New~U Enterprises Ltd Annual Report and Winanclal Staternents Forthe year ended 30 November 2023 Company Registratlon Number: 11697528 Charity Number: 1186761
New41 Enterprlses Umlted knnyal Report and Fmandal Stalements For the year ended 30 No¥•nber 2023 Contents Legal and administrative information Report of the Trustees 24 Independent Examinees Report Statement of Financlal Artivities Balance Sheet Notes to the financial statements 8-13
New-u Enterprlses Ltd Annu•l Report and Rnandal Statements For the year ended 30 N0mber 2023 IAi•l and administr•ilve Infomiaffj•x Comp•ny stratIOn Number: 11697528 arfty Number: 1186761 (tharfws prfnclpal address: 75 Castle Quarter Norwich Norfolk NRI 3DD Dlrertor5 and trnstees The directors of the charitable eompany (the charltyl are its trustees for the purpose of charity law. The trustees and officers serving during the yearand since the year end were as follows: Trustees.. Simeon Archer-Rand Louise Harriet Gardiner Rev Heather Crncknell Robert Bradley Julia Nlx Qeuczilla Jane HalsOn ¢Jbair apwinted 3June 2024 Str•te8lc Ixrector. e Buffin Independent Examlner: D R Chllvers AC4 FCCA Forandon behalfofjohnson Holmes &Co. Chartered Accountsnts Towlers Court 30A Elm Hill Norwich NR3 IHG
14e•• Enterprlses Ltd Annual Report and FlnanLlal Statements Forthe year ended 30 NLwember 2023 Report of the Trustees The trustees present their report and financial ststements forthe year ended 30 November 2023. Structure ywernance and man•8ement Neu Enterprises Ltd 15 a charltable company Ilmlted by guarantee. irttrporated at Companres House on 26 November 2018 and registered wfch the chatieS Commission on 5 De¢ernr 2019. The names of the trustees are given on page l. New trustees are appointed following interview. The Trustee Board is advised by a Steering Group which consists of the Strateglc Director. Finance Lead. Operatlonal stsff representstNe, Further Education Representstive, Volunteer Representative. customer representstlve and partlcipan Objorts •nd artlvltles The charitable objects of New-u Enterpdses Ltd 8re:_ l. The relief of unemployinent forthe public benefit in sud) ways as maybe thoughtfrt, indudinq assistance to find employment. 2. To advance in life and help young people through provicfing support and artivities whkh develop their skills and capabilities to enable them to participate in society as mature and responsible individuals. 3. The protettion and preseryation of the environment for publi¢ benefrt by: al The promotion of textile waste reduction, r¢-use, Trwlin& use of recycled products and use ef surplus bl Advancing the education of the wblk about aspects of waste generation, waste management and waste recycling cl The relief of finandal hardship by rewcling and provislon of clothes and other household items A summary of the main actlvlties undertaken by New-u Enterprises Ltd to achleve its charitsl objects are: New-u takes actlon to impr¢)ve social mobility in unemployed people alongside envlronmental causes. We have a passion for reduclng textile waste whilst developing skills and experiences for long term unemployed people with multiple barriers to overcome. New-u offers; Individuallsed work placements In a sustainable clothes ywap-shop* honesty book library and upcycle workshops to impreve skills and increase confldence; Dedicatsd 1-2-1 support following a work experience placEment from one of our trained Volunteer Mentors to athieve employability8oals and next steps; Free clothing to people in need, including individual's facing financial barri¢rs to Iccessing appropriate wear forJob interviews/forn)al occaslons; Ukvcle workshops open to the general public to re-use clothing no longer sultable for wearbng; Ind Pop up events in communitie5 to enable more Feople to eontribute towards a more sustalnable lifestyle.
New Enterprfs•s itd Annu4 RepM and FlnJndal Ststements For the year ended 30 November 2023 Report ofthe TIu5tees New-u prldes itself on being a wami. friendly and welcomiru space for See users and customers alike in our tKiutique style pre-loved Clothing wap shop in central Nopwlch, in the adj'oining honesty t4Jok Ilbrary and at textile upcycle workshops. Athle¥ement$ •nd perfornuftce The shop in Castle Quarter Norwich was opened in 2018 and remains the centrdl hub for charitsble èctsvities. It is herethat participantson work experien begin their pl4ments0tbetWeen+6 weeks at4 hours per week. Participants often present with multiple and Complex barriers to overcome," 80% report 4 thsability or hidden disability. The support, tailored to an individual's need5, is particularly Important for thls group Qf vulnerable adults to be able to recognise their skills and evidence this to potential employers. The primary aim of our retsll unit is to create a 8enuine work environment in whi¢h people can learn and grow ratherthan generate income. Wlth 1-2-1 supFortfrom the shop manageri participants leam through carrying out accivities withln the shop al0de ¢yJf paonate team. Self-funding eamed through the shop and events generated an annual Income of circa £35,C0 and we continue to relyon grant funding to Cover the remainderof our wsts. We have grown our financk31 reserves (from £68,000 in 2021 to £150,000 in 2023) in orderto expand our offer to unemployed people, to reach more eommunrties. to further reduce textile waste and to encourage a sustainable shopplng alternatlve. Ourgrowth in reserves enables ustocontinue to matth fund new, innovative schemes as we dlverswy and expand our (rit$ range of activities. Cknr 14,1>)O items of clothing and accesx)ries were kept in circuLitbn as weardble item5 In thls reporting period. A further 2Cth+ items were re*urposed thIn ple workshops led by New4J where members of the publlc met in a safe and welcoming space to create sustsinable. useful and interesting craft items. Our UFcycle workshops have gained momentum thls year in North Norfolk and Norwich. Offerin8 these regular free acttvities promotrs intergenerational interaction, helps to combat lonellneyJ and isolation and further reduces textile waste by re-purposlr6 donated items of clothing that are longer fit to wear. New-u continues to work with support orEanisatlon$to provide clothing to those in need, Ind to offer free 5m4rt clothlng for interview. orany otheroccasion where smart attire 1$ required, direct from our Norwid) shop. Funding awarded by Breckland Councll Inspiring Communltles Fund and The Blg Lottery Awardsfor All Fund Saw the opening of an affordable clothe5 shop in The Charles Burrell Centre, Thetford between October 2022 and March 2023. The Shop provided a Choice of clothlng and aC$SOrIeS forthe whde famlly forbetsyeen lop and £5 per item. The aimwas to enablefamilies and individuals facingflnanclal hardship an easily accessible place In the heart of their community to shop for warm winter clothlng. Over 12Crf) items were ught by 200 customers wlth an average price of 75p per item.
New-u Entsrprf5es Lid Annual Report and Rnanci•J Stgtements For the year ended 30 November 2023 Report of the Trustees In Oetober 2023 we hosted our first SU5tain?bility event In Norwith. New-u Eco-Futures. Funded bv The Big Lottery aimate Action Fund and The Norfolk Community Foundation Love Norfolk fund the event was held at the Norwich High School tor Girls and h05ted 26 or¥ani5ations from across Norfolk promoting sustainable prdctlces rdnging from recyeling to compostlng to fashion. certhewh0]e day event 2CQ people from across Nofwl¢h attended leaming about Sustsinable prèttlcesj getting stuck into purnpkin camng and of course being able to swap or purchase pre-loved clothing. Afftandal revlew The charitable companrfs resetves on 30 November 2023 were £149,948. It Is our policy is to have a minimum of 6 months running costs in reserves. We have achieved this during this reporting period, having approximately 11 months running Costs in reserve. The trustees declare that they have approved the truste¢< report above. gned on behalf of the charirfs trustees. Stmeon Archer-Rand {Chairl Date: S-f-z È
N.u Enterpvlses Ltd Annual Rewt and F5nandal Statements For the year •nd•d 30 November 2023 Indep•n(knt Ex•mlner's RePt Independent Examlntr'$ port to the Trustees of N•v.U Enterprlse5 Ltd I report to the charlty trustees on my examination of the accounts of the charity for the year ended 30 November 2023 which ?re set out on pages 6 to 13. Re5ponslbllltles and basls of reyt As the charity trustees land also rfs directors for the purposes of company lawl you are responsible forthe preparation of the accounts in accordan with the requirements of the Companles Act 2006 (the 2006 Art'l. 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 exarnlnatn, I report in respect of my examination of yourcompanvs accounts as carried out under sectlon 145 of the Charities Art 2011 (the 2011 Art,). In carrying out my examination I have follovRd the Directions gr¥en by the Charity Commission Ltrnder sectlon 145151 Ibl of the 2011 Art. Independent examlner's statement I have completed my examinatlon. I contimi that no matters have come to my èttentlon In connection with the examination giving me cause to believe that in any material respect: accounting records were nDt kept in respect of the company as required by srftion 386 of the 2006 Art; or the aeeounts th not accord with those record5,' or the accounts do not comply wlth the accounting requlrements of sertion 396 of the 2QJ6 other th4n any requirement thatthe aceounts give a 'true and fairvie which is not a matter considered as part of an independent examination: or the accounts have not been prepared in accordan with the methods and pAntlples the Ststement of Recommenthd Practice for a(£ounting and reporting by charities lapplicable to charities preparing their accounts in KCOrdan vAth the Financial Rewrting Standard applkable in the UK and Republic of Ireland (FRS 10211. I have no COnrn5 and have Come across no other matters in connection with the examlnation to which tio should drawn in this report in order to enable 8 proper understanding of the che nt5 D R thilvers ACA FCCA for and on behalf of Johnson Holmes & Co. Chartered Accountants Towler5 Court. 30A Elm Hlll, Nopwich, NR3 IHG Date: 5-8-1
New.U Entsrprfses Ltd Annual Repwt and F5nandaJ Statements For the year ended 30 Novemb•r 2023 Staiement of FinMdJl Acfivitles Ilndudln8 Incomo and Ewdlture A¢tountl Note Unrewkted Restrl¢ted Funds Funds 2023 2023 Totsl Funds 2023 Tot•1 Funds 2022 Income: Donations and lega¢ies Charitable actr¥ities 63,659 34.899 25,039 88,698 34,899 296,268 39,834 Totsl Incomln8 resources Iyoss Income In the year) 98,558 25.039 123,597 34102 Expture. Ralslng funds Charitsble activities 762 137,298 762 162,337 2,953 211,984 25,039 Total e¥pendlture In the year 138,060 25,039 163.099 214.937 Net 1ncomel(expendlrej b¢fw• tax for the year {39.502) 139,5021 ¥165 Tax payable Net Incomel{expen(hture) (39,502) 139,502) 12L165 Transfers between funds Othergalns/llosses) Net movement in funds (39,5021 (39.502) 1,165 Recondllatlm Df funds Totsl fund brought forward 189,450 189,450 68,285 Net movement In fun(ts 139,5021 I3902> 121,165 Total fvnds rtled ford 149J18 149.948 189A50 The ststement of finanaal activities indudes all gains and losses recognlsed in the year. All in¢ome and expendlture derive from contlnu5ng artivities. The notes on pa8es 8 to 13 form part of these accounts.
Nthw-u Entwprfses Ltd Annual Report and Rnanrjal Stat•nents For the yeai ended 30 November 2023 Balance Sheet 2023 2022 Currenl assets Debtors Cash in hand and at bank li 48.110 156.403 I60,0 Total ¢uffent assets 160.8(X) 21VI,513 Uabmltles Cro¢fitaKs l•lllns due 1 one year 12 {10,8521 (15.0631 Net ¢urr•nt assets 149, 189A50 TcQal net assets 149,948 189A50 Funds of the charlty. Unrestricted funds Restrirted funds 13 149,948 189,450 Tot•1 Charlty fund$ 149,948 9A50 The company was entitled to exemption from audlt under $477 ofthe Companres Aet 2006 relatlngto small companies. The members have not required the company to obtain an audlt In aecordance wlth section 476 of the Companies Act 2006. The &irectors acknowledge thelr responsibifities for complylng with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These a¢¢ounts have been prepared in accordan with the provlsions applicable to small companies subject to the smèll companies re8ime and In ac£ordance with FRS102 SCf<P. s-?-z(E The finanelal ststements were approved by the trustees and authorlsed l¢x issue on .......................... l are signed on their behalf by: meon Aher-Rand (Chalrl The notes on leS 8 to 13 forni part of these accounts.
Annu•J Report ?Trd FITrand Statements For the year ended 30 November 2023 Notes to the Fkn•nclal Statements kcountlng pollcles The principal a¢countln8 policies adoptedj judgements and key sources of estimation uncertainty in the preparation of the financial stètements are as foltow$'. a) 8asls of prepJrntl The financial statements have been prepared in accordance with 'Accountiry and Reporting by Charities: Ststement of Recommended Practice applicable to charltles prep3rfng their ac¢£Junts in accordanee with the Financial Reporting Standard appliCae in the UK and Republic of Ireland {FRS 102), ISORPI {effertive January 20151, and the 'Financial Reporting Standard appllcable in the UK and Republic of Ireland, IFRS 1021.They also complywith the rewrting requirements of the C£Jmpanies Act 2006 and the Charities Act 2011. New-u Enterprtses Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hlstoriol cost or transaction vèlue unless otherwise stated in the relevant accounting policy note. b) Preparntlon of the ftnand•l statements on a 8olnz ¢oncem basls is acknowledged that the Curnt economlc climate continues to create a degree of uncertainty in the Third Sector and also in the retail sector, along wth increased financial hardship due to cost of INing pressures that wtentially restrict fundraising opp)rtunities. New-u Enterprises Ltd is however in a strong positlon to fulfil its primary aims and objertives as there are more young people who are even further away from work and therefore our forecasted financial projections, which include confirmed, substsntial grants from funding bodies. maintains a healthyfinancial 1t10n and liquidity. This p)sition, allied to a good level of unrestrirted reseThes to help supFort the financial position, means that New-u Enterprises Ltd remains a going concern under Current operating conditions. c) Income recognltlon pollcles Item5 of income are recognised and induded Sn the financial statements when all the foliowing¢riteria are met: the charity has entltlerrEnt to the funds it is rnore likely than not that the trustees will receive the resources the monetary value can be measured with sufficient reliability. d) Governmwt grants The chartty has received governmert grants in the reporting period. e) Donated zoods All clothing that the shop swap5/sells has been donated and has negligible realisable value due to the customary low ¥alu¢ of ttems that have been thnatsd. It is not reasonabl¥ practrcable to rneasure ks value and therefore is not dassified as Stock in hand under current assets.
Annual Report and Rnand•l Statsments Forthé year •nded 30 Novembw 2023 Notes tothe An¥nclal Stat•ments e) Donated 8oods conthiued Shop fittings have mostly been donated from the fornier leaseholder of the shop prernises and are not rewgnised as assetsonthis ba51& The fittires •re largely purpose builtforthe premises andwould remain with the lease, once the existing lease contrdct is termlnated by either party. Computer equlpment and shop till technology has only neqllglble realisable value due to Its age and condition. fj Expendlture and Aatslltles Llabilitles are recognisedwhere it is more likely than n(rt that there is a legal orconstructive obligatloft commltting the charity to pay out resources and the amount of the obligat¢on can be measured wlth reasonable certainty- g) Stocks and work In pro8ress There is no certainty that any of the stcd( holds rKJtential for transfer of econornic benefits as it is there to be SWaPF*dlsold as part of ¢haritsble activities. h) Debtors Debtors {includin8 tTade debtors and loans receivèblel are measured on Inltial recognition at settlement amount after any trade discounts or amount adlrdnced by the Charity. Subseouently. they are measured at the cash or other ¢on5ideration expthd to be recelved. l) Credltors The Charity has credltrs vthich are measured at settlement amounts le55 any trade dlscounts. come from don•tions 2023 2022 Funds2023 fvnd$2023 General grants provided by government Inote 4) Lk)natlons and gifts General grants provided bv tunders (note 51 3.CQO 7,218 213 85,698 267,247 63,659 22.039 Totsl 63.659 25,039 88,698 296.268
NewThU Ent•rpr15es itd Annual Rewt and Flnandal Statements For the year ended 30 November 2023 Notes to the Hnandèl Statemt$ Income from tharftsble actlvhl•s Fd$l0ZI Fund52023 Fundraising Online sales Shop sales Other 4.962 5,490 24NII 36 4.962 5,490 24AII 36 L048 4,342 26,329 8,115 Totsl 34,899 34,899 39.834 Gownment y•nts Funds 20 Fund5 1023 Arts & Cukure Fund Kickstsrt Employment Scheme Young Persons APprenti$biP Scheme Pathways Scherne 3,000 2,866 2,402 1.950 Total 3.OlX1 S,( 7218 General grants 2023 Fwds 1023 Fund5 2021 CRF Charfties Trust Norfolk Community Fund Big Lottery Other 180,811 795 5,275 15,969 795 10,275 250 72.378 86.186 2,250 56.409 2,250 Totsl 63,659 22,039 85,698 267,247 Donated 8ood& facilitie5 and seTr1$ New-u Enterprise5 Ltd holds short term Ilcenee to occupy 75 Castle Quarter. NoThYith {New-U shop) and 73 Castle Quarter, )rwIth trhe Honesty Librnry). These licences are not recognlsed as benefits in kind or amortised a5 expendlture in the SOFA. Only one month notice Is requlred for either party. Unpaid volunteers supwrt external actlvitie$ and wents, and support service users. Volunteer support help admlnister payroll and finances. io
New.U Enterprf5e5 Ltd Annual Rep(vt and Flnandal Strtements For the year ended 30 No¥ember 2023 Note$ to the Flnandal Statements Eyndltwe on ralsln8fvnd$ 2023 FundsXIJ F)th 2023 Stsging fundraising events 762 762 2,953 Total 762 762 2,953 Expendlture on dwhable actlvltles 2023 2023 Fund$ 1025 Staff salary costs (note 91 Shop running costs Other costs IlrKlthqo¥¢m•nEe4nd 114,966 7,953 14.378 20,966 135,932 134,L88 1.451 9,404 45.728 2,622 17,001 32,068 Tot•1 137,298 25.039 162,337 211.984 Goveman¢• and 5UPPOrt wsts 2023 2022 Fund5 2023 Fund520Z3 Independent examinerfs fees 1.980 1,980 1,920 Tatal 1.980 1,920 Staff costs i$trlr Renrkmd Funth 21)23 Snd5 2013 2023 Salarles and wages Social security costs Pension costs (defined contribution scheme) 104,350 8,630 1?86 19,030 123.380 122.227 I74 10.204 9,669 362 2.348 2,292 T(*•l 114,966 20,966 135,932 IJ4.188 li
Nv•AI Eirterprf5e5 Ltd Annual Rewt and Flnandal Statements For the year ended 30 November 2023 Notes to the Hnanclal Statements Staff costs conilnued The totsl arnount pald to key management personnel lindudes trustees and senior managementl for their servlces to the tharity durir8 the year was £83,65712022: £69,708). The averè8e number of employees during the year vfts 712022., 81. l)efined contrl)utlon PenOn scheme 2023 2022 Amount of ¢ontribution$ reco8nised In the SOFA as an expense 2,292 Total 2,292 2023 Pathway grant recdvable UK c¢mmunlty renewal fund receivable 650 47,460 48.110 (hditors- amounts fallln8 due wlthln one year Accruals Taxatlon and x181 se¢urity Deferred Income 1,980 2,292 1,920 4.113 9,030 Ti*al 10052 15.063 Defmd Income Certain income of the charity Is contract Income that is subject to performanee-related conditions. Where the income is re¢eived in a0ll¢e of delivering the goods and serv1 qUired by those conditions. the income is accounted for as a liabilty and shown on the balance sheet as deferred income. Deferred income is released to income In the rewrting period in which the perfomian related or other conditions that limit remgnition are met. 12
New-u Ent•rplses Ltd Annual Reyt and Flnandal Statements Forthe year ended 30 November 2023 Notes to the Flnan¢lal Statements Analy4s of drtiable tsnds 8•lance at I Detember Balance at 30 November 2023 Incomln8 resources Expthdlture Transfers Unrestrlrted funds 189,450 98,558 1138,0601 149,948 Ilestrlrted fun(ts Arts & Culture Fund Chrities Trust Norfolk Communlty Fund Big Lottery 13.CDJI 17951 15,275) 115.9691 795 5,275 15,969 Totsl fvnds 189A50 123,$91 {163,099 149J48 N•me of unrestrfcted fund Des¢rfptlon. natsre & purpose of the fund General fund The 'free reserves, within the charity. Name of restrlcted fund Dexrtptlon. Aature & purpose of the fund Arts & Culture Fund Upc¥de artivities across Norfolk. arities Trust Upcyde artivitles in Norfolk. Norfolk Communty Fund Sheringham Shoals- 2 Outreach upcycle activities in North Trbrfolk. Communlty Hot Swt- upcyde events and improvlng ommunitywarn space. Love Norfolk Fund-contributlon towards Eco Futures events. Big Lottery Awards 4 All clothir* shop. contributior¢ towards afftirdable Climate Artion Fund contribution towards affor&ble clothlng Qutreach activities and Eco Futures event. 13