NEW FRONTIERS LIFE CHURCH SOUTHAMPTON Chorlty ReglstrGtion number.. 1118978 Compony Reqlstrotion number.. 6065940 (England and Wolesj REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON LEGAL AND ADMINISTRATIVE INFORMATION Trustees P Cox (appointed 19.9.20231 D Gbe5emete J Lawn J Hatcher M Steinbrecher C Walker Secretary D Gbesemete Charlty number 1118978 Comp•ny number 6065940 Reglstered offl¢o 11 Cranbury Terrace Southampton Hampshlre S014 OLH Independent examlner Knight Goodhead 7 Bournemouth Road Chandler's Ford Eastlei8h Hampshlre SOS3 3DA Bankers HSBC 165 High Street Southampton S014 2NZ
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Page Trustees, report Statement of trustees, responslbilites Independent examlner's report Statement of financial actlvltles Balance sheet Notes to the accounts 10-20
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial statements for the year ended 31 March 2024. 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 Memorandum and Articles of Association the Companies Act 2006, Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and °Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019)" Objectives and activities The company's charitable objects are.. i) To advan the Christian Faith in accordance with the Statement of Beliets of the church in such ways and in such parts of the United Kingdom or the world as the trustees from time to ts'me may think fit., ii) To relieve sickness and financial hardship and to promote and preserve good fvealth by the provision of funds, goods or services of any kind, including through provision of counselling and support in such parts of the United Kingdom or the world as the trustees from ts'me to time may think fit., and iiil To fulfi'l such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the church, The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Gharity should undertake
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON TRUSTEES, REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Ministry We are so thankful to God for the way he has been leading us as a church and has led many to give so willingly and faithfully again over the last Ie1ve months, especially as many continue to be impacted by the cost of living crisis and facing financial difficulties. In January 2024 we made the decision to bring our three sites together and host one Sunday meeting in Southampton instead of meetings at the separate sites each Sunday. We are grateful to God that many were accepting of the change as we came together at a single site again. A few families moved on to local churches in their area because of the change, but others have joined at the same time and vrfe are now gathering more as one site than we previously did as three. It was hard to confirm what our average Sunday attendance was as we met in person and continued to stream our meetings online with many people watching from home. We continued to have visitor8 most weeks and a number of new people joined the church over this last year. By March 2024 we estimated we were gathering between 225 to 245 adults and children on a Sljnday morning. Our Life Groups continued to grow and flourish with mid-week meetings hosted in person and some meeting online across the city to help those in the church in need as well as encourage engagement. Life Groups not only provide a place of fellowship, prayer, companionship and support for each other, but have branched out to offer specific courses (e.g. parenting, membership etcl as well as incorporate a wider range of activities (e.g. walking, photography and football) and also discussing cultural issues such as race and managing debt. We are pleased to say we had 40 different Life Groups meeting over the year across the three terms. Our vision to be a resource church included supporting a full-time leader in Pokhara, Nepal and we gave generously to Commission to enable church planting and apostolic mission across the UK and the nations. Our leaders also attended several prayer and leadership events, again some online and some in person throughout the year with five individuals supported on the Commission Leadership Training course. Chris Kilby continues to be released to serve other churches in the UK, Portugal and Nepal, along with making new connections with churches in Spain and Italy.
We have been able to bless both University Christian Unions in Southampton, served on average 70 cooked breakfasts a month to those in need at 'The Breakfast Club, utilising over 400 hours of volunteer time throughout the year and supported many individuals with genuine needs through our Life Support Fund. The Life Support Fund released around £13,300 during the year to help with practical needs of people across the city, including paying for emergency accommodation, food and household bills, medical care and practical purchases to make sure that people did not have to fall into debt, as well as supporting our CAP debt centre. Our funds were also used to support other charities including UCCF, Home for Good and Amber. The CAP debt centre that we launched in 2020 continues to help those in need financially get back on their feet and we are thrilled to have seen 38 people become debt free in the time that the debt centre has been running. This year we have been fully booked with 48 families booked in over the 12 month period. Achievements and performance Bulldlngs We celebrated our year anniversary of our new offices (The Boathouse) in September 2023 and had various structural and internal changes done to make it suitable for the staff team and other users. The trustees believe we have sufficient resources to see us through the next stage of groW(h of the church. Flnanclal revlew During the year we maintained proactive financial control measures to ensure we continue to meet our obligations as a charitable organisation for the foreseeable future. As 8 result, the surplus for the period totalled £4,122. The Trustees continue to hold sufficient reserves above the minimum 3 Month requirement and continue to be prudent to ring fence sufficient funds to meet our day to day expenditure and work towards building a diverse and resourceful church across the city of Southampton. The trustees have assessed the major risks to which the chanty is exposed, and are satisfied that systems are in place to mitigate expasure to the major risks.
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON TRUSTEES, REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The charity is a company limited by guarantee and by not having a share capital, company number 06065940. The company is a Registered Charity, number 1118978. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signing the accounts were.. D Gbesemete, J Lawn, J Hatcher, M steinbrecher, C Walker and P Cox. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up during the period of their membership (or within a year following). The business of the church is managed by the trustees who meet six times a year to review strategy, policy and operational matters. The trustees complete an annual assessment of risk and have not identified any significant or unmanageable risks to the charity at this time. The Trustees, report was approved by the Board of Trustees. D Gbesemete Trusteel Director
STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are a150 the directors of New Frontiers Lrfe Church Southampton for the purpose of company law, are responsible for preparing the Trustees, Report and the accounts in accordance with appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare accounts for each financial year which give a true and falr view of the state of affairs of the charity and of the income and expenditure of the charitable companv for that year. In preparing these accounts, the trustees are required to: select sultable accounting pollcles and then apply them consistentlv,. observe the methods and principle5 In the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable U K Accountin8 Standards have been followed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless It 15 inappropriate to presume that the charity will continue in operation, The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial posltlon of the charity and enable them to ensure that the accounts comply with the Companie5 Act 2006. They are also responslble for 5afeguardln8 the assets of the charlty and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularities.
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF NEW FRONTIERS LIFE CHURCH SOUTHAMPTON I report to the trustees on my examination of the accounts of New Frontiers Life Church Southampton (the charity) for the year ended 31 March 2024. Responslbllltles and basis of report As the trustees of the Charityland also it5 directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Havlng satlsfled myself that the flnanclal statements of the charlty are not requlred to be audlted under Part 16 of the 2006 Act and are ellglble for independent examination, I report in respect of my examlnatlon of the trustee's account5 carried out under sectlon 145 of the Charities Act 2011 (the 2011 Act). In carrylng out my examinatlon I have followed all the applicable dlrectlons glven by the Charlty Comm15sion under sectlan 14515llbl of the 2011 Independent ex4mlner's statement Slnce the company's gross Income exceeded £250,000 your examiner must be a member of a body listed In section 145 of the 2011 Act. I conflrm that l am quallfied to undertake the eKamination because l om a member of the Instltute of Chartered Accountant5 in England and Wales, which Is one of the listed bodies. I have completed my examlnatlon. I conflrm that no material rnotters have come to my attentlon in connectlon wlth the examlnation 8ivln8 me cause to belleve that In any materlal respect.. 111 accountin8 records were not kept in respect of the Charity as requlred by sectlon 386 of the 2006 Act; or 121 the accounts do not accord with those records- or 131 the flnancial statements do not comply wlth the accountin8 requlrements of sectlon 396 of the 2006 Act other than any requlrement that the accounts give a 'true and falr view, whlch 15 not a matter considered as part of an independent examlnation,. or 141 the flnanclal statements have not been prepared In accordance wlth the methods and princSple5 of the Statement of Recommended Practlce for accounting and reportlng by charities applicable to charities preparlng thelr accounts in accordance wlth the Flnanclal Reportln8 Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wlth the examinatlon to whlch attention should be drawn in this report in order to enable a proper under5tandlng of the accounts to be reached. C J Goodhead FCA Knight Goodhead Limited Chartered Accountants Dated.. 7 Bournemouth Road Chandler's Ford, Ea5tleigh Hampshire, SO53 3DA
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted funds funds Total 2024 Total 202a Notes INCOME Donations and legacles Other Income Investments 334.562 28.450 5,738 55,722 390,284 28.450 5,738 365,958 92,575 1,900 Totsl Income 368.750 55,72Z 424A72 460,433 EXPENDITURE Charitsble actlvlties 392.377 27,973 420,350 400,785 NET INCOMEIIEXPENDITUREI BEFOAE TRANSFERS 123,6271 17,749 4,122 59,648 Transfers between funds 6,646 16.6461 NET MOVEMENT IN FUND5 116,9811 21,103 4.122 59,648 FUND BALANCES AT I APRIL 2023 659,086 175,420 834,506 774,858 FUND BALANCES AT 31 MARCH 2024 11-12 642,105 196,523 838,628 834,506 The statement of flnancial activitles also complies wlth the requlrements for an Income and expendlture account under the Companies Act 2006.
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON Charlty number: 1118978 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tanglble assets 801,695 809,318 CURRENT ASSETS Debtors Cash at bank and in hand 15,207 365,518 380,725 16,199 358,892 375,091 CREDITORS.. amounts falling due within one year.. 126,3721 124,7191 NET CURRENT ASSETS 354,353 350.372 TOTAL ASSETS LESS CURRENT LIABI LITIES 1.156,048 1,159,690 CREDITORS.. amount falling due In more than one year 1317A201 1325,1841 838,628 834,506 FUNDS 11-12 Restrlcted 196,523 175,420 Unrestrlcted.. De518nated Other unrestrlcted 490,756 151.349 489,423 169,663 642,105 659,086 TOTAL FUNDS 838,628 834,506
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON BALANCE SHEET AS AT 31 MARCH 2024 Icontiftued) The company is entltled to the exemption from the audlt requirement contained in sectlon 477 of the Companies Act 2006, for the year ended 31 March 2024. No member of the company has deposlted a notice, pursuant to section 476, requiring an audit of these flnancial statements. The trustees, responslbilitles for ensurlng thot the charity keeps accounting records which comply wlth section 386 of the Act and for preparlng account5 whlch glve a true and fair view of the state of affalrs of the company as at the end of the flnancial year and of its income and expenditure for the financial year in accordance wlth the requlrements of Sections 394 and 395 and which otherwlse comply wlth the requirements of the Companles Act 2006 relating to accDunt5, 50 far as appllcable to the companv. These flnancial statements have been Pfepared In accordance wlth the provisions appllcable to companles subject to the small companies regime. The account5 were approved by the Trustees on.. D Gbesemete Trustee Company Reglstration No. 6065940
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 I ACCOUNTING POLICIES lal Basis of accountlng The account5 have been prepared in accordance wlth the charity'5 8overnlng document, the Companles Act 2006, the Financlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 and Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charitie5 preparlng their accounts In accordance wlth FR5 102. The charity is a Publlc Benefit Entity as defined by FRS 102. The charity has taken advantage of the provision5 of the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The flnancial ststements are prepared in 5terlln& which the functlonal turrency of the charlty. Monetsry amounts in these financlal statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention modified to include the revaluation of freehold propertles. The prlnclpal accountlng policies adopted are set out below. Ibl Golng concern At the time of approving these fSnanclal statements. the tru5tee5 have a reasonable expectatlon that the charity has adequate reSOLJrces to contlnue In operational exlstence for the foreseeable future. Thus the trustees continue to adopt the goln8 concern basls of accountin8 In preparlng the financl31 statements. Icl Charitable funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are avallable as general funds. Deslgnated funds are unrestrlcted funds earmarked by the trustees for partlcular purposes. Restricted funds are to be used for speclflc purposes as lald down by the donor. Expenditure which meets these criteria is charged to the fund. Idl Income Income 15 received by way of donations and gifts and Is Included in full In the Statement of Flnancial Activities when recelvable. The value of services provided by volunteers ha5 not been included, but slgnlflcant time Is given by volunteers, partlcularly in undertsklng management and admln15tration work. Glfts pledged are not brought into the financial statements untll they are actually received. Income from Investments Is Included in the year in whSch It Is receivable. lel Expendlture Expenditure is recogn15ed in the year In which It is incurred. Expenditure includes attributable VAT whlch cannot be recovered. Management and administration costs are those Incurred In connection with administration of the charity and compliance wlth constitutional and statutory requirements. io
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) I ACCOUNTING POLICIES Icontinuedl If) l angible fixed assets Tanglble fixed assets are inltially measured at ¢ost and subsequently measured at cost or valuation, net of depreciatlon and any impairment losses. Land and buildings falr value is meèsured reliably and held under the revaluation model at a revalued amount, belng thelr falr value at the date of valuatlon less any subsequent accumulated depreclation and subsequent accumulated Impairment losses. The falr value of the land and bulldings is considered to be their market value. Depreciation15 recognised so as to write off the cost or valuatlon of assets less their resldual values over thely useful lives on the following basi5: Freehold bulSdlng5 Flxture5, flttin8s and equipment Computer5 2.5% strabght line 25% straight line 25% stralght line The gain or1055 ar151ng on the dlsposal of an a55et Is determined as the élfference between the sale proceeds and the caTryill8 value of the asset, and Is recognised In net Incomellexpendlturel for the year. Igl Impalrment of fixed assets At each reporting end date, the charlty reviews the carrylng amounts of Its tangible assets to determine whether there 15 any indication that th05e assets have suffered an impairment 1055. If any such Indlcation exists, the recoverable amount of the 05set is estlmated In order to determlne the extent of the Impalrment1055 Ilf any). Ihl Financial instruments The charlty ha5 elected to apply the provisions of Sectlon 11 '8351c Flnanclal Instruments, and Sectlon 12 '0ther Flnanclal Instrument5 Issue5. of FRS 102 to all of Its flnanclal instruments. Basic financlal assets Basic flnancial assets, whlch include debtors and cash and bank balances, are Inltlally measured at transaction prlce In¢ludln8 transaction costs and are subsequently carried at amortised cost uslng the effectlve Interest method unle55 the arrangement CDnstltute5 a financlng transaction, where the transaction Ss measvred at the present value of the future receSpts discounted at a market rate of interest. Financial a55et5 Elasslfled as receivable withln one year are not amort15ed. Baslc flnancial liabilities Basic financial Ilabilitie5, including creditors and bank loans are initially Tecognlsed at transaction prlce unless the arrangement constitutes a financlng transaction, where the debt Snstrument is measured at the present value of the future payment5 discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. li
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 20241continued) I ACCOUNTING POLICIES leontinuedl lil Retirement benefits Payments to defined contrlbutlon retirement benefit schemes are charged ès an expense as they fall due. IJ) Leases Rentals payable under operatln8 leases, Includlng any lease Incentlve5 recelved, are charged as an expense on a straight Ilne basls over the term of the relevant lease. 2 ADMINISTRATIVE INFORMATION The char5ty15 a prlvate company Ilmlted by guarantee Incorporated In En8land and Wales. The re8iStered office of the charlty Is 11 Cranbury Terrace, Southampton, Hampshlre, S014 OLH, 12
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Icontinued) 3 INCOME Total 2024 Total 2023 DONATIONS AND LEGACIES Donations and gifts 390,284 365,958 OTHER INCOME Event Income Wider ministry income Other income Value of property glfted Grant5 4.434 6.478 9,688 7,066 667 9,842 75,000 7,850 28A50 92.575 4 EXPENDITURE Total 2024 Total 2023 CHARITABLE AcfiviTIES Staff costs Depreciation and impairment Offlce costs Publicltv Children's and youth work Fellowship fund Hospitality and Integratlon New Frontlers and other 8ifts Travel Equlpment Guest speakers Bookstall costs Venue hlre Courses and conference5 Mort8a8e interest Accountancy 222,232 14,269 56,499 274 221,204 11,316 49,759 1,145 3,156 32,250 707 19,589 1,143 11.645 325 57 21,ISI 6,333 17,908 3,097 3,422 35,908 1,527 22,474 2,099 8,769 54 20,765 1.661 27,013 3,384 420,350 400,785 Included wlthin accountancy above are amounts due to the Independent examiners in relation to the examlnatlon of £2,10012023'. £1,740). Analysis by fund Unrestricted fund Restricted funds 392,377 27.973 323,833 76,952 420,350 400,785 13
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 20241contlnued) 5 EMPLOYEES Number of employees The average number of employees durln8 the year wa5 712023: 81 Employment costs 2024 2023 Wages and salarles Social Security costs Other pension costs 197,576 14,823 9,833 222,232 196,852 14,687 9,665 221,204 6 TANG18LE ASSETS Freehold Flxtures & Computers Property Flttings Totsl COST At be8lnnlng of year Addltlons Dlsposols Revaluation 829,192 6,646 15,543 4,495 849,230 6,646 11,3771 11,3771 At end of year 835.838 14,166 4,495 854,499 DEPRECIATION At beglnnln8 of year Charge for year Dlsposals Revaluation At end of year 20,800 13,807 14,617 462 11,3771 4,495 39,912 14,269 11,3771 34,607 13,702 4,495 52,804 NET BOOK VALUE At beginnlng of year At end of year 808,392 801,231 926 809,318 801,695 During the prior year the Beacon Road property was gifted to the church. The property was professionally valued In November 2018 at £75,000, whlch the trustees belleve Is stlll a falr value for the property. 14
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 7 DEBTORS.. amounts falling due within one year 2024 2023 Trade debtors Gift aid tax recoverable Prepayments and accrued Income Other debtors 894 4,813 7,976 1,524 15,207 1,000 4,103 10,071 1,025 16,199 8 CREDITORS: amounts falllng due wSthin one year 2024 2023 8ènk loans Other taxation and soclal securSty other credltors Accrua15 and deferred Income io 8,466 4,750 6,753 6,403 26,372 8,696 4,986 7,870 3,167 24,719 9 CREDITORS: amounts falling due after one year 2024 2023 Bank loan5 io 317.420 325,184 10 LOANSAND OVERDRAFTS Z024 2023 Bank loans 325,886 333,880 Payable withln one year Payable 2-5 years 8,466 41,878 50.344 8,696 41,859 50,555 Payable by Instslments after 5 years 275,542 283,325 The bank loan is secured by flxed charges over the freehold property. 15
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (contlnued) 11 RESTRICTED FUNDS The Income fund5 of the charity Include restricted funds comprising the following donatlons and grants held on trust for specific purposes,. Movement In funds Transfer$ 8alan¢e It between 31 March funds 2024 Balano at l Aprll 2023 Income Expendlture The Nepal Fund West End 8uSldln8 Fund Bullding Fund Llfe Support Youth 4th 51te Breakfast club and those In need Lottery Fund 5,403 83,077 66,663 16,859 1,659 1,180 579 3,120 12,2141 6.309 83,077 90,509 9,101 36,426 5,594 2,732 15,9341 16,6461 113,3521 14.3901 11,1801 15791 13241 7,850 7,526 175,420 55,722 127,9731 16,646) 196,523 Restrlrted funds The Nepal Fund wa5 estab115hed to contrSbute towards the cost of the church plant In Pokhara, Nepal. The Income from thls fund comes from regular donatlons and one off glfts. The West End Building Fund is to cover costs that are specifically linked with a building In West End. The 8uSlding Fund was establlshed by the charity to finance renovatlons and bulldlng across all venue5. The Income for thls fund corne5 from regular 8lvlng and one off donatlon5. The transfer out represents capltalised works on the Boathouse property. The Llfe Support fund is to provide practical tinanclal support In the way of purchases, 8rant5 or loans to relSeve hardshlp or poverty amongst persons known to Llfe Church Southampton. Durlng the year funds were transferred from General Funds as a tithe. The Youth Fund was established for Inltiatlves Involving 11-18 year olds, both part of Life Church and not, in Southompton, The 4th Site Fund15 to enable a fourth site to be launched and will cover a portion of staff salaries related directly to Starting up and adrninistration costs of the launch of the fourth site in Southompton. Th15 will reach out to predominantly the student populatlon in the city. Breakfast club and those in need, 15 a fund for those in need in the city of Southampton providing support and food through a monthly Breakfast Club for the homeless. Lottery Fund repre5ent5 a grant from the National Lottery Community Fund to expand the community meeting space. After the year end, we received permlsslon to spend the remaining balance of this fund on kltchen equipment, slnce the building work cost le55 than anticipated. 16
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 20241continued) 12 UNRESTRICTED FUNDS The income funds of the charity include the followin8 deslgnated funds which have been Set aside out of unrestrlcted fund5 by the trustees for 5peclflc purposes.. Movernent In funds Tr•nsfers Balance at between 31 Mar¢h funds 2024 Balance at l Aprll 2023 Income Expendlture Deslgnated funds Boathouse Property Fund Beacon Road Property Home for Good Fund West End Fund 399,512 75,000 249 14,662 113,8071 14,640 4LKJ,345 75.000 249 15,162 500 Total d•$l8nated funds 489,423 500 113,8071 14,640 490,756 General funds 169,663 368,250 1378,5701 17.9941 151.349 Total unrestrlcted funds 659,Q86 368.750 1392.3771 6,646 642.105 8oathouse Property Fund - Thi5 fund represents the net book value of the Boathouse property Ib35ed on historic COStl Includin8 the land and improvement5. less the out5tandlno loans. Beacon Road Property Fund Thls represents the fair value of the property transferred to the church In the prevlous year. Home For Good Fund . Thls fund is for in¢ome and expendlture relatlng to the Home for Good Inltlatlve. West End Fund A fund to cover costs that are specifically Ilnked wlth events and the buildin8 in West End, 17
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 13 ANALYSIS OF FUNDS Fund balances as at 31 March 2024 are represented by.. Unrestrlcted Restricted fvnds funds Total Tangible assets Current assetsllllabllltlesl Long term liabilitles 801.695 157,830 1317A20) 642,105 801.695 354.353 1317,4201 838.628 6,523 196.523 Fund balances as at 31 March 2023 are represented bv.. Unrestrlrted Restrlrted funds Totsl funds 2023 Tanglble assets Current assetsllllabllltiesl Long term liabilitie5 809,318 174,952 1325,1841 659,086 809,318 350,372 1325,1841 834,506 175,420 175,420 14 COMMITMENTS At the balance sheet date the chaflty had remainlng commitments of £9,18012023: £9841 under operating leases. 15 RELATED PARTY TRANSACTIONS l Hatcher received remuneratlon of £32,94212023: £32.4621 and company penslon contributions of £1,64712023'. £1,623). With the exceptlon of J Hatcher, no other the trustees lor any persons connected wlth them) received any remunerations or benefits from the charity during the year. Durlng the year 3 trustees were reimbursed expenses totalling £1.45512023.. four trustees totslllng £1,959). 18
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 20241contlnued) 16 PRIOR YEAR STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unrertrlcted Re5trfcted funds funds Total 2023 INCOME Donations and le8acles Other Income 255,677 88,585 1,91XI 110,281 3.990 365,958 92,575 1,9DO Investments Total Income 346,162 114371 460,433 EXPENDITURE Charitsble activitles 323,833 76,952 400,785 NET INCOME BEFORE REVALUATION 22,329 37,319 59,648 Transfers between funds 117.591 (127.5911 NET MOVEMENT IN FVNOS 149.920 190.2721 59,648 FUND BAL4NCES AT I APRIL 2022 509.166 265,692 774,858 FUND BALANCES AT 31 MARCH 2023 659,086 175.420 834,506 19
NEW FRONTIERS LIFE CHURCH SOUTHAMPTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Icontlnuedl 17 COMPARATIVE FUNDS FOR YEAR ENDED 31 MARCH 2023 Restrlrted funds Movement In funds Transler$ 8al4nce at between 31 Marth funds 2023 Balance at l Aprll 2022 Income Expendlture The Nepal Fund West End Bulldln8 Fund 8uildin8 Fund Life Support Youth 4th Slte Breakfast club and those In need Portugal 3,611 83,077 159,486 11,146 2.288 6,084 3,120 11,3281 5,403 83,077 66,663 16,859 1,659 1,180 579 86,791 15,186 5,774 500 2,400 soo 149,4221 1130,1921 112,0741 2,601 16,4031 15,4041 11,8211 15001 265,692 114,271 176,9521 1127,5911 175.420 Unrestrlcted funds Movement In funds Transfers Balance at between 31 Marth lunds 2023 Balance at l Aprfl 2022 Incorne Expendlture D•sl8n•ted funds Property Fund Beacon Road Property Home for Good Fund West End Fund Mlsslon Fund 269,670 110,4001 140,242 399,512 75,0(10 249 14,662 75,000 793 15,664 4,639 15441 11,0021 16,5991 1,960 Total de51gnated funds 290.766 76,960 118,5451 140,242 489.423 General fvnd$ 218,400 269,202 1305,2881 112,6511 169,663 Totsl unrestrlcted fund5 509,166 346,162 1323,8331 127,591 659.086 20