New-u Enterprises Ltd Annual Report and Flnancial Statements For the year ended 30 November 2024 Company Registration Number: 11697528 Charity Number: 1186761
New-u Enterprlses Limited Annual Report and Flnandal Ststements For the year ended 30 November 2024 Contents Legal and administrative information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balan Sheet Notes to the flnantlal statements 8-13
New-u Enterprises Ltd Annual Report and Flnancial Statements For the year ended 30 November 2024 Legal and admlni5tratlve Informatlon Cornpany Registratlon Number: 11697528 Charity Nurnber.. 1186761 Chartty'$ principal address: 75 Castle Quarter Norwich Norfolk NRI 3DD Dlrectors and trustees The dlrectors of the charitsble company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as follows-. Tru5tee5: Simeon Archer-Rand Louise Harriet Gardiner Rev Heather Cracknell Robert Bradley Julla Nix Qeuczilla lane Harrison Chair Strate8i¢ Director: Sue Buffin Independent Examiner.. D R Chilvers ACA FCCA For and on behalf of Johnson Holmes & Co. Chartered Accountants Towlers Court 30AElm Hill Non¥ich NR3 IHG
New-u Enterprises Ltd Annual Report and Flnandal Statements For the year ended 30 November 2024 Report of the Trustees The trustees preseiit their report and financlal ststements for the year ended 30 November 2024. Structure. governance and management. New-u Enterprises Ltd is a charitable company limited by guarantee, incorporated at Companies House on 26 November 2018 and registered with the Charities Commlsslon on 5 December 2019. The names of the trustees are given on page l. New trustees are appointed following InteIeW. The Trustee Board Is advlsed by a Steering Group which conslsts of the Strategic Director, Finance Lead, operational representative, further education representatlve, volunteer representative, referral partner5, Customer representative and participants. Objects and artiviti¢5 The charitable objects of New-u Enterprises Ltd are:_ l. The relief of unemployment forthe public benefit in such ways as may be thought fit, including assistance to find employment. 2. To advance in life and help young people through providing support and activtties which develop their skills and capabilities to enable them to participate in Society 35 mature and responsible individuals. 3. The protection and preservation of the environment for public benefit by: al The promotlon of textile waste reduction, re-use, re-cycllngl use of recycled products and use of surplus bl Advancing the educatlon of the public about aspects of waste generat5on, waste management and waste recycling cl The relief of financial hardship by recycling and provision of clothe5 and other household items A summary of the main activities undertaken by New-u Enterprise5 Ltd to achieve fc5 charitable objects a.. New-u takes action to improve social mobility in unemployed people alongside environmental cause5. We have a pa55lon for reducing textile waste whilst developing skills and experiences for long term unemployed people with multiple barfiers to overcom8. New.U offers.. Individualised work placements in a sustainable pre-loved clothes shop, honesty book library and upcycle sessions to improve skills and increase confidence,. Dedicated 1-2-1 supportfollowlng a workexperience plaMentfrorn one of ourtralned volunteer mentors to achieve employability goals and next steps,. Free clothing to people in need, Including individuals facing financlal barriers to actessing appropriate wear forjob interviews/formal occasion5,' Upcycle sessions open to the general public, to re-use clothing no lonEer suitable forwearing; and Pop up events in communitie5 to enable the wider community to contribute towards a more sustainable lifestyle
New-u Enterprises Ltd Annual Report and Flnanclal Statements For the year ended 30 November 2024 Report of the Trustees New-u prides itself on being a warm. friendly and welcomlng space for service users and customers alike in our boutique style pre-loved clothing shop in central Notwich, in the adlolning honesty bouk library and at textile upcycle sessions in Nornich, tsomer and surroundlng areas. Achlevements and performance The shop in Castle Quarter Nonvich was opened in 2018 and remains the central hub for charitable artivities. It Is here that participants on work experien begin their placements of weeks at 3 hours per week, followed by individual mentoring sessions. Partlclpants often present with multlple and tompleK barriers to overcome,. 80% report a disability or hidden disability. The support, tailored to an Indlvldual'5 needs. 15 particularly important for this group of vulnerable adults to be able to recognise their skills and evidence this to potential employers. The primary alm of our retail unit is to create a genuine work environment in which people can learn and grow ratherthan generate income. With 1-2-15UPPOrt from our Shop manager. participants learn through carrying out acÈwities within the shop alongside our small, dedicated staff team and volunteers. We are extremely grateful to the National Lottery Reaching Communities Fund for remalning a key funder by awarding us 3 years funding in July 2024. This funding has given us the stablllty to adapt and innovate in rèsponse to the needs of unemployed and disadvantaged people and their communltles. Our level of self-generated income via our shop and communlty events has remained consistent of recent years. Over 12,000 items of clothing and accessories were kept in circulation as wearable items in thi5 reporting period. A further 20m+ items were re-purposed within upcycle sessions led by New-u where rnernber5 of the public meet in a safe and welcoming space to create sustainable. useful and interesting craft items by re-purposing donated Items of clothing that are no longer fit to wear. In Summer 2024 we introduced digital loyalty points and began swltchlng existir)g customers over to this improved system. Over4000 happy customers have shopped in New-u this year, with and without loyalty points. New-u continues to work with many stakeholders and support organisations to provide clothlng to those in need, and to offerfree smart clothing for inteNiew, or any other occasion where smart attire is requi, direct from our Nolth shop. We provided 120 households with vouchers to spend in store on seasonally appropriate clothing to the value of £100 each110-20 items).
New-u Enterprlses Ltd Annual Report and Financial Statsments For the year ended 30 Movember 2024 Report of the Trustees Flnanclal review Thè charitable company's unrestrirted reseThes on 30 November 2024 We £111.422. It Is our wlicy Is to have a minimum of 6 months running costs In reseNes. We have achieved thi5 objective during the rèporting period. Publlc benefit ststement The trustees have had due regard to the Charity Commission's guidance on public beneflt when reviewing the charivs alms and objective5 and in planning its activities for the year. They have considered how the planned activities will contribute to the aims and objectlves Set out in the governing document. The trustees are satisfièd that the charity's activities durinE the year have provlded identifiable benefits to the public. In line wlth its charitable purposes. The trustees declare that they have approved the tru5tees' report above. Signed on behalf of the charivs trustees. Simeon Archer-Rand Ichairl Date.. 1910812025
New-u Enterprise5 Ltd Annual Report and Flnanclal Statements For the year ended 30 November 2024 Independent Examiner's Report Independent ExamineT'5 Report tp the Trustees of New-u Enterprises Ltd I report to the charity trustees on my examinatv)n of the accounts of the charSty for the year ended 30 November 2024 which are set out on pages 6 to 13. RespDn$lbllllles and basls of report As the charity trustees land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordancÈ with the qUirementS of the Companies Act 2006 I'the 2006 Act'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 examination. I report In respèct of my examlnatlon of your company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examlnerfs rtatement I have completed my examination. I confimi that no matters have come to my attention in connectlon with the examination giving me cause to believe that in any material respect: accounting records were not kept in re5pert of the company as requlred by sertlon 386 of the 2006 Act,. or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 other than any requirement that the account5 gNe a 'true and fair view, which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principle5 of the ststement of Recommended Practice for accounting and reporting by charities lapplicable to charities prèparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which ntion should be drawn in this report in order to enable a proper understanding of the acco ach ts D R Chilvers ACA FCCA for and on behalf of johnson Holmes & Co. Chartered Accountants Towlers Court. 30A Elm Holl. Norwich. NR3 IHG Date: 191812025
14ew-U Enterpr[5 Ltd Annual Report and Flnanclal Statements For the year ended 30 November 2024 ststement of financial Activities Ilnduding Income aDd Expendlture Aceoum) Note Unre5trirted Restrlcted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income: Donations and legacies Charrtable artivities 9,825 28,782 85,085 94,910 28,782 88,698 34,899 Totsl Incoming resources Igross income In the yearl 38.607 85,085 123,692 123,597 Expenditure: Raising funds Charitable activities 542 35.258 542 147,956 762 162.337 112,698 Total expenditure in the year 35,800 112,698 148,498 163,099 Net Incomellexpenditure) before tax for the year 2,807 127,613) (24.8061 139,502) Tax payable Net incomel{expenditurel 127,613) 124,806) 139,5021 Transfers between funds 141,3331 41,333 other gains/{lossesl Net movement In funds {38.5261 13.720 124,8061 (39,5021 Re¢onciliation of fvnds Total fund brought forward 149,948 149.948 189,450 Net movement in fund5 138,5261 13,720 124,8061 139.5021 Total funds carried forward IIIN22 13,720 125,142 149,948 The statement of financial actiVTtie5 includes all gains and losses recogni5ed in the year. All income and expenditure derive from contlnulng activities. The notes on pages 8 to 13 form part of these accounts.
New-u Enterprises Ltd Annual REport and Financial Statement5 For the year ended 30 November 2024 Balance Sheet Note 2024 2023 Current assets Debtors Cash in hand and at bank li 138,317 160,800 Total current assets 143,317 160.800 Liabilities Credltors fall1 due wlthln one year 12 118,1751 110,8521 Net current assets 125,142 149,948 Total net assets 125,142 149,948 Funds of the charlty: Unrestrirted funds Restrlcted funds 13 111,422 13,720 149,948 Total Charity funds 125.142 149,948 The company wa5 entitled to exemption frtjm audit under 5477 of the Companies Act 26 relating to Small companles. The members have not requlred the company to obtsin an audit in accordance with section 476 of the Companies Act 2006. The d1ctOrS acknowledge their responsibilities for complying with the requirements of the Companies Art with respect to accounting records and the p paration of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subjert to the Small companles reglme and in accordance wrch FRS102 SORP. The flnaneial statements were approved by the trustees and authorised for issue on 1910812025 and are signed on their behalf by: Simeon Archer-Rand (Chairl The note5 on pages 8 to 13 form part of these accounts.
New-u Enterpri5e5 Ltd Annual Report and Flnanclal Statements For the year ended 30 November 2024 Notes to the Flnandal Statements Accountlng pollcles The principal accounting pollcles adopted, judgements and key sources of estimation vncertainty in the prEparation of the financial statements are as follows.. al Basis of preparntion The financial statements have been prepared in accordance wlth 'Accountlng and Reportlng 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 IFRS 1021. ISORPI leffective January 20151, and the 'Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021.They also comply with the reporting requirements of the Companies Art 2006 and the Charities Act 2011. New-u Enterprises Ltd meets the definition of a public benefit entr(y under FRS 102. Assets and liabilitSes are initially recogrbised at historlcal cost or transaction value unless Otherwise stated in the relevant accounting policy note. bl Preparatlon of the financial statements on a iolng coneern b8sIs It is acknowledged that the current economic climate continues to create a degree of uncertainty in the Thlrd Sector and also in the retail sector. along with increased financlal hardship due to cost of living pressures that potentially restrict fundraising opportunities. New-u Enterprises Ltd is however in a strong posltlon to fulfil it5 primary aims and objertives as there are more young people who are even further away from work and therefore our fore¢asted financial projections. which include confirmed, substantial grants from fundlng bodles, maintains a healthy financial posltion and liquidity. This position, allied to a good level of unrestricted resetves to help support thè financial position, means that New-u Enterprises Ltd remains a going concern under current operating condltions. cl Income recognhlon pollcles Items of income are recognised and included in the financial 5tstements when all the following criteria are met.. the charity has Èntitlement to the funds. it Is more likely than not that the trustees will receive the resources. the monetary value can be measured wlth sufflclent rellabllity. dl Govemment grants The charity has received government grants in the rèporting period. e) Donated goods All clothing that the shop swapslsells has been donated and has negligible realisable value due to the customary low value of items that have been donated. It 15 not reasonably practicable to measure it5 value and therefoie is not classified as stock in hand under current assets.
New-u Enterprises Ltd Annual Report and Flnanclal statements For the year ended 30 November 2024 Notes to the Financlal Statements el Donated goods contlnued Shop fittings have mostly been donated from the fDrmer leaseholder of the shop premises and are not recognised as assets on this basis. The fittings are largely purpose built for the premises and would remain with the lease. once the existing lease contract is terminated by either party. Computer equipment and shop tlll technolo has only negllglble realisable value due tD its age and condition. n Expenditure and Ilablltties Liabilities are recognlsed where It Is more likely than not that there is a legal or constructlve obllEatlon committing the charity to pay out resoufft5 and the amount of the cbligation can be measured wlth reasonable certaintv. g} Stocks and work in progre5S There is no certainty that any of the stock holds potential for transfer of economic benefits as it 15 there to be swappedlsold as part of charitable activities. h) Debtors Debtors lincluding trade debtors and loans receivable) are measured on inttial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. 11 Creditors The charlty has creditors which are measured at settlement amounts less any trade discounts. Income from donatlons Unrostrkled Re5trKted Funds 2024 Funds 2024 2024 2023 General grants provided by government Inote 41 General grants provided by funders (note 51 500 9.325 32,7C¥J 52,385 33.200 61.710 85,698 Totsl 9,825 85,085 94,910 88,698
New-u Enterprises Ltd Annual Report and Flnanclal Statements For the year ended 30 November Z024 Notes to the Flnanclal Statements Income from charitable artivities UhfEStrirled Re5tFkted Fund5 Z024 ds 2024 2024 2023 Fundraising Online sales Shop sales Other 843 4,316 23,343 280 4,962 4,316 5,490 23,343 24,411 280 36 Total 28.782 28.782 34,899 Government grants Unrestdcted Fd5 2024 RÈstricted Funds 2024 2024 2023 Arts & Culture Fund Focus Group Norfolk County Council NCC Household Support Fund 3,000 500 5(Kl 20,C() 12,7C#) 20.000 12,700 Total 500 32.700 33,200 3,(M)O General grants Unre5trlcted Restrtted Fd$ 2024 Funds 2024 2024 2023 Charities Trust Norfolk Community Fund Big Lottery Reaching Communities Co-op Upcycling Norwich Freemans Bassham Fund Mr & Mr5 Rackham Aviv Bi8 Lottery Awards for All 795 10,275 43,604 72,378 2,781 4.000 2.000 500 2,245 6,580 43.604 2,781 4,000 2,0 500 2,245 6,580 2,250 Total 9,325 52,385 61,710 85,698 Donated goods, faclllties and Services New-u Enterprise5 Ltd hold5 Short term linCe to occupy 75 Castle Quarter, Norwich (New-u shopl and 73 Castle Quarter, Norwich (The Honesty Library). These licences are not recognised as benefits in kind or amort15ed as expenditure in the SOFA. Onty one month notice is required for elther partv. Unpaid volunteers support external attrvities and events, and support service users. Volunteer support help administer payroll and finances. io
New-u Enterprises Ltd Annual Report and Financial Statements For the year ended 30 November 2024 Notes to the Flnancial Statements Expenditure on raising funds Unre5trirted Restrlcted Fund5 2024 Fur#15 2024 2024 2023 Stsging fundraising events 542 542 762 Total 542 762 Expenditure on charltable actlvities Unresiricted Fund5 Z024 Restrirted Funds 2024 2024 2023 Staff salary costs (note 91 Shop runnlng costs Other costs Ilncludinggovernance support costs) 32,464 1,817 977 101,469 133,933 135,932 5,680 7,497 5,549 6,526 17,001 Total 35,258 112.698 147,956 162337 Governance and support costs Unre51rirted Fundg Z014 Restrlrted Fuhds 2024 2024 2023 Independent examinerf5 fees 475 1,505 1,980 1,980 Totsl 475 1,505 1.980 1.980 Stalf costs Unrestrl¢ted Funds 2024 Aestritted Fund$ 2024 2024 2023 Salaries and wages Social security costs Pension costs (defined contribution scheme) 30,309 1,560 595 94,645 124,954 123,380 4,941 6,501 10,204 1,883 2,478 2,348 Total 32064 101,469 133.933 135.932 li
New-u Enterprises Ltd Annual Report and Finan¢lal Statements For the year ended 30 November 2024 Notes to the Flnafitlal Ststements staff costs continued The total amount paid to key management personnel (includes trustees and senior mana8ementl for their seNice5 to the charity during the year was £84,72512023: £83.6571. The average number of employees during the year was 712023.. 71. io Dellned contribution penslon scheme Z024 2023 Amount of contributions recognised in the SOFA as an expense 2,478 2.348 Total 2,478 li Debtors 2024 2023 Norfolk County Council 5,000 Total 5,000 12 Credltors- amounts falling due wlthln one year 2024 2023 Accruals Taxation and socbal security Deferred income 1,980 2,475 13,720 1,980 2,292 6,580 Total 18,175 10,852 Deferred Income Certain income of the charity is contract income that is subject to performance-related conditions. Where the income is received in advance of delivering the guods and service5 required by those conditions, the income is accounted for as a liability and shown on the balance sheet as deferred income. Deferre(l income is released to income in the reporting period In whlch the performance- related or other conditions that limit recognition are met. 12
New-u Enterprfses Ltd Annual Report and Flnanclal Statements For ihe year ended 30 November 2024 Notes to the Flnanclal Siatements 13 Analysis of charltsble funds Balance at I December Incoming 2023 re50urcès Expenditure Transfers Balance at 30 November 2024 Unrestrirted funds General fund 149.948 38,607 I35.8) 141,3331 111,422 Restrlcted funds Norfolk County Council NCC Household Support Big Lottery Reachin Communities Co-op Upcycling Norwich Fernan5 Bassham Fund 20,C 12,7LI) 43,604 115,LMJOI 112,7001 176,2171 41.333 8,720 2.781 12,7811 14.(X)01 12,0001 2.0 85,085 1112,6981 41,333 13,720 Totsl funds 149.948 123,692 148,498 125.142 Name offund Descrl tlon nature and se of the tund Unrestrlcted funds General fund The 'free reserves, within the charity. Restrlcted funds Norfolk County Council To support young people ta Improve maths skills. NCC Household Support To provlde free clothing to 120 disadvantaged families in Norfolk. Big Lottery Re3chlnB Communities To support unemployed young people furthest from work and help alleviate povertv. Co-op Upcycling To facilitate upcycling session5 aimed at reducing textile waste and alleviating loneliness and isolatlon. Norwlch Freemason5 To Install and run a digital points system In the NOlCh shop. Bassham Fund External storage and contribution towards premises upgrade. 13