NEW LIFE CHRISTIAN CENTRE (CROYDON) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Charity Number: 1123257 Company Number: 6484891
NEW LIFE CHRISTIAN CENTRE (CROYDON) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Contents Page Reference and administrative details Trustees, Report Auditor'5 Report Statement of Financial Activities 8-11 12 Balance Sheet 13 Statement of Cash Flows Notes to the Financial Statements 14-15 16-30
NEW LIFE CHRISTIAN CENTRE (CROYDON) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST MARCH 2024 Trustees Non-Trustee Elders Mr Frederick Asante Mr Tim Coales Dr Peter Debrah-Men5ah Mr Gerald Huston Mr Chris James Mr Adetayo Aderemi Mr Chima Amiaka Mrs Cynthia Caiquo Dr Olukunle Onabolu Mr Neville Pinto Mr Mark Rossell Mr Tony Sokan INon-Elderl (Secretary) INon-Elder) Mr lan James Mr Isaac Kironde Mr William Mccabe Mr D Kori Sunu (Chairman) The liability in the event of a winding u p does not exceed £1 , At the first general meeting, all the members shall retire but shall be entitled to stand for re-election. Thereafter, each Trustee shall be appointed to seThe for a period of three years, Registered office: 5 Cairo New Road, Croydon, Surrey CRO 1 XP Auditors Solicitors Jacob Cavenagh & Skeet 5 Robln Hood Lane Russell-cooke Solicitors 2 Putney Hill London Sutton Surrey SMI 2SW SW15 6AB Bankers The Co-operative Bank 91 George Street Croydon Surrey CR9 3QT Charity Bank Fosse House Clydesdale Bank 154 - 158 Kensington High 5t London 182 High Street Tonbridge TN9 1BE W8 7RL Insi nis Asset Mana ement Aldermore Santander Nationwide Hampshire Trust Charter Savings SalnsbUrs Bank OakNorth United Trust Bank Cambridge & Counties Bank GB Bank Recognlse Bank
NEW LIFE CHRISTIAN CENTRE {CROYDON) TRUSTEES REFIORT FOR THE YEAR ENDED 31 ST MARCH 2024 The Trustees are pleased to present their report together with the f inancial statements of the charity for the year ended 31 March 2024. Reference and administrative details set out on page 1 form part of this report. The financial Statements comply with current statutory requirements and the Memorandum and Articles of Association, Structure, governance and management The New Life Christian Centre Icroydon) was incorporated as a company limited by guarantee in the United Kingdom on 28th January 2008 with company number 6484891 and is registered with the Charity Commission with number 1123257. The Centre operates from its premises at Cairo New Road, Croydon, CRO 1XP. The Elders are the leaders of the chu rch, They ensure the vision, values and objects of the church are maintained. They have delegated authority to the frustees who act as company directors for Companies Act purposes. New trustees are exclusively appointed by the existing trustees from amongst those who have been serving in a leadership capacity for some years. Such apr)ointments are confirmed at annu31 general meetir)gs of the charity. The governance and management of the charity are delegated to and implemented by each and every one of the Trustees jointly. With two exceptions, all of the trustees are elders. The Elders meet fortnightly to pray, receive reports, evaluate how the church is doing and make decisions as appropriate. Trustee Induction and Trainin New Trustees are given an induction and provided with an information pack of NLCC leaflets that include5 our values and ministries,. the Mernorandum and Articles of Association for the Company,. and guidance notes (Charity Commission document CC3 "Essential Trustee ) about being a Trustee and about the work of the Charity. They are also given ou r Conflict of Interest policy as well as Trustees Declaration form to complete, sign and return, We confirm to the best of our belief that these accounts comply with the relevant statutory requirements, our governing document and the Charities Statement of Recommended Practice (2019) FR5 102. Elders are still meeting fortnightty, and Separate trustees, meetings are also held bi-monthly to carry out their responsibilitie5 on behalf of the charity. The trustees normally seek to reach a consensus on all matters before implementing their decisions. The trustees are aware of the need to assess the risks to which the charity may be exposed and the potential impact they could have. As all but two of the trustees are elders, the fortnightly meetings of the elders enable us to identify risks to be addressed and trustee5' meetings are held to deal with these without undue delay. Objectives and activities Our Memorandum of Association declares that our objects are: The proclamation and furtherance of the gospel of God concerning His Son, Jesus Christ our Lord, and the preaching and teaching of the Word of God. The promotion of the education in Christian principles and standards. The relief of financial hardship and sickness.
NEW LIFE CHRISTIAN CENTRE (CROYDON) TRUSTEES REPORT FOR THE YEAR ENDED 31 ST MARCH 2024 (continued) The fellowship has been operating in Croydon for more than 86 years and has grown into a thriving church comprising people of many different ages, nationalities and cultural backgrounds, The church seeks to impact the local community and further afield with the truths of the Kingdom of God. We are committed to making our church very accessible to all who wish to worship with us and become part of us. We are particularly keen for people from the local community to join us. To thi5 end, we provide a wide range of activities for people of all ages each on our premises here in Croydon, including an independent Ofsted-Registered Pre-school, It is our aim to take care, pastorally, of all those who are part of our church community, especially those who are advanced in years, those who are sick and those who request help and guidance. We have paid workers as well as volunteer helpers who assist in all these activities and visit those who are unable to get about All these activities are geared towards public benefit, as the trustees have always adhered to and continue to adhere to the Charity Commission'5 guidance on public benefit, Grant Making Decisions In l(eeping with our objectives to share the gospel of Jesus Christ further afield, we actively and financially support many missionaries and mission projects in countries across Europe, Africa and Asia. The primary aim of our grant-making policy is to provide missions support to individuals and institutions, Consistent with our primary objective of proclaim ing and furthering the gospel of God, additional grants are made to individuals for the relief of their immediate financial needs. Our practice is rnainly to support those ind ividuals and institutions with whom we have established good relationships over the years and whose effective involvement in the purposes of the charity has the confidence of the trustees. Reserves The trustees aim to rnaintain free reserves in unrestricted funds at a level which equates to approximately three months, unrestricted charitable expenditure. The trustees consider that this level will provide sufficient fund5 to respond to applications for grants and ensure that support and governance costs are covered. The balance held as unrestricted funds at year end was £2,453,375 (2023.. £2,328,235), of which £666,307 (2023.. £600,670} are regarded as free resewes, after allowing for funds tied up in tangible fixed assets, Restricted funds balance at the end of the year was £113,69912023: £110,946), bringing the total funds balance at the year end to £2,567,07412023.. £2,439,181). Actual three months, cash payments totalled £316,476 (2023: £448,045}, The current level of reserves is therefore higher than what is needed, Remuneration of l<ey management personnel The trustees and elders listed on page 1 and the Executive Board (made up of the Heads of Departments and the Financial Controller) are the key management personnel in charge of directing, controlling. running and operating the charity on a day-to-day basis. All trustees (directors) give of their time freely., however, one is employed in a
NEW LIFE CHRISTIAN CENTRE (CROYDON) TRUSTEES REPORT FOR THE YEAR ENDED 31 ST MARCH 2024 (continued) different capacity and hi5 remuneration and related paty transactions are disclosed together with those of the other key management personnel in Note 14 to the accounts. The pay of senior staff, together with all other staff members, is reviewed annually. In view of the nature of the charity, the directors benchmark against pay levels in other charities of a similar size and activity. Achlevements and performance We continued the improvements for the Centre by installing and equipping a new kitchen. Throughout the year, the number of people of all ages attending Sunday meetings and other ministry activities has continued to increase, and we have also maintained a significant online presence through the broadcast of our Sunday morning seNice on YouTube. As a result of this we were able to hold more baptismal services throughout the year. Financial giving to New Life increased during the year despite the challenging financial climate. For the first time since the pandemiG we were able to fully operate and even expand all the ministries of the church. During the year we were able to run a whole range of courses for people inside and outside the church including Alpha, 2 discipleship courses (Growing as a Christian and Transform) and Discipleship for Ministry, all of which were very well attended. In May we were able to host our first missions conference since before the pandemic, where our supported missionaries all came back to New Life for a week of activities. We also held a number of successful programmes to engage and serv& our local community including a summer mission and a Christmas Fair. The work with children and young people continues to grow. Our children went on the now annual summer camp. We also ran two youth weekends away during the financial year (because of the Easter dates for 2023 and 2024 both falling within this financial year). Our Pre-school achieved a GOOD report from an Ofsted inspection in May 2023. We continued to develop further our links with the local community through ministries like our Noah'5 Ark parent toddler group and our Saturday morning 'Bubble fime, for children and their parents. As well as inhouse preachers, we benefitted from the ministry of guest preachers like Stephen Maile, John Edwards, JC Alzamora, Nathanael Edwards, Richard Howes, Freddie Roberson, David Bryars and Mar* Ritchie. Going Concern There are no issues affecting the companls status as a going concern.
NEW LIFE CHRISTIAN CENTRE (CROYDON) TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2024 (continued) Flnancial review The total funds carried forward at the end of the year by New Life Christian Centre (Croydon} have increased by £127,893 12023.. £774,319, when we sold a property we had owned since the 19805}, The effect of the general financial turbulence throughout the country on the Centre continues to be closely monitored by the trustees, especially since m05t of our income is voluntary. We continue to help those members of our congregation who have been adversely affected by the current economic climate through various ways, including our Pastoral Care, Christians Against Poverty {CAP) Centre, Package of Hope, Open Hands/Storehouse as well as Operation Christmas Angels, This year, grants amounting to £13D,022 (2023: £117,415) were granted to individuals and institutions. A review of our grant funding policy is on-going with a view to ensuring effective use of our ndIng and improved accountability. The trustees would like to take this opportunity to thank all the volunteers who work so hard to contribute to the life of the Centre. It is estimated that about 200 volunteers have been actively involved on a weekly basis. The Scheme of Delegated Authorities continues to be applied at all levels of the organisation and is monitored by the Executive Board. Any Head of Department can raise an issue, that might exceed their delegated authority, at an Executive Board meeting, and the Board will then reach a decision that is within its remit or escalate the matter to the Trustees for ultimate determination. Most of the donations continue to come in electronically, with very few cheques and cash being handed in at the Centre. The risk associated with handling of cash is therefore mostly reduced. No incidents of theft or fraud have occurred. Plans for future periods We intend to continue with the rest of the identified improvements we would like to make according to their priority, e.g. stage lighting and external signage. As these improvements involve considerable levels of finance, the WO continues to be carried out phase by phase as funds become available. We are looking at practlcal ways we can accommodate the increasing number of people attending on a Sunday. We are also exploring ways we can engage more effectively with our local community. As many of the current rnissionaries we support are retired/retiring, we are evaluating our missions, strategy. The Directors still seek to appoint more trustees with appropriate skill sets,
NEW LIFE CHRISTIAN CENTRE (CROYDON) TRUSTEES REPORT FOR THE YEAR ENDED 31 ST MARCH 2024 (continued) Other objectives include., a) Putting in place a Risk Policy and Practice. We are working towards this based on CC26 and will be guided by this template to ensure that this is in place as soon as possible. We continue to monitor and improve on our Safeguarding policy as well as other policies. The Staff Handbook (of employment guidelines) is also being reviewed. b) Continued refining of an approved delegated structure of financial control to ensure that we exercise appropriate control, while not hindering smooth operation of the church/charity, c} Taking the lead, in liaison with the church's eldership, to manage and ensure clear separation between spiritual leadership and statutory governance requirements. This is now better understood but remains a work in progress. d} Managing the volunteers through a clearly defined strutture that motivates and enthuses them in their roles. This is work we hope to concentrate on as this is important for the successful running of our Sunday services. The Trustees recognise, with much appreciation, that the church is reliant upon volunteers, particularly so on Sundays when the church congregation gathers, now in person as well as online via live broadcast Risk The Trustees review the charitf s current and planned future activities in the light of any major risks arising from time to time and the effectiveness of systems and procedures designed to manage them, The principal risks and uncertainties currently facing the charity are considered to be the loss of income, the management of our property stocl and the loss of key staff. Our plans and strategies for managing risks include consulting with external professional organisations and individuals, maintaining effective internal controls, risk registers, incident reporting and monitoring systems and insurance cover where appropriate. ststement of fundraising practice In the year 2023124, New Life Christian Centre (Croydon) engaged in fundraising in the form of receiving free-will offerings/donations, some of which werè gift-aided, from members of our fellowship. However, we did not contract the services of any professional fundraisers as defined by section 58 of the Charities Act 1992. Other than publicly inviting an offering at every service, we do not engage in persistent or intrusive fundraising practices with any of our donors, including vulnerable people, and we never have private or coercive discussions with individuals about their giving, Our fundraising practices are ethical and in accordance with Biblical principles. No complaints were received about ou r fundraising practices. Trustees, re5ponslbllltles The trustees, who are also directors of NLCC {Croydonl for the purposes of company law, are responsible for preparing the fru5tees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptod Accounting Practice).
NEW LIFE CHRISTIAN CENTRE {CROYDON) rRusTEES REPORT FOR THE YEAR ENDED 31 ST MARCH 2024 (continued) Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resource5 and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustee5 are required to: Select suitable accounting policies and apply them consistentty; observe the methods and prlnciples in the Charities SORP; make judgements and estimates that are reasonable and prudent,, state whether applicable UK Accounting Standards 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 charitable company will continue its operations. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and Other irregularities. Disclosure of information to auditors To the knowledge and belief of the Trustees, there is no relevant information that the charity's auditors are not aware of, and the Trustees have taken all the steps necessary to ensure the Trustees are aware of any relevant Information, and to establish that the charity's auditors are aware of the information. The minutes of all Trustees, meetings held during the accounting year have been made available to the auditors, and any questions they have raised arising from those minutes have been answered. Auditors A resolution will be proposed at the Annual General Meeting that Jacob Cavenagh & Skeet be re-appointed auditors of the charity. The above report is prepared in accordance with the provisions applicable to companies subject to the small companies, regime within Part 15 of the Companies Act 2006. ON BEHALF OF THE TIUSTEES 15 July 2024 C Amiaka
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW LIFE CHRISTIAN CENTRE {CROYDON) Opinion We have audited the financial statements of New Life Christian Centre (Croydon) (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and thè notes to the financial statements, 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 rhe Financial Reporting Standard applicable in the UK and Republic of /reland{United Kingdorn Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources 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 requirements of the Companies Act 2006. Basis for opinion We conducted OLrr audit in accordance with International Standards on Auditing (UK) IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Aud itor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirem@nts that are relevant to our audit of the financial statements the UK, including the FRC'S Ethical Standard, and we have fvlfilled 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 accou nting 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 Charity's ability to continue as a going concern for a period of at least 12 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. Other information The other information comprises the information included in the annual report, including the trustees, report other than the financial statements and our aud itor's 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 reporL we do not express any form of assurance conclusion thereon,
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW LIFE CHRISTIAN CENTRE (CROYDON) (continued) 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, Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit., the information given in the trustees, report, which includ@s the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is congistent with the financial statements; and the directots, report included within the trustees, report has been prepared in accordance with applicable legal requi rements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identif led material misstatetnents in the directors, report included with the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2C(J6 requires us to report to you if, i n our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not Vislted by us,. or the financial statements are not in agreement with the accounting records and returns,. Dr certain disclosu res of trustees, remuneration specified by law are not made,, or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption5 in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statemen( the tnjstees, (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.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW LIFE CHRISTIAN CENTRE {CROYDON) (continued) In preparing the financial ststements, the trustees are responsible for assessing the charity'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 company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audlt of the flnanclal statemènts 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 auditor's report that includes our opinion. Reasonable assurance 15 a high leve1 of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 (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 inf luence the economic decisions of users taken on the basis of these f inancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to charity and employment legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We a150 considered those laws and regulations that have a d irect impact on the preparation of the financial statements such as the Charities Act 2011. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to presentation of separately disclosed items and tnanagement override of controls. In response to the risks identified we desig ned procedu res which included, but were not l imited to agreeing financial statement disclosures to underlying supporting docu mentation, identifying and testing journal entries, reviewing Trustees, meeting minutes and evaluating the charity's internal controls. Thore are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion, A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http'.//www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW LIFE CHRISTIAN CENTRE (CROYDON) (continued) Use of our report This report is made solety to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable cornpany's members 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 member5 as a body, for our audit work, for this report, or ft)r the opinions we have formed. Miriam Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet statutory Audltor Chartered Accountants 5 Robin Hood Lane SLrtton Surrey SM1 2SW Dated:.....%.z ...J.LALy
NEW LIFE CHRISTIAN CERE {CROYDONI STATEMENT OF FINANCIAL AcllvinES (including income and enditure 8ccountl FOR THE YEAR ENDED 31 March 2024 2024 Z023 UnYèstiÉcted Restricted Total UnTe5tricted Restricted Total Not Income and 4nd0entS fro DoDatiDns and legacies Investments 1,063,628 27,478 148,390 2Q,095 21,266 1,08494 27.478 148.390 20,095 921,57D 10,220 110,803 16,426 714,000 1,773,019 62.029 9,599 10,220 110,803 16,426 714,0 135.048 Charftable acttieS-pre-SC)ol Charitable actltIes-0ther Surplus on Sale tyf Nxed Assets 1,259.5g1 21,266 1,280.857 62.029 Expendlture o Charitable 8Ctivilies-PrtrSchool 110,070 1.025.387 1.135,457 110,070 1,042,894 1,152.964 105,815 105,B15 954,914 1,C0,729 Charftable activliiesQther 17,507 17,507 937,471 1.043.286 17,443 17A43 Totsl txpend5ture Net In¢ome / Iw)Èndltuvel for the year Transf between funds Net MovernEnt In Fur5 124134 1,QOS 125,140 3,759 11,0061 2.753 127,893 729,733 35,682 765.415 44,586 135,682) 774,319 127,893 774,319 R¢¢onclllaOon ol Funds Tot41 funds brght forward Total tunds carried fryward 2,328,235 2,453,375 110,946 111699 2A39,181 Z,567.074 1,562,820 328,235 102,042 110,946 1,664,862 Z,439.181
NEW LIFE CHRISTIAN CENTRE (CROYDON) BALANCE SHEET COMPANY NUMBER: 6484891 AS AT 31 March 2D24 2024 2023 Note Fixed assets Tangible assets 1,787,068 1,727,565 Current assets Debtors 87,703 421,012 340,000 848,715 92,850 458,133 255,000 805,983 Cash at bank and in hand Cash Investments Current liabilities Creditors: Amounts falling due within one year 68,709 94,367 Net current assets 780,006 711,616 Total assets less current liabilities 2,567,074 2,439,181 Creditors., Amounts falling due after one year Net assets 2.567.074 2,439.181 Reserves Restricted income funds 10a 113,699 2.453,375 110,946 2,328,235 Unrestricted income fvnds 10b Total charity funds 2,567,074 2.439,181 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime within Part 15 of the Companies Act 2006. Approved by the Trustees on 15 July 2024 and signed on their behalf by: C Amiaka Trustee M Rossell Trustee 13
NEW LIFE CHRISTIAN CENTRE (CROYDON) STATEMENT OF CASH FLOWS COMPANY NUMBER: 6484891 FOR THE YEAR ENDED 31 March 2024 2024 2023 Note Cash flow5 from operating activities: Net cash provided by (used in) operating activiti 120,837 82,240 Table 1 Cash flows from investing activities: Dividends, interest and rents f rom investments Proceeds from the sale of property, plant and equipment Purchase of propety, plant and equipment Net cash provjiled by (used in) invesfyng activlties 27,478 10,220 740,000 1691,858) 58,362 (1 OOA361 {72,958) Cash flows from flnancing actlvities: Capital Repayments Interest Paid (581 (58) Net cash pmvided by (used in) financing activlbes Change in cash and cash equivalents in the reporting perlod 140.544 47.879 Cash and cash equivalents at the beginning of the reporting period 713,133 572,589 Cash and cash equlvalents at the end of the reporting penod 761.012 713,133 Table 2 14
EW LIFE CHRi>fiAN CENTRE (CROYDON) STATEMENT OF CASH FLOWS COMPANY NUMBER: 6484891 FOR THE YEAR ENDED 31 March 2024 Icontinuedl Table 1: Reconciliation of net income/(expendlture) to net cash flow from operating actlvities 2024 2023 Net income/(expendlture) for the reporting period (as per the statement of financial activitie5) Adjustments for. Depreciation charges Dividends, Inte5t and rents from investments 127,893 774,319 40,933 37,771 (27,4781 (10,220) Interest Paid 58 (Surplus) on the sale of fixed assets (Increase)/decrease in debtors Increase/(decrease) in creditors 1714,0001 5,147 114,004) 8,316 125,658) Net cash provided by (used in) operating activities 120,837 82,240 Table 2.. Analysis of cash and cash equivalents 2024 2023 Cash in hand 421,012 458,133 Cash investments 340,000 255,000 Total cash and cash equivalents 761,012 713,133
NEW LIFE CHRISTIAN CENTRE (CROYI)ON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared under the Companie5 Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 {FRS 1021. The financial statements are drawn up on the historical cost basis of accounting. The financial statements are prepared in Sterling, which is the financial currency of the charity, rounded to the nearest £. New Life Christian Centre {Croydon), charity number 1123257, meets the definition of a public benefrt entity under FRS102. It Is a company lirnited by guarantee whose registered office is at 5 Cairo New Road, Croydon, CRO IXP. Golng concem The financial statements have been prepared on a going concern basis, on the basis that no material uncertainties exist that cast significant doubt upon the charity'5 ability to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. The Trustees have paid particular attention to the likely effects on the Charity of inflationary pressures and the challenging economic situation, which may impact our congregation and their giving. We are confident that the Charity has sufficient resources to enable it to continue as a going concern for the foreseeable futLJre. 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 reliably measured. Expenditure Expenditure is accrued as soon as a liability is considered probable, and is apportioned between direcL grant and support costs as follows,. Grant funding of activities reflects grants made per note 15, Grants payable are accounted for as they are paid over. The breakdown of support costs and how these were allocated between Governance and other support costs is shown in note 2. 16
NEW LIFE CHRISTIAN CENTRE (CROYDON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 (continued) Debtors Grants receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. 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 Df opening of the deposit, Creditors and provlslons Cred itors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Depreciation Depreciation is provided on all tangible fixed assets, apart from freehold properties, at rates calculated to write off their cost, less estimated residual value, of each asset over its expected useful life. Fixtures and fittings Office and computer equipment Music and media equipment Mobile Phones various percentages per annum on cost 25Yo per annum on cost 10Yo - 25Yc* per annum on cost 50¥0 per annum on cast various percentages per annum on cost Other equipment The useful economic life and holding value of freehold property are so great that depreciation is immaterial and so is not charged. Operatlng leases Payment5 in respect of operating lease agreements have been charged to expenditure as incurred. Pension scheme arrangements The charity operates a defined contribution pension scheme and a stakeholder pension scheme. Pension costs are accounted for as the contributions are made. Flnance leases Assets held under finance leases are recognised at the present value of minimum lease payments, The related liability is included in the balance sheet as finance lease creditor. Lease payments are treated as consisting of capital and interest elements. The interest is charged to expenditu re so as to produce a constant periodic rate of interest on the remaining balance of the liability.
NEW LIFE CHRisfiAN CENTRE ICROYDONI NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Icontlnuedl Nots 2: EKpendlture on Charitable Artlvities.. 2024 2023 Activities Gr4nt Acbvities Grant Undertak FundirKJ Actlvltles Support Costs Und¢rtaken Fundlng Actlvltle$ Support DiTectly Total D4rectly TotHI E%pendlture 469,374 58,311 4,244 3,971 15,580 181092 1.466 58,311 4.244 3,977 15,580 136,320 579 448,276 56,739 3,672 3,339 15,855 170,479 618,755 56,739 3,672 3,339 15,855 117,415 257 Buildings & Accomm(atIon InternEt Telephone Prlnting & Stationery Mtssionary Fund Transport Ministry Trlps Grfts 130,022 6,298 117,415 679 257 1,569 065 1,569 8,065 9,950 59,368 9,303 19,513 40,933 4,753 &816 4a750 7,900 11,205 37,771 58 3,753 816 Catering ActTh4ity Groups SuppNt Sundry Depreciation FinanGe Lease IDterest 9,930 59,368 9.303 19.513 40.933 42.750 7.900 11,205 37,771 58 700,846 130,022 I890 1N19,258 638,391 117,415 170,479 926,285
NEW LIFE CHRISTIAN CENTRE ICROYDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 Maith 2024 Itontinuedl 2024 2023 Adlvltks Undertaken Dlrectly Grant Adivities Grant Funthng Actlvltlos Support C05t5 Underlaken Funding Artivities support C05t5 Totsl Dlreclly Total Pre.School Salaries Other Costs 104,789 5,280 110,069 104,789 280 101,404 4,411 105,815 101,404 4,411 105,815 110.069 81Q,915 130,022 188,390 1,129,327 744,206 117,415 170h79 1,0311 GovernaDce Cost5 Man&gernent and Admlnlstration Legal and Plolesslonal Audlt and Accountsncy 48 48 48 15,723 7,866 23,637 15,723 7,866 23,637 21,975 21,975 6,60S 28,629 28,629 Total 810,915 130.022 212.027 1.152.964 744,206 117A15 199.108 1.060,729 19
NEW LIFE CHRISTIAN CENTRE (CROYDON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 (continued) 3 Net Income/(Expenditure) for the Year 2024 2023 This is stated after charging; Depreciation 40,933 37,771 Auditors, Remuneration 7,866 6,606 4 Staff Costs 2024 2023 Salaries & Wages 632,798 599,448 Social Security costs Pension 54,147 50,940 43,941 40,644 730,886 691,032 Benefits in kind 18,162 22,648 749,048 713.680 2024 2023 No. The average monthly number of employees during the period was made up as follows: 22 24 There were no employees with emoluments of £60,000 per annum or more, S Trustees, Emoluments 2024 2023 Emolurnents 49,334 47,751 Company Contributions to money purchase pension schemes 4,001 3,856 53.335 51,607 No. of Trustees accruing benefits under Co Pension schemes 2024 2023 6 Taxatlon The charity is exempt from taxation on its charitable activities. 20
NEW LIFE a4RISTIAN CENTRE ICROYDONI NOT TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 IcontiThue(t) 7 FIXED ASSETS Fixtures Office & Music & Freehold computer equlpment equlpment Phone mÈdla Mobile Other property fittSng$ equlpment TotBI Cu$t As at 1st April 2023 Addition5 1,461,581 324139 91,139 24.059 395.219 29,OOt 1,525 1449 2WTI 67,577 3,490 189 3,291 4.282 1,8B9,n8 IQX),436 26,SQB 1,963,7Q6 Disposals As at 31st March 2024 1,461,5111 71,067 189 7,573 Depreclatlon As at 1st April 20 Charge For year Released on Disposal As at 31st March 2024 103.211 28,014 24,059 107,166 23,660 1618 34,83Q 9,603 189 323 162,213 4Q,933 26,508 176,648 698 23,829 44,433 189 1,021 Net boL value As at 31sL Marth 2024 1,461,581 288,053 4,248 2634 1552 1,787,068 at 315tr March 2023 1161,581 224,928 5,341 3174T 2,968 1.727,565
NEW LIFE CHRISTEAN CENTRE (CROYDON) NofES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 (continued) 8 Debtors 2024 2023 Trade Debtors 4,076 35,395 48,232 87.703 4,076 62,848 25,926 92,850 Prepayments and accrued income Other Debtors 9 Creditors: Amounts falling due within one year 2024 2023 Trade Creditors Accruals & deferred income Taxation & Social Security Other Creditors 27,862 17,047 16,907 6.893 68,709 29,533 43,138 16,244 5A52 94,367 22
NEW LIFE CHRISTIAN CENTRE ICROYDON) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR INDED 31 March 2024 Icontinuedl 10 FiINDS Balancé as Balance 4S at 31st Expendlwre Mor 2023 Transfers Balfynce a5 1 1st Apy 2022 Ot 31$1 Mir Cal Restrlctad Trfynslers Income Incom Expendlture 2024 Ukraine Support louise ButKe (Bunty) Star of Hope Serhli Chumachenko Arross The BddgÈ IC WooKlsl SLAWA 7,051 360 3.1CX) 3,951 11JO 13 3,964 360 540 169 75 150 190 3S 113 113 300 290 600 890 225 203 22 294 316 Sarah R055ell, MissioThary in Ru55i3 lodle Davies barnabas Ministrfes Lileswing Intern8tion81 Stooknuse. African Child Trust 750 375 375 750 1,125 50 30 50 30 125 6D 65 120 4294 984 4A55 274 6123 280 5,12B 5,106 391 6,845 554 Furneral Donatior 13321 132.4681 16241 332 Sponsor-trch8ir Loop System ACTS 435 32,468 &25 14061 406 200 200 60[> 400 200 Corbfwence 1201 20 16001 60D Ukraine Response Co- Ordinator 15) 2,100 2,095 23
NEW UFE CHRISTIAN CENTRE {CROYPONI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Icontinuedl 10 FUNDS Icontlnuedl Balanco as B&lance a Balance a5 at 1st at Jlst at 315t Mar Restrittèd 2022 Tran5Fers Income Expendtture Mar 2023 Transfers Income Expendllurè 2024 REGENEPATE- Buildi Fund Deaf Ministry Pastoral Care Music Department Rendezvous 65.Q61 65.061 65,OS1 40 3.3LX) 1322 140 1.250 4,070 492 688 2,036 2,722 617 11030) 125 100 240 10 ChIren'$ Actlvltles Chitdren's Trip5 Christmas (QC4 Hamper4 etil Youth Activities 100 100 5S6 556 1,791 427 1,920 3,095 3,095 237 S,OD7 120 4,740 1,267 1722 63 1819 63 1602 63 Noah's Ark SONIC ProJe¢t Healing On The Streets IHOTSI Christians Agalnst Poverty ICAPI Centre Legacy to Children 402 14021 186 186 186 1.947 21.4B8 101042 3.951) 292 1.270 622 4,627 21,158 110.946 2,371 922 1,001 5,997 2I03Q 113,699 135,6821 6IQ29 17A43 21,266 17,507 24
NEW LIFE CHRISTIAN CENTRE ICROYDONI NOTES TO THE FINANCIAL SYATEMENTS FOR THE YEAR ENDED 31 March 2024 Icontinuedl Ukralne Support Is funds to support the peopl? of Ukraine 8nd those wlio are helpSng them IDllovAng the Russian ttk. Loulse Bunce IknDwn a5 Bunty) Ss a worfdwide rnissionary. Star of Hope 15 a humanltarian organlsation in Bulgari& lounded by th? late Ernilia Manobva, a former student ol our former Bible School. Seihli Chumachenko is a formar student ol our tomier Bible S(FK)ol, Ukraine and w35 a missiDnary in Ukraine. Across The Bridge is the umbrell8 lor Chas and Nlcola Wty)ds' mlni5try with mahabb Pastor£l support of ovÈrs&as mis51onaries and Prayer ministry that reaches out tD people ol other falt. SLAWA (South LondDn Afrfn Women Association) is 8 charkty founded by one of our church members to support refugee women and their families, Sarah Rossell is involved in an English LènguagE Sihool. Jodie Davies is a missionary who WBS involved in humanltarfan wort( Sn ThaSland. Milli5tries are involved in th& training of Chrfstlan leader5 in Kenya. Lifespying International runs a schcK)I that they built in Chingola, Zarnbi4 lor children who would not otherwise be ab to go to 5ch(x)l. The storehoLe Ilomierty Open Handsl fvnd proe$ 5UPPOrt lor those In flnanckl need. Afrlon Child YrLth SUPPOrt5 Wtdows and orphan5 in 7 African countries. Funeral DDnation5 given towards the funeral expenses. The transfer during last year w&5 Wlth the permission ol the donors as part payment of the funeral expense Sponsor-a-chair wes an appeal made ts help purchase new chairs. The transfer duriw the year wa5 Wlth the permission ol the donors as p8rt payment ol the cheiys. Lottp System a d)narlon made iowards q Loop Systpm installed in the h&ll io help those with hearing aid5, The transfer last year reflect5 the puKhase of the loop system. ACTS 435 funds recewed for thè purchase ol furniture aTrf home 3ppliances lor memb£r5 01 the cOngregath. Conference- a restrKted contritNtlon to¥vards a conference, The transfer duriw the year was Wlth the permission of the donor, as p8rt payment of the conference expenses. Ukraine RpaThSe Co-Ordlnator- funds re¢eived and used to employ someone to help the Ukrainl&n irnmlgrant5. Thp transfer durfng last year was tth the pernlssion Df the donor for thi5 purpose. 25
NEW LIFE CHRISTIAN CENTRE ICROYDONI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Icontinuedl REGENERATE is our proposed develOpment ol NLCC Siie. Fund5 were raised lor the Planning Permbsion. Deal Ministry- funds given specih'cally for our Deal Mirnistry P85toral Care,, started by a tem)Inally ill membpr of the church, this these funds are for helping our congregation members nèd past&1 tare. Music Department.. specifically for use by the muslc deparlmenL The trAnsfer during last year was to purchase sp&akefS as specilleol by the fund, Rendezvous Is an actItY yroup for the eldprly. ChSldftn's ActlvltiPs ire Pow@r House and other actwitie Childftn's Trip5'. donatK)ns towards Children's Trips. Chrfstmas IOCI Hampers etcl 15 8 hjnd that was collected to glv& Chrfstmas Hampers and glfts OLrt to the needy. Youth Actlvltie5'. fund5 gNen sp8ciPitslly f< LLse by thE Youth Depart%rrt. Noah's Ark is a parent 4nd toddler group. SONIC ProjKt is a Music Studlo that has been bullt on the 151 floor ol the Cerbtre. The equipment purchased for this have been capitalised and the transfers last year refleaed the depre¢latlon. Heallng On The Streets IHOTS) 15 a gFOUP ol ChristiarLS tt go inlo tlie Strts to prayer for peDple who want healing. Chri5tian5 Against Poverty ICAPI fund is lor our Centre Manager to use t¢ provtde for CAP Clients, The Legacy to Children was left for the work of children by the late Alice McDonald. 10 Ibl Unre5trict8d BaEan¢¢ as Balance B5 Balance 45 at 15tApr 2022 at 31st at 31 st Mbr Transfr$ InromE E>tpendlture Mar 2023 TrHnsfer5 Income xpen(Iture 2024 DesigThated Undes¥Jnated 58,B79 I2) 1 D6,426 35,087 1,666,593 1DB,699 56,401 1271,834 205 138,455 801 1.121,136 131,r189 I,ON,368 63,972 2,389,403 1,503,941 934,5B7 1,562,820 35,692 1,773,019 1,043,285 2,328,235 1,006 1,259,591 1,135,457 2,453,375 26
NEW UFE CHRISTIAN CENTRE ICROYDONI NOTES TO THE FINANCIAL ThATEMENTS FOR THE YEAR ENDED 31 Mar¢h 2024 Icontinuedl NET ASSETS The balances Carrd forward on the v&rious lund5 a held as follows.. Flxed OthBr Net Fixed her N¢t Assets Total Asgets Assets Totsl 2025 2023 2D23 2024 2024 2024 Restricled funds 110,946 600.670 110,946 328 235 113,699 113,699 453 375 Unrestricted furKIs 1,727.5SS 1787 068 711616 2439,1 91 1,787,068 1567,074 27
NEW LIFE CHRISTIAN CENTRE (CROVDON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 (continued) 12 OPERATING LEASES The operating lease charges for the year were.. 2024 2023 Hire of plant and machinery.. 14,400 The total future minimum lease payments under non-cancellable operating leases are payable,, 2024 2023 Within one year 12,000 between 1 and five years Total 12,000 13 PENSION SCHEME ARRANGEMENTS The charity operates a defined contribution pension scheme and a stakeholder pension scheme. The assets of the schemes are held separately from those of the charity in independently administered funds. The pension cost charge represents the contributions paid by the charity to the funds and amounted to £43.941 (2023., £40,644}. 28
NEW LIFE CHRISTIAN CENTRE (CROYDON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 (continued) 14 RELATED PARTY TRANSACTIONS Trustees During the period, trustees and person5 Wlth a family connection received the following amounts from the charity as a result of their employment by the charity,, 2024 2023 Trustee Gross Remuneration M R055ell 49,334 47,751 Pension M Rossell 4,001 Private Medical Cover M Rossell 1,314 1,211 All payments made to the trustees were as provided for in Paragraph 26 of the Articles of Association of the charity. No trustees claimed any expenses relating to their role as trustees12023: none). One trustee claimed expenses of £2,23812023: £3361 in their role as an etnployee. During the year, total unrestricted income of £16,189 (2023.. £19,690) was received from trustees. There was a total of £5Q1 restricted donations received from trustees (2023.. £1.3351. M8na ement Personnel In addition to the above, total employee benefits to non-trustee key management personnel during the year was £286,075 (2023.. £288,363}, Relative5 of non-trustee key management personnel received employee benefits of £61,475 (2023., £66,786). During the year, a non-trustee key management personnel received a loan of £11,200 (2023.. Nil) with the interest rate of 1 % above Barclays Bank base rate. Grants Grants totalling £9,391 made up of £7,500 regular support, £750 Mission5 Conference gift, £750 one-off 20th anniversary gift and £391 restricted donations (2023,. £7,774, made up of £7,500 regular SLtpport and £274 restricted donations) were made to the African Child Trust during the year. The trustees Olukunle Onabolu and Chima Amiaka are also trustees of this organisation, Grants totalling £8,217 made up of £6,000 regular SLtpport, £1,092 Missions Conference gift and travel costs and £1,125 restricted donations (2023: £6,875 made up of £6,000 regular support, £50CI one-off grant for a Youth Camp and £375 restricted donations) were made to Sarah Rossell (a sister of Mark Rossell, a Trustee of this organisation) during the yea r. Lease 40 famworth Road was leased to the African Child Trust from 7th November 2014 for £6,988/year. The twstees Olukunle Onabolu and Chima Amiaka are also trustees of this organisation. 29
NEW LIFE CHRISTIAN CENTRE (CROYDON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 (continued) 15 GRANTS PAYABLE 2024 2023 All grants were made from the Church. They may be analysed as follows: Individuals (see note 15(a)) InstitutSons (see note 15lb)) 102,955 27,067 130,022 95,143 22,272 117,415 (al Individuals During the year, grants totalling £102,955 (2023., £95,143) in aggregate were made to a total of 46 12023: 54) individuals. The grants were made for the following purposes.. No. of 2024 No. of 2023 Purpose grants grants Missions Support Relief of Financial Need 15 97,850 5.105 17 90,688 4,455 95,143 67 159 102,955 Ib) Grants to Institutions During the period, grants totalling £27,067 {2023.' £22,272) in aggregate were made to the following institutions. The purpose of all grants to institutions was Missions Support. 2024 2023 Institutions No. No, African Chi Id Trust Central African Mission 15 9,391 2,805 6,344 185 13 7,774 2,000 5,742 60 Life Support Lifespring International SLAWA 16 2,166 6,176 27,067 16 1,802 4,894 22,272 Star of Hope Foundation 10 13 30