NEW CHALLENGE CIC

Company limited by guarantee

Company Registration Number:
03339274 (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

NEW CHALLENGE CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

NEW CHALLENGE CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 433 577
Total fixed assets: 433 577
Current assets
Debtors: 4 43,845 50,403
Cash at bank and in hand: 38,527 6,501
Total current assets: 82,372 56,904
Creditors: amounts falling due within one year: 5 ( 71,080 ) ( 45,756 )
Net current assets (liabilities): 11,292 11,148
Total assets less current liabilities: 11,725 11,725
Total net assets (liabilities): 11,725 11,725
Members' funds
Profit and loss account: 11,725 11,725
Total members' funds: 11,725 11,725

The notes form part of these financial statements

NEW CHALLENGE CIC

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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 24 September 2024
and signed on behalf of the board by:

Name: Ramesh Moher
Status: Director

The notes form part of these financial statements

NEW CHALLENGE CIC

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery etc 25 percent on reducing balance

    Other accounting policies

    TAXATION Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. DEFERRED TAX Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NEW CHALLENGE CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 5 5

NEW CHALLENGE CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 17,692 17,692
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 17,692 17,692
Depreciation
At 1 April 2023 17,115 17,115
Charge for year 144 144
On disposals
Other adjustments
At 31 March 2024 17,259 17,259
Net book value
At 31 March 2024 433 433
At 31 March 2023 577 577

NEW CHALLENGE CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Other debtors 43,845 50,403
Total 43,845 50,403

NEW CHALLENGE CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 35,193 25,993
Other creditors 35,887 19,763
Total 71,080 45,756

COMMUNITY INTEREST ANNUAL REPORT

NEW CHALLENGE CIC

Company Number: 03339274 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

New Challenge CIC's mission is to provide our customers with high quality, professionally delivered, information, advice & guidance (IAG) in order to support them make positive changes in their lives around employment, learning and skills. Based in London, we work with customers from very diverse backgrounds and communities, many of whom are some distance from the labour market due to social, economic and demographic factors. Our services are offered in the community and through this approach we are very much able to target our services to those who need it most. During the year 2023-24 we supported 5,348 customers with careers advice and guidance through the National Careers Service (NCS). Of these, just under 67 per cent either progressed into a positive outcome, measured as either commencing an accredited course or gaining sustained employment (4 weeks or more and a minimum of 16 hours per week). From a demographic perspective, in terms of accessing our NCS contract for careers advice and guidance support: 57% were women; 73% were from BAME groups; 44% had a declared health condition and 24% were aged 50 or above. Although the National Careers service is open to anyone over the age of 18, due to the customers we are trying to reach and the locations we deliver the service from, 93% of the customers we supported in this period were unemployed. Through our Adult Education Budget (AEB) contract managed by the Greater London Authority (GLA) we supported 80 learners to successfully complete their accredited NCFE Level 2 Certificate courses in one of: Mental Health First Aid & Mental Health Advocacy in the Workplace; Information, Advice & Guidance and Counselling Skills. We also completed the writing and development of a new Advanced Mental First Aid course, that we will roll out in 2024-25. Between October 2023 and March 2024, New Challenge was awarded a contract by the Greater London Authority to deliver a Community Outreach Project. Adult education provides an important opportunity to learn new skills, progress into new career opportunities or simply to build up social and emotional connections with the wider community. This is especially relevant in the context of the economic impacts of the current cost of living crisis. As part of the Skills Roadmap for London, the Mayor of London developed plans for making the adult education system more accessible and locally relevant. This included a commitment to delivering a long-term engagement and community outreach programme for adult education in London, to raise awareness of the capital's skills and learning offer to Londoners. New Challenge's role in this, was to engage with individuals in the London Borough of Brent community and raise awareness about the Mayor's skills offer, and provide referral routes for them to access the range of learning opportunities available. This also included a specific focus on raising awareness of the role of numeracy skills to life and work and available numeracy skills provision in London, such as the London Multiply programme. The reason for this latter focus is that London has a numeracy skills gap and there are significant negative attitudes to maths that can stop Londoners accessing numeracy skills provision. These include maths anxiety and a lack of confidence, sometimes resulting from negative experiences. As a result of this activities carried out in this programme, 120 Brent residents were supported and referred to appropriate skills provision, with partners such as Brent Start and of these, 19 were referred specially to London Multiply partners numeracy support.

Consultation with stakeholders

New Challenge CIC has several key groups of stakeholders. The first of these are our customers who use and benefit from our career services and accredited training offer. After every National Careers Service session, those customers who wish to do so can provide feedback on their experience. In addition, for customers who have agreed to be contacted for research, they may have the opportunity to feedback on their experience in a more detailed survey conducted by Ipsos Mori. Students who complete our accredited courses all have an exit interview and which provides detailed feedback which is used to continuously improve and enhance the learning experience. The second main group of stakeholders are our funders, who include the Department for Education, Greater London Authority and our funding partners such as the JGA-Group and Paddington Development Trust. We have contributed to partner/funder surveys and evaluation reports during the period 2023-24 and helped shape the development of future programmes that we hope will benefit the communities we serve.

Directors' remuneration

The company paid remuneration of £93,876.67 to the director for the period ended 31 March 2024. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director's loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
24 September 2024

And signed on behalf of the board by:
Name: Ramesh Moher
Status: Director