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← New Life Family Church

2024-12-31-accounts

Registered charity number - 1054376

NEW LIFE FAMILY CHURCH

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

NEW LIFE FAMILY CHURCH

CONTENTS

Pages
Legal and administrative information 1
Trustees' Report 2 - 6
Independent Examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 19

NEW LIFE FAMILY CHURCH

Page 1

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

H N Roestorff P N L Dart J D Thomson T Todd R Roestorff G R Young

Key Management Personnel

The trustees H N Roestorff

Leadership Team

H N Roestorff R Roestorff P Young K Young G R Young H Young J D Thomson J Thomson J Fletcher J Fletcher K Burrows (resigned Dec 2024) E Burrows (resigned Dec 2024) Charity number 1054376

Registered office

8 Church Street Margate Kent CT9 1ST

Independent examiner

Mr S J Wren FCCA Accountancy Matters (Kent) Limited The Marlowe Innovation Centre Marlowe Way Ramsgate Kent CT12 6FA

Bankers

HSBC Plc 244 Northdown Road Cliftonville Margate Kent CT11 9QL

Solicitors

Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ

NEW LIFE FAMILY CHURCH

Page 2

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees of the company present their annual report and financial statements of the charity for the year ended 31 December 2024. The Trustees who served during the year and up to the date of this report are set out on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Governing Trust deed was adopted on 20 March 1994 by the Trust and as amended on 25 February 2018.

The charity is currently unincorporated and thus the land is held by the official custodian for charities under powers given in sections 69 and 90 of the Charities Act 2011.

Recruitment and appointment of trustee/Trustees

The Trustees are appointed by agreement of a quorum of existing Trustees, in accordance with the charity’s governing document. The Board of Trustees meets formally at least six times per year to oversee the charity’s strategic direction, ensure compliance with legal and regulatory obligations, and monitor financial performance and risk.

Organisational structure

The routine affairs of the charity are overseen by the Leadership Team, which consists of key pastoral and administrative leaders responsible for delivering the charity’s mission, spiritual oversight, and ministry activities. While the Leadership Team provides input on strategic and operational matters, financial management, budgeting, and all compliance-related decisions are strictly reserved to the Board of Trustees.

In practice, recommendations or operational needs identified by the Leadership Team are brought to the Trustees for consideration. Where relevant, the Trustees assess such matters in the context of the charity’s legal, financial, and regulatory framework before any action is approved or taken. This separation of duties ensures a clear distinction between spiritual leadership and fiduciary responsibility, allowing the charity to operate with integrity, transparency, and in line with its legal obligations.

Please refer to the Related Party Transactions note within the Notes to the Financial Statements regarding remuneration paid to certain trustees.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, particularly those related to the operations and finances of the Charity and are satisfied that systems and controls are in place to mitigate their exposure to the major risks.

The Trustees recognise that effective risk management is essential to maintaining the charity’s longterm viability and ability to meet its objectives. While there are currently no material uncertainties identified that threaten the charity’s ability to continue as a going concern, the Trustees are aware that the charity operates in a dynamic environment where various internal and external risks could impact its financial and operational stability.

Key risks identified by the Board include:

NEW LIFE FAMILY CHURCH

Page 3

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

To mitigate these risks, the Trustees have implemented a number of measures, including:

The Trustees will continue to review the risk register annually, or more frequently if circumstances require, and will take all reasonable steps to identify, assess, and manage risks to the charity’s

OBJECTIVES AND ACTIVITIES

Aims and objectives

The main objective is the proclamation and furtherance of the Gospel of God concerning His Son, Jesus Christ, the Lord, through preaching and teaching the Word of God. The mission is to establish and to extend the Kingdom of God in Thanet, England and the world. Activities to promote the objectives include missionary support, community outreach programs and youth work.

Activities and Public Benefit

When planning our activities for the year, the Trustees considered the Commission's guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion.

Achievements and performance

In 2024, New Life Family Church (NLFC) grew in both numbers and impact, preparing for an additional Sunday service in 2025. We expanded our teams to better serve our community, ensuring a welcoming space for newcomers and long-standing members alike. Our ministries have flourished, from the Exploring the Bible Course, which deepens spiritual growth, to Young at Heart and Coffee Cup, which foster connection. A new Sunday School class (‘Sprinkles’) enriched our children's ministry, while our youth programme provided a space for young people to connect through activities and faith-based discussions, welcoming those both within and beyond our church. Beyond our church walls, we actively supported local charities (Thanet Food Link & Active Christianity in Thanet Schools) and partnered with ministries across Asia, Europe, and Africa to share the Gospel. As we look ahead, we remain committed to growing in faith, deepening relationships, and serving our community with love and purpose.

Sunday Gatherings

Sunday gatherings continue to be the focus of the charity’s activities and the central expression of church life, supported significantly by donations received. In 2024, attendance at Sunday gatherings showed continued growth, with an average weekly attendance of 243 (2023: 205). Services are also live streamed to accommodate those who are unable to attend in person, ensuring wider accessibility and engagement across the church community.

Pastoral Care

Pastoral care remained an integral part of the church’s ministry in 2024, with two employees in dedicated pastoral care roles. This ministry extends beyond spiritual guidance to include emotional and practical support through befriending, prayer, and presence during times of personal or family need. Support is also facilitated through the church’s network of Connect Groups, which encourage members to care for one another, pray together, and identify needs within the fellowship.

NEW LIFE FAMILY CHURCH

Page 4

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Community Outreach and participation

The church remains committed to fostering community involvement and outreach, believing that the congregation should actively participate in both the ministry and practical running of the church. Key outreach initiatives in 2024 included:

Each community outreach initiative is managed by its own departmental lead, supported by volunteers and overseen by the Leadership Team.

Connect Groups

Connect Groups continue to serve as the spiritual and relational heartbeat of the Church. These small groups meet regularly, either in homes or at the church building, and are led by volunteers. They foster discipleship, accountability, prayer, and connection within the wider church body. As of 31 December 2024, there were six active Connect Groups, with plans in place to launch additional groups in 2025. Oversight of all Connect Groups remains with the Leadership Team to ensure alignment with the church’s pastoral and missional vision.

Missions

Missions remain a central expression of NLFC’s commitment to advancing the Gospel and building the Kingdom of God both locally and internationally. As a church, we are engaged not only in financial giving towards mission initiatives but also in active participation. A mission trip is currently being planned for 2025, which will be self-funded by those attending, demonstrating a personal commitment to outreach and service. At NLFC, we understand “missions” to encompass the varied and multidimensional work undertaken by individuals and ministries who seek to communicate the Gospel of Jesus Christ and contribute to the growth and strengthening of His Church. In this light, the Trustees recognise the importance of maintaining a clear, strategic, and justifiable approach to mission giving.

Our approach is guided by a mission giving strategy that is both missional—focused on Gospel impact—and visional—aligned with the vision and calling of NLFC. Rather than distributing support in an ad hoc manner, we aim to align financially with individuals and ministries whose work reflects the values, purpose, and direction of our own church.

This strategy includes three key criteria for considering regular financial support:

FINANCIAL REVIEW

NLFC remains in a healthy financial position with strong reserves and no restricted funds obligations. The increase in operating and support costs and investment property-related expenses led to a modest deficit in 2024 of £13,543 (2023 – surplus £26,368). The year under review, 2024 has been a period of consolidation with a modest (4%) increase in total income primarily driven by weekly giving from committed members.

NEW LIFE FAMILY CHURCH

Page 5

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Following re-possession of the investment property at 99 College Road in Margate, significant expenditure was required to re-purpose the premises and ensure it is fit for purpose as job-related accommodation for the lead pastors, who moved in during the financial year. Other material increases in expenditure related to the return to work from maternity leave of a member of staff as well as legal and visa related costs to extend the visas of the lead pastors.

Cash reserves in overall liquid funds remained strong at year end at £52,596 (2023: £62,398) with a clear focus maintained on the reserves policy to ensure a comfortable level of liquidity is always in place. The annual budget has been closely monitored through the year with the knowledge that there would be some non-recurring expenditure which needed to be provided for as the property was repurposed.

Reserves policy

NLFC’s Reserves Policy is to hold a minimum of six months of average expenditure in reserve funds. This policy was established to ensure that the church can sustain its operations in the event of any unforeseen circumstances, such as an economic downturn or an unexpected expense. The reserves will be held in a separate account and invested in a low-risk instrument to ensure the safety and liquidity of the funds. The church will review the reserves regularly and adjust the balance as necessary to ensure that it meets the policy's requirements. This policy requirement was last reviewed on 8 April 2025. Any deviation from this policy must be approved by the Board of Trustees, and the reasons for the deviation will be documented in writing. The Reserves Policy will be reviewed annually by the Board of Trustees to ensure that it remains appropriate and relevant to the church's needs. By establishing this Reserves Policy, NLFC aims to ensure the continued financial wellbeing of the organisation.

At 31 December 2024, reserves (excluding fixed assets) were held within the General Fund at a level almost equivalent to three months of average expenditure. This falls short of the charity’s target to maintain reserves sufficient to cover six months of operational costs, primarily due to increased expenditure related to improvement works on the charity’s investment property at 99 College Road.

The Trustees have made provision within the current financial plans and 2025 budget to rebuild the reserves to meet the six-month target by 31 December 2025.

Going concern

The Trustees consider the charity to be a going concern and, based on the information currently available, have no reason to believe that this position will not continue for the foreseeable future. Giving levels to date are broadly in line with budgeted expectations and are presently sufficient to meet the charity’s ongoing commitments and operational needs. A budget for 2025 has been set, and early indications suggest that income is performing slightly ahead of previous projections. While this provides some reassurance, the Trustees remain mindful of the wider economic environment and potential fluctuations in giving levels that may impact future cash flow.

The charity also holds significant property assets, including an unencumbered church building and an investment property currently let to the lead pastors. While these assets contribute to the overall financial position, the Trustees recognise that property is not a liquid resource and does not guarantee short-term funding availability.

Accordingly, while there are no current indicators of financial concern, the Trustees continue to monitor income and expenditure closely and will remain vigilant in reviewing budgets and forecasts to ensure the ongoing sustainability of the charity’s operations.

Plans for future periods

The charity plans to continue to expand its activities in pursuit of its key objectives, while supporting the ongoing leadership and ministry of the church. This will be achieved by ensuring that sufficient financial resources are available to support future growth and programme delivery, in accordance with priorities identified by the Leadership Team and formally approved by the Board of Trustees.

NEW LIFE FAMILY CHURCH

Page 6

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales required the Trustees to prepare Financial Statements for each financial year which give a true and fair view of Charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity ( Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Board of Trustees by :

G R Young

Date 3 August 2025

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF

Page 7

NEW LIFE FAMILY CHURCH

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 8 to 19.

Respective responsibilities of Trustees and Independent Examiner

As the charity's trustees you are responsible for the preparation of the accounts, you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 ( the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, to follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act and to state whether particular matters have come to my attention.

Basis of Independent Examiners statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination:

(ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

S J Wren FCCA Accountancy Matters (Kent) Limited Chartered Certified Accountants The Marlowe Innovation Centre Marlowe Way Ramsgate Kent CT12 6FA

Date : 5 August 2025

NEW LIFE FAMILY CHURCH

Page 8

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Unrestricted
funds
£
INCOME
Donations and legacies
2
209,299
Charitable activities
3
12,658
Other trading activities
-
Investment income
4
5,960
Other income
-
TOTAL INCOME
227,917
EXPENDITURE
Investment property costs
19,243
Expenditure on charitable activities
5
82,948
Support costs
5
137,469
Governance costs
5
1,800
TOTAL EXPENDITURE
241,460
NET INCOME/(EXPENDITURE)
(13,543)
Transfers between funds
13
-
OTHER RECOGNISED GAINS/LOSSES:
Gains/(losses) on investment
assets
-
NET MOVEMENT IN FUNDS
(13,543)
Balance as at 1 January 2024 as previously reported
378,195
Prior period adjustments
15
491,166
Balance as at 1 January 2024 as restated
869,361
BALANCE AT 31 DECEMBER 2024
855,818		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500,597
(500,597)
-
-		 Total
Total
funds
funds
2024
2023
£
£
As restated
209,299
197,590
12,658
15,076
-
-
5,960
6,203
-
235
227,917
219,104
19,243
-
82,948
81,982
137,469
108,754
1,800
2,000
241,460
192,736
(13,543)
26,368
-
-
-
-
(13,543)
26,368
878,792
573,356
(9,431)
269,637
869,361
842,993
855,818
869,361

NEW LIFE FAMILY CHURCH

Page 9

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
11
NET ASSETS
12
Represented by:
FUNDS OF THE CHARITY
Restricted funds
13
Unrestricted funds :
Revaluation reserve
13
General funds
13
TOTAL CHARITY FUNDS		 4,279
52,596
56,875
(15,504)		 2024
2023
£
£
As restated
491,923
504,686
322,524
315,000
814,447
819,686
3,089
62,398
65,487
(15,812)
41,371
49,675
855,818
869,361
-
-
247,000
247,000
608,818
622,361
855,818
869,361		 2024
2023
£
£
As restated
491,923
504,686
322,524
315,000
814,447
819,686
3,089
62,398
65,487
(15,812)
41,371
49,675
855,818
869,361
-
-
247,000
247,000
608,818
622,361
855,818
869,361
819,686
49,675
869,361
-
247,000
622,361
869,361

These accounts were approved and signed for issue by the trustees on 3 August 2025.

G R Young - Trustee

J D Thomson - Trustee

NEW LIFE FAMILY CHURCH

Page 10

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with 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 the Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and the Republic (FRS102) of Ireland and the Charities Act 2011.

New Life Family Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The principal accounting policies adopted are as follows:

a) Preparation of the accounts on a going concern basis

b) Income

The following specific policies are adopted and applied to particular categories of income :

Voluntary income by way of donations, offerings and tithes is included in the statement of financial activities on a received basis.

Income from investments is recognised on a received basis. Rental income is recognised on a receivable basis.

c) Expenditure

All expenditure is accounted for on an accruals basis and includes VAT where applicable. Where such costs relate to more than one functional cost category they have been split on an estimate of time spent. Expenditure is shown as :

Grant payments are payable once they have been agreed by the Trustees. Charitable activities costs comprise the costs associated with attracting voluntary income. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity.

NEW LIFE FAMILY CHURCH

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 ACCOUNTING POLICIES - cont'd

d) Tangible fixed assets

Tangible fixed assets costing more than £250 are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows :

Buildings Straight line over 50 years Improvements to property Straight line over 50 years Fixtures fittings and equipment 20% straight line Computer equipment 25% straight line

e) Investments

Investments are initially recognised at cost. Subsequently investment property is included in the accounts at Trustees' valuation. Gains and losses arising from changes in the fair value of investments are included in the Statement of Financial Activities in the period in which they arise.

f) Fund accounting

Unrestricted funds are donations and other income receivable without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criteria is charged to the fund.

g) Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. Contributions payable are charged as an expenses in the statement of financial activities.

h) Significant judgements and estimates

Other than the valuation of the charity's investment property, and the estimation of market rate salaries for certain trustees who are paid for employment services, no significant judgements have had to be made by the Trustees in preparing these financial statements

NEW LIFE FAMILY CHURCH

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 DONATIONS AND LEGACIES

Unrestricted
funds
£
General offerings
99,259
Special offerings
-
Gift Aid donations
84,889
Gift Aid tax refund
25,151
209,299
CHARITABLE ACTIVITIES
Unrestricted
funds
£
Shop income
-
Events income
633
Room hire
12,025
12,658
INVESTMENT INCOME
Unrestricted
funds
£
Rental income
4,721
Bank interest receivable
1,239
5,960		 Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
-		 2024
Total
funds
£
99,259
-
84,889
25,151
209,299
2024
Total
funds
£
-
633
12,025
12,658
2024
Total
funds
£
4,721
1,239
5,960		 2023
Total
funds
£
95,337
4,108
76,947
21,198
197,590
2023
Total
funds
£
265
1,750
13,061
15,076
2023
Total
funds
£
5,783
420
6,203

3 CHARITABLE ACTIVITIES

4 INVESTMENT INCOME

NEW LIFE FAMILY CHURCH

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 TOTAL EXPENDITURE

Unrestricted
funds
£
Investment property costs
Repairs and maintenance
15,177
Other running costs
4,066
19,243
Costs directly allocated to activities
Fellowship activity and ministry:
Wages and salaries
64,492
Events
2,218
Website
204
Other costs
481
Hospitality and breakout
4,275
Donations
11,278
82,948
Support costs
Wages and salaries
51,306
Volunteer expenses
536
Light and heat
13,719
Insurance
4,690
Motor and travelling costs
566
Water rates
1,217
Licenses
1,000
Subscriptions
200
Printing and stationery
1,596
Computer costs
2,811
Health and safety
838
Legal and professional fees
6,449
Bookkeeping services
7,050
Repairs and maintenance
10,131
Cleaning and waste
9,248
Sussex Place rent
4,800
Training
1,451
Telephone
1,374
Bank and credit card charges
538
Loss on disposal of fixed assets
-
Depreciation
17,949
137,469
Governance costs
Independent Examiner's fee
1,800
1,800
241,460		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024
2023
Total
Total
funds
funds
£
£
As restated
15,177
-
4,066
-
19,243
-
64,492
62,930
2,218
3,372
204
372
481
624
4,275
2,903
11,278
11,781
82,948
81,982
51,306
41,477
536
-
13,719
8,866
4,690
4,198
566
86
1,217
791
1,000
979
200
-
1,596
1,058
2,811
2,272
838
1,858
6,449
2,355
7,050
6,876
10,131
10,736
9,248
8,177
4,800
-
1,451
175
1,374
2,094
538
452
-
1,557
17,949
14,747
137,469
108,754
1,800
2,000
1,800
2,000
241,460
192,736

In addition to the prior period adjustment, for the 2024 Accounts, the Trustees have provided more detail of the charity's expenditure and therefore the 2023 figures have been amended to show a consistent approach.

Of the total expenditure in 2023 of £192,736, £192,736 was unrestricted and £Nil was restricted.

NEW LIFE FAMILY CHURCH

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6
INFORMATION REGARDING EMPLOYEES
Wages and salaries
Stipend
Social security costs
Employment Allowance
Employer pension contributions		 2024
2023
£
£
As restated
105,986
94,270
4,200
4,200
7,269
5,824
(6,034)
(3,978)
4,377
4,091
115,798
104,407

The average monthly head count was 7 staff (2023 - 7 staff).

The average number of employees based on full time equivalents analysed by function was:

Fellowship activity and ministry:
Management and administration		 2024
2023
Number
Number
2
2
2
2
4
4

No employee had emoluments in excess of £60,000 (2023 - Nil).

The total employee benefits (including employers national insurance and benefits in kind) of the key management personnel of the charity were £36,895 (2023 - £28,445)

7
TRUSTEE REMUNERATION
Wages and salaries
Social security costs
Employer pension contributions
Taxable benefits in kind
Trustee remuneration paid to 2 Trustees of :		 2024
2023
£
£
39,347
36,111
3,292
2,473
2,156
1,803
10,194
-
54,989
40,387

Further details of the above can be found in the Related Party Transactions Note.

No trustees were reimbursed expenses from the charity during the year (2023 £Nil).

NEW LIFE FAMILY CHURCH

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8
FIXED ASSETS
Cost
As at 1 January 2024
Additions
Disposals
As at 31 December 2024
Depreciation
As at 1 January 2024
Disposals
Charge for the year
As at 31 December 2024
Net book value
As at 31 December 2024
As at 31 December 2023
9
FIXED ASSET INVESTMENTS
Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluation to fair value
At 31 December 2024
Historical cost as at 31 December		 Land and
Buildings
£
227,122
-
-
227,122
90,130
-
2,942
93,072
134,050
136,992		 Imps
to
FF &
property
equipment
£
£
491,633
127,189
-
5,186
-
(30,542)
491,633
101,833
128,028
123,100
-
(30,542)
9,833
5,174
137,861
97,732
353,772
4,101
363,605
4,089
2024
Total
£
315,000
7,524
-
-
322,524
75,524		 Total
£
845,944
5,186
(30,542)
820,588
341,258
(30,542)
17,949
328,665
491,923
504,686
2023
Total
£
As restated
315,000
-
-
-
315,000
68,000

The charity holds a residential property classified as an investment property, currently let to the Pastor at a reduced rent as part of his overall remuneration package. The total of the rent received and the associated benefit in kind is considered to reflect the property’s open market rental value. The property is held for its long-term investment potential. The arrangement is disclosed as a related party transaction, and the benefit in kind is included in the Pastor’s total remuneration.

10 DEBTORS
Trade debtors
Other debtors
Prepayments		 2024
2023
£
£
-
711
3,518
1,314
761
1,064
4,279
3,089

NEW LIFE FAMILY CHURCH

Page 16

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade creditors
766
Taxation and social security
568
Other creditors
9,748
Accruals
4,422
15,504
12 ANALYSIS OF NET ASSETS BETWEEN FUND
Unrestricted
Designated
Restricted
funds
funds
funds
£
£
£
Tangible fixed assets
491,923
-
-
Investments
322,524
-
-
Current assets
56,875
-
-
Current liabilities
(15,504)
-
-
Net assets as at 31 December 2024
855,818
-
-
ANALYSIS OF NET ASSETS BETWEEN FUND - PREVIOUS YEAR
Unrestricted
Designated
Restricted
funds
funds
funds
£
£
£
As restated
As restated
Tangible fixed assets
504,686
-
-
Investments
315,000
-
-
Current assets
65,487
-
-
Current liabilities
(15,812)
-
-
Net assets as at 31 December 2023
869,361
-
-		 2023
£
As restated
18
2,518
9,616
3,660
15,812
Total
£
491,923
322,524
56,875
(15,504)
855,818
Total
£
As restated
504,686
315,000
65,487
(15,812)
869,361

NEW LIFE FAMILY CHURCH

Page 17

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13 MOVEMENT IN FUNDS

Restricted funds
Property funds
Total restricted funds
Designated funds
Fixed assets fund
Total designated funds
Unrestricted funds
Revaluation reserve
General funds
Total unrestricted funds
Total funds		 As at
1 01 2024
£
As restated
-
-
-
-
247,000
622,361
869,361
869,361		 Income Expenditure
£
£
-
-
-
-
-
-
-
-
-
-
227,917
(241,460)
227,917
(241,460)
227,917
(241,460)		 Transfers
As at
31 12 2024
£
£
-
-
-
-
-
-
-
-
-
247,000
-
608,818
-
855,818
-
855,818

Revaluation reserve

The revaluation reserve represents the difference between the cost of the investment property when first recognised, less any depreciation and its subsequent revalued amount.

MOVEMENT IN FUNDS - PREVIOUS YEAR

As at **Income ** Expenditure Transfers Gains & As at
1 01 2023 Losses 31 12 2023
£ £ £ £ £ £
As restated As restated As restated **As restated ** As restated
Restricted funds
Property funds - - - - - -
Total restricted funds - - - - - -
Endowment funds
Endowment funds 3,851 - - (3,851) - -
Total endowment fund 3,851 - - (3,851) - -
Unrestricted funds
Revaluation reser 247,000 - - - - 247,000
General funds 592,142 219,104 (192,736) 3,851 - 622,361
Total unrestricted fund 839,142 219,104 (192,736) 3,851 - 869,361
Total funds 842,993 219,104 (192,736) - - 869,361

Revaluation reserve

The revaluation reserve represents the difference between the cost of the investment property when first recognised, less any depreciation and its subsequent revalued amount.

NEW LIFE FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page 18

14 RELATED PARTY TRANSACTIONS

As allowed for in the charity's constitution certain trustees have been paid salaries for services provided to the charity.

Two of the charity’s trustees, Hermanus Nicolaas Roestorff and Rashelle Roestorff, who are husband and wife, also serve in paid roles as pastors of the charity. As such, they are considered related parties. In accordance with the charity’s governing document and relevant charity law, all remuneration and benefits paid to them were properly authorised by the Board and relate solely to their employment as pastors, and not to their duties as trustees.

Historically, pastoral leaders have also served as trustees to ensure continuity, accountability, and alignment between the church's spiritual leadership and its strategic governance. This arrangement has provided valuable institutional memory and consistency in decision-making.

To uphold the highest standards of governance and mitigate any potential conflict of interest:

This structure ensures that remuneration decisions are made independently and fairly, while enabling the church to benefit from the pastoral team’s leadership and long-term vision. The Board believes this approach strikes a balanced, transparent, and effective model of governance.

For the year ended 31 December 2024:

Remuneration received by a spouse of the Chairman to the Board of Trustees whose acting role was administrator is £11,830 (2023: £2,501), in addition employer pension contributions of £592 (2023:£723) were paid on their behalf.

Remuneration received by a family member of the Board of Trustees whose acting role was in pastoral care is £2,388 (2023: £5,543).

No other trustees received any remuneration or benefits during the year. All related party transactions have been properly authorised and disclosed in accordance with applicable accounting and regulatory requirements.

NEW LIFE FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page 19

15 PRIOR PERIOD ADJUSTMENTS

Following a change in Independent Examiner, the Trustees have reviewed the classification of certain funds in the opening balances and have made the following adjustments :

As part of the review, it was determined that an amount of £500,597 previously reported as restricted funds as at 1 January 2023, should have been classified as unrestricted general funds. These funds related to properties that had already been purchased, thereby fulfilling the original restriction placed on the income. As a result, the opening balance of unrestricted general funds has been increased by £500,597, with a corresponding reduction in restricted funds. This reclassification has no impact on the charity’s total reserves or overall financial position

The property that been rented out as investment property should have been disclosed as such in the 2022 accounts and earlier years accounts. Therefore the revaluation to open market value should have occurred in a period before 2023 and the revaluation reserve of £247,000 and depreciation reversal of £31,437 has been shown within funds brought forward as at 1 January 2023 rather than as gains during 2023.

The wages and salaries charge was understated by £631 in 2023 as it did not include an accrual for the December 2023 payroll costs which are paid in arrears, but did include the December 2022 payroll costs as again no accrual was made as at 31 December 2022. Reserves as at 1 January 2023 have therefore been reduced by £8,800 and reserves as at 1 January 2024 have been reduced by £9,431 with creditors as at 31 December 2023 increasing by the same amount.