COMPANY REGISTRATION NUMBER: N1632815 CHARITY REGISTRATION NUMBER: NIC104224 New Beginnings Charitable Foundation Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 New Beginnings Charitable Foundation Company Limited by Guarantse Financial Statements Year ended 31 December 2023 Page 34 Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements 9-13 New Beginnings Charitable Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2023 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity ft)r the year ended 31 December 2023. Reference and admlnlstrative details R•gl8tered charity name Charlty registratlon number New Beginnings Charitable Foundation NIC104224 Company r6gi8tration number N1632815 Princlpal offlce and reglstered 6 Newcastle Street office Kilkeel County Down BT34 4AF Northern Ireland The trustees Jennifer Annett Lisa Cousins Neil Davey Jamie Hanna Robyn Knox Company Secretary Adele Knox Independent examln8r Phelan & Prescott River House Home Avenue Newry Co Down BT34 2DL Strateglc report The following sections for achievements and performance and financial review fonn the strategic report of the charity. Objectlves and Actlvltles New Beginnings Charitable Foundation will seek to provide the resources to allow development and maintenance of secur8 housing, education and medical facilitles for under privileged and orphaned children In uganda and elsewhere in due course. Achievements and Performance During the year the charity has provided resources to further its aims towards the village and school in Uganda which are managed by a New Beginnings Charitable Trust (a company limited by guarantee registered in Uganda). Financial Review During the year the charity had net incoming resources of £43,173. The trustees are satisfied with the performance ond bollev• they wlll be gble to meet the charfty oblectlv08 Into the futurg. Structure and Governance The charity is a company limited by guarantee registered in Northem Ireland The charity is managed by the trustees who meet regularly and are all suitably qualified for their roles. The trustees, annual report and the strategic report were approved on 23 July 2024 and signed on behalf of the board of trustees by.. diy) Adele Knox Secretary Neil Davey Trustee New Beginnings Charitable Foundation Company Limited by Guarantse Independent Examinerfs Report to the Trustees of New Beginnings Charitable Foundation Year ended 31 December 2023 I report to the trustees on my examination of the financial statements of New Beginnings Charitable Foundation {'the Charity,) for the year ended 31 December 2023. Respon8lbllltlo8 and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act {Northern Ireland) 2008 (the '2008 Act,) and the Companies Act 2006 {'the 2006 Act.). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2008 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9}(b) of the 2008 Act. Indep8ndent examinerf8 Statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 65 of the 2008 Act. I confirm that l am qualified to undertake the examination because l am a member of Chartered Accountants Ireland, which is one of the listed bodies. I have completed my examination. I confirm that no matters have com8 to my attention in connection wlth my examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records,. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the fi'nancial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102>. New Beginnings Charitable Foundation Company Limited by Guarantee Independent Examiner's Report to the Trustees of New Beginnings Charitable Foundation (contlnued) Year ended 31 December 2023 I confimi that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Phelan & Prescott Chartered Accountants Independent Examiner River House Home Avenue Newry Co Down BT34 2DL 23 July 2024 New Beginnings Charitable Foundation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and ondo*ments Donations and legacies Charitable activities Other trading activities Investment income 254,504 5,894 89,370 254,504 5,894 89.370 219,763 4,323 85,322 Total income 349,769 349,769 309,408 Expenditura Expenditure on charitable activities Total oxpendlture 9,10 306,596 306,696 306,596 343,192 343,192 306,596 Net incomellexpendlture) and net movement In fund8 43,173 43,173 (33,784) Reconciliation of funds Total funds brought forward Total fund8 carried forward 234,111 234,111 277,284 267,895 234,111 277,284 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. New Beginnings Charitable Foundation Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Currgnt a8set6 Cash at bank and in hand Net current assots 278,722 235,578 235,578 235,578 278,722 278,722 Total assets less curront Ilabllltle8 Creditors: amounts falllng due after more than one year 13 1,438 277,284 1,467 Net a868ts 234,111 Fund8 of the charlty Unrestricted funds 277,284 277,284 234,111 234,111 Total charlty fund8 14 For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilitles.. The members have not required the company to obtain an audit of its financial statements for th8 year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 23 July 2024, and are signed on behalf of the board by.. Jennifer Annett Trustee Neil Davey Trustee Robyn Knox Trustee New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 Gèneral information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered Charity in Northern Ireland. The address of the registered office is 6 Newcastle Street, Kilkeel, County Down, BT344AF, Northern Ireland. Statemont of Compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic 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 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng policle• Basi8 of prnparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financlal ststements are prepared in sterling, which is the functional currency of the entity, Golng con¢em There are no material uncertainties about the charity's ability to continue. Fund accountlng Unrestricted funds are available for use at the discretlon of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or 8ndowment funds. New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Ststements {condnuedJ Year ended 31 December 2023 Accounting policies (contlnuod) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the Gharity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legaGy income is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. R•sourc86 expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. AII costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financlal instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. io New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting pollcies (contlntsed) Financial instruments (contlnued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are revlewed for objectlve evldence of impairment at the end of each reporting date. If there is objective evidence of impaiment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Llmlt•d by guarant09 Donatlons and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donatlons Donations 65,138 65,138 42,588 42,588 Gifts Gift aid 33,601 33.601 30,806 30,806 Sponsorship Sponsorship 155,765 155,765 146,369 146,369 254,504 254,504 219,763 219,763 New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Charltable actlvities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising 5,894 5,894 4,323 4,323 Oth•r tradlng a¢tivitlè¥J Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Shop income 89,370 89.370 85,322 85,322 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable Expendlture on charltable actlvlties by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Uganda transfers & travel Support costs 253,229 53,367 253,229 53,367 289,803 53,389 289,803 53,389 306,596 306,696 343,192 343,192 10. Exp8ndlture on charitable activltlo8 by activlty ty Activities undertaken directly Support costs Total funds 2023 Totsl fund 2022 Uganda transfers & travel Governance costs 253,229 50,601 2,766 303,830 2,766 306,596 340,427 2,765 253,229 53,367 343,192 11. staff co8t8 The total staff costs and employee benefits for the reporting period are analysed as follow5.. 2023 2022 Wages and salaries 34,989 34,822 The average head count of employees during the year was 2 (2022.. 2). 12 New Beginnings Charitable Foundation Company Limited by Guarantée Notes to the Financial Statsments (contlnued) Year ended 31 December 2023 11. Staff costs (¢ontlnued) No employee received employee benefits of more than £60,000 during the year (2022.. Nil). 12. Truste• remuneration and expenses No remuneration was received by trustees during the year. 13. Credltor8.' amounts falling due after more than one year 2023 2022 Accruals and deferred income Social security and other taxes 1.200 238 1,200 267 1.438 1,467 14. Analys18 of charltable fund8 Unrestrlcted fund8 At l January 202 At 31 December 2023 Income Expenditure General funds 234,111 349,769 (306,596) 277,284 At l January 202 At 31 December 2022 Income Expenditure General funds 267,895 309,408 (343,192) 234,111 13