Company Reglstratlon Number. 067640 (Northern Ireland) Charlty Number. XR 31215 New Horizons Partnershi Acom an limited b Limited uarantee Trustees, Re ort and Financial Statements for the ear ended 31 December 2024 CHARTERED ACCOUNTANTS
New Horizons Partnershi Limited ort and Flnanclal Statements Contents Page Company information Trustees, report Independent auditor's report 7-10 Statement of financial activities li Balance sheet 12 Statement of cash flow 13 Notes to the financial statements 14-23
New Horlzons Partnershi Com Information Llmited an Trustees Eamon Mccolgan Bill Mclntyre Eoin McDonald Patricia Mccormack Carmel McGrenra (appointed 13103120241 Linda Mclntyre Paul Fagan Sandra Friel Auditors SCC Chartered Accountants 17 College Street Armagh BT619BT Bankers Allied Irish Bank Meadowbank Strand Road Co.Derry Sollcltors Worthingtons Solicitors 24-38 Gordon Street Belfast BT82 8DY Registered office 45c Derry Road Strabane Co. Tyrone BT82 8DY Northern Ireland Company registratlon number N1067640 Charlty number NIC101401 (Northern Ireland) XR 31215 (Charitable Status United Kingdom)
New Horlzons Partnershi Trustees, Re ort Limited The trustees present their report and financial statements for the year ended 31 December 2024. 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 Appllcable in the UK and Republic of Ireland FRS 1021 (effective l January 20191. 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: Shlrley Hamilton Eamon Mccolgan Bill Mclntyre Eoin McDonald Patricia Mccormack Iresigned 31/03120241 Carmel McGrenra Linda Mclntyre Paul Fagan Sandra Friel (appointed 13103120241 Principal activltles The charity's principal activity during the year was to provide training, vocational and inclusive community opportunities for young adults with learning disabilities across the North West border region,. developing best practice and sharing it within and outside the region. Structurei governance and management New Horizons Partnership Limited I"New Horizon5"1 is a company limited by guarantee with charitable status, incorporated on the 2 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 Assoclation. 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 thev 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 authorlty and segregation of duties among staff,. and identification and management of risks to whlch 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 yOLtng adults with learning disabilities to realise their full potential.
New Horlzons Partnershi Trustees, 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 activity; Training to equip trainees with specific vocational 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 one 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 Horizon5 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 OL¢r 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 serie5 of learning resources and programmes designed to teach Individuals with learning disabilities essential skills in the areas of work and travel. Newhop Skills for Work consists of eight units of general work skills 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 users safe, independent travel. Achievements and Performance During this reporting year, the organisation continued to build on its strengths and past achievements. Its increasing visibility in the Communitylpublic domain; utilising social media to its best advantage and responding to the needs and wishes of our client group, not only meeting the goals of our trainees through the person-centred planning process but generating interest from other organisations to work collaboratively and from schools and parents who are Involved on f utures planning for the next generation, As well as the ongoing creation and delivery of new and varied timetables of learning (which still included the delivery of key reading, writing and life skills, acting as a base for accredited training),. the focus had markedly shifted this year in response to funder and trainee demand for greater and fuller Community inclusion which is real and meaningful. Trainees chose their own experiences supported by their assigned key worker and programmes became so much more enjoyable with the learning still happening but in more practical, authentic ways and classroom work deprioritised somewhat. Good physical and mental health support however, did remain a priority throughout, working closely with other organlsations and providers in the local Community around mental health, physical activity, nutrition, mindfulness a5 examples. We continued to utilise, to the fullest, our enhanced technological skills and equipment purchased to enhance the experience. Staff training continued apace to ensure that our staff Team remain fully knowledgeable in all areas of their practice and that we continue to be leaders in the delivery of services to adults with learning disabilities in this geographical catchment areal.
New Horizons Partnershl Llmlted Trustees, Re ort continued The relocation of the Training & Community Opportunities, service to Orchard Road Industrial Estate has continued to allow organisational development overall as well as benefitting Strabane Garden Centre with the autonomy this affords the Team there to utilise their creativity to further the unique service offering, with an initial focus overall on attracting new trainees. The priority in 2024 remained ensuring that our trainees, their families, our funder and all stakeholders, expectations were met/surpassed by our committed staff team. Financial Review During the year ended 31 December 2024 the charity received total income of £442,10112023'. £374,261) and had an overall deficit of £49,81512023:£20,7431. Income from service level agreements with Western Health & Social Care Trust increased by £27,056. Overall expenditure increased by £96,912. The charity remains in a strong financial position with reserves of £392.091 at 31 December 202412023.. £441,806). Plans for the future Our strategy of spreading our reach to all those we support, at a pace that is sustainable. remains 3 key focus of our work. The new marketing, awareness and communications plan continues to reflect the growing organisation, new media trends and project a positive profile of trainees, increasing disability awareness in societv. Our aim is to continue with the mantra of continuous quality monitoring and resultant improvement in service delivery as required. Quality is measured via robust internal processe5. 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 Partnership looks to the future, the key words underpinning its activitie5 are professlonalism, innovation, further personalisation of services, flexibility, positive risk-taking and responsivity on all levels. The organisation has a strong base of core activities upon which to call, but, faced with an ever- more competitive environment,. it is vital that we continue to consolidate the services provided and capitalise further on inherent strengths. In so doing, New Horizons Partnership Ltd will ensure that it continues to provide an exemplary level of training and community opportunities/experiences 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 positive impact this has on trainees, their families and Community,. the organisation and its staff teams will simply be compelled to further seek out new and exciting opportunities and experiences with lifelong learning the purpose. New Horizons Partnership Ltd seeks throughout to promote the achievement of the greatest possible level of independence for each individual referred to us. Increased independence enhances qu31ity of life, not only for the trainee, but for everyone involved. Each individual makes his / her own choices (supported by our staff team) about the pathways he / she wants to take for the future- educationally, vocationally, socially, pastorally, in personal wellness as well a5 being supported to choose the pace and tSming of that journey.
New Horizons Partnershi Llmlted Trustees, Re ort contlnued Each trainee therefore has hi51 her own Person-centred Plan and the staff team monitor the achievement of these goals daily, weekly, monthly, and reviewed with the larger Circles of Support as and when necessary. In conclusion, New Horizons Partnership Ltd is confident of the future. As an organisation we will continue to capitalise on the wealth of experience gained and all of its strengths 35 an organisation. Further building work will continue on relationships with families, the funder and the local wider community which in turn reinforces our excellent reputation, Guided by continually-evolving WHSCT and societal expectations, calling for a blurring of the boundaries between 'speci31' and 'mainstream' services so that people can access the support most suited to helping them as individuals; the challenge remains for New Horizons Partnership to encourage trainees to have ever-higher expectations of themselves and of their community. Thls, then, will see greater and even more positive outcomes from the organisation - as a person- centred provider of services of excellence. We are confident about the future and prouder than ever of our staff teams, our trainees and the unwavering support of all the local communities that support us. We are witnessing continuing 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 While funding for the charity's core activities is secured until 2024. New Horizons Partnership Limited needs to establish 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 ongolng 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 Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financlal year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 IFRS 1021,. make judgements and estimates that are reasonable and prudent.
New Horizons Partnershl Llmlted Trustees, Re ort continued state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare 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 charitable company's transactions and disclose with reasonable accuracy at any time the tinancial position of the charitable company and which enable them to enslfre that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are respon51ble for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure of information to auditors Each person who was a trustee at the time this report was approved confirms that.. 50 far as he/she is aware, there is no relevant audit information of which the company's audltor 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 a resolution proposing their reappointment will be put to the Annual General Meeting. Small company provlslons 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. Audit Exemptlon The trustees are of the opinion the company is entitled to exemption from audit in accordance with section 4751213nd 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. ort was ap ove the board on 17 April 2025, and signed on its behalf. rvcLc Patricia Mccormack Trustee Eamon Mccolgan Trustee
New Horizons Partnership Limited Independent Audltors, Report To the Members of New Horizons Partnershlp Llmlted Oplnlon We have audited the financial statements of New Horizons Partnership Limited (the 'charitable company'l for the year ended 31 December 2024 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 (United Kingdom Generally Accepted Accounting Practice}. In our opinion the f inancial statements: give a true and fair view of the state of the charitable company's affalrs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII 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. Conclusions relatlng to going concern In auditing the f inancial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charltable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial 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 expllcitly stated in our report, we do not express any form of assurance conclusion
New Horizons Partnership Limited Independent Auditors, Report Icontinuedl To the Members of New Horlzons Partnership 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 appears 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 mlsstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies 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 financial statements are prepared is consistent with the financial statements. and the director's report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company's and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters where the Companies Act 2006 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 requlre for our audit. Responsiblllties of trustees As explained more fully in the trustees responsibilities statement, the trustees is responsible for the preparation of the financial 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 flnancial 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 charitable company'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 charitable company or to cease operations, or has no realistic alternative but to do 50.
New Horlzons Partnership Limlted Independent Auditors, Report Icontinuedl To the Members of New Horizons Partnership Llmlted Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements 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 assurance, but is 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, indlvidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compli3nce with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are c3P3ble of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charitable company, we identified the principal risks of non-compli3nce with laws and regulations related to general data protection regulations, and health and safety regulations. We also considered those laws that have a direct impact on the preparation of the financial statements. We evaluated the committee members incentives and opportunities for fraudulent manipulation of the f inancial statements. We communicated the identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. Audit procedures performed by the auditors included, but were no limited to: Discussions with management including consideration of known or suspected instance5 of non- compliance with laws and regulations and fraud; Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; Reading minutes of meetings of those charged with governance; In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicatlve of management bias. Because of the inherent limltations of an audit, there is a risk that we will not detect all irregularitles, Including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk Increases the more that compllance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of Instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The purpose of our audit work and to whom we owe our responslbilities This report is made solely to the charitable company'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 mSght state to the charitable company'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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Sean G. Cavanagh (Statutory Audltor) for and on behalf of SCC Chartered Accountants Limited Statutory Auditor 17 College Street Armagh Co. Armagh Northern Ireland BT619BT 17 April 2025 io
New Horizons Partnershi Limited Statement of financial actlvltles includin the income and ex enditure account For the ear ended 31 December 2024 Unrestrlcted funds Restricted funds 2024 2023 Note Incoming resources from generating funds: Voluntary income 5,500 5,500 1,237 Incoming resources from charitable activities 99,647 331,097 430,744 369,728 other incoming resources 5,857 5,857 3.296 Total incoming resources 105,504 336,597 442,101 374,261 Resources expended Charitable Activitles 209,605 272,465 482,071 391,164 Governance costs 9,845 9,845 3,840 Total resources expended 219,450 272,465 491,916 395,004 Net incominglloutgoing) resources before transfers 1113,9461 64,131 149,8151 120,7431 Transfers between funds Net incoming/loutgoingl resources for the year (113,9461 64,131 149,8151 120,7431 Total funds brought forward 412,409 29,498 441,906 462,649 Total funds carried forward 298,463 93,629 392,091 441,906 The statement of financial activities includes all galns and losses recognised in the year. All income and expenditure derive from continuing activities, The notes on pages 13 to 22 form an integral part of these financial statements. li
New Horlzons Partnershi Balance Sheet as at 31 December 2024 Limlted 2024 2023 Note Flxed assets Tangible assets 13 20,836 24,670 Current Assets Stocks Debtors Cash at bank and in hand 3,359 258,906 125.483 387,747 2,822 97,045 336,250 436,116 14 Creditors: amount falling due within one year 15 116,4921 118,8801 Net current assets 371,255 417,236 Net assets 392,091 441,906 Funds Restricted funds General f unds Designated funds 17 18 18 93.629 148,462 150,000 29,498 262,408 150,000 Shareholders, fund5 392,091 441,906 The financial statements were approved by the board of trustees and authorised for issue on 17 April 2025. and are s ned on behalf of the board by: Eamon Mccolgan Trustee Patricia Mccormack Trustee The notes on pages 13 to 22 form an integral part of these financial statements. 12
New Horlzons Partnershi Statement of Cash Flows for the ear ended 31 December 2024 Limited Notes 2024 2023 Cash used In operatlng activities 20 1209,6911 35,477 Cash flows from investlng actlvities interest income Purchase of tangible assets Disposal of tangible assets {1,0761 Cash provided by (used In) Investing activities) 11,0761 Cash flows from financing activities Repayment of borrowing Cash used In flnanclng activities Increase Idecreasel in cash and cash equivalents in the year {210,7671 35,477 Cash and cash equivalents at the beginning of the year 336.250 300,773 Total cash and cash equivalents at the end of the year 125,483 336,250 13
New Horizons Partnershl Limited Notes to the Flnancial Statements for the ear ended 31 December 2024 Accountin olicles 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 convention These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republlc of Ireland" the 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 (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 f inancial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Incoming 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 following 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 and amortised in line with depreciation,, Investment income is included when receivable; and Incoming resources from charitable trading activities are accounted for when earned. 14
New Horizons Partnershi Limited Notes to the Flnanclal Statements continued for the ear ended 31 December 2024 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obllgation 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 flxed 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 fittings 2Yo Stralght Line 201 Reducing Balance 200/0 Reducing Balance The gain or105s 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 profit or loss. 1.7 Impairment of fixed assets At each reporting period end date, the charlty reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets 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 anyl. 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. 15
New Horlzons Partnershi Limited Notes to the Flnanclal Statements continued for the ear ended 31 December 2024 If the recoverable amount of an asset lor ca5h-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 loss 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 3 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 impairment loss been recognised for the asset lor cash-generating unit) in prior years. A reversal of an impairment Ios5 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. 1.8 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 les5 Costs to complete and Sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. 1.9 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other 5hort-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financlal 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 recognised 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 and settle the liability simultaneously. 16
New Horizons Partnershi Limited Notes to the Flnancial Statements contlnued for the ear ended 31 December 2024 Bosicfinanclul assets Basic flnancial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are Subsequently carrled 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. Classificution offinuncijl liabilities Financial liabilities and equity instruments are classified according to the substance 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. 8usicfinancial liabilities Basic financial liabilities, including creditors, bank loan5 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 classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised c05t, using the effective interest rate method. Trade creditors are obligations to pay for goods or Services that have been acquired in the ordinary course of business from suppliers. 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. 1.11 Employee beneflts The costs of short-term employee benefits are recognised 35 a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or f ixed 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 benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 17
New Horizons Partnershi Limited Notes to the Financial Statements contlnued for the ear ended 31 December 2024 1.13 Foreign currencles 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 estimation uncertalnty In the application of the charity's accounting policies, 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 estimate5 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. Limlted by guarantee The charity is a company limlted by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £5. Incomin resources Unrestricted funds Restricted funds 2024 2023 Grants & Donations WHSCT- speclal recognition payment Halifax foundation NI KNIB Small Grant Other donations 5,500 5.500 1,040 197 1.237 5.500 5,500 Income from Charitable Activities WHSCT / Income Facilitation - Donegal Horizons Strabane Garden Centre Learning Resources 331,097 331,097 19,131 38,437 42,078 430,744 304,041 18.715 42,677 4,295 369,728 19.131 38,437 42,078 99,647 331,097 Other incomin resources Unrestrlcted funds Restricted funds 2024 2023 Other income 5,857 5,857 5,857 5,857 3,296 3,296 18
New Horizons Partnershi Limited Notes to the Financial Statements contlnued forthe ear ended 31 December 2024 Cost of charitable activities Unrestricted funds Restricted funds 2024 2023 Wages and salaries Pensions Horticultural purchases Rent Rates Insurance Light and heat Repairs and 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 costr Donation - Donegal Hori20ns Depreciation Loss on foreign exchange IProfitl/Loss on disposal of assets 224,211 16,316 224,211 16,316 16,453 34,951 2,413 4,299 19,507 1,147 2,105 7,666 638 225,785 18.388 22,368 34,951 2,570 4,263 18,692 3,024 2,013 7.248 768 16,453 34,951 2,413 4,299 19,507 1,147 2,105 7,666 638 8,570 8,570 5,680 2,940 1,115 1,382 2,065 14,467 7,726 8,622 4,308 88,239 4,910 2,341 6,226 6,060 2,724 1,346 1,155 2,122 5,929 6,202 11,018 2,450 5,680 2,940 1,115 1,382 2,065 6,723 7,726 7,744 8,622 4,308 88,239 4,910 2,341 5,861 209,605 272,465 482,071 391,164 Governance costs Unrestricted funds Restricted funds 2024 2023 Audit and accountancy 9,845 9,845 9,845 9,845 3,840 3,840 19
New Horizons Partnershl Limlted Notes to the Financial Statements contlnued for the ear ended 31 December 2024 Net incomin resources for the ear 2024 2023 This is stated after charging.. Depreciation of owned fixed assets Auditors, renumeration 5,409 9,845 15,254 5,861 3.840 9.701 9 Em ee costs 2024 2023 Wages and salaries Employer NIC Pension costs 207,779 16.432 16,316 240,526 208,781 17,004 18,388 244,173 No employee received remuneration in excess of £60,00012023: None) Number of employees Finance Training & Community Placement Horticulture Catering 2024 2023 li li 10 Trustees, information No renumeration or other expenses were paid to the trustees during the year. 11 Penslon costs 2024 2023 Pension charge 16,316 16,316 18,388 18,388 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 £1,994 outstanding at 31 December 202412023.. £2,626) 20
New Horlzons Partnershi Limited Notes to the Flnanclal Statements contlnued forthe ear ended 31 December 2024 12 Taxation The company is claiming tax exemption to the extent that income and/or gains are applicable and apply to charitable purposes onlv. 13 Tan ible flxed assets Land and Plant and buildin s Machlne Total Cost At l January 2024 Additions Disposals At 31 December 2024 1,768 86,947 1,076 88,715 1,076 1,768 88,023 89,791 Depreclatlon At l January 2024 Charge for the year Disposal At 31 December 2024 402 35 63,643 4,875 64,045 4,910 437 68,518 68,955 Net book value At 31 December 2024 1,331 19,505 20,836 At 31 December 2023 1,366 23,304 24,670 14 Debtors 2024 2023 Trade debtors - Donegal Horizons Service level agreement income Prepayments 172,754 83,706 2,445 258,906 50.595 43,902 2,548 97,045 21
New Horizon5 Partnershi Limited Notes to the Financlal Statements contlnued for the ear ended 31 December 2024 15 Creditors: amounts fallln due within one ear 2024 2023 Bank loans, overdrafts and credit cards Trade creditors Other taxes and social security costs Accruals 700 2,715 5,082 7,995 16,492 632 2,903 9,419 5,926 18.880 16 Contin ent Liabllities There is a contingent liability to repay all grant monies should they not be distributed under the terms of the various initiatives. The trustees do not anticipate any repayment falling due under the terms on which grants were received. 17 Restricted Funds Fixed Asset funds Net Asset funds Total funds Balance At l January 2024 Movement for year Transfer of f unds Balance At 31 December 2024 s,000 24,498 64,131 29,498 64,131 5,000 88,629 93,629 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 2024 and monies held, but not yet spent for restricted purposes. The main funders of the net assets fund are: Western Health & Social Care Trust 18 Unrestrlcted Funds Desi nated funds Cashflow Desi nated funds Bulldln fund General fund Total funds reserve Balance At l January 2024 Surplus/ldeficitl for the year Transfer between funds Balance At 31 December 2024 262,408 1113,9461 150,000 412.408 1113,9461 148,462 150,000 298,462 22
New Horizons Partnershi Llmlted Notes to the Flnanclal Statements continued for the ear ended 31 December 2024 19 Anal sis of net assets between funds Restrlcted Income funds General funds Desi nated funds Total funds Fund Balance at 31 December 2024 as represented by: Tangible fixed assets Current assets Current liabilities Non-current liabilities 5,000 17,414 15,836 220,333 116,4921 20,836 387,747 116,4921 150,000 Balance At 31 December 2024 22,414 219,677 150.000 392,092 20 Reconciliation of movement In funds to net cash flow from o eratin activlties 2024 2023 Net movement in fund5 149,8151 120,7431 Add back depreciation charge Decrease lincreasel in stock Decrease lincreasel in debtors Increase Idecreasel in creditors 4,910 15371 1161,8611 12,3881 1209,6911 5,861 295 47,256 2,808 35,477 21 Related art transactions 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 Horizons Partnership. The balance due from Donegal Horizons at 31 December 2024 is £172,754 12023: £50,595). Donations made to Donegal Horizons in the year totalled £88,23912023: £Nill. 22 Ultimate controllin art The company is limited by guarantee. There is no controlling party. 23