Registered number: 06162241 Charity number: 1119167 NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) CONTENTS Page Raf•r•nc• and Admini8trativa D•tails of the Charity, Its Trustaas and Advisers Chalmian's Statement Trustees. Report Indep•nd•nt Auditors. Report on tho Financial Statements Consolldated Statement of Flnancial Activiti•s 10-13 14 Consolldated Balance Sheet 15-16 Charity Balance Sheet Consolldat•d Statamant of Cash Flows 17-18 19 Notes to tho Financial Statamants 20-40
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr J O Awoniyi (resigned 17 March 2025) Mr F H Clark Mrs S J Clark Mr D S Eyeington Mrs L Grabs (appointed 5 September 2023) Mr S G Halford Mr O B Ojemuyiwa (appointed 5 September 2023) Mr M J Thorman, Chairman (resigned 17 March 2025) Mr M R Wightman (appointed 5 September 2023) Mr T Williams, Chairman Company ragistered numb•r 06162241 Charity registered number 1119167 Reglstered office The Ridgeway Centre Fealherstone 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 Page 1
NEW LIFE CHURCH MILTON KEYNES (A Company Limit by Guaranta•) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 The chairman presents his ststement for the year. This financial year - September 2023 to August 2024 - was a year of growth and development in all areas. In particular we invested in our staff team, making a number of appointments to support our ministry and large volunteer team. Throughout the year we focused from a vision point of view on three key items we felt God had directed us towards.. Ministry- which was reflected in the launch of a dedicated prayer space Mercy- which is reflected in our growing community action projects Multiplication - which includes both numerical growth and a greater focus on belng disciples who make disciples. Our Sunday attendance has grown steadily and we have continued to offer Iwo morning services online with the first one live-slreamed to YouTube. An ongoing challenge is recruiting volunteers to support the later service as this tends to attract more visitors and those relatively new to the Ghurch. The earlier service is also favoured by those with younger children and youth. We continued to place a strong emphasis on developing discipleship tools and practice. As part of this we launched a disciple-making pathway and put considerable time and effort into encouraging the church to use it. Feedback from those using the tool is very positive. Our staff team has continued to handle ongoing change with resilience and positivity. The new team structu introduced in 2023 has worked well. Positives include our largest ever attendance at the newday youth week. Financially we finished the year on a positive note with our conferencing business exceeding their financial target. Those who regularly attend New Life Church continued to be generous in thelr support of the ministry activities, and church giving income exceeded our budget plan. During the year we have seen people of all ages coming to faith in Jesus and experienclng positive life transformation. Our community action programme continues to support the vulnerable and lonely across the city, and relationships with our global family have strengthened. Mr T Williams Chairman Date.. 03 .04 lols Page 2
NEW LIFE CHURCH MILTON KEYNES (A Company Llmited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audiled financlal statements of the Charlty for the 1 September 2023 to 31 August 2024. 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 charitab5e 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 accordan 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. Objectlves and actlvltlas a. Pollcles and objectives The trust is established to benefit the public by: advancing Chrislianity in accordance with the doctrines of the faith relieving people who are in charitable need, because of sickness or poor health, age, financial hardship or some other reason promoting and providing education (including vocational training) promoting such other charitable objects as the Irustees shall from time to time determine. The charity trustees have exerclsed thelr powers wilh due regard to the guidance on publlc 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. Strategles for achi•ving objectives The charitable objectives are met under the following six areas: Sunday services Familie5 Discipleship and community Serving the city Serving other churches Global mission Achi•vaments and performance a. Maln achlevements of the Charity Sunday services We launched a second Sunday service in April 2023. and this has proved reasonably sucSsful over months relevant to this report. There is a challenge to address in terms of volunteer levels at the second service as it attracts more visitors and those new to the church. The earlier service attracts far more families than the later one. Our online services have continued throughout the year with investment in new cameras and other equipment. Page 3
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance (contlnued) We live-stream the whole of the first service onto YouTube, taking appropriate steps to safeguard any under- 18s that may appear on camera. On Monday the video is 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. We gathered dates in February 2022, which was included in last year's report. The next survey is scheduled for February 2025. 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 in- house 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. For those engaging online or using our on-dernand sermon offerlng 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 fortnighlly during school terms. Our Share the Light event in October 2023 was an alternative to Halloween, and attracted 142 people cons1Sting of 40 families. The youth continued to flourish with weekly meetings on Sundays and Fridays. We sent more than go youth plus team to the key in-person summer event - newday- always a highlight of the year. This was substantially more than attended the previous year, Discipleship and communlty Small groups continued to run using a termly programme offering a wide range of actlvitles and continued to be a good way to engage people in spiritual growth and community. Over the year we ran 110 small groups, compared to about 106 in the previous year. A total of 977 people signed up. Throughout the year there was a focus on equipping people to sh8re their faith an a one-to-one basis. The School of Missional Life ran with a revised name and focus on mission, and 40 students graduated in July 2024. 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 continued 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 oppSsion. The team continues to deliver at least one appointment a week. The pastoral team, now with a new team lead, continued to do a good job of supporting those who were still isolating on both an emotional and a practical level. Serving tho 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 KeeS through the eMbarK Christian counselling service. Page 4
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance (continued) 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 22. In addition to classes, the group also offered Cas1Onal social activities: these were well-received. The Community Café at Unity Park Station now caters for 75+ 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 Unity UK. The Greenlels communlty club launched in May 2023 has gone from strength to strength. This Christmas Fayre was a huge SUCss, and local residenls are very supportive of the weekly activitles. The hardship fund continued to provide emergency financial support to those in need. Over this financial year 30 grants were made totalling £10,500. A new initiative explored a franchise agreement with Hope in Action, a charity that facilitates house purchases that enable organisalions to provide accommodation for some of the most vulnerable in society. New Life received a generous legacy gift to enable a house purchase. which completed just beyond the financial year relevant to this report. While the house will be owned by New Lrfe, the franchise agreement is with the Ridgeway Community Trust. Ridgeway Centre Conferencing provides Milton Keynes with a high-quality conference and meeting venue. The team successfully delivered an agreed income of £391,549 {2023 £289,008). 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 106,587 (2023 £65,279). Serving other churche8 We continued to build friendships and provide support to a number of 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 the latter.) We provlded 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. The charity is a member of the Evangelical Allian. Global mission We continued our relationship with the charity Mercy in Action, which works with street children in the Philippines. Frank Clark serves a5 a trustee. 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 lo the young people when they are released. Frank and Sharon Clark visited Brazil in May and saw the excellent work she does first hand. 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. The 50n of the church leaders spent a very positive and fruitful year with New Life as an intern, Page 5
NEW LIFE CHURCH MILTON KEYNES (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance (continued) We supported a church in Valencia, Spain which had grown considerably over the past 12 months. Students from our School visited in April, and some made a second visit later in the year to attend a women's conference at the church. Relationships with churches in Albania hava continued to grow. and 8nother team of students visited there in May. We also have good relationships with church leaders in Greece, Munich (Germany), Izmir (Turkey), India. Kenya and Myanmar. Zoom is highly beneficial for developing relationships with church leaders outside of the UK because it put everyone on a level playing field. Flnanclal revlew a. Golng concem 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 pollcy 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 lif still available) a month mortgage payment holiday. This protects our staff pay roll from any unexpecled cash flow issues. . Soclal investments New Life Church did not have any social investments in this accounting year. d. Prlnclpal rlsks and uncertalntles 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 trustslfoundations awarding grants. Total voluntary income receipts for the year, including Gift Aid recovery and miscellaneous income, amounted to £1,304,322 (2023 £1,091,409). The church's total expenditure was £1.167,180 (2023 £1,013,562). The financial position of the church at 31 August 2024 remains positive. There is a substantial restricted fund of almost £442,988 ready for the purchase of a further property when something suitable becomes available. Building space is currently about 90% meeting room5 and halls and 10Vo offices. Management and administration costs relate to staff costs, office supplies, photocopying, insurance, professional fees and cleaning. The trustees approve an annual budget and give regular attention to financial results, variance from budgets and non-financial indicators. Page 6
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 During the year the church had three full-time employees (Senior Leader, two conferencing and events stafQ and more than 30 part-time employees. The average number of staff during the year was 35 (2023 - 33) and the total remuneration for the year came to £571,056 (2023 £472,716). The cost of the end of year audit was £8,250 plus VAT. The total cost of £12,060 includes the preparalion of the financial statements for New Lrfe Church Milton Keynes, Ridgeway Centre Conferencing Limited and Ridgeway Community Twst. Structure, governance and managem6nt a. Constltutlon New Llfe Church Mllton Keynes is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appointmont or election of Trugtee8 The managemenl of the Group and the Charity is the responsibility of the Trustees who are elected and co- opted 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. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements are listed on page 1. c. Organlsatlonal Structure and decision-making policies The Irustees meet at least three times a year. Existing trustees are authorised to appoint new trustees to fill vacancies arising through resignation. removal or dealh 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 nomlnated safeguarding personnel and a safeguarding administrator, ensure all necessary slaff and volunteers are police checked. We are registered under the Data Protection Act. The charily is Gommitted to delivering good practice in all regulated areas. such as Health & Safety. Child Protection. etc. Day-to4ay operation of the charity is carried out by a team of employees and volunteer team leaders. Page 7
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (contlnued) 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.. Abov8 £50.000 £40,000 - £49,999 Below £30,000 None Tim Williams Sharon Clark David Samuel Eyeington (Trusteeslsenior staff team) (Trusteelcommunications Leader- part-time) {TrusteelSchool of Missional Life Leader - part-time) The above payments were made under Clause 5.15 (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 Irustees. 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. Stat•ment of Trustee8' r98ponslbllltle3 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 flnanclal year. Under company law, the Trustees must not approve the financial ststements 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.. select suitable accounting policies and then apply them consislently., observe the methods and principles of the Charities SORP (FRS 102),. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitvs 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. Page 8
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Dlsclosure of Informatlon to audltors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. Audltors 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.. Mr T Williams Chairman Date. o£.c£t.2oL£ Page 9
NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee} INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES Opinion We have audited the financial statements of New Life Church Milton Keynes (the 'parent charitable companrf) and its subsidiaries (the 'group') for the year ended 31 August 2024 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: give a true and fair view of the state of the Group's and of the parent charitable companls affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended. have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Inlernational 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 ststements 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. Concluslons relatlng to golng 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 companls 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. Page 10
NEW LIFE CHURCH MILTON KEYNES (A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO 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 whlch we are requlred to report by exceptlon 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: the information given in the Trustees, Report is inconsistent in any material respect with the financial statements,. or the parent charitable company has not kepl sufficient accounting records,. or the parent charitable company financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. R08ponsibllltles of tru8t•O8 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 financi81 statements that are free from material mi5Statement, thether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable companvs 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. Page11
NEW LIFE CHURCH MILTON KEYNES (A Company Limitad by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW LIFE CHURCH MILTON KEYNES (CONTINUED) Auditors, responsibllltles for the audit of the financlal statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 laken on the basis of these financial statements. Irregularities, includlng fraud, are in5tance5 of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material mlsstatements in respect of irregularities, Including fraud. The extent to which our procedures are capable of detectlng irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material mi5Statement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulation we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our commercial knowledge and experience of the charity we focused on specific laws and regulations which we considered May have a direct material effect on the financial statements or the operations of the company, induding the Companies Act 2006, Charlties Act 2011, data protaction, employment, tsxation, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence: and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the companls financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud and their knoedge of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transactions- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. Page 12
NEW LIFE CHURCH MILTON KEYNES (A Company Limlted 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 ProdureS which included, but were not limited to: agreeing financial statements and disclosures to underlying supporting documentation., reading the minutes of governor meetings of those charged with governance., and enquiring of management as to actual and potential litigation and claims. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: ww.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Uso of our report This report is made solely to the charltable company's trustees, as a body, In accordance wlth Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audlt work has been undertaken so that we mlght state to the charitable com pany'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. Streets Audit LLP Chartered Accountants Potton House Wyboston Lakes Great North Road Wyboston Bedford MK44 3BZ Date: I Ic>4 Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 13
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 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total fvnds 2023 Note Income from: Donations and legacies Charitable activities 811,712 73,292 391,549 27,769 484,159 1,295,871 73,292 391,549 27,769 810.112 68,871 289,008 9,922 Other trading activities Investments Total Income 1,304,322 484,159 1,788,481 1,177,913 Exp•ndltur• on: Raising funds Charitable activlties 275,171 892,009 275,171 960,229 223, 776 853,466 68,220 Total expendlture 1,167,180 68,220 1,235,400 1,077.242 Net movement in fund8 137.142 415,939 553,081 100,671 Reconclliatlon of funds: Total funds brought forward Net movement in funds 2.490,462 137,142 485,585 415,939 2,976,047 553,081 2,875,376 100,671 Total funds carrled forward 2,627,604 901,524 3,529,128 2,976,047 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 20 to 40 form part of these financial statements. Page 14
NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarante•) REGISTERED NUMBER: 06162241 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets 13 3,036,065 3,097,448 3,036,065 3,097.448 Curr•nt assets Debtors Cash at bank and in hand 15 106.277 1,409.665 49.829 891,669 1,515,942 941,498 Creditors: amounts falling due within one year 16 (232,006) (207,718) Net current assets 1.283.936 733, 780 Total assets less current liabiliti 4,320,001 3,831,228 Credilors.- amounts falling due after more than one year (790,873) (855, 181) Total net assets 3,529,128 2.976,047 Page 15
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) REGISTERED NUMBER: 0616224 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 2024 2023 Note Charlty funds Restricted funds Unrestricted funds 18 901,524 2,627,604 485,585 2,490.462 18 Total funds 3,529,128 2,976,047 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entlty to obtain an audit for the year in question in accordance with sectlon 476 of the Companies Act 2006. However, an audit is required In accordance with section 151 of the Charities Act 2011 . The Trustees acknowledge thelr responsibillties 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: Mr T Wllllams Chairman Date: o£.04. 2ol5 The notes on pages 20 to 40 form part of these financial statements. Page 16
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) REGISTERED NUMBER: 06162241 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets Investments 13 3,036,065 3,097,448 14 3.036,066 3,097,449 Current assets Debtors Cash at bank and in hand 15 105,322 1,338,430 40,440 839,832 1,443,752 880,272 Creditors: amounts falllng due wlthln one year 16 {164,423) (152.307) Net current a888t8 1,279,329 727,965 Total assets less current liabilities 4,315,395 3.825.414 Creditors: amounts falling due after more than one year 17 (790,873) (855, 181) Total net a88et8 3,524,522 2,970,233 Page17
NEW LIFE CHURCH MILTON KEYNES (A Company Limit•d by Guarantee) REGISTERED NUMBER: 06162241 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 2024 2023 Note Charfty funds Restricted funds Unrestricted funds 18 18 902,024 2,622,498 485, 585 2,484,648 Total funds 3,524,522 2,970.233 The Charitls net movement in funds for the year was £554,289 (2023- £100,786). The Charity was entitled to exemption from audit under section 477 of the Companies Act 2008. The members have not requlred the entity to obtain an audit for the year in questlon In accordance with section 476 of the Companies Act 2008. However, an audit Is requlred In accordance with section 151 of the Charltles 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 authorlsed for issue by the Trustees and signed on their behalf by: Mr T Wllliams Chairman Date: os. 04. loZS The notes on pages 20 to 40 form part of these financial statements. Page18
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from oparating activities Net cash used in operating activities 575,081 236,483 Cash flows from Investlng actlvltles Dividends. interests and rents from Investments Purchase of tangible fixed assets 27,769 9,922 (16,991) (123,010) Net cash provlded byl{u8•d in) investing actlvltles 10.778 (113,088) Cash flows from flnanclng activities Repayments of borrowing (67,863) (77,549) Net cash used in financing activitSe8 (67,863) (77.549) Chang• in cash and cash equlvalents in the yaar Cash and cash equivalents at the beginning of the year 517,996 45,846 891,669 845,823 Cash and cash equivalent8 at the end of the year 1.409,665 891,669 The notes on pages 20 to 40 form part of these financial statements Page 19
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 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. Accountlng pollcle8 2.1 Basls of preparatlon of flnanclal statements 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. 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 consolidaled 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. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.3 Expendltura 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 5etUement 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 expenditure is inclusive of irrecoverable VAT. 2.4 Government grants Government grants relating to revenue expenditure are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. Page 20
NEW LIFE CHURCH MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.5 Interest recelvable 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 Tangibla flx•d assets and d•preciation Tangible flxed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulaled Impairment losses. All costs incurred to bring a tangible fixed asset into Its intended working conditlon should be included in the measurement of cost. Depreclation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated usefu5 lives. Depreciation is provided on the following ba5es'. Freehold property Main building 20/0 Straight line Specific works - 10.10 Straight line Land is not depreciated Solar panels 4 % straight line Heating and boiler system 3¥0 Straight line Acoustic equipment, drapes, carpet, chairs and kitchen equipment - 50/0 to 100/0 Straight line 33°/o slraight line Fixtures and fittings Computer equipment 2.7 Investments The charity's investment in its subsidiary undertaklng is included at Gost, 2.8 Debtors Trade and other debtors are recognised at the amount recoverable. Prepayments are valued at the cost relating to future accounting periods. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilitios and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Page 21
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.11 Financial instruments The Group only has financial assets and financial li8bilities of a kind that qualify as basic financial nstruments. 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 accountlng 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. Incomè from donations and legacies Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Contributions from members 809,675 484,159 1,293,834 808,339 809,675 484,159 1,293,834 808.339 Similar incoming resources 2.037 2,037 q, 773 811,712 484,159 1,295,871 810,112 Total 2023 723,808 86,504 810,112 Page 22
NEW LIFE CHURCH MILTON KEYNES {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable actlvltles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income relating to recharges Other Income from various sources 23,733 49,559 23,733 49,559 29,160 39,711 73,292 73,292 68,871 Income from other tradlng actlvities Income from non charltable trading activities Unrestricted funds 2024 Total fund8 2024 Total fvnds 2023 RCCL conference income Other income 388,969 2.580 388,969 2,580 289,008 391,549 391,549 289,008 Investment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 RCT interest received Interest receNed Interest receivable 11 11 27,652 106 27,652 106 9,864 47 27,769 27,769 9,922 Page 23
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on ralslng funds Other trading expenses Unr•strict•d funds 2024 Total fund8 2024 Total funds 2023 RCCL Dlrect costs RCCL labour costs Cost of sales Administration expenses 113,150 144,493 4,957 12,571 113,150 144,493 4,957 12,571 90,480 128,380 4,916 275,171 275,171 223, 776 Analysis of axpandituro on charitable actlvitles Summary by fund type Unrestrlcted Restrlcted funds funds 2024 2024 Total 2024 Total 2023 All age ministry 892,009 68,220 960,229 853,466 Total 2023 789, 786 63,680 853,466 Page 24
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expènditura by activities Activities undertaken directly 2024 Support Costs 2024 Total funds 2024 Tot81 fvnds 2023 All age ministry 958,014 2,215 960,229 853,466 Total 2023 851,406 2.060 853,466 Analys18 of dlrect C08t8 All age ministry 2024 Total funds 2024 Total fvnds 2023 Staff costs Depreciation Ministry and event expenditure Rent. rates and insurance Cleaning, repairs and maintenance Heat and light IT costs General offlce costs Professional fees Expenditure on restricted funds Donations Bank charges and interest Governance costs 440,023 78,375 81,932 11,815 27,566 30,795 27.111 29,553 440,023 78,375 81,932 11,815 27,566 30.795 27,111 29,553 355.511 76,212 69,868 10,703 55,541 26. 702 18,689 21,023 13 63,680 89,356 55,546 8.562 68,220 82.641 69,543 10.440 68,220 82,641 69,543 10,440 958,014 958,014 851,406 Page 25
NEW LIFE CHURCH MILTON KEYNES (A Company Limfted by Guaranta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Auditors. remuneratlon 2024 2023 Fees payable to the Charitsls auditor for the audit of the Charitys annual accounts 9,900 9,540 11. Staff costs Group 2024 Group 2023 Charlty 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 528,849 41,699 457.537 17,155 515,533 41,699 446,454 17,155 13,968 9.199 13,824 9, 107 584,516 483,891 571,056 472.716 The average number of persons employed by the Charity during the year was as follows.. Group 2024 No. Group 2023 No. Charity 2024 Charity 2023 No. Strategy Missions Discipleshlp Operations Communicatlons Conferencing 13 16 13 16 35 33 35 33 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 {in¢luding employer national insurance and pension contributions) received by key management personnel for their services to the charity was £111.810 (2023 £107.949). Page 26
NEW LIFE CHURCH MILTON KEYNES (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Trustèes. 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, mUneratIon and other benefits was as follows.. 2024 2023 Mrs S J Clark Remuneration Pension contributions paid Remuneration Pension contributions paid Remuneration 29,896 708 29,600 701 20, 196 1,836 43,000 3,440 Mr D S Eyeington 20,398 1,854 45,795 3,664 Mr T Williams Pension contributions paid During the year ended 31 August 2024, expenses totalling £3,404 were reimbursed or paid directly to 6 Trustees (2023 - £7,327 paid to 5 Trustees). Page 27
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tangible fixed assets Group and Charlty Freehold Fixtures and property fittings Computer equipment Total Cost or valuation At 1 September 2023 Addition5 3,285,826 596,872 16,991 7,228 3,889,926 16,991 At 31 August 2024 3,285,826 613,863 7,228 3,906,917 Depreclatlon At 1 September 2023 Charge for the year 479,249 39,380 306,006 38,989 7,223 792,478 78.374 At 31 August 2024 518.629 344,995 7,228 870,852 Net book value At 31 August 2024 2,767,197 268,868 3.036,065 At 31 August 2023 2,806,577 290,866 3,097,448 Page 28
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NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Du• within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 42.904 15,496 15,374 48,383 26,000 30.939 26,000 37,373 3,031 31,302 25,066 106,277 49,829 105,322 40,440 16. Credltors: Amounts falling due wlthln one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Bank loans (see note 17) Trade creditors Amounts owed to group undertakings Other taxation and social security Pension liabilities Other creditors Accruals and deferred income 89,336 20,509 92,891 15,459 89,336 11,276 9,961 9,817 9,595 7,557 26,881 92,891 10,126 5.324 6,800 8,888 3,262 25,018 9,817 9,595 8,080 94,669 6,977 8,886 3,806 79,699 232,006 207,718 164,423 152.307 Deferred income includes amounts recelved for Conferen centre bookings due to tske place after the reporting date amounting to £664 (2023 £953). Page 31
NEW LIFE CHURCH MILTON KEYNES (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Credltors: Amounts falling dua aftèr more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans (see below) 790,873 855,181 790,873 855,181 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,, £607.478 (2023 - £654.390) is repayable in 112 instalments from the reporting date and interest is to be charged at a rate equivalent to 0.90 over base rate. £218,395 {2023 £228.338) is repayable in 152 instalments from the reporting date and interest is to be charged at a rate equivalent to 2.50 over base rate. £54,335 (2023 £65,344) is repayable in 49 instalments from the reporting date and interest is to be charged at a rate equivalent to 2.4 % over base rate. Page 32
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfèrs inlout Income Expendlture Unrestrlcted funds Deslgnated funds Ridgeway Community Trust 5,814 7,261 {18,685) 10,216 4,606 General fund8 General Funds Fixed asset reserve Ridgeway Centre Conferencing Limited (612,800) 3,097,448 905,512 (785,159) (78,374) 79,380 16,991 {413,067) 3.036.065 391,549 (284,962) (106,587) 2,484,648 1,297.061 (1,148,495) (10,216) 2,622,998 Total Unrestrlcted funds 2,490,462 1.304,322 (1,167,180) 2,627.604 Restrlcted fund8 Hardshlp fund Phase 3 Building Acquisition Youth groups Donations for other charitles MK Hub 15,631 442,988 688 9.098 4,450 5,960 11,358 22,928 394 14,766 8,350 406,262 593 (10,503) 14,226 447,438 1,287 (5,361) {11,358) (28,416) (394) (10,375) 15,598 125 10,110 125 DRC Crowhursts MUGA Hope into Action Encounler Camp 10,555 14,946 8.350 405.042 (1,220) (593) 485.585 484,1 $9 (68,220) 901,524 Total of funds 2,976,047 1,788,481 (1,235,400) 3,529,128 Page 33
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 18. Statement of funds (continued) Statament of funds - prlor year 8alance at I September 2022 Balance at 31 August 2023 Transfers in/oul InGome Expenditur8 Unrostrlcted funds Deslgnated funds Ridgeway Community Trust 5,929 16.265 (16.435) 5, 759 Goneral funds General Funds Fixed asset reserve Ridgeway Centre Conferencing Limited (643,965) 3.050.651 786, 136 (825.565) (76,213) 70,649 123,010 (812, 745) 3.097.448 289,008 (95,349) (193,659) 2,406,686 1,075, 144 (997,127) 2,484, 703 Total Unr•strict•d fund8 2,412,615 1,091,409 (q.013,562) 2,490,462 Restrlcted fund8 Hardship fund Phase 3 Building Acquisition Youth groups Towcester hardship fund Donations for other charities MK Hub DRC 11,498 432.840 1,458 10,717 10, 148 4,414 436 4.825 25,368 1,000 (6.584) 15,631 442,988 688 (5, 184) (436) (4,825) (22. 720) (937) (543) (15,650) (984) (5,817) 12.950 62 543 15,598 125 Samaritans Purse Crowhursts Community Club Myanmar Appeal 3.410 22, 795 984 5,817 10.555 462.761 86,504 (63, 680) 485,585 Page 34
NEW LIFE CHURCH MILTON KEYNES (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continued} Total of funds 2,875,376 1,177,913 (1,077,242) 2,976,047 Page 35
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds {continued} Designated Funds., Rid ewa Communit 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 lo 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. Rid ewa Centre Conferencin 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 Lrfe Church Milton Keynes is represented as a transfer into the charitls general fund5. Restrlcted Funds.. All restricted funds relate to projects being run by the ch8rity for the following purposes.. Towcester Plant - to accumulate funds for the proposed new site in Towcester Catal st S here- to accumulate funds on behalf of the Catalyst Network of Churches Hardshi fund - to accumulate funds to assist those individuals in society who are in need Phase 3 Buildin Ac uisition - to accumulate funds for the purchase of a new building, to be used for both church and community activitles. The fund includes one-off and ongoing, regular giving as well as monies received from gift days held by the Church. Youth Grou s- to accumulate funds to provide support for those in need for Newday. Towcester Hardshi are in financial need. Fund - to accumulate funds to assist those individuals in the Towcester area who Donations for other charities - to accumulate funds on behalf of other charities, for example in response to emergency appeals. MK Hub - to 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 proclaiffl and demonstrate the love of God amongst communities in need. Crowhursts - To accumulate funds to SUPPOrt their mission work in Athens. Greece. MUGA - Funds donated towards the installation of a Multi-use Games Area (MUGA) on The Ridgeway Centre grounds. Page 36
NEW LIFE CHURCH MILTON KEYNES (A Company Limitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continued) Ho e into Actlon- Funds donated towards the purchase of a house for the homeless. Encounter Cam Worcestershire. Funds raised towards the cost of enabling the homeless to attend Encounter Camp, 19. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers Inlout Incomo ExndIture Designated funds General funds Restricted funds 5,814 2,484.648 485,585 7,261 1,297.061 484.159 (18,685) (1,148,495) {68,220) 10,216 110,216) 4,606 2,622,998 901,524 2,976,047 1,788,481 (1,235,400) 3,529,128 Summary of funds - prior year Balance at I September 2022 Balance at 31 August 2023 Transfers in/out Income Expenditure Designated funds General funds Restricted funds 5,929 2,406,686 462,761 16.265 1,075, 144 86,504 (16,435) {99T, 127) (63,680) 5, 759 2,484, 703 485.585 2,875,376 1,177,913 (1,077,242) 2,976,047 Page 37
NEW LIFE CHURCH MILTON KEYNES (A Company Limit by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Analysis of net assets between funds Analysls of net assets between funds - current perlod Unr•strictad Restricted funds funds 2024 2024 Total fund8 2024 Tangible fixed assets Current assets Creditors due withln one year Creditors due in more than one year 3,036,065 614,418 (232,006) {790,873) 3,036,065 1,515,942 (232.006) (790,873) 901,524 Total 2,627,604 901,524 3,529,128 Analysis of net assets between funds - prior period Unrestrict8d funds 2023 R8strict8d funds 2023 Tot81 funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due In more than one year 3.097,448 455,913 (207.718) (855, 181) 3.097,448 941,498 (207. 718) (855, 181) 485,585 Total 2,490,462 485,585 2,976,047 Page 38
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Reconcillation of net mov•m•nt in funds to net cash flow from operating activities Group 2024 Group 2023 Net income for the period (as per Statement of Flnanclal Activities) 553.081 100.671 Adjustment8 for: Depreciation charges Dividends, interests and rents from Investments Decreasel{increase) in debtors Increase in creditors 78,374 {27,769) {56,448) 27,843 76,213 (9,922) 20.128 49,393 Net cash provided by operating activitles 575.081 236,483 22. Analysls of cash and Gash equlvalents Group 2024 Group 2023 Cash in hand 1,409,665 891.669 Total cash and cash équivalents 1,409,665 891,669 23. Analysls of changes In nat debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 891,669 {101,777) {855.181) 517,996 1,409.665 (98,931) (790,873) 64,308 (65,289) 585,150 519,861 Page 39
NEW LIFE CHURCH MILTON KEYNES (A Company Limited by Guarant•o) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Members. liabillty Each mernber of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member. or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £100 for the debts and liabilities contracted before helshe ceases to be a member. 25. Related party transactions 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 2024. Page 40