NEWCASTLE GATESHEAD INITIATIVE LIMITED

Company limited by guarantee

Company Registration Number:
02281242 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

Newcastle Gateshead Initiative (NGI) Limited is the destination and inward investment agency whose mission isto inspire people to visit, live, learn, work, and invest in Newcastle, Gateshead, and the wider region.We exist to benefit local people, creating jobs, opportunities, and a great place to live for current and futuregenerations. NGI champion key growth sectors on a global stage, maximising impact with the support of morethan 140 public and private sector partners.We are also the VisitEngland recognised Local Visitor Economy Partnership for Newcastle and Gateshead andthe lead accountable body for the first-ever Destination Development Partnership Pilot funded by the Departmentof Culture, Media, and Sport (DCMS). As a social enterprise, all projects are dedicated to making a lasting socialand economic impact.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Sarah Green
Henry Kippin
William MacLeod
John Marshall
Sheena Ramsey
Pam Smith
Mark Thompson


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
5 August 2024

And signed on behalf of the board by:
Name: John Marshall
Status: Director

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 4,322 3,438
Cost of sales: ( 3,778 ) ( 2,953 )
Gross profit(or loss): 544 485
Administrative expenses: ( 421 ) ( 351 )
Other operating income: 78 78
Operating profit(or loss): 201 212
Interest receivable and similar income: 7 2
Interest payable and similar charges: ( 9 ) ( 12 )
Profit(or loss) before tax: 199 202
Tax: ( 1 ) 0
Profit(or loss) for the financial year: 198 202

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Debtors: 3 717 729
Cash at bank and in hand: 801 595
Total current assets: 1,518 1,324
Creditors: amounts falling due within one year: 4 ( 1,216 ) ( 1,120 )
Net current assets (liabilities): 302 204
Total assets less current liabilities: 302 204
Creditors: amounts falling due after more than one year: 5 ( 100 ) ( 200 )
Total net assets (liabilities): 202 4
Members' funds
Profit and loss account: 202 4
Total members' funds: 202 4

The notes form part of these financial statements

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 5 August 2024
and signed on behalf of the board by:

Name: John Marshall
Status: Director

The notes form part of these financial statements

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises revenue recognised in respect of services supplied during the year, net ofdiscounts and excluding Value Added Tax. Turnover comprises core funding, partnership fees, sponsorship, grants and revenue generated fromindividual projects and other commercial activities. Partnership fee income is recognised on a straight line basis over the relevant duration commencingon the start or renewal date of partnership, through to the next renewal date.Income from commercial trading activities is recognised as earned, as the related goods andservices are provided.All other income is matched with the expenditure on the activities to which it relates when incurred,with any such funding received in advance being held in the balance sheet as deferred income to bereleased against the cost of the company's activities in future years.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairmentlosses. The company does not capitalise purchases costing less than £1,000.Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixedassets, less their estimated residual value, over their estimated useful lives as follows:Fixtures and fittings - 25% straight lineOffice equipment - 25% straight lineComputer equipment - 33% straight lineAsset residual values and useful lives are reviewed at the end of each reporting period, and adjustedif appropriate. The effect of any change is accounted for prospectively

    Intangible fixed assets amortisation policy

    Intangible assets are initially recognised at cost. After recognition, under the cost model, intangibleassets are measured at cost less any accumulated amortisation and any accumulated impairmentlosses.Amortisation is provided on all intangible fixed assets at rates calculated to write off the cost of fixedassets, less their estimated residual value, over their estimated useful lives as follows:Website - 33% straight lineAsset residual values and useful lives are reviewed at the end of each reporting period, and adjustedif appropriate. The effect of any change is accounted for prospectively.

    Other accounting policies

    3.1 Basis of preparation of financial statementsThe financial statements are prepared on a going concern basis and under the historical costconvention. They are presented in pounds sterling and are rounded to the nearest £'000.3.2 Exemption from preparing consolidated financial statementsThe company, and the group headed by it, qualify as small as set out in section 383 of theCompanies Act 2006 and the parent and group are considered eligible for the exemption to prepareconsolidated accounts.3.3 Going concernThe company’s activities, together with the factors likely to affect its future development, performanceand position are set out in the directors’ report.The company manages its working capital requirements through available cash resources andfunding from a number of sources to supplement its own range of existing and developingcommercial income streams. The company’s major funders are Newcastle Council and GatesheadCouncil, together with a number of grant awarding bodies and the group’s public and private sectorpartners. The company continued to secure significant funding supporting both Visitor Economystrategy and Invest activity. Financial projections have been prepared for the year and these showthat the company will continue to maintain a sufficient cash headroom for the foreseeable future. The directors have considered the current and future projections and are satisfied that the companycan continue to meet its liabilities as they fall due for a period of at least 12 months from the date ofapproval of these financial statements. Consequently, the directors continue to adopt the goingconcern basis of preparation in these financial statements. 3.5 Employee benefitsShort-term benefitsShort-term benefits, including holiday pay and other similar non-monetary benefits are recognised asan expense in the period in which the employee’s entitlement to the benefit accrues.Defined contribution pension planThe company operates a defined contribution pension plan for its employees. Contributions arerecognised as an expense when they fall due. Amounts due but not yet paid are included withincreditors on the balance sheet.The assets of the plan are held separately from the company in independently administered funds. 3.6 LeasesAll of the company's leasing arrangements are operating leases. Rental payments under operatingleases are charged to the profit and loss account on a straight-line basis over the lease term, even ifpayments are not made on such a basis. Benefits received and receivable as an incentive to sign anoperating lease are similarly spread on a straight-line basis, over the lease term. 3.7 TaxationThe company is an authorised enterprise agency and is currently only subject to tax on its investmentincome, comprising of interest received, at the prevailing rate

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 31 29

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Trade debtors 210 206
Prepayments and accrued income 507 523
Total 717 729

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 100 100
Amounts due under finance leases and hire purchase contracts 4 4
Trade creditors 485 41
Taxation and social security 47 100
Accruals and deferred income 537 863
Other creditors 43 12
Total 1,216 1,120

NEWCASTLE GATESHEAD INITIATIVE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 100 200
Total 100 200