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2023-03-31-accounts

NEW LIFE CHURCH, TEESSIDE

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2023

REGISTERED COMPANY NUMBER 07920190 REGISTERED CHARITY NUMBER: 1147241

NEW LIFE CHURCH, TEESSIDE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2023

Page
Report of the Directors 2
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 12

1

NEW LIFE CHURCH, TEESSIDE

REPORT OF THE TRUSTEES

YEAR ENDED 31st MARCH 2023

The Directors present their annual report and the unaudited accounts for the year ended 31[st] March 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Companies Act 2006 and 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 (FRS102) effective 1[st] January 2015.

Reference and administrative information

Charity name: New Life Church, Teesside Charity registration number: 1147241 Company registration number: 07920190 Registered office and operational address: Low Grange Avenue Billingham TS23 3DP

Trustees

Luke Taylor Senior Minister – Chair George Henderson Senior Minister John Roopchand Elder (resigned 30[th] July 2022) Alan Coyle Elder Stephen Marwood Trustee David Stamp Trustee Ian Cornforth Trustee Paul Whittingham Secretary

Independent Examiner

Mr J Gresham FCCA, Gresham & Gale, 14 Fountain Street, Guisborough, TS14 6PP.

Bankers

Virgin Money, 46 High Street, Stockton TS18 1SB

Kingdom Bank, Ruddington Fields Business Park, Mere Way, Ruddington, Nottingham, NG11 6JS

Lloyds Bank, Albert Road, Middlesbrough, PO Box 1000, BX1 1LT

2

NEW LIFE CHURCH, TEESSIDE

REPORT OF THE TRUSTEES

YEAR ENDED 31st MARCH 2023

Structure, Governance and Management

Governing document

The organisation is a registered charity, governed under a Memorandum and Articles of Association. The charity was incorporated on 23[rd] January 2012 and registered as a charity on 14[th] May 2012.

Recruitment and appointment of the Trustees

The Directors are called the Church Leadership. The Church Leadership governs the Church. The Memo & Arts provides for the membership of the Leadership to be the Minister together with the duly appointed or elected leaders of the Church, whose names and addresses are entered in the Church records. The minimum number on the Church Leadership is three. During the year the Church Leadership consisted of the Trustees set out on page 2.

Trustee Induction and Training

Before appointment potential Directors will attend Leadership meetings as observers to acquaint them with the obligations of Directors under charity law. They are supplied with up-to-date financial information and other documents such as the most recent accounts and a copy of the Memo & Arts. All Directors are encouraged to attend appropriate external training events which will facilitate their role.

Risk management

The Church Leadership, together with elected Departmental Leaders have examined the major risks which could affect individual departments or the charity as a whole and have developed and implemented procedures to minimise these risks as far as possible. Risk management is a proactive activity developing with the growth of the charity.

The Directors monitor progress against budget and objectives and review their strategic objectives at their regular meetings.

Organisational Structure

The Directors are responsible for administering the charity and for its strategic direction. The day to day running of the charity is delegated to the management team.

Related parties

The charity does not have any related parties other than the Directors and their immediate families.

3

NEW LIFE CHURCH, TEESSIDE

REPORT OF THE TRUSTEES

YEAR ENDED 31st MARCH 2023

Objectives, activities, achievements and performance

Basis and Values

New Life Church, Teesside is a church in fellowship with the Assemblies of God . It’s values are found in the Christian faith and are actioned through the adoption of the Assemblies of God Model Trust Deed.

Objects of the Charity

The objects of the Church are described in the model trust deed as ‘the proclamation of the Gospel of Jesus Christ,’ The Mission Statement serves this object in the New Life Church, Teesside.

Mission/Vision Statements

Mission

New life Church, Teesside is a Pentecostal Church based in several locations in the Tees Valley.

The Mission of New Life Church, Teesside is to:

Go and make disciples of all in Teesside, the surrounding area (and of course the nations), baptising them in the name of the Father and of the Son and of the Holy Spirit, teaching them to observe all that Jesus has commanded us. We must go in the power of His Holy Spirit just as He promised that He is with us always, to the end of the age. (Taken from Matthew 28:19,20).

Vision

2 Peter 3:9 says:

The Lord is not slow to fulfil his promise as some count slowness, but is patient toward you, not wishing that any should perish, but that all should reach repentance.

Therefore it is our Vision that none in Teesside and the surrounding area should perish, but that every man woman and child shall come to repentance and faith in Jesus. Through preaching the gospel and working with other Christians in the area, it is our heartfelt desire to see this goal realised.

We believe the church is here to ‘Make a Difference’ within the local community and in the furtherance of these objects has a pro-active community-based outreach programme providing the following services to the local community.

The church provides a spiritual home to a congregation of approx. 130 people. The regular weekly activity of the church is as follows:

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

4

NEW LIFE CHURCH, TEESSIDE

REPORT OF THE TRUSTEES

YEAR ENDED 31st MARCH 2023

Activities and achievements during the year

Billingham

At the start of April - the week before Easter, we opened our newly extended building on Low Grange Avenue. After a lot of hard work and waiting, we now have a dedicated space set aside for church meetings. To celebrate, over Easter we held a weekend long conference with guest speaker, Kevin Pimblot from the U.S.A.

We are now comfortably meeting in this new location, and maintaining the livestream for those who cannot make it in person.

During August through to the end of October, I took a time of Sabbatical, now that the church had come through all Covid-19 restrictions and the building was complete, it was felt to be the right time to do this.

In October, Lisa Hatfield became our lead Children and Youth worker, and she has done a great job building up that ministry - now called “JAM” (Jesus and Me).

During the summer months, we had numerous outreach events, including a successful time at Seaton Carew beach.

We invited Billingham Silver Band back to play at our Carol Service and the event was a great success.

At the start of 2023, we launched a new vision, which focused on the church’s role to make a difference, rather than be a club to entertain Christians - we called it ‘Battleship, not Cruise Ship’. In this the aim is to restructure a lot of what we do as a church - changes that we are still working out. We also launched the concept of “House Plants” - which is to be our new method of launching locations, starting in people’s homes.

In February we started having regular Women’s Gatherings, starting with an event called “Galentine’s Day”. These Women’s meetings have been growing well. Our Men’s breakfasts and Men’s nights are also continuing well.

In March in the runup to Easter we had our Spring Fair, ran by Oasis and an outreach night called “An audience with Chris and Karen”.

We held a training session for our prospective House Plant leaders, ready to launch in April 2023.

It’s been a very active year and we look forward to seeing where the next year takes us. We thank God for all He’s done and all He’s going to do.

Stockton

Chris Parker has done a great job looking after this work, which now meets in the Elmwood Community centre in Hartburn. We’ve held some successful outreach evenings here, and the church has a great atmosphere. We have not seen a lot of local impact in this new location, and the condition of the venue seems to be getting worse over time. In January 2023 we went to Sunday Evening Meetings only and stopped the mid-week meeting and in the next few months we are considering moving to a new location.

Seaton Carew

The venue at the Staincliffe Hotel, whist it was decorated in 2021 was starting to go downhill and its stability as a venue seemed to be in danger. We decided we needed to move to a new location and in November 2022 we moved to a new venue, Owton Manor Baptist church, located on the Owton Manor Estate in Hartlepool. We have seen growth in this new venue and we are very grateful to the Baptist church for allowing us to hire and use their space.

5

NEW LIFE CHURCH, TEESSIDE

REPORT OF THE TRUSTEES

YEAR ENDED 31st MARCH 2023

Children's Work

Lisa Hatfield has taken on the lead role of our Children’s work. Due to the loss of connection and attendance during Covid-19 lockdowns we are building this work from the ground up - starting with a small number of children. The main focus at the moment is building up the Sunday ministry, but Lisa has also introduced a Monday night drama club for the young people.

Family Centre

The Family Centre and Day Care Nursery have ‘weathered the storm’ following the Covid-19 restrictions and it has been great to see the numbers of children rising again, despite several local schools increasing their offer of funded childcare places within their schools. Though this has meant a loss of some children we nonetheless have been busy once again.

The Day Care had its recent Ofsted Inspection on 31[st] May 2022 and we were thrilled to achieve OUTSTANDING in all areas. This is the first time we have achieved OUTSTANDING and it is a great testament to the outstanding work done by the management and the staff who work in the Family Centre and Day Care Nursery.

The NHS Physio Community Service is still being offered from the Centre but we are still waiting for the return of the midwives, who have been absent since the Covid-19 restrictions. We are still receiving income for their room but would like to see them operating once more within the Centre.

In August we were delighted to welcome The Old Billingham Craft Group to the centre who are now running a class each Wednesday morning.

Parent & Toddler Group, Oasis and the Children’s Work from the church are running their activities within the Centre each week, as well as the Men’s Breakfast Group, Men’s Honour Bound Meetings and the Ladies Gatherings are also using the Centre for their activities

Summary

2022-23 has been a year where we have felt the freedom of no more Covid-19 restrictions, and new locations for all three churches. We are looking ahead to the future, seeking to reach as many people in the area as we can with the Good News.

It’s been a year of building ministries back up and we now look towards growth and more new areas opening up.

Luke Taylor Senior Minister

6

NEW LIFE CHURCH, TEESSIDE

REPORT OF THE TRUSTEES

YEAR ENDED 31st MARCH 2023

Financial review

The Statement of Financial Activities on page 9 of these financial statements details all incoming and outgoing resources during the year. The charity was in deficit of £17,446 this year.

Reserves Policy

The Church Leadership have reviewed the reserves policy and have determined that the charity should maintain free reserves which equate to approximately 12 weeks of unrestricted expenditure, currently around £121,770. Free reserves are those unrestricted reserves not committed or invested in tangible fixed assets. At 31st March 2023 free reserves were in deficit by £4,868 this is due to the recent building work for Billingham Church.

Investment Policy

The Church Leadership has agreed an investment policy that identifies common investment funds which are appropriate to charities. Any surpluses of funds are kept on deposit with the Kingdom Bank.

Statement of Trustees’ Responsibilities

The trustees, who are directors of the charity for the purposes of the Companies Acts, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board of Trustees on and signed on its behalf by:

Luke Taylor

Trustee

7

Independent Examiner's Report to the Trustees of New Life Church, Teesside

I report on the accounts of the charity for the year ended 31[st] March 2023 which are set out on pages 9 to 19.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Certified Accountants.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Mr J Gresham FCCA Gresham & Gale

14 Fountain Street Guisborough TS14 6PP

8

NEW LIFE CHURCH, TEESSIDE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT)

YEAR ENDED 31st MARCH 2023

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
Income Notes £ £ £ £
Donations and legacies 122,350 - 122,350 151,523
Income from charitable activities
Fees and other income received 2 385,343 1,500 386,843 358,661
Investment income & interest 1,033 - 1,033 142
______ ______ ______ ______
Total incoming resources 508,726 1,500 510,226 510,326
______ ______ ______ ______
Expenditure
Expenditure on charitable activities 526,270 1,402 527,672 497,474
______ ______ ______ ______
Total expenditure 3 526,270 1,402 527,672 497,474
______ ______ ______ ______
Net income and net movement
in funds for the year -17,544 98 -17,446 12,852
Total funds brought forward 300,007 4,720 304,727 291,875
Movement in Revaluation reserve -116,028 - -116,028 -
______ ______ ______ ______
Total funds carried forward 166,435
______		 4,818
______		 171,253
______		 304,727
______

The Charity had no other gains or losses other than the net incoming resources for the year.

The notes on pages 12 to 19 form part of these financial statements.

9

NEW LIFE CHURCH, TEESSIDE

BALANCE SHEET

YEAR ENDED 31st MARCH 2023

2023 2022
Notes £ £ £ £
Fixed Assets
Tangible assets 7 171,303 317,943
Current assets
Debtors 8 12,180 12,594
Cash at bank & in hand 69,834 68,218
______ ______
Total current assets 82,014 80,812
Creditors: amounts falling
due within one year 9 (20,966) (28,138)
______ _____
Net current assets 61,048 52,674
______ ______
Total assets less current liabilities 232,351 370,617
Creditors: amounts falling due
after more than one year 10 (61,098) (65,890)
______ ______
Net assets 171,253 304,727
______ ______
Capital and Reserves
Unrestricted funds
General fund(including 12 134,273 251,485
property revaluation reserve
of 0 in 2023, 116,028 in 2022).
Designated funds 12 32,162 48,522
______ ______
Total unrestricted funds 12 166,435 300,007
Restricted funds 12 4,818 4,720
______ _
Total funds 171,253
______		 304,727
______

10

NEW LIFE CHURCH, TEESSIDE

BALANCE SHEET

YEAR ENDED 31st MARCH 2023

For the year ending 31[st] March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

These accounts have been prepared in accordance with the provisions applicable to the small companies’ regime.

Approved by the Board of Trustees and signed on its behalf by:

Luke Taylor

Trustee

The notes on pages 12 to 19 form part of these financial statements.

11

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

Charity information

New Life Church Teesside is a private company limited by guarantee incorporated in England and Wales. The registered office is Low Grange Avenue, Billingham, TS23 3DP.

Accounting convention

These accounts have been prepared in accordance with FRS102 “The Financial Reporting Standard applicable in the UK and Ireland’ (“FRS102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for Charities applying FRS102 and UK Generally Accepted Accounting Practice as it applies from 1[st] January 2015. The charity is a Public Benefit Entity as defined by FRS102

The accounts are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in the furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of restricted funds are set out in the notes to the accounts.

Designated funds are unrestricted funds which have been allocated by the trustees for a particular purpose.

Incoming Resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require the deferral of the amount. Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of donation.

Legacies are recognised on receipt or otherwise if the charity 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.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of VAT and other sales related taxes.

12

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

1) Accounting Policies (continued)

Tangible Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture, Fixtures and Equipment

Minibus

10% per annum 25% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the net income for the year.

Recoverable amount is the higher of fair value, less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than the carrying amount, the carrying amount of the asset is reduced to the recoverable amount immediately in income/expenditure for the year, unless the relevant asset is carried in at a revalued amount, in which case the impairment loss is treated as revaluation decrease.

Recognised impairment losses are reversed if and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as revaluation increase.

Basic Financial Assets

Basic financial assets which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and subsequently carries at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within 1 year are not amortised.

Basic Financial Liabilities

Basic Financial Liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within 1 year are not amortised. Debt instruments are subsequently measured at amortised cost, using the effective interest method.

13

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Transition to FRS102

The entity transitioned to FRS102 on 1[st] April 2015, there were no transitional adjustments required.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The estimates and associated assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision effects only that period, or in the period of revision and future periods where the provision effects both current and future periods.

2. Income

Income from charitable activities

Income from charitable activities
Unrestricted Restricted 2023 2022
Fees and other income £ £ £ £
Day care and other departments 385,343 1,500 386,843 358,661
______ ______ ______ ______
385,343
______		 1,500
______		 386,843
______		 358,822
______

.

14

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

3. Total Resources Expended

Expenditure on Charitable Activities
Basis of Charitable Governance
Allocation Costs costs 2023 2022
Total Total
Costs directly allocated
to activities £ £ £ £
Staff costs Direct 330,822 - 330,822 340,914
Travel & training Direct 1,476 - 1,476 5,827
Independent Examiner’s Fee Direct - 1,884 1,884 1,356
Direct charitable costs Direct 17,343 - 17,343 12,991
Depreciation Direct 37,869 - 37,869 8,753
Support costs allocated to
activities
Staff costs Time 32,867 3,652 36,519 36,148
Premises Costs Usage 45,481 5,054 50,535 40,107
Other admin costs Usage 46,102 5,122 51,224 49,808
────── ────── ────── ─────
511,960 15,712 527,672 495,904
═════ ════ ═════ ════

In the current year £1,402 of expenditure related to restricted funds.

4. Net incoming resources for the year

This is stated after charging:
Depreciation
Trustees’ remuneration and benefits (see below)
Independent examiner’s fee		 2023
£
6,815
40,607
1,884
______		 2022
£
8,753
39,439
1,356
______

Remuneration of £34,907 (2022: £33,676) was paid to Luke Taylor who is the Pastor . The constitution requires the Pastor to be a Trustee.

Remuneration of £1,862 (2022 £1,925) was paid to Mrs O Henderson who is the wife of G C Henderson the previous pastor

Pension contributions of £3,838 (2022: £3,838) in respect of the pastor Luke Taylor.

15

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

2023 2022
5. Staff Costs £ £
Wages and salaries 336,883 348,917
Social security costs 17,116 15,569
Pension costs 13,229 13,020
______ ______
367,228
______		 377,506
______
No employee received emoluments of more than £60,000 in either this year or last year.
2023 2022
The average number of employees was:
Direct charitable activities 23 25
Administration 2 2
_____ _____
25 27

6. Taxation

No provision has been made in respect of taxation, as the charity is exempt from tax on its charitable activities.

7. Tangible Fixed Assets

Furniture, Plant & Furniture, Plant & Total
Property Equipment
£ £ £
Cost or valuation
At 1st April 2022 299,825 91,599 391,424
Additions 9,819 - 9,819
Disposals (33,616) - (33,616)
Revaluation (116,028) - (116,028)
______ ______ ______
At 31st March 2023 160,000
______
91,599
______		 251,599
______
Depreciation
At 1stApril 2022 - 73,481 73,481
Eliminated on disposal - - -
Charge for the year - 6,815 6,815
______ ______ ______
At 31st March 2023 - 80,296 80,296
______ ______ ______
Net book value
At 31st March 2023 160,000 11,303 171,303
______ ______ ______
Net book value
At 31st March 2022 299,825
______
18,118
______		 317,943
______

16

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

7. Tangible Fixed Assets (continued)

The freehold land and buildings in Billingham were valued by North East Commercial Property Limited on 7[th] March 2023 following completion of the building work at a value of £160,000. The trustees feel that this valuation is appropriate for inclusion in the accounts.

8. Debtors
Trade debtors
Prepayments and other debtors

All debtors are receivable within one year.
9. Creditors: amounts falling due within one year
Other creditors and accruals
Social security and other taxes
Loan (see below)
Deferred income
Hire purchase
10. Creditors: amounts falling due after more than one year
Loan (see below)		 2023
£
8,180
4,000
__
12,180
_
2023
£
8,510
5,148
1,550
5,758
-

20,966

2023
£
61,098

61,098
__		 2022
£
8,594
4,000
______
12,594
__
2022
£
11,443
5,314
3,500
6,371
1,510
____
28,138
__
2022
£
65,890
_
16,768
___

In the year ended 31[st] March 2022, the charity took out a loan of £72,000 to refurbish the building in Billingham which is used as a church. The loan is repayable in monthly instalments over 20 years at a variable interest rate. The balance due after more than one year is as follows:

Due in 2-5 years
Due after 5 years		 2023
£
7,724
53,374
__
61,098
____		 2022
£
14,000
51,890
__
65,890
____

17

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

Unrestricted Restricted Restricted Total
Funds Funds Funds
11. Analysis of net assets between funds £ £ £
Tangible fixed assets 171,303 - 171,303
Net current assets 56,230 4,818 61,048
Creditors: amounts falling due after more than 1 year (61,098) - (61,098)
______ ______ ______
166,435 4,818 171,253
______ ______ ______
12. Movement in funds
At 1st Other At 31st
April Incoming Resources Revalu- March
2022 Resources Expended Transfers ation 2023
£ £ £ £ £ £
Unrestricted funds
General funds 135,457 108,102 (134,442) 25,156 - 134,273
Property revaluation reserve 116,028 - - - -(116,028)
-
______ ______ ______ ______ ______ ______
Total general funds 251,485 108,102 (134,442) 25,156 (116,028)134,273
______ ______ ______ ______ ______ ______
Designated funds
Day care & Family Centre (20,839) 377,528 (384,231) - - (27,542)
Property trust investment fund 49,253 379 (38) - - 49,594
Vision 14,307 16,770 (25) (29,000) - 2,052
Youth 63 - - - - 63
Outreach - 2,112 (3,000) 3,844 - 2,956
Book room and Tape Ministry 79 - - -79 - -
Coffee bar 1,855 153 (791) - - 1,217
Foodbank - 630 (630) - - -
Prayer for Israel 982 1,801 (1,855) - - 928
Parent and toddler 2,176 535 (497) - - 2,214
Oasis 646 686 (672) - - 660
Childrens department - 30 (89) 79 - 20
______ ______ ______ ______ _____ ______
Total designated funds 48,522 400,624 (391,828) (25,156) - 32,162
______ ______ ______ ______ _____ ______
Total unrestricted funds 300,007 508,726 (526,270) - (116,028)166,435
______ ______ ______ ______ ______ ______
Restricted Funds
Sensory room 4,720 1,500 (1,402) - - 4,818
______ _____ ______ ______ ______ ____
Total restricted funds 4,720 1,500 (1,402) - - 4,818
______ ______ ______ ______ ______ ______
Total Funds 304,727 510,226 (527,672) - (116028) 171,253
______ ______ ______ ______ ______ ______

18

NEW LIFE CHURCH, TEESSIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2023

13. Purpose of designated funds

The various designated funds are used to administer the activities after which they are named. This keeps them separate from the more general running of the Church and Centre as designated cost centres.

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