Company registration number., N1043211 Charity registration number.. NIC101638 New Horizon Ministries Limited (Company Limited by Guarantee) Annual report and unaudited financlal statements for the year ended 31 December 2023 ¥Afuz7ZC* 2410912024 COMPANIES HOUSE A19
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New Horizon Ministries Limited Annual report for the year ended 31 December 2023 Pages Reference and administrative details Trustees, report Independent examiner's report Statement of fiiiancial activities Balance sheet Statement of cash flows 10 Notes to the financial statements 11-18
New Horizon Ministries Limited Reference and Administrative Details Charity name New Horizon Minisiries Limited Charlty registration number NIC101638 Company registration number N1043211 Principal office 12 Killyvally Road Gaiwagh Garvagh Co Londondetry BT515JZ Registered office 12 Killyvally Road Garvagh Garvagh Co Londonde BTS15JZ Trusteesl Directors Mr Paul Gilmore R¢v Dr Andr¢w Brown (appointed 15ih May 2023) Mr Cl)ristopher MeBiiniey (appoiiiled 15111 May 2023) Dr Paul Coulter (resigned 17th August 2023) Rev M¢irk Lennox (resigned 27th Scpt¢niber 2023) Mrs Laura Nelson (resigned 16th October 2023) Mrs Donna Jcnnin85 (re518ned 301h NDvember 2023) Mrs Ali Knight (resigned 301h November 2023) Secretary Solicitor Hcwill & Gilpin 14-16 Jaines Street South Belfast Co Anlrim BT2 7GA Bankers Danske Bank Limited Kilrea l New Row Colerain¢ Co Londonderry BT515QS
New Horizon Ministries Limited Trustees, report for the year ended 31 December 2023 The Trustees, who are also the Direcloi's of the company under the provisions of the Companies Act 2006, present Iheir annual report aiid the unaudited fii)ancial sialemenis for the year ¢nded 31 December 2023. The Trustees liave adopted the provisions of the Companies Act 2006 and the Statement of Recommended Practice (SORP) 'Accounting and Reponing by Ch8ri(ies" FRS 102 iii preparirtg the aniiual r¢port and unaudited financial statemen of the Charity. Organisatlon$ New 14ori20n Ministrie5 Limited is a registered chariry 2nd a Company limited by guarantee sei up on 14 May 2002. 11 is govemed by a Memorandum and Ai1ieles of Assoeiaiion that were last amended on 14 May 2002. The Charity hus hlso succcssfully rcgislered with Ihc Chbrity Commission for Nonh¢rn Ireland number NICI 0168. Mlsslon SIAtement The mission stalemeni slates that New Horizon Miiiistries exisls to be used by God, through the power of His Spii'il, lo inspir¢ a s¢lflcss surrender to His Son, a rJdical obedience io His Word, an enduiing passion for His Kingdom. and an un¢ondition81 love for His World. Structure, Govern4nce 4nd M4nag¢ment Th¢ 8ov¢ri)in¥ do¢uin¢nt for New Horixon Minisiries is Lurrenily the iiieinorandum and articles of association. The Boai'd has discussed aiid drafted protocols covering the board and Ihe ¢xccutive managem¢nl Icam. (Thes¢ were adopted Jfter 31 Deceiiiber 2014 aiid have been regularly reviewed and updAted a.% neeess8ry). The primary functions of the New Horizon board arc to provide vision and leadership foi. th¢ futur¢ course of the event, review and proiecl ihc ethos and purpose of New Horizon and ensure theological bnlance throughout the or8anisalion. The main lask of Ihe board is selectin8 themes 2nd main speakers for each yearfs evenl, ensuring Ihal main speak¢rs reflect the varying 51rands of cvangclical conviclion. In addition, Ihe board is I'esponsible for appoinling new bo44rd members. Board members Serve for an initial period of three years and this be exlend¢d by mutual consent to a second lem of a further three years. The board seeks to eiisure thal a broad range of skills. ¢xperiei)ce, and background hpproprial¢ to the organisation is maintained within Ihc boai-d membership. The day to day management of the organisalion is delegated by the board to an executive manag¢menl leam. Similar pi'incipl¢s of I'enewal are applied to this teain and the board ensures that all the necessary skills for running Ihc organisaiion ar¢ pr¢s¢nl within that team. The board. through its execLtlive management leani. ensuie that ftll risks to whi¢h the organisation is exposed are identified, with systems and proceduyes iii place to inanage ihose risks.
New Horizon Ministries Limited Trustee5' report for the year ended 31 December 2023 (continued) Objectives and Activities New Horizon aims io pi'ovide resources foi. and en¢ourage Christians in their Christian live$. This is done in line with the mission slatement noted above. The primaiy activity of Ncw Horizon Minisli'ies is the plannin8, organising. and running of an annual week-long confei'ence. held eacli summer on Ilie cainpus of U151er Universily in Coleraine, Nortliern Ireland. Tolal footfall during the week is around 30.0(K) with up to 3,000 people at an evenin8 evenl. Some people just come for a day whilt others silly for the whole week which the b¢nefils ihe local hospiialiry industry. There is a fijll prograinme of children's and youth activities from O -18 years. while the adult programme has a good spread of ages and reflects a broad range of evangelicol conviction wi(hin Northern Ireland and further afield. The aclivities of the event comprise Bible tcaching, worship, seminai's, and an extcnsivc prograrnmc foi. children and youth. In order lo siiecessfully run the conference. New Horizon makes significant use of volunteers. These volunleers are involved in activities such as stewarding, site Inaiiilenance duriiig the eveni. runniiig youth and childi'ei)'s prograinm¢s, accessibilily, financial maiiagemenl and adniiiii5tralion. promoiional aclivili¢s, semindr planning, providing prayer and pastoral support as well as oiher acrivilies. New Hori?oii esiiinaies tliat there are approximalely 400 volunieei's iiivolved in ihe manageineni aiid running of ihe evei)t. Cl¢aKly ihe ecoiiomic value airribuled to rhese voluiileers is impossible lo measure aiid is Ihei'efore not included in (he financial sthtemenls. Public Benefit Stalement New Hori£on's puip05e is to ddviince the Clirislidli faith. pai1i¢Lil4rly by leilLhiiig Clii'isiians the cliar41Cter of God through Bible leaching and stimulaling Christians into further commitment in aclive Chrisiian sei'vice in Northern Ireland Jnd throughout th¢ world. The direcr benefits whirh flow from this purpose inGlude bcneficiari¢s being better cilizcns and gelling more involved in Iheir local Communities or challeii8cd lo do charitable acts in oihei. courtlries. Thesc bencfils al'e demonstrated through feedback from beneficiaries and Ihe fact Ihal largc numbers aiiend each year. It is believed ihal no h&rin arises from these puiposes. The chariry's beneficiaries al'e adults And childi'en mainly From N Ireland. A privale benefil flowing from these purpose5 Ihat 15 incidental, is Ihal New Horizon employ staff & engage suppliei's, this benefit coiih'ibutes directly to 4i¢hieviiig the Chai'ity's purpose. Achievement ond Perform4nce Following 2 years where the event could only be held as an online offering due lo Covid restrictions. 2023 was Ihe rirsi full event since 2019 offering both aduli and children's elements of the event, The Irusiees are pleased wilh ihe atlendance aiid engageinenl at the event aiid believe the eveni io be a .%ucces8. Whilst numbei's were down aboLiI 201250/0 on 2019 Ihe Ii'usiees believe Ihis is in line with the gi'adual transition back lo 'nom]al' following Covid and is in line wilh what has been se¢n across other siinilar cvents. The trustees are sarisfied that the organisalion is being run in liiie with its staled mission statement.
New Horizon Ministries Limited Trustees, report for the year ended 31 December 2023 (continued) Fln&n¢ial revieiv The Irusiees are pleased with Ihe overall financial perfom)an¢e of the organisation. 2023 ended with a deficit of £42,277 compared wilh a deficit of £6.493 in 2022. WhTrle the nornial event did take plaLe for Ihc first year following 2 years of onliiic evcnls, numbers were reduced ihus having a dircct impact on the income of the event which was down by r,15-20f/)o on 2019, the last full event. 2023 81so saw world events lead io a cost of living crisis foi. Ihose living in Norihem Ireland which impacted aiiendees ability lo give. Costs were impacted by large inflation costs as well as the impact of general world economic events. The Management Tearn worked in all areas io rLduce costs where possible 41nd limit the overall iinpaGt of rising Gosts. Tlie fall in incomc increase in cosls however nieant a deficit of £42k. This deficii has been covered by New Horizons general reserve5. PIAns for future perlods After reviewiiig tlic activity in 2023 the ISte¢S are satisfied that ils aims and objeciives by organising Ihe week conference should remAin unchanged. Prlnelpoj #ctlvity The pri17cipiI aclivily of the company is io advance the Chrisiiaii religion in accordance with Ihe doeiriiie5 llnd principles sei oul in the Arti¢les of Association lo Ihe intent thal Chrislian believei's shall betier undei'sland the chai'acter of God through biblical lea¢hing and be stiinulftled io express their commitment in active Christian service in Ii'eland and Iliroughoui the world. Risk mnn4gem¢nt The Irusi¢es have assessed Ihe major risks io which ihe charity is exposed, in p8r(iculai' (hos¢ relaliiig lo thc 0ratIo1)S and finances of the Fund. The tl'U51ees are mindful of the risk of expendilure txcteding income and are satisfied ihal systems are in place lo miligale exposure lo those risks, namely by promotin8 iiew Im¢8n5 of increasin8 income and mana8in8 the cosls of ihe conference. In 2022 an independent Health & Safely consuliant was ¢ng8ged lo assess the operalional h¢alih & safely risk of the evenl. The consultant reported positively about the policy, procedures and protocols in place and gave ihe Board assurance that the H&S risks associated with the evenl were well managed. The new risks associated with Covid 19 have been assessed and factored into the operational I'isk rnaiiagemeni assessmeiic for lh¢ eveni. All risks continue to be considered on an annual basis. Reserves policy The company's policy is to moinlain a level of unr¢stri¢ted funds ¢x¢luding fixed assets (the frec ies¢rves) Al pproKimately a lev¢1 suffici¢nt lo meet the averag¢ charitable expendiluTe and njnning c05t5 for a period equivalent lo six moi)Ihs exp¢ndi¢ui'e, which equaies 10 approximately £ I I I k (based on 2023). The actual "free reseives" al 31 Decen)b¢r 2023 were £94,140 (2022.. £136,417). The d¢ficii of 2023 has reduced r¢s¢rv¢s below tlie policy level and the trustees will aim to address this in 2023.
New Horizon Ministries Limited Trustees, report for the year ended 31 December 2023 (continued) Statement of tru5tees' responsibilities The trustees (who are also directors for the pulposes of company law) are Tesponsible for preparing the Trusiees, Report and the finaii¢ial slatemenis in accordance with applicable18w and United Kingdom Aecouniing Siaiidards (Uniled Kingdom Generally Accepted Accowiting Practice). Company law requires ihe trLislees lo pr¢par¢ financial slalernents for each financial year. Undei. Ihal law th¢ 'ustees have pi'epai'ed the financial statements in accordance with United Kingdom Generally Aeeepted Accounting Practice (United Kingdom Accounting Standards and upplicable 18wl, including FRS 102 'The F inancial Rcportin8 Srandard applicable in ihe UK and Republic of Ireland" Under company law the Iiuslees must iiot approve the rinancial 5th1eimenls unless ihey are saiisfied thai they give a Inje and foir view of the state of th¢ affairs of Ihe chai'itable company and of ihe incomin8 resoui¢es and application of resources, ineluding the in¢ome and expenditure, of the chariiable company for thal period. In pffpariiig these financial staiements, the Irusiees are required to.. select suitable accounting polici¢s and Ih¢n apply them consistently; observe the Inethods and principles in the Charilics SORP. make judgements and accounting eslimales that are reasonable and prudent: sia(e wheiheT applicable UK Ac¢ouiiling Staiidards and FRS 102 have been followed, subjecl to aiiy material depariures disclosed and explained in the financial statemenis. and prepare the financial slalemenis on Ihe going conceix basis unless it 15 inappropi'iate lo prcsumc that the cliarilable compaiiy will conlinue in bvsiness. The Iruslces are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of th¢ charitabl¢ company and enable Ihcm lo ensure th4t Ihc financial stJl¢ments comply with ihe Compani¢s Act 2006. They are also responsible foi. safeguardiiig Ihc assets of the charitabl¢ company and hence foi. taking reasonable sieps for the pi-evenlion and delcction of fraud gnd oth¢i' in'¢gulai'ilies. Sm911 ¢ompanle5' exeniption This report has been prepared in accordanGe with the special provisions relating lo small companies wiihin Part 15 of the Companies Act 2006. The annual report was approved by the tmslees of the Charity"on 201h May 2024 and signed on ils behalf by.. Mr Christopher MeBurney Trusiee
New Horizon Ministries Limited Independent examiner's report to the Trustees of New Horizon Ministries Limited I report on the accounts of thc Charity for ihe year ended 31 Deccmber 2023, whi¢h are $¢1 out on page$ 8 to l8. Respe¢tlve responsibllltle5 01 ¢h•rlty trustees And examlner As the chai'ity Ti'ustees you are Tesponsible for the preparation of the accounts In occordance with the requirements of Ihe Chai'ili¢s Act (North¢im Ireland) 2008 and Coinpanies Act 2006. Having satisfied myself Ihai Ihe rharily is not 5ubj¢ci to audit under the le8islalion and is eligible for independent examination, it is my responsibility to: ¢xamine the a¢counts under section 65 of the Charities Act follow the proccdui'¢s laid down in ihe general Directions given by the Chai'ity Commission for Northern Irelaiid under section 65{9)(bl of ih¢ Cliarilies Acl stale whether particular mailers have coii)e lo my attention, Basis ot. independent examiner's report I have exainin¢d your charily accounts as requircd ui)dei' section 65 of the Charities Act and my examii)alion was aled out in ac¢ordanGe with the general Directions given by the Chai'ity Commission for Northern Ireland under se¢tion 65(9)(b) of the Charities Act. The examination included a r¢view of ihe accounting records kept by the charity and a comparison of the accounts pi'esented wilh Ihose records. It 81s0 included ¢onsideraiion of any unusual ilem5 01. disclosure5 in the accoLinlS, and seeking ¢xplanaiions from you as ¢harity Ii'ustees conceming any such mailers. My rolc is 10 slate whether any material mallers have come lo my atieniion giving me cause lo believe.. l. Thai accouniing records were not kept in accordance with section 63 of the Charili¢s Act and section 386 of the Companie5 Act 2006 2. That the accoLints do not accord with those accoiinting records 3. That the accounts do not Comply with Ihe accounting requiremenis of section 396 of the Cornpanies A¢t and with the mcihods and principles of the Charities Staiemenl of Recommended Practice applicable lo charities preparing their a¢¢ounts in a¢cordanc¢ with the Financial Reporting Standard applicable in the UK and R¢publi¢ of Ireland 4. That therc 1$ furth¢r inlormHtion needed for a proper understanding of the accounts lo be reuch¢d. Indepondent examincr's statement I have completed my examination and have no ¢on¢erns in ttspect of the mattel's (l) to (4) listed above and. in coiinectioii with followii)g tlie Directions of the Charity Commission for Northem Ireland. I have found no matters that require drawing to your attention. Samuel Dund¢e ACA Belfast 20 May 2024
New Horizon Ministries Limited Statement of Financial Activities (incorporating summary income and expenditure account) for the year ended 31 December 2023 Unrestrlcted Funds 2023 Unrestrlc¢ed Funds 2U22 Note Jncoming re$oure¢$ I Incom¢ Inctsmiiiig re.nuree.slrom geiieratedfund.s Volunt&ry income Aclivili¢s foi. gcncr4ting funds Jnveslmeni income 164,740 45,994 l.l96 211,930 142,173 38,688 183 Tot41 incomlng resources Resources expended l Expenses Cosls ofgeiieralin¥fuiids Chariiable aclivilies 181,044 212,682 212,682 (752) (752) 223,321 223,321 (42,277) (42.277) Total cnsts of generting funds Net income {expenditure)I Income Net movement In I'unds Fund funds brought forward at l January Total funds carrled forward at 31 December 94,141 93,389 136.418 94,141 All dmounts above relate to continuing operations of Ihe ¢ompany. The Gompany has no recogni$ed gains and losses oiher than those included in the results above gnd therefore no separate slalement of total recognised gains and losses has been presenltd.
New Horizon Ministries Limited Balanee sheet as at 31 December 2023 2023 2022 Note Fixed assets Tan ible f¢d assels li 356 813 Current assets Debtors Cash at bank and in hand 12 20J58 97J71 117,729 (24,696) 93,033 93,389 93J89 4,010 118,778 122,788 {29,460) 93,328 94,141 94,141 Creditors.. arnounts fallin due within one ear 13 Net current assets TolAI assets less eurrent liabilities Net a55etS The funds of the charity Unrestrlcled income funds Total charit funds 16 93 J89 93,389 94,141 94,141 The directors consider that the company is entitled to exemption from. the requiiemeDt to bave an audil under the provisions of section 477 of the Companies Act 2006 Act.) and members have not required Ihe cotnpany to obtain an audit for the year ID question in accordance with section 476 of the Act. The director5 acknoivledge IheiT re5ponsibililies for ensuring that the company keeps accounting records ivhich comply with section 386 of the Act and for preparing flljancial 5talernenls which give a true and fair vieiv of tho state of affairs of the company as at 31 December 2023 and of its profit for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which othernvise comply with the requirements of the Companies Act 2006 relating to the fmancial statements so far as applicable to the company. These fmancial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies, regime. The fmancial statements on pages 8 to 18 were approved by the board on 20 May 2024 and were signed on ils behalf by= Mr Clvistopher McBurney Truslee The noles on pages I I to 18 are an integral part of these fmancial slalemenls Company registration number: N1043211
New Horizon Ministries Limited Statement of Cash FloTrvs for the year ended 31 December 2023 2023 2022 Notes Cash used b rovided b eratin etivities 21,407 16,5S6 Cash flow from investin activities- Purchase of tan ible assets Inereasel (Decrease) in cash and cash equivalents in the year Cash and cash equivalents ot the beginning of the year Total cash and cash equivalents at the end of the year 118,778 97,371 135,334 118.778 The notes on pages I I to 18 are ali integral part of these financiAI siaieinenrs 10
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 i) Accountlng policies Tlie prirteipal a¢countiftg policies adopted. judgements and key sources of eslimaiion uncerlainry in rhe preparation of Ihe financial stalemenrs are as follows.. A) General InformAtion New Horizon is a seven day Chi'istiaii feslival that lakes plaee ¢very year on Ihc Ulster University campus in Coleraine. sei on the piciuresque north coast of Northern Ireland. li exists to provide a space and lime in which ihous8nds of people of all ages can be laughi from the bible, be inspii'ed through worship and story, develop a missional heart. and engage with I'elevant and cliallenging issues. b) Bas1$ of preparatlon The charity financial 51al¢rnents have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice appli¢Abl¢ lo charities preparing Iheir accounts in aceordan¢e wilh the Financial Reporiii)g Siandard applicable in the UK ai)d Republic of Ireland (FRS 102) effective l January 2022) - (Chariries SORP (FRS 102)) and the Conip811ies A¢1 2006. ¢) Preparlltlon of Ae¢ounl$ on * golng concern bAsIs Tl)ese fiiiancial siaiemenls are pi'epared on a goiiig concern basis under hisioric81 eosi eonveniion, and in accordance with applicable accounting slandards in the United Kingdom, including the Statement of Recominended Practice (SORP) FRS 102, 11)c Coinpanies Aci 2006 gnd applicable accounting policies. d) Fund 4c¢ounting policy Unre5trictcd income funds are general ndS thal are available for usc al the Iruslees, disci'elion in fvrtheran¢e of the objcciiv¢s of the charity. e) Incnming resouTees Donations ale re¢ognised where there is enliileineni, certainty of I'eceipl and the amounl can be measured with surricienl reliabilily. Incomin8 resources from lax reclaims are included in the statement of finunciml gctivilies al the same time as the gift lo which they I'¢latc. Ii)coine derived froin events is recognised as earned (Ilial is, as the I'elai¢d goods or sei'vices are piyivided). Inveslmeni income is recognised on a receivable bisis.
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 l) Accounting policies (continued) Resources expended Liabilities are recognised as soon as there 15 a legal or constructive obligation committing the charity lo the expenditure. All expenditure is accounted foi. on an accruals basis and has been classified under headings thai aggregate all cos15 related to Ihe category. Cli8rilable expendiNre comprises those costs incurred by the charity in the delivery of ils aclivilies and services foi. lis beneficiaiies. It includes both costs that can be allocated direcily 10 5u¢h activities and those costs of an indireci iiature necessairy lo suppo11 Iheni. 8) Govcrn4nee costs Governance costs include costs of the preparation and examiiiaiion of tlie sianjtoiy aecounls. the ¢osis of Iruslee m¢elings and the cosi of any l¢gal udvice EO trustees on goveman¢c or constirulional mailers. h) Support costs Support costs include central functions and liave been allocal¢d 10 aciivily cosi Categories on a basis consislenl wilh tlie use of resource5, for exaniple, allocating pi'operty costs by floor areas, or per capila, qiaff C051s by Ihc lime spent and oihei. costs by their usa8¢. I) TAnglble fixed assets Individual fixed as5ers costing £ 100 or more are initially recorded ai cosi. Tangible fixed aqseis ar¢ sialcd at cost l¢$s dcprecialion. Depreciation is provided on iangible fixtd assets so as lo write off Ihe c05t or valu8tion, less Jny estimated residual value, over iheir expected useful economic life as follows- FixDJre8 and fillin85 Office equipmeiil 25 % straight line 25Q/o Slraiglil line J} Cash ai bank And in hand Cash al bank and in hand includes cash. deposils held at call with banks and oih¢r short-lem highly liquid invesmienis with original maturities of fhree monihs of less. k) Financial instrum¢nt$ The Charity only ha$ financial assets and financial liabilities of a kind that qualify as basi¢ financial insirumenis. Basic financial instrument$ al'e initially recogiiised at Iransac(ion price and subsequcnily measured at their settlement value, unless the arrangement constitutes a financing transaction. Fiiiancing Iransaclioi)s are initially measured al the present value of the fvture receipts discounted at a markel rate of interest, and are subsequently carried al amorlised cost, using the effective int¢resl rate Inethod. l) Operating leases ReDlals payable under opei'ating leases are charged in the slalemenl of financial activiiies on a straigh( line basis ovei- the lease ierm. .12
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 2) Critical accounting judgements and estimation uncertainty Eslimotes and judgm¢nls are Continually evaluaied and are based on historical experience and other factors, including expectalions of fijture events that are beli¢ved to be reasonable under the circumstances. Crilicaljudgeme171s in opiJlysi?g (he ¢pJlity's accounling policies Thcre ai'¢ no critical judg¢m¢nts in applying thc company's accounting policies. Critical accoNniiKg esiimates and assumpiions There al'e no criti¢41 accountin8 estimates and assuniplions. 13
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 3) Voluntary income Unrestricted FThd$ 2023 Unrestricted Funds 2022 Don*tiOll5 4nd offerin Committed giving Appeals and donations Gift Aid lax reclaimed 116,899 27,459 20,J82 164,740 101.596 19,106 21,471 142,173 4) Aetivities for generatlng funds Unrcstrlcted Funds 2023 Unreslrlcted Funds 2022 Tradin income Other Iradin8 income 8,816 8.601 Events income Ertlrance fees Conlribulion 2Y,853 8,325 45,994 22,454 7,633 38.688 S) Investment income Unrestricted Funds 2023 Unrestricted Funds 2022 Interest receivable and simllar Income Inleresi receivable on bat]k de osits 183 183 14
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 6) Charitable activates Unrestricled funds 2023 UnreslriLted funds 2022 Sile costs Telephone Printing, POSlin8 and stationery Technical services Equipin¢nl hire Sundry and other costs Honorarium I speakers Trading costs Travel 31?d subsisrei?¢e Adverlising and promotion Insurance Employinent cosls Domestic expenses IT costs Legal aiid professional costs Bank charges Depreciaiion of tangible fixed assets One Off 84,008 920 2,642 31,S45 465 11,036 20,762 84,525 981 3,012 31.97S 1,000 15,027 25,577 1,045 6.000 .326 7,416 30,119 859 13.225 450 254 530 7,751 155 8,531 35,258 704 7,852 462 134 457 2J 2,682 223,321 7) Net Incomel (expenditure) Nei iiicoinel (expenditure) is slated after charging 2023 2022 Depreci*tlon of tangible tlxed Assets 457 530 8) Trustees, remuneration and expenses No ¢iwsl¢es, noi. any persons COilli¢clcd with thein, have received ally i'emun¢ralioii from the chgrily duriiig lh¢ yeai. (2022.. Nil). No tiijsiees have r¢c¢ived any reimbLiYscd expenses from the charily during the year (2022.. Nil). No key iiianagenient personnel have received any T¢muoeration from the charily duTing the year (2022.. Nil). The charity has indemnity insurance for its tnjstees at a cost of £341 (2022.. £341).
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 Decernber 2023 9) Employees, remuneration The aggregate payroll costs of these persons were as follows Eniployees 2023 2022 Sialf costs Wages and salaries So¢ial s¢eurity ¢o$t$ 34,070 1,188 35,258 28.681 1,438 30.119 The average number of person$ employed by the charity during Ihe year was as follows.. 2023 No. 2022 No. Manasemenf and adminislralion No ciiiployee received emoluinenls of more than £60,000 during the year (2022 - No. O). 10) Taxation The charily is a I'egisiered charity. and as such is ei)litled to certain lax exeinpliorts ort income and profits from investments, and surpluses on aiiy trading a¢iivitie5 carried on ii) furtherance of the charity's primary objectives, if Ihese profits and surpluses are applied solely for charitable purposes. 11) Tangible fixed assets Fixtures & ritting5 Compuler Equipment Total Cost At l JanLiary 2023 Additions At 31 December 2023 6,323 1,038 7,361 6,323 1,038 7,36J A¢¢umulat¢d d¢prc¢lallon Ai l January 2023 Charge for the year At JI DeL'ember 2023 5.537 1,01 I 27 1,038 6,548 457 7,005 5,967 Net book amount At 31 December 2023 Ai 31 Dei¢mb¢i' 2022 356 786 356 27 813 16
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 12) Debtors 2023 2022 Oiher debtors Prepayments and accrued income io 20,348 20,358 10 4,000 4.010 13) Creditors: amount5 falling due within one year 2023 2022 Crcdit card 23 Trade ¢reditors Oth¢i' laxe5 aiid $o¢ial s¢¢ui'ity Accruals 600 1,064 23,009 24,696 830 357 28,273 29,460 14) Charity status The charity is a private company limited by guarantee and consequenily does not hav¢ share capital. Each of the Inembers is liable io contribute an aniounl noi ex¢eeding £10 towards Ihc assets of the charily in the event of liquidation. IS) Financial instruments The company has the following financial inslrumenls.. 2023 2022 Financsal assets measured at amortised cost Othei. debiors and accrued income 20,358 4.010 FinaneiAI Ilabllltles measured at Amortlsed co$t Trade creditors A¢¢ruals 600 23,009 23,609 830 28,273 29,103 16) Analysis of funds l January 2023 Incomel 31 December 2023 gains Expenses Unrestricted Generil Funds Unresli'i¢ted inconie furtd 94,141 21 1,930 212.682 93J89 17
New Horizon Ministries Limited Notes to the financial statements for the year ended 31 December 2023 17) Analysis of Net assets between funds Unrestricted Funds 2023 Unreslricled Funds 2022 Analysis of type of asset and liability Fixed Assers Current asseis Credi(ors.' amounts fallin Net Assets 356 117,729 (24,696 93,389 813 122,788 (29,460 94,141 due wiihin one ear 18) Reconciliatlon of net movement in funds to net cash flow from operating actlvitles 202J 2022 Nel moveinenl in funds {752) 457 (42,277) 530 Add back d¢preciation charge (In¢ita8e) in debloi's {Decrease)l increase in creditors Net L115h provided byl {uscd by) operating activities (16,348) (4,764) 21,407 (3.668) 28.859 16.556 19) Financial commitments Ai 31 De¢ernber 2023 Ihe charity had no finan¢ial commitments (2022.. Nil). 20) Capital commitments Al 31 December 2023 the chhrity had no capital Commitments (2022.. Nil). 21) Related party transactions No related party transactions. 22) Ultimate Controlling party Tliere is iio ultimate controllin8 party. 18