REGISTERED CHARif( NUMBER: 105Z768 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR NEW LIFE PENTECOSTAL CHURCH Brookes Stephens New Media House Davidson Road Lichfield Staffordshire W514 9DZ
NEW LIFE PENTECOSTAL CHURCH CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trusteos Independent Examiner'5 Report Statement of Financial A¢tlvities Balance Sheet Notes to the Flnancial Statements 6 to 12 Detailed Statement of Flnancial Actlvities 13 to 14
NEW LIFE PENTECOSTAL CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims New Life Pentecostal Church serve5 the local community, especially in providing a place for Christian worship and fellowship seeking to encourage Christian faith and discipleship. Publlc benefit IhL Trustees have had regard to the Charity Commission'5 guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activities New Life Pentec05tal Church has continued to serve the local community, frequently through one-to-one contact, especially by the church pastor and her assistants. FINANCIAL REVIEW Financial posltlon "l olil incorriing rLJsources Iri the yec)r was £34.36712023 £40.0961 and total expenditure was £26,01212023 £27,286) rLsulting in net income for rhe ycar of £8,35512023 £12.8101. Reserves policy We intend to set aside a level of financial reserves to provide financial stability for the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Recruitment and appointment of new trustees New trustee5 are appointed as and when necessary after disCU55ions between the existing trustees. Organlsatlonal structure I his charity concerns activities at the above church location. The church leadership team includes a majority of the above trustees and also salaried staff, notably the church pastor Mrs Elaine M Tart. The church leadership team works in the context of a local church under the operating structure of Assemblies of God Inc. (registered charity 10322451. Trustees serve for an indefinite period and are invited are/or selected by the church leadership with the agreement of the charity trustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 10)F2768 Principal address Lichfield Road Shelfield Walsall West Midlands WS4 IQA
NEW LIFE PENTECOSTAL CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Dr K R Tart Trustee Mr V Hopley Trustee Ms N Kidger Trustee Independent Examiner Brookes Stephens New Media House Davidson Road Lichfield Staffordshire WS14 9DZ FUNDS HELD AS CUSTODIAN FOR OTHERS No funds were held by a custodian trustee. Approved by order of the board of trustees on 29 October 2025 and signed on its behalf by.. Dr K R Tart Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW LIFE PENTECOSTAL CHURCH Independent examiner's report to the trustees of New Life Penteeostal Church I report to the charity trustees on my examination of the accounts of New Life Pentecostal Church Ithe Trust) for the year ended 31 December 2024. Responsibilities and basis of report A5 the charity trustees Df the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust'5 accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515llbl of Ihe Act. Independent examiner's statement I have completed my examination, I 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.. accounting record5 were not kept in respect of the Trust as required by Section 130 of the Act,. or the account5 do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the account5 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 accounts to be reached. Leon Stephens Brookes Stephens New Media House Davidson Road Lichfield Staffordshire W514 90Z 29 October 2025
NEW LIFE PENTECOSTAL CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR TME YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2Q23 Total funds Unrestricted funds Restricted fund Notes Income and endowments from Donations and legacies 28,776 28,776 28,994 Investment income Other income 5,591 5,591 5,637 5,465 Total 34,367 34,367 40,096 Expenditure on Charitable activlties Special Church/Outreach events 536 536 367 Other 25,476 25,476 26,919 Totbl 26,012 26,012 27,286 NET INCOME Other recognised 8ains/llossesl Gains on revaluation of fixed assets 8,355 8,355 12,810 50,664 Net movemcnt In funds 8,355 8,355 63,474 Reconclliation of fund5 Total fund5 brought forward 610,948 610,948 547,474 Total f unds carrled forward 619,303 619,303 610,948 The notes form part of these financial statements
NEW LIFE PENTEC05TAL CHURCH BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted fund5 Restricted fund Notes Fixed assets langible assets 404,357 404.357 388,188 Current assets Debtor5 Cash at bank and in hand 45 216,826 45 216,826 45 224,555 216,871 216,871 224,600 Credltors Amounts falling due within one year 11,9251 11,9251 11,8401 Net current assets 214,946 214,946 222,760 Total asset5 less current liabilities 619,303 619,303 610,948 NET AS5ET5 619,303 619,303 610,948 Funds U nre5tricted funds io 619,303 610,948 Total funds 619,303 610,948 The financial statements were approved by the Board of Trustees and authorlsed for issue on 29 October 2025 and WLJre signed on its behalf by.. Dr K R Tart- Trustee The notes form part of these financial statements
NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financlal Statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 10? 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. T,0 financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income A51 Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recogni5ed as expenditure as soon as there is a legal or constructive obligation committing the charity to that expend itu re, it is probable that a transfer of economic benefits will be required 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 aggregate all cost related to the category. Where costs cannot be directly attributed to particular head ing5 they have been allocated to activities on a basis consistent with the use of resourcLaS. Tanglble f ixed a55ets Depreciation is provided at the following ann ual rates in order to write off each a55et over its estimated useful Fixtures and fittings Computer equipment 25% on reducing balance 33.33% on cost Revaluation model Freehold Property is statLd at the revalued amuunts less any depreciation or impairment losse5 subsequentlv accumulated Irevaluation modell, Previously they were carried under the cost model. Revaluations are cèrried out regularly so that the carrying amounts approximate the fair value at the reporting date. An increase in value 15 credited to the revaluation reserve except to the extent that it reverses a previous revaluation decrease related to the same property that Wa5 recognised in prof It or loss. Slmilarly, revaluation decreases are recognised in the revaluation reserves to the extent that they equal gain5 previously recogfiised in respect of the same asset. Thereafter any excess 15 recognised as an expense in profit or loss. Land is not depreciated. Depreciation on revalued buildings is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated Useful lives of So years. No transfer is made from the revaluation reserve to retained earnings unless an a55et is derecogr)ised. When a revalued asset 15 sold or retired any remaining attributable revaluation surplus is transferred to retained earning5. Taxation The charity is exempt from tax on its charitable activities. continued...
NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued Fund accounting Unrestricted fund5 can be used in accordance with the charitable objective5 at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restriction5 arise when specif led 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. INVESTMENT INCOME 2024 2023 Deposit account interest 5,591 5,637 TRUSTEES, REMUNERATION AND BENEFITS I here were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023 Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS The avera8e monthly numbLsr of employees during the year was as follows.. 2024 2023 Employees No employees received emoluments in exce55 of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted fund Total funds Income and endowments from Donations and legacies 28,994 28,994 Investment income Other income 5,637 5,465 5,637 5,465 Total 40,096 40,096 Expendlture on Charitable activities Special Church/Outreach events 367 367 continued...
NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted funds Restricted fund Total fund5 Other 26,919 26,919 Total 27,286 27,286 NET INCOME Other recognised gains/llossesl Gains on revaluation of fixed assets 12,810 12,810 50,664 50,664 Net movement In funds 63,474 63,474 Reconciliation of funds Total fund5 brought forward 547,474 547,474 Total funds carried forward 610,948 610,948 INDEPENDENT EXAMINERS REMUNERATION Amounts paid to the Independent Examiner of £1,73212023 £1,632) consist of payments for the independent examination and the costs of monthly payroll preparation. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Computer equipment Totals COST OR VALUATION Al l January 2024 Additions Disposals 384,000 16,201 3,400 1,608 3,747 549 15331 391,147 18,358 15331 At 31 December 2024 400,201 5,008 3,763 408,972 DEPRECIATION Ai l January 2024 Charge for year Eliminated on disposal 1,269 934 1,690 1,255 15331 2,959 2,189 15331 At 31 December 2024 2,203 2,412 4,615 NET BOOK VALUE At 31 December 2024 400,201 2,805 1,351 404,357 At 31 December 2023 384,000 2,131 2,057 388,188 continued...
NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS- continued Cost or valuation at 31 December 2024 is represented by.. Fixtures and fittings Freehold propertv Computer equipment Totals Valuation in 2023 Cost 29,579 370,622 29,579 379,393 5,008 3,763 400,201 5,008 3,763 408,972 If the freehold property had not been revalued it would have been included at the following historical c05t'. 2024 2023 Cost 370,622 354,421 Aggregate depreciation 28,173 Value of land in freehold land and buildings 400,201 384,000 The freehold property was valued on an Dpen market basis on 29 October 2024 by Marwood Surveyors Limited IRICS certfiedl The formal valucltiori of tliL' property identified th(It the property was of greater valup using the alternative use value merhodology with vacant possession thon it was for its existing use with vacant possession. The higher vdluation using the alteinatlVLi use methDdDlogy Included the hope value of redevelopin8 the land. The trustees are of the npinion that this indiLates that the land included within the freehold property equals the total valuation included in the accounts and represents the residual value of the propertv. The accounting policy of the charity 15 to depreciate the difference between the valuation of the property and the residual value at rate of 2Yg Straight line per annum. No depreciation has been been recognised in the year due to the fact that the trustee5 deem the valuation of the property and its residual value to be the same. continued...
NEW LIFE PF.NTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments and accrued income 45 45 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Taxation and social security Other creditors 406 1,519 285 1,555 1,925 1,840 io. MOVEMENT IN FUND5 Net movement in funds At 31.12.24 At 1.1.24 Unrestrlcted f unds General fund 610,948 8,355 619,303 TOTAL FUNDS 610,948 8,355 619,303 Net movement in fund5, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 34,367 126,0121 8,355 TOTAL FUNDS 34,367 126,0121 8,355 Comparatives for movement in fund5 Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 547,474 63,474 610,948 TOTAL FUNDS 547,474 63,474 610,948 -io- continued...
NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 DECEMBER 2024 io. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gain5 and losses Movement in funds Unrestricted funds General fund 40,096 127,2861 50,664 63,474 TOTAL FUNDS 40,096 127,2861 50,664 63,474 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.12.24 At 1.1.23 Unrestricted funds Genercil lurid 547,474 71,829 619,303 TOTAL FUNDS 547,474 71,829 619,303 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follow5.. Incoming re50urce5 ResoLJrces expended Gains and losses Movement in funds Unrestricted funds General fund 74,463 153,2981 50,664 71,829 TOTAL FUNDS 74,463 153,2981 50,664 71,829 -li- continued...
NEW LIFE PENTECOSTAL CHURCH NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ii. RELATED PARTY DISCLOSURES Total donations f rom trustees of Ell,74712023 £11,653) were received in the year. -12-
NEW LIFE PENTECOSTAL CHURCH DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Income and endowments Donations and legacies Donations Gift aid Monthly Church Offering WLiekly Church Cash Offering 1,858 4,795 18,382 3,741 2,434 4,616 17,582 4,362 28,776 28,994 Investment Income Deposit account interest 5,591 5,637 Other income Insurance claim 5,465 Total Incoming resources 34,367 40,096 Expendlture Charltable actlvities Special Church/Outreach Events Sunday Service5 & Outreach activities 274 74 43 324 348 367 Other Fixiures and fitting5 Computer equipment 935 1,255 710 1,071 2,190 1,781 Support costs Management Insurance Light and heat Postage and stationery Advertising Sundries 924 1,767 135 22 760 772 1,904 39 623 3,608 3,338 Finance Bank charges 21 This page does not form part of the statutory financial statements -13-
NEW LIFE PENTECOSTAL CHURCH DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Finance Governance costs Wages Rates and water Accountancy and legal fees AOG membership costs Other Establishment Cost5 Legal fees ljreakout Youth Computer costs Domestic IUKI Ministry support Repairs & Maintenance Safeguardin81DBS costs Theological Training Travel & Accommodaiion Visiting Ministry Gifting Interest payable 12,600 253 2,130 760 309 35 12,600 340 1,970 720 1,189 75 137 1,539 504 1,058 202 808 331 320 1,161 936 781 loo 333 335 iio 19,845 21,794 Total resources expended 26,012 27,286 Net income 8,355 12,810 This page does not form part of the statutory financial statements -14-