Ch•rfty R•gl$trailon No. 1119167 Cwpany R•glstratlon No. 06162241 {Engl•nd and Wal•sl NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Twsl••s Mr Richard Wwhtman {Chairl Mr D Eyeinglon Mr F H Clark Mr T Williams Mrs S Cla Mr J O Awoniyl Ms A V Crowier AAr W Swepston MT R D8vey Mr M J Thomian Mr D Elh"ott (Apw'nted 27 November 20191 (Appointed 4 March 20201 {Appolnted 4 March 2020 So¢r•tary Mrssaa Ch*ilty numb•r 1119167 Company numb•r 06162241 R•glst•r•d offl The Ridg8way Cenlre Fealhorstone Road Wofverton Mill South Milton Keyngs MK12 5TH AudStor MHA Maclntyre Hudson - Milton Keyn85 Chart8rèd Accountanis & Statutory Auditor Moorgate House 201 Silbury Boul•vard Milton Keynes MK9 1LZ 8ank•rs CAF Bank Ltd 25 King$ Hill Avenue Kings Hill West Marling Kent ME19 4JQ Sollcltors Roger Sn0vOn Rutter and Rutter ScArcitors St Audreys W1nnIon Somerset BA9 90R
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE CONTENTS Pag• Trustees, report Stat8m•nl of trusts¢s' re$sibilitieS Independent èLKlitoV$ report 10-12 Statement of finondal actiwtigs 13 Statement of finandal position 14 Stal•ment ol ¢ash Ilov 15 Notes to the finanaal Statements 16-28
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2020 The tnjslees, who are also directOTS for the purposes of company law, have pleasure in presenting theif report and the financial statgments of the charity for the yeai ended 31stAugust 2020. Chalrfs Stat•ment This year has been a game of fv40 halves. From September 2019 to rnid-march 2020 we cLJntinu8d to focu8 our efforts through familiar acts'vities two physical sites meetsng on Sunday momings. small groups and aclivilies lor youth and children during thè week. serving the city well through cornmunrty action projects, and s8rving the vduntary and business s•¢tors ihrough our conferencing aclivity. The outbrèak of Covid-19 and the UK-wido lockdown caus6d a radical shrt of f¢xus in lemis ol delivery. wth online chur¢hes services dominating and a need to make signffi¢ant changes to our budget an<1 stsffing levels as conferènclng Incom crashed virtually overnighl. Through thes8 lurbulenl limès wo conlinuod to lotsjs from a vision point of viow on th8 ihree koy Items wo fe God hall dlrectod us towards previously.. Bringing God's supematural presence thfough each ol us into evory aTea of life Developing leaders and supporting olher ¢hurch8s Solving the oty well through eommunty aclion In addillon, ther8 h8$ been a $lrong emphasis on devekjping dls¢ipleship tools and practice. Th1$ has resultod in u5 -8XaminIng the measurements we Ltse lo assess positive growth. with less emphasis on attendance and more on engagement and personal Spirial 9rovAh. As a consequènco, this report contains lewer slalistscs than previou$ r•ports. New Life Church was established as a mullisit¢ thurth in 2017. meèting at venues on Sundays In Mllton Keynès.. one in w0ertOn Mill and the other in Fox Milne meeting al Wortd Vision UK'S oifi¢gs. Sinc& mid- March w8 have gathered as one church onlin8 while mainiarning the identity of the Iwo siles as communities of 0p18. We also ended our Itasing agreement with World Visitin as we were un8blo lo make use of the fadlilies. Our staff team was rgslnJctur8d to enable onlino seThices arKI small gTOUP$. Noarly all ol our $laff had to rapldly leam new skllls lo dofjl with th8 shm to onlin• aclfviti8s. Financially we finishéd the year on a positive note desprt¢ Ihe challenges. Thostr who attend New Life Church regularfy continue to be genèrous in Ih8ir sUprt of the ministry actNiti8s, and apart from a brief inrtial wobble church giving income ha$ been stable. A great d¢al ol effort was put into cost-offective managemenl ol our outgoin9s. ulilising options lo furkwh siaff an¢J to lakg payment holidays on loans. The Rid98W8y Centr Conferencing business was hit hard by the kxkdown resirithon3 Wth 8n initial 98% drop in income, and with most ol its staff being placed on fvrfough. ConsJerable effort was also giv&n lo repurposing the building lor olhar ¢ornmercial uses where possible, for eXarne filming communicats'ons for compart. Wè continue to adhere to our core values in 8rythIng w• do - authenticity. horbouring one anothar, being 8¢ceptsng, generous, c(KJrag80us and leam-based. Thè outo)mo is changed lives and deusicS lo follow Jesus. The pandemic has also made the effort we put into community a¢bon proiects more Important than ever. l am now aged 61, and #m now 9Ning considerable thw9hl to18ga¢y and transilion. particularly as l am both tha senior lead8f arKI the chair of trusle8s. We will make those leadership transltions to a youngèr generation at the point when they are ready to take over rather than when th& èlder genèratn are too aged to bad effectivety. I want to lead the ok1er generation to leave a good legacy. where 8 younger generation can build on the plaffom) built by their elders, and can aoxfance the gospel in the ways that God leads them into in and lor their gèneratKn. Tim Williams, who has beèn part of the senior l¥adership team sincè 2015. and who is morè than 25 years younger than me, was formally app)inted Deputy Senior Leader of the church a few days after the yèar end of the year under réview. I look fomard to what God is going to do in the ¢owning eagerness atK11)ope. Richard Wightman {Chair ol Trustees)
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 The fin8nci81 statements have been prèpared in accordarKe wth th• accounting policies set out in note 1 to the financial stalernents and ¢ompty with the ch8riVs Tnjsl Deed. the Companies Acl 2006 and 'Accovnling and Reporting by Charits'es.. Statem&nl 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 1021- {as amended for ac¢ounb"ng penc4ls Commencing from 1 January 20161 Obl•¢tlv•s and •¢llvltl•• The trust Is established to benefit Ihe publ by= advancing Christianity in a¢¢ordance with tho doctrines of tho lailh rolievlng people who affj In Charitab need. bwuse of 8icknes8 or poor atth. age, financial hardship or some othef reason promoting and providing education lincluding vocational training) promotin9 su¢h olhef charitable objecls as tho tTusiees shall frorn timg 10 ts'me detomiin•. Publle bon•fft 8tat•m•nt The charity Iru8toe8 hav• •xer¢istd their powws du• regard lo th• guidance publlc benofit published by the Charity CommlssKJn to promo18 Ihe charity's Objectives through our main activities. vthich are d68cribed below. All our ¢harilablè activiti focu8 on the four purposes ¢)ufjined abovo.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 A¢hlev•ments and p•rfomianc• Sunday s•rvic•s From s8plernr 2019 to rnid-Mar¢h 2020 we conlinued to run services al physical siles on Sunday momings. During this time we were seèing a small amount of growth in lenns of attendance. The outbreak of Covid-19 and the UK-wid8 lockdown then caused a radical shrfl of locus with online SeIce$ being mad& available for the whole church because physical mtreting$ were nol allowed. Measuring online service attendance is a complgx statistical exercise wilh arbalysis being diffiojll in times of transition. Mso, we hav& realised thèl a more important m8asure for us as a Church is the spiritual growlh of individuals. of which Sunday service attendance is only a small part. We believe about 200 to 300 regul8rfy engage online on Sundays from our exisb.ng congregation where previousty 550 10 600 would attend physical Sunday meetings. We have also attracted a number of new people. in¢ludirp some frorn around the globe. Our understanding is that we have lared no better or worse than other churches of an equivalent $ize during this lime, wilh the core and committed m8intaining their engagement land financi81 giving) and the fringe 8vapornting in large measure. Our ethni¢ dIr$lty continues to be broad, and wo think th8 previous stats"slics are still valld 30% of th• church are now ofAfrk8n 8thnk origin. 15% ofAsian ethnic origin arKI 55% of Vlhrto Euryan orlgln. Famlll•• Until the lockdown in March 2020, we continued lo provide adivilies for youth and childrgn al our Sunday sgNic8s 8nd on Frfd8y ev8nlng5. Attgndance was in a slvJht decline, particulaty tn th• children's groups. In February 2020 our part-time youth leader 8ned to pursue artemativo ernployment opportunilè$, The lockdown resulted in rg¢ruilmenl lor a rep18cement being pul on hold. We subsequently de¢ided to restructu youth and children's work under a new position of Families aders. and lo focus on equipping parents lo disciple their children ralhw than relyin9 on a Iradilional Sunday School styje input from ¢hurch staff and volunteers. Sonya Hackett took on th1$ new rd8. havin9 PrlouS1Y been responsible for childreft's work across the church. Our onllne servS¢e8 introduced 8 Famity Together lime that provod popular. Frfd8y evenlng youth and chlldren's a¢tivilies also moved online th mixtrd success. The younger age group$ enjoy Zoom, but èngaging older Iwns proved diff. Again. we undgrstand our expgrience to be in line wth that of many other ¢hurchos. Our usval summer adivltlos ol weekend$ away for the children and a week4ong event for thè youth were can¢elled due lo tha pandemi¢.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020 Dl¥clplKhlp and ¢ommunlty Small groups have continue(J lo run using a tem)ly progromme offeriThJ a widè range of activiiies and continue to be a good way lo engage people in spirittJ#l growth and community. The programme is extremely varied and many of the groups translgrnd readily lo an onlinè dglrvtrry. Lockdown hit group5 based around a $ocial activity the hardest. particularty short mal whth had to b& cancelled b8caLtse tt requires households lo be allowed lo mix indoors. Throughout the year thwg has b¢*n a focus on equipping poopltr lo share their lailh on a one404one bBSIS. The School ol Supem8lur81 Life ISSLI ran inyrson initially and thèn switched lo online delivery with the sludenls graduating remotely in Juty. Recruitrnent for the following year's ministry school was far mo widespread because il will njn enlirely online. with people from Albania. Gemany. India. Pakistan, and Brazil. as well as the UK. The need for community was in sharp focus wilh the bckdown and a lisl of vulnerable people within the church community was compil8d. The pastoral team did a good pb of supporting thos• who were isolats'ng on both an emotional and a pra¢li¢al level. The church also provided emerg&n¢y lood parcels to Ihosè in need throughout this lime. A hardship fijnd was sèt up. and quickty grew lo £18.417 by year &nd. Funds were used for a variety of practi¢al needs such as replacing washing machines. car repairs, and paying somo utility bi118 whare the lockdown was causing finanual 0cu1b'•s for individuals. 3•rvSng th• clty We again h¢)Sted a very successful presentation ol the key story 8ThJ me$say of Christmas to all year 68 in a number of local Schools. Thi$ year we were unable to folbw up th the Easter message because of Covid rèsirictions. Wo provide hjnds and m•gting room space lo The RoW3Y Community Tnt. vthl¢h ¢onlnued lo support those in n88d in the wider ¢ommunity in Mirton Kèyn&$ through aclivities SLtch a$ Foodbank. Speakin9 English classes, the eMb4rK Christian counsolling Sgfyice. and social aclNitses for youth and childrgn. Thes8 activities were seriously impact8t1 fvom Mèr¢h onwafds, wilh Ihe exCeptn of eMb•rK, whk41 conlinued to offer consultgtlon$ via video and audio calls. In November 2019 we lauftched a Community C81é at Unity Park Stalion th81 r8n successfvlly on Tuesday momings, with attendance grong rapldly. Again. lockdown restnch"on$ limited what was wtrssible for several months but the facility was of value lor preparing and distn"buling emeryency lood wppli8$, and many ¢hur¢h membèrs ¢ooked meals Ihal were distribul8d through this facilty. Working in partnership wth the Milton Keynes Winler NvJht Shelter ch817ty, ¥ number of other ¢huf¢hes and Milton Keynes Council, thè Winter Night Sheher ran for a ninth year from Novèmber 2019 to March 2020, providing ovemighl ac¢ommodalion and hol looJ for up to 15 peop ea¢h nbghl al each of h¥0 ¥•nu•s. Our owned venue. the Ridgeway C8ntr•, w88 used on Wednesday nights. Rltlgeway Centre Conferencing provldès Milton Keynes wilh a high4u81ity conference and moeling venue. Business was thriving and growing rapidty until the kdO¥M closed confèrènung 8¢tivilies ovemlght. However, the NHS ha5 continued to uso ihg building for essential training and service5, and once reslriclions è8$ed Ihe conferencing team workod hard lo repurpos8 thè business lo be as effèctive as possible under the new guidelines for social dislanc¢ng. By the end of thè firbarKial year it was oporab.ng al a break èven point with r8du¢gd Stsifing levels and some siaff on furh)ugh.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 S?r¥lng oth•r church•s We continue to build friendships and provide support lo a number of churches in the Catalyst Netsvork of Churches. Richard WvJhtman 51ts on the board of directors and is part of its core strat8gy team. Sharon Clark has provided administrative support up to 12 hours each wk and is also part of the stralggy learn. (The church receives financial supFNt from CNC lor the latter.) W& provioje preachers lo several other churches on a wular basis. induding chur¢hes in Aylesbury and Towcesler. Richard Wightman is spgndir4J days ol his timo training and leading church18adèrs, in addition to the timg spent developing leaders within N8w Life Church. We continue lo have good relationships %wlh fve other churches in WOlvert - St Frands (Catholic). Sl George's (Anglicanl. Holy Trinity IAnglr¢anl, Wesl End IURCIMethodistl and Kings Church Ilnd8pendentl. We hav8 worked together on a number of relatsonshlp building projects (such as a Shrove Tu8sday fish and chip supper) and joint advertising of Christmas for sèNi¢es in Gresnleys and Wolverton nèwsletter. The lockdown caused the minister5 to consider creative ways of collaborab'rw on activiti¢s such as VE Day ¢elttbrations and the AGM. and thi$ has strengthened latIOnShipS lurther. The charity Is g member ol Iho EvaryllcalAlliarKe. Glob•l ml••lon We have continL¢ed our relationship wth the charty "Mercy In A¢tknn-, working th street ¢hlldren in ihe Philippines. Individual ¢hur¢h members sponsor children Ihrough Iheir s¢hooling programme. and each year we participalg in ¢hoir Christmas Sh¢4 Box Appaal. Plans lo send a learn io C•bu in June 2020 were pul on hold. We continu8 lo SUprt Calty Magalhaes 1$ workiThJ in Sao Paukl with young offende. Her work malnly eonsisls of running psychodrama courses In prlgon and providing support lo thè young people whon they arè rèleased. Two of our momb•rs are Sllll lthng and %bYJrking in Oman where thèy support the ehurch leader and provld& much ne8ded stability lo a church in 8 community18rgety comprlsing transient èXP81riales. We have continued lo build a relatlonship wlh a church in Skopje. capilal of M8¢odonla. Teams voslted again In Novèmber 2019. W8 have 8lso provided financial SUprt lo the church leader, and substantlal fundlng towards thelr put¢hase ol a church buikling. We continued to support a work in Televo that is running a ttmmunity centre and providing service5 to the l¢xal peop. Relationships with churches in Albania opened up wlh a coupb from New Life visiting in December. Subsequently two of Ihe key leaders in Albanw became students ol our School of Supematural Life. We also have good relationships wrth church 188dots in Valenaa (Spainl. Muni¢h (Germany), Istsnbul (Turkey) and in Myanmar. Zoom has prov8d highly beneficial lor devekjping relationships wlh church leadors outside ol the UK because it puls everyone on a level playing field. Our overseas ConneCtS have lhelOre strenglhened in a way that we could not hove foreseen prior to the pandemic.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Flnanelal rnvl•w The charity is financially d•p8nd&nt on th8 voluntsry support of the general public making donations togethèr wllh income from conferencing and oifice rentals. and from insiilub'ons and ¢h8ritsbl• Iruslslfoundats'ons awarding grants. Total voluntary in¢ome rKeipls for the year. including Gift Aid recovery and miscellaneous in¢ome, amovnled lo £ 1.098.085 12018119 = £ 1.134.252). The church's total eXnltUre was £840.605 12018119 - £ 844,1921. financial posth.on of the church 81 31 August 2020 was strong despite th8 downtum in conferencing business. The ats'lity lo tske a capital repaymènl holiday lor 12 months has substantial increased reserves. which now represent around three months. lumover. In addition. there is a substantial reslrlcled fund ol almost £350.000 ready for the purchase of a furthgr propety when somethlng suilable becomes available. Building space Is currenlty abcNJl meeting rooms and holb and 10% offices. Management and administralion Costs rolatè to stall costs, 0ffi¢o supples. photocopying. insuranca, professional 190$ and deaning. Trustee indemnity insurance is not in placa. The tru51ees approve an annual budgel and give r8guL7r attantion to fiar131 resu8. variance from budgets and non-finan¢ial indicators. During the year tho church had fulktime employoos (Fox Milno sito thder. hvo conferencing and gvgnt$ staff, a building manager #nd a pastoral team leaderl and up to 30 part-lime •mpty8s. Th& av&rage number of stsff during the year was 29 12018119 281 and the lotsl remunerab'on the year came lo £427,371 12018119 - £375,535>. The cost of the erKI of year aL1t W8$ £3,030. We have reducéd a number ol staffs hours by agreement. usually in the rang• 4 to B hours per wotk. and made uso of the govemment's furbugh arr¥ngemenl$. There were two Staff redundancAes of pP1a worklng six hours each per week completed after Ihe year end in areas wher¢ the workload had diminished very substantially. Oudng Ihe year we. along wth all oiher charities. socielies and simll8r organis8lions, have baen Impacted by thg Covld-19 pandemlc. FundSng sources are conslanlty under review and robust systems are in place lo monitor and ensure that levels ol cashlreserves are sufficient to sustsin planned expenditure for 2020121 and beyond. Post yèar4nd incomg 1$ suffi¢inl lo support expenditur8 commitments vthen t8kin9 Into account lh8 existing h8allhy level of ¢h•rity lunds over811. P•ym•nt to or on bfrhalf of tru8t••s and k•y m•n•g•m•nt p•rnonn•l Dunng the year the following Iru51ees were refflurrate. induding gross safary, car mil&age allowanco, expenses, and empsoyers. pension contributions.. Above £50,000 £40.000- £49.999 £30,000 - £39.999 No Richard Eric Wightman Dawd Samuel Eyeingion Tim Wilhams Sharon Clark (Chair of Tnjsleeslsenior staff leaml (Tnjsteelsenior slaff team ITnJsleelSènior staff team) ITwusleelSenior slaff team) Below £30.0 The above payments were made under Clause 5.15 (for s818riè$ and pen5ionsl and 5.2.2 Ilor expensesl of thè Memorandum of Association daled 25 February 2007. Salaries and pay increases for members of th& senior staff team are usually sel by an independent remuneration committee made up of non-rernunerated Irusto8s. This committèe takes into cons•rat1n thè levèl of Trsponsibilty resting each person, dalivery of key objectives throughout the year. comparison of salaries other churches of a similar si2è, and the fun¢Js available for salaries within the NLC budg81. However. thrs ye8r a pay freeze was imposed due to the economic impad of the pandemiG with the exception of three members of s(aff who CeNed increases in Irne with increased responsibilits. There a kjans from Tru$tee$ to New Lrfe Church.. these are ouuined in Note 10 of the Notes to tho Ace(xJnts.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORn (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 R•s•rve¥ pollcy The reserves poll¢y of New Lile Church is to hold in reserve an amounl equal to six weeks expenditure of the next projected annual budget. This proteds OLtr staff pay roll from any unexpeded eash flow issues. Soclal Inv•¥tm•rts Ngw Life Church dld r1 have any sodal investments in thls accounting yoar. Flnanclal off•¢t ol 8lgnlflrAnt •¥•nts The pandemic had lfftle effecl on church giving. which maintained ils knvel of amund £50.000 ea¢h month, ar wilh additional giving to create an hardship fund. How¥v8f, the pandemic had a significant impact on th8 conferencsng subsidiary, vthosè revenue de¢linod by 98% ovemighl. This 18d lo signthcanl use of the govèmment's furlough scheme and th8 staffing pr8s8ure was redLThd by one resignation just b&foro th pandemlc s10rt8d. Rlsk Manag•m•nt Th• directorsllruste•s have ¢onsld8r•d a number of rtsks to vthich the charity is potenlièlly exposed. The process of Rlsk Managemenl is orb90ing both in term$ of rewew and training. Our prlm8 lulure risks are that.. Inl•r8St rates will In due course volunlarily glven In¢om• could d•ch'n• income from our subsidiary R•waY Centre Conl&r8ncing might not meet th8 planned largtrts In lulurg y8ars, particularty given the e)rMi¢ uncrtainty of both Brxit and the global pand•mic. Shouhl one or more of these risks become realty wg have the ability lo reduc8 our exp8ndiluro. p8rti¢ulaty in the ar8a ol building d¢veloprn6nt. and wé coukl slow our ¢apital repayments. Non.financial risks ¢oukl arise from iwes relating to 8affjguarding. cyber 8tt8ck. breaches of GDPR and staff Tèlenlion. Each of those aws is regularfy r•vi8vthl and steps ar• tsk to minimise the rlsk where possible. Structur•. gov•rn•nc• and m*n•g•m•Trt The Charfty was registered as 8 Company limited by guarants8 on 15 March 21J)7 with a Memofandum and ArUcl¢$ ofAssociat)n and as a Charity on 25 February 2007. The trustees, who are also Ihe directors for the Purpose of ts)mp8ny law. and vtho servod durlng the year and up lo the dalg of signature of lh• financial statemènts were. Mr Richard Wighlman ICh8Srl Mr D Eyeington Mr F H Clark Mr T Williams Mrs S Crowhurst Mrs S Clark Mr W Williams MrJ OAwoni MSAV Crowier Mr W Swepston r R Davey Mr M J Thorman Mr D Elliolt (ReSned 31 Marth 2020) (Restgned 27 N0Mb&r 20191 (Appointed 27 November 2019) (Appointèd 4 March 20201 (Appointed 4 March 20201
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2020 The trustees megt four trmes a year, of which one mÈeb"ng is a social gathering. Existing Irustees ar• 4h0n$ lo apF#Jinl new trusleos lo fill vacancs arising through r•signaiion. romoval or death of one ol Ihtsir numb•r. aThJ lo apwnt additional trustéès None of t trustees ha5 bgnef> mlornst in th• ccthpany. All of tho Irusloes ar• MberS of the cc#))pany KI guar to cfffitrt1• £1 in Il went of a wiThJwvJ up. Th• Trust Deed aukns•s thg Trusie•s to mak• and ww•sbmwls u•'twJ tho g•nwal lunds ol thè charity. No tsuch invtMafit$ are presenlty h•kl. A Delegated Safeguarding OffKor. togth vnlh a toam of nominated sal•9uardiry pornonnol and 88leguarding 8dministralor. ensur• all nee0ry stall aThJ arn chock•d. We are regi8ter8d under Ihts Data Protection A¢t. Thè charfty Is ccrfnmitltid to doliv•rir4J good pYactk• kn 41 rooufated arnas. such as Health & Safely. Child Protectn. •lc. Day-1041ay wralth of th8 tharity is out by a t••m of employ888 arKI ¥ohJntow l•am 1glers. Dl•¢lo¥ur• of InfornMtlon to •udltor Each of tho tnjstees has confimd thal tr0 is nr information ol whlth th•y ar• w4ar• whith is r&levant to th• audit. but of whth thmjrtor is unawor•. They have furtlw confirmed thal Ih¢y have taken apprwate St to thntify rnlovant •nd to •Bt•bkh tho auditor •W4f• ol su¢h Inlom8t60n. Th• Iwstw$' rwrt apwmd ty th• Bowd al Tnn. Mr Rlchard Wlghtma Trust0• h•lrl
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2020 The Iruslees. who are also the difectofs of New Life Churth Milton Keynes for the purpo$8 of company law, are responsiblè for preparing the Tnjstees. Report and the financial statements in a¢cordance with applicable law and United Kingdom A¢¢ounling Standards (United Kingdom General Accepted AcLountsng Practice). Company Law requires the trustees to prepare financial stslemenls for each finanaal yg8r which give a true and fair view of the stale of affairs of the charity and of the incoming resources and applicatton ol resources, in¢luding th• income and expendilufe, of the charitable company for that year. In preparing these financial statements. the trust88s are required to.. - select suitable accounting polici08 arKI then appty thom c4)nSten11y'. - observe th8 m8lhod8 and prin¢lples In th8 Char6tl•s SORP.. make judgements and estimales Ih8t are rnasonablo 8rKI wudent: . slate wheth•r appllcable UK Ac¢ounling Standards havè been fdknved, subiect Io 8ny mal8ri91 d•partures d18Cl8 and explained Sn the financlal statèments; arKI prepaf& the financial stalgmenls on the going ¢onc*m basis unless it is IpPrOpriate to prgsumo that th8 ¢harily will contrnLt• in operalion. Thg twslees are respon$lble for keeping adeqvale accounting records that dI10$e with reason8ble 8ccur8cy al any time the financial posilion of Ihe challty and enabl& them to ensurg th81 the financi81 slalements comply with th• Companies Act 2006. They are also responsible for safeguar(ling the assets of the charity and henco for taking reasonable steps for the pr8v&ntion and deleclion of fraud and other irrogulariti8$.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES Oplnlon We have audited the financial slalemenl$ of Lrfe Church Mrlton Keynes lthe '¢harity'l for the y8ar •nd8d 31 August 2020 which ¢ompris& the statement of financial aCtivrts. ihe statement of financial position, the stalernenl of cash flows and the no1tt5 to the financial $181ements, induding a summary of signifi¢ant accounting policies. The financial reporting framework thal has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards. including Financial Roportin9 Standard 102 The Finan¢i81 Raporting Standard applicable in Ihtr UK arTrd Republic of Ireland (Uniled Kingdom Gen8raUy Accepted Accounting Practicol. In our opinlon. the financial statements- give a true and fair view ol the st8te ol the Charble companVs affairs as a131 Au9U$t 2020 and of Ils incoming resources and appli¢alron ol r8sourc8$. for the year then ended.. have been properly prepared In accordance with United Kingdom Generalty Acc8plod Accounting Pr8CtIc8,' havg been pr¥parnd in accordance with the roquirements of the C¢xnpani8s Act 2006. Basls for oplnlDn We conducted our audll In accordance wlh Inl&m¥tity7g1 Stsndards on Audltlng IUKI IISAS IUKII and appllcabl8 law. Our responsibilities under those siandards are hjrthef described in the Auditorfs responsibilities lor the audit of Ihe financial slatements seclion ol our report. We a ind?ndent of th8 charity in a¢cordanc& with the 8thical reqvlrèments that arè r8levant to OUT audit of the finawal siatemenls in the UK. including the FRC'S Ethical Standard. and we hav8 fvffilled our other •thic81 rèsponsibiliti8s in accordance with thes8 requirements. We belleve that th• audit evidence we have obtsined 1$ sufficient and appropriate lo provide 8 basis for our oplnion. Conclujlons r•latlng to golng ¢on¢•rn We hav& nothing to report in respocl of the follon9 matters in relation lo which Ihe ISAS IUKI roquire us to report lo you wh8r8'. the truste&$' use of the going corKern basis ol accounlirnJ In the preparallon of the flnan¢l81 statements Is noi appropriate.. or the Iruslees have not dis¢kJs8d in financial stat8monts any identified material uncertainlies that rnay cast significant doubl about the charity's ability to continue lo adopt the going COnM ba$ls of 8C¢Q(tntlng for a period of al least months from the date when the financial statements are aulhorised for issue. Oth•r Inform*tlon The Iruslees a spOnSIbl for th8 other inlomiation. The olher information comprises the information included in the annual report. other than the financial $t8temènts and our auditor's r8port thereon. Our opinlon on the financial statements does not cover the olher information and. except to the extent olheThvise explicitly slalod In our report, we do not express any fom ol assurancè conclusion th8r80n. In ¢onn8clion wth our audit of the financial slaternents. our responsibility is lo read the other inf0rn8tson and, in doing so, consider whether the other information is materialty InnSistenI with the financial slalements or our knowlèdgè obtained in the audit or olherwise appears ¢0 be malerialty m155tated. W wt identify $u¢h matèrial inconsi51encies or apparènt material misslatements. we are required to determine whether there is a material missta(emenl in the financial stslernènts or a material misstatement of the oiher inforniabon. If. based on the work we have perfornied. we conclude Ihal there is a materi81 mis¥tatsmènt ol thi$ othèr informatK)n. we are required lo roport that fact. We have nothing to Teport in thbs regard. 10-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES Oplnlons on oth•r matters pr•scrlb•d by the Comp•nl•¥ A¢t 2006 In our opinion. based on the work undertak¢n in tho Cou ol our audrt.. the inforynalion given in the trustee$, Report. which includes the dlre¢tots' rekX)rt ppared for the purposes of company law. for the financial year for whith the financial stslements are prepared is consistenl with the financial stal•mtrnl$: antj the directors. report in¢luded wthin the trustee$, report has b8gn prepared In 8¢¢ord8nce wllh 8ppll¢able legal quIremnts. Matt•rs on whlch w• ar• r•qulr•d to r•port by •xc•ptlon In the light of the knowledge and understarKfing of the charity 8nd 115 enwronmenl obtained in the course of the audit, we have not idenllfie<l material misstatom8nts in thè dir8clors' rèport included within tho Irustoès, rèport. We have nolhrng lo report in respe¢l ol Ihe follwng mattws in relation lo whl¢h th8 Compan+e$ Act 2006 requires us to r8port lo you if. in our opinion.. a(1gqual8 accounting records have not been kept. or Tetums ad8qu8te for our audit have not been rocoivod frorn branchos not visile(I by us,. or the financial 5ts1emenls are r1 In agreement wlh the a¢¢ounling and rgtums.. or certain disclosures of Iruslees, f&munwatson sp8cifi8d by law afè not made,. or we have not recebved all the infomalion and gxplanation$ we require for our audrt.. or the Iruslees wèr8 not enlill8d lo prepare the financial slalements in ac¢ordance with the small companies regim8 ané take advantag• of the small companies. exemplions in preparing the Injslees, report And from the requirement lo prepare a stral8gic report. R••pon•lbllltl•• of trut••s AS explained mor8 lully in the statement of trustees. responsibililies. the tnjstees. who are also the directors ol the charity for the pvrposè of company law, arè rèsponsible lor the preparallon of tho finandal slalem&nts and for beln9 sallsfied that they give a tnje and lair view. and for such inlemal control as the trustees determine is necessary lo en8ble Ihe prepar¥lion of finan¢lg1 statements that or8 frge from m8l8ri81 mlsstatgmgnt, whether due lo fraud or error. In preparing the finandal slalaments, the trust$ ar8 responslble for assesslng th• thaty'S ablllty to eontlnu• as 8 going concern. disclosing. as applicable. mattors related lo going ¢on¢em and using the going concem basi5 of accounting unless thg trustees eithgr inlend to Iuate Ihe tharilatjle company or to C8a$o oporation$. or hav8 no realistic altemative bul to do so. Audltorfs r•8ponslbllltl•s tor th? audlt of th• fin•n¢i•l $tot¢m•nts Our objectives are to obtain Te850nable as$uran¢è about whèth8r thè finandal $tol•monls as 8 whole arè free Irom material misstat8ment, whether due lo fraud of efror. and to issue an auditorfs report that includes our opinion. Reasonable assurar*ce is a high level of assuranco. but is not a guarant88 that an audit condu¢t&d In aceord8nte Trmth ISAS IUKI wll aN¥ays delect a material misstatemenl when it exists. Misstatements can arise from fraud or error and arè considered malerial rf. individually or in the aggregate, they could reasonably be expected lo influence the economic de¢i$ion$ of users takÈn on basis of thèsè financial statèm8nl8. A further description of cKJr r6sponsibilitie$ fLY th• audrt ol thg finanri81 stalemonts Is bc8l•d on the Flnan¢lal Reporting Council's website at.. http'.11Y.frC.org.Uk1audIt0rSreSpoTrstIIties. This de$¢riplion forms part ol our 8uditor's report. 11
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020 Unr•$trf¢ted R•strfet•d fund• funds 2020 2020 Totsl Unrestricted Restricted fvnds funds 2019 2019 Total 2020 2019 Notes Oonalions and legacies Charitats advilies Investments Other incom• 744,656 74.498 230.742 975,398 74.498 867,350 59.496 101 205,505 1.072.855 59,496 101 1.800 47,540 47.540 Totsl Incom• 867.343 230,742 1.098.085 928.747 205.505 1.134,252 Charitable activitl8S 819.308 21.297 840.605 818.763 25.429 844.192 N•t Incomlng r•8our¢•• b•for• transf•r8 48.035 209,445 257.480 109,984 180,076 290.060 Gross tTansl8rs b8tweèn lunds S.127 15.1271 {6481 N•t Sncom• lor th• y••rl N•t rnov•m•nt In lund¥ 53,162 204.318 257.480 109.336 180,724 290.080 Fund balances at 1 S8pt9mb&r 2019 2.089,696 187.475 2.277,171 1,980.360 6.751 1.987.111 Fund balanc•* at 31 August 2020 2.142,8S8 391,793 2.$34.651 2.089,696 187,475 2.277.171 The slatem8nt of financial activities indud•$ 011 gains and bsses r•cognl8ed in the year. l income and expendllure d•rive from conlinuing aclivitio$. The siatem8nt of financial activrlies alxt ¢onplies wth the requlfements for an incom8 and expenditure account under the Companies Act 2006. 13-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2020
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets Income funds Restricted funds 19 Unrestricted funds |
£ 50,610 580,954 631,564 2020 £ 3,199,591 1 3,199,592 (115,724) 515,840 3,715,432 (1,180,781) 2,534,651 391,793 2,142,858 2,534,651 |
2019 £ £ 3,181,487 1 3,181,488 113,935 311,375 425,310 (158,828) 266,482 3,447,970 (1,170,799) 2,277,171 187,475 2,089,696 2,277,171 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on ..18th November 2020... .
Company Registration No. 06162241
- 14 -
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash flows from op•ratlng a¢tlvltl•• Cash generated from opaiatsons 23 353,910 360,507 Investlng actlvltl•s Purchase ol tangible fi¥ assets Proceeds on di$pos81 of18ngible fixed a$sel$ Interest rèceived {80.1971 {75.7491 1.800 N•t cash u¥•d In In¥•stlng •¢tlvltl• (79.5481 173,8481 Flnan¢lng actSvltl•s Repayment of borrowngs Rgpaymenl of bank loans Paym&nl of obl(gab'ons urKl8r financ• leasès {9,1901 9,469 128,0591 177.0951 (S,2) 14,8231 N•t ¢••h u••d In flnanelng •¢tlvltl (4.783) 1109,9771 Net In¢r••• In c•h and ush •qulv•l•nts 269,$79 176,682 Cash and cash equiyants at bgginniThJ of year 311,375 134,693 C*¥h and cash •qulval•nts at •nd of y••r 580.954 311,375 15-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accountlng poWcl Charlty Inlom•tloD New Lrfe Church Milton Keynes is a private company limit•d by guafantee incorporated in England and Wales. Tha principal place of busin and fe9lStered office is The Ridgeway C8ntr•, Featherstone Road. Wolverton Mill SoLth. Millon Keynes, MK12 5TH. 1.1 Ac¢ountlng convontlon The financial slalements havg b8en prepared in accordance with the charity's memorandum and articles ol association, th8 Companies Act 2006 and -Accounting and Reporting by Charrii8s'. Slalem8nl ol Recommended Pra¢ti¢è applicable to charities prep8ring thoir 8ccounts in accordance with the Fin8n¢181 Reportlng Standard applicab in the UK and Republic of Ireland IFRS 1021" las amendad for accounting periods commencing from 1 January 2016}. The charity is a Public Benefit Enknty as defined by FRS 102. The financial Statements are prepared in Slerting, whi¢h 1$ the fUnCtn81 currency of the ¢h8rlty. Monetary amounls in these financial $tstgm&nts aro rounded to the nearest £. The financial $t81gm8nts have b8on propared Ltnd•r ihg historical cosl COnvenOft. The principal accounting policies a¢Jopted ar• sat out belthv. 1.2 Golng conc•rn Al the limg of approving Ihe finan¢lal st8tem8nts, Ihe trustees have 4 roasonable éxpectation that the charily has adequate resources to continue in optrralional existgnce for the lOreSeeab future. Thus tho Iruslo9$ continue to adopt the going ¢onc8m basis of accounting in preparing Ihe financial stalements. In response lo lh8 COVID-19 pandemic, Tru$l•gs hav8 p•rfomwd a mbusl anal1$ ol fowco$t futurg ¢ash flows taking into a¢¢ount tha polential impact on the charity- Tho Trustees hav8 concluded Ihal there is no materi81 un¢8rtainty arising Irorn the COVID-19 pand&mic and Ihal Ihey can continuo ¢0 adopl lh& going concern basis in prepan9 the annual report arKI accounts. 1.3 Ch•rltabl• fund• Unrestricted fvnds are aVailae for us8 al the distt•tion of th trustees in fijrtherance of their charltablg oblecllvos. Restricted funds are subiecl lo $pcrf conditions by donors as lo how tY may ba used. The purposes and uses ol th& restrid•d funds are sel out in th¢ note$ to Iha financjal stalements. Endowmenl funds are subject to spe¢tft¢ ¢oThliUons ty donors that Ihe capital musl be malntaln8d by the eharity. 1.4 Incomlng r•sour¢•s All incoming resour$ are induded in th8 statement of financial acti¥itie$ when entiU¢ment has passed to the charity and it is probable thal the economi¢ ben8ffts associaled wth the Iransaclion wll 1Sow to th• Charity and the amount can bè reliably measured. Cash don8trons are recognised on receipt. Other donatnS are recognised onco the charity has been notified of the donation, unless performan¢e efjnditKJns require deferral of the amount. Incomo tax recoverable in relalron to don8tions received urKler Grft Aid or deed$ of covenant is recognised at the time of the donation. Le9acies are recognised on receipt or otherwise if the tharity has been notified of an irnpending distribution, the amount is known. and rgceipt is expecled. If the amount is not known. the legacy is Irealed as a contingent ass•t. 16.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Accountlng pollcl•• IContlnu•dl Inme from donated gocMY5 15 meaSud at the fair value of thg goods unless this is impractical lo measure reliably, in whi¢h case Ihe value is derived from the cost to the donor or the estimated resale valuo. Donated lacAlities and services are re¢ognised in th¢ accounts whèn rtic8ived il lh• value can be reliabty measured. No amounts ar8 IndLtded for the contribution of general volunteers. Income from contracts for the suppty of services is rocx>gnised wth the delivery ol the contracted service. This is classified as unreslricled funds unless the is a ¢ontra¢tual raquirèmenl for it to be spent on particular purpose and retume<l rf unspent, in which case it may be garded as restricted. 1.5 R•sourc•8 exp•nd•d All expenditure is accounted for on an accnols basis arKI has been ¢lassifi•d undar headings that aggregaltr 811 ¢0sls rglat8d to the category. Where costs cannot be directty attrIbUt to parbcular headln95 thèy have been allocated on a ba$ consisl8nl with uso of re$our¢&$. Support cosls are those costs Incur direcuy in supptyl ol expgndtture ¢)n thg )ecIS of tha ch8rity and include Pfojo¢1 managèm•nt carried out on Ihe premises. Governan ¢o$t¥ arg those incuThed in connection 7Mth the 8dmlnistralion of the chartty and compli8nce with constitutional and 51alulory requirements. 1.6 Tanglbl• flx•d a¥s•t• Tangible fixed a$sel$ ar• initially measured at cosl and subseqully mèasurnd al cost or v81uallon, nel of doprecialion and any impaimenl loss•$. Depreciation is racognised so as to write off the $1 or valuatkn of assets l•ss th8lr rfjsldu81 valu•s ovar their useful lives on the following ba$g$'. Freehold bulldlngs 2% straight lin& on maln bulldlng and 10% $tralght Ilna on specific works Flxtures and fittings 10% straight line Computer5 33% straight line Heatsng and tioil&r sysl¥m 3% straighl line Acoustic, drapes, ¢8rpet. ¢h8irs and kitchen 5% to 10% straight line The galn or ktrss arising on the disposal of an asset is detsM)Ir 88 the drff8rnnc• beh¥een tho sal8 proceed5 and the Caryn9 value of the asset. and is Tecc3nised in net InMe1(eXpenditUreI for the year. 1.7 Flx•d •$s•t In¥•stm•nts Fixod asset invesiments are initially Measur at transaction price excluding transaction costs. and are 5ub5equenlly me8sur8d at fair value at each reporting dale. Changes in tsir valve are iecognised in nel Incomel{expenditurel lor Ihe year. Transa¢lion costs arn 8xponsed as incurred. A subskliary is an enlity controlled by the ¢h8rity. Contrd rs thè pow8r to uyjvem the financial and operating policies of the enlty so a$ to obtain benefits from ts activilies. 1.8 Impalrni•nt of Ilxed Al each porting ènd date, Ihe charity review5 the earying an)VAts of ils tangible assets to detemiine whether there is any indi¢8tion that those assels have sUffed an impairment loss. If any such indic81ion exists, ihe recoverable amount of the as$8t is èskn"mat8d in order to determine the extent of the impaimenl Ioss lif any). 17_
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONnNUED) FOR THE YEAR ENDED 31 AUGUST 2020 Aecountlng poll¢l IContlnu•dl 1.9 C•8h and cash •qulv•T•nts C8sh and cash ¥qualentS indud$ ¢ash in hand. dewts held at call with banks. olher short-lem liquid inveslm8nts with original maturities of Ihro8 months or less. and bank overdrafts. Bank overdrafts are Shown within borrowings in current liabiliti88. 1.10 Fln•ncll In¥trum•nt8 The charity has elec18d lo apply the prowsions ol Section 11 '8asi¢ Finan¢ial Instruments, and Section 12 'Oth8r Finanrial InstDJments Issues, ol FRS 102 to 811 of ts financial inslrurnenls. Financial inslruments are TectyJni$ed in the chafiV$ balance sheet wh6n the ¢h¥rfty become$ paty lo th8 contractual provisions of the instnjmenl. Flnandal assets and liabilities Ore offset. wilh tho amounts prèsented In Ihg financial slalomenls, when thère is a legally enforceab nght lo set off the recognised amounts and thérè18 èn int8ntion to settltr on 8 not basss or lo r&alise the asset and Sett Ihe liabl"ty simulianeously. 8a$l¢ fln•nclal a$s•ts Basic financial assets. which indude debtors aThJ cash and bank ba$. aro initially mèasured at tr8ns8¢1ion price including Iransacbon costs and are subsequontly carriad al amorb'sed cost using the 8ffective interest mèthod unless the arraroement nShtt&S a financiThJ Iransaetion, vthere the Ir8nsa¢tion is measured at Ihe present value of Ihe fvtur¢ receipts diswunled ot a market rale ol Interest. Financlal assets classilled as receivable within LTh year are nol anrtIsed. 8a$le Iln•ncl•l Il•blllllos Basic fin8ncial liabilibes. in¢ludlng credltors and bank loans 8r8 Inillalty T8cognlsed al Iransactlon price unless the arrangement wnstitules a firiancing Iran$actKin, vthere the debt instnjmerit is measurèd al the present value of the future payments discovnted at a markei rate of interest. Financial liabilit4e$ classified as payable within one year are nol amortised. Debt instrumènts ar8 subsequontty carried al amorSed cost. using the effectlve InleTesl rale m&thod. Trade ¢r•ditors are obligations lo pay lor goods or services that hav8 b88n acquired in thè ordinary coutse of operations from suppliers. AJ)KJunts payable are dassified as Current liabilititss rf payment is dug within one year or less. If not. Ih8y are presented as nondcurrenl liabilities. Trade creditots arè r8cognised ini118lly at transaction prke and subsequentty measured at amoitised cost using tho effoctive interest method. Déreeognltlon ol Ilnanelal Il•bllltle$ Financial liabilities are dertr¢ognis8d wthen th¢ tharity's ojntractual obligations expire or are distharg6d or ¢oncelled. 1.11 Loaso• Lease5 a clasSrfd as finance leases whenevei the tem15 of the lease transfer sub51antl81ty all the risks and rewards of ovmership to the lessees. AJI olher leastrs arg classified as operating leases. Assets hèld under finance leases are Te3n1S•d as assets at the lowèr of Ihe assets tsir v81ue at the date of inception and the present valuè of the minimurn 8$e payments. The related liability 15 included in the Slalemeni of financial poS41n as a finance lease obligation. Lease payment5 are treated as (L)nsi51ing of capitsl and interest elemènls. The interest is charged lo nel incomèllexpenditurel ft)r thè year so as to produce a constant periodic rale of interesl on the remaining baknce of Ihe labillty. 18-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Crttlcal Kcountlng •stlmat•s and ludg•m•nts In the application of the charity's accounting policies. the trustees a reouired lo make juijgemenly, estimates and assumplions about the ¢arrying amount of assets and lialitIeS thal are nol readily apparent Irom other sources. The esltmates and associated assumptions are based on historical *xp&ri&nce and other factors Ihal ar8 ¢on$klerg11 lo be rebv8nl. Athial rosults m8y differ from these eslimat8S. The estimates and undertying assumptton$ a r¢vtewed on an ongoing basi5. Revisions to accounting ¥$timales 8re recognised in the period in which the estimate is revised wh&re thg rèvision affacts only that period. or in the period of the revision and luturo periods where Ihe re$10 affects both curyenl and future pgnods. Donatlons and l•ga¢l•s Unr••trlct•d R••trlct•d tund• funds Tolal 2020 Totsl 2019 Donations and gffts Grants receivable Dislribullon from subsidiary Othèr 593,570 25.000 128.086 227,742 821.312 25,000 126,066 780,801 276.066 15.988 744.656 230,742 975.398 1,072,855 For th• y••r •nd•d 31 Augu¥t 2019 867.350 205.505 1,072,855 CharStabl• actlvltl 2020 2019 In¢ome re58ling lo recharg¢3 Oth•r Incom• from various sour¢o$ 39,190 35.308 12.298 47.198 74.498 59,496 Inv•stm•nts Unrèstrieted UNStriCted funds fvnds 2020 2019 It)terest receivable 649 101 19-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Oth•r Incom• Unr•strlct•d Unrestricted funds funds 2020 2019 Net Ilossllgain on disposal of tangib fixed ass•ls JRS Fudough claim 16111 48.1SI 47.540 1,800 Charlt•bl• •ctlvltl 2020 2019 Depreciallon and Imp81mnI Other 8slablishm8nl ¢osts Trainir All age ministry Evan981i$li¢ event$ 8nd cour Children'$ ministry PlaygrouplParènts an¢J loddlgrs 61.482 27,840 6.578 620,220 2.705 2,011 899 57,229 38,382 8,186 632.712 4.800 6.636 3,686 721,735 751.631 Grant lundin9 01 activiti•$ (see nol¢ 8) Share of govemance costs Isee note 91 77.984 40.886 55,117 37.444 840.605 844,192 Anatysls by tund Unrestricted funds Reslricled funds 819,308 21.297 818,763 25.429 840,605 844.192 For the y•ar •nd•d 31 Augu$t 2019 Unrestricled fund¥ Reslrictad fltnds 818,763 25,429 844.192
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Grants payabl• 2020 2019 Grants to institutions.. Other grants 77,984 5S,117 77,984 55,117 Support ¢o¥t• Support Gov•manc• CO8ts 2020 2019 81•l• of ¥llocatlon Audrt fees Other finance costs 3.030 37.856 3.030 37.856 2.940 Govemance 34,504 Govemanc8 40.886 40,886 37.444 Analysed behY8en Charitabl8 activities 40.886 40,886 37,444 Governan costs Includes payments lo the audllors of £3.0301201& E2.9401 for audit fee$. 10 Tru•t• TfUSt8•s' expen$e$ aro referred to In the TnJ$tees' Rew)rt. Tho key managemonl pernonnel of the ¢harity wnwise Ihe Trusl•es' thn)ughoul Ihe current and prec•tJing year. During the year the key managemgnt p9nnr of th tharity receivad remumration. including gr036 salary, ¢ar milgag? allowance. expenses. and employers. pènsion conlributkns amounting to £137.296 12019.. £151.9071. During the year Ihe Irustg0$ have madt donations to the tharity of £64,436 {2019.. £101.1831. The Irusl89$ and thèir famlty membws have m8de h)ans lo the eh•rity the b8lance owod al t yèar end is £58.50012019'. £58,51)01. 21
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 11 Employtts Numb•r of •rnployM Tho average monthly number of ompknyees during the year was.. 2020 Numb•r 2019 Numb•r Strategy and Wolverton Mill site Central operations Transfomation Sunday and Fox Milne sile Othef 13 12 28 Employm•nt costs 2020 2019 W8ges and Sala0¥ Social secJrity costs Oth&r pension costs 399,960 23,391 4.020 350.242 15,686 9.627 427,371 375,555 There wer6 employees whw annual ffjnmmeration w8$ £60.000 or more. 12 Tanglbl• flx•d •s••ts Fr••hold Flx1u¥•• •nd ¢omput•r• bulldlho Tot•1 Cost At 1 September 2019 Additions Disposals 3.324.910 64.601 331.928 1S.596 17.4151 18,534 3.675,372 80.197 17,41SI Al 31 August 2020 3.389,511 340,109 18,534 3.748.154 D•prnelatlon and Impalmi•nt At 1 September 2019 Oepr8eiation charged In the year Eliminaled in respect of disposal$ 322,376 38.734 155,204 22.006 16.8041 16.305 742 493,885 61,482 16.8041 Al 31 Augu$l 2020 361.110 170,406 17.047 548.563 Carrying amount At 31 August 2020 3.028.401 169.703 1,487 3.199.591 Al 31 August 2019 3.002,533 176,725 2,229 3.181.487 22-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 13 Flx•d asset Inv•stmMts oth•r Inv•stm•nts Cost or valuatlon Al 1 Septemb¢r 2019 & 31 August 2020 Carrylng amount At 31 August 2020 At 31 August 2019 2020 2019 Other invoslmenls comprise.. Not•¥ Investments In subsidiarlos Investment Sn subsidiary undertakings comprises the whole of the issued share capltal of Ridg8way Centre confencing Limitèd 1£11, a company register•d in England and Wales. Ridgoway Centre Conferenclng Limited has receivèd £193.884 income in th* year 8nd8d 31 August 201912019.- £366,039). The r¥s8rvè8 of Ridgeway Centre Conferencing Limited al the year end were £nll. 14 D•btorn 2020 2019 Amount8 falllng du• wlthln y••r: Amounts 0d by lellow gfOUP undertakings Other deblofs 27,884 86.051 50,610 50.610 113.935 15 Lo•n• Ind ov•rdr•fts 2020 2019 Bank loans Other loans 1.193.345 63,5 1.183.876 72,690 1.256.845 1.256.566 Payable vnlhin one year Payable after onè ye8r 77,349 1,179,496 92,114 1,164.452 23-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 15 Loans and ov•rdrafts IContlnu•dl The bank 108n5 are $e¢ured by fixed ¢haryJes over the land on the SOLrth side of Fealherslone Road, Wolverton Mill. The bank loan is repayable in three parts. One part of approximatèly £855.C*)O is repayabl• in 276 instalments after an inllial period of 24 months from the date on which the first trarbche of th8 h)8n i8 drawn down. Inlerost is lo b8 charged al a rate equivalenl to 0.9% over basg rate. A second part of 8pproximalety £295,LThJ) is repayabb Ni 240 instalments from Ihe date on vthich the first trancho of the loan is dT8wn down. Interest is lo charged at a rale equivaltsnt lo 2.5% over basg rate. A third part of approximalety £110.000 is repayable in 120 instalm&nts from th& dale on which the fir51 tranchg of the loan is drawn down. Interest is lo bg ¢h8rged at a ralo equivalgnt to 2.4% over base ratg. 16 Flnanc• 1•4•• ¢offlmltrn•nt• Fulurg minSmum lease paym8nts due under finan18$es'. 2020 2019 Within one year Wiihin fv40 and fivo years 5,062 1,285 5.062 6.347 6,347 11.409 17 Crodltorn: amounts falllng du• wSth1Tr on• y•ar 2020 2019 Not•s 8ank loans Obligations under finance aSe9 Other borrowin9S Othèr taxation and securlty Trade creditors Amounts owed to follow group undertaknngs Other creditors Accruals and deferr8d IrKome 15 16 72.349 5.062 5,000 7,396 77.924 5.062 14.190 7.607 15.090 2,815 8.841 11.417 9,618 29,337 115.724 158.828 -24-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 18 Cr•dltors.' •mounts falllng due after mor• than OTh• y•ar 2020 2019 Not•• B8nk108n$ Obligations under finance18ases Othgr borrowrngs 15 16 1.120.996 1,285 58,500 1.105,952 6,347 $8.500 1.180.781 1,170,799
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 19 Restrlct•d funds The income funds of the charFty include reslricted funds comprising the foifow'ng unexpended balances of donati¢)n$ and grants held on tru51 for specific pUSeS.. Mo¥•m•nt funds Balanc• at 1 Incomlng R•$ourc S•pt•mr resourc•• •xp•nded 2019 Tran*fers 8alane• at 31 August 2020 Towcesler Catalyst Sph8r8 Donations for other Charltles Hardship fund Kitchen Phase 3 Building A¢qui$ition Youth groups Small groups short mat bowling Towcester hardship fund S8maritan pur 3.851 515 824 33.195 513 1.716 18.417 110.1591 {9341 12,5401 15.0181 26,887 13,399 2.978 176,957 1,458 892 {2.978) 172.298 (9001 348,355 1.458 12431 (1,5031 {2,149 1.603 1,500 187.475 230.742 121.2971 (5,1271 391,793 I reslricted funds ralate to proi8cls run by the ¢h8rity fty the lolk>wng purpos8$.' Towcester- To accumulate funds for Ihg proposed new sil• in Towcester. Calalysl Sphere - To accumulate furKls on b•half of the Catatysl Neh¥o ol Church8S. Donations lor other ¢h8rilits- To aCMl•l0 funds on b•half of other tharities. lor exampb, In respon$• to emergency appeals. Hardship Fund - To 8¢cumulate lunds lo assisl Ihose indivKluals Trn sotrety who are in need. Kltchen - To 8c¢umulale fvntjs for the rxoation of a new kitchen facillty at Thè RKJgew8y Centre. Phase 3 Building Acquisition - The purpose ol the lund 1$ for the purthase of a building to be used lor both church and community a¢bviti&$. This fvnd includes onethoff and ongoing wular gwtng as well as monies c•ived from gift days hèkl. Youth groups - Thls fijnd represents monies raised in order to Pfovth financial support for those in negd for Newday. Small group$ short mal bowling - This fund represents moniès rais from ihose who attend each w8èk and is used for future expenditure on replacement or additional equipment. Towcesler Hardship Fund - To accumulato funds to assisl those indivhluaL8 in ihe Towcester ar88 who are in need. Samaritan Purse - This fund is for thè purpose of prowding help to individuals through k)¢al ¢hurche3 and also to pro¢laim and dtrmonstrale the love of God amongst communiiigs in ne¥d.
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 20 Anatysl$ ol n•t ass•ts betwmn funds Unr•strletil R•strl¢t•d Funds Funds 2020 2020 Tolal unmstn.cled Restncted Funds Funds 2019 2019 Total 2020 2019 Fund balances al 31 August 2020 ale repsented by.. Tangible assets Invastrnents Current assetsl 3.199.591 3.199.591 3.181.487 3.181,487 124.047 1.180.781) 391.793 515.840 79.IKJ7 {1.180.7811 11,170,799) 187,475 266.482 11,170,799) Long term Ilabililies 2.142.858 391.793 2.534.651 2.089,696 187.475 2,277,171 21 Fln•n¢ll commltm•nt*. 9var•nts•• •Trd contlng•nt Ilabllltl•• Al the reporting ond date th8 charity had oulslanding commitments ihal 818 nol included in lh8 balance sheet lor lulure rninimum lease payments under non-cancellable operatsng lèases of £13,251 12019.. £7,996) 22 R•lat•d party trnn8a¢tlon• R•mun•r•tlon of k•y m•n•g•m•nl p•rnonn•l The remuneration of kèy management p•rsonnel is as fdlows. 2020 2019 Aggregate compen$81ion 137,296 151.907 All trus1 are also trustees of Ridgeway Communty Trust. W8g•s reimbursèments lotalling £14.19012019.. £10.0371 were receivèd from. and grants lotalling £27.000 12019.. £9,000) were pald to Calatyst Network of Churches. wherè Richard Wighlman and S8r8h Crowhurst are Trustee$. -27-
NEW LIFE CHURCH MILTON KEYNES COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2020 23 Cash g•n•ratod from op•ratlon• 2020 2019 Surplus for th• er 257,480 290.OS8 A¢Jju51rnenls for.. Investment income recognised in statement of financial activities Lossllgainl on disposal of tangible fixed assets Doprtcialion and impaimient of tangibkn fixed as$8ts 16491 611 61,482 11011 11,8001 57,229 Movements in working capital.. Decreasellincreasel in debtors IDecreaseYin¢reasg in ¢rg(Iilors 63.325 128.339) 123,9491 39,070 Ca•h g•n•rat•d from op•ratlon• 353,910 360,507 24 Analy•ls of chang•8 Sn n•t {d•btlllund* At 1 S•pt•fflb•r 201• C••h now• AI 31 Augll•t 2020 Cash at bank and in hand 311.375 269,579 580,954 Loans falling du8 within one year Loans falling due after mor• than one ye8r Obligations und•r financg 1gase$ 192,1141 11.164,4521 (11.4091 14.765 177,3491 115.044) 11,179,496) 5,062 16,3471 I956.8) 274,362 1682,2381 -28-