Company Reglstratlon Number. 067640 (Northern Ireland) Charlty Number. XR 31215 New Horizons Partnershi Acom an limited b uarantee Limited Trustees, Re ort and Financial Statements for the ear ended 31 December 2023 CHARTERED ACCOUNTANTS
New Horizons Partnershi Limited Re ort and Flnancial Statements Contents Page Company information Trustees, report Independent auditor's report Statement of financial activities io Balance sheet li Statement of cash flow 12 Notes to the financial statements 13-22
New Horizons Partnershi Information Limited Com an Trustees Shirley Hamilton Eamon McColg3n Bill Mclntyre Eoin McDonald Patricia Mccormack K3thleen O'Donnell {resigned 0710612023) Linda Mclntyre Paul Fagan Icommenced 01103120231 Sandra Friel {commenced 07/0612023) Audltors SCC Chartered Accountants 17 College Street Armagh BT619BT Bankers Allied Irish Bank Main Street 8allybofev Co.Donegal Sollcltors Worthingtons Solicitors 24-38 Gordon Street Belfast BT82 8DY Reglstered office 45c Derry Road Strabane Co. Tyrone BT82 8DY Northern Ireland Company reglstratlon number Nl 067640 Charity number N IC101401 (Northern Ireland) XR 31215 (Charitable Status United Kingdom)
New Horizons Partnershi Trustees, Re ort Limited The trustees present their report and financial statements for the year ended 31 December 2023. The financial statements comply with the Charities Regulations (Northern Ireland) 2015, the Companies Act 2006, the Memorandum and Articles of Association, and 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 1021 (effective l January 20151. The trustees, who are also directors for the purposes of company law and who served during the year end and up to the date of this report are as follows: Shirley Hamilton Eamon Mccolgan Bill Mcl ntyre Eoin McDonald Patricia Mccormack Kathleen O'Donnell (resigned 07/06120231 Linda Mclntyre Paul Fagan (commenced 01103120231 Sandra Friel (commenced 07/0612023) Principal actlvltles The charity's princlpal activlty durlng the year was to provide trainlng, vocational and Incluslve community opportunities for young adults with learning disabilities acr055 the North West border region,. developing best practice and shari n8 it within and outside the region. Structure, governance and management New Horizons Partnership Limited {" New Horizons l is a company limited by guarantee with charitable status, incorporated on the 2nd January 2008, and registered as a charity in Northern Ireland in 2015, The company was established under Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the winding up of the company each member is required to contribute no more than £5. The trustees of the charity when elected serve until the next annual general meeting at which they must be re-elected. The management operate a system of internal control designed to provide reasonable assurance, but not absolute assurance against material misstatement or loss. They include the; regular consideration by the trustees of progress reports regarding operational activities. These are carried out detailing performance indicator levels such as participant numbers and financial breakdowns. Any deviations from targets are highlighted and contingency actions are implemented; delegation of authority and segregation of duties among staff; and identification and management of risks to which the charity is exposed. Objectlves and Activities The objectives of the charity are to provide services in order to support learning disabled trainees to fulfil their vocational potential and to achieve a greater level of independence. Since 1995 New Horizons has developed a range of services to help young adults with learning disabilities to realise their full potential.
New Horizons Partnershi Trustee5' Re ort Limited The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the Trust's aims and objectives and in planning for future activities and setting the policy for the year. The Charity focuses on four main areas of operational activitv; Training - to equip trainees with specific vocationa l and life skills,. Community Opportunities trainees follow a realistic and achievable vocational path through placements with local placement providers, centered around the trainee, for the trainee and by the trainee,. Social Enterprises currently I horticultural enterprise in Strabane. Strabane Garden Centre continues to provide vocational opportunities for our trainees. This social enterprise is an excellent example of how New Horizons achieves equality and inclusion of our service users during their placement. Our service users have the opportunity to apply the skills and competencies they have developed on our training programmes in a supported practical work environment, as well as providing opportunities for the public to observe the real meaningful work that the trainees do. and Development of Learning resources for organisations that provide training and services to individuals with a learning disability. These are a series of learning resources and programmes designed to teach individuals with learning disabilities essential skills in the areas of work a nd travel, Newhop Skills for Work consI5ts of eight units of general work ski115 content and four units of vocationally-orientated content. Newhop Skills for Travel is a complete travel training programme for organisations working with people with learning disabilities, who wish to teach their end u5er5 safe, independent travel. Achlevements and Performance During the reporting year, a full return to in-person service for our trainees and staff was completed; with the facilitation of service provision in training, supported Community opportunities and in our Strabane Garden Centre, 45c, Derry Road. As well as the creation and delivery of new and varied timetables of learning which still included the delivery of key reading, writing and lifeskills, acting as a base for accredited training; trainees who had not previously experienced supported Community opportunities now opted to explore possibilities with our staff Team. The focus remained on supporting good physical and mental health throughout, working closely with other organisations and providers in the local Community, as well as seeking/providing new and exciting opportunities for Community inclusion. We continued to utilise, to the f ullest, our enhanced technological skills and equipment purchased to enhance the experience. The relocation of the training & Community Opportunities, service to Orchard Road Industrial Estate has benefited the additional scope 3vai13ble for the social enterprise, Strabane Garden Centre to remodel/revamp and develop. During this year the Teams on both sites were in a position to utilise the extra space to enhance further the unique service offering, with an initial focus on attracting new trainees. The priority in 2023 remained ensuring that our trainees, their families, our funder and all stakeholders, expectations are met/surpassed by our committed staff Team.
New Horizons Partnershi Limited Trustees, Re ort continued Financlal Review During the year ended 31 December 2023 the charity received total income of £374,261 12022.. £383,476) and had an overall deficit of £20,74312022:£1,6661. Income from service level agreements with Western Health & Social Care Trust increased by £18.882. Overall expenditure increased by £9,862. Although there was a small deficit, the charity remains in a strong financial position with reserves of £441,906 at 31 December 2023. Plans for the future Our strategy of spreading our reach to all those we support, at a pace that is sustainable, remains a key focus of our work. A new marketing, awareness and communications plan has continued to reflect the growing org3nisation, new media trends and furnish a positive profile of trainees. Our aim Is to continue with the mantra of continuous quality monitoring and resultant Improvement in service del ivery as required. Quality is measured via robust i nternal processes. The 5-year Strategic Plan continues to clearly set out the mission, objectives and plans to build on our successes as well as channelling an even more holistic approach to the delivery of our services. As New Horizons Ltd looks to the future, the key word underpinning its activities is "sustainability." The organlsation has a strong base of core activities upon which to call, but, faced with an ever - more competitive environment; It Is vital that the organisation consolidates its services and capitallses on Its strengths. In so doing, New Hori20ns Ltd will ensure that it continues to provide an exemplary level of trainin8 and Community opportunities to service users referred to our services. As New Horizons Partnership Ltd continues to grow in terms of the activities and opportunities it offers, as well as in the impact it has on trainees, their families and Community,, the organisation will simply continue to further seek out new opportunities. New Horizons Ltd seeks to provide even more diverse experiences, to support ongoing new/creative ways to learn all of which supports our trainees to maximise individual personal potential. This, in turn, promotes the achievement of the greatest possible level of independence for each person which enhances quality of life for everyone involved. Each individual is entitled to make his/her own choices {sUPPOrted by our staff Team) about the pathways he/she wants to take for the future in learning and Com munity opportunities as well as the pace and timing of that journey. Each individual therefore has his/her own Person Centred Plan and the staff Team monitor the achievement of goals and the reimagining of roadmaps as required. In conclusion, New Horizons Partnership Ltd is confident of the future. As an organisation it will continue to capit35ise on its wealth of experience and strengths. The organisation will further build upon its reputation and relationships with families, the local community and the funder. Guided by WHSCT recommendations, which calls for a blurring of the boundaries between 'special' and 'mainstream' services so that people can access the support most suited to helping them put their personal plans into action,. the challenge remains for New Horizons Ltd. to encourage trainees to have high expectations for themselves and of their community. This, in turn, will see greater and more positive outcomes from the or8anisation as a person centred, service provider.
New Horizons Partnershi Limited Trustees, Re ort continued We are confident about the future and prouder than ever of our staff Team, trainees and the local communities that support us. We are witnessing increasing demand for our services; and this strategy will continue to help direct us, ensuring that we remain the provider of choice in Co. Tyrone in the years to come. Reserves Policy Whi le f unding for the charity's core activities is secured until 2024. New Horizons Partnership Limited needs to stablish a reserves policy to have sufficient cash reserves should the company experience cash flow problems or costs involved in any potential wind up of the company and/or provision for redundancy costs. It is recommended that reserves equivalent to three to six months, running costs for core activities together with anticipated improvements to fixed assets be retained. The target set and realised for this in the current year is £150,000. The level of reserves are reviewed by the trustees and management regularly throughout the year. The minimum level of reserves for the ongoing needs of the charity is reviewed by the trustees on an annual basis. Statements of trustees, responsibilities The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees to prepare f inancial statements for each financial year. Under the law the trustees have elected to prepare the f inancial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accou nting policies and then apply them consistently; observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,, and prepa re the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the cha rity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
New Horizons Partnershi Limited Trustees, Re ort continued Statement as to disclosure of information to auditors Each person who was a trustee at the time this report was approved confirms that: so far as helshe is aware, there is no relevant audit information of which the company's auditor is unaware; and he/she has taken all the steps that he ought to have taken as a trustee in order to make himselflherself aware of any relevant audit information and to establish that the company's auditor is aware of that information. Statutory Audltors SCC Chartered Accountants were appointed auditors to the charity and 3 resolution proposing their reappointment will be put to the Annual General Meeting. Small company provisions This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. Audlt Exemptlon The trustees are of the opinion the company is entitled to exemption from audlt in accordance with section 475121 and section 475131 of the Companies Act 2006. However we have chosen to have an audit undertaken as it may be requested in future funding applications. This r rt was approv by the board on l March 2024, and signed on is behalf Eamon Mccolgan Trustee Patrlcla Mccormack Trustee
New Horizons Partnership Limited Independent Auditors, Report To the Members of New Horizons Partnership Limited Opinion We have audited the financial statements of New Horizons Partnership Limited (the 'charity'l for the year ended 31 December 2023 which comprise the statement of financial activities, the statement of cash flows, the balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2022 a nd of its incoming resources and application of resources, including its income and expenditure, for the period then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; a nd have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internatlonal Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Concluslons relating to 80in8 concern We have nothing to report in respect of the following matters in relation to which the ISA5 {U Kl require us to report to you where.. the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. or the trustees has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue, Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the f inancial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
New Horizons Partnership Limited Independent Audltors, Report (continued) To the Members of New Horizon5 Partnershlp Limited In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard, Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the director's report for the financial year for which the f inancial statements are prepared is consistent with the financial statements; and the director's report has been prepared in accordance with applicable leg31 requirements, Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the company and its environment obtained In the course of the audit, we have not identif led material misstatements in the trustees, report. We have nothlng to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of director's remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllities of trustees As explained more fully in the trustees responsibilities statement, the trustees is responsible for the preparation of the f inancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
New Horizons Partnership Limited Independent Auditors, Report (continued) To the Members of New Horizon5 Partnership Limited Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasona ble assurance about whether the f inanci315tatements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurancè, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at.. http.'//www.frc.or8.uk/auditorsresponsibilities, This description forms part of our auditor's report The purpose of our audlt work and to whom we owe our re5ponsSbilltles This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to him in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members, as a body, for our audit work, for this report, or for the opinions we have formed. Sean G. Cavanagh {Statutory Audltorl for and on behalf of SCC Chartered Accountant5 Llmlted Statutory Auditor 17 College Street Armagh Co. Armagh Northern Ireland BT619BT l March 2024
New Horizons Partnershi Limited Statement of financial activities includin the income and ex enditure account For the ear ended 31 December 2023 Unrestricted funds Restricted funds 2023 2022 Note Incoming resource5 from generating funds: Voluntary income Investment income 197 1,040 1,237 19,393 Incoming resources from charitable activities 65,687 304,041 369,728 361,348 Other incoming resources 3,296 3,296 2,736 Total Incoming resources 69,180 305,081 374,261 383,476 Resources expended Charitable Activities 117,181 273,982 391,164 381,062 Governance costs 3,840 3,840 4,080 Total resources expended 121,021 273,J82 395,004 385,142 Net incomlng/{outgoing) resources before transfers {51,8411 31,099 {20,7431 11,6661 Transfers between funds Net incoming/loutgoing) resources for the year 151,8411 31,099 {20,7431 (1,6661 Total funds brought forward 464,250 (1,601) 462,649 464,315 Total funds carrled fonvard 412,409 29,498 441,906 462,649 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page5 13 to 22 form an integral part of these financial statements. io
New Horizons Partnershi Balance Sheet a5 at 31 December 2023 Limited 2023 2022 Note Flxed assets Tangible assets 13 24,670 30,531 Current Assets Stocks Debtors Cash at bank and in hand 2,822 97,045 336,250 436,116 3,117 144,301 300,773 448,191 14 Credltors: amount falllng due within one year 15 118,8801 116,0721 Net current assets 417,236 432,118 Net assets 441,906 462,649 Funds Restricted f unds General funds Designated funds 17 18 18 22,414 269,492 150,000 22,414 290,235 150,000 Shareholders, funds 441,906 462,649 The financlal statements were approved by the board of trustees and authorised for issue on l March 2024, and are signed on behalf ofthe board bv.. Eamon Mccolgan Trustee Patricia Mccormack Trustee The notes on pages 13 to 22 form an integral part of these financial statements. li
New Horizons Partnershi Statement of Cash Flows for the ear ended 31 December 2023 Limited Notes 2023 2022 Cash used in operatlng activities 20 35,477 119,893) Cash flows from Investlng actlvltle5 interest income Purchase of tangible assets Disposal of tangible assets 14,2151 10,000 Cash provlded by (used In) Investlng actlvltles) 5,785 Cash flows from flnanclng actlvltles Repayment of borrowing Cash used Sn financing activitles Increase {decreasel in cash and cash equlvalents in the year 35,477 (14,1081 Cash and cash equivalents at the beginning of the year 300,773 314,881 Total cash and cash equivalents at the end of the year 336,250 300,773 12
New Horizons Partnershi Limited Notes to the Financial Statement5 for the ear ended 31 December 2023 Accountin olicies Company Information The charity is a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 45c Derry Road, Strabane, Co Tyrone, BT82 8DY, Northern Ireland. 1.1 Accountlng conventlon These financial statements have been prepared in accordance with FRS 102 'Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" the Statement of Recommended Practice applic3 ble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment propertles and certain financial instruments at fai r value. The principal accountlng policle5 adopted are Set out below. 1.2 Golng concern At the ti me of approving the f inancial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustees continue to adopt the going concern basis of accounting in preparing the f inancial Statements. 1.3 Incomlng resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The followin8 specific policies are applied to particular categories of income: Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy,. Grants for the purpose of capital expenditure are credited to deferred income when receivable a nd amortised in line with depreciation,. Investment income is included when receivable; a nd Incoming resources from charita ble trading activities are accounted for when earned. 13
New Horizons Partnershi Limited Notes to the Financial Statements continued for the ear ended 31 December 2023 1.4 Expenditure Expenditure is recognised once there is a le8al or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of charitable activities includes the costs of training programmes delivered, commercial trading and other educational activities undertaken to further the purposes of the charity and their associated support costs; and Governance costs represents those items required to audit and report on the charity activities. 1.5 Fund accounting The Charity has two types of funds for which it is responsible., l. Unrestricted funds the unrestricted fund is under the control of the Board of Trustees, to be used in the furtherance of the objectives of the charity. 2. Restricted funds - the restricted fund represents donations and grants received where the donor has imposed restrictions on the use of the funds which are legally binding on the Board of Trustees. Designated funds are unrestricted or restricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: Land and buildings Plant and machinery Fixtures and f ittings 2% Stra ight Line 20% Reducing Balance 20% Reducing Balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to prof it or loss. 1.7 Impalrment of flxed assets At each reporting period end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those a55ets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Where it is not possible to estimate the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs. 14
New Horizons Partnershi Limited Notes to the Financial Statements continued forthe ear ended 31 December 2023 If the recoverable amount of an asset lor cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset lor cash-generating unit) is reduced to its recoverable amount. An impairment Ioss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset lor cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no i mpairment loss been recognised for the asset lor cash~generati ng unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.7 stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to Complete and sell is recognised as an impalrment 1055 in profit or loss. Reversals of impairment losses are also recognised in profit or loss, 1.8 Cash and cash equlvalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are reco8nised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset a nd settle the liability simultaneously. 15
New Horizons Partnershi Limited Notes to the Financial Statements continued for the ear ended 31 December 2023 Basi¢flnonciol ossets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cost5 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classlflcotlon offlnanclol Ilabllltles Financial liabilities and equity instruments are classified according to the 5ubst3nce of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Baslcllnanclal Ilabllltles Basic f inancial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classif led as payable within one year are not amortlsed, Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinarv course of busines5 from su ppliers. Amounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.10 Employee beneflts The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are requlred to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination bersefits. 1.11 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due, 16
New Horizons Partnersh+ Limited Notes to the Financial Statements continued for the ear ended 31 December 2023 1.12 Forelgn currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and labilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Judgements and key sources of estlmatlon uncertalnty In the application of the charity's accounting policie5, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Llmlted by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £5. Incomln resources Unrestrlcted funds Restrlcted funds 2023 2022 Grants & Donations WHSCT- special recognition payment Halifax foundation NI KNIB Small Grant Other donations 10,558 8,000 1,040 1,040 197 1,237 197 197 835 19,393 1,040 Sales Income WHSCT / Income Facilitation - Donegal Horizons Strabane Garden Centre Learning Resources 304,041 304,041 18,715 42,677 4,295 369,728 285,159 31,826 40,496 3,867 361,348 18,715 42,677 4,295 65,687 304,041 Other incomln resources Unrestrlcted fund5 Restrlcted funds 2023 2022 Other income 3,296 3,296 3,296 3,296 2,279 2,279 17
New Horizon5 Partnershi Limited Notes to the Financial Statements continued for the ear ended 310ecember 2023 Cost of charitable activities Unrestricted funds Restricted funds 2023 2022 Wages and salaries Pensions Horticultural purchases Rent Rates Insurance Light & heat Repairs & maintenance Cleaning Stationery and printing Advertising and promotion Telephone and internet Trainee allowances Staff travel and subsistence Motor expenses Subscriptions Bank charges Sundry expenses Other legal and professional costs Trainee expenses Temporary staff and recruitment cost Depreciation Profit/Loss on disposal of assets 225,785 18,388 2,925 225,785 18,388 22,368 34,951 2,570 4,263 18,692 3,024 2,013 7,248 768 6,226 6,060 2,724 1,346 1,155 2,122 5,929 6,202 11,018 2,450 5,861 216,429 11,790 19,474 34,958 1,216 1,651 21,039 4,059 3,211 8,556 616 20,406 5,360 5,087 1,418 1,009 1,718 6,496 7,832 6,220 4,769 7,318 {9,5691 381,062 19,443 34,951 2,570 4,263 18, 192 3,024 2,013 6,248 768 6.226 500 1,000 6,060 2,724 1,346 1,155 2,122 250 6,202 3,075 2,450 5,679 7,943 5,861 117,181 273,982 391,164 Governance costs Unrestrlcted funds Restrlcted funds 2023 2022 Audit and accountancy 3,840 3,840 3,840 3,840 4,080 4,080 18
New Horizons Partnershi Limited Note5 to the Financial Statements continued for the ear ended 31 December 2023 Net incomin resources for the ear 2023 2022 This is stated after charging.. Depreciation of owned fixed assets Amortisation of deferred income Auditors, renumeration 5,861 7,318 3,840 9,701 3,000 10,318 9 Em ee costs 2023 2022 Wages and salaries Employer NIC Pension costs 208,781 17,004 18,388 244,173 205,918 10,511 11,790 228,219 No employee received remuneration in excess of £60,00012022,' None) Number of employees Finance Training & Community Placement Horticulture Catering 2023 2022 li 14 10 Trustees, Informatlon No renumeration or other expenses were paid to the trustees during the year. 11 Pension costs 2023 2022 Pension charge 18,388 18,388 11,790 11,790 The charity operates an auto enrolment pension scheme and a defined contribution pension scheme in respect of the staff who wish to avail of it. This scheme is run by Aegon. The assets of the scheme are held separately from those of the charity There was £2,626 outstanding at 31 December 2023 19
New Horizons Partnershi Llmited Notes to the Financial Statements continued for the ear ended 31 December 2023 12 Taxation The company is claiming tax exemption to the extent that income and/or gains are applicable and apply to charitable purposes only. 13 Tan ible flxed assets Land and Plant and buildln s Machiner Total Cost At l January 2023 Additions Disposals At 31 December 2023 1,768 86,947 88,715 1,768 86,947 88,715 Depreclatlon At l January 2023 Charge for the year Disposal At 31 December 2023 366 35 57,817 5,826 58,184 5,861 402 63,643 64,045 Net book value At 31 December 2023 1,366 23,304 24,670 At 31 December 2022 1,401 29,130 30,531 14 Debtors 2023 2022 Trade debtors- Donegal Horizons Service level agreement income Prepayments 50,595 43,902 2,548 97,045 122,769 19,124 2,408 144,301 20
New Horizons Partnershi Limited Note5 to the Financial Statements continued for the ear ended 31 December 2023 15 Creditors: amounts fallin due within one ear 2023 2022 Bank loans, overdrafts and credit cards Trade creditors Other taxes and social security costs Accruals 632 2,903 9,419 5,926 18,880 411 4,490 5,230 5,941 16,072 16 Contln ent Llabllltles There is a contingent liability to repay all grant monies should they not be distributed under the terms of the v3 rious initiatives. The trustees do not anticipate any repayment falling due under the terms on which grants were received. 17 Restrlcted Funds Flxed Asset funds Net Asset funds Total funds Balance At l January 2023 Movement for year Transfer of funds Balance At 31 December 2023 5,000 17,414 22,414 5,000 17,414 22,414 Fixed Asset Fund The fixed asset fund is made up of grants received for the purchase of plant & machinery, office equipment and improvements to property Net Asset Fund The net asset fund consists of monies receivable at 31 December 2023 and monies held, but not vet Spent for restricted purposes. The main funders of the net assets fund are., Western Health & Social Care Trust 18 Unrestricted Funds Desl nated funds Cashflow Desi nated funds Buildin fund General fund Total funds reserve Balance At l January 2023 Surplus/ldef icitl for the year Transfer between funds Balance At 31 December 2023 290,235 120,7431 150,000 440,235 120,7431 269,492 150,000 419,492 21
New Horizons Partnershi Limited Notes to the Financial Statements continued for the ear ended 31 December 2023 19 Anal Sis of net assets between funds Restricted Income funds General funds Desi nated funds Total funds Fund Balance at 31 December 2023 as represented by: Tangible fixed assets Current assets Current liabilities Non-current liabilities 5,000 17,414 19,670 268,702 (18,880) 24,670 436,116 118,8801 150,000 Balance At 31 December 2023 22,414 269,491 150,000 441,906 20 ReconcllSatSon of movement In funds to net cash flow from o eratln activltles 2023 2022 Net movement in funds 120,7431 {1,6661 Add back depreciation charge Add back loss on disposal of fixed assets Decrease lincreasel in stock Decrease lincreasel in debtors Increase (decrease) in creditors 5,861 7,318 19,5691 4,013 124,2991 4,310 119,8931 295 47,256 2,808 35,477 21 Related transactlons The company provides services and goods to an associated company Donegal Horizons based in Donegal. The board of trustees of Donegal Horizons contains the same trustees as New Hori20ns Partnership. 22 Ultimate controllin The company is limited by guarantee. There is no controlling party. 22