New5tart Education Centre Statement of Financial Activltles Ineor oratin an Income and Ex ror the Year Ended 31 Mareh 2024 endilure Aeeount 31.3.24 Total funds 31.3.23 Total funds Unrestri¢ted Restricted funds funds Notes INCOME AND EIYDOWMENTS FROM Donations and legacies 200 200 CharRtable activities Grants Receivable 264,960 191,989 456,949 426,856 Total 265,160 191,989 457,149 426,856 EXPENDITURE ON Charitable aelivltles Direct Cliaritable Expenditure Governance 281,946 823 176,331 458,277 823 550,499 3,716 Totgl 282,769 176,331 459,100 554.215 NET ENCOMEI{EXPENDITURE) (17,609) 15,658 (1,951) (127,359) RECONCILIATION OF FUNDS Total funds brouglit forward 87,050 ,864 95,914 223,273 TOTAL FUNDS CARRIED FORWARD 69,441 24,522 93,963 95,914 The notes form part of these financial stalements 10
NowstArl Education Centre Stalement of FiDAn¢ial Posltion 31 March 2024 31.3,24 31.3.23 Notes FIXED ASSETS Tangible assets 6,168 7,710 CURRENT Asslt TS Debtoi's Cash at bank 10 24,500 81,683 103,653 103.653 106,183 CREDITORS Amounts falling due within one year (15,858) {17,979) NET CURRENT ASSETS 87,795 88,204 TOTAL ASSETS LESS CURRENT LIABILITIEI S 93,963 95,914 NET ASSEI TS 93,963 95,914 FUNDS Unrestricted fiinds Restricted funds 13 69,441 24,522 87,050 8,864 TOTAL FUNDS 93,963 95,914 The cliaritable company is entitled to ¢xemption from audit under Section 477 of the Coinpanies Acl 2006 for the year end¢d 31 March 2024. The members have not required the compaiiy to obtain an audit of its financial stat¢ments for the year ended 31 Marcl) 2024 in accordaiice with Section 476 of the Coinpanies Act 2006. Tlie trustees acknowledge tlieir responsibilities for (a) cnsui'ing that th¢ oharltable company keeps accounting records that comply with Sections 386 and 3 87 of the Compani¢s Act 2006 and (b) prepariiig financial stateinents wliich give a true and fair view of the state of affairs of the charitable company as at the end of each fiiiaiicial year and of its surplus or deficit for ¢acli financial yeai. in accordanoe with th¢ requireineiits of Sectioiis 394 and 395 aiid which otherwise cojnply with the requirements of the Con]panies Act 2006 relating to financial statemenls, so far as applicable to the cliaritable company. The iiotes form part of these financial statements continued...
Newstart Edueatlon Centre Statement of Financial Positlon - continued 31 March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable coinpanies subject to the small companies regime. The financial statements were approved by the Board of Trustees and aiithorised for issue on 27 Nov¢inb¢r 2024 and wer¢ signed on its behalf by: Mr J Donnelly- Trustee The notes form part of these financial statements 12
Newstart Education Centre Notes to the Fingnciil Statements for the Year Ended 31 Mareh 2024 ACCOUNTING POLICIES Basis of preparing the financial statements I, ACCOUNTJNG POLICIES Summary of significaiit accounting policies (a) General information and basis of pr¢paration Newstart Education Centre is constituted as a company liinited by guarantee incorporated in Northern Ireland (N1054249). In the event of tlie cliarity beiiig would up, the liability in respect of the guarantee is limited to £1 per member of the cliarity. The charity constitutes a public benefit entity as defined by FRS 102. The financial 5tatem¢nts have beeii prepared iii accordance with Accountiiig and Reporting by Charities,, Statement of Recoii)mended Practice applicable to charities preparing their accounts ii) accordan¢e with the Finaiicial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Ihe Financial Reportiiig Standard applicable in tlie United Kingdom and Republic of Ireland (FRS 102), the Cliarities Act (Northerii Irelaiid) 2013, the Coinpanies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements are pr¢pared on a going concern basis under th¢ historical cost conveiition, modified to include certain iteins at fair value. The financial stat¢meAits are presented in sterling which is the functional Currency of the charity., The significant accounting polici¢s applied in the preparation of these financial statements are set out below. Tliese policies Iiave been consistently applied to all years present¢d unless otherwise staled. (b) Funds Unrestricted funds al'e avai lable for use at the dis¢r¢tion of the trustees in furtherance of the general objectives of the cliarity and which Iiave iiot been d¢signated for other purposes. Designated funds comprtse unrestricted fuiids that have been set aside by the trustees for particular purposes. The aim and use of eacli designated fund is set out in the notes to the financial stateineiits. Restricted funds are funds which are to be used in accordance with specific restrictions iinposed by donors or whi¢h have been raised by th¢ cliarity for particular purposes, The cost of raising and administering such funds are charged against the specific fund. The aim and use of eacli restricted fund is set out in the notes to the financial stateinents. Further explanation of the nature aiid purpose of each fund is included in tlie not¢s to the financial Statements. (c) Income recognition All incoming resources are included in the Stat¢ment of Financial Activities (SOFA) when the charity is legally entitled to the income after any perfoi'mance conditions have been met, the amount can be measured i'¢liably and it is probable that the income will b¢ received. 13 continued...
Newstarl Education Centre Notes lo the Finanelal Statements - conllnued ror Éhe Year Ei nded 31 March 2024 ACCOUNTING POLICIES- continued Basis of preparing the financlal statemehts For doiiations to be recognised the charity will have been notified of the amounts and tlie settlement date in writing. If thei'e are conditions attaclied to the donation and this requires a level of performance b¢fore entitleinent can be obtained then income is def¢rred until those coiiditions are fully met or the fulfilinent of those conditions is withiii the control of the charity and it is probable that they will be fulfilled.Voluntary incoine is rec¢ived by way of grants, donations and gifts and is included in full in the Statement of Finaiicial Activities (SOFA) wlien receivable. Income received froin collections is recognised when received. Donated facilities and donated professional services are recognised iii income al their fair value when their e¢onomic benefit is probable, it can be ineasured reliably and the charity has ooi)trol ovei. the item. Fair value is deterlnined on the basis of tl)e value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding ainount is recogiiised in expeiiditui'e, No amoiint is included in the financial statemeiits for volunteer time in line with th¢ SORP (FRS 102). Further detail is given in the Trustees, Annual Report. Foi. legacies, entitlement is the earlier of tlie charity being notified of an iinpending distribution or the legacy being received. At this poiiit incoine is i'ecognised. Oil occasion legacies will be notified to tlie cliarity liowever it is not possible to measure the ainount expe¢ted to be distributed, On these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activittes includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in ord¢r to raise funds and is recognised when ei)titlement has occurred. The chartty receives goveriiment grants wliich are detailed within the not¢s to these fiiiancial statemenls. Income from governin¢nt and other graiits are recognised at fair value when the charity has entitlejnent after any perforinance conditions have been met, it is probabl¢ tliat tlie incom¢ will be received and the amount can be measured reliably. If ¢ntitlem¢nt is iiot met tlien these amounts are deferred. (D) Expenditiure recognition All expenditure is accounted for on an accruals basis, inclusive of VAT which cani)ot be recovered and lias been classified under headings tliat aggregate all costs related to the category. Expenditure is recognised wliei'e there is a legal or constructive obligatioii to mak¢ payments to tliii'd parties, it is probable that the settlemeiit will be requlred and the amount of the obligation can be measured reliably. It is categorised uiider the following headings: Costs of raising funds includes tlie costs associated with attracting voluntary iiioomes. ExpenditUTe on charitable activities ii)eludes those costs incuri'ed by the charity in the delivery of its actlvities and services for its beneflciaries. It includes both costs that can be allocated directly to 5u¢h activities and those costs of an indirect naturc necessary to support them. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against th¢ activity for wliich expenditure arose. 14 continued...
Newstart Education Centre Notes to the Ffinaneial Statements - contlnued for the Year Ei nded 31 March 2024 ACCOUNTING POLICIES - continued Basis of preparing tlie financlal statements Grants payable to third parties are witliin tlie charitable objectives. Wliere unconditional grants are offered, tliis is accrued as soon as the recipient is notified of the gi'ant, as this gives rise to a reasoiiable expectation that tli¢ r¢cipient will receive the gi'ants. Wher¢ grants are conditional Yelating to performance theii the grant is only accrued wlien aiiy unfulfilled conditioiis are outside of the control of the charity. (e) Support costs allocation Support costs are those that assist the work of the charity but do not directly represeiit charitsble activities and include office Costs, governaiice costs, administrative payroll costs. They are incurred directly in support of ¢xpenditur¢ on the objects of tlie charity and include project Inaiiagem¢nt carried out at Headquaiters. Where support costs ¢aiinol be directly attributed to particular headings tliey Iiave beeii allocated to cost of raising funds and expenditure on cliaritable activities on a basis consistent with use of the resources. Premises overheads Iiave beeii allocated on an iiisert detail basis aiid otlier overheads have been allocated on a basis consistent with the us¢ of resourc¢s. Fund-raising costs are those iiicurred in seeking voluntary contributions and do not include the costs of disseminattng information in support of the cliaritable activities. (D Tangible fixed assets Tangible fixed assets are stated at cost less accuinulated depreciation and accumulated impairinent losses. Cost includes costs directly attributable to making the asset capabl¢ of operating as intended. D¢preciation is provided on all tangible fix¢d assets. at rates calculated to write off the Cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Fixtur¢s and Fittings Motor Vehicles 200/0 Reduciiig Balanc¢ 200/0 Reducing Balance (g) Debtors and ¢r¢ditors r¢c¢ivable I payable within one year Debtors and crediloi's witl) no stated ii)terest rate and receivable or payable withii) one year are recorded at transactioii price. Any losses arising fi'om impaii'ment are recognised in expeiiditure. (h) Financial Instruinents The charity only lias financial assets and liabiltties of a kind that qualify as basic financial instruments. Basic financial instrumcnts are initially r¢¢ognis¢d at transaction value and subsequently measur¢d at s¢ttleJnent valu¢. (i) linpairinent Assets not measured at fair value al'e reviewed for any indication that the asset may be impaired at each balance sheet date, If sucli indication exists, the r¢cov¢rabl¢ amount of th¢ asset, or the asset's cash generating unit, is estiinated and ¢oinpared to the carrying alnount. Where tli¢ carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. 15 continued...
Newstart Edueatlon Centre Notes to the Financial Statements - continued for the Ye#r Ended 31 March 2024 ACCOUNTING POLICIES - ¢ontlnued Basis of preparfing the financial stAtements O) Pi'ovisions Provisioiis arc recognised when th¢ ¢h8rity has an obligation at the balance slieet date as a result of a past event, it is probable that an outflow of ¢¢onomic benefits will be required in settlement and the amount can be reliably estiinated. (k) Leases Assets acquired uiider finance leases are capitalised and depreciated ovei the shorter of tlie lease term and the expected usefiil life of the asset. Minimum lease payments are appoitioned between the finai)ce charge and th¢ reduction of tlie outstanding lease liability using the effective interest Inethod. Tlie related obligations, net of future finance charges, are included in creditors. Rentals payable and receivable under op¢rating leases are cliarged to the SOFA on a straight line basis over the period of the lease. (l) Tax No provision is required for taxation as the company is defined as a Charity for taxation purposes. The charity is a registered charity and so such is enlltled to certain tax exemptions on in¢ome and profits from investinents and surpluses on any trading activities carried on in furtlierance of the charity's priinary objectives, if ihese profits and surpluses are appli¢d solely for cliaritable purposes. (In) Going concern Tlie financial statements have been prepared on a going concern basis as tl)e trustees believe tliat no material uncertainties exist. The trustees have considered tlie l¢v¢l of funds held and the expected level of income and expenditure for 12 months from autliorising these financial statements. The budg¢t¢d income and expenditui'e is sufficient with tl)e level of reserves for the charity to be able to continue as a going concern. (n) Judgements estimates The preparatioii of the financial stateinents i'equires manageinent to Inake judg¢ments, estimates and assumptions that affect tlie amouiits reported. These estimates and judgements are continually reviewed and are based on exp¢rAeiice and other factors. including expectations of future events tliat are believed to be reasonable under the circumstances. The iteins iji tlie fJnan¢ial statements wliere these judgemeiits and estimates liave been made include: (i) ¢stiinating the useful economic life of taiigible fixed assets (ii) allocation of expenditur¢ and support costs Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Motor vehicles 200/0 on R¢ducing Balance 20 % on Reducing Balance 16 continued...
Newstart Ei dueation Centre Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - Continued Related party exemption The charitable Company has taken advantage of exemption, under the terms of Financial R¢porting Standard 102 'Tlie Financial Reportiilg Standard applicable in tlie UK and Republic of Ii'eland,, not to disclose related party transactions with wholly owned subsidiaries within the group. TaxatjOD Tlie colnpany is a register¢d cl)arity and so siich is entitled to certain tax exemptioiis on income aiid pi'ofits fi'om inv¢stments and surplus¢s on any ti'ading activities carried on iii furtherance of tlie charity's primai'y objectives, if these profits and surpluses al'e applied solely for charitable purposes. Fund accounting Tlie coinpaiiy lias various types of funds for whicl) it is responsible and which require separate disclosure. A definition of tlie various types of funds is as follows: (i) Restrict¢d funds: Funds r¢ceived which are earinai'ked by tlie donor for specific pui'poses, Sucli pui'poses are within the overall aims of th¢ company. (li) Unrestricted funds: Funds which are expendable at the discretion of the directors which have been designated for specific purposes in furthcrance of the objects of the charity. Pension costs and other post-retirement benefits The charitable company operates a defined Conlribution peiision sclieme. Contrlbutions payable to the charitable company's pensioii scheme are charged to the Statement of Financial Activities in the period to whicli they relat¢. INCOME FROM CHARITABLE ACTIVITIEI S 31.3.24 31.3.23 Activity Grants Receivable Grants 456,949 426,856 Grants received, iiicluded in the above, are as follows: 31.3.24 31.3.23 Departinent for Coinmunities Edu¢atioii Authority Belfast City Council Active Cominunitics Peace IV The Big Lottery Fund Department for Communit¢s - Additional Education Authority - Training Community Foundation Noitthei'n Ireland Awards for All 30,693 261,360 23,575 35,207 251.534 3,996 850 2,345 35,228 19,500 14,250 34,862 9,966 12,600 38.200 Carried forward 366,428 407,738 17 continued..
Newstart Education Centre Notes to the Flnancial Statements- conÉlnued for the Year Ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES - eontlnued 31.3.24 31.3.23 Brouglit forward Patliway Fund NFU Mutual ASDA NI Alteriiatives National Lottery Cominunity Fund Heiiry Smith 366,428 3,600 407,738 11,000 1,200 918 6,000 17,521 69,400 456,949 426,856 CHARITABLE ACTIVITIES COSTS Support costs (se¢ note 4) Direct Costs Totals Dii'ect Cliai'itable Expenditure Governance 456,355 1.922 823 458,277 823 456,355 2,745 459,100 SUPPORT COSTS Governance Costs Direct Cliaritable Expenditure Governance 1,922 823 2,745 1 T INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after Chargin(Crediting). 31.3.24 31.3.23 Depreciation- owncd assets 1.542 1,927 18 continued...
Newstart Education Centre Notes to the Financi81 Stal¢ments- continued for the Year Ended 31 March 2024 AUDITORS, REMUNERATION 31.3.24 31.3.23 Accountancy Fee 2.430 3,360 TRUSTII S, REMUNERATION AND BENEFITS There were no trustees, remuneration or otlier b¢nefits for the year ended 31 March 2024 iior for th¢ year ended 31 March 2023. Trustees, expenses Tliere were no trust¢es' expenses paid for the year end¢d 31 March 2024 iior for the year ended 31 March 2023. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 317,471 22,885 3,925 379,295 27,685 6,093 344,281 413,073 The average monthly nuinber of employees duriiig the year was as follow5: 31.3.24 13 31.3.23 16 Administration No employees received emoluinenls in excess of £60,000. Tlie k¢y maiiagement p¢rsoiinel of the cliarity comprise of the Chief Executive and Senior management team. The sa18ries paid to key inaiiagemeiit personn¢l being the Chief Executive Officer, Prograinme Managers, and Programme Co-ordinator during the year totalled £146,582. (2023: £182,121) 19 continued...
Newstart Educalion Centre Notes to the Fhnancial Stalements - continued for the Year Ended 31 Mareh 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Motor vehi¢l¢s Totals COST At l April 2023 and 31 March 2024 88,872 17,820 106,692 DEPREICIATION At l April 2023 Cliarge for y¢ar 81,162 1,542 17.820 98,982 1,542 At 31 Marcli 2024 82,704 17,820 100,524 NET BOOK VALUE At 31 March 2024 6,168 6,168 At 31 March 2023 7,710 7,710 10. DEBTORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 31.3.24 31,3.23 Department for Communities - Additional Pathways 19,500 5.000 24,500 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31,3.23 Social security and other taxes Credit Card Accrued expenses 7,094 474 8,290 5,984 538 11,457 15,858 17,979 20 continued...
Newst#rt Education Centre Notes to the Flnancial Statements- Continued for the Year Ended 31 March 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Uiirestricted Restricted funds funds Fixed assets Current assets Current liabilities 6.168 18,354 6,168 103,653 (15,858) 7,710 106,183 (17,979) 85,299 (15,858) 69,441 24,522 93,963 95,914 13. MOVEMENT IN FUNDS Net Inovement in funds At 3113124 At 114123 Unrestricted funds Getieral fund Educatioii Autliority 64,962 22,088 (21,657) 4,048 43,305 26.136 87,050 (17,609) 69,441 Restrietcd funds Dept of Commuiiiti¢s - Capital Henry Sinith 8,864 (1,542) 17,200 7,322 17.200 8.864 15,658 24,522 TOTAL FUNDS 95,914 (1,951) 93,963 21 continued...
Newstart 1¢ dueatlon Centre Notes lo the Financial Statements- conlinued for the Year Ended 31 March 2024 13. MOVEMENT IN FUNDS - continued Net moveineiit in funds, included in the above are as follows: Incoming resources R¢source5 expended Movement in funds Unrestricted funds General fund Education Authority Pathways Fund 200 261,360 3,600 (21,857) (257,312) (3,600) (21,657) 4.048 265,160 (282,769) (17,609) Restricted funds Department for Communities Belfast City Council Dept of Communities - Capital Education Autliority - Training Community Foundation Northern Ireland National Lottery Community Fund Henry Smith 30,693 23,575 (30,693) (23,575) (1,542) (12,600) (1,542) 12.600 38,200 17,521 69,400 (38,200) (17,521) (52,200) 17,200 191,989 (176,331) 15,658 TOTAL FUNDS 457,149 (459,100) (1,951) Comparatives for movement iii funds Net movemeiit in funds At 3113123 At 114122 Unrestricted funds Genei'al fund Education Autliority 14,150 63,469 (49,188) (41,381) 64.962 22.088 177,619 (90,569) 87,050 Restricted funds Dept of Communities - Capital Community Foundation Nortliern Ireland 10.791 (1,927) 8,864 34,863 (34,863) 45,654 (36,790) 8,864 TOTAL FUNDS 223,273 (127,359) 95,914 22 contiiiued...
N¢wstart li ducation Centre Notes to the Financlal Statemenls - continued for the Year Ended 31 March 2024 13. MOVEMENT IN FUNDS - continued Comparative net movement in funds, in¢luded iii the above are as follows: Incomiiig r¢sources Resources expended Movement in fiinds Unrestricted funds General fund Education Authority NFU Mutual Pathways Fund ADDA NI Alternatives (49,188) (292,915) (1,200) (i 1,000) (918) {6,000) (49,188) (41,381) 251,534 1,200 11.000 918 6.000 270,652 (361.221) (90,569) Restricted funds Depaitment for Communities Belfast City Council Active Cominunities Peace IV Dept of Commuiiities - Capital The Big Lottery Fund Departin¢nt for Communities - Additional Education Authority - Training Cojnmuiiity Foundation Nortlierii Ir¢land Awards for All 35,207 3.996 850 2,345 (35,207) (3.996) (850) (2,345) (1,927) (35,228) (1,927) 35,228 19,500 14.250 (19,500) (14,250) 34,862 9,966 (69,725) (9,966) (34,863) 156,204 (192,994) (36,790) TOTAL FUNDS 426,856 (554,215) (127,3 59) 14. RELATKD PARTY DISCLOSUREI S Th¢re were no related party transactions for the year ended 31 March 2024. 23 continued...