2024-03-31-accounts - Life Church Okehampton

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New Life Church - Okehampton

Charity No. 1050313

Trustees' Report and Unaudited Accounts

31 March 2024

New Life Church - Okehampton Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Statement of Cash flows	7
Notes to the Accounts	8 to 14
Detailed Statement of Financial Activities	15 to 16

Page 1

New Life Church - Okehampton Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1050313

Principal Office

2 New Road Okehampton Devon EX20 1ET

Trustees

The following trustees served during the year:

A. Betambeau

R. Colbear

D.J. Cook (Resigned 31 January 2024) L. Pledger I.E. Samuel S. Waters

Accountants

ClearWay Accounting 167-169 Great Portland St. London W1W 5PF

OBJECTIVES AND ACTIVITIES

To advance the Christian Faith in such ways and in such parts of the United Kingdom or the World as the Church Council may think fit.

To relieve sickness and financial hardship and to promote and preserse good health by the provision of funds, goods or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the World as the Church Council from time to time think fit.

To advance education in such ways and in such parts of the United Kingdom or the World as the Church Council from time to time may think fit.

ACHIEVEMENTS AND PERFORMANCE

The Trustees are satisfied that the charity has continued to fulfil the objects as set out in its constitution and is in a position to continue to do so.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 2

New Life Church - Okehampton Trustees Annual Report

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

Ian Samuel (Jan 30, 2025 20:27 GMT)

I.E. Samuel Trustee 30 January 2025

Page 3

New Life Church - Okehampton Independent Examiners Report

Independent Examiner's Report to the trustees of New Life Church - Okehampton

I report to the trustees on my examination of the financial statements of New Life Church - Okehampton for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Chris Pavett

Chris Pavett (Jan 30, 2025 18:31 GMT)

Christopher Pavett FCA ClearWay Accounting 167-169 Great Portland St. London

W1W 5PF 30 January 2025

Page 4

New Life Church - Okehampton Statement of Financial Activities

for the year ended 31 March 2024

Unrestricted funds	Restricted funds	Total funds	Total funds
2024	2024	2024	2023
£	£	£	£

49,779	800	50,579	58,617
9,479	2,582	12,061	2,007
-	11	11	61
12,643	-	12,643	11,857
71,901	3,393	75,294	72,542

8,694	2,233	10,927	12,698
47,061	120	47,181	54,193
55,755	2,353	58,108	66,891
-	-	-	-
16,146	1,040	17,186	5,651
-	-	-	-
16,146	1,040	17,186	5,651

16,146	1,040	17,186	5,651

441,941	4,749	446,690	441,039
458,087	5,789	463,876	446,690

Page 5

New Life Church - Okehampton Balance Sheet

at 31 March 2024

Charity No. 1050313 Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current assets Total assets less current liabilities Creditors:Amounts falling due after more than one year 12 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 13 Restricted income funds Unrestricted funds 13 General funds Reserves 13 Total funds	2024 £ 435,000 435,000 48,742 48,742 (5,582) 43,160 478,160 (14,284) 463,876 463,876 5,789 5,789 458,087 458,087 463,876	2023 £ 435,000
		435,000 38,699
		38,699 (3,599)
		35,100 470,100 (23,410)
		446,690
		446,690
		4,749
		4,749 441,941
		441,941
		446,690

Approved by the trustees on 30 January 2025

And signed on their behalf by:

Ian Samuel (Jan 30, 2025 20:27 GMT) I.E. Samuel Trustee 30 January 2025

Page 6

New Life Church - Okehampton Statement of Cash flows for the year ended 31 March 2024

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Decrease in trade and other receivables Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Cash flows from financing activities Repayment of borrowings Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ 17,186 (12,654) - 4,532 12,654 12,654 (7,143) (7,143) 10,043 38,699 48,742	2023 £ 5,651 (11,918) 110
		(6,157) 11,918
		11,918
		(3,346)
		(3,346)

		2,415
		36,284
		38,699

Components of cash and cash equivalents
Cash and bank balances	48,742	38,699

	48,742	38,699

Page 7

New Life Church - Okehampton Notes to the Accounts

for the year ended 31 March 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

New Life Church - Okehampton Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 9

New Life Church - Okehampton Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 10

New Life Church - Okehampton Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Charitable activities Investments Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Gift Aided Donations Offerings & Other Donations HMRC Gift Aid Charitable Grants	Unrestricted £ 27,015 17,725 4,239 800 49,779	Unrestricted funds 2023 £ 58,377 0 55 11,857 70,289 10,686 54,049 64,735 5,554 5,554 5,554 436,387 441,941 Restricted £ - 800 - - 800	Restricted funds 2023 £ 240 2,007 6 - 2,253 2,012 144 2,156 97 97 97 4,652 4,749 Total 2024 £ 27,015 18,525 4,239 800 50,579	Total funds 2023 £ 58,617 2,007 61 11,857
				72,542 12,698 54,193
				66,891
				5,651
				5,651
				5,651 441,039
				446,690
				Total 2023 £ 20,481 20,299 9,275 8,562
				58,617

Page 11

New Life Church - Okehampton Notes to the Accounts

4	Income from charitable activities
		Unrestricted	Restricted	Total	Total
				2024	2023
		£	£	£	£
	Community and Ministry Gifts	-	-	-	760
	Street Level	-	1,140	1,140	1,247
	Supergang	-	1,442	1,442	-
		9,479	-	9,479	-
		9,479	2,582	12,061	2,007
5	Income from investments
			Restricted	Total	Total
				2024	2023
			£	£	£
	Bank Interest Received		11	11	61
			11	11	61
6	Other income
			Unrestricted	Total	Total
				2024	2023
			£	£	£
	Rental Income		12,643	12,643	10,803
	Other Income		-	-	1,054
			12,643	12,643	11,857
7	Expenditure on charitable activities
		Unrestricted	Restricted	Total	Total
				2024	2023
		£	£	£	£
	Expenditure on charitable
	activities
	Community and Ministry Gifts	6,544	-	6,544	3,646
	Street Level	-	1,530	1,530	954
	Supergang	-	703	703	818
		2,150	-	2,150	1,650
	Other Charitable Activities	-	-	-	5,630
	Governance costs
		8,694	2,233	10,927	12,698

Page 12

New Life Church - Okehampton Notes to the Accounts

8 Other expenditure

Unrestricted £ Church Building Running Costs 11,993 Manse Running Costs 339 Bank loan and overdraft interest payable 1,475 Employee costs 29,528 Motor and travel costs 436 General administrative costs 1,450 Legal and professional costs 1,840 47,061 9 Staff costs Salaries and wages No employee received emoluments in excess of £60,000. 10 Tangible fixed assets Land and buildings £ Cost or revaluation At 1 April 2023 200,000 At 31 March 2024 200,000 Net book values At 31 March 2024 200,000 At 31 March 2023 200,000 11 Creditors: amounts falling due within one year Bank loans and overdrafts 12 Creditors: amounts falling due after more than one year Bank loans and overdrafts	Restricted £ - - - - - 120 - 120 2024 29,528 29,528	Total 2024 £ 11,993 339 1,475 29,528 436 1,570 1,840 47,181 Manse £ 215,000 215,000 215,000 215,000	Total 2023 £ 8,074 6,676 1,869 35,190 - 2,000 384
			54,193
			2023 35,190
			35,190
			Total £ 435,000
	Church Contents
	£ 20,000 20,000 20,000 20,000 2024 £ 5,582 5,582 2024 £ 14,284 14,284
			435,000
			435,000
			435,000
			2023 £ 3,599
			3,599
			2023 £ 23,410
			23,410

Page 13

New Life Church - Okehampton Notes to the Accounts

13 Movement in funds

Movement in funds
Restricted funds: Restricted income funds: Street Level Supergang Total Unrestricted funds: General funds Total funds	At 1 April 2023 3,147 1,602 4,749 441,941 446,690	Incoming resources (including other gains/losses) £ 1,547 1,846 3,393 71,901 75,294	Resources expended £ (1,590) (763) (2,353) (55,755) (58,108)	At 31 March 2024 £ 3,104 2,685
				5,789
				458,087
				463,876

Purposes and restrictions in relation to the funds: Restricted funds: Street Level Supergang

14 Analysis of net assets between funds

Unrestricted funds £ 435,000 37,372 (14,284) 458,088 At 1 April 2023 £	Restricted funds £ - 5,788 - 5,788 Cash flows £	Total £ 435,000 43,160 (14,284)
		463,876
		At 31 March 2024 £
38,699	10,043	48,742
38,699 (27,009)	10,043	48,742 (19,866)
	7,143
(27,009) 11,690	7,143 17,186	(19,866)
		28,876

Page 14

New Life Church - Okehampton Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from: Donations and legacies Gift Aided Donations Offerings & Other Donations HMRC Gift Aid Charitable Grants Charitable activities Community and Ministry Gifts Street Level Supergang Investments Bank Interest Received Other Rental Income Other Income Total income and endowments Expenditure on: Charitable activities Community and Ministry Gifts Street Level Supergang Grants made Total of expenditure on charitable activities Other expenditure Church Building Running Costs Manse Running Costs Bank loan and overdraft interest payable Employee costs Salaries/wages	Unrestricted funds 2024 £ 27,015 17,725 4,239 800 49,779 - - - 9,479 9,479 - - 12,643 - 12,643 71,901 6,544 - - 2,150 - 8,694 8,694 11,993 339 1,475 13,807 29,528	Restricted funds 2024 £ - 800 - -	Total funds 2024 £ 27,015 18,525 4,239 800 50,579 - 1,140 1,442 9,479 12,061 11 11 12,643 - 12,643 75,294 6,544 1,530 703 2,150 - 10,927 10,927 11,993 339 1,475 13,807 29,528	Total funds 2023 £ 20,481 20,299 9,275 8,562
		800		58,617
		- 1,140 1,442 -		760 1,247 - -
		2,582		2,007
		11		61
		11		61
		- -		10,803 1,054
		-		11,857
		3,393 - 1,530 703 - -		72,542 3,646 954 818 1,650 5,630
		2,233		12,698
		2,233 - - -		12,698 8,074 6,676 1,869
		-		16,619
		-		35,190

Page 15

New Life Church - Okehampton Detailed Statement of Financial Activities

Motor and travel costs Business mileage costs reimbursed General administrative costs, including depreciation and amortisation Depreciation of Church Contents Depreciation of Manse Bank charges Subscriptions Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	29,528 436 436 - - - 1,450 1,450 360 1,480 1,840 47,061 55,755 - 16,146 16,146 - 16,146 441,941 458,087	-	29,528 436 436 - - 120 1,450 1,570 360 1,480 1,840 47,181 58,108 - 17,186 17,186 - 17,186 446,690 463,876	35,190
		-		-
		-		-
		- - 120 -		- - 220 1,780
		120		2,000
		- -		360 24
		-		384

		120		54,193
		2,353 -		66,891 -
		1,040		5,651
		1,040		5,651 -
		-

		1,040		5,651
				441,039
		4,749

		5,789		446,690

Page 16

New Life Accounts 2024 V2

Final Audit Report

2025-01-30

Created: 2025-01-30 By: Chris Pavett (chris@clearwayaccounting.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAZIMYw8vVIzMw5fsok847wjMQHi0Fl5Nl

"New Life Accounts 2024 V2" History

Document created by Chris Pavett (chris@clearwayaccounting.co.uk)

2025-01-30 - 6:29:48 PM GMT

Document emailed to Ian Samuel (ian.samuel17@outlook.com) for signature

2025-01-30 - 6:29:52 PM GMT

Document emailed to Chris Pavett (chris@clearwayaccounting.co.uk) for signature

2025-01-30 - 6:29:52 PM GMT

Email viewed by Chris Pavett (chris@clearwayaccounting.co.uk) 2025-01-30 - 6:30:16 PM GMT

Document e-signed by Chris Pavett (chris@clearwayaccounting.co.uk) Signature Date: 2025-01-30 - 6:31:05 PM GMT - Time Source: server

Email viewed by Ian Samuel (ian.samuel17@outlook.com) 2025-01-30 - 7:20:32 PM GMT

Document e-signed by Ian Samuel (ian.samuel17@outlook.com) Signature Date: 2025-01-30 - 8:27:08 PM GMT - Time Source: server

Agreement completed.

2025-01-30 - 8:27:08 PM GMT