Charity raglstratlon number 1138263 Company registration numbèr 07365200 (England and Wales) NEW LIFE CHURCH WORTHING ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Caladine chartered Certified Accounfrants
NEW LIFE CHURCH WORTHING LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev S M Carter Mr P M Archer Mr N Atkins MrGJGeal (Appointed 1 February 2024) (Appointed 26 January 2025} Charity number 1138263 Company number 07365200 Prlnclpal address 10 Gréenland Road Durrington Worthing West Sussex BN13 2RR Rogi5tered olTice 10 Gr88nland Road Durrington Worthlng West Sussex BN13 2RR Indépendent examlner Colln Dadswell FCA FCCA DChA Caladlne Limited Chantry House 22 Uppgrton Road Eastbourne East Suss8X BN21 1BF Bankers CAF Bank 25 Klngs Hill Avenue Kings Hill West Malling Kent ME19 4JQ
NEW LIFE CHURCH WORTHING CONTENTS Page Trust88s' report ststement of Trustees, responslbilities Independent examlnerfs report ststement of financlal actlvStles Statement of flnan¢Sal posltlon Notes to the financlal statements 8-18
NEW LIFE CHURCH WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial ststements for the year end8d 31 December 2024. The financial statements have been prepared in accordanc8 with Ihe accounting policies set out in note 1 to the financial statements and comply with the Church's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 1021 leffectivg 1 January 20191" ObJe¢tlves and activitles The Charity's objects are the advancement of the Christlan faith in Worihing, the Unlted Kingdom and other parts of the world as the Trustees may from tlme to time think fit and to fulfil such other purposes which are exclusively charitsble accordlng to the law of England and Wales and are connected wlth the charftable work of the Charity. The Trustees have paid due regard to 9uidance issued by the Charity Commission in deciding what actlvlties the Church should undèrtake. A¢hlevements and performance During 2024 we have continued to hold our Sunday Momlnq Servlces In Oak Grove College, catering for adults, children and young people. We ¢ontlnue to r8cord our servic8s and alr them on Facebook and YouTube. Life Groups facilitate fellowship and support, essential to our church family life, meeting on a regular basls. Further pastoral support is provlded through home and hospital visits and asslsting wlth appointments. The Jubilee Club outreach continu85. It is a privllege to help and assist oth8rs and il Is also part of our Christian principles. CAP (Chrlstlans Agalnst Poverty) services are sl511 in place, our local New Llfe Church foodbank Ls functioning and our food help to a local school continues and is vitsl lo the w81fare of th8 communlty. Whilst we support our own communities locally we also have a missionary undertaking where we support the work in other countri8s where we know that the donations that we glve ar8 used wisely to asslst fully in that Community. This system, has been in place for many years and will continue to be part of our offering. As a Charity we have needed to continue with the suspenslon of sorne of our activities du8 to Currently not having our own buildlng, bul we are still conlinulng to seNe the Community at large, We have continued to exp8rl8nce dlfflcullies wllh plannin9 permlssions over the year, and thls has meant that we have been as yet unable to bulld our new church. It is our intents'on to do so enabling us to have a permanenl home where w8 can restore the facilities and enhance the facilities previously provided. As part of our annual reporting function additional reports are prepared for individual adlvities that ar6 run within the Charity. All memb8rs receive the Reports in respect of all the Charity is doing. Flnanclal revlew The overall results for the year showed a surplus on unrestricted funds after transfers of £17.203 (2023: surplus of £45,606) and a surplus on restricted funds of £22,520 (2023= surplus of £42,251). Unrestrictèd funds carried fOard were £2,133.328 (2023.. £2,116,125). Reserves pollcy It is the policy of the Church that free reseNes should be maintained at a level equivalent to beteen three and six month's operating expenditure. The Trustees consider that reserves at this level will ensure Ihat, in the event of a significant drop in funding, they will be able to continue the Church's current activlties while consideration is given to ways in which additional funds may be raised. This level of reserves has been rnaintained throughoul the year. Structuro. governance and management The Church is a company limlted by guaran188. company numb8r 07365200, incorporated on 3 Sept8mber 2010. It is also a r8gistered charity, number 1138263.
NEW LIFE CHURCH WORTHING TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thé Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signatur8 of the financial stalem8nts were: Rev S M Carter Mr P M Archer Mr N Alkins MrGJG8al Mr P Hammond (Appointed 1 Fèbruary 20241 (Appolnted 26 January 2025) (R8slgn8d 2 January 2025) Trustees appoinltnents are recommended by the Board of Trustees and are approved by the membership of the Church at Speclal Church Meetlngs. Newly appointed Trustees are provlded with such induction and training 8S considered nec8ssary for the role they are undertaking. None of the Truslee5 has any baneficial interest in the company. All of the TNste8s are members of the company and guaranteè to contrlbute £1 in the event of a wlnding up. The decision-maklng of the Charlty rests, under its rules, wlth the Church Elders, Deacons and m8mb8rs, wlth resF)onslblllty for manag8m8nt b8ing delegated to the Staff Team, Flnanc8 and Fabrlc Group5. As part of the annual reporting process the Trustees have Identified the malor risks to whlch the Church is exposed, hav8 r8Vi8wed these and ensured that systems have been established to mltlgate these rlsks. The Trust ort was approved by the Board of Trustees. MrPMArc Trustea Dated:
NEW LIFE CHURCH WORTHING STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee5, who are also the directors of New Llfe Church Worthing for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slat8ments in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company Law requlres the Trustees to prepare financial statements for each financlal year whlch gw8 a true and fair view of the stgte of affairs of the Church and of the incoming r8sourGes and applicatlon of reg)urc8s, including the income and expendlture, of the charltable company for that year. In prepaTlng these financial statem8nts, the Truste8s are required to.. select suitable accountlng policiès and Ihen apply them conslstently,. observe the methods and princip18s in the Charities SORP., make ludg8ments and estlmates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures dls¢losed and explained In the flnancial statements; and prepare the flnanclal statements on the going wiic8rn basls unless it Is Inappropriate to pre8ume that th8 Church wlll contlnue in operalion. The Trustees are responsible for keeping adequate accounting records that dlsclose wlth reasonable accuracy al any time the financlal posltlon of the Church and enable them Io 9nsure that the flnancial slalemenls comply with the Companies Acl 2006. They are Blso responsibl8 for safeguarding the assets of th8 Church and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities.
NEW LIFE CHURCH WORTHING INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW LIFE CHURCH WORTHING I report to the Trustees on my exarnination of the financial statements of New Llfe Church Vvorthing (the Church) for the year ended 31 December 2024. Responsibllltles and basis of report As the Trustees of the Church (and also its directors for the purposes of company lawl you are responsible for th8 preparation of the financlal statements in accordance with the requirements of the Companies Act 20C6 (the 2006 Act). Havlng satisfied myself that the flnancial statements of the Church are not required to be audited under Part 16 of the 2006 Act and arè 81igibl8 for independent examination, I raport in respect of my examination of the Church's financial stat8m8nts carried out under section 145 of thè Charities Act 2011 (Ihe 2011 Act). In carrying out my examinatlon I have followed all the appllcable Directlons given by the Charlty Commission under section 145{5J(b} of Ihe 2011 Act. Indapondent examinerfs statement I have completed my examination, I confirm that no matters have come to my attentlon in connection with the 8xamlnatlon glving me cause 1¢ belleve that In any material respect.. accountlng records were not kepl In respect of the Church as required by se¢tlon 388 of th8 2006 Act; or the financial statements do not a¢cord wSth those records. or the financial statements do not comply with the accounting requlrements of s8Ction 396 of the 2006 Act other than any requirement that the accounts give a true and falr view which is not a matter consldered as part of an Indep8ndenl 8xamination', or the finandal statements have not been prepared In accordance wlth the methods and principles of the Statement of Recommended Pracllc8 for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK an Republic of Ireland IFRS 1021. I have no concems and hav8 come across no oth8r matters In connects'on with the examination lo whlch attention should be drawn In thls report in ordgr lo enable a proper understandlng of the finan¢lal statements to b8 reached. Colln Dadswell FCA FCCA DChA Caladlne Ltd Charterod Certlfled Accountants Caladine Limlted Chantry House 22 Upperton Road Eastboume East Sussex BN21 1BF Dated: .
NEW LIFE CHURCH WORTHING STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestritted Restrlctsd funds funds 2024 2024 Total Unrestricted Restrlctad funds funds 2023 2023 Total 2024 2023 Notès Ineome from: Donalions and legacies Charltable actlvltles Investments 107,955 6,374 6,189 47,987 155,942 6.374 15.617 106,599 24,431 4,169 42,482 149,081 24,431 14,975 9,428 10.806 Total Income 120,518 57,415 177,933 135,199 53,288 188,487 Expendlture on: Charitabl8 actlvities 95,664 42.546 138.210 79,234 21,396 100.630 Total èxpendltur 95.664 138,210 79,234 21,396 100,630 Net Income 24,854 14,869 39,723 55.985 31,892 87,857 Transfers ba08 funds 17 (7,651) 7,651 (10,359) 10,359 Net movement In lunds 17,203 22,520 39,723 45,606 42,251 87,857 Rèconclllatlon of funds: Fund balances at 1 January 2024 2,116,125 506,210 2,622,335 2,070,519 463,959 2,534,478 Fund balane•8 at 31 December 2024 2,133,328 528,730 2,662,058 2,116,125 506,210 2,622,335 The statement of financial aclivllles Sncludes all galns and losses recognlsed In the year. All Income and expenditure d8rlv8 from contlnuing activlt18S.
NEW LIFE CHURCH WORTHING STATEMENT OF FINANCIAL POSITION ASAT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Property, plant and equipment 13 1,958,282 1,958,282 Currènt assats Trad8 and other recelvables Cash al bank and In hand 14 389,579 326.481 379,814 299,623 716.060 18,284) 679,437 17.384) Curront Ilabllltle8 16 Net current assets 707,778 672,053 Total assets le88 current liabilities 2,666,058 2,630,335 Non-current Ilabllltles Borrowings 15 4,000 8,000 14.000) (8,0001 Nat assats 2,662,058 2.622,335 Income funds Restricted funds 17 528.730 506,210 Designated funds.. Church property fund other designated funds 1.950,282 25,447 1,946,282 20,446 18 1,975,729 157,599 1,966,728 149,397 General unrestrfcted funds 2,133,328 2,116,125 2,662.058 2.622,335
NEW LIFE CHURCH WORTHING STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The company is entitled to the exemption from the audit requirement contalned in section 477 of th8 Companies Act 2006, for the year 8ndèd 31 D8rnber 2024. The directors acl(nowledge their responsibilities for complying with thé requirements of th8 Companies Act 2006 with respect to accountlng records and the préparation of financial ststemants. Th8 members have not required the company to obtain an audit of its financial statements for the year in question in accordanc8 With section 476. Thes6 financial statements havo been prepar8d In a¢¢ordan¢e with th8 provlslons applicable to companles subject to the small companies regime. The tlnancial stat8m8nts were approved by th8 Trustoes o Mr P M Archer Trustae Company reglstratlon number 07365200
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Company Informatlon New Life Church Worthing Is a charitable company by guarantea Incorporated in England and Wal8s. The registered office is 10 Gr88nland Road, Durrington, Worthing, W8St Sussex, BN13 2RR. 1,1 Accountlng convention The financial statements have bean prepar8d in accordance wllh the Church's Memorandum and Articles of Assoclallon, the Compan18s Act 2006 and 'Accounting and R8POrting by Charities: Statement of Recommended Practicè applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 2019)" The Church Is a Publlc Ben8flt Entlty as defined by FRS 102. The Church has taken advantage of Ihe provlslons In the SORP for ¢harltl8s applying FRS 102 Update Bu11811n 1 not to prepare a Statement of Cash Flows. Th8 flnanclal statements a prepared In st8rllng. which is the functional currency of the Church. Mon8tary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to Include certaln financlal instruments at fair valué. The principal accounting policies adopted are set out below. 1.2 Golng concern Al th8 time of approving the financial 518tem8nts, the Trustees have a reasonable expectalion that the Church has adequate resources to continu8 in operatlonal existence for the foraseeable future. Thus the Trustées continue to adopt the going concern basis of accounting in preparlng the financlal statements. 1.3 Charltable funds Unrestricted funds are available for use at the dlscretion of the Trustees In furtherance of thelr ¢harltable objectives. Rèslrlct8d funds are subject to specific condltlons by donors or grantors as to how they may be used. The purposes and us8s of the re5triGted funds are set out in the notes to the fin8n¢ial stat8ments. 1.4 In¢om• Income Is recognised when the Church is legally entitled lo It after any performance condltions have been met, the amounts can b8 measured reliably, and il is probable that income will be roc8lv8d. Cash donatlons are recognised on receipt. Oth8r donations are recogni5ed once the Church has been notifi8d of the donation, unless performance conditlons require deferral of the amount. Income lax recoverable In relation to donation5 received under Glft Aid is recognised at the time ofth8 donation. Legacies are recognised on receipt or otherwis8 if the Church has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Donated assets and services are recognised in the financlal statements al the value when received.
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policias (Continued) 1.5 Expendlture Expenditur8 is recognlsed onc8 thare 15 a legal or constructive obllgation to transfer economic benefit to third party, It is probable that a transf8r of economic benefits wlll be requlred in settlement, and the amount of the obligatlon can be rneasured reliably. Expendlture is classified by activity. The costs of each activity are made up of th8 total of dir1 costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activlty are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs whlch are not attrlbutab18 to a single actlvity ar8 apportioned betW88n those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. All 8xpendilure is accounted for on an accruals basis and has been classified under headings Ihal aggregate all costs related to th8 category. 1.6 Property, plant and equlpm?nl Property and 8qulpment are measured at cost, nel of deprèclatlon and any Impalrmant losses. Items below £1,000 are not capitalis8d. Depreciation Is recognised so as to wrlte off the cost or valuailon of assets less thelr resldual values over thelr Useful Ilves. Land and buildings Computers No depreciation 250/0 on a straight line basis Freehold land and bulldings are not depreciated as their residual value is considered to be greater than their book value. Legal and archltecls cosls incurred on sites sublect to future development are Capllallsed as they add value lo the future resale amount achievable. The gain or Ios5 arislng on the dlsposal of an asset is detemiined as the difference be8e Ihe sale proc88ds and the carrying value of Ihe asset, and is recognised in th8 statement of financial aGtivilles. The Land and buildings are hgld on Trust wlth the Baptlsl Union. 1.7 Impairment of non<urrent assets Al each reporting end dat8, the Church reviews the carrying amounts of its tangible assets to determine whether there is any indlcation that those assets have suffered an Impairment loss. If any SLtch Indallon exlsts. the recoverable amount of the asset is estlmaled in order to d8t8rmlne the extent of the Impairment loss (if any). 1.8 Cash and cash oqulvalents Cash and cash equivalènts include cash in hand, deposlts held at call with banks, other short-term liquld investmènts with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current Ilabilltie5. 1.9 Flnanclal Instruments The Church only has financial assets and financial liabilities of a kind that qualify as basic financlal Instruments. Basic flnancial instruments are initially recognised at Iransaction value and subsequently rneasured at their settlement value with the exception of bank loans which are subsequently measured at amortlS9d Gosl using the 8ffective interest method.
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Contlnued} 1.10 Employee boneflts The cost of any unus8d holiday entitlement is recognised in th8 period in which the employee's servic8s are rec8ived. Crltlcal accountlng estlmates and Judgements In the application of the Church's accounting policies, the Trustees are required to make judgements. estimates and assumptlons about the carrylng amount of assets and liabilities that ar6 not readily apparent from other sources. The estimatas and associated assumptions are based on hlstorical 8xperience and other factors that are considered to be r8l&vant. Actual results may differ from these estimates. The estimates and underlylng assumptions ar8 r8viewed on an ongoing basis. Revisions to accounting estimates are rgcognised in the period in which the estimate is ravised where th8 revision affects cnly that period, or in the perlod of th8 r8vlslon and future periods wh8r8 the r8vlslon affects both currenl and futur8 perlods. In¢om• from donatlons and legacles Unrestrlcted Ro$trlct8d funds funds 2024 2024 Total Unrestricled Rostrlcted funds funds 2023 2023 Total 2024 2023 Donations and glfts Legacl8S 107.955 47,987 155,942 106,359 240 42.482 148,841 240 107,955 47,987 155,942 106,599 42,482 149,081 Donatlons and glfts Gift ald glvlng Wegkly off8rings Developfflent fund donations Welf8re fund donation5 CAP poverty project donatlons other restricted gifts Tax refund 59,818 30,596 59,818 30,596 59,777 29,283 59,777 29,283 35,688 35,688 30,847 1,921 30,847 1,921 8,122 4,177 8,122 4,177 17,541 5,051 4,663 5,051 4,663 17.299 17.541 17,299 107,955 47,987 155,942 106,359 42,482 148,841 10-
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable actlvlties Unrestrlcted Unrestrlcted funds funds 2024 2023 Jubllee friendshlp club Hall hire and sundry Income 2,374 4.000 2,396 22,035 6,374 24.431 Income from Invastments Unrestrfcted Restrlcted funds funds 2024 2024 Total Unr•stricted Re$trlcted funds funds 2023 2023 Total 2024 2023 Inler83t receivable 6.189 9,428 15,617 4.169 10,806 14,975 11
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charltable activitles Charltable activitlos 2024 Charltable activities 2023 Dlrect costs DepCiatIon and Impairment Senior pastor salary CAP worker salary V8nue hlre CAP project other costs Development project Jubilee fnendship club Home mlnlstry (Including evangelism and chlldren) Catering Insurance Rates utilitles Repairs and malntenance 440 29,477 10,637 14,399 5,054 21,930 2,344 637 225 6.330 2,819 1.148 1.608 10,200 12,468 5,239 2,503 1,342 278 5,988 268 326 1,116 96,608 40,168 Grant funding of activiti8s {s88 note 7) 17,173 21,932 Share of 8UPPOrt and govornanco costs (see note 8) Support Governance 20.144 4,285 34,242 4.288 138,210 100,630 Analysls by fund Unrestricted funds Restrided funds 95,664 42,546 79,234 21,396 138,210 100,630 Grants payable 2024 2023 Overseas mission Mission general Home Missions Welfare fund SEBA Other 10,539 1,478 3,000 1,656 500 12,433 3.950 3.500 1.178 500 371 17,173 21,932 12
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to activities 2024 2023 Adfflinistration salaries Affiliallons Office equipment and computer costs Motor and travel expens8S Office costs Sundry expenses Governance costs 13,825 931 2,665 722 1,967 34 4,285 28,450 922 2.402 293 2,070 105 4,288 24,429 38,530 Charitable activities 24,429 38,530 2024 2023 Govornance costs compr180: Accountancy Ind8pendent examination Payroll fees Bank charges 2,580 720 864 121 2,580 720 864 124 4,285 4.288 Fe8s pald to the ind8pendent examln8r durlng the year comprised £2,580 for accountancy s8Nlces12023: £2,580). £720 for th8 independent examlnation {2023: £720). and £884 for payroll services12023.' £864). Net movoment In fund8 2024 2023 Tha n8t movemenl in funds IS stated after chargingl{crediting): Depreciatlon of owned property, plant and equlpment 440 10 Trustees Trustee Sean Carter has been employed by the church as the senior pastor slnce February 2024. During the year he was paid a gross salary of £26,217 (2023.. £nill and the church paid employer pension contributions of £3.259 on his behalf {2023'. £nil). He is also provided with a church manse as part of his employment as the pastor. Trustees donations during the year amounted to £25,905 (2023.. £26,080). 13-
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employoos Number of employees The average monthly numb8r of employees during the year was.. 2024 Number 2023 Number Senlor pastor Administration CAP worker Wages and salaries Soclal securlty costs Other pension costs 50,480 37,417 33 1,200 3,459 53,939 38,650 Th8r8 were no employees whose annual remuneration was £60.000 or mor8. 12 Taxatlon The charity is exempt from taxalion on Its activities because all its Income is applied for charitable purposes. 13 Proporty, plant and equlpment Land and bulldlng¥ Computors Total Cost At 1 January 2024 1,958,282 5,332 1.963.614 At 31 December 2024 1,958,282 5,332 1.963,614 Depreclatlon and Impairment At 1 January 2024 5,332 5,332 At 31 Dec8mb8r 2024 5,332 5,332 Carrylng amount At 31 December 2024 1,958,282 1,958,282 At 31 December 2023 1,958,282 1,958,282 14-
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Trade and othor r8colvables 2024 2023 Amounts falllng due withln one year: 011)er receivables Prepayments and accrued income 388,996 583 379,231 583 389,579 379,814 Wilhln other recelvables ar8 the proceeds on the sale of the main church buildlng and garden5 logether with inter8St accrued amounting to £383,708 at 31 December 2024 (2023.. £374,279 }. These monles are currently held by the Baptlst Unlon and wlll be released to the church to cover future costs of constructing he new building. Interest Is being accrued on these funds until they are paid out. 15 Borrowlng8 2024 2023 Other loans 8,000 12,000 Payabla wlihln one year Payable after one y8ar 4,000 4,000 4,000 8,000 The figure for borrowlngs represent loans as follow8: South East BaptlstAssoclatlon loan An interest free loan of £40,000 was received during the year ended 31 D8cember 2016 to be repaid over 10 years wlth instalments of £2,000 becoming due in February and August of each year. The balance outstsnding at the year end was £8,00012023: £12,000). 16 Current Ilabllltios 2024 2023 Borrowings Accruals and deferred income 4,000 4,284 4,000 3,384 8,284 15-
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds The restricted funds of the charty comprise the unexpended balances of donations and grants held on trust subject to sp8cific conditions by donors as to how they may be us8d. Al 1 January 2024 Incoming resources Resourcas expended Transfers At31 Dècèmber 2024 Development fund Welfare fund Restrlcted gifts CAP poverty project fund 503,737 2,132 341 45,116 1,000 3,177 8,122 (21,9301 {1,6561 {3,2691 115.6911 526,923 1,558 249 82 7,569 506,210 57,415 {42,5461 7,651 528,730 Previous year: At 1 January 2023 Incoming resources Resourcos 8xp8nd8d Transfers At31 December 2023 Development fund Welfare fund Misslon fund Restrlcted glfts CAP poverty project fund 462,084 883 30 962 41,653 1,921 503,737 2,131 (6731 (30) 4,663 5,051 15,2831 (15,4401 342 10,389 463,959 53,288 (21,3961 10,359 508,210 Dovolopmont fund this fund represents amounts glven specifically for bulldlng development and the establishment of a new Church buildipg. All glfts received towards thè d8velopm8nt and expenses paid slncè that time have been recorded as such. AS the monies raised were us8d for lh8 purpose intended, the restrictlon Is satlsfied. Welfare fund- Thls fund is monies given for the church to us8 to help those in need as needs arls8. Mlsslon fund - This fund is for the support of thos8 Involv8d in missions a¢tlvitl8s or misslons organisations as needs arise. Restrlcted glfts- This fund is for the admlnlstration of gifts glven with a sp8cific daslgnation. CAP poverty project fund thls fund shows monies raised to fund the work of the CAP IChri51ian's Against Poverty) local branch. 16-
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestricted funds The unr8stricted funds of the charlty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donor5 and grantors as to how they may b8 Used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng resources Rèsources expended Transfars At31 December 2024 Church propety fund Gifts and legacies fund Other designated funds CAP G8n8ral funds 1,946,282 4,145 14,083 2,219 149,396 4,000 1,950,282 4,145 17,052 4,250 157,599 2,674 13,8221 4.117 2,031 (17,799) 117,844 (91,842) 2,116,125 120,518 (95,664) (7,651) 2,133,328 Provlous year: At l January 2023 Incomlng r8sourco8 Resources expended Transfers At31 December 2023 Church property fund Gifts and legacies fund Other designated funds CAP General funds 1,942,282 3,904 14,415 2,408 107,510 4,000 1,946,282 4,144 14,083 2,219 149,397 240 2,396 (6,9581 4,230 (1891 (18,4001 132,563 {72,276) 2,070,519 135,199 79,234 {10,359) 2,116,125 Church property fund - this fund consists of freehold land and buildings held in trust for charitable use by the church n8t of any outstanding borrowlngs. These properties are held by the Baptist Union Corporation Llmlted as custodian Trustees net of any outstanding borrowings. This includes th8 Jubilee Hall and adjoinlng car park, 10 Greenland Road and garden and the Church manse at 52 Malthouse. In addition, land has been purchased which will be used to house a new Church building in the fvlure. Transfers of £4,000 wera made during the y8ar to reflect repaym8nt of borrowings from the general funds. The closing balance represents the total capitalised cost of land and buildings less borrowings secured against thèm. Glfts and legacles fund slgnificant glfts and legacies are set aside by the church to be spent when called upon. Othor designated funds these fund5 represents the activity of various other church activities, clubs and projeGts. 17-
NEW LIFE CHURCH WORTHING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Analysls of net assets between funds Unrèstrlctod funds 2024 Rostrlcted funds 2024 Total 2024 At 31 December 2024: Property, plant and equipment Curr8nt ass8tsl{Ilabilitl8sI Long t8m liabiliti85 1,958,282 179,046 {4,000) 1,958,282 707,776 {4,000) 528,730 2,133,328 528,730 2,662,058 Unrestrlcted funds 2023 Rolltrlcted funds 2023 Total 2023 At 310ecember 2023: Property, plant and equlpment Current assetsl{Ilabllltles} Long tenn liabilities 1,958,282 165,843 18,0001 1.958,282 672,053 {8,000> 506,210 2,116,125 506,210 2.622,335 20 Rolat•d party transa¢tlon$ Transactlons wlth the trust88s are disclosed in note 10. There wer8 no other disclosable related party transactions during lh8 year (2023 - none), 18-