NEW HORIZONS COVENTRY FINANCIAL STATEMENTS FOR 31 DECEMBER 2024 Company Numb•r 10012348 Charlty Numb•r 1169264 FINANSURE LIMITED 2 Sheppard Street. Brymbo. Wrexham, LL115FF
NEW HORIZONS COVENTRY FINANCIAL STATEMEKrs YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGES Charity inforniation Trustees, annual report 2to7 Independent examinerfs report Statement of financial activities Balance sheet 10 Notes to the financial statements 11to16
Pag• 1 NEW HORIZONS COVEKfRY CHARrrY INFORMATION The board of trustees Mr C C Waddell Mr R Gaulton Mr A J Coles Company secretsry Ms A H Langlands Reglstered offlce 25 Ranulf Croft Cov CV3 5FB Independent Examiner Luke Howson MAAT Finansure Limited 2 Sheppard Street Brymbo Wrexham LL115FF Bankers HSBC plc 55 Corporation Street Coventy CV1 1GX
Pag• 2 NEW HORIZONS COVENTRY TRUSTEES. ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The trustees have pleasure in presentlng their report and the financial statsments of the chaiity for the year ended 31 December 2024. The trustees have adopted the provisions of the statement of Recommended Practice (SORP) °Accounting and Reporting by Charities (effective 1 January 2019)" (FRS 102) in preparing the annual report and financial statements of the charity. GENERAL INFORMATION The charity is a company limited by guarantee, incorporated on 18 February 2016, governed by its Memorandum and Articles of Association. It was registered as a charity on 19 September 2016. The charitable company, New Horizons Coventry, took over the operations of the existing charitable trust, New Horizons, on 1•t January 2017 and the charitable trust has now been dissolved. Trustees The trustees (who are also the directors) durlng the year were Chris Waddell, Robln Gaulton and Adrian Coles. New trustees are appointed by the board of trustees In accordance with the Artides of Association. OBJECTIVES, ORGANISATION AND ACTIVITIES The purposes of the charity, as stated in its Article8 of Association, are: 1. To proclaim and ftjrther the gospel of God concerning his son. Jesus Christ, and to preach and teach the Christian faith In such parts of the UK or the world as the directors may from time to time think fit. 2. The rellef of persons who are in condition of need or hardship or are aged or sick and to relieve the distress caused in such parts of the UK or the world as the directors may from time to time think fft. 3. Any other charitable purposes according to the laws of England and Wales as the directors may from time to time think fit. The activities adopted to further the purposes of the charlty are: Conducting meetings Organising activities and groups Working closely with other Christian organisations.
Page 3 NEW HORIZONS COVENfRY TRUSTEES, ANNUAL REPORT (COHnNUEDJ YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The statement of financial activities is set out on page 8 of the financial statements. A summary of the financial results is set out below: Flnanclal revlew Totsl income for the year was £352,385 (2023 - £333,364). The main sources of ongoing Income are donations received £280,990 (2023- £267.394) along with income tax recoverable £56,089 (2023 - £56,272). Total expenditure for the year was £353,601 (2023 - £346,062), leaving a deficit of £1,216 (2023 - defiat of £12,698) for the year. Me detsils can be seen in the Actlvfties sectlon below. The trustees assess that reserves are at a satisfa¢Aory18vel. At 31 December 2024 the charity held unrestricted reserves totalllro £513,444 (2023 - £519,938). REVIEW OF ACTivrriES AND ACHIEVEMENTS Hlghllghts of actfvltle8 In 2024 In 2024, New Hofizons has continued to invest the time of our dedicated volunteers. our small number of part-time staff and our financial resources to continue to prodaim the gospel of Jesus Christ and to see people develop and grow in their faith as a result of attending our rneetings. New Horizons has a recognised role in supporting Congress IfvBN, a global faith-based organization to which we are affiliated. As a result of this role, New Horizons has had the opportunty to be engaged in wider activitses related to prodaiming and fiJrthering the gospel of Jesus Chrlst, teaching the Christian faith arKI offering input and support to other churches and faith-based charities in the UK and Europe. In 2024, we were able to offer input and support to churches in Europe, in particular churdRs in Germany. Sweden, Switzertand and Ukraine. The main activilies of New Horizons in 2024 have induded: Conductlng meetings, which are accessible to the general public, with the aim of teaching the Christian faith: Developing the church members in thelr Christian faith, wlth specific and targeted input into the men, women. young people and children; Providing support and advice to a number of similar faithased charities arK churches; and Providing leadership input to church communit in order to support the development of churthes acn)ss UK and Europe.
Pag• 4 NEW HORIZONS COVENTRY TRUSTEES, ANNUAL REPORT (COllTINUED) YEAR ENDED 31 DECEMBER 2024 Our income is largely based around donations, which have been at a consistent level over the last 6 years. Our key expenditure comprises: donations to other Christian organisations and leaders in line with our charttable purposes; payment of 6 part-time members of stsff (2023: 5), induding a company secretary who is a qualified accountant, and payment of the Senior Elder of the church who provides ministry seNices; and covering essential expenses including UK and overseas trav81 and the cost of hiring venues and running events and conferences. We also Invest in the trainlng and development of leaders and volunteers of New Horizons, who play a vital part in our ability to fulfil our charitable purp¢)8es, and we procure consultancy services where it is considered appropriate to pay for services rather than solely rely on the goodwill of our volunteers. We own no property; we continue to rent the Coventy Boys and Girls Club for Sunday meetings and other venues are as required. Church running costs for 2024 were £204,771, £13,461 higher than the 2023 costs of £191,310. The higher costs are mainly due to increased employee costs, wlth the recruitment of a new Governance Administrator role and additional overtime payments to other members of staff. Total employee costs are £81 k, rising from £74k in 2023. The trustees have employed these part time staff members to work In administratlve roles in order to increase efficiency and productivty, furthering the charity's objectives whilst redudng the burden on volunteers. We mak6 regular financial donations to support the work of Congress WBN and the ministry organisations of four Christian leaders who have a worldwide role in furthering the Christian falth. Their work and values are fully aligned with those of New Horizons and our donations enable us to further our objects by facilitating the work of those who have a reach beyond our own. Donations were also made to support global initiatives to help lIeVe hardshlp for people In the UK, Europe and overseas. This included £3,169 (2023: £1,223) to support people working In Ukraine to proclaim the gospel of Christ In the midst of the ongoing war with Russia. Mission support grfts of £1,443 (2023: £9,662) wer8 made to individuals in the UK who required financial support. All donations made by the charty are subject to a risk assessment to ensure that charity funds are being spent in accordance with our charitable purposes and in line with money laundering regulations. A net deficit of £1,216 was made in the year, compared to a net deficit of £12,698 in 2023. The use of charity funds received in the year and existing reserves is a strategic decision by the trustees to invest in the infrastnjcture and running of New Horizons, reducing the burden on volunteers, and to make donations to support the work of charity and individuals who have slmilar purposes as New Horizons, but with a different or wider reach.
Page 5 NEW HORIZONS COVENTRY TRUSTEES. ANNUAL REPORT (CON77NUEDJ YEAR ENDED 31 DECEMBER 2024 Hlghlights of aChIevents In 2024 We continue to see improvement in the understanding, grasp and application of the Christian faith of those who access our meetings. Development and strengthening of leaders and the organisational stru¢Xures of the Church. Ongoing strengthening of the young people in the church, building them up in their failh through regular meetings together, and stratsgic input at signfficant events. In July 2024, the 4 children who were leaving primary scthool in September 2024 had an away day of teambuilding and strategic spiritual input to help them navigate this stage of life. Also in July 2024, a day retreat was held for the 37 children in our children's group for those aged 12-16, where they engaged in teambuilding activities and teaching about the Christian faith. Parentsl guardians were invited to join for the evening to have strategic conversations with their children about their faith and to build together over a meal and activities. In addition, there has been specific input into parents for the building of stron9 families. Ongoing interactions and networking with churches and Christian leadeyship in the UK, Gemiany, Switzerland, Sweden and Ukraine. This has resulted in the strengthening of churches and their leadership as they prodaim and further the Christian faith. New Hor5zons hosted a global leadership team meeting of Congress Music Factory, regarding the creation and production of worship music within COng$S )DN. We also supported a church member who serves on this leadership team to attend a further team meeting in Trinidad. Plans for future periods The Trustees consider that the aims and objectives of New Horizons and the actiViS undertaken to achieve them will remain unchanged in future periods. They expect that there will be increased invesknent in conferences and travel, in the UK arKI overseas, so that the chaiity can attend fac&tO-face meetings to proclaim and further the Christian faith and work to support other churches and charitable organisations as they seek to do the same. The charity's reserves policy is to hold financial reserves to cover approximately six months, unrestricted expenditure. The Trustees are satisfied that this policy will provide New Horizons with sufficient financial resilience to withstsnd future unexpected disasters by using existing reserves together with having the fiexibilty to adjust expenditure to match the levels of income reived. New Horizons will continue to look for strategic opportunities to make donations and investments that delNer the objects of the charity.
Pago 6 NEW HORIZONS COVENTRY TRUSTEES, ANNUAL REPORT (COP471NUED) YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees are selected by the existing trustees who also take into account the views of church members as to each person's trustworthiness. The Trustees hav6 also established an Audit and Risk Committee. comprising two Trustees nominated by the Board, in order to focus on risk management within the Charity. The delegated authority of the committee and requirements to report back to the fvll Board is set out in Terms of Reference approved by the Board of Trustees. Rlsk as8888ment The trustees have considered the key operatlonal, financial, and strategic risks that have bearing on the charity through the mechanism of a Risk Register. Suitable management Infomation is available to the Audtt and Risk Committee on a regular basis to monitor these risks, and allow any mitigating action to be taken to address them. Intemal audits are planned by the Audit and Risk Committee to strategically address the areas of greatest risk within the Charty. They are carried out by suitable personnel who report back to the Audlt and Risk Commlttee on key flndlngs and action8 to be taken to further mitigate agalnst Identlfied risks. Investment pollcy The charlty has adopted a pollcy of investing funds not immediately needed in savlng accounts with varlous banks up to the £85,000 FSCS guaranteed limit. Reserves pollcy It is the pollcy of the charlty to maintsin unrestricted funds, which are the freo reserves of the charity, at a level which equates to approxlmatety six months, unrestricted expenditure. This provides sufficient funds to cover management, administration arKI support costs. Unrestricted funds were malntained above this lovel throughout tho year. Fund ralslng The charlty relies on voluntary donatlons from Its members for Its Income. The charlty does not employ professional fundraising bodies. The charity does not receive any grants or any other payment for our services. Volunteern The charity is grateful for the commitment of its volunteers who are involved in all aspects of the charity's operations. PUBLIC BENEFIT The charity trustses have complied wlth thelr dity to have due regard to the guidance on public benefft, and the supplementary guidan on the advancement of religlon for the publlc benefft, published by the Charity Commission in exercising their powers and duties.
Pag• 7 NEW HORIZONS COVENTRY TRUSTEES, ANNUAL REPORT mN77NUEDJ YEAR ENDED 31 DECEMBER 2024 STATEMEKf OF TRUSTEES. RESPONSIBILMES Charity law requires the trustees to prepare financial statements for each financial year, which give a true arKI fair view of the state of affairs of the charlty arKI of its financaal activities for that year. In preparing those financial statements the trustees are required to: select suitable accounting policies and apply them consistently: make judgments and estimates that affj reasonable and prudent, stste whether the policies adopted are in accordance wlth the Statement of Recommended Practice, "Accounting and Reporting by Charities (effective 1•t January 2019)" and with applicable accounting standards, subject to any material departures disdosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is Inappropriate to assume the chaiity will continue operating. b) d) The trustees are responsible for keeping proper accountlng records which dlsclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that financial statements comply with the Companies Act 2006. They are also rnsponsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detethon of fraud CK other Irregularities. This reportwas approved by the trustees on.............................................. and 18 slgned on their behalf by: Mr R Gaulton
Pag• 8 NEW HORIZONS COVENTRY REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS We report on the financial statements for the year ended 31° December 2024 set out on pages 9t016. Respective responslbllltles of trustees and examiner The charity's trustees are responsible for the preparation of the acLounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) or under Part 16 of the Companies Act 2006 (the Companies Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Chaiity Commission under section 145{5)(b) of the Charities Act. and to state whether particular matters have come to my attention. Basls of Independent examinefs statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charty and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disdosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the ststement below. Independent examinerfs statement In connection with my examination, I have reasonable cause to believe that- (1) in all material respects the requirements: to keep accounting records in accordance with section 386 of the Companies Act; and to prepare accounts in accordance with the accounting requirements of section 396 of the Companies Act and with the methods and principles of the SORP; have been met; and (2) there are no material matters to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Luke Howson MA4T Finansure Limited, 2 Sheppard Street, Bryml)o, Wrexham, LL115FF Dats: . 17lh Qu!y.2Q2S.......................
Pa99 9 NEW HORIZONS COVEKfRY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2024 Unrestrthj Restricted T¢)tal8 FurKI8 Fur 2024 Totals 2023 INCOME FRO Donations Investrnents Other income 325,639 14.197 1,109 11,440 337,079 323.666 14.197 8,801 897 TOTAL INCOMING RESOURCES 340.945 11.440 362.386 333.364 RESOURCES EXPENDED 347.439 6,162 353.601 346.CE2 TOTAL RESOURCES EXPENDED 347.439 6.162 363,601 346,1%2 NEf INCOME I (EXPENDITURE) FOR THE YEAR (6,494) 5,278 (1.216) {12,698) Tran8fer8 bett¥eon furKIs Net movement in funds (6,494) 5,278 11216) (12,698) Balances brought foThvard 519.938 519,938 532,636 Balances carri1 forward 513,444 5.278 518,722 519,938 The charlty has no recognised galns or losses other than the results for the year as sot out atx>ve. All of the acthi1 of the charity are dassed as continuing. Th• not88 on pag•8 11 to 16 forni part of th•M flnanclal Statwnents.
Page 10 NEW HORIZONS COVENTRY BALANCE SHEET 31 DECEMBER 2024 Note 2024 2023 FIXED ASSETS Tangible asset8 23,174 34,303 CURRENT ASSETS Debtors Cash at bank and in hand 10 26,541 474010 18,909 475,765 600,561 494,674 CREDITORS: Amount8 falling du& within one year 11 (5.003) (9,039> NEf CURRENT ASSETS LESS CURRENT LIABILITIES 496.648 485,835 NEf ASSET8 518,722 519,938 FUNDS Unrestricted fund8 Restricted fund8 12 12 613,444 5,278 519,938 TOTAL FUNDS 618,722 519,938 The truste88 are sats8fied that the tharlty16 entttled to exemption from the prov181ons of the Companles Acl 201 (th8 Act) relating to the audit ofthe accounts for the year ty vlrtue of 8ecllon 477, and that no rn•mber or member8 have reque8tsd an audlt pursuant to section 476 of the Act. The truste88 ad(nowledge their responsibility for. ¢omplying th the requlrements of the Act respect to acc¢xttng rewrds and the weparatlon of accounts; preparing ac£ounts which give a true and fairvivw of the stats of affalrs of the charity as at the erKI of the finar¢ial year arKI of its net Incorning or outgoing resources for the finaniial year in a¢xordance wlth the requirements of the Act relating to financlal ststements, 80 far as apFlicable to the thanty. Th888 findalStateMents twe been prepared In a¢cordan¢e wlth the provlslon8 for cornpani subject to the $rnall companies, regime, and yth the Financial Reporting Standard 102. If 202 These financial statementswere approved bythe trustees on...........................,........ signed on their behalf by: . and are Mr R Gaulton The not•8 on pag08 11 to 16 fomi part of th88• finan¢lal ststomonts.
Page 11 NEW HORIZONS COVENTRY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Ba8is of preparatlon The financial statements have been prepared under the historical cost convention. and in accordance with the Statement of Recommended Practice (SORP). "Accounting and Reporting by Charities (effective 1 January 2019)° (FRS 102), the Charities Act. the Companies Act and applicable accounting stsndards. Under Financial Reporting Standard 102 (FRS 102), the charity is exempt from the requirement to ppare a cash fiow statement on the grounds of ts size. Company status The charity is a company limited by guarantee, which was incorporated on 18 February 2016. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liabilty in respect of the guarantee is limited to £10 per member of the charity. Fund accountlng Unrestricted funds are general funds which are available for use at the discretion of the trustees in furtheran of the general objectives of the charty and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan with specffic 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. Investment income and gains are allocated to the appropriate fund. Incomlng re8our¢o8 All incoming resources are included in the statement of financial activities when the chanty is legally entitled to the income and the amount can be quantird with reasonable accuracy. No amounts are included in the financial ststements for services donated by volunteers. Resourctt oxpended All expenditure is accounted for on an accruals basis and has baen classified under headings that aggregate all costs related to the category. Costs of generating funds are those inojrred in seelong voluntary contributions and do not include the costs of disseminating infomiation In support of the charitable activities. Tanglblo fixod assots and dopreclatlon Tangible fixed assets are ststed at cost less depreciats'on. Assets are capitalised where they can be used for more than one year and cost over £100. Depreciation is calculated to write off the cost of fixed asset$ over their expected useful liv, arKI is provided on the folk)wing bases., F&F l Equipment 25% straight line
Page 12 NEW HORIZONS COVEKfRY NOTES TO THE HNANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 DONATIONS 2023 Donations - Unrestrtct•d . Restri1 261,216 6,178 11.440 66.089 56.272 337.079 323,886 INCOME FROM INVESTMENTS 2023 Interest received 14.197 8.801 COSTS OF AcfMTIES IN FuimiERANCE OF THE CHARITYS OBJECTS Gra ndff of Totsl (note 6> (nota 7) 2023 Church runni Leadershi Missions and commun. Conferences and events .639 191310 75,599 53,431 TOTAL 348.(E2
Page 13 NEW HORIZONS COVENTRY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF GRANT FUNDING OF ACTIVITIES 2024 2023 Grants to other charities (UK) Congress VVBN Nexu8 ICA 10.560 9,600 5,000 Grants to other charities (worldwkle) Kingdom Impact (Indonesia) Scott W8b8ter Minlstries (USA) stevo Schultz Mlnistries (USA) Church of God's Glory (Ukraine) 5.250 10.367 10,369 3,169 6,901 9,841 9,841 1,223 Grants to individuals (UK) Regular mlnistry gfft8 Mission 8UPPOrt gifts 8,400 9,662 1,443 Grants to individua13 (woridwlde) Ministry gifts (Egypt) Ministry gifts (India) Ministry gfft8 (Trinidad) 1.033 1,612 1,000 2,OlXI 63.431 63,080 ANALYSIS OF SUPPORT COSTS 2024 2023 Depre¢iatson Slorage Office Costs Finance costs Insurance Independt examinerf8 fee 17,291 10,831 17,053 10,963 957 1,451 2,148 1,623 1.076 33.409 33,617 Pag• 14
NEW HORIZONS COVENTRY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 EMPLOYEE COSTS 2024 2023 66,314 59,764 EmployeV8 NIC Employer penston contributlons Pension admin58tration charges 15,121 13,887 80,723 73,939 The average number of employe&8 (all part-time) during the yearwas six (2023- fve). All employees were emptoy•J In adminS8ts8tiv• rol88. No employee received employee benefits of more than £60.000. TRANSACTIONS WITH TRUSTEES On8 truste•, Mr C ddell, wa8 angaged in remunerated ministy during the year arKI recalved £79,117 (2023 - £72,930) in re8pect of mini8ty fee8. In accordance wth the Articl88 of A880CHtion. No other truste88 recalved remuneration. No Incklentd •xpen8e8 were incurred by trustees in carrying out their trustee thde8 (2023- NII). Expen888 Incurred by trustees for servrce8 provided to the charity in the year, either by reimbur8ement of the trustee or by direct paymont to a third paty, totalled £6,474 (2023 - £6,213). The total donatlon8 made to the charlty by tru8tee8 wSthout conditions during the year £18,976 (2023- £18.324).
Pw15 NEW HORIZONS COVEKfRY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 FIXED ASSErs Fixtures & ffttings Equ4)ment Total At 1 January 21r24 Additions Disposals At 31 Decembor 2024 127.263 6.162 7,543 134.806 6.162 140.968 Deprn¢iatioD At 1 January 2024 Charge for year Disposals At 31 D•c•mbw 2024 93.903 16,633 100,503 17,291 7.258 Not book valu• At 31 Dec•mbw 2024 At 31 December 2023 34.303 10. DEBTORS 2023 10,414 13,895 8.081 9.143 Other dtors 26.541 18,gJ9 11. CREDrroRS DUE ITfHIN ONE YEAR 23 783 A(xruals 2,214 2.656 9.039
Pw16 NEW HORIZONS COVEKfRY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 12. STATEMEKf OF FUNDS At31 2024 2024 519 938 340 944 Eamwrked gifts Total lund• 619,938 352J84 (363,601) 518.722 Tho general re88rve fewwts th& free furth oftho chaiity whh are not designated for partlcular purpo8e8. 'Earmarked gift8. rnprwt datiOnS for bonef•ciaries or projects. 13. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Tangfol Fixed Current Current Total Funds Lts'lits 2024 Rt¢t¢d fund8: EaMrked gifts Total lund• 23.174 600,551 (5,003) 518,722 14. FUNDS RECEIVED AS AGEKr During the year tho ch¥ity {tIOnS behalf of a coq)erat•ng charity. 'Congres8 WBN,. totalling £1.720. After transackn fees £54 re deducted, the balan(% of £1,886 was at the yearrKÈ was paswl (m to the bwefKaary (a churth in Ukrane) after ts year*rKI had passed. As these funds were not within ts drity's control and chanty was only xting as an agent. the irthme, eXpdituTe arKI assets are rM)t inckthj n these accounts as SORP {FRS102} section 19.