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← New Life Church (North London)

2022-03-31-accounts

Charity registration number 1097140

NEW LIFE CHURCH (NORTH LONDON) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

NEW LIFE CHURCH (NORTH LONDON)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees R.W. Souster
J.L. Wilson
N.T. West
G. Smith
O. Onoh
M. Bond
Charity number 1097140
Principal address 36 Raglan Street
London
NWS5 3DA
Auditor HB Accountants
28 Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
ENI1 OLB
Bankers HSBC plc
101-103 Station Road
Edgware
Middlesex
HA8 7JJ
Solicitors Graham Pearce& Company
The Corner House
60 Colebank Road
Hall Green
Birmingham
B288RY

NEW LIFE CHURCH (NORTH LONDON)

CONTENTS

Page
Trustees’ report 1-4
Statement oftrustees’ responsibilities 5
Independent auditor's report 6-8
Statement offinancial activities 9
Balance sheet 10
Notestothefinancialstatements 12-19

NEW LIFE CHURCH (NORTH LONDON)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, applicable law and the requirements of the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in March 2005.

The trustees have had due regard to guidance published by the Charity Commission on public benefit.

Objectives and activities

The objects are:

  1. The advancement of the Christian faith and the worship of God in the U.K. and elsewhere by any means whatsoever, including (but not by way of limitation) the preaching and proclamation of the Christian gospel, the teaching of Christian doctrine and principles, the pastoral care of Christian people and the printing and distribution of the Bible and Christian literature, including video and audio recordings or electronically and by any other media which is or may become available.

  2. The relief of persons who are in conditions of need, hardship or distress, or who are aged or sick.

  3. The advancement of education on the basis of Christian principles and, without prejudice to the generality of the foregoing, the provision of such education in any educational establishment and, if the trustees so decide, the provision of one or more charitable educational establishments for the general education of children or adults on the basis of such Christian principles.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the church should undertake.

The Trust is primarily focused on providing services in accordance with the objects ofthe Trust. It uses a small proportion of its income to make grants which are in accordance with the objects of the Trust. The trustees will consider requests for grants by individuals or institutions that have the same objects as the Trust and which compliment the services offered by the Trust.

Achievements and performance

New Life Church (North London) Trustees (the Trustees), together with the Leaders, are committed to enabling as many people as possible to worship at the Church Services and participate in the life of the Church, through attending services in person and through listening to the talks and downloading the talks posted on the Church website. We actively seek to involve as many as possible in becoming part of our Church community: through advertising and the promotion of the Church services in the local community and beyond, by using the internet. Up until the end of June 2021 church meetings were difficult to hold in person due to the continuing impact of the Covid 19 virus, however from July 2021 meetings in person were possible once again subject to some restrictions to limit the potential spread of the virus.

When planning our activities for the year, the Church Leaders and the Trustees have considered the Commission’s guidance on public benefit and the specific guidance on charities for the advancement of religion, the advancement of education and the prevention or relief of poverty.

The relationship with the congregation at Kentish Town Evangelical Church (KTEC) continued to grow during the year, culminating in the transfer of the property assets of KTEC to the Trust at the beginning of February 2022. These assets comprised a church building at 21 Bassett Street, London, NW5 4PG and a manse at 70 Malden Road, London NW5 4DA including a separate, tenanted, basement flat. The manse was unlet at the time of[the][transfer.]

As the congregation at KTEC has merged with the congregation of New Life Church and meetings began to take place at the Bassett Street building it was considered wise to change the name of the church to The Church In Bassett Street. The Church was also strengthened during this period with some people joining from Revelation Church (Rev) which meets near Kings Cross Station. Those joining from Rev had felt a particular calling to focus on the Queens Crescent area close to where the Bassett Street building is located. This was a further reason to change the name of the Church to reflect the new focus locally we felt God had called us to.

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NEW LIFE CHURCH (NORTH LONDON)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Worship

The Sunday morning service is the main worship event for the church. Until the end of June 2021 Sunday services remained largely on-line with an all-age format including worship, teaching for the children’s groups and for adults. Some services were held in person at 21 Bassett Street during May and June, largely for the benefit of the KTEC congregation. There continued to be a good level of engagement with online meetings during this period. Other meetings during this time continued using Zoom, the on-line meeting app.

We continue to seek to reach the public in North London and beyond through advertising on the internet using GoogleAds which has proved an effective way of reaching a wide cross section of people. We have also found that the use of Facebook and Instagram has been effective in reaching people who are not currently part of the Church. We regularly update the Church website, which includes a promotional film to advertise the activities of the Church.

Following the end of lockdown, meetings were held in a hired hall at Acland Burghley School during July 2021. After this, meetings transferred to the building at 21 Bassett Street. Due to the more limited space at Bassett Street, it was necessary to hold two meetings each Sunday. The first meeting at 10:00am was targeted at families with small children of primary school age and younger. The second meeting at 12:00 was for families for children of senior school age. This meant that the children’s work could continue on the premises using the two meeting rooms above the main meeting hall. Those without children could choose which meeting they attended (or both).

Teaching

On Sunday mornings we have a Christian teaching ministry which reaches those present and many other people from many other countries who visit the Church website to listen to the sermons or access the resources posted there. In this way the ministry of the Church is extended to a larger audience.

During lockdown, services continued with shorter videoed messages, with a series oftalks on the journey of the Children of Israel through the wilderness to the Promised Land. Once meetings could commence in person the teaching was once again “live” with the same message being delivered to both Sunday meetings. Subjects covered in the Autumn of 2021 included “Encounters with Jesus” with teaching from the Gospels followed by teaching on prayer over the winter and spring of 2022.

Prayer

Public prayer meetings are an important part of what we do. The purpose ofthese prayer meetings has been primarily to pray for the work of the Church, but also for North London and for wider issues affecting the whole nation and beyond. When lockdown was introduced the Tuesday prayer meeting went on-line using the Zoom app.

Pastoral Care

We have continued to use Home Fellowship Group meetings to enable as many as possible in the Church to be cared for and new people to grow in their involvement in the Church community. Some of these meetings have continued to take place on Zoom, however with the lifting of lockdown restrictions these have increasingly been “in person”.

The children are cared for by the children’s workers in the age-specific children’s groups.

Additionally, we have an informal network of relationships in the Church and beyond into the community as well as smaller “Connect” groups where two or three members of the church could meet more informally for prayer and encouragement.

Mission and Evangelism

We encourage each member to be involved in personal mission and evangelism. We have two youth groups, catering for different ages, with the objective of teaching the Christian message and presenting the claims of Jesus Christ to young people in a way that is relevant to their interests and equipping them to reach others.

We work with and support a local Foodbank project which is run by Revelation Church and provides food parcels for the poorest members of the local community. New Life volunteers for the Foodbank have continued to provide assistance following the pandemic.

=D.

NEW LIFE CHURCH (NORTH LONDON)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

We support in prayer and by financial gifts, the work of international children’s evangelist David Abbott.

The Church has joined a larger group of churches known as Relational Mission (RM). RM grew out of the New Frontiers network of churches. Rev Church is also part of RM and this has further strengthened the ties with this church locally. RM has provided invaluable support to the church leadership.

The Church is also a member of the Evangelical Alliance of Churches in the U.K.

Work with Kentish Town Evangelical Church

The relationship with KTEC continued to grow during the 2021/22 year, culminating in the transfer of their property assets to the Trust in February 2022. KTEC also contributed £50,000 towards anticipated works to the buildings at Bassett Street and Malden Road.

In the previous financial year, the Trustees allocated some of the surplus arising from the savings in rent during lockdown towards a fund for works to the buildings. The sum allocated was £40,000. To the end of March 2022 this fund has remained unspent, however now that transfer of the assets has taken place it is anticipated that repair works will be commenced in the 2022/23 financial year. With the contribution from KTEC the total set aside is thus £90,000.

Financial review

General giving and the related Gift Aid increased to £112,364 from £109,526. Restricted giving increased as a special collection was held for relief work in Ukraine.

Property valued at £2,500,000 was gifted to the church in the year.

General fund expenses have increased to £97,273 from £85,093, largely due the £12,404 legal fees in connection with the transfer of assets from another charity as well as activities resuming following the easing of lockdown restrictions.

Overall there was a total surplus for the year of £18,177 compared with a surplus last year of £27,611, excluding the gift of the property.

The funds have increased by £2,500,000 as the result of assets being transferred from another charity.

Total funds at the year end are £2,663,765. The balance sheet remains strong with cash at bank and in hand being £140,867 as compared with £129,341 last year.

It is the policy of the church that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event ofa significant drop in funding, they will be able to continue the church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The church was established by a charitable trust deed on 10 February 2003.

The trustees who served during the year and up to the date ofsignature ofthe financial statements were:

R.W. Souster

J.L. Wilson

N.T. West

G. Smith

O. Onoh

M. Bond

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NEW LIFE CHURCH (NORTH LONDON)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

As part of the Risk Assessment Annual Review, the Trustees consider if there are sufficient Trustees for the work of the Trust and if the needs of the Trust match the skill profile of the current Trustees. If the Trustees feel the need to appoint additional Trustees, then the process of seeking additional Trustees is commenced. There are additional reasons why this process may be started: if the number of Trustees falls below a workable level, or if the Trustees become aware, at any time that the Trust is lacking someone with skills not represented amongst the current Trustees.

Once the Trustees recognise the desirability to seek one or more additional Trustees, then a procedure is initiated where the Church Elders work in concert with the Trustees to seek to recruit and appoint a suitable person(s). The Trustees first conduct a skill audit of the range of skills present amongst the current Trustees to identify where desirable skills may not be currently present. The Trustees also conduct a diversity and representation analysis to assess to what extent the current Trustees reflect the diversity present within the Church. A combination of[these][two][drivers][will][lead][to][a][profile][which][is][to] assist in the search for suitable new Trustees.

Once a suitable candidate (or candidates) has been identified, she/he is asked if they would consider becoming a Trustee, during which process the Responsibilities and Duties of a Trustee are explained, together with an explanation of the Trust Deed and a opportunity to read the minutes of recent Trust meetings. Depending on the experience of the candidate they may be offered the opportunity to sit in on some Trust meetings or to attend as an observer for a period before they are able to make a decision. When a candidate accepts the invitation of becoming a Trustee, they are appointed in writing to serve for the period specified in the Trust Deed. The process ofinduction is tailored to the previous experience ofthe new Trustee as is the training of new Trustees. Reading will be recommended and suitable courses found.

Currently the make-up of the Trustees is considered satisfactory though it is hoped that an ex-member of the KTEC congregation with some finance skills will join the Trustees in due course. The trustees meet regularly and oversee the direction and manage the running of the church.

Under

the Trust Deed, the church has the power to make any investment which the trustees see fit.

Asset cover for funds

Note 16 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis.

The trustees' report was approved by the Board of Trustees.

R.W. Souster TrusteeDated covers92tore JMevehicssl/ Zzues

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NEW LIFE CHURCH (NORTH LONDON)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

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

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the church and ofthe[incoming][resources][and][application][of][ resources] of the church for that year.

In preparing these financial statements, the trustees are required to:

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

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NEW LIFE CHURCH (NORTH LONDON)

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEW LIFE CHURCH (NORTH LONDON)

Opinion

We have audited the financial statements of New Life Church (North London) (the ‘church’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the church in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

An audit was not carried out in respect of the prior year as the charity was entitled to full exemption, so an independent examination was performed in respect of which there were no matters arising.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the church’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of[this][report.]

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of[this][other][information,][we][are][required][to][report][that][fact.]

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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NEW LIFE CHURCH (NORTH LONDON)

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NEW LIFE CHURCH (NORTH LONDON)

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the church’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities 2021 Act 2006 and UK tax legislation.

Our tests included:

¢ Evaluation ofthe design of management’s controls designed to prevent and detect irregularities.

¢ Testing unusual or unexpected journal entries, particularly those impacting revenue.

¢ Challenging assumptions and judgements made by management in respect of significant accounting estimates.

Because ofthe inherent limitations ofan audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description ofour responsibilities is available on the Financial Reporting Council’s website at: https://www. fre.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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 Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

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NEW LIFE CHURCH (NORTH LONDON)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF NEW LIFE CHURCH (NORTH LONDON)

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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NEW LIFE CHURCH (NORTH LONDON)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
Notes £ £ £ £ £ £
Income from:
Voluntary income 3 2,612,364 6,503 2,618,867 109,526 3,126 112,652
Charitable activities 4 2,300 - 2,300 3,087 - 3,087
Investments 5 12 - 12 91 - 91
Total income 2,614,676 6,503 2,621,179 112,704 3,126 115,830
Expenditure on:
Charitable activities 6 99,673 3,329 103,002 85,093 3,126 88,219
Net income for the year/
Net movement in funds 2,515,003 3,174 2,518,177 27,611 - 27,611
Fund balances at April 2021 135,150 10,438 145,588 107,539 10,438
Fundbalancesat31March 2022 2,650,153 13,612 2,663,765 135,150 10,438 145,588

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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NEW LIFE CHURCH (NORTH LONDON)

BALANCE SHEET

ASAT 31[MARCH][ 2022]

2022 2021
Notes £ £ + £
Fixed assets
Tangible assets 11 2,503,735 2,953
Current assets
Debtors 12 25,491 18,792
Cash at bank and in hand 140,867 129,341
166,358 148,133
Creditors: amounts falling due within one 13
year (6,328) (5,498)
Net current assets 160,030 142,635
Total assets less current liabilities 2,663,765 145,588
Income funds
Restricted funds 14 13,612 10,438
Unrestricted funds 2,650,153 135,150
2,663,765 145,588
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NEW LIFE CHURCH (NORTH LONDON)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

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|||||||||| |---|---|---|---|---|---|---|---|---| |2022|2021| |Notes|£|£|i|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|17|2,514,168|40,641| |Investing|activities| |Purchase|of tangible|fixed|assets|(2,502,654)|(2,910)| |Investment|income|received|12|91| |Net|cash|used|in|investing|activities|(2,502,642)|(2,819)| |Net|cash|used|in|financing|activities|-|-| |Net|increase|in|cash|and|cash|equivalents|11,526|37,822| |Cash|and|cash|equivalents|at|beginning|of year|129,341|91,519| |Cash|and|cash|equivalents|at end|of year|140,867|129,341|

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NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

| Accounting policies

Charity information

New Life Church (North London) is a Trust.

The accounts have been prepared in accordance with the church's trust deed, the Charities Act 2011 and “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 (FRS 102)” (as amended for accounting periods commencing from | January 2016). The church is a Public Benefit Entity as defined by FRS 102.

The church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin | not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the church.

1.4 Incoming resources

Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral ofthe amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of[the][donation.]

1.5 Resources expended Expenses are included in the financial statements as they become due. Expenses include VAT where applicable as the company cannot reclaim it.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings

Fixtures, fittings & equipment 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of[the][asset,][and][is][recognised][in][the][statement][of][ financial][activities.] 1.7. Impairment of fixed assets At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafis are shown within borrowings in current liabilities. 1.9 Financial instruments

Financial instruments are recognised in the church's balance sheet when the church becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basicfinancial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basicfinancial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value ofthe future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofoperations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies (continued)

Derecognition offinancial liabilities

Financial liabilities are derecognised when the church’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the church is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the church’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Voluntary income

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2022|2021| |general| |z|£|£|£| |Donations|and|gifts|92,668|5,605|98,273|95,355| |Gift Aid|tax|receivable|19,696|898|20,594|17,297| |Property|gifted|2,500,000|-|2,500,000|-| |2,612,364|6,503|2,618,867|112,652| |For|the|year ended|31|March|2021|109,526|3,126|112,652|

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4 Charitable activities

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|||||| |---|---|---|---|---| |2022|2021| |£|£| |Other|income|2,300|965| |Government|grants|received|-|2122| |2,300|3,087|

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-14-

NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

5 Investments
2022 2021
£ £
Interest receivable 12 91
6 Charitableactivities
Advancement Advancement
ofthe ofthe
Christian Christian
faith faith
2022 2021
£ £
Staff costs 58,581 59,214
Depreciation and impairment 1,872 1,455
Rent 3,012 352
Repairsand maintenance 284 159
Catering 1,431 139
Printing, postage, stationery and telephone 725 560
Insurance 1,128 387
Storage costs 1,746 2,023
Children and youth 3,581 1,664
Training 4,241 3,026
Adult outreach 1,343 698
Website and computer expenses 3,217 3,392
Media resources 777 732
Sundry expenses 841 178
Legal and professional fees 12,404 -
95,183 73,979
Grant funding ofactivities (see note 7) 3,139 11,060
Share ofgovernance costs (see note 8) 4,680 3,180
103,002 88,219
Analysis by fund
Unrestricted funds - general 99,673 85,093
Restricted funds 3,329 3,126
103,002 88,219

-15-

NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

ue Grants payable

Grants payable
2022 2021
£ £
Grants to institutions:
Good News Crusade 240 240
God's Care Mission - 200
Relational Mission - 6,000
240 6,440
Grants to individuals 2,899 4,620
3,139 11,060

8 Support costs

Support costs
Support costs Governance 2022 2021 Basis ofallocation
costs
£ £ £ £
Audit fees - 2,400 2,400 - Governance
Accountancy - 2,280 2,280 3,180 Governance
- 4,680 4,680 3,180
Analysed between
Charitableactivities - 4,680 4,680 3,180

9 Trustees

Oneofthe trustees, N.T. West, received remuneration during the year of £41,371 (2021: £29,753).

No expenses were paid to the trustees in both this year and last year.

-16-

NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Pastor 1 1
Children/youth workers 2 2
Administration I 1
4 4
Employment costs 2022 2021
£ zi
Wages and salaries 56,845 57,765
Social security costs 615 413
Other pension costs 1,121 1,036
58,581 59,214

There were no employees whose annual remuneration was £60,000 or more.

11‘ Tangible fixed assets
Land and Fixtures, fittings Total
buildings & equipment
£ £ £
Cost
At
 April 2021 - 6,995
Additions 2,500,000 2,654 2,502,654
At 31 March 2022 2,500,000 9,649 2,509,649
Depreciation and impairment
At 1 April 2021 - 4,042 4,042
Depreciation charged in the year - 1,872 1,872
At 31 March 2022 - 5,914 5,914
Carrying amount
At 31 March 2022 2,500,000 3,735 2,503,735
At31March2021 - 2,953 2,953

27s

NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12. Debtors

12. Debtors
2022 2021
Amounts falling due within one year: £ £
Other debtors 20,296 17,316
Prepayments and accrued income 5,195 1,476
25,491 18,792
13. Creditors: amounts falling due within one year
2022 2021
£ £
Other taxation and social security 1,528 2,283
Accruals and deferred income 4,800 3,215
6,328 5,498

14 Restricted funds

The income funds ofthe charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2020 resources expended 1 April 2021 resources expended 31 March
£ £ £ £ £ £ ag
Overseas
missions - - - - 4,722 (1,899) 2,823
Childrens
events 575 - - 575 1,237 - 1,812
Youth worker 9,863 - - 9,863 - (1,430) 8,433
Training events - 1,406 (1,406) - - - -
Other gifts - 1,720 (1,720) - 544 - 544
10,438 3,126 (3,126) 10,438 6,503 (3,329) 13,612
Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted — Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31 March
2022 are represented by:
Tangible assets 2,503,735 - 2,503,735 2,953 - 2,953
Current assets/(liabilities) 146,418 13,612 160,030 142,635 - 142,635
2,650,153 13,612 2,663,765 145,588 - 145,588

15 Analysis of net assets between funds

a48'=

NEW LIFE CHURCH (NORTH LONDON)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

16 Related party transactions

During the year the Church paid Mrs J.E. West, the wife of one of the trustees, N.T. West, a salary of £8,692 (2021: £6,863) in respect of duties performed.

17. Cash generated from operations 2022 2021
£ £
Surplus for theyear 2,518,177 27,611
Adjustments for:
Investment income recognised in statement offinancial activities (12) (91)
Depreciation and impairment of tangible fixed assets 1,872 1,455
Movements in working capital:
(Increase)/decrease in debtors (6,699) 9,800
Increase in creditors 830 1,866
Cashgeneratedfromoperations 2,514,168 40,641

19%