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← Lifespring Centre

2023-08-31-accounts

Registered number: 12323109 Charity number: 1187584

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

CONTENTS
Page
Reference and administrative details of the company, its trustees and advisers 1
Trustees' report 2 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10 - 11
Notes to the financial statements 12 - 33

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees M G Phillips, Vice Chair (deceased 28 April 2023)
C M T M Northey, Treasurer
E Phillips, Chair
B Whitworrh
C Maddison
J Day
D A Simpson
Company registered
number
12323109
Charity registered
number
1187584
Registered office
Sherwood Drive
New Ollerton
Nottinghamshire
NG22 9PP
Chief executive officer
E Phillips
Accountant
Jonathan Wilson
Chartered Accountant
Cromwell House
68 West Gate
Mansfield
Nottinghamshire
NG18 1RR
Bankers
The Co-operative Bank PLC
P O Box 250
Skelmerdale
WN8 6WWT
NatWest Bank PLC
Bede House
11 Western Boulevard
Leicester
LE2 7EJ

Page 1

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

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

Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

Charitable objects

c. Activities undertaken to achieve objectives

Page 2

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

Objectives and activities (continued)

d. Volunteers

The Church leaders recognise the wonderful contribution made by volunteers during the pandemic. They worked tirelessly and consistently during the lockdowns to make sure isolating people had food and someone to talk to on the telephone. They continue to fulfil this role now that the government restrictions have been lifted. These volunteers care about our community and want to make people’s lives better by sharing the love of God and meeting needs. They sacrifice their time, talents, and finances to do so. It is estimated that the Church benefited by hundreds of hours voluntary service each week and more than 80 volunteers were involved. These volunteer hours are invaluable and without them the Church would be greatly impoverished. Thank you very much.

These are the main areas they worked in:

Volunteers who worked for the CAR Project:

Achievements and performance

a. Main achievements of the company

2022 - 2023, the main activities undertaken for the public benefit in relation to our charitable purposes were: -

  1. Community Action Response

The CAR project continues to respond to the impacts of COVID -19 and the Cost of Living Crisis that is being felt in the community. This project served towns and villages in North Nottinghamshire - all in our catchment area. The CAR project continued to supply their clients. Nottinghamshire County Council and Coalfields Regeneration Trust provided funding. Food donations from the community were high and the project was able to meet the high demand.

This work provided food hampers for people in crisis due to the ongoing impact of COVID 19 and the Cost of Living Crisis. The project signposted to professional services when deemed necessary.

The project worked with up to 30 volunteers and distributed 100,000 meals between 1 April 2022 and 31 March 2023.

We received support from Nottinghamshire County Council and Coalfields Regeneration Trust. We were also supported by our local Councillor Mike Pringle, Ollerton Town Hall and local residents and organisations. In

Page 3

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

Achievements and performance (continued)

Warsop, support from Mansfield District Council and local councillors and organisations was very welcome.

2. Make Lunch

The Make Lunch project is a nationwide initiative that provides a free hot meal to children from low-income families during the school holidays. This project has been running at Lifespring since 2014. Families were able to access fun activities with a hot meal for children and adults. The project ran on Tuesdays at Church Warsop and Wednesdays at Ollerton. On the days that Make Lunch was open, an average of 25 children were looked after.

3. Christmas

In December 2022 we distributed 250 Christmas hampers to people in special circumstances. The ROB (Recycling Ollerton and Boughton) was a fantastic help in providing trucks and volunteers to deliver the hampers. Fifteen volunteers organised and packed all the hampers in one day.

4. Toys for Children

We worked in conjunction with #MissionChristmas to ensure that children in our local area who were referred by local organisations, received a toy and did not go without. We worked in partnership with local agencies such as Social Services, to ensure that the most vulnerable families were provided for.

5. Gas & Electric Payments

We continued to support several families with Gas and Electric grants donated by our Turnaround Charity shops.

6. Charity Shops (Turnaround)

Our two Charity shops opened when permitted to do so by Government guidelines. They provide donated quality goods at a very affordable price, especially for families on low incomes.

The Trustees received regular reports concerning the performance of the shops and were very encouraged.

7. Community Cafe

Oasis Café Ollerton Limited is a subsidiary company of Lifespring Church and Centre. The Café is a training centre for people with learning disabilities and disadvantaged persons within a realistic working environment. The Cafe offers work placements and teaches skills in independent living.

8. Let's All Eat Partnership with ATTFE

We worked in partnership with ATTFE to provide a ‘warm space’ where people could access a free hot meal and the opportunity to keep warm and spend time with people in a safe space. This was a huge success starting 1 Nov 2022.

Page 4

(a company limited by guarantee)

LIFESPRING CHURCH AND CENTRE

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

Achievements and performance (continued)

Church Council Matters

During the year, the Church Council:

  1. Carefully monitored the income and expenditure of the church at each meeting to ensure that the church remained sustainable during this difficult period.

  2. Looked carefully at projected budgets and cash flow to make sure the Council was able to meet the salary levels agreed for employed staff.

  3. Reviewed contracts of employment for all six paid members of staff and agreed the salary levels for them.

  4. Agreed to renew the lease for the Ollerton Charity shop.

  5. Reviewed the COVID-19 risk assessment.

  6. We continued to liaise with Mansfield District Council about potential properties that may be available for Lifespring. There were discussions about the potential asset transfer of Warsop Town Hall as the building was at risk of being lost to the community. A business plan was submitted for review.

  7. Established a sub-committee to look especially at finances.

  8. Agreed a Financial Manual and Procedures document.

  9. Agreed various donations to good causes from the profits of the Charity shops.

  10. Monitored Health and Safety and maintenance of all equipment.

b. Fundraising activities and income generation

Lifespring Church and Centre is very careful and sensitive in how we raise funds. We do not employ or work with professional fundraisers, nor do we solicit donations on the street, via phone calls or letters. We invite those who are part of our church to support the work and where a person is not able to financially support the work we respect this.

Financial review

a. Going concern

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

b. Reserves policy

The trust carries reserves sufficient to ensure that it has funds available to enable it to meet its aims and objectives. The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be three months of expenditure. The reserves are needed to meet the working capital requirements of the charity and the Management Committee are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding.

c. Principal risks and uncertainties

The company has adopted the policies of internal controls recommended in the Charity Commission's Booklet CCS "Internal Financial Controls for Charities" wherever possible, and relevant action is taken to address any risks that are highlighted.

Page 5

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

Structure, governance and management

a. Constitution

Lifespring Church and Centre is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of trustees

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Memorandum of Association. New trustees are nominated by the existing trustees.

c. Organisational structure and decision-making policies

During the year, Lifespring had one full time employed worker – the Pastor and a part time Assistant Pastor as well as an Administrator and a cleaner. In the cafe we employ a cafe manager and support staff All other workers at Lifespring are volunteers and none of the volunteers received payment for running any of the mentioned groups.

d. Policies adopted for the induction and training of trustees

The chair of the trustees is responsible for the induction of any new trustees. This involves awareness of trustee responsibilities, the governing document, administrative procedures, the history and philosophical approach to the organisation. A new trustee would receive a copy of the previous year's financial statements together with a copy of the Charity Commission leaflet "The Essential Trustee: What You Need To Know".

e. Pay policy for key management personnel

The Trustees make recommendations for the salary scales for all staff and for specific salaries on those scales for senior staff. The Trustees give serious consideration to the recommendations made by the Assemblies of God salaries committee. The trustees consider the recommendations for any individuals in their absence.

f. Related party relationships

The charity owns 100% of the issued share capital of Oasis Cafe Ollerton Limited, the trading subsidiary that was set up to provide the cafe facility at the church.

g. Financial risk management

The trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 6

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

Plans for future periods

The charity will continue to serve the needs of the people of Ollerton and Warsop. We will continue to develop the church members and work towards spiritual and numerical growth in the congregation.

We will look at having new trustees as part of the Church Council and developing their roles.

We will continue to work with Warsop Parish Council and Mansfield District Council around the possibility of an asset transfer.

I am grateful to God and to the many people that I am able to work alongside. Lifespring would not be the thriving place that it is without the help and support of so many volunteers. Thank you does not feel enough to describe the gratitude that I feel. Thank you all for being so amazing.

Every blessing in Christ,

Approved by order of the members of the board of trustees on 12 December 2023 and signed on their behalf by:

E Phillips

(Chair of Trustees)

Page 7

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent examiner's report to the trustees of Lifespring Church and Centre ('the company')

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's trustees as a body, for my work or for this report.

Signed: Jonathan Wilson

Dated: 13 December 2023

Chartered Accountant

Mansfield

Page 8

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
63,946
5,072
93,918
101
163,037
35,853
138,050
173,903
(10,866)
738,770
(10,866)
727,904		 Restricted
funds
2023
£
8,000
31,464
-
-
39,464
-
34,942
34,942
4,522
25,293
4,522
29,815		 Total
funds
2023
£
71,946
36,536
93,918
101
202,501
35,853
172,992
208,845
(6,344)
764,063
(6,344)
757,719		 Total
funds
2022
£
75,523
35,089
99,238
9
209,859
33,855
169,089
202,944
6,915
757,148
6,915
764,063

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 33 form part of these financial statements.

Page 9

(a company limited by guarantee) REGISTERED NUMBER: 12323109

LIFESPRING CHURCH AND CENTRE

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 300
4,978
175,310
180,588
(7,746)		 2023
£
686,480
1
686,481
172,842
(101,604)
757,719
29,815
727,904
757,719		 1,000
4,415
171,952
177,367
(14,973)		 2022
£
704,371
1
704,372
162,394
(102,703)
764,063
25,293
738,770
764,063

Page 10

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee) REGISTERED NUMBER: 12323109

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

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

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

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

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

The financial statements were approved and authorised for issue by the trustees on 12 December 2023 and signed on their behalf by:

E Phillips (Chair of Trustees)

The notes on pages 12 to 33 form part of these financial statements.

Page 11

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

1. Accounting policies

1.1 Basis of preparation of financial 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.

Lifespring Church and Centre 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.

1.2 Going concern

At the date of signing there is a degree of uncertainty about the economic impact of COVID-19, the war in Ukraine and the cost of living crisis. The trustees continue to monitor the position closely however they believe that the charity will maintain its current level of activity and they therefore continue to adopt the going concern basis.

1.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 12

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

1. Accounting policies (continued)

1.4 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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

All expenditure is inclusive of irrecoverable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 2% straight line
Fixtures and fittings - 20% or 1/3 straight line

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 13

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

1. Accounting policies (continued)

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 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.

1.11 Liabilities 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.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

1.12 Financial instruments

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

1.13 Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

1.14 Pensions

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

Page 14

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

1. Accounting policies (continued)

1.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company 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 company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.16 Concessionary loans

The company has taken advantage of Section 34 of FRS102 to recognise loans to and from public benefit entities as concessionary loans. As such the company initially recognises and measures the loan at the amount receivable, in the balance sheet. In subsequent years, the carrying value is adjusted to reflect repayments and any accrued interest, where applicable and adjusted if necessary for any impairment.

2. General information

Lifespring Centre and Centre is a company limited by guarantee, registered in England and Wales, registration number 12323109 and a charitable company registered with The Charity Commission, registration number 1187584.

Page 15

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
Offerings
53,508
Ghana donations
200
Gift Aid
7,515
Special offerings
2,723
Grants
CJRS income
-
Newark and Sherwood - Restart Grant
-
Capital project - Town Hall
-
63,946
Total 2022
75,523		 Restricted
funds
2023
£
-
-
-
-
-
-
8,000
8,000
-		 Total
funds
2023
£
53,508
200
7,515
2,723
-
-
8,000
71,946
75,523		 Total
funds
2022
£
43,668
600
18,635
1,075
4,875
6,670
-
75,523

4. Income from charitable activities

Unrestricted
funds
2023
£
CAR income
-
Church activities
3,614
Church events
-
Other church income
389
Miscellaneous church income
-
Solar panels income
993
Chetwode Foundation
-
Sundry income
76
5,072
Total 2022
10,398		 Restricted
funds
2023
£
31,464
-
-
-
-
-
-
-
31,464
24,691		 Total
funds
2023
£
31,464
3,614
-
389
-
993
-
76
36,536
35,089		 Total
funds
2022
£
21,191
2,970
5
6,070
127
829
3,500
397
35,089

Page 16

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2023
£
Turnaround charity shops
59,034
Room hire and associated income
29,620
Fundraising
5,264
93,918
Total 2022
99,238
Investment income
Unrestricted
funds
2023
£
Investment income - local cash
101
Total 2022
9		 Total
funds
2023
£
59,034
29,620
5,264
93,918
99,238
Total
funds
2023
£
101
9		 Total
funds
2022
£
63,043
32,795
3,400
99,238
Total
funds
2022
£
9

6. Investment income

Page 17

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

7. Expenditure on raising funds

Turnaround shops expenditure

Unrestricted
funds
2023
£
Premises and maintenance costs
33,051
Operational costs
2,575
Administration costs
227
35,853
Total 2022
33,855		 Total
funds
2023
£
33,051
2,575
227
35,853
33,855		 Total
funds
2022
£
30,092
3,013
750
33,855

Page 18

(a company limited by guarantee)

LIFESPRING CHURCH AND CENTRE

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

8. Analysis of charitable expenditure

Direct costs
Total 2022		 Activities
undertaken
directly
2023
£
165,105
162,059		 Support
costs
2023
£
7,887
7,030		 Total
funds
2023
£
172,992
169,089		 Total
funds
2022
£
169,089

Analysis of direct costs

Staff costs
Depreciation
CAR expenses
Active Partners expenses
Premises and maintenance costs
Overseas and other support costs
Activity costs
Affiliation costs
Administration costs
Training costs
Other expenditure
Chetwode Foundation costs
Promotional materials
Capital project feasibility fees		 Total
funds
2023
£
54,797
17,891
32,445
-
21,267
11,151
8,289
3,569
6,993
2,545
2,451
-
1,210
2,497
165,105		 Total
funds
2022
£
46,148
17,891
40,963
816
24,344
12,723
5,482
3,521
6,243
1,383
1,330
735
480
-
162,059

Page 19

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

8. Analysis of charitable expenditure (continued)

Analysis of support costs

Independent examiner fees
Legal fees
Morgage interest
Website costs
Independent examiner's remuneration
Fees payable to the company's independent examiner for the independent
examination of the company's annual accounts
Fees payable to the company's independent examiner in respect of:
All other services not included above		 Total
funds
2023
£
1,650
-
6,092
145
7,887
2023
£
1,500
300		 Total
funds
2022
£
1,880
855
3,973
322
7,030
2022
£
1,500
300

9. Independent examiner's remuneration

Page 20

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
50,001
3,587
1,209
54,797		 2022
£
45,155
-
993
46,148

The average number of persons employed by the company during the year was as follows:

2023 2022
No. No.
Charitable activities 4 4

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

Key management are the charity's trustees and the disclosure of their remuneration is given in note 11,

11. Trustees' remuneration and expenses

During the year, one or more trustees has been paid remuneration or has received other benefits from an employment with the company. The remuneration or other benefits were paid in respect of their employment by the company under a legal authority 6)(g)(ii) in the company's Memorandum of Association. The value of trustees' remuneration and other benefits was as follows:

2023 2022
£ £
M G Phillips Remuneration 9,294 12,067
E Phillips Remuneration 32,721 22,738
Pension contributions paid 981 682
C M T M Northey Remuneration 7,593 9,307
Pension contributions paid 228 279

During the year ended 31 March 2023, no trustee expenses have been incurred (2022 - ).

Page 21

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

12. Tangible fixed assets

Cost or valuation
At 1 April 2022
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
713,933
713,933
22,608
14,279
36,887
677,046
691,325		 Fixtures and
fittings
£
17,807
17,807
4,761
3,612
8,373
9,434
13,046		 Total
£
731,740
731,740
27,369
17,891
45,260
686,480
704,371

The total potential liability owed to the secured creditors at 31 March 2023 amounted to £103,384 which represents 15.05% of the net book value of the tangible fixed assets at that date.

13. Fixed asset investments

Cost or valuation
Additions
At 31 March 2023
Net book value
At 31 March 2023		 Investments
in
subsidiary
companies
£
1
1
1

Page 22

(a company limited by guarantee)

LIFESPRING CHURCH AND CENTRE

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

14. Stocks

Finished goods and goods for resale
Debtors
Due within one year
Trade debtors
Concessionary loans
Other debtors
Prepayments and accrued income
Tax recoverable		 2023
£
300
2023
£
200
1,740
150
-
2,888
4,978		 2022
£
1,000
2022
£
-
1,740
65
500
2,110
4,415

15. Debtors

Page 23

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

16. Creditors: amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year		 2023
£
1,780
1,231
840
269
3,626
7,746
2023
£
6,300
(6,300)
-		 2022
£
2,461
1,731
573
264
9,944
14,973
2022
£
-
6,300
6,300

The loan from Kingdom Bank is repayable over 26 years 11 months starting in March 2020 at a monthly amount of £532.96 and the interest rate chargeable is 3.50% above the higher of the Bank of England Base Rate from time to time.

The loan from Kingdom Bank, the aggregate of which amounts to £103,384 is secured on the freehold property by way of a fixed and floating charge.

Page 24

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

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

Bank loans
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 2023
£
101,604
2023
£
1,780
5,340
94,484		 2022
£
102,703
2022
£
2,461
7,383
92,859

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

2023 2022
£ £
Payable or repayable by instalments 94,484 92,859

The loan from Kingdom Bank is repayable over 26 years 11 months starting in March 2020 at a monthly amount of £532.96 and the interest rate chargeable is 3.50% above the higher of the Bank of England Base Rate from time to time.

The loan from Kingdom Bank, the aggregate of which amounts to £105,164 is secured on the freehold property by way of a fixed and floating charge.

Page 25

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

18. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure
Financial liabilities
Other financial liabilities measured at fair value through income and
expenditure		 2023
£
175,510
2023
£
107,915		 2022
£
171,952
2022
£
110,194

Financial assets measured at fair value through income and expenditure comprise the bank and cash balances and trade debtors.

Other financial liabilities measured at fair value through income and expenditure comprise the loan finance provided by Kingdom Bank, trade creditors and accruals.

Page 26

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

19. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Freehold Property Fund
Ladies Ministry
Boys Brigade
Warsop Youth and Children
Vision
Freedom Cafe - Warsop
Weddings and Party Money
Memory Cafe
Make Lunch CAR
Oasis Hub
General funds
General Fund
Total Unrestricted funds		 Balance at 1
April 2022
£
586,161
109
705
188
7,039
200
1,314
5,493
494
5,779
607,482
131,288
738,770		 Income
£
-
-
-
-
-
-
-
-
-
-
-
163,037
163,037		 Expenditure
£
-
-
-
-
-
-
-
-
-
-
-
(173,903)
(173,903)		 Transfers
in/out
£
(12,499)
87
(705)
(188)
2,558
(200)
(1,314)
(2,786)
(494)
(5,779)
(21,320)
21,320
-		 Balance at
31 March
2023
£
573,662
196
-
-
9,597
-
-
2,707
-
-
586,162
141,742
727,904

Page 27

(a company limited by guarantee)

LIFESPRING CHURCH AND CENTRE

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

19. Statement of funds (continued)

Restricted funds
CAR project
Active Partners project
Chetwode Foundation
Town Hall project
Total of funds		 Balance at 1
April 2022
£
18,944
3,584
2,765
-
25,293
764,063		 Income
£
31,464
-
-
8,000
39,464
202,501		 Expenditure
£
(32,445)
-
-
(2,497)
(34,942)
(208,845)		 Transfers
in/out
£
-
-
(2,765)
2,765
-
-		 Balance at
31 March
2023
£
17,963
3,584
-
8,268
29,815
757,719

Page 28

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Freehold Property Fund
Warsop contribution to wages
Ladies Ministry
Boys Brigade
Community Fund CAR
Warsop Hampers
Denise Morgan Fund
Warsop Make Lunch CAR
Warsop Youth and Children
Vision
Freedom Cafe - Warsop
Weddings and Party Money
Memory Cafe
Make Lunch CAR
Oasis Hub
General funds
General Fund
Total Unrestricted funds
Restricted funds
CAR project
Active Partners project
Chetwode Foundation		 Balance at
1 April 2021
£
597,979
1,515
229
955
272
20
50
360
397
6,951
200
2,312
712
800
1,683
614,435
76,013
690,448
62,300
4,400
-		 Income
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
185,168
185,168
21,191
-
3,500		 Expenditure
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(160,430)
(160,430)
(40,963)
(816)
(735)		 Transfers
in/out
£
(11,818)
(1,515)
(120)
(250)
(272)
(20)
(50)
(360)
(209)
88
-
(998)
4,781
(306)
4,096
(6,953)
30,537
23,584
(23,584)
-
-		 Balance at
31 March
2022
£
586,161
-
109
705
-
-
-
-
188
7,039
200
1,314
5,493
494
5,779
607,482
131,288
738,770
18,944
3,584
2,765

Page 29

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

19. Statement of funds (continued)

Statement of funds - prior year (continued)

Total of funds

Balance at
1 April 2021
£
66,700
757,148		 Income
£
24,691
209,859		 Expenditure
£
(42,514)
(202,944)		 Transfers
in/out
£
(23,584)
-		 Balance at
31 March
2022
£
25,293
764,063

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objects of the charity.

The Freehold Property Fund represents the amount of charity funds locked up in freehold property held for operational purposes, and is equivalent to its year-end book amount less the loans outstanding on the freehold property. This fund is unwound by transfers to the General Fund to reflect usage on an annual basis.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes.

Page 30

LIFESPRING CHURCH AND CENTRE

(a company limited by guarantee)

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

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
686,480
Fixed asset investments
1
Current assets
150,773
Creditors due within one year
(7,746)
Creditors due in more than one year
(101,604)
727,904
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
£
Tangible fixed assets
704,371
Fixed asset investments
1
Current assets
152,074
Creditors due within one year
(14,973)
Creditors due in more than one year
(102,703)
738,770		 Restricted
funds
2023
£
-
-
29,815
-
-
29,815
Restricted
funds
2022
£
-
-
25,293
-
-
25,293		 Total
funds
2023
£
686,480
1
180,588
(7,746)
(101,604)
757,719
Total
funds
2022
£
704,371
1
177,367
(14,973)
(102,703)
764,063

Page 31

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

21. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1209 (2022 - £993). £269 (2022 - £264) was payable to the fund at the balance sheet date and is included in creditors.

22. Operating lease commitments

At 31 March 2023 the company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
15,600
28,170
43,770		 2022
£
23,229
5,885
29,114

The following lease payments have been recognised as an expense in the statement of financial activities:

2023 2022
£ £
Operating lease rentals 23,619 22,969
Changes in lease payments arising from COVID-19 related rent
concessions - -

23. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

24. Related party transactions

During the period the charity has received £6,000 for service charges for use of the freehold property from Oasis Cafe Ollerton Limited, the company's trading subsidiary.

There is an amount of £1,740 (2022 - £1,740) owing to the company at 31 March 2023 from the trading subsidiary.

There are no further related party transactions that require disclosure apart from those given above.

Page 32

LIFESPRING CHURCH AND CENTRE (a company limited by guarantee)

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

25. Merger of charities

The charity was created as a result of the merger between two related charities, Lifespring in the Dukeries and Lifespring Centre on 31 August 2020.

26. Principal subsidiaries

The following was a subsidiary undertaking of the company:

Name Company Registered office or principal Principal activity
number place of business
Oasis Cafe Ollerton Limited 12503702 Sherwood Drive, New Ollerton, Cafe
Newark, Nottinghamshire, NG22
9PP.
Class of Holding
shares
Ordinary 100%

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Oasis Cafe Ollerton Limited 69,940 56,696 13,244 13,245

Page 33