REGisfERED CHARITY NUMBER: 1052768 REPORT OF THE TRusfEES AND UNAUDrrED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 FOR NEW UFE PENTECOSTAL CHURCH Brookes Stephens New Media House Davldson Road Lichfield Staffordshlre W514 9DZ NEW UFE PEKfECOSTAL CHURCH coptrENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pa8• Report of the Trurtees Independent Examlner's Report Statement of Hnanclal Artlvltles 8al•nce Sheet Notes to the Flnanclal Ststements 6 to 12 Detalled Statement of Flnanclal Actlvftles 13 to 14 NEW LIFE PENTECOSTAL CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 DECEMBER 2023 The tru5tee5 present their report with the financial statements of the charfty for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Prattlce applicable to charitle5 preparlng thelr accounts in accordance with the Flnancial Reportin8 Standard appllcable In the UK and Republlc of Irel¥nd IFRS 1021 leffertive l J•nuary 20191. 08J£cnvES AND ACTIVITIES Oblertlves and alms New Llfe Pentecostal Church serves the loca5 community, especially In providlng a place for Chrlstlan worship and fellowshlp seeklng to encourage Chrlstlan faith and dlscipleship. Publlc benefft The Trustees have had regard to the Charity Commission's 8uSdance on publlc beneflt. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles New Life Pentecostal Church has contlnued to serve the local communlty, frequently throu8h one-to-one contact. especlally by the church pastor and her asslstants. FINANCIAL REVIEW Flnanclal posltlon Total Sncomlng resource5 In the year was £40,09612022 £29.1791 and total expenditure was £27,28612022 £31,753) resultin8 in net Income for the year of £12.81012022 net expendlture for the year £2,574). R•Mrves polkv We Intend to set aslde a level of financlal reseNes to provide financlal stabllity for the charity. srRIKfuRE, GOVERNANCE AND MANAGEMENT Governln8 document The charlty15 controlled by Its governing document. a deed of trust and constltutes an unlncorporated charity. Recrultment and appolntment of new trustees New trustees are appolnted as and when necessary after dlscusslons between the exlstlng trustees. Or8anlsatlonal structur• This charity concerns actlvities at the al)ove church location. The church leadership team includes a majorlty of the above trustees and also salarled staff, notably the church pasior Mrs Elalne M Tart. The church leader5hlp team works In the context of a local church under the operatln8 Strucrure of Assemblles of God Inc. Ire8lstered charlty 10322451. Trustees serve for an Indefinlte period and are Invited arelor selected by the church leadershlp wlth the agreement of the charity trustees. REFERENCE AND ADMINisfRATIVE DEfAILS Re8lstered Charlty number 1052768 Prlndpal address Llchfield Road Shelfield Walsall West Mldlands W54 IQA NEW UFE PENTECOSTAL CHURCH REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Dr K R Tart Trustee Mr V Hopley Trustee Ms N KSd8er Trustee Independent Examlner Brookes Stephen5 New Medla House Davidson Road Lichfleld Staffordshire W514 9DZ FUNDS HELD AS cusfoDIAN FOR OTHERS No funds were held by a custodian trustee. Approved by order of the board of trustees on 310ctober 2024 and slgned on Its behalf bv: Dr K R Tart- Trustee INDEPENDEKf LYAMINER'S REPORT TO THE TRUSTEES OF NEW UFE PENTECOSTAL CHURCH Independent examlner's report to the trustees of New Ufe Pentecostal Church I report to the charlty trustees on my examlnatlon of the 3ccounts of New Llfe Pentecost31 Church (the Trust) for the year ended 31 December 2023. Responslbllltles and basls of report A5 the charlty trustee5 of the Trust you are responsible for the preparation of the accounts in accordance wlth the requlrement5 of the Charltles Act 2011 {'the Act,). I report in respect of my examinatlon of the Trust's accounts carrled out under Settion 145 of the Act and In carrylng out my examlnatlon I have followed all appllcable Dlrections glven by the Charity Commission under Sertlon 14515llbl of the Act. Irbdependent examln•r's statement I have completed my examination. I confirm that no material matters have corne to my attentlon In connectlon with the examinatlon 8ivin8 me cause to believe that In any material respect- accounting records were not kept In respect of the Trust as required by Sectlon 130 of the Act. or the accounts do not accord wlth those records,- or the accounts do not cornp￿ wlth the appllcable requlrements concernin8 the form and content of accounts set out In the Charltles {Accounts and Reports) Regulatlons 2CM)8 other than any requlrement that the accounts 81ve a true and fair view which is not a matter considered as part of an Independent examlnation. I have no concems and have come across no other matters In connectlon with the examlnatlon to whlch artentlon should be drawn in this re rt in order to enable a proper understanding of the account5 to be reached. Leon Stephens Brookes Stephens New Medla House Davldson Road Llchfield Staffordshlre WS14 9DZ 31 October 2024 NEW UFE PENTECOSTAL CHURCH srATEMEpTf OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total fvnds 2022 Total funds Unrestrlcted funds Restricted fund Notes Incom• and endowments from Donatlons and legacles 28,994 28.994 29,041 Investment income Other income 5,637 5,465 5,637 5,465 138 Total 40,096 40,096 29.179 Expendlture on Ralsin8 funds 18 Charltable artlvltles Special Church/Outreach events 367 367 355 Other 26,919 26.919 31,380 Total 27,286 27.286 31.753 NEf INCOME/(EXPENDITUREI Oth•r reco8nlsed 6alns/llossesl Gains on revaluation of fixed assets 12,810 12,810 12,5741 50,664 50,664 Net movement In funds 63,474 63,474 12,5741 Recon¢lllatSon of fund$ Total funds brou8ht forward 547.474 547,474 550,048 Total funds carrled forward 610,948 610,948 547,474 The notes form part of these financlal statements NEW LIFE PENTEcosfAL CHURCH BALANCE SHEET 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestrlcted funds Restrlrted fund Notes Flxed assets Tan8lble assets 388,188 388.188 332,187 Curront ass•ts Debtors Cash at bank and In hand 45 224,555 45 224,555 58 216,588 224,6C 224,600 216,646 Credltors Amounts fallln8 due wlthln one year 11,8401 11,8401 11,3591 Net current assets 222,760 222,760 215,287 Total assets less current Ilabllftles 610,948 610,948 547,474 NEf ASSEf5 610,948 610,948 547.474 Funds Unrestrlcted funds io 610,948 547.474 Ti)tal fund5 610,948 547,474 The flnanclal statements were approved by the Board of Trustees and authorlsed for Issue on 31 October 2024 and were si8ned on Its behalf by,. Dr K R Tart- Trustee The notès form part of these financial statements NEW LIFE PEKfECOSTAL CHURCH 140TES TO THE FINANf,IAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOU￿rING POLICIES Basls of preparlng the flnanclal statements The flnanclal statements of the charlty, which Is a publlc beneflt entity under FRS 102, have been prepared In accordance wlth the Charltles SORP IFRS 1021 'Accountin8 and Reportin8 by Charities.. Statement of Recommended Practlce applicable to charltles preparlng their accounts In accordance wlth the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191,. Financi31 Reportln8 Standard 102 'The Flnandal Reportln8 Standard appllcable In the UK and Republic of Ireland, and the Charltles Act 2011. The flnanclal statements have been prepared under the historical cost convention, as modlfled by the revaluatlon of certaln assets. Chan8es In accountln8 pollcles The charlty has changed the accountlng pollcy It applies to Freehold Property. In prlor years, the charlty ha5 accounted for Freehold Property under the hlstorlcal cost model. In the current year, the charlty has changed to applying the Revaluation model. Income All income is reco8nised in the Statement of Financlal Actlvltles once the charity has entltlement to the funds, It Is probable that the income will be received and the amount can be measured rellably. Expendlture Uabllltles are recognlsed as expendlture as soon as there Is a legal or constructive obligatlon commlttlng the charlty to that expenditure, it Is probable that a transfer of economlc benefits wlll be requlred In settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basis and has been classified under headings that a88re8ate all cost related to the category. Where costs cannot be dlrectly attributed to particular headin85 they have been allocated to artivitle5 on a basis consistent wlth the use of resources. Tanglble flxed assets Depreclatlonls provlded at the following annual rates In order to wrlte off each asset over Its estlmated useful Flxture5 and fittln8S Computer equipment 25% on reducln8 balance 33.33% on cost Revaluatlon mod•l Freehold Property Is stated at the revalued amounts le$5 any depreclatlon or Impalrmentlosses subsequentlv accumulated Irerfaluation model). Prevlously they were carrled under the cost model. Revaluatlons are carrled out regularly so that the carryln8 amounts approxlmate the falr Wdlue at the reportln8 date. An Increase In value Is credited to the revaluatlon reserve except to the extent that It reverses a prevlous revaluatlon decrease related to the Same property that was recognised In proflt or loss. Slmllarly, revaluation decreases are recognlsed In the revaluation reserves to the extent that they equal gains previously recognlsed In respect of the same asset. Thereafter any excess is recognised as an expense in profit or loss. Land Is not depreclated. Depreclatlon on revalued bulldlngs is recognised using the stralght-llne basis and results In the carrylng amount, less the residual value. bein8 expensed In profit or loss over the estimated useful lives of 50 years. No transfer is made from the revaluation reserve to retained earnin85 unless an asset Is derecognised. When revalued asset is sold or retired any remalnlng attributable revaluatlon surplus is transferred to retained earnin8S. corstinued... NEW LIFE PEKfECOSTAL CHURCH NOTES TO ThE FINANCIAL sfATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 AccouKnNG POUCIES- contlnued Taxatlon The charlty Is exempt from tax on it5 charltable acLivltle5. Fund accountln8 Unrestricted funds can be used in accordance with the charitable objectlves at the dlscretlon of the trustee5. Restrlcted funds can only be used for particular restricted purposes within the objects of the charity. Restrlctlons arlse when 5peclfled by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund Is Included In the notes to the financial statements. INVEsfMENf INCOME 2023 2022 Deposit account Interest Other interest re￿Ived 5,637 133 5,637 138 TRusfEE5' REMUNERATION AND 8EP4EFrrs There were no trustees, rernuneratlon or other beneflts for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trust••s' •xpenseJ There were no tru5tees' expenses pald for the year ended 31 December 2023 nor for the year ended 31 December 2022. srAFF cosrs The avera8e monthly number of employees durlng the year was as follows.. 2023 2022 Employees No employees received emoluments in excess of £60,0(XI. continued... NEW LIFE PENfECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER Z023 COMPARATIVES FOR THE sfATEMENT OF FINANCIAL AcnvmES Unrestricted funds Restricted fund Total funds Income and endowments from Donations and legacles 28,624 417 29,041 Investment Income 138 138 Totsl 28,762 417 29.179 Expendlture on Ralsln8 funds 18 18 CharltJble actlvltle5 Speclal Church/Outreach events 355 355 Other 30,963 417 31,380 Total 31,336 417 31,753 NET INCOME/leXPENDITUREI 12,5741 12.5741 Reconclllatlon of funds Total funds brought forward 550,048 550,048 Totsl funds carrled forward 547,474 547,474 INDEPENDENT EXAMINER5 REMUNERATION Amount5 paid to the Independent Examlner of £1,63212022 £1,464) consist of payments for the Independent examination and the costs of monthly payroll preparatlon. contlnued... NEW UFE PENTEcosfAL CHURCH NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXEO ASSErs Fixtures and fittlngs Freehold property Computer equlpment Totals Cosr OR VALUATION At l January 2023 Addltlons Revaluatlon5 352,413 2,008 29,579 1,241 2,159 794 2.953 354.448 7,120 29,579 At 31 December 2023 384,000 3,4 3,747 391,147 DEPRECIATION At l January 2023 Char8e for year Revaluatlon adjustments 21,084 558 711 619 1.071 22,261 1,782 121,084) 12:,0841 At 31 December 2023 1,269 1,69) 2,959 NET BOOK VALUE At 31 December 2023 384.CQO 2,131 2,057 388.188 At 31 December 2022 331,329 683 175 332.187 Cost or valuatlon at 31 December 202315 represented by: Fixtures and fittings Freehold property Computer equipment Totals Valuatlon in 2023 Cost 29.579 354,421 29,579 361,568 3,747 384,C 3,400 3,747 391,147 If the freehold property had not been revalued it would have been induded at the following h15torlcal cost.. 2023 X122 Cost 354.421 352,413 A8gregate depreclatlon 28.173 2.008 Value of land In freehold land and bulldlngs The freehold property Was valued on an open market basis on i January 2024 by Marwood Surveyor5 Limited IRICS certfied). ¢On￿nUed... NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMEKfs - continued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS- contlnued The formal valuation of the property identified that the property was of greater value using the alternative use value methodology with vacant possession than it was for it5 existing use with vacant possession. Th• highèr valuation using the alternative use methodolo8y Included the hope value of redeveloping the land. The trustees are of the opinion that thls Indlcates that the land included within the freehold property equals the totsl valuation Included In the accounts and represents the residual value of the property. The accountlng pollcy of the charity is to depreciate the dlfference between the valuatlon of the property and the resldual value at rate of 2% straight Ilne per annum. No depreciation has been been recognlsed In the year due to the fact that the trustees deem the vjluotlon of the property and it5 residual value to be the same. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Prepayments and accrued Incorne 45 58 CREDrroRS; AMouKfs FALUNG DUE WITHIN ONE YEAR 2023 2022 Taxation and soclal securlty Other credltors 285 1,5S5 44 1,315 1,840 1,359 io. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrertrfct•d furKIs General fund 547.474 63,474 610,948 TOTAL FUNDS S47.474 63,474 610,948 -iO- continued... NEW UFE PENTEcosfAL CHURCH NOTES TO ThE FINANaAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. MOVEMENT IN FUNDS - contlnued Net movement In funds, Included In the above are as follows: Incomln8 fesources Resources expended Gains and losses Movement In funds Unr•strlcted funds General fund 127,286) 50,664 63.474 TOTAL FUNDS 40,096 {27,286) 50,664 63.474 Comparatlves for movement In funds Net movement in funds At 31.12.22 At 1.1.22 Unrestrl¢ted funds General fund 550,048 12,574) 547,474 TOTAL FUNDS 550,048 12,5741 547,474 Comparatlve net movement In funds, included in the 12,6 13111 831 1.769 720 125 35 123 1,312 3(Xl 396 437 1,970 720 1,189 75 137 1,539 1,058 202 2.154 272 160 331 320 21,794 21.028 Total resources expended 27,286 31,753 Net Incorne/(expendlturel 12,810 (2,5741 This page does not form part of the statutory finanual statements -14-