2021-07-31-accounts - The New Life In Christ Ministry

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The New Life In Christ Ministry

Charity No. 1147809

Company No. 06977922

Trustees' Report and Unaudited Accounts For the year ended 31 July 2021

B M Cooper & Co. Limited Chartered Certified Accountants

88 Wood Lane

Dagenham Essex RM9 5SL

The New Life In Christ Ministry Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7 to 13
Detailed Statement of Financial Activities	14 to 15

Page 1

The New Life In Christ Ministry Trustees Annual Report

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 July 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 06977922

Charity No. 1147809

Principal Office

Unit 7, Selinas Lane Behind Quilting Ltd Dagenham Essex RM8 1ES

Registered Office

Unit 7, Selinas Lane Behind Abbey Quitling Ltd Dagenham Essex RM8 1ES

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Adewale Agbejule Bamidele Sinkaiye Olayemi Jacob Olubukunola Ogidiolu Olufemi Awomolo

Accountants

B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

Bankers

Barclays Bank Plc NatWest Bank

Page 2

The New Life In Christ Ministry Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document is for the benefit of persons in the United Kingdom and worldwide to advance Christian religion; to relieve poverty, sickness and distress; to advance education.

Various activities were undertaken during the year, in relation to these purposes.

FINANCIAL REVIEW

The total incoming resources for the year amounted to £172,255 (2020 - £186,347) and the total resources expended amounted to £209,421 (2020 - £225,994) leaving net deficit for the year of £37,166 (2020 - £39,647 deficit). The balance of funds as at 31st July 2021 was a deficit of £53,358 (2020 - £16,192 deficit). It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves was not maintained throughout the year.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

..................................................................... Olufemi Awomolo Trustee

04 April 2022

Page 3

The New Life In Christ Ministry Independent Examiners Report Independent Examiner's Report to the trustees of The New Life In Christ Ministry

I report to the charity trustees on my examination of the accounts of The New Life In Christ Ministry for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also 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 charity 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 your charity's accounts as 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

accounting records were not kept in accordance with section 386 of the 2006 Act ; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements under 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
the accounts have not been prepared in accordance with the Charities SORP (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.

................................................

Mr Bolaji Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

04 April 2022

Page 4

The New Life In Christ Ministry Statement of Financial Activities For the year ended 31 July 2021

Unrestricted funds 2021 £ 172,255	Total funds 2021 £ 172,255	Total funds 2020 £ 186,347
172,255 46,270 163,151	172,255 46,270 163,151	186,347 70,367 155,627
209,421 -	209,421 -	225,994 -
(37,166) -	(37,166) -	(39,647) -
(37,166)	(37,166)	(39,647)
(37,166) (16,192)	(37,166) (16,192)	(39,647) 23,455
(53,358)	(53,358)	(16,192)

Page 5

The New Life In Christ Ministry Balance Sheet At 31 July 2021 Company No. 06977922

Notes 2021 £ Fixed assets Tangible assets 9 8,179 8,179 Current assets Cash at bank and in hand 5,799 5,799 Creditors:Amount falling due within one year 10 (2,822) Net current assets 2,977 Total assets less current liabilities 11,156 Creditors:Amounts falling due after more than one year 11 (64,514) Net liabilities excluding pension asset or liability (53,358) Total net liabilities (53,358) The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds (53,358) (53,358) Reserves 12 Total funds (53,358)	2020 £ 18,171
	18,171 17,964
	17,964 (2,327)
	15,637 33,808 (50,000)
	(16,192)
	(16,192)
	(16,192)
	(16,192)
	(16,192)

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 July 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 04 April 2022

And signed on its behalf by:

...........................................................

Olayemi Jacob Trustee

04 April 2022

Page 6

The New Life In Christ Ministry Notes to the Accounts For the year ended 31 July 2021

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

The New Life In Christ Ministry Notes to the Accounts Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

useful life:
Motor Vehicles	20% on cost
Fixtures, fittings and equipment	25% on written down vakue

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 8

The New Life In Christ Ministry Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 9

The New Life In Christ Ministry Notes to the Accounts 2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted funds 2020 £ 186,347 186,347 70,367 155,627 225,994 (39,647) (39,647) (39,647) 23,455 (16,192)	Total funds 2020 £ 186,347
		186,347 70,367 155,627
		225,994
		(39,647)
		(39,647)
		(39,647) 23,455
		(16,192)

4 Income from donations and legacies

Tithes and offerings Gift aid reclaim Building funds	Unrestricted £ 149,486 11,831 10,938 172,255	Total 2021 £ 149,486 11,831 10,938 172,255	Total 2020 £ 156,333 30,014 -
			186,347

Page 10

The New Life In Christ Ministry Notes to the Accounts

5 Expenditure on charitable activities

Expenditure on charitable activities Church activities and programmes Conventions Honorarium Mission work Music & Instrumentalist expenses Welfare and hospitality Governance costs Accountancy fees Legal and professional fees Subscription and licence fees 6 Other expenditure Bank loan and overdraft interest payable Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 7 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets	Unrestricted £ 6,642 5,798 17,970 - 2,764 7,899 1,500 3,697 - 46,270 Unrestricted £ 5,768 11,689 6,050 108,774 9,992 20,878 163,151 2021 £ 9,992	Total 2021 £ 6,642 5,798 17,970 - 2,764 7,899 1,500 3,697 - 46,270 Total 2021 £ 5,768 11,689 6,050 108,774 9,992 20,878 163,151	Total 2020 £ 21,594 2,565 16,816 7,295 8,758 7,170 1,750 3,019 1,400
			70,367
			Total 2020 £ - - 7,501 114,598 11,655 21,873
			155,627
			2020 £ 11,655

Page 11

8 Staff costs Salaries and wages Pension costs No employee received emoluments in excess of £60,000. 9 Tangible fixed assets Cost or revaluation At 1 August 2020 At 31 July 2021 Depreciation and impairment At 1 August 2020 Depreciation charge for the year At 31 July 2021 Net book values At 31 July 2021 At 31 July 2020 10 Creditors: amounts falling due within one year Other taxes and social security Other creditors Accruals and deferred income The New Life In Christ Ministry Notes to the Accounts	11,500 189 11,689 Motor Vehicles £ 25,000 25,000 20,000 5,000 25,000 - 5,000 2021 £ 626 88 2,108 2,822	- -
		-
		Total £ 152,447
		152,447
		134,276 9,992
		144,268
		8,179
		18,171
		2020 £ 827 - 1,500
		2,327

11 Creditors: amounts falling due after more than one year Bank loans and overdrafts	2021 £ 64,514 64,514	2020 £ 50,000
		50,000

Page 12

The New Life In Christ Ministry Notes to the Accounts 12 Movement in funds

Incoming resources (including other gains/losses ) £ 172,255 172,255 At 1 August 2020 £	Resources expended £ (209,421) (209,421) Unrestricted funds £ 8,179 2,977 (64,514) (53,358) Cash flows £	At 31 July 2021 £ (53,358)
		(53,358)
		Total £ 8,179 2,977 (64,514)
		(53,358)
		At 31 July 2021 £
17,964	(12,165)	5,799
17,964 (50,000) (50,000) (32,036)	(12,165) (14,514) (14,514) (26,679)	5,799 (64,514)
		(64,514)
		(58,715)

Page 13

The New Life In Christ Ministry Notes to the Accounts 15 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

	2021	2021	2020	2020
	Land and buildings	Other	Land and buildings	Other
	£	£	£	£
Operating leases with expiry date:
*Pension commitments*
		2021		2020
		£		£
The pension cost charge to the company
amounted to:		189		-

16 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 14

The New Life In Christ Ministry Detailed Statement of Financial Activities For the year ended 31 July 2021

Income and endowments from: Donations and legacies Tithes and offerings Gift aid reclaim Building funds Total income and endowments Expenditure on: Charitable activities Church activities and programmes Conventions Honorarium Mission work Music & Instrumentalist expenses Governance costs Accountancy fees Legal and professional fees Subscription and licence fees Total of expenditure on charitable activities Other expenditure Bank loan and overdraft interest payable Employee costs Salaries/wages Pension costs Motor and travel costs Vehicles - General costs Premises costs Rent Light, heat and power Premises cleaning Premises repairs and maintenance	Unrestricted funds 2021 £ 149,486 11,831 10,938 172,255 172,255 6,642 5,798 17,970 - 2,764 7,899 41,073 1,500 3,697 - 5,197 46,270 5,768 5,768 11,500 189 11,689 6,050 6,050 85,090 3,725 266 19,693	Total funds 2021 £ 149,486 11,831 10,938 172,255 172,255 6,642 5,798 17,970 - 2,764 7,899 41,073 1,500 3,697 - 5,197 46,270 5,768 5,768 11,500 189 11,689 6,050 6,050 85,090 3,725 266 19,693	Total funds 2020 £ 156,333 30,014 -
			186,347
			186,347 21,594 2,565 16,816 7,295 8,758 7,170
			64,198
			1,750 3,019 1,400
			6,169
			70,367 -
			-
			- -
			-
			7,501
			7,501
			88,481 11,507 252 14,358

Page 15

The New Life In Christ Ministry Detailed Statement of Financial Activities

General administrative costs, including depreciation and amortisation Depreciation of Motor Vehicles Depreciation of Fixtures, fittings and equipment Bank charges Equipment leasing and hire charges General insurances Stationery and printing Sundry expenses Telephone, fax and broadband Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	108,774 5,000 4,992 688 6,523 (1,898) 1,307 10,362 3,896 30,870 163,151 209,421 - (37,166) (37,166) - (37,166) (16,192) (53,358)	108,774 5,000 4,992 688 6,523 (1,898) 1,307 10,362 3,896 30,870 163,151 209,421 - (37,166) (37,166) - (37,166) (16,192) (53,358)	114,598
			5,000 6,655 931 3,714 877 2,987 8,766 4,598
			33,528
			155,627
			225,994 -
			(39,647)
			(39,647) -
			(39,647)
			23,455
			(16,192)

Page 16