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2023-08-31-accounts

Registered number: 06162241 Charity number: 1119167

NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers « aw
Chairman's Statement 2
Trustees’ Report 3-9
Independent Auditors’ Reporton the Financial Statements 10-13
Consolidated Statement of Financial Activities 14
Consolidated BalanceSheet 15-16
Charity Balance Sheet 17-18
Consolidated Statement ofCash Flows 19
NotestotheFinancialStatements 20-41

NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees Mr J O Awoniyi
Mr F H Clark
Mrs S J Clark t
MsA Devi (resigned 31 August2023) - i
MrD Elliott (resigned 31 August 2023)
MrD S Eyeington WET
Mrs L Grabs (appointed 5 September 2023) .
Mr S G Halford
MrO B Ojemuyiwa (appointed 5 September 2023) a
Ms AR
Russell (resigned 31 August 2023)		 “* .
Mr M J Thorman, Chairman
Mr M R Wightman (appointed 5 September2023) :
Mr T Williams :
Company registered
number 06162241
Charity registered
number 1119167
Registered office The RidgewayCentre
Featherstone Road
Wolverton Mill
Milton Keynes
Bucks
MK12 5TH
Company secretary Mrs L Grabs
Independent auditors Streets Audit LLP
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors RogerSnowdon
Rutter and Rutter Solicitors
StAudreys
Wincanton
Somerset
BAS9DR

Page 1

NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

; CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

The chairman presents his' statement for the year.

This financial year — September 2022 to August 2023 — was a year of restructuring our teams and operational practice with a new leader in place. This involved a great deal of planning and a willingness on the part of our teams to adapt to change.

Throughout the year we focused from a vision point of view on three key items we felt God had directed us towards:

Having seen our Sunday attendance recover from the pandemic, we decided to go multi-service in April 2023 to accommodate everyone within our building, The Ridgeway Centre. Adding a second service on Sunday mornings was a major change for all involved, and was not without its challenges. However, it has proved largely successful.

We continued to place a strong emphasis on developing discipleship tools and practice. As part of this we have developed a disciple-making pathway and are now looking at how to communicate this to our church family.

Our staff team has continued to handle ongoing change with resilience and positivity. We consulted on a new team structure that will position us well to both benefit from and encourage future growth in many of our key ministries.

Financially we finished the year on a positive note with our conferencing business recovering well postpandemic. Those who regularly attend New Life Church continued to be generous in their support of the ministry activities, and church giving income exceeded our budget plan.

During the year we revised our vision statement to include a specific mention of global mission. We also condensed our values from six to four — compassionate, generous, courageous and honouring. With these foundational elements we have seen more and more people coming to faith in Jesus and experiencing positive life transformation.

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NEW LIFE CHURCH MILTON KEYNES - {A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 September 2022 to 31 August 2023. The Annual Report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The trust is established to benefit the public by:

The charity trustees have exercised their powers with due regard to the guidance on public benefit published by the Charity Commission to promote the charity's objectives through our main activities, which are described below. All our charitable activities focus on the four purposes outlined above.

b. Strategies for achieving objectives

The charitable objectives are met under the following six areas:

Achievements and performance

a. Main achievements of the Charity

Sunday services

We have seen steady growth in attendance since September 2022, and over 600 people were present on Easter Sunday. As a result, we decided to launch a second Sunday service in April 2023. This proved reasonably successful although there are still some challenges to address in terms of equalising attendance at both services. The earlier service attracts far more families than the later one.

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

Our online services have continued to adapt throughout the year. The move to two in-person services led us to shift our offering to live-streaming the whole of the first service onto YouTube. On Monday the video is then edited to provide that week's sermon as an on-demand offering.

In line with our commitment to inclusion and diversity, we undertake regular audits of the population we serve. Whilst the numbers only reflect those who have participated in the audit process, we can state we serve an ethnically diverse population broadly made up of 28% Black / African / Caribbean / Black British (African, Caribbean, or any other Black / African / Caribbean background) (22% in 2021), 4% Asian / Asian British (Indian, Pakistani, Bangladeshi, Chinese, or any other Asian background), 5% Mixed / multiple ethnic groups (White and Black Caribbean, White and Black African, White and Asian, or any other Mixed / multiple ethnic background) and 62% White (English/Welsh/Scottish/Northern Irish/British/Irish, Gypsy or Irish Traveller, or any other White background including European migrants) (70% in 2021). (NLC Diversity Data February 2022).

Families

We continued to focus on equipping parents to disciple their children rather than relying on traditional Sunday School-style input from church staff and volunteers. As part of this our Families leader and team offer an inhouse developed programme of teaching that reflects the sermon series being delivered to the adults. Children and youth also join with the worship in the auditorium and the whole church engages in a family moment ahead of them going to their age-specific groups. The family moment proved particularly effective in encouraging families to pray together.

For those engaging online the resources used on Sunday mornings were available for download.

Ignite Friday continued to offer a range of activities for children in school years 3 to 6. This group meets fortnightly during school terms. Our Shine your light event, an alternative to Halloween, attracted over 140 people consisting of 40 families.

The youth continued to flourish with weekly meetings on Sundays and Fridays. We sent 76 youth plus team to the key in-person summer event — Newday — always a highlight of the year.

Discipleship and community

Small groups continued to run using a termly programme offering a wide range of activities and continued to be a good way to engage people in spiritual growth and community. Over the year we ran 106 small groups, compared to about 70 in the previous year. A total of 1,044 people signed up.

Throughout the year there was a focus on equipping people to share their faith on a one-to-one basis. The School of Supernatural Life (SSL) changed its name to School of Missional Life to reflect a new emphasis in the curriculum. It ran online again, and 40 students graduated in July. For the first time students from the school were encouraged to go on overseas mission trips to support churches we know well.

The Sozo team began to offer in-person appointments alongside an online offering. This guided prayer ministry, originating in Bethel Church Redding, is a very effective way of allowing the Holy Spirit to lead people into greater freedom from wounds and oppression. The team is now delivering at least one appointment a week.

The pastoral team continued to do a good job of supporting those who were still isolating on both an emotional and a practical level.

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

'

Serving the city

We provide funds and meeting room space to The Ridgeway Community Trust, which continued to support those in need in the wider community in Milton Keynes through the eMbarK counselling service.

Speaking English provides free English language classes to students from many different backgrounds once a week during school terms with an average attendance of at least 12. In addition to classes, the group also offered occasional social activities: these were well-received.

The Community Café at Unity Park Station now caters for 80+ guests every Tuesday and Wednesday. They are provided with hot food and drinks, together with access to other important services from haircuts to support with benefit applications. This operates in partnership with the Milton Keynes Winter Night Shelter. In July 12 guests and a small team from UPS attended a five-day camp designed to help them meet with God. Many of the guests returned with stories of emotional and trauma-related healing. We are also running fortnightly meetings on Sundays with some accessible Christian content, which has been well-received.

In May we launched the Greenley’s community club. This has been a fast-growing project the provides a range of activities and practical support including Foodbank. The Ridgeway Centre is a collection point for donations.

The hardship fund set up at the start of lockdown continued to provide emergency financial support to those in need, and due to the ongoing impact of the pandemic on the UK economy continues to be available for anyone in urgent need of support.

Ridgeway Centre Conferencing provides Milton Keynes with a high-quality conference and meeting venue. The team successfully delivered an agreed income of £289,008 (2022 £236,424). This covers the cost of staff for the business, much of the running cost of the Ridgeway Centre, including cleaning and routine maintenance, plus a profit this year of £65,279 (2022 £85,180).

Serving other churches

We continued to build friendships and provide support to several churches in the Catalyst Network of Churches (CNC). Sharon Clark provides administrative support up to 12 hours each week and is also part of the strategy team. (The church receives financial support from CNC for this.)

We provided preachers to several other churches on a regular basis, including churches in Aylesbury and Towcester.

We continued to have good relationships with five other churches in Wolverton as part'of the Churches Together in Wolverton group. We also hosted a prayer event for Churches Together in Milton Keynes in our newly opened prayer room.

The charity is a member of the Evangelical Alliance.

Global mission

We continued our relationship with the charity Mercy in Action, which works with street children in the Philippines. Frank Clark now serves asa trustee.

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

We continued to support Cally Magalhaes who is working in Sao Paulo with young offenders. Her work mainly consists of running psychodrama courses in prison and providing support to the young people when they are released.

We have continued to build a relationship with Trinitas Church in Skopje, North Macedonia. Students from our School visited in March to support their work. We continued to support a work in Tetovo that is running a community centre and providing services to the local people.

We supported a church in Valencia, Spain which had grown considerably over the past 12 months. The son of one of their key leaders came to the UK to attend Newday with our youth.

Relationships with churches in Albania have continued to grow, and another team of students visited there in May. We also have good relationships with church leaders in Munich (Germany), Istanbul (Turkey), Myanmar, Greece, the DRC and Cambodia.

Zoom proved highly beneficial for developing relationships with church leaders outside of the UK because it put everyone on a level playing field.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

For the current financial year, the target level of free reserves equates to three to six months of the annual expenditure budget, less giving (UK and overseas), depreciation and (if still available) a month mortgage payment holiday. This protects our staff payroll from any unexpected cash flow issues.

c. Social investments

New Life Church did not have any social investments in this accounting year.

d. Principal risks and uncertainties

The charity is financially dependent on the voluntary support of the general public making donations: together . with income from conferencing and office rentals, and from institutions and charitable trusts/foundations -awarding grants. Total voluntary income receipts for the year, including Gift Aid recovery and miscellaneous income, amounted to £1,091,409 (2022 £955,404), The church's total expenditure was £1,013,562 (2022 £830,113). The financial position of the church at 31 August 2023 remains positive. There is a substantial restricted fund of £442,988 ready for the purchase of a further property when something suitable‘ becomes’ available.

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Building space is: currently about 90% meeting rooms and halls and 10% offices. Management and administration costs relate to staff costs, office supplies, photocopying, insurance, professional fees and cleaning. Trustee indemnity insurance is not in place.

The trustees approve an annual budget and give regular attention to financial resuits, variance from budgets and non-financial indicators.

During the year the church had three full-time employees (Executive Pastor, two conferencing and events staff) and up to 30 part-time employees. The average number of staff during the year was 33 (2022 = 31) and the total remuneration for the year came to £472,716 (2022 = £436,683). The cost of the end of year audit was £9,540 plus VAT. The total cost of £11,625 includes the preparation of the financial statements for New Life Church Milton Keynes, Ridgeway Centre Conferencing Limited and Ridgeway Community Trust.

e. Principal funding - Financial effect of significant events

The finances of the church were not affected by any significant events in the reporting year.

Structure, governance and management

a. Constitution

New Life Church Milton Keynes is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of Trustees

The management of the Group and the Charity is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum of Association. The Charity was registered as a Company limited by guarantee on 15 March 2007 with a Memorandum and Articles of Association and as a Charity on 25 February 2007.

c. Organisational structure and decision-making policies

The trustees meet at least three times a year. Existing trustees are authorised to appoint new trustees to fill vacancies .arising through resignation, removal or death of one of their number, and to appoint additional trustees.

The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity. No such investments are presently held.

A: Delegated Safeguarding Officer, together with a team of nominated safeguarding personnel and a safeguarding administrator, ensure all necessary staff and volunteers are police checked. We are registered sunder the Data Protection Act. The charity is committed to delivering good practice in all regulated areas, such as Health & Safety, Child Protection, etc.

Day-to-day operation of the charity is carried out by a team of employees and volunteer-team leaders.

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NEW LIFE CHURCH MILTON KEYNES . (A Company Limited by Guarantee)

‘ TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

d. Pay policy for key management personnel

During the year the following trustees were remunerated, including gross salary, car mileage allowance, expenses, and employers’ pension contributions:

Above £50,000 None £40,000 - £49,999 Tim Williams (Trustees/Senior staff team) Below £30,000 David Eyeington (Trustee/Senior staff team — part-time) Sharon Clark (Trustee/Senior staff team — part-time)

The above paymenis were made under Clause 5.3 (for salaries and pensions) and 5.2.2 (for expenses) of the Memorandum of Association dated 25 February 2007. Salaries and pay increases for members of the senior staff team are set by an independent remuneration committee made up of non-remunerated trustees. This committee takes into consideration the level of responsibility resting with each person, delivery of key objectives throughout the year, comparison of salaries with other churches of a similar size, and the funds available for salaries within the NLC budget.

Statement of Trustees’ responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - -

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NEW LIFE:CHURCH MILTON KEYNES {A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditors

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Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

Auditors

The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Via Mr M J Thorman Chairman Date: Zlo4| 2024

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES

Opinion

nate

We have audited the financial statements of New Life Church Milton Keynes (the ‘parent charitable company’) and its subsidiaries (the 'group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). ‘

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited-by Guarantee)

INDEPENDENT AUDITORS' REPORTTO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES (CONTINUED)

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as. the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to: going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES aac (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements

We have.been appointed as auditor under section 151 of the Charities Act 2011 and repori in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF. NEW LIFE CHURCH MILTON KEYNES (CONTINUED)

In response to the risk of irregularities and non -compliance with laws and regulations, we designed procedures. which included, but were not limited to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ Report.

Use of our report

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

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Shred\ Audit LLP
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Streets Audit LLP Chartered Accountants Potton House Wyboston Lakes Great North Road Wyboston Bedford MK44 3BZ

Date: Ozlos/ 2024

Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF:FINANCIAL ACTIVITIES (INCORPORATING INCOME AND

' EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted Restricted Total Total
funds funds funds funds
2023 : 2023 2023 2022
Note £ £ £ £
Income from:
Donations and legacies 3 723,608 86,504 810,112 822,526
Charitable activities 4 68,871 - 68,871 54,532
Othertrading activities 5 289,008 - 289,008 236,424
Investments 6 9,922 - 9,922 577
Total income 1,091,409 86,504 1,177,913 1,114,059
~
Expenditure on:
Raising funds 7 223,776 - 223,776 954,461
Charitable activities 8 789,786 63,680 853,466 805,671
Total expenditure 1,013,562 63,680 1,077,242 960,132
Net movement in funds 77,847 22,824 100,671 153,927
Reconciliation of funds:
Total funds brought forward 2,412,615 462,761 2,875,376 2,721,449
Net movement in funds 77,847 22,824 100,671 153,927
Totalfundscarriedforward 2,490,462 485,585 2,976,047 2,875,376

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 41 form part of these financial statements.

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NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee) REGISTERED NUMBER: 06162241

- CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET
- - . AS AT 31 AUGUST 2023
2023 2022
Note £ £
Fixed assets
Tangible assets 13 3,097,448 3,050,651
3,097,448 3,050,651
Current assets
Debtors 15 49,829 69,957
Cash at bank and in hand 891,669 845,823
941,498 915,780
Creditors: amounts falling due within one
year 16 (207,718) (158,325)
Net current assets 733,780 757,455
Total assets !ess current liabilities 3,831,228 3,808,106
Creditors: amounts falling due after more
than one year 17 (855,181) (932,730)
Totalnet:assets 2,976,047 2,875,376

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NEW LIFE CHURCH MILTON KEYNES

- (A Company Limited by Guarantee) REGISTERED NUMBER: 06162241

CONSOLIDATED BALANCE SHEET (CONTINUED) iy AS AT 31 AUGUST 2023

2023 2022
Note £ £
Charityfunds
Restricted funds 18 485,585 462,761
Unrestricted funds 18 2,490,462 2,412,615
Totalfunds 2,976,047 2,875,376

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. ae

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

TheaccountingTrusteesrecordsacknowledgeand preparationtheir responsibilitiesof financial statements.for complying with the requirements of the Act with respect— to

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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Mr M J Thorman Chair of trustees Date: 20/e+r| 207+

The notes on pages 20 to 41 form part of these financial statements.

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) REGISTERED NUMBER: 06162241

CHARITY BALANCE SHEET ‘AS AT 31 AUGUST 2023

2023 2022
Note £ £
Fixed assets
Tangible assets 13 3,097,448 3,050,651
Investments 14 4 1
3,097,449 3,050,652
Current assets
Debtors 15 40,440 56,189
Cash at bank and in hand 839,832 828,499
880,272 884,688
Creditors: amounts falling due within one
year 16 (152,307) (133,163)
Net current assets 727,965 751,525
Total assets less current liabilities 3,825,414 3,802,177
Creditors: amounts falling due after more
than one year 17 (855,181) (932,730)
Totalnetassets 2,970,233 2,869,447

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NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) >. REGISTERED NUMBER: 06162241

CHARITY BALANCE SHEET (CONTINUED) | 4° AS AT 31 AUGUST 2023

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2023 2022
Note E £
Charity funds
Restricted funds 18 - 462,761
Unrestricted funds 18 2,970,233 2,406, 686
Total funds 2,970,233 2,869,447
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Total funds

The Charity's net movement in funds for the year was £100,786 (2022 - £158,017).

The Charity was entitled to exemption from audit under section. 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

\VT)/ Mr M J Thorman Chair of trustees Date: 20lo+t] 2024+

The notes on pages 20 to 41 form part of these financial statements.

Page 18

.

NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS . FOR THE YEAR ENDED 31 AUGUST 2023

:

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|236,483|201,631| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|9,922|577| |Purchase|of tangible|fixed|assets|(123,010)|(8,248)| |Net cash|used|in|investing|activities|{113,088)|(7,671)| |Cash|flows|from|financing|activities| |Repayments|of|borrowing|(77,549)|(83,169)| |Net cash|used|in|financing|activities|(77,549)|(83,169)| |Change in|cash|and|cash|equivalents|in|the year|45,846|110,791| |Cash|and|cash|equivalents|at|the|beginning|of the|year|845,823|735,032| |Cash|and|cash|equivalents|at the|end|of the|year|891,669|845,823| |The|notes|on|pages|20|to|41|form|part|of these|financial|statements|

----- End of picture text -----

Page 19

NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

he NOTES TO THE FINANCIAL STATEMENTS ‘ ; FOR THE YEAR ENDED-31 AUGUST 2023 1. General information New Life Church Milton Keynes is private company limited by guarantee incorporated in England and : Wales. The principal place of business and registered office is The Ridgeway Centre, Featherstone Road, Wolverton Mill, Milton Keynes MK12 5TH. , . . 2. Accounting policies tT a 2.1 Basis of preparation of financial statements k The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities , preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. New Life Church Milton Keynes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. re iE S The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet ‘consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. , The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Incorne tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

‘ Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All experiditure is inclusive of irrecoverable VAT.

Page 20

NEW LIFE CHURCH MILTON KEYNES

(Ae-Company Limited by Guarantee)

----- Start of picture text -----
Ve .. NOTES:f0 THE FINANCIAL STATEMENTS
FORTHE YEAR ENDED 31 AUGUST 2023
Zi Accounting policies (continued) Meet mh
2.4 Government grants bi : if
Government grants relating to revenue expenditure are credited to the Consolidated Statement of
Financial Activities as the related expenditure is incurred. ' .
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Group; this is normally upon notification of the interest paid or payable by the
institution with whom the funds are deposited. _
2.6 Tangible fixed assets and depreciation '
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model,
tangible fixed assets are measured at cost less accumulated depreciation and any accumulated
impairment losses. All costs incurred to bring a tangible fixed asset into its intended working
condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives. ,
Depreciation is provided on the following bases:
Freehold property - Main building - 2% straight line
Specific works - 10% straight line .
Land is not depreciated
Fixtures and fittings - Solar panels - 4% straight line ,
Heating and boiler system - 3% straight line =~
Acoustic equipment, drapes, carpet, chairs and °
kitchen equipment - 5% to 10% straight line
Computer equipment - 33% straight line s
2.7 Investments
The charity's investment in its subsidiary undertaking is included at cost. ion
2.8 Debtors oe
Trade and other debtors are recognised at the amount recoverable. Prepayments are valued at the
cost relating to future accounting periods. i ee
2.9 Cash at bank and in hand ‘eer ;
Cash at bank and in hand includes cash and short-term highly liquid investments with’a’ short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account. mdi
----- End of picture text -----

Page 21

:

NEW LIFE CHURCH MILTON KEYNES - {A Company Limited by Guarantee)

----- Start of picture text -----
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
----- End of picture text -----

2. Accounting policies (continued)

2.19 Liabilities and provisions, “|

----- Start of picture text -----
Fo er
----- End of picture text -----

2.11 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The Group contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The purposes and uses of each restricted fund are set out in the notes to the financial statements.

3. Income from donations and legacies

tout Unrestricted Restricted Total Tota!
‘ funds funds funds funds
“ 2023 2023 2023 2022
: £ E £ £
Donations
Contributions from members 721,835 86,504 808,339 815,267
Government grants
Covid support grants - - - - 4,000
CJRS grants - - - 1,175
721,835 86,504 808,339 820,442

Page 22

NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

NOTES:TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Income from donations and legacies (continued)

Unrestricted Restricted Total’ Total’
funds funds funds _ funds
2023 2023 2023 2022
£ £ £ £
Similar incoming resources: 1,773 - 1,773 . , 2,084
. 723,608 86,504 810,112 822,526
Total2022 663,871 158,655 822,526

4, Income from charitable activities

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Income relating to recharges 29,160 29,160 22,817
Other income from various sources 39,711 39,711 31,715
68,871 68,871 54,532

Page 23

NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Income from other trading activities Income from non charitable trading activities

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
RCCL conference income 289,008 289,008 236,424
  1. Investment income
: Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
RCT interest received 11 11 1
Interest received 9,864 9,864 574
Interest receivable 47 47 2
9,922 9,922 577

Page 24

ay

NEW LIFE CHURCH MILTON KEYNES

(A:‘Gompany Limited by Guarantee)

; ‘NOTES TO THE FINANCIAL STATEMENTS FOR:THE YEAR ENDED 31 AUGUST 2023

Pi: Expenditure on raising funds

Other trading expenses

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2023|2023|2022| |£|£|£| |RCCL|Direct|costs|90,480|90,480|60,297| |RCCL|labour|costs|128,380|128,380|90,970| |Administration|expenses|4,916|4,916|3,194| |223,776|223,776|154,461| |8.|Analysis|of expenditure|on|charitable|activities|

----- End of picture text -----

Summary by fund type

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|.|Restricted| |funds|funds|Total|Total| |2023|2023|2023|2022| |£|ca|E|£| |All|age|ministry|691,383|63,680|755,063|596,939| |Training|5,643|-|5,643|4,575| |Childrens|Ministry|3,404|-|3,404|3,104| |Donations|89,356|-|89,356|201,053| |789,786|63,680|853,466|805,671| |Total 2022|675,652|130,019|805,671|

----- End of picture text -----

Page 25

NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee)

a NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
j FORTHE YEAR.ENDED.31 AUGUST 2023
9. Analysis ofexpenditure by activities fe t
Activities
undertaken
directly		 Support
costs		 Total
funds		 Total
funds
2023 2023 2023 2022
£ £ £ £
All age ministry 753,003 2,060 755,063 596,939
Training 5,643 . 5,643 4,575
Childrens Ministry 3,404 - 3,404 3,104
Donations 89,356 - 89,356 201,053
851,406 2,060 853,466: _ . 805,671
Total2022 803,864 1,807 805,671

Page 26

NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee)

5

.. NOTES'TO THE-FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9, Analysis of expenditure by activities (continued)

Analysis of direct costs

All age
ministry		 Training Training Childrens
Ministry		 Donations Total
funds		 Total
funds
2023 2023 2023 2023 2023 2022
£ £ £ £ £ £
Staff costs 355,511 - - - 355,511 350,390
Depreciation 76,212 - - - 76,212 67,057
Ministryand
eventexpenditure 60,821 5,643 3,404 - 69,868 57,682
Rent, rates and
insurance 10,703 - - - 10,703 11,183
Cleaning, repairs
and maintenance 55,541 “ - - 55,541 16,668
Heat and fight 26,702 - - - 26,702 19,380
{T costs 18,689 - - - 18,689 24,565
General office
costs 21,023 - - - 21,023 16,052
Contract labour - . - . - 1,459
Professional fees 13 - - - 13 18
Expenditure on
restricted funds 63,680 - - - 63,680 -
Donations - - - 89,356 89,356 201,053
Bank charges
and interest 55,546 - - - 55,546 26,265
Governance
costs 8,562 - - - 8,562 12,098
753,003 5,643 3,404 89,356 851,406 803,864
Total 2022 595,132 4,575 3,104 201,053 803,864
10. Auditors’ remuneration aS
, 2023 2022
£ £
Fees payable to the Charity's auditorfor forthe audit ofthe Charity's annual
accounts 9,540 10,200

Page 27

NEW LIFE CHURCH MILTON KEYNES :. (A Company Limited by Guarantee)

NOTES TO: THE FINANCIAL STATEMENTS FOR: THE YEAR ENDED 31 AUGUST 2023

11. Staff costs

Staff costs ;
Group Group Charity Charity
2023 2022 2023 2022
cs £ £ £
Wages and salaries 457,537 408,729 446,454 404,052
Social security costs 17,155 22,640 17,155 22,640
Contribution to defined contribution pension
schemes 9,199 9,991 9,107 9,991
483,891 441,360 472,716 436,683
The average number of persons employed bythe Charity during the yearwas as follows:
Group Group Charity Charity
2023 2022 2023 2022
No. No. No. No.
Strategy 3 7 3 7
Central operations 9 13 9 13
Transformation 3 3 3 3
Sundays 3 3 3 3
Other 15 § 15 5
33 31 33 31

No employee received remuneration amounting to more than £60,000 in either year. — :

The key management personnel of the charity comprise the trustees, some of whom undertake paid roles as part of the senior management team. The total amount of employee benefits (including employer national insurance and pension contributions) received by key management personnel for their services to the charity was £107,949 - 3 staff members (2022 £145,673 - 4 staff members).

Page 28

NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Trustees’ remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The payments are made under Clause 5.15 of the Memorandum of Association and are paid in connection with their employment of the charity and not in respect of their role as trustees.

The value of Trustees’ remuneration and other benefits was as follows:

2023 2022
£ £
Mrs S J Clark Remuneration 29,600 28,800
Pension contributions paid 701 677
MrD S Eyeington Remuneration 20,196 20, 388.
Pension contributions paid 1,836 1,861
Remuneration (resigned as a
MrR E Wightman trustee 7 July2022) - 33,333
MrTWilliams Remuneration 43,000 38,000
Pensioncontributionspaid 3,440 3,040

During the year ended 31 August 2023, expenses totalling £7,237 were reimbursed or paid directly to 5 Trustees (2022 - £17,743 paid fo 4 Trustees).

Page 29

NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
; FORTHE YEAR ENDED 31 AUGUST 2023
13. Tangible fixed assets Ng
Group and Charity
:
Freehold		 Fixtures and Computer
property fittings equipment Totai
£ £ -£ £
Cost or valuation
At 1 September 2022 3,285,826 473,862 7,228 3,766,916
Additions - 123,010 - 123,010
At 31 August2023 3,285,826 596,872 7,228 3,889,926
Depreciation
‘At
1 September 2022		 439,870 270,837 5,558 716,265
Charge forthe year 39,380 35,168 1,665 76,213
At31 August2023 479,250 306,005 7,223 792,478
Net book value
At 31 August2023 2,806,576 290,867 5 3,097,448
At 31August2022 2,845,956 203,025 1,670 3,050,651

Page 30

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NEW LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Debtors
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 15,496 22,764 15,374 202
Amounts owed bygroup undertakings - - - 16,805
Otherdebtors 3,031 910 - -
Prepayments and accrued income 31,302 46,283 25,066 39,182
49,829 69,957 40,440 . 56,189
16. Creditors: Amounts falling due within one year
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Bank loans (see note 17) 92,891 91,375 92,891 91,375
Trade creditors 15,459 9,532 10,126 5,494
Amounts owed to group undertakings - - 5,324 471
Other taxation and social security 6,977 8,267 6,800 8,175
Pensicn liabilities 8,886 8,700 8,886 8,700
Other creditors 3,806 2,854 3,262 997
Accruals and deferred income 79,699 37,597 25,018 17,951
207,718 158,325 152,307 133,163

Deferred income includes amounts received for conference centre bookings due to take place after the reporting date amounting to £953 (2022 £16,568).

Page 33

NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. Creditors: Amounts falling due after more than one year

Bank loans (see below)

----- Start of picture text -----
Group Group Charity Charity
2023 2022 2023 2022
: £ 5 4 £ £
855,181 932,730 855,181 932,730
----- End of picture text -----

The bank loans are secured by fixed charges over the land on the south side of Featherstone Road, Wolverton Mill.

.

The bank loans are made up of three individual loans, with the following amounts outstanding at the reporting date:

  • e £654,390 (2022 - £707,107) is repayable in 124 instalments from the reporting date and interest is to be charged at a rate equivalent to 0.9% over base rate.

  • e £228,338 (2022 £240,398) is repayable in 164 instalments from the reporting date and interest is to be charged at a rate equivalent to 2.5% over base rate.

  • e £65,344 (2022 £76,600) is repayable in 61 instalments from the reporting date and interest is to be charged at a rate equivalent to 2.4% over base rate.

Page 34

NEW LIFE CHURCH MILTON KEYNES {&. Company Limited by Guarantee)

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |:|'|NOTES TO|THE|FINANCIAL|STATEMENTS| |FOR THE YEAR|ENDED|31|AUGUST|2023| |18.|Statement|of funds|3|ns| |Statement|of funds|-|current year|;| |Balance|at|1|Balance|at| |September|Transfers|31|August| |2022|Income.|Expenditure|in/out|2023| |£|£|£|£|£| |Unresiricted|funds| |Designated|funds| |Ridgeway|Community Trust|5,929|16,265|(16,435)|-|5,759| |Genera!|funds| |General|Funds|(643,965)|786,136|(825,565)|70,649|(612,745)| |Fixed|asset|reserve|3,050,651|-|(76,213)|123,010|3,097,448| |Ridgeway|Centre| |Conferencing|Limited|-|289,008|(95,349)|(193,659)|“| |2,406,686|1,075,144|(997,127)|-|2,484,703| |Total|Unrestricted|funds|2,412,615|1,091,409|(1,013,562)|“|2,490,462| |Restricted|funds| |Hardship|fund|11,498|10,717|(6,584)|-|15,631| |Phase|3|Building|Acquisition|432,840|10,148|.|-|442,988| |Youth|groups|1,458|4,414|(5,184)|-|688| |Towcester|hardship|fund|-|436|(436)|-|:| |Donations|for|other|charities|-|4,825|(4,825)|.|-| |MK|Hub|12,950|25,368|(22,720)|.|15,598| |DRC|62|1,000|(937)|-|125| |Sarnaritans|Purse|543|-|(543)|-|-| |Crowhursts|3,410|22,795|(15,650)|-|10,555| |Community|Club|-|984|(984)|-|-| |Myarimar|Appeal|-|5,817|(5,817)|-|.| |.|462,761|86,504|(63,680)|-|485,585| |Total|of funds|2,875,376|1,177,913|(1,077,242)|-|2,976,047|

----- End of picture text -----

Page 35

; NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

‘2s. ‘2s. NOTES NOTES TOTHEFINANCIAL STATEMENTS TOTHEFINANCIAL STATEMENTS TOTHEFINANCIAL STATEMENTS
”. 7 . FOR THE: YEAR ENDED 31 AUGUST 2023
18. Statement offunds (continued) ‘ leah 8
Statement offunds - prior year ens ms
Balance at Balance at
1 September Transfers 31August
2021 Income Expenditure in/out 2022
; £ £ £ Ez z
Unrestricted funds a
Designated funds Ai :
RidgewayCommunityTrust Trust 10,013 8,786 (11,330) (1,540) «, 5,929
General funds ae
General Funds (832,683) 710,194 (688,243) 166,767. = (643,965)
Fixed asset reserve 3,109,454 - (67,051) 8,248. - -3,050,6517
Ridgeway Centre RSet Fa
Conferencing Limited - 236,424 (63,489) (172,935) -
2,276,771 946,618 (818,783) 2,080 2,406,686
Total Unrestricted funds 2,286,784 955,404 (830,113) 540: 2,412,615
Restricted funds 5
Towcester Plant 38,911 28,034 (66,945) - , -
Catalyst Sphere - 21,090 (21,090) - ginny om ®
Hardship fund 14,972 2,647 (5,581) (540)... > 11,498
Phase 3 Building Acquisition 373,660 59,180 - - .:4,»,432,840 .:4,»,432,840,
Youth groups 1,458 - - - oi 1,458
Towcester hardshipfund 320 - (320) - -
Donations for other charities 150 7,284 (7,434) a oatycltties =
MK Hub 3,925 13,250 (4,225) mw giant 2,950
DRC 726 2,314 (2,978) eof 62
Samaritans Purse 543 - ~ mere 543
Crowhursts - 24,856 (21,446) - 3,410
434,665 158,655 (130,019) (540) 462,761

Page 36

NEW LIFE CHURCH MILTON KEYNES is (A Company Limited-by Guarantee)

NOTES TO THE FINANCIAL :‘STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

  1. Statement of funds (continued) vid Seer yi >. Total of funds - 2,721,449 1,114,059 (960, 132) - §3..2;875,376

Page 37

ys

wo"

NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee)

pokey '* ‘NOTES TO:THE FINANCIAL STATEMENTS BAe 4 FOR: THE. YEAR.ENDED 31 AUGUST 2023

18. Statement of funds (continued)

;

Designated Funds:

: 2 ova dy

Ridgeway Community Trust - the activities of the subsidiary charity have been consolidated into these accounts and the net income from the recharge of salaries and other costs, less donations made from New Life Church Milton: Keynes is represented as a transfer between funds.

Unrestricted Funds:

"

General fund - may be used for any charitable purpose. The negative reserve in the general fund reflects the trustees' decision to purchase the freehold property used by the charity with the support of bank loans. The general fund balance is restored to a positive, free reserve as the bank loans are repaid from the charity's annual operating surplus.

Fixed asset reserve - the fund represents the net book value of the charity's tangible fixed assets. Depreciation is charged to the fixed asset reserve and additions are shown by way of a transfer between funds.

Ridgeway Centre Conferencing Limited - the activities of the subsidiary company have been consolidated into these accounts and the net income received from the recharge of salaries and other costs, and from the annual donation paid by Ridgeway Centre Conferencing Limited to New Life Church Milton Keynes is represented asa transfer into the charity's general funds.

Restricted Funds:

All restricted funds relate to projects being run by the charity for the following purposes:

Towcester Plant - to accumulate funds for the proposed new site in Towcester

Catalyst Sphere - to accumulate funds on behalf of the Catalyst Network of Churches

Hardship fund - to accumulate funds io assist those individuals in society who are in need

Phase 3 Building Acquisition - to accumulate funds for the purchase of a new building, to be used for both church and community activities. The fund includes one-off and ongoing, regular giving as well as monies received from gift days held by the church.

Youth Groups - to accumulate funds to provide support for those in need for Newday.

Towcester Hardship Fund - to accumulate funds to assist those individuals in the Towcester area who are in financial need.

Donations for other charities - to accumulafe funds on behalf of other charities, for example in response to emergency appeals.

MK Hub - io accumulate funds to fund the hub of churches working with Richard Wightman

DRC - to accumulate funds to send to a connected church in the Democratic Republic of Congo.

Samaritans Purse - to accumulate funds to provide help to individuals through local churches and also to proclaim and demonstrate the love of God amongst communities in need.

Crowhursts - To accumulate funds to support their mission work in Athens, Greece.

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NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee)

*. NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS NOTES TOTHE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 AUGUST 2023
19. Summary offunds t
Summary offunds -currentyear “3 :
Balance at 1 Balance at
: ' September Transfers 31 August
2022 Income ‘Expenditure in/out 2023
£ = £ £ £
Designated funds 5,929 16,265 (16,435) - 5,759
General funds 2,406,686 1,075,144 (997,127) - 2,484,703
Restricted funds 462,761 86,504 (63,680) - 485,585
2,875,376 1,177,913 (1,077,242) - 2,976,047
Summaryoffunds- prioryear
Balance at Balance at
1 September Transfers 31 August
2021 Income Expenditure in/out 2022
£ £ £ £.. -
£
Designated funds 10,013 8,786 (11,330) (1,540) 5,929
General funds 2,276,771 946,618 (818,783) 2,080 2,406,686
Restricted funds 434,665 158,655 (130,019) (540) 462,761
2,721,449 1,114,059 (960,132) - 2,875,376

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
= £ £
=. Tangible fixed assets 3,097,448 - 3,097,448
: . Current assets didi 455,913 485,585 941,498
i." Creditors due within one year (207,718) - (207,718)
."+ Creditors due in more than one year (855,181) - (855,181)
~
Total
—		 2,490,462 485,585 2,976,047

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:

NEW. LIFE CHURCH MILTON KEYNES

(A Company Limited by Guarantee)

‘

|ON|RteeS TT
SE EDSS oe aSS|mm|ES|7AS | oe
EE|7AS | oe
EE|He| |---|---|---|---|---|---|---| ||NOTES:
TO THE FINANCIAL STATEMENTS|||||| ||FOR: THEYEAR ENDED 31 AUGUST 2023|||||| |20.|Analysis of net-assets between funds (continued)|||||i| ||Analysis ofnet assets between funds - prioryear|||||*| ||535|||Unrestricted|Restricted|Totai| |||||funds|funds|funds| |||||2022|2022|2022| ||,|||£|£|£| ||Tangible fixed assets|||3,050,651|-|3,050,651| ||Current assets|||453,019|462,761|915,780| ||Creditors due within one year.:_|||(158,325)|.|(158,325)| ||Creditors due in more than oneyear|||(932,730)|-|(932,730)| ||Total|||2,412,615|462,761|2,875,376| |21.|Reconciliation of net movement|in funds to net cash flowfrom operating|||activities|| ||a.||||Group|Group| ||||||2023|2022| ||||||‘£|£| ||Net income forthe year (as perStatement of Financial Activities)||||100,671|153,927| ||Adjustments for:|||||| ||Deprsciation charges||||76,213|67,051| ||Dividends, interests and rents from|investments|||(9,922)|(577)| ||Decrease/(increase) in debtors||||20,128|(12,233}-| ||increase/(decrease) in creditors||||49,393|(6,537}| ||Netcash provided by operating activities||||236,483|201,631| |22.|Analysis ofcash and cash equivalents|||||| ||||||Group|Group| ||||||2023|“+ 2022| ||||||£|i!
£| ||Cash in hand||||891,669|845,823| ||Totalcashandcashequivalents||||891,669|845,823|

Page 40

NEW LIFE CHURCH MILTON KEYNES - (A Company Limited by Guarantee)

“+. NOTES TO THE FINANCIAL STATEMENTS _ |. FOR: THE. YEAR ENDED 31 AUGUST 2023

23. Analysis of changes in net debt: «

Analysis of changeschanges in net debt: « me
°oed		 or
Ati
September At 31
2022 Cash flows August 2023
£ £ £
Cash at bank and in hand 845,823 45,846 891,669
Debtduewithin 1 year (100,075) (1,702) (101,777)
Debt due after1year (932,730) 77,549 - (855,181)
(186,982) 121,693°* (65,289)

24. Members’ liability

i

. Each member of the charitable company undertakes to contribute to the assetsof the company in the - event of it being wound up while he/she is a member, or within one year after he/she ceases io be a member, such amount as may be required, not exceeding £100 for the debts and liabilities contracted before he/she ceases to be a member. Related party transactions we The Charity has not entered into any related party transaction during the year, nor are there any : outstanding balances owing between related parties and the Charity at 31 August 2023: |" *

25. Related party transactions

Page 41