Newstart Education Centre Statement of Financial Activities Incor oratin an Income and Ex for the Year Ended 31 March 2025 enditure Account 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donatioiis and legacies 108 108 200 Charitable activities Grants Receivable 418,817 294,673 713,490 456,949 Total 418,925 294,673 713,598 457,149 EXPENDITURE ON Charitable activities Direct Chai'itable Expenditure Governance 401,707 5,315 313,107 714,814 5,315 458,277 823 Total 407,022 313,107 720,129 459,100 NET INCOMEI(EXPENDITURE) 11,903 (18,434) (6,531) (1,951) RECONCILIATION OF FUNDS Total fuiids brought fonvard 69,441 24,522 93,963 95,914 TOTAL FUNDS CARRIED FORWARD 81,344 6,088 87,432 93,963 The notes form part of these fiiiancial statements Page 11
Newstart Education Centre Statement of Financial Position 31 March 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets 10 4,934 6,168 CURRENT ASSETS Cash at bank 234,412 103,653 CREDITORS Amounts falling due within one year (151,914) (15,858) NET CURRENT ASSETS 82,498 87,795 TOTAL ASSETS LESS CURRENT LIABILITIES 87,432 93,963 NET ASSETS 87,432 93,963 FUNDS Unrestricted funds Restricted funds 13 81,344 6,088 69,441 24,522 TOTAL FUNDS 87,432 93,963 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on l O December 2025 and wcrc signed on its behalf by: Mr J Barry - Ti'ustee Mr M A Copeland - Trustee dJ,O The notes form part of these financial statements Page 12
Newstart Education Centre Statement of Cash Flows for the Year Ended 31 March 2025 31.3.25 31.3.24 Notes Cash flows from operating activities Cash generated from operations 130,759 21,970 Net cash provided by operating activities 130,759 21,970 Change in cash and cash equivalents in the reporting perlod Cash and cash equivalents at the beginning ofthe reporting period 130,759 21,970 103,653 81,683 Cash and casli equivalents at the end of the reporting period 234,412 103,653 The notes form part of these finai)cial stateinents Page 13
Neivstart Education Centre Notes to the Statement of Cash Floivs for the Year Ended 31 March 2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciatioii ¢hai'ges Decrease in debtors Increase/(decrease) in creditors (6,531) (1,951) 1,234 1,542 24,500 (2,121) 136,056 Net Cash provided by operations 130,759 21,970 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank 103,653 130,759 234,412 103,653 130,759 234,412 Total 103,653 130,759 234,412 The notes forni part of these financial statements Page 14
Newstart Education Centre Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements I. ACCOUNTtNG POLICIES Summary of signifi¢atit accounting policies (a) Geiieral inforination aijd basis of preparation Newstart Education Centre is coiistituted as a company limited by guarantee incorporated in Northern Ii'eland (NIO54249). 111 th¢ event of the Cliarity being would up, the liability in i'espect of the guarantee is limited to £1 per member of the charity. The cliarity constitutes a public benefit entity as defined by FRS 102. The fiiiancial statcmcnts have beeii prepared tn a¢cordai)ce witli Accounting aiid Reporting by Charities.. Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), tlie Fiiiancial Reporting Standard applicable in the Untted Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2013, the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The fInancial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are pi'eseiited in sterling which is the fuiictional currency of the charity.. The significant accounting policics applied in the preparation of tliese financial statemei)ts are set out below. These policies have been consistently applied to all years presented unless otherwisc stated. (b) Funds Unrestricted funds are available for use at the discretion of tlie trustees in furtlierance of thc gcneral objectives of the charity and which have not been designated foi. other purpos¢s. Designated funds comprise unrestricted fuiids that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the iiotes to the financial statements. Restricted funds al'e funds which are to be used iii accordance with specific restrictions imposed by donors or which have beeii raised by the charity for particular purposes. The cost of raising and adinitiisteriiig such funds are Charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Further explanation of the nature and pui'pose of each fuiid is included iii the notes to thc financial statements. (c) Iiicome recognition All tiicoming resources are included in the Statement of Fiiiancial Activities (SOFA) when the charity is l¢gally entitled to the incoine after any perfoi'mance conditioiis hav¢ bccn Inet, the amount can be measured reliably and it is probable that the iiicome will be received. Page 15 continued...
Newstart Education Centre Notes to the Financial Statements- continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Basis of preparing the financial statements For donations to be i'ecognised the charity will have been notified of the amounts and the settleinent date in writing. If their are conditions attached to the donatioii and this requires a level of perforinaiice before eiititlemeiit can be obtained then income is deferred uiitil those conditioiis are fully met or the fulfilment of those conditioiis is withiii the control of thc charity and it is probable that they will be fulfilled.Voluntary incoine is I'eceived by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. Income received from collections is recognised wl)eii received. Donated facilities and donated professioiial services are recognised in income at their fair value when their economic benefit is probable, it can be ineasured i'eliably and the cliarity has control over the item. Fair value is determiiied on the basis of the value of the gift to the charity. For example the amouiit the cliarity would be willing to pay iii the open market for such facilities and services. A correspondiiig amount is recognised iii expcnditui-e. No amoiint is included in the financial statements for volunteer tiine in litje with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an impending disti'ibution or the legacy being received. At this point income is i'ecogiiised. On occasioii lega¢i¢s will bc iiotified to the charity however it is not possible to measure tlie amouiit expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activities incliides income earned fi'om fundraising events aiid ti'ading activities to raise funds for the charity. Income is I'cceived in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The charity receives government graiits which are detailed within the notes to these financial statements. Income froin government and other grants are recogiiised at fair value when the charity has ciititlcment after any performaiice conditions have been met, it is probable that the iiicoine will be received aiid the amount can be measured reliably. If entitlement is not Inet then these amounts are deferred. (D) Expenditiure recognition All expenditure is accounted foi. on an accruals basis, inclusive of VAT which cannot be recovered and has been classified ui)der headings that aggregate all costs related to tlie category. Expenditure is recognised whci'e there is a legal or constructive obligatioii to inake payments to third parties, it is probable that the settlement will be required aiid the ainount of tlie obligatioii cali be measured reliably. It is categorised undei. the following lieadiiigs: Costs of raising funds includes the costs associated with attracting voluntary incomes; Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities aiid services for its beneficiaries. It includes both costs tliat can be allocated directly to such activities and those costs of ali iiidirect natui'e ne¢¢ssaiy to siipport them. and Other expenditure represents those items iiot falling into th¢ categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Page 16 continued...
Newstart Education Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Basis of preparing the financial statements Grants payable to third parties are within t51¢ charitable objectives. Whei'e uA)conditional grants are offered, this is accrued as soon as the recipiei)t is notified of the graiit, as this gives rise to a reasonable expectation that the recipient will receive the graiits. Where grants are conditional relating to pei'formance then the grant is only accrued when any unfulfilled conditions are outside of the control of the cliarity. (c) Support costs allocation Siippoit costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governaiice costs, adiniiiistrative payi'oll costs. Tliey are incurred directly in support of expenditure on the objects of the charity and iiiclude project management carried out at Headquarters. Where support costs cannot be directly attributed to paiticular Iieadings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detail basis and other overl)eads have been allocated on a basis consistent with the use of resources. Fund-raising costs are those incurred in seeking voliintary contributions and do not include the costs of disseminating iiifonnation in support of the charitable activities. (fj Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depi'eciation and accumulatcd impairment losses. Cost includes costs directly attrlbutable to making the asset capable of operating as intended. Depreciation is provided oli all tangible fixed 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: Fixtures and Fittings Motor Vehicles 200/0 Reduciiig Balance 200/0 Reducing Balance (g) Debtors and creditors receivable / payable within one ycar Debtors and creditors with no stated interest rate and receivable or payable within one year ar¢ recorded at transactioi) price. Any losses arising from impairment are recogiiised in expenditure. (h) Financial Instruments The cliarity only has fiiiancial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial iiistruments are iiiitially recognised at transaction value and subsequciitly measui'ed at settlement value. (i) Impairment Assets iiot measured at fair value al'e reviewed for any indication that the asset may be impaired at eacli balance shcet date. If su¢li indication exists, tlie recovcrablc amount of the asset, or the asset's casli genei'ating unit, is ¢stiinat¢d and coinpai'ed to the carrying amount. Where the carrying ainount exceeds its recoverable amount, an impairment loss is recogiiised in profit or loss unless the asset is cai'i'ied at a revalued amount whei-e the impairment loss is a revaliiation decrease. Page 17 continued...
Newstart Edueation Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Basis of preparing the financial statements O.) Provisions Provisions are recogniscd when the charity has an obligatioii at tlie balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the ainount can be reliably estimated. (k) Leases Assets acquired under finance leases are capitalised and d¢prcciated ovei. the shorter of the lease terni and the expected useful life of the asset. Minimum lease payments are apportioned betweeii the finaiice charge and the rcduction of the outstanding lease liability using the effective intcirst method. The related obligations, net of future finaiice cliarges, are incliided in ciEditors. Rentals payable and receivable under operating leases are charged to the SOFA oil a straight line basis over the period of the lease. (l) Tax No provisioii is required for taxation as the company is defined as a charity foi. taxation purposes. The charity is a registered charity and so such is entitled to certaiti tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's pi'imary objectives, if these profits and surpluses are applied solely for charitable purposes. (m) Going concern The financial statements hav¢ been prepared on a going concern basis as the trustees belicvc that no material unceitaiiities exist. The trustees Iiave considered the level of funds held and the expected level of income and expenditure for 12 months froin authorising thcsc financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the cliarity to be able to coiitinue as a going concern. (n) Judgements estimates The preparation of the financial stateinents requires management to make judgements, estimates and assumptions that affect tlie amounts reported. These estimates aiid jiidgements are continually reviewed and are based oil experience and other factors, including cxpectations of future events that are believed to be reasoi)able linder the circumstaiices. The items ii) the financial statements where these judgements and estimates have been niade include: (i) estiinatiiig the useful ecoiiomic life of tangible fixed assets (li) allocation of expenditure and suppoit costs Tangible fixed assets Depi'eciation is provided at the followii)g annual rates in order to write off eacli asset over its estiinated useful life. Fixtures and fittings Motor vehicles 200/0 on Reducing Balance 20% on Reducing Balance Page18 continued...
Newstart Education Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Related party exemption The charitable company has taken advantage of exemption, under the terms of Financial Reporting Staiidard 102 'The Financial Reporting Standard applicable iii the UK aiid Republic of Ireland,, not to disclose related party transactions with wholly owned subsidiaries within the group. Taxation The company is a registered charity and so such is entitled to certain tax exemptions on incoine and profits fi'om investments and surpluses on aiiy trading activities carried on in fuithcrance of the charity's primary objectives, if these profits ai)d sui'pluses are applied solely for charitable purposes. Fund accounting The company has various types of funds for wliich it is responsible and which require separate disclosui'e. A definition of the various types of funds is as follows: (i) Resti'icted funds: Fiinds received which al'e earn]arked by the donor for specific purposes. Such purposes are within the ovei.all aims of the company. (li) Unrestricted funds: Funds which arc expendable at the discretion of the directors which have been desigiiated for specific purposes in furtherance of tlie objects of the chai'ity. Pension eosts and other post-retirement benefits The charitable ¢oinpany operates a defiiied contributioii pension scheme. Conti'ibiitioiis payable to the charitable company's pension scliemc are charged to the Statement of Financial Activities in the period to which they relate. DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations 108 200 Page 19 continued...
Newstart Education Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 INCOME FROM CHARITABLK ACTIVITIES 31.3.25 31.3.24 Activity Grants Receivable Grants 713,490 456,949 Grants received, included in tlie above, are as follows: 31.3.25 31.3.24 Department for Communities Education Authority SEUPB Belfast City Council Education Authority - Training Commutiity Foiiiidation Nortlierii Ireland Pathway Fund National Lottery Community Fuiid Henry Smith LFT 31,521 409,317 134,994 23,792 30,693 261,360 23,575 12,600 38,200 3,600 17,521 69,400 9,550 9,500 28,906 46,000 19,910 713,490 456,949 CHARITABLE ACTIVITIES COSTS Support costs (see iiote 5) Direct Costs Totals Direct Charitable Expenditure Governance 714,814 714,814 5,315 5,315 714,814 5,315 720,129 SUPPORT COSTS Governance costs Governance 5,315 Page 20 contitiued...
Newstart Education Centre Notes to the Financial Statements - continued ror the Year Ended 31 March 2025 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after Chargin(Crediting). 31.3.25 31.3.24 Depreciation - owned assets 1,234 1,542 AUDITORS, REMUNERATION 31.3.25 31.3.24 Fees payable to the charity's auditors for the audit of the charity's financial statements A¢¢ouiitancy Fee 1,500 3,420 2,430 TRUSTEES, REMUNERATION AND BENEFITS There were no triistees, remuneration or other benefits for the year ended 31 March 2025 nor for the ycai, ended 31 March 2024, Trustees, expenses There were no trustees, expenses paid for the year elided 31 March 2025 nor for the year ended 31 Marcli 2024. STAFF COSTS 31.3,25 31.3.24 Wages and salaries Social seciirity costs Other pension costs 492,777 41,351 7,869 317,471 22,885 3,925 541,997 344,281 Tlie average monthly nuinber of employees during the year was as follows: 31.3.25 17 31.3.24 13 Administi'ation No employees received emolumeiits in excess of £60,000. The key manag¢inent personnel of the charity comprise of tlie Chief Execiitive and Senior maiiagement team. The salaries paid to key managein¢iit personnel being the Chief Execiitive Officer, Progi'amine Managers, and Progranime Co-oi'diiiatoi. dui'iiig tlie year totalled £167,724. (2024: £146,582) Page 21 contiiiued...
Newstart Education Centre Notes to the Financial Statements- continued for the Year Ended 31 March 2025 10. TANGIBLE FIXED ASSETS Fixtures and rittings Motor vehicles Totals COST At l April 2024 and 31 March 2025 88,872 17,820 106,692 DEPREI CIATION At l April 2024 Charge for year 82,704 1,234 17,820 100,524 1,234 At 31 March 2025 83,938 17,820 101,758 NET BOOK VALUE At 31 March 2025 4,934 4,934 At 31 March 2024 6,168 6,168 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Social security aiid other taxes Credit Card Accriied expenses Deferl'ed gowernment grants 24,361 995 17,923 108,635 7,094 474 8,290 151,914 15,858 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.25 Total funds 31.3.24 Total funds Unrestricted Resti'icted funds funds Fixed assets Curi'ent assets Current liabilities 4,934 4,934 109,789 234,412 (108,635) (151,914) 6,168 103,653 (15,858) 124,623 (43,279) 81,344 6,088 87,432 93,963 Page 22 continued...
Newstart Education Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 13. MOVEMENT IN FUNDS Net movement iii funds At 31.3.25 At 1.4.24 Unrestricted funds General fund Education Authority 43,305 26,136 1,674 10,229 44,979 36,365 69,441 11,903 81,344 Restricted funds Dept of Communities - Capital Henry Smitli 7,322 17,200 (1,234) (17,200) 6,088 24,522 (18,434) 6,088 TOTAL FUNDS 93,963 (6,531) 87,432 Net movemcnt in funds, included ii) the above are as follows: Incoming resources Resources expended Movement in fuiids Unrestricted funds G¢n¢ral fund Education Authority Pathways Fund 108 409,317 9,500 1,566 (399,088) (9,500) 1,674 10,229 418,925 (407,022) 11,903 Restricted funds Departmeiit for Communities SEUPB Belfast City Council Dept of Communities - Capital Community Foundation Northern Ireland National Lottery Coinmunity Fund Henry Smith LFT 31,521 134,994 23,792 (31,521) (134,994) (23,792) (1,234) (1,234) 9,550 28,906 46,000 19,910 (9,550) (28,906) (63,200) (19,910) (17,200) 294,673 (313,107) (18,434) TOTAL FUNDS 713,598 (720,129) (6,531) Page 23 continued...
Newstart Ei ducation Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 13. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 31.3,24 At 1.4.23 Unrestricted funds General fund Education Authority 64,962 22,088 (21,657) 4,048 43,305 26,136 87,050 (17,609) 69,441 Restricted funds Dept of Communities - Capital Henry Smith 8,864 (1,542) 17,200 7,322 17,200 8,864 15,658 24,522 TOTAL FUNDS 95,914 (1,951) 93,963 Comparative net movement in fuiids, included iii the abovc are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Education Authoi'ity Pathways Fund 200 261,360 3,600 (21,857) (257,312) (3,600) (21,657) 4,048 265,160 (282,769) (17,609) Restrieted funds Department for Commuiiities Belfast City Council Dept of Communities - Capital Education Authority - Training Community Foundation Nortliei'n Ireland National Lottery Community Fund Henry Smitli 30,693 23,575 (30,693) (23,575) (1,542) (12,600) (1,542) 12,600 38,200 17,521 69,400 (38,200) (17,52E) (52,200) 17,200 191,989 (176,331) 15,658 TOTAL FUNDS 457,149 (459,100) (1,951) Page 24 continued...
Newstart Education Centre Notes to the Financial Statements - continued for the Year Ended 31 March 2025 14. RELATED PARTY DISCLOSURES Tliere were no related party transactions for the year ended 31 March 2025. 15. SHARE CAPITAL The company is limited by giiarantee and has no share capital. 16. WINDING UP Every member of the Compaiiy undertakes to contribute to the assets of the Company, in the eveiit of the same being wound up while it is a meinber, or within one year after it ceases to be a mcmber, for payment of tlie debts and liabilities of the Coinpany contracted before it ceases to be a meinber, and of the costs, chai'ges and expenses of winding up, and for the adjustment of the rights of the contributor's among themselves, such aiiiount as may be irquired not exceeding one poiind. 17. POST BALANCE SHEET EVENTS There were no material post balance shect evciits. Page 25
Neivstart Education Centre Detailed Statement of Financial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Donations 108 200 Charitable activities Grants 713,490 456,949 Total incoming resource5 713,598 457,149 EXPENDITURE Charitable activities Wages Social security Pensions Rent Insuraiice Light and heat Telephone Postage and stationery Training Courses & Fees Cleaning Repairs & Refurbishment Prograinmes and Resources Equipinent hii'e Minibus Expenses Subscriptions Office consumables Hospitality Admin and Finance Tutor Costs Exam Fees Depn of fixtures & fittings 492,777 41,351 7,869 24,000 6,783 10,218 9,074 2,264 1,494 7,038 12,872 48,129 6,415 3,662 257 317,471 22,885 3,925 24,000 4,487 8,874 8,270 1,153 6,381 6,480 9,565 2,626 3,213 479 663 256 14,460 9,000 10,625 1,542 1,587 15,030 9,716 13,044 1,234 714,814 456,355 Support costs Governance costs Auditors, remuneration Accountancy Fee Carried forward 1,500 3,420 4,920 2,430 2,430 This page does not form part of tl)e statutory financial statements Page 26
Newstart Education Centre Detailed Statement of Financial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 Governance costs Brouglit forwai'd Baiik fees 4,920 395 2,430 315 5,315 2,745 Total resources expended 720,129 459,100 Net expenditure (6,531) (1,951) This page does iiot form part of the statutoiy financial statements Page 27