COMPANY REGISTRATION NUMBER: N1632815 CHARITY REGISTRATION NUMBER: NIC104224 New Beginnings Charitable Foundation Company Limited by Guarantee Unaudited Financial Statements 31 December 2024 New Beginnings Charitable Foundation Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) 34 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 Director's Report) Year ended 31 December 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Reference and administratlve details Registered charity name New Beginnings Charitable Foundation Charity registratlon number NIC104224 Company registratlon number N1632815 Principal office and registered 6 Newcastle Street offlce Kilkeel County Down BT344AF Northern Ireland The truste'es Jennifer Annett Lisa Cousins Neil Davey Jamie Hanna Robyn Knox Company secretary Adele Knox Independent examiner Phelan & Prescott River House Home Avenue Newry Co Down BT34 2DL , Strateglc r8POrt The following sections for achievements and performance and financial review form the strategic report of the charity. Strategic report The following sections for achievements and perfOrrnan￿ and financial review form the strategic report of the charity. Objectives and Activities New Beginnings Charitable Foundation will seek to provide the resources to allow development and maintenance of secure housing, education and medical facilities 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). Flnancial Review During the year the charity had net incoming resources of £13.957 The trustees are satisfied with the performance and believe they will be able to meet the charity objectives into the fLrture. Structure and Governance The charity is a company limited by guarantee registered in Northern Ireland The charity is managed by the trustees who meet regularly and are all suitsbly qualified for their roles. The trustees, annual report and the strategic report were approved onl6-0*- of the board of trustees by.. -and signed on behalf C(k4 Adele Knox Secretary Neil Davey Trustee New Beginnings Charitable Foundation Company Limited by Guarantee Independent Examiner's Report to the Trustees of New Beginnings Charitable Foundation Year ended 31 December 2024 I report to the trustees on my examination of the financial statements of New Beginnings Charitable Foundation I'the charity,) for the year ended 31 December 2024. Responsibilities 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 2006 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 6519)(b} of the 2008 Act. Independent examlner's 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 come to my attention in connection with 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 fairf view which is not a matter considered as part of an independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the Ststement 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 IFRS 102). New Beginnings Charitable Foundation Company Limited by Guarantee Independent Examiner's Report to the Trustees of New Beginnings Charitable Foundation (continued) Year ended 31 December 2024 I confirm 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 LÉ-OS- IS New Beginnings Charitable Foundation Company Limited by Guarantee Statement of Financial Activities {including income and expenditure account) Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 261,749 9,710 83,391 261,749 9,710 83,391 254,504 5,894 89,370 Total income 354,852 354,852 349,769 Expenditure Expenditure on charitable activities Total expenditure 9,10 340,895 340,895 340,895 306,596 306,596 340,895 Net income and net movement In funds 13,957 13,957 43,173 Reconciliatlon of funds Total funds brought forward Total lunds carried fonNard 277,284 291,241 277,284 291,241 234,111 277,284 The statement of fi'nancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 13 fomi part of these financial statements. New Beginnings Charitable Foundation Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Current assets Cash at bank and in hand 292,779 278,722 Net current assets 292,779 292,779 278,722 Total assets less current liabilities 278,722 Creditors: amounts falling due after more than one year 13 1,538 1,438 Net assets 291,241 277,284 Funds of the charity Unrestricted funds 291,241 291.241 277,284 277,284 Total charity fund8 14 For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements ofthe 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, and are signed on behalf of the board by.. Jennifer Annett Trustee Neil Davey Trustee The notos on pages 9 to 13 form part of theso financial statements. New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General 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. statement 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 Financi81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP {FRS 10211 and the Companies Act 2006. Accounting policies Basis of preparation 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. Th6 financial statements are prepared in sterling, which is the functional currency of the entity. Golng ¢oncern There are no material uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are available for use at the discretion 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 endowment funds. New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements {¢ontinued) Year ended 31 December 2024 Accountlng policies (contlnuedj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. 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. legacy income is recognised when recelpt 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. Resources 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, event5, 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. All 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 belween 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 paty to the ontractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 10- New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 Accountlng policies (contlnuedj 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 otheTwise 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 reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement offinancial 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. Limited by guarantee - the company is limited by guarantee Donations and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 75,667 75,667 65.138 65,138 Glfts Gift aid 32,803 32,803 33,601 33,601 Sponsorshlp Sponsorship 153,279 261,749 153,279 261,749 155,765 254,504 155,765 254,504 11 New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 December 2024 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising 9,710 9,710 5,894 5,894 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Shop income 83,391 83,391 89,370 89,370 Invastment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable Expenditure on Charltable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Uganda transfers & travel Support costs 284,366 56,529 340,895 284,366 56,529 340,895 253,229 53,367 253,229 53,367 306,596 306,596 10. Expenditure on charltable activities by activlty type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Uganda transfers & travel Governance costs 284,366 53,678 2,851 56,529 338,044 2,851 340,895 303,830 2,766 284,366 306,596 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries 37,123 34,989 The average head count of employees during the year was 2 (2023: 2). 12- New Beginnings Charitable Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2024 11. staff costs (contlnued) No employee received employee benefits of more than £60,000 during the year {2023.' Nill. 12. Trustee remuneratlon and expenses No remuneration was received by trustees 13. Creditors: amounts falling due after more than one year 2024 2023 Accruals and deferred income Social security and other taxes 1,200 338 1,200 238 1,538 1,438 14. Analysis of charitable funds Unrestricted fund$ At 1 January 202 At 31 December 2024 Income Expenditure General funds 277,284 354,852 (340,895) 291,241 At l January 202 At 31 December 2023 Income Expenditure General funds 234,111 349,769 {306,596) 277,284 13-