds together in friendly, non- threatening environments where they can get to know and listen to each other, challenge their own assumptions and prejudices, and identify shared values.
30 Events, 590 participants,
715 attendances. As a result:
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95% rated the events very good or excellent
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86% considered the events a good way of bringing people together
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79% felt more motivated to connect with community issues
Throughout the year we delivered a range of online, face-to-face and hybrid events:
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TEDx Ladbroke Grove – delivered at the Design Museum, Spring 2021 – to celebrate the diversity and strength of community, showcase voices that often go unheard and challenge the status quo with new ideas.
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The School of Humanity – adapting the concept of the Human Library we offered a range of living subjects willing to share their personal experiences with learners to engage with them in conversation.
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Ladies Who Lunch - brought women together from different backgrounds to connect – particularly across socio-economic backgrounds to laugh and discuss over food. We held 6 events during the year.
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Learning Lunches – our monthly online sessions provided a shared learning space for up to 20 participants from the local non-profit sector to build relationships and included: coaching, mindfulness, writing for wellbeing, eco living & presenting yourself online.
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ANNUAL REPORT
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“I will forever be grateful to my experience and in particular the two TEDx coaches who spent so much time to develop my talk alongside me, they helped me build my confidence and gave me all the tools to succeed.”
I’ve been volunteering as part of Nova’s School of Humanity for almost 5 years now – I've lost count of the number of events I’ve attended. Each and every time it’s such a wonderful experience, I never get bored of the conversations I have with people. It’s challenged my own assumptions as well as me opening the eyes of others – more than that I’ve made some good friends along the way”.
–Sharon: Living Subject, The School of Humanity
“The Let's Talk About Race session enabled me to think critically on both a personal and organisational level. I'd wanted to push for change at work for a while but wasn't sure of the right way to go about it. Following the session with Nova, the discussions and the supportive conversations helped me instigate challenging conversations with my all-white team about diversity.”
Partners & Volunteers
PARTNERSHIPS
To open up opportunities for our users, across all our services we pursue collaborations, partnerships and inter-referrals with a wide range of local & London-wide organisations:
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Our Education services were run from 8 local bases, connecting us with a range of other agencies and communities.
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Our IAG service used outreach venues as well as referrals and introduced our users to all the agencies that could provide help and opportunities for them.
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Our Volunteer programme provided placements with other charities.
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Our Family Programme had partnerships with V&A, Natural History, National Maritime & Design Museums, Royal College of Art, Barbican, Chickenshed, Imperial College, Science Museum, Mama.codes & Tech Hub, Raspberry Pi Foundation, Chelsea FC.
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Our Social Change Initiatives involved collaborations with K&C College, Leaders’ Quest, West London Uni, Apple, Microsoft, The Conduit, Jo Cox Foundation, Mind, Westminster Council and The FairTrade Foundation.
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Perhaps our proudest achievement was being recognised by Imperial College and awarded their Inspirational Partner prize. In their communication, they stated:
“We are inspired by your success and contribution to our college mission to achieve enduring excellence in research and education in science, engineering, medicine, and business for the benefit of society. In particular, we recognise Nova New Opportunities have played a crucial role in furthering Imperial be an engaged civic university in White City, connecting us with local families and helping
us develop an inclusive approach to engagement that responds to local diversity and inequalities. These actions epitomise the excellence, values and impact Imperial is known for.”
Volunteering
With our strong tradition of Volunteering:
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We encouraged our users to develop themselves as volunteers within Nova and to progress to further education and employment;
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Corporate teams & professional people gave their time pro bono to support Nova and individuals with ambition & promise to reach their goals through mentoring and coaching programmes;
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We continued to have a rich, diverse pool of volunteers fully representing the community within which we work.
“Volunteering is a great way for stepping out of your comfort zone. So far volunteering has supported me in various ways with developing skills and confidence in numerous areas. More importantly I got to work with really amazing people on amazing projects that support the community that I live in.” — Yvonne
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ANNUAL REPORT
// 2021 - 2022
Finance, Funders & Governance
FINANCIAL STATEMENT
The past 2 years have seen a step change to the organisation to meet need, demand and take-up in response to the accumulation of issues affecting our users over recent years - from cuts in public spending to the fall-out from the Grenfell Tower tragedy to COVID and now the rise of cost of living, energy and fuel. This has involved enlarging and developing our services, increasing our staff team to 8 full-time, 6 part-time & 12 sessional workers, investing in infrastructure & sustaining this through a 40% rise in our funding.
In 20/21, this was enabled thanks to the generosity of funders and emergency grants over the pandemic. The ongoing challenge in 21/22 has been to sustain this growth in an increasingly challenging funding environment. We were successful in raising an income of £592K (£593K in 20/21) and in addition invested £48.5K from our reserves to fund priorities additional to our annual budget - the extension of 2 new Advisor posts for our IAG service and the full costs of installing our Sales Force CRM system - and so to cover a total expenditure of £642K (£502K in 20/21). Consequently, reserves at the end of the year were £93K (£143K in 20/21).
Re Nova’s income of £592K in 21/22: thanks to our funders, our Development Board members, our donors and the sustained efforts of Nova’s team and CEO: 54% (£318K) came from charitable trusts (58% in 20/21); 29% was from statutory funding (the same as last year) from our £174K training contract with RBKC 12%; (£69K) was from donations (£35K last year) with the increase due to the full introduction of our ‘Visionaries’ donor giving scheme. The remaining 5% (£31K) came from student fees, purchase of NOVA’s diversity & inclusion workshops and fundraising events.
Re Nova’s expenditure of £642K in 21/22: £479K (75%) was on salary, personnel and oncosts (£376K - 75% in ‘20/’21); £113K was on premises, office and admin, IT, consultancies, marketing, publicity and governance (the same as last year) and £50K on project costs (£15K last year).
22/23 will be another challenging year in which to sustain the growth of Nova’s services and programmes. To meet it, each department head in the newly restructured senior management team has funding targets, supported by (i) our part-time grant fundraiser post, (ii) our consultant promoting our Visionaries & SuperNovas donor giving schemes, (iii) our Trustees’ networks to trusts and foundations, (iv) our Development Group of supporters and their professional contacts and (v) our strengthened outcome reporting through our newly established Sales Force database. Consequently, Trustees are confident that Nova continues as a going concern.
RESERVES POLICY
Nova aims to build up a reserve to underwrite 3 months’ running costs to ensure: (i) a working capital sum to forestall cashflow issues (ii) a buffer to cover risk areas – see below (iii) the ability to continue developing services and pioneering new initiatives while waiting for funding to be secured. The policy is to ensure Nova can continue to operate and develop irrespective of short-term funding uncertainties. With reserves of £93K Nova continues to work towards achieving its target of 3 months’ running costs.
FUNDERS
We are extremely grateful to Nova’s funders for supporting and enabling Nova’s work. In particular Nova would like to thank: The Royal Borough of Kensington and Chelsea, The Campden Charities, City
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Bridge Trust, The Lightbulb Trust, Tudor Trust, BBC Children in Need, Wellington Management UK Foundation, John Lyon’s Charity, Awards for All (National Lottery), Grenfell Children & Young People’s Fund, The Kusuma Trust, Kensington and Chelsea Foundation (with funding from DMGT), Lancaster West Community Fund, Betty Messenger Charitable Foundation and all our other valued supporters and individual donors.
FUNDRAISING
All fundraising carried out by and on behalf of Nova has been compliant with The Charities (Protection and Social Investment) Act 2016 and there are no matters to report. There were no complaints in the year (2021- none).
RISK MANAGEMENT
Nova reviews those factors annually that may affect its ability to meet its objectives and addresses them through its ongoing business reviews. Major risks identified which are kept under constant review include:
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Funder fatigue responding to crises. To mitigate the risk we need to continue to demonstrate the value and quality of our services and programmes, to track and record all the successful outcomes for our users, to ensure good communication and open dialogue with our funders and to continue diversifying our funding.
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The cost-of-living crisis, not only higher energy costs for all of us, but also the effect this can have on reducing numbers attending Adult Education classes and the impact this can have on the funding made available to Nova via the borough from the GLA. To mitigate this risk we need to continue delivering quality courses and continue developing our services and attracting funding for them in other areas.
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The 3-year renewable lease on our current premise at a charity rent. The factor mitigating this risk is the long-term relationship we have with our charity landlord who has always been very supportive to Nova and their understanding of the importance of the central location for Nova’s base in North Kensington.
PUBLIC BENEFIT
The Trustees confirm that they have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives and activities and in planning future activities and they judge that they fully meet the public benefit test.
PLANS FOR THE FUTURE
We continue to be alert to the shifting social, economic and funding environments and ready to respond to community needs and our key goals are to:
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Sustain the funding for the organisation’s step-change made over the last 2 years.
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Sustain our core team to ensure high quality services continue at their current increased level. 3. Keep evolving our social change programme and influencing work in the light of challenging circumstances.
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Grow our Visionaries & SuperNova’s donor schemes and fundraising events to create a robust group of supporters and participants.
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GOVERNANCE & MANAGEMENT
Nova’s Board of Trustees provides stable and committed support for the organisation. Nova’s current 7 Trustees have over 60 years charity governance experience between them, are drawn from a range of backgrounds and provide a range of support. We look to ensure our Board has lived experience of the issues that Nova works with and is both inclusive and diverse.
In selecting individuals for appointment as trustees, Nova has regard to the skills, knowledge and experience needed for the effective administration of the charity. Trustees are appointed for a period of 4 years and may be subsequently re-appointed.
Day to day running of the charity and all staff matters are deferred to the CEO and the senior management team. The senior management team reports to the Board of Trustees at quarterly meetings and at ad hoc and sub-committee meetings.
STATEMENT OF BOARD RESPONSIBILITIES
The Trustees are responsible for the preparation of accounts and financial statements for each financial year in accordance with the requirements of the Charities Act 2011 and to give a true and fair view of the charity’s state of affairs. To ensure its responsibilities, the Board of Trustees has acted as follows:
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Selected suitable accounting policies and applied them consistently
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Observed the methods and principles in the Charities SORP 2019 (FRS 102)
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Ensured proper accounting records are kept that disclose the financial position of the charity with reasonable accuracy at any time
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Regularly reviewed financial and operating performance
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Prepared the financial statements on the going concern basis
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Made judgements that are reasonable but also prudent
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Followed applicable accounting standards, subject to any material departures disclosed and explained in the financial statements
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Been responsible for safeguarding the assets of Nova and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Trustees on 21/12/2022 and signed on their behalf by:
Chair
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Independent Examiner’s Report to The Trustees of Nova New Opportunities
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st March 2022 which are set out on page 9 to 22.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 which give me cause to believe that in any material respect:
-
accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the format and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
-
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.
Michael Cooper-Davis FCCA ACA
For and on behalf of Price Bailey LLP Price Bailey LLP 24 Old Bond Street London, W1S 4AP
Date: 21/12/2022
19 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
Statement of Financial Activities
| UNRESTRICTED | RESTRICTED | TOTAL | TOTAL | ||
|---|---|---|---|---|---|
| NOTE | FUNDS | FUNDS | 2022 | 2021 | |
| INCOME | £ | £ | £ | £ | |
| Donations & Legacies | 3 | 65,909 | - | 65,909 | 26,069 |
| Activities for generating funds | 5 | 19,967 | - | 19,967 | 2,938 |
| Income from charitable activities | 4 |
158,793 | 346,956 | 505,749 | 548,023 |
| Other Income | 6 | - | - | - | 16,469 |
| TOTAL INCOME | 244,669 | 346,956 | 591,625 | 593,499 | |
| EXPENDITURE | |||||
| Raising Funds | 7 | 36,357 | - | 36,357 | 11,448 |
| Charitable Activities | 8 | 246,308 | 359,599 | 605,907 | 490,949 |
| TOTAL EXPENDITURE | 282,665 | 359,599 | 642,264 | 502,397 | |
| Net Incoming/(outgoing) resources before transfers |
(37,996) | (12,643) | (50,639) | 91,102 | |
| Total funds brought forward | 16 | 110,788 | 32,643 | 143,431 | 52,329 |
| TOTAL FUNDS AT 31ST MARCH 2022 | 72,792 | 20,000 | 92,792 | 143,431 |
All of the charity’s activities are classed as continuing. The charity had no gains or losses other that those shown above.
The notes on pages 22-30 form part of these accounts.
20 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
Balance Sheet
AS AT 31[ST] MARCH 2022
| NOTES | 2022 | 2021 | ||
|---|---|---|---|---|
| FIXED ASSETS 13 |
£ | £ - |
£ | £ - |
| CURRENT ASSETS | ||||
| Debtors 14 Cash at bank and in hands |
67,903 77,144 |
73,528 155,710 |
||
| 145,047 | 229,238 | |||
| CURRENT LIABILITIES | ||||
| Creditors 15 |
52,255 | 85,807 | ||
| NET CURRENT ASSETS | 92,792 | 143,431 | ||
| Net Assets | 92,792 | 143,431 | ||
| REPRESENTED BY: | ||||
| Unrestricted Reserves: 16 |
||||
| Free Reserve Designated Funds: • Strengthening existing programmes • Developing New Initiatives |
60,792 6,000 6,000 |
60,788 25,000 25,000 |
||
| 72,792 | 110,788 | |||
| Restricted reserves 16 |
20,000 | 32,643 | ||
| 92,792 | 143,431 |
The financial statements were approved and authorised for issue by the board of trustees on 21/12/2022.
Signed on behalf of the board of trustees,
Nick Wellington Jonnie Beverly
The notes on page 22-30 form part of these accounts.
21 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
Notes to the Financial Statements
1. General Information
Nova New Opportunities is a UK registered charity, registered at the address given on the first page of these financial statements.
The principal activities of the charity are twofold: (i) helping those living on the margins of society to gain the skills and confidence to improve their life chances and their full participation in society (ii) promoting social inclusion, racial equality, diversity and harmony between groups.
2. Accounting Policies
Basis of accounting
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 (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Nova New Opportunities meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The functional and presentational currency is Pounds Sterling.
Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
-
Furniture and Equipment – straight line over 3 years.
-
Computer Equipment – straight line over 3 years.
Only fixed assets with an individual cost exceeding £2,500 are capitalised.
22 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees for particular purposes.
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.
Taxation
The organisation is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Trade and other debtors, cash at bank and creditors are recognised at cost which is their fair value and fixed assets are valued at cost less depreciation.
Going concern
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 authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Significant accounting estimates and judgements
The charity makes estimates and assumptions concerning the future. The resulting estimates and assumptions will, by definition, seldom equal the related actual results. The Trustees do not consider there to be any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
23 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
3. Income from Donations and Legacies
| VOLUNTARY INCOME RECEIVED DURING THE YEAR AS FOLLOWS: | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Donations & Legacies | 65,909 | 26,069 |
| 65,909 | 26,069 |
In 2022 restricted income from donations and legacies was £Nil (2021 - £827).
4. Income from Charitable Activities
| INCOMING RESOURCES FROM | UNRESTRICTED | RESTRICTED | TOTAL | TOTAL |
|---|---|---|---|---|
| CHARITABLE ACTIVITIES | FUNDS | FUNDS | 2022 | 2021 |
| £ | £ | £ | £ | |
| RBKC- ACL | - | 173,986 | 173,986 | 172,766 |
| Staff Allowance Training | - | - | - | - |
| RBKC Covid Emergency Grants | - | - | - | 14,000 |
| Kensington & Chelsea Foundation: | - | - | - | - |
| - in partnership with DMGT | - | 10,000 | 10,000 | 10,000 |
| Kensington & Chelsea Foundation | - | 3,150 | 3,150 | 16,047 |
| Lloyds Foundation | - | - | - | 25,000 |
| John Lyon’s Charity | - | 19,000 | 19,000 | 11,250 |
| Grenfell Young People Fund | - | 16,500 | 16,500 | 15,000 |
| Grenfell Project Fund | - | - | - | 15,000 |
| City Bridge Trust | - | 30,000 | 30,000 | 35,000 |
| Campden Charities | 96,000 | - | 96,000 | 74,000 |
| BBC Children in Need | - | 22,500 | 22,500 | 7,500 |
| Tudor Trust | 26,741 | - | 26,741 | 40,259 |
| Warburtons | - | - | - | 9,999 |
| Student fees | 6,052 | - | 6,052 | 3,539 |
| Lightbulb Trust | 30,000 | - | 30,000 | 25,000 |
| CAF emergency fund | - | - | - | 5,000 |
| Development Group Initiatives | - | - | - | 13,601 |
| Rausing Trust | - | - | - | 30,858 |
| Awards for All (Nat Lottery Fund) | - | 10,000 | 10,000 | 20,000 |
| RBKC Build Yourself Up | - | 5,000 | 5,000 | - |
| Lancaster West Community Fund | - | 5,583 | 5,583 | - |
| Wellington Asset Management | - | 20,000 | 20,000 | - |
| Kusuma Trust | - | 11,198 | 11,198 | - |
| K&C Young People's Fund | - | 4,390 | 4,390 | - |
| Betty Messenger Charitable Foundation | - | 5,000 | 5,000 | - |
| West London Zone | - | 3,649 | 3,649 | - |
| Arnold Clark Automobiles | - | 1,000 | 1,000 | - |
| Imperial College | - | 1,000 | 1,000 | - |
| Other | - | - | - | 4,204 |
| Born Equal Consultancy | - | 5,000 | 5,000 | - |
| 158,793 | 346,956 | 505,749 | 548,023 |
In 2021, restricted income from charitable activities was £344,266.
24 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
5. Other Trading Activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fundraising for events (including the 2.6 challenge) | 6,044 | 2,938 |
| Training Income | 5,450 | - |
| Tickets | 8,473 | |
| 19,967 | 2,938 |
In 2022 and 2021, all income from other trading activities was unrestricted.
6. Other Income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| HMRC Job Retention grant | - | 16,469 |
| - | 16,649 |
7. Raising Funds
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fund Raising Expenses | 36,357 | 11,448 |
| 36,357 | 11,448 |
Fundraising expenses relate to Salaries and National Insurance £21,233 (2021: £7,702). Fundraising Consultancy £12,046 (2021: £3,600). Cost of fundraising events £3,078 (2021: £146).
8. Cost of Charitable Activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Staff Salaries and other personnel expenses | 468,814 | 385,345 |
| Other costs | 90,599 | 61,791 |
| Support costs (see Note 9 below) | 46,494 | 43,813 |
| 605,907 | 490,949 |
9. Support Costs
| VOLUNTARY INCOME RECEIVED DURING THE YEAR AS FOLLOWS: | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Premises costs | 38,495 | 36,878 |
| Governance costs | 7,999 | 6,935 |
| 46,494 | 43,813 |
Governance costs relate to Salaries and National insurance £7,999 (2021: £6,935).
25 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
10. Staff Numbers and Costs
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 434,968 | 340,530 |
| Pension costs | 8,018 | 6,385 |
| Social Security costs | 36,405 | 29,565 |
| 479,391 | 376,480 |
The total number of people employed on a full or part-time basis by the charity, excluding trustees, was 29 (2021– 17).
No employee earned in excess of £60,000. Total employment costs including employer pension and national insurance contributions of the key management personnel were: £177,661. (2021: £198,052).
11. Trustees’ Remuneration and Benefits
There were no trustees’ remuneration or other benefits paid for the year ended 31 March 2022 (2021 – Nil).
12. Related Party Transactions
There are no related party relationships and transactions to be disclosed in the financial statements (2021: Nil).
13. Tangible Fixed Assets
| OFFICE | ||
|---|---|---|
| EQUIPMENT | TOTAL | |
| & FURNITURE | ||
| £ | £ | |
| COST | ||
| At 1 April 2021 | 47,951 | 47,951 |
| Additions | - | - |
| As at 31 March 2022 | 47,951 | 47,951 |
| DEPRECIATION | ||
| At 1 April 2021 | 47,951 | 47,951 |
| Charge for the year | - | - |
| As at 31 March 2022 | 47,951 | 47,951 |
| NET BOOK VALUE | ||
| As at 31 March 2021 | - | - |
| As at 31 March 2022 | - | - |
26 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
14. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Prepayments | 4,840 | 5,829 |
| Other debtors - amounts receivable | 4,081 | 1,200 |
| Accounts receivable | - | 66,499 |
| Accrued Income | 58,982 | - |
| 67,903 | 73,528 |
15. Creditors – Due in One Year
| 2022 2021 |
|
|---|---|
| Trade Creditors Accruals Deferred income Other creditors, including taxation |
£ £ 29,129 10,683 7,240 7,636 3,750 57,371 12,136 10,117 |
| 52,255 85,807 |
|
| MOVEMENT IN DEFERRED INCOME IS AS FOLLOWS | 2022 2021 |
| Deferred income brought forward Released from prior years Income deferred |
57,371 11,749 (57,371) - 3,750 45,622 |
| Deferred income carried forward | 3,750 57,371 |
Deferred income received in the year relates to grant income received in advance of entitlement.
27 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
16. Information on Funds
| CURRENT YEAR | 1 APRIL 2021 |
INCOME | EXPENDITURE | 31 MARCH 2022 |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| RESTRICTED FUNDS | ||||
| RBKC - ACL | - | 173,986 | (173,986) | - |
| Staff Allowance Training | - | - | - | |
| Kensington & Chelsea Foundation: | - | - | - | |
| - in partnership with DMGT | 7,500 | 10,000 | (10,000) | 7,500 |
| Kensington & Chelsea Foundation | 10,141 | 3,150 | (13,291) | - |
| John Lyon’s Charity | - | 19,000 | (19,000) | - |
| Grenfell Young People Fund | 12,421 | 16,500 | (16,421) | 12,500 |
| City Bridge Trust | - | 30,000 | (30,000) | - |
| BBC Children in Need | 2,581 | 22,500 | (25,081) | - |
| RBKC Build Yourself Up | - | 5,000 | (5,000) | - |
| Lancaster West Community Fund | - | 5,583 | (5,583) | - |
| Wellington Asset Management | - | 20,000 | (20,000) | - |
| Kusuma Trust | - | 11,198 | (11,198) | - |
| K&C Young People's Fund | - | 4,390 | (4,390) | - |
| Awards for All (Nat Lottery Fund) | - | 10,000 | (10,000) | |
| Betty Messenger Charitable Foundation | - | 5,000 | (5,000) | - |
| West London Zone | - | 3,649 | (3,649) | - |
| Arnold Clark Automobiles | - | 1,000 | (1,000) | - |
| Imperial College | - | 1,000 | (1,000) | - |
| Born Equal Consultancy | - | 5,000 | (5,000) | - |
| TOTAL RESTRICTED FUNDS | 32,643 | 346,956 | (359,599) | 20,000 |
| UNRESTRICTED FUNDS | ||||
| Free Reserve | 60,788 | 244,669 | 244,669 | 152,716 |
| Designated Funds | ||||
| • Strengthening existing core programmes | 25,000 |
- | 19,000 | 6,000 |
| • Developing New Initiatives | 25,000 | - | 19,000 | 6,000 |
| TOTAL UNRESTRICTED FUNDS | 110,788 | 244,669 | 282,665 | 72,792 |
NEW PROJECTS WITHIN THE YEAR
-
RBKC ACL: funding for Nova’s Adult & Community Learning programme.
-
Kensington & Chelsea Foundation - In partnership with DMGT: funding towards Finance & Office Manager’s salary.
-
Kensington & Chelsea Foundation: support for TEDx Ladbroke Grove & Women’s Day
-
John Lyon's Charity: funding towards Family Programme posts.
-
Grenfell Young People Fund: funding towards Children’s Champion post.
-
City Bridge Trust: funding towards Family Programme and Social Change lead posts.
28 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
-
BBC Children in Need: funding Children’s Education Lead to co-ordinate Family Programme activities.
-
RBKC Build Yourself Up: funding for local training, workshops, employment advice.
-
Lancaster West Community Fund: funding towards IAG (Information, Advice & Guidance) sessions at Baseline Studios.
-
Wellington Asset Management: funding for Family Programme free online after school classes.
-
Kusuma Trust: funding for Family Programme School Holiday Activities.
-
K&C Young People's Fund: supporting children and young people in North Kensington.
-
Awards for All (Nat Lottery Fund): funding towards TEDx Ladbroke Grove - Social Change.
-
Betty Messenger Charitable Foundation: funding towards Social Change events.
-
West London Zone: funding towards Family Programme - Living Career Library in 2 schools.
-
Arnold Clark Automobiles: funding towards Social Change events.
-
Imperial College: funding towards Family Programme science and computing activities for young people.
-
Born Equal Consultants: support for TEDx Ladbroke Grove.
| PRIOR YEAR | 1 APRIL 2020 |
1 APRIL 2020 |
INCOME | EXPENDITURE | 31 MARCH 2021 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| RESTRICTED FUNDS | |||||
| General | - | 25,482 | (25,482) | - | |
| RBKC - ACL | - | 172,766 | (172,766) | - | |
| Kensington & Chelsea Foundation: | |||||
| - in partnership with DMGT | 7,500 | 10,000 | (10,000) | 7,500 | |
| London Funders Wave 3 COVID Emergency | |||||
| (Kensington & Chelsea Foundation) | - | 16,047 | (5,906) | 10,141 | |
| Lloyds Fund_(via Foundation_ | - | 25,000 | (25,000) | - | |
| John Lyon’s Charity | 3,750 | 11,250 | (15,000) | - | |
| Grenfell Young People Fund | - | 15,000 | (2,579) | 12,421 | |
| City Bridge Trust | 2,500 | 27,500 | (30,000) | - | |
| BBC Children in Need | - | 7,500 | (4,919) | 2,581 | |
| Warburtons | - | 9,999 | (9,999) | - | |
| National Lottery COVID | - | 20,000 | (20,000) | - | |
| Grenfell Project Fund | - | 15,000 | (15,000) | - | |
| Other | - | 4,204 | (4,204) | - | |
| TOTAL RESTRICTED FUNDS | 13,750 | 359,748 | (340,855) | 32,643 | |
| UNRESTRICTED FUNDS | 1 APRIL 2020 |
INCOME |
EXPENDITURE | TRANSFERS |
31 MARCH 2021 |
| £ | £ | £ | £ | £ | |
| Free Reserve | 38,579 | 233,751 |
(161,542) | (50,000) | 60,788 |
| Designated Funds | |||||
| • Strengthening existing core programmes | - | - | - | 25,000 | 25,000 |
| • Developing New Initiatives | - | - | - | 25,000 | 25,000 |
| TOTAL UNRESTRICTED FUNDS | 38,579 | 233,751 |
(161,542) | - | 110,788 |
29 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
17. Analysis of Net Assets Between Funds
| DESIGNATED | RESTRICTED | TOTAL |
|
|---|---|---|---|
| FUNDS | FUNDS | 2022 | |
| £ | £ | £ | |
| CURRENT YEAR | |||
| Net Current assets | 72,792 | 20,000 | 92,792 |
| TOTAL UNRESTRICTED FUNDS | 72,792 | 20,000 | 92,792 |
| PRIOR YEAR | TOTAL 2021 |
||
| Net Current assets | 110,788 | 32,643 | 143,431 |
| TOTAL UNRESTRICTED FUNDS | 110,788 | 32,643 | 143,431 |
18. Cashflow Statement for the Year Ended 31 March 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | (78,566) | 82,540 |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Net cash used in investing activities | - | - |
| Change in cash and cash equivalents in the reporting period | (78,566) | 82,540 |
| Cash and cash equivalents at the beginning of the period | 155,710 | 73,170 |
| Cash and cash equivalents at the end of the reporting period | 77,144 | 155,710 |
| ANALYSIS OF CHANGES IN NEGATIVE NET DEBT | ||
| Cash and cash equivalents as at 1 April 2021 | 155,710 | 73,170 |
| Cash flows | (78,566) | 82,540 |
| Cash and cash equivalents as at 31 March 2022 | 77,144 | 155,710 |
| MOVEMENTS RE CASH AND CASH EQUIVALENTS | ||
| Cash at bank and in hand | 77,144 | 155,710 |
| 77,144 | 155,710 |
Reconciliation of net expenditure to net cash flow from operating activities:
| Net movement funds | (50,639) | 91,102 |
|---|---|---|
| Depreciation charge | - | - |
| (Increase)/Decrease in debtors | 5,625 | (68,548) |
| (Increase)/Decrease in short-term creditors | (33,552) | 59,986 |
| (78,566) | 82,540 |
30 NOVA NEW OPPORTUNITIES
ANNUAL REPORT
// 2021 - 2022
Learning, Out and About and Celebrating in 21/22!
31 NOVA NEW OPPORTUNITIES
nova welcome to a better world