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← Lifechurch Manchester

2024-03-31-accounts

REGISTERED COMPANY NUMBER: 5392860 (England and Wales) REGISTERED CHARITY NUMBER: 1111303

Report of the Trustees and

Consolidated Financial Statements for the year ended 31[st] March 2024

for

LifeChurch Manchester

(a company limited by guarantee and not having a share capital)

Allen Mills Howard Limited Chartered Accountants Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ

LifeChurch Manchester (Registered number: 5392860)

Contents of the Financial Statements For the year ended 31[st] March 2024

Page
Report of the Trustees 1 - 4
Report of the Independent Examiner 5
Consolidated Statement of Financial Activities 6
Consolidated Balance Sheet 7 - 8
Consolidated Statement of Cash Flows 9
Notes to the Financial Statements 10 - 29

LifeChurch Manchester (Registered number: 5392860)

Report of the Trustees For the year ended 31[st] March 2024

The Trustees, who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the consolidated financial statements of the charity and its subsidiary for the year ended 31[st] March 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the 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) issued in October 2019.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company Number: 05392860 (England and Wales) 05392860 (England and Wales)
Registered Charity Number: 1111303
Registered office: The LifeCentre
235 Washway Road
Sale
M33 4BP
Trustees: M R Smith (Chairman)
A J Barclay-Watt
N Thompson (Appointed 18thMarch 2024)
P A Flatman
P J Morris
A J Chard
Company Secretary: J Cooper
Independent Examiner: Mr David Allen
Allen Mills Howard Limited
Chartered Accountants
Lewis House
56 Manchester Road
Altrincham
WA14 4PJ
Bankers: Barclays Bank PLC
Manchester City 9
Leicester
LE87 2BB
Solicitors: Anthony Collins Solicitors LLP
134 Edmund Street
Birmingham
B3 2ES
Keelys Solicitors LLP
28 Dam Street
Lichfield
WS13 6AA

1

LifeChurch Manchester (Registered number: 5392860)

Report of the Trustees

For the year ended 31[st] March 2024

Trustees

M R Smith (Chairman) A J Barclay-Watt N Thompson (Appointed 18[th] March 2024) P A Flatman P J Morris A J Chard

Secretary and Registered Office

J Cooper, The LifeCentre, 235 Washway Road, Sale, M33 4BP

Governing instrument

activities of the charity are:

Recruitment, induction and training of new trustees

Any prospective new trustees are recommended by the current board and by the Senior Leadership Team, before they are appointed by the Church members. In appointing trustees, the board seek to bring a range of skills and expertise to the management of the Charity. New Trustees are introduced to the workings of the charity and are kept updated

Organisational structure

The Church is led by a Senior Leadership Team (SLT), whose membership is currently: Andy Barclay-Watt, Mark Smith, Sarah Smith, Emma Barclay-Watt, Alastair Cutteridge, David Rolles, Helen Allen, Sumbo Campbell, Pete Fox, Sue Fox, Phil Watterson, Derek Hughes, Jon Anelli and Tony Campbell. New SLT members are nominated by the existing SLT and are appointed by Church members.

The senior staff are responsible for managing the day-to-day affairs of the Church.

Remuneration of key management personnel

-Committee, which is made up of all the nonsalaried Trustees. They do so in the light of the latest inflation and pay-related economic indicators, and with reference to salary levels in churches and other similar organisations of a comparable size and complexity .

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Major risks have been reviewed and systems and procedures have been established to manage those risks.

Related parties and co-operation with other organisations

One Trustee received remuneration from the charitable company during the year in accordance with the Trust Deed which stipulates that the number of remunerated Trustees must never be a majority.

catering and conferencing facilities at the LifeCentre (see note 4 to the accounts). LifeCentre Events Ltd provides catering and conferencing facilities to the local community, as well as businesses, schools and other charitable organisations.

Use of volunteers

The group is very involved with the community and is dependent on the support of many volunteers in the church and the LifeCentre. The Trustees are very grateful to the church members for this support.

2

LifeChurch Manchester (Registered number: 5392860)

Report of the Trustees For the year ended 31[st] March 2024

Objectives and activities during the year

benefit and, in particular, the specific guidance on charities for the advancement of religion. The group operates in and around Sale, South Manchester and has a number of activities which seek to reach out to the local community as well as serving members of the church. In particular, the charitable company has sought & achieved to fulfil its charitable objectives in the following ways:

The provision of public worship services each Sunday which are open to all.

Various activities for children and youth.

Financial review

to £940,541 (2023: £994,740) and the expenditure amounted to £914,265 (2023: £858,769) giving a surplus before taxation for the year, after depreciation charges of £70,358, of £26,276 (2023: surplus of £135,971). Donations and legacies to the group were £566,904 (2023: £648,000) which includes legacies for £nil (2023: £112,682).

Income for LifeCentre Events Ltd rose by 1% to £312,117 (2023: £309,438). Expenditure before taxation for LifeCentre Events Ltd (excluding parent charity donations of £157,119 (2023: £78,617) decreased to £188,963 from £197,182 in 2023.

Reserves policy and going concern

The group generates a regular income by way of gifts and donations as well as the hiring of the LifeCentre conference rooms which is adequate to cover the projected expenditure. In addition, the group seeks to maintain adequate reserves to enable it to meet any unforeseen expenditure or to cover any short-term drop in income. At the balance sheet date, the group held reserves of £1,937,694 (2023: £1,911,002).

At the end of the year, restricted funds totalled £33,665 (2023: £22,204). The charity also has funds which are designated for other causes, including hardship and youth activities, totalling £8,595 (2023: £9,999). These resources are available to be used at the discretion of the trustees.

Reserves freely available after excluding restricted funds, designated funds and funds which cannot be accessed or are connected to the disposal of fixed assets, amount to £149,739, (2023: £207,278).

The 2023/24 financial year was a very good one, with the income budget for the Church being exceeded.

The LifeCentre Events business performed well in the face of high-cost inflation but are pleased to report that its surplus was 20% up on budget.

The effect of both of these positive performances was a significant surplus where none had been budgeted. Both the latter and savings made through the year have enabled us to reduce our bank mortgage.

With continuing financial uncertainty brought about by high price inflation and interest rates, the Trustees have

With a strong cash position and realistic plans for the LifeCentre Events business, the Trustees are able to confirm that

3

LifeChurch Manchester (Registered number: 5392860)

Report of the Trustees For the year ended 31[st] March 2024

Plans for Future Periods

During the forthcoming year the Trustees and the church will continue to raise the profile of the charity within the local community in order to involve a higher proportion in the activities of the Church and the LifeCentre.

assets becoming part of LCM. Both sets of Trustees anticipate that this exercise will be completed by the end of 2024/25.

Trustee

Individual indemnities have been provided to the Trustees, under which the charitable company has agreed to indemnify the Trustees to the fullest extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, their execution of their powers, duties and responsibilities as Trustees of the group.

The Trustees have prepared this report in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Trustees on 4[th ] November 2024.

M R Smith Trustee

4

Independent

to the Members of LifeChurch Manchester

I report to the trustees on my examination of the consolidated financial statements of the group comprising LifeChurch Manchester (the 'parent charitable company') and its subsidiary undertaking for the year ended 31[st] March 2024.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated financial statements of the group in accordance with the requirements of the Companies You have chosen to prepare consolidated accounts for the group and you are satisfied that the accounts of both the parent charitable company and the group are not required by charity law to be audited.

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the consolidated accounts as the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, and my report

Independent examiner's statement

Since the gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants (ACCA), which is one of the listed bodies.

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

  1. accounting records, with respect to the group, were not kept as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

David K Allen FCCA FCA Allen Mills Howard Limited Chartered Accountants Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ

4[th] November 2024

5

LifeChurch Manchester (Registered number: 5392860)

Consolidated Statement of Financial Activities Consolidated Statement of Financial Activities Consolidated Statement of Financial Activities
(Incorporating a consolidated Income and Expenditure Account)
For the year ended 31st March 2024
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2023
Notes £ £ £
Income from:
Donations and legacies 3 513,341 53,563 566,904 648,000
Charitable activities 6 23,584 31,380 54,964 33,172
Other trading activities 4 312,117 - 312,117 309,410
Investments 5 5,625 - 5,625 3,819
Other 7 931 - 931 339
______ ______ ______ ______
Total income 855,598 84,943 940,541 994,740
______ ______ ______ ______
Expenditure on:
Raising funds
Cost of goods sold and other costs 4 188,963 - 188,963 197,182
Charitable activities:
Church operating expenses 8 651,820 73,482 725,302 661,587
______ ______ ______ ______
Total expenditure 840,783 73,482 914,265 858,769
______ ______ ______ ______
Net movement in funds before taxation 14,815 11,461 26,276 135,971
Taxation 11 416 - 416 159
______ ______ ______ ______
Net movement in funds after taxation 15,231 11,461 26,692 136,130
RECONCILIATION OF FUNDS
Total funds brought forward 1,888,798 22,204
1,911,002		 1,774,872
______ ______ ______ ______
Total funds carried forward 1,904,029 33,665
1,937,694		 1,911,002
______ ______ ______ ______

All results relate to continuing operations and there are no gains or losses other than those shown above.

The notes form part of these financial statements.

6

LifeChurch Manchester (Registered number: 5392860)

Consolidated Balance Sheet Consolidated Balance Sheet Consolidated Balance Sheet
For the year ended 31st March 2024
2024 2023 2024 2023
Group Group Charity Charity
Notes £ £ £ £
FIXED ASSETS
Tangible assets 15 2,588,118 2,660,868 2,581,903 2,652,261
Investments 16 - - 1 1
_ _ _ _
2,588,118 2,660,868 2,581,904 2,652,262
CURRENT ASSETS
Stock 17 1,428 869 - -
Investments 18 - - - -
Debtors 19 76,462 79,670 50,060 27,354
Cash at bank and in hand 188,218 216,166 181,267 206,544
_ _ _ _
266,109 296,705 231,327 233,898
CREDITORS
Amounts falling due within one year 20 129,310 185,800 102,480 162,520
_ _ _ _
NET CURRENT ASSETS/(LIABILITIES) 136,799 110,905 128,847 71,378
_ _ _ _
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,724,917 2,771,773 2,710,751 2,723,640
CREDITORS
Amounts falling due in more than one year 21 786,215 859,347 786,215 859,347
PROVISIONS FOR LIABILITIES 1,008 1,424 - -
_ _ _ _
TOTAL NET ASSETS 1,937,694 1,911,002 1,924,536 1,864,293
______ ______ ______ ______
FUNDS OF THE CHARITY 23
Unrestricted funds:
General 1,895,434 1,878,799 1,882,276 1,832,090
Designated 8,595 9,999 8,595 9,999
Restricted funds: 33,665 22,204 33,665 22,204
_ _ _ _
TOTAL FUNDS 1,937,694 1,911,002 1,294,536 1,864,293
______ ______ ______ ______

For the year ended 31[st] March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

7

LifeChurch Manchester (Registered number: 5392860)

Consolidated Balance Sheet For the year ended 31[st] March 2024

The trustees have prepared group financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and those prepared for circulation to the members of the company.

The financial statements were approved by the Board of Trustees on 4[th] November 2024 and were signed on its behalf by:

M R Smith Trustee P J Morris Trustee

The notes form part of these financial statements

8

LifeChurch Manchester (Registered number: 5392860)

Statement of Cash Flows and Consolidated Statement of Cash Flows

For the year ended 31[st] March 2024

2024 2023 2024 2023
Group Group Charity Charity
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 28 152,131 207,293 154,802 197,474
Government grants - - - -
______ ______ ______ ______
Cash used in operating activities 152,131 207,293 157,799 197,474
Cash flows from investing activities
Purchases of tangible fixed assets - (3,609) - (1,968)
Purchases of investments - - - -
Interest from investments 5,625 3,819 5,625 3,819
Sales of investments - 100,711 - 100,711
______ ______ ______ ______
Cash used in investing activities 157,756 100,921 5,625 102,562
______ ______ ______ ______
Cash flows from financing activities
Repayments of borrowing (185,704) (305,010) (185,704) (305,010)
Loans received - 95,000 - 95,000
______ ______ ______ ______
Cash used in financing activities (180,920) (210,010) (185,704) (210,010)
______ ______ ______ ______
Increase/(decrease) in cash and cash
equivalents in the year (27,948) 98,204 (25,277) 90,026
Cash and cash equivalents at the beginning of
the year 216,166 117,962 206,544 116,518
_ _ _ ______
Total cash and cash equivalents at the end
of the year 188,218 216,166 181,267 206,544
______ ______ ______ ______
Analysis of cash and cash equivalents
2024 2023 2024 2023
Group Group Charity Charity
£ £ £ £
Cash at bank and in hand 188,218 216,166 181,267 206,544
_ _ _ ______
188,218 216,166 181,267 206,544
______ ______ ______ ______

The notes form part of these financial statements

9

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

1. STATUTORY INFORMATION

LifeChurch Manchester is a private charitable company, limited by guarantee, registered in England and Wales. The d on the Report of the Trustees.

The presentation currency for the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with the 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)) effective January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

LifeChurch Manchester meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transactions value unless otherwise stated in the relevant accounting policy note(s).

Preparation of the accounts on the going concern basis

The Trustees have reviewed the circumstances of the charitable group and consider that adequate resources continue to be available to fund the activities of the Church, and of the LifeCentre, for the foreseeable future. The Trustees are of the opinion, therefore, that it remains appropriate to prepare the consolidated accounts on a going concern basis.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary LifeCentre Events Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the group is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Investment income comprises of interest receivable. Deferred incoming resources consist of amounts invoiced in advance for the hiring of facilities relating to the trading subsidiary company. Activities for generating funds relates to the income of the subsidiary undertaking.

Grants are recognised on a receivable basis when there is evidence of entitlement, receipt is probable, and its amount can be measured reliably.

Legacy income is recognised when sufficient evidence to claim entitlement to the legacy has been received, receipt is probable, and the account can be measured reliably. Receipt is probable when there has been grant of probate, the executors have established that sufficient assets to the estate will enable the legacy to be paid and any conditions attached to the legacy are either within the control of the charity or have been met.

10

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which cannot be recovered.

Costs of generating funds relates to the expenditure of the subsidiary undertaking. Charitable activities relates to expenditure incurred in the furtherance of the charitable objectives.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.

Termination benefits

Termination benefits are payable when employment is terminated by the group before the normal retirement date or end of employment contract. Termination costs are recognised in full on the date of termination of the contract.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Volunteers

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Trustee

Tangible fixed assets

Individual fixed assets costing £1,000 or more are capitalised at cost and depreciated on a straight-line basis over the estimated useful lives as follows:

Freehold property - 50 years Plant and machinery - 4 years Fixtures, fittings and equipment - 4 years

Impairment reviews are carried out when there is some indication that the carrying amount of a functional fixed asset is below its net book value.

Fixed asset i nvestments

Investments are stated at historical cost. Fixed asset investments includes cash deposits with a maturity date twelve months or more from the balance sheet date.

Stocks

Stocks are recognised at the lower of cost and estimated selling price less costs to complete and sell.

Current asset i nvestments

Current asset investments are stated at historical cost. Current asset investments include cash deposits with a maturity date of between four and twelve months from the balance sheet date.

Debtors

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

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of four months or less from the date of acquisition or opening of the deposit or similar account.

11

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

Creditors and provisions

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

Concessionary loans

Included in creditors are interest free concessionary loans which are recognised at the amount received/repayable.

Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

Taxation

As a registered charity, the company benefits from rates relief and is generally exempt from Income Tax, Corporation Tax and Capital Gains Tax, but not Valued Added Tax.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted by the year end and that are expected to apply to the reversal of the timing differences.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that these will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pensions

are charged to the Statement of Financial Activities in the period to which they relate.

Fund accounting

Unrestricted funds are those funds for use at the discretion of the Trustees in furtherance of the general objective of the charity.

Some of the unrestricted funds have been designated by the Trustees for specific purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of the appeal. It is the policy of the charity for any tax reclaimed on all types of gift aid payments to be retained by the charity and placed in the unrestricted funds, unless otherwise specifically requested by the donor.

Support costs include telephone and website, photocopying, stationery and office costs.

Related party transactions

financial statements.

Company Status

LifeChurch Manchester is a company limited by guarantee. The members of the company are the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

12

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

3. DONATIONS AND GRANTS RECEIVED

Unrestricted Restricted 2024 2023
Funds Funds Total Total
£ £ £ £
Gifts and offerings 427,806 53,563 481,369 452,368
Gift aid 84,645 - 84,645 82,950
Grants received 890 - 890 -
Legacies - - - 112,682
_ ______ _ _
513,341
 53,563
 556,904
 648,000

13

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

4. INCOME FROM TRADING ACTIVITIES

As reported in subsidiary

financial statements
2024 2023
£ £
Turnover 312,117 309,410
Cost of sales (33,938) (44,360)
_ _
Gross profit 278,179 265,050
Other income 89 28
Operating costs (27,364) (32,781)
Staff costs (126,876) (119,181)
Governance costs (see note 9) (875) (860)
Taxation 416 159
Parent charity donation (157,120) (78,617)
_ _
Profit/(loss)for the year (33,551) 33,798
_ _

The charitable company owns 100% of the share capital of LifeCentre Events Limited, a company registered in England and Wales (08196649). The company carries out the provision of supporting facilities and services to its parent company. The trading results are set out above. The results of the subsidiary company are included in these financial statements.

At the 31[st] March 2024

Fixed assets
Current assets
Creditors: amounts falling due within one year
Provisions for liabilities
Share capital and reserves		 2024
2023
£
£
6,215
8,607
34,782
62,805
(26,831)
(23,279)
(1,008)
(1,424)
_
_
13,158
46,709

13,158
46,709
 2024
2023
£
£
6,215
8,607
34,782
62,805
(26,831)
(23,279)
(1,008)
(1,424)
_
_
13,158
46,709

13,158
46,709
46,709

14

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

5 . INVESTMENT INCOME

All unrestricted funds

Deposit account interest
CHARITABLE ACTIVITIES
Unrestricted
Restricted
Funds
Funds
£
£
Maximise
-
31,380
LifeTots
5,888
-
LifeKids and LifeYouth
4,112
-
Life Church Heald Green
5,154
-
Journey counselling
6,180
-
YLD income
2,000
-
Other
250
-
_
_
23,584
31,380

 2024
£
5,625
_
5,625

2024
Total
£
31,380
5,888
4,112
5,154
6,180
2,000
250
_
54,964
 _ 2023
£
3,819
______
3,819
2023
Total
£
2,694
4,502
3,586
13,357
1,865
4,229
2,939
_
33,172

6. CHARITABLE ACTIVITIES

7. OTHER INCOME

All unrestricted funds

Insurance proceeds
Other income
 2024
Total
£
-
931
_

931
 2023
Total
£
-
339
_
339

15

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

8. CHURCH OPERATING EXPENSES

Unrestricted Restricted 2024 2023
Funds Funds Total Total
£ £ £ £
Travel 3,439 - 3,439 4,311
Mission and outreach 42,208 65,412 107,620 85,501
Gifts and donations 26,712 - 26,712 19,240
Youth, children and students 24,215 - 24,215 17,879
Staff costs (Note 10) 221,195 - 221,195 238,357
Use of premises 56,655 - 56,655 43,491
Insurance 7,388 - 7,388 7,146
Building maintenance 25,339 8,070 33,409 25,599
Bank loan interest 30,571 - 30,571 24,641
Bank and finance charges 580 - 580 2,778
Legal and professional fees 22,022 - 22,022 10,362
Sundry expenses - - - 6,961
Depreciation 70,358 - 70,358 69,859
Support and governance costs (Note 9) 121,138 - 121,138 105,462
Loss on disposal of fixed assets - - - -
_ _ _ _
651,820
 73,482
 725,302
 661,587

16

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

9. SUPPORT AND GOVERNANCE COSTS

Group Support Governance 2024 2023
costs costs Total Total
£ £ £ £
Telephone and website 1,984 - 1,984 3,717
Photocopying, stationery and office 18,175 - 18,175 10,030
Staff costs 97,355 - 97,355 86,459
Legal and professional fees - - - -
Independent examiner
s		 fees:
Independent examination - 3,624 3,624 4,376
fees:
Other services - 875 875 1,740
_ _ _ _
117,514
 4,499
 122,013
 106,332
Charity Support Governance 2024 2023
costs costs Total Total
£ £ £ £
Telephone and website 1,984 - 1,984 3,717
Photocopying, stationery and office 18,175 - 18,175 10,030
Staff costs 97,355 - 97,355 86,459
Legal and professional fees - - - -
fees:
Independent examination - 3,624 3,624 4,376
Other services - - - 880
_ _ _ _
117,514
 3,624
 121,138
 105,462

17

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements

For the year ended 31[st] March 2024

10. STAFF COSTS

All unrestricted funds

All unrestricted funds
2024 2023 2024 2023
Group Group Charity Charity
£ £ £ £
Wages and salaries 381,849 382,698 268,955 277,462
Social security costs 22,049 29,006 17,002 24,135
Pensions 34,888 32,293 25,952 23,219
Termination costs - - - -
_ _ _ _
438,786
 443,997
 311,909
 324,816

There were no employees with employee benefits of £60,000 or more in the year (2023: none).

The key management personnel of the parent charity, and of the group, comprise the Trustees, Senior Leader, Associate Pastor, Operations Manager and Location Leaders. The total employee benefits of the key management personnel of the group were £222,176 (2023: £230,826).

The average number of employees was as follows:

2024 2023
Charitable activities 11 9
Support activities 19 21
_ _
30 30

11. TAXATION

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Deferred tax

Accelerated capital allowances 2024
Group
£
(416)
 2023
2024
2023
Group
Charity
Charity
£
£
£
(159)
-
-

18

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

12. TRUSTEE MUNERATION AND EXPENSES

Gross Employer Employer Total Total
salary NI pension 2024 2023
£ £ £ £ £
Mr A J Barclay-Watt 49,816 4,652 4,982 59,450 59,156
_ _ _ _ _
49,816 4,652 4,982 59,450 59,156

Trustees receive remuneration in respect of services they provide as staff and not in respect of their services as a Trustee.

One (2023: one) Trustee was reimbursed £2,851 (2023: £3,274) for travel and subsistence expenses during the year.

The remuneration of Trustees is in accordance with the Trust Deed which stipulates that the number of remunerated Trustees should never be a majority.

The number of Trustees to whom retirement benefits were accruing was as follows:

2024 2023
Money purchase schemes 1 1
____ ____

13. RESULTS OF CHARITABLE COMPANY

Income and Expenditure Account has not surplus for the financial year was £60,242 (2023: £102,332).

19

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
Funds Funds Funds
2022
£ £ £
Income from:
Donations and legacies 614,444 33,556 648,000
Charitable activities 30,478 2,694 33,172
Other trading activities 309,410 - 309,410
Investments 3,819 - 3,819
Other 339 - 339
______ ______ ______
Total income 958,490 36,250 994,740
______ ______ ______
Expenditure on:
Raising funds
Cost of goods sold and other costs 197,182 - 197,182
Charitable activities:
Church operating expenses 628,950 32,637 661,587
______ ______ ______
Total expenditure 826,132 32,637 858,769
______ ______ ______
Net movement in funds before taxation 132,358 3,613 135,971
Taxation 159 - 159
______ ______ ______
Net movement in funds after taxation 132,517 3,613 136,130
RECONCILIATION OF FUNDS
Total funds brought forward 1,756,281 18,591 1,774,872
______ ______ ______
Total funds carried forward 1,888,798 22,204 1,911,002
______ ______ ______

20

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

15. TANGIBLE FIXED ASSETS

All unrestricted funds

All unrestricted funds
Freehold Plant and Fixtures, fittings
Group property machinery and equipment Total
£ £ £ £
COST:
At 1stApril 2023 3,298,883 4,436 194,655 3,497,974
Additions - - - -
_ _ _ _
At 31stMarch 2024 3,298,883 4,436 194,655 3,497,974
DEPRECIATION:
At 1stApril 2023 656,481 4,436 176,189 837,106
Charge for year 65,978 - 6,772 72,750
_ _ _ _
At 31stMarch 2024 722,459 4,436 182,961 909,856
NET BOOK VALUE:
At 31stMarch 2024 2,576,424 - 11,694 2,588,118
_ _ _ _
At 31stMarch 2023 2,642,402 - 18,466 2,660,868
_ _ _ _

The Baptist Union Corporation Limited holds the title to the property on trust for the current and future congregations of the church. They recognise that, whilst they hold legal title to the property, the local church should recognise the asset, as well as any liabilities.

I The amount of such differences cannot be ascertained without incurring significant costs which, in the opinion of the Trustees, is not justified in terms of the benefit to the user of the accounts. £6,909,991.

21

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

  1. TANGIBLE FIXED ASSETS (cont )

Charity
COST:
At 1stApril 2023
Additions
At 31stMarch 2024
DEPRECIATION:
At 1stApril 2023
Charge for year
At 31stMarch 2024
NET BOOK VALUE:
At 31stMarch 2024
At 31stMarch 2023
16.
FIXED ASSET INVESTMENTS
Shares in group undertakings
 Freehold Fixtures, fittings
property and equipment Total
£
£
£
3,298,883
146,463
3,445,346
-
-
-
_
_
_
3,298,883
146,463
3,445,346
656,481
136,604
793,085
65,978
4,380
70,358
_
_
_
722,459
140,984
863,443
2,764,424
5,479
2,581,903
_
_
_
2,642,402
9,859
2,652,261
_
_
_
2024
2023
2024
2023
Group
Group
Charity
Charity
£
£
£
£
-
-
1
1
_
_
_
_
-
-
1
1

The charit

LifeCentre Events Limited is detailed in note 4 of the accounts.

22

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

17.
STOCKS
2024
2023
2024
Group
Group
Charity
£
£
£
Café stock
1,428
869
-



18.
CURRENT ASSET INVESTMENTS
All unrestricted funds
2024
2023
2024
Group
Group
Charity
£
£
£
Fixed term cash deposits
-
-
-


19.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
2024
Group
Group
Charity
£
£
£
Trade debtors
60,378
52,231
34,320
Prepayments and accrued income
16,084
26,703
15,740
Other debtors
-
736
-
_
_
_
76,462
79,670
50,060

 2023
Charity
£
-
2023
Charity
£
-

2023
Charity
£
264
26,354
736
_
27,354

23

Notes to the Financial Statements For the year ended 31[st] March 2024

LifeChurch Manchester (Registered number: 5392860)

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023 2024 2023
Group Group Charity Charity
£ £ £ £
Trade creditors 12,122 9,066 7,826 4,543
Taxation and social security 6,630 7,494 6,630 7,494
Other creditors 7,767 10,692 7,688 5,978
Accruals and after date payments 24,502 16,484 22,671 13,027
Deferred income 24,640 5,755 12,665 1,478
Bank loan 45,000 45,000 45,000 45,000
VAT 5,649 6,309 - -
Concessionary loans - 85,000 - 85,000
______ ______ ______ ______
129,310
 185,800
 102,480 162,520

Income is deferred when a service, such as the hiring of a conference room, has been invoiced in advance of the date that the room is hired for. If, at the year end, the hire has not taken place but the invoice has been raised, the income is carried forward and released when the hire takes place. There is no deferred income carried forward at the balance sheet date which has not been received during the current financial year.

The bank loan is to be repaid in full by 7[th] February 2028. The interest rate on the loan is 2.3% over Barclays Base Rate.

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group and Charity

2024 2023
£ £
Bank loan (repayable by instalments) in 2-5 years 326,215 404,347
Concessionary loans:
falling due (not repayable by instalments) in 2-5 years 460,000 455,000
______ ______
786,215 859,347

Concessionary loans included in notes 20 and 21 are interest free.

24

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

22. SECURED DEBTS

Group and Charity

The following secured debts are included in creditors:

2024 2023
£ £
Bank loan 371,215 449,347
Concessionary loan 360,000 445,000
______ _
731,215 894,347

All secured debts are secured on the land and buildings of the charitable company.

23. RESERVES

Group

1st April Incoming Resources Movement 31st March 31st March
2023 Resources Expended in provisions 2024
£ £ £ £ £
Unrestricted funds:
General fund 1,878,799 855,023 (838,804) 416 1,895,434
Designated funds 9,999 575 (1,979) - 8,595
_ _ _ _ _
1,888,798 855,598 (840,783) 416 1,904,029
Restricted funds 22,204 84,943 (73,482) - 33,665
_ _ ______ ______ _
1,911,002
 940,541 (914,265) 416 1,937,694

Designated funds relate to reserves that are earmarked by the Trustees for use towards future Church activities, as well as a number of local and wider community causes. Restricted funds relate to fund held on behalf of Maximise Sphere.

Comparative net movement in funds included in the above are as follows:

1stApril Incoming Resources Movement 31stMarch
2022 Resources Expended in provisions 2023
£ £ £ £ £
Unrestricted funds:
General fund 1,742,484 954,277 (818,121) 159 1,878,799
Designated funds 13,797 4,213 (8,011) - 9,999
_ _ _ _ _
1,756,281 958,490 (826,132) 159 1,888,798
Restricted funds 18,591 36,250 (32,637) - 22,204
_ _ ______ ______ _
1,774,872
 994,740 (858,769) 159 1,911,002

25

Notes to the Financial Statements For the year ended 31[st] March 2024

LifeChurch Manchester (Registered number: 5392860)

23.

Charity

1st April Incoming Resources Movement 31st March 31st March
2023 Resources Expended in provisions 2024
£ £ £ £ £
Unrestricted funds:
General fund 1,832,090 732,420 (682,234) - 1,882,276
Designated funds 9,999 575 (1,979) - 8,595
_ _ _ _ _
1,842,089 732,995 (684,213) - 1,890,871
Restricted funds 22,204 52,613 (41,152) - 33,665
_ _ ______ ______ _
1,864,293
 785,608 (725,365) - 1,924,536

Designated funds relate to reserves that are earmarked by the Trustees for use towards future Church activities, as well as a number of local and wider community causes. Restricted funds relate to fund held on behalf of Maximise Sphere.

Comparative net movement in funds included in the above are as follows:

1stApril Incoming Resources Movement 31stMarch
2022 Resources Expended in provisions 2023
£ £ £ £ £
Unrestricted funds:
General fund 1,729,573 723,456 (620,939) - 1,832,090
Designated funds 13,797 4,213 (8,011) - 9,999
_ _ _ _ _
1,743,370 727,669 (628,950) - 1,842,089
Restricted funds 18,591 36,250 (32,637) - 22,204
_ _ ______ ______ _
1,761,961
 763,919 (661,587) - 1,864,293

26

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

24. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Total
General Designated Restricted Funds
£ £ £ £
Tangible fixed assets 2,588,118 - - 2,588,118
Cash at bank and in hand 175,365 8,595 4,258 188,218
Other net current assets/(liabilities) (165,826) - 29,407 (136,419)
Creditors of more than one year (701,215) - - (701,215)
Provisions for liabilities (1,008) - - (1,008)
_ _ _ _
1,895,434
 8,595
 33,665 1,937,694
Analysis of group net assets between funds prior year
Total
General Designated Restricted Funds
£ £ £ £
Tangible fixed assets 2,660,868 - - 2,660,868
Cash at bank and in hand 192,003 9,999 14,164 216,166
Other net current assets/(liabilities) (113,301) - 8,040 (105,261)
Creditors of more than one year (859,347) - - (859,347)
Provisions for liabilities (1,424) - - (1,424)
_ _ _ _
1,878,588
 9,999
 22,204 1,911,002
25. OPERATING LEASE COMMITMENTS

Group and charity

Amounts falling due:
Less than one year
Between two and five years
More than five years		 2024
£
739
4
108
______
851
 2023
£
3,264
4
108
______
3,376

Lease payments recognised in expenditure during the year totals £2,525 (2023: £3,264).

27

LifeChurch Manchester (Registered number: 5392860)

Notes to the Financial Statements For the year ended 31[st] March 2024

26. RELATED PARTY DISCLOSURES

The charity is controlled by the Trustees. See note 12 for details of the Trustee and expenses. Pension contributions paid on behalf of Trustees during the year was £4,982 (2023: £4,869). During the year, the Trustees and other related parties made donations to the charity, without conditions, totalling £43,080 (2023: £39,616).

Life Church Heald Green (LCHG) is a registered charity that was controlled by LifeChurch Manchester during the year and had one mutual trustee, P A Flatman. During the year, LifeChurch Manchester paid expenses on behalf of LCHG of £5,903 (2023: £1,631).

During the year, LifeChurch Manchester employed the services of close family members of Trustees A J BarclayWatt and M R Smith. These related parties received employee benefits during the year totalling £5,618 (2023: £6,828). key management personnel who received employee benefits totalling £3,181 (2023: £12,367) during the year.

Details of the total employee benefits relating to Key Management Employees is detailed in note 10.

27. PENSION COMMITMENTS

The charity operates defined contribution pension schemes for its employees. The assets of the schemes are held separately from those of the group in independently administered funds. Contributions payable for the year are charged to the Statement of Financial Activities.

The pension charge included in the Statement of Financial Activities for the year was £25,952 (2023: £32,293).

28

LifeChurch Manchester (Registered number: 5392860) Notes to the Financial Statements For the year ended 31[st] March 2024

28. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024 2023 2024 2023
Group Group Charity Charity
£ £ £ £
Net movement in funds before tax 26,276 135,971 60,241 102,332
Depreciation charges 72,750 72,582 70,358 69,859
Loss on disposal of fixed assets - - - -
Government grants - - - -
Finance costs 30,571 24,641 30,571 24,641
Finance income (5,625) (3,819) (5,625) (3,819)
_ _ _ _
123,972 229,375 155,545 193,013
(Increase)/decrease in stock (559) 496 - -
(Increase)/decrease in trade and
other debtors 3.208 (32,142) (22,706) 180
Increase in trade and
other creditors 25,510 9,564 21,963 4,281
_ _ _ _
Net cash used in operating activities 152,131
 207,293
 154,802 197,474

29