**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **LIFESPRING CHURCH**
**A COMPANY LIMITED BY GUARANTEE REGISTERED COMPANY No: 08087254 REGISTERED CHARITY No: 1148013**
Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG
||**LIFESPRING CHURCH**|
|---|---|
||**CONTENTS**|
|Pages 3 to 6|Directors' Annual Report|
|Page 7|Statement of Financial Activities|
|Page 8|Balance Sheet|
|Pages 9 to 16|Notes to the Financial Statements|
|Page 17|Statement of cashflows|
|Page 18|Independent Examiner's Report|
2
## **LIFESPRING CHURCH**
## **DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS:**
**REGISTERED CHARITY NUMBER** 1148013 **REGISTERED COMPANY NUMBER** 08087254 **START OF FINANCIAL YEAR** 1st January 2024 **END OF FINANCIAL YEAR** 31st December 2024 **DIRECTORS AT 31ST DECEMBER 2024** Mr David Cornelius - Chairman **(also Trustees under charity law)** Mr Luke Ellis Mrs Catherine Peirce Ms Elizabeth Monger Mr Oluwasegun Olojo-Kosoko Miss Chengetai Angeline Dziya **SENIOR MANAGEMENT PERSONNEL** Neville Hollands (to 30 June 2024) Jackie Hollands (to 30 June 2024) James Hollands (from 1 July 2024) Emma Hollands (from 1 July 2024) **PRINCIPAL OFFICE AND REGISTERED** 143-145 Oxford Road **ADDRESS** Reading, RG1 7UY. **PRIMARY BANKERS** HSBC 26-28 Broad Street Reading, RG1 2BU. **SOLICITORS** Hewetts 55/57 London Street Reading, RG1 4PS. **INDEPENDENT EXAMINER** Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG
3
## **LIFESPRING CHURCH**
## **DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **GOVERNANCE**
Selection of new Directors/Trustees is through proposals made by the leadership team headed by the Pastor. The existing Directors/Trustees appoint any new Directors/Trustees following the provisions laid out in the organisation's governing instrument and following a review of the Individual Insolvency Register, the Register of Removed Trustees and the Companies House Disqualified Directors Register. Induction of new Directors and Trustees follows the Charity Commission’s guidance ‘The Essential Trustee (CC3)’.
## **GOVERNING INSTRUMENT**
## **LEGAL STATUS**
Memorandum And Articles Incorporated 29/05/2012
## Incorporated Charity
## **OBJECTS**
The charity's objects ("the objects") are for the public benefit and are restricted to the following: (a) to advance the Christian faith in accordance with the statement of beliefs in the schedule hereto attached in such parts of Reading, the United Kingdom or the world as the Directors may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the charity; (b) to relieve persons who are in conditions of need, financial hardship or sickness and who may be aged and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the Directors may from time to time think fit including but not by way of limitation the support of those recovering from addictions; (c) to further Christian education in such parts of Reading, the United Kingdom and the world as the Directors may from time to time think fit; (d) to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.
The Directors are pleased to present their annual directors' report together with the financial statements of the charity for the year ending 31 December 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 January 2019) - (Charities SORP (FRS102)).
## **OBJECTIVES AND ACTIVITIES**
LifeSpring Church is based in The Pavilion, close to Reading town centre but it is a ‘cell church’ placing a significant emphasis on the support and care we can give each other in small groups. During the week these cells (or LifeGroups) meet in a variety of locations across Reading and we currently have about twenty-five LifeGroups for men, women, youth and children. At least 35 nationalities are actively represented in the church and this brings great blessings in the diverse way we worship God and reach out to the community around us.
We continue reaching out and providing valuable support for the local community with groups ranging from nursery age, through youth and young adult activities to those in the later stages of life. All of these activities are carried out in support of the charity’s objects and for the public benefit, with the majority of the resource coming from volunteers either directly running and managing activities or supporting the paid staff responsible for the oversight. The busyness of the Pavilion building during the week is a subjective but real measure of success in achieving these aims. Further afield, the Church continues to assist a number of Churches, ministries and missionaries overseas, particularly in Africa with financial, prayer and practical support.
LifeSpring Church does not have a formal membership structure and no specific targets are set for the achievement of the charitable objects, either in number of regular congregants or any other measure, but a consistent number of attendees aligned with stable or increasing donation income is taken as an empirical assessment of meeting the charity objects of advancing the Christian faith and furthering Christian education. On that basis, LifeSpring Church is performing well against the objects.
The Directors confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities, and in setting the policies for the year.
4
## **LIFESPRING CHURCH**
## **DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **ACHIEVEMENTS AND PERFORMANCE**
The attendance in the building for the Sunday service has continued to increase with a regular congregation of 300 or more each service, but despite this there is still a large online attendance and a number of people have joined the church whose first experience ‘of LifeSpring was through the livestreamed service.
Revenue from Pavilion hires increased significantly from 2023, providing income to support other areas of church work and more than offsetting a reduction in giving over the period. Based on this there is currently no reason for any more than usual prudent financial management to ensure that the work of LifeSpring continues to grow.
External refurbishment work to the Pavilion building completed after terminating the contract with the original contractors who subsequently became insolvent. New contractors were appointed by the LifeSpring directors directly but the net cost of the works remained within the expected budget envelope agreed by the directors taking into account the Heritage Project grant from Reading Borough Council. The scaffolding had a direct impact on Café 12 numbers but the Pavilion has remained an important point of interaction with the local community.
## **PLANS FOR FUTURE PERIODS**
The vision of the LifeSpring Church leadership is for significant growth in numbers to a church of several thousand regular congregants over the coming years and the Directors and Trustees take this into account as part of medium-term planning for organisation and staffing. Foundations will be put in place to allow for structuring a church of this size, using prudent and targeted expenditure in areas that have both immediate and future benefits. Consideration will be given to the purchase or lease of further premises near or adjacent to the Pavilion at the appropriate juncture, if this is required to enable the planned growth in numbers and activities. All of this will be discussed in conjunction with the senior church leadership to ensure close alignment of their vision with the practical and financial requirements. At least one representative of the senior church leadership participates informally in all Directors’ meetings to ensure this perspective is taken into account.
## **LIFESPRING’S ORGANISATIONAL STRUCTURE AND MANAGEMENT**
Day-to day management of LifeSpring Church is delegated to James and Emma Hollands Specific responsibilities and authority levels for decision making are set out in the job descriptions for all members of staff, together with the relevant LifeSpring policies approved by the Directors. No decisions to change or to deviate from policy requirements may be made by anyone other than LifeSpring Directors.
2024 saw a number of changes in employees with new events, youth, children’s and community leads appointed to replace those stepping down or moving into other roles:
Neville and Jackie Hollands stepped down from their full-time leadership of the church during the middle of 2024, with James and Emma Hollands transitioning from their Associate Pastors roles to the senior leadership of LifeSpring church. The directors and senior leadership team wish to acknowledge the visionary work of Neville from the very inception of LifeSpring and it is testament to his prophetic leadership that LifeSpring is growing and thriving. Examples of this are too many to list but we are very grateful for his faithfulness and steadfastness as driving force for not just LifeSpring but churches across Reading and beyond. Neville and Jackie continue to be active in the life of the Church and Neville has been appointed as Operations Manager, taking advantage of his keen eye for detail and practical gifts in the operational running of LifeSpring.
Jackie Jackson stepped down as Community Team Leader and Louise Cross was appointed in her place. We would like to thank Jackie for her innovative hard work in leading and developing the LifeSpring presence in the Reading community and we are grateful for her sacrificial giving of her time and skills to the church. As a result of Sarah Lawrence deciding not to return from maternity leave, Lauren Lane was appointed as permanent Children’s Team Leader and with James Hollands relinquishing responsibilities for youth to take on his senior leadership position, Jacob Budd was appointed as his replacement. Finally, Lola Denga was appointed to the key position of Events Manager and the directors would like to express our appreciation for her and all the other new appointees taking on these key church responsibilities, without which LifeSpring would not function.
The organisational structure consists of:
**Directors/Trustees:** (see above) - responsible for management of the charity. **Church Leaders:**
**·** James Hollands * **·** Emma Hollands * **·** Jamie Burnham **·** Heather Herring * **·** Jon Hollands **·** Craig Lawrence
5
## **LIFESPRING CHURCH**
## **DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
**Events Manager:** Lola Denga * **Charity Bookkeeper:** Marion Shepherd * **Communications Manager:** James Hollands * **Treasurer:** Luke Ellis **Youth Work:** Jacob Budd * Lauren Lane * **Community Team Leader:** Louise Cross * **Door of Hope Managers:** Jim Herring* Heather Herring*
* = employed, either full or part-time
## **FINANCIAL REVIEW**
## **Any funds in deficit, reasons and any action being taken**
The Church had an accounting surplus of £571,342 in 2024 (compared to a surplus of £133,718 in 2023). The church's finances at the end of 2024 remain healthy and we finished the 2024 year with a total cash balance of £440,412.
The majority of this is the designated Circle Fund that was ringfenced by the Trustees to build up funds to pay off the Member Loan which stood at £345,107 at 31st December 2024. The member loan is due for repayment by 2028.
## **POLICIES**
## **Reserves**
At the balance sheet date the charitable company unrestricted free reserves totalled: £ 1,889,402
This excludes £345,107 which has been ringfenced by the Trustees as unrestricted designated funds.
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily.
## **Grant-making**
Approximately 10% of the Charity’s income is given away to other Christian organisations and individuals recommended by the Leadership Team, both home and abroad. Decisions on the disbursement of these funds takes into account the relationship of these organisations or people to LifeSpring Church, together with the alignment of the aims of these organisations to the LifeSpring Church objects. In all cases, the grants are made taking into account the LifeSpring Church Anti-Corruption and Bribery Policy, together with applicable UK law. LifeSpring Church does not use intermediaries, Informal Value Transfer Systems, Money Service Businesses or Payment Services Firms for the transfer of funds, either within the UK or abroad.
## **Investments selection**
The Charity does not have a policy to select specific investments apart from for the use of the Charity itself.
## **Going Concern**
There are no uncertainties regarding the charity's ability to continue as a going concern.
## **DIRECTORS RESPONSIBILITIES**
The Charities Act and the Companies Act require the Board of Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
_•_ select suitable accounting policies and then apply them consistently; _•_ make judgements and estimates that are reasonable and prudent; and _•_ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation;
_•_ state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material departures disclosed and explained in the financial statements.
The Trustees/Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees/Directors are also responsible for the contents of the Directors' report, and the responsibility of the independent examiner in relation to the Directors' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
**Declaration:** I declare, in my capacity of Charity Trustee, that:
• the Directors have approved the report above; and • have authorised me to sign it on their behalf.
**Signature: Full name :** Mr David Cornelius **Date :** ….............................24th September 2025
6
## **LIFESPRING CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) For The Year Ended 31st December 2024**
|Notes
**Income**
Donations and legacies
3
Income from charitable activities
4
Income from other trading activities
5
Investment income
6
**Total income**
**Expenditure**
Costs of Raising Funds
7a
Expenditure on charitable activities
7b
**Total Expenditure**
**Net income/(expenditure)**
Transfers between funds
18
**Net movement in funds**
**Reconciliation of funds:**
Total Funds Brought Forward
**Total Funds Carried Forward**|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
1,021,856
29,992
3,016
1,054,864
601,214
34,137
-
-
34,137
91,794
136,905
-
-
136,905
65,970
224
4,956
-
5,180
1,416
1,193,122
34,948
3,016
1,231,086
760,394
40,455
-
-
40,455
40,631
605,496
11
13,782
619,289
586,045
645,951
11
13,782
659,744
626,676
547,171
34,937
(10,766)
571,342
133,718
(47,185)
33,861
13,324
-
-
499,986
68,798
2,558
571,342
133,718
1,389,416
276,309
43,361
1,709,086
1,575,368
1,889,402
345,107
45,919
2,280,428
1,709,086|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
7
## **LIFESPRING CHURCH**
## **BALANCE SHEET As At 31 December 2024**
|Note
**Fixed Assets**
Tangible assets
14
**Total fixed assets**
**Current Assets**
Debtors
15
Loan (inter fund)
15
Cash at bank and in hand
**Total Current Assets**
**Liabilities**
Creditors: falling due within 1 year
16
Loan (inter fund)
16
**Net Current assets**
**Total assets less current liabilities**
17
**Net assets**
**Funds of the Charity**
19
Unrestricted income funds
Designated Funds
Restricted Funds
**Total Charity Funds**
Creditors: amounts falling due after
more than 1 year|**Company registration number: 08087254**
Unrestricted
Designated
Restricted
31-Dec-24
31-Dec-23
Funds
Funds
Funds
Total
Total
£
£
£
£
£
2,327,010
-
-
2,327,010
1,772,638
16,670
-
-
16,670
74,173
-
52,949
-
52,949
-
102,335
292,158
45,919
440,412
366,430
119,005
345,107
45,919
510,031
440,603
3,664
-
-
3,664
4,155
52,949
-
-
52,949
-
62,392
345,107
45,919
453,418
436,448
2,389,402
345,107
45,919
2,780,428
2,209,086
500,000
-
-
500,000
500,000
1,889,402
345,107
45,919
2,280,428
1,709,086
1,889,402
-
-
1,889,402
1,389,416
-
345,107
-
345,107
276,309
-
45,919
45,919
43,361
1,889,402
345,107
45,919
2,280,428
1,709,086|
|---|---|
## **Directors Responsibilities**
For the year ended 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The notes on pages 9 to 16 form part of these financial statements.
Approved by the Directors on the : …..............................24th September 2025 Signed on their behalf by: ….............................., Director Print Name: MR DAVID CORNELIUS
Company Registration Number: 08087254
8
## **LIFESPRING CHURCH NOTES TO THE FINANCIAL STATEMENTS**
## **1. Accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **a) Basis of preparation**
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)).
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.
Lifespring Church meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Preparation of accounts on a going concern basis Preparation of the accounts is on a going concern basis. The Directors are of the view that the level of reserves will support the charity going forward.
## Changes to prior period accounts
There have no changes to previous accounts.
## **b) Income**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.
## **c) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **d) Fund accounting**
Unrestricted funds are available to spend on activities that further any purposes of the charity. Designated funds are unrestricted funds of the charity which the Directors have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **e) Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **f) Allocation of support costs**
Support costs include central functions and where material have been allocated to each activity cost category on a basis consistent with the use of resources.
## **g) Tangible fixed assets**
Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land.
Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following basis:
Freehold property - 0% Freehold property refurbishment 5% straight line Plant and machinery - 25% straight line Motor vehicles - 25% straight line Office equipment - 25% straight line
Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
## **h) Employee benefits**
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
9
## **LIFESPRING CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **i) Operating leases**
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
## **j) Taxation**
The charity is exempt from tax on its charitable activities.
## **2. Legal status of the charity**
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## **3. Income from donations and legacies**
|**Donations**
Notes
Donations and gifts
Donations from Lifespring Trust
Donated assets from Lifespring Trust
21
Special offerings
Gift aid received
Grants (for Heritage Project)
Other
Total
**4. Income from charitable activities**
Church events, activities and fundraising
Car Parking
Youth
Donated Services(salary support)
Donated Services (DOH)
Sundry and Miscellaneous
Total
**5. Income from other trading activities**
Letting of property held for functional use
Café 12 - trading income
20
Total
**6. Investment income**
Interest received
Total|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
359,462
24,340
-
383,802
454,952
36,245
-
-
36,245
-
557,906
-
-
557,906
-
5,000
20
1,118
6,138
1,475
63,223
5,632
-
68,855
80,001
-
-
1,898
1,898
64,773
20
-
-
20
13
1,021,856
29,992
3,016
1,054,864
601,214
Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
15,521
-
-
15,521
18,148
1,085
-
-
1,085
769
6,698
-
-
6,698
8,169
9,554
-
-
9,554
44,821
-
-
-
-
19,107
1,279
-
-
1,279
780
34,137
-
-
34,137
91,794
Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
108,701
-
-
108,701
38,790
28,204
-
-
28,204
27,180
136,905
-
-
136,905
65,970
Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
224
4,956
-
5,180
1,416
224
4,956
-
5,180
1,416|
|---|---|
The investment income arises from money held in interest bearing deposit accounts.
10
## **LIFESPRING CHURCH NOTES TO THE FINANCIAL STATEMENTS**
|**7a). Cost of raising funds**
Hire and Event expenses
Café expenses
20
Marketing
Total|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
7,947
-
-
7,947
12,787
31,887
-
-
31,887
27,368
621
-
-
621
476
40,455
-
-
40,455
40,631|
|---|---|
**7b). Expenditure on charitable activities**
|Notes
Buildings
Community
Depreciation
Door of Hope
Employment
10
Gifts and Donations
Miscellaneous
Mission and grants
12
Office and administration
Pastoral, Church and Counselling
Youth and children
Governance Costs (see note 7c)
Total|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
86,478
-
13,722
100,200
115,589
4,516
-
-
4,516
7,826
79,863
-
-
79,863
77,626
31,819
-
-
31,819
2,796
324,252
-
-
324,252
300,261
521
-
-
521
1,842
1,179
-
-
1,179
887
15,907
-
-
15,907
16,415
21,590
11
60
21,661
16,127
31,780
-
-
31,780
37,849
6,031
-
-
6,031
7,147
1,560
-
-
1,560
1,680
605,496
11
13,782
619,289
586,045|
|---|---|
## **7c). Analysis of governance costs**
|Independent examiners fees Lifespring Church
Independent examiners fees Lifespring Trust
Professional and Legal Fees|Support
Governance
Total
Basis of
Apportionment
£
£
£
-
1,560
1,560
Actual cost
-
-
-
Actual cost
-
-
-
Actual cost
-
1,560
1,560|
|---|---|
## **8. Summary analysis of expenditure on charitable activities**
This table shows the cost of the main charitable activities including support costs and grant funding to third parties.
|Activity or programme
Direct charitable activities
Charitable grants
(note 12)
Governance costs
Support costs|Church activities
Grant making
Total
and community
activities
initiatives
£
£
£
601,822
-
601,822
-
15,907
15,907
1,560
-
1,560
-
-
-
603,382
15,907
619,289|
|---|---|
11
## **LIFESPRING CHURCH NOTES TO THE FINANCIAL STATEMENTS**
## **9. Net income/(expenditure) for the year**
|This is stated after charging:
Depreciation
Independent Examiner's remuneration|Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2024
2023
£
£
£
£
79,863
-
79,863
77,626
1,560
-
1,560
1,680
81,423
-
81,423
79,306|
|---|---|
## **10. Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel**
|Salaries and wages
Employers National Insurance Contributions
SMP Recovered
Employers Pension Contributions
Expenses and allowances
Payroll Processing Fees
DOH Contribution to salary costs|2024
2023
£
£
287,222
260,235
16,152
15,329
(7,198)
-
19,832
19,564
6,709
3,931
1,535
1,202
324,252
300,261
(7,193)
(44,821)|
|---|---|
Social security costs are shown net of the current HMRC annual employment allowance. No employee had employment benefits in excess of £60,000, excluding employers pension costs (2023 : nil). Pensions are wholly charged to unrestricted funds.
The average head count was 15.5 during this financial year (2023: 15.5). The actual number of employees (including casual and part-time staff) at the end of the year were as follows:
|Area employed in: Charitable activities|2024
2023
17
16
17
16|
|---|---|
## **Trustee and related party transactions**
In the period the charity has paid remuneration to trustees and related parties to trustees for services supplied to the Church as follows:
|Name
Mrs E Monger (Trustee)|Legal Authority
Governing document|Remuneration
2024
2023
Total
Total
£
£
£
12,111
12,111
13,480
12,111
12,111
13,480
Amounts paid or benefit value|
|---|---|---|
For the 12 months ended 31 December 2024 payments to Trustees/Directors as disclosed above were as follows: One Director received remuneration of £11,334 for their role as Cafe 12 assistant (2023: £12,516). Employer National and insurance contributions paid on their behalf totalled £777 (2023: £965)
These payments were in accordance with clause 7 of the the charitable company's Memorandum and Articles of Association.
Apart from the transactions detailed in note 11, no other payments were paid to related parties in 2024 or 2023. The relationship between Lifespring Church and Lifespring Trust (registered charity number 296276) is explained in note 11. The Trustees of Lifespring Church are also the Trustees of Lifespring Trust.
Apart from reimbursements of charitable expenditure incurred personally, no other payments were made to Directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a Director or any person connected with them. There were no outstanding balances with Directors or Related Parties as at 31 December 2024.
The key management personnel of the charity comprise the Directors and Church Leaders. The total employee benefits (including employer national insurance and employer pension contributions) of key management personnel of the charity were £137,465 (2023: £131,772). The Church paid an annual life assurance and critical illness cover policy in 2024 costing £1,708 (2023: £1,621) which includes cover for all staff members. It is not possible to calculate the amounts relating specifically to each staff member, thus it is disclosed here for transparency purposes only.
12
## **LIFESPRING CHURCH NOTES TO THE FINANCIAL STATEMENTS**
## **Trustee and related party transactions (continued)**
Five directors donated an aggregate amount of £39,764 (2023: Five Directors; £36,606) to Lifespring Church during this financial year.
The charity operates a government backed defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The charity is under no further obligation to make any extra payments irrespective of how that pension fund performs. In 2024 the charity paid employer contributions of £17,861 (2023: £17,164) into that scheme. The charity also paid £2,400 (2023: £2,400) employer contributions into an Aviva personal pension scheme on behalf of one member of key management personnel.
## **11. Donated Services and relationships with other charities**
On the 1st November 2012 all activities from Lifespring Trust (registered charity number 296276) started to be transferred to Lifespring Church.
In 2013 the first transfer comprised the newly purchased property asset 'The Pavilion', Reading. In 2014 all other activity bar that of the project 'Door of Hope', was transferred.
In 2024 the final transfer of activity "Door of Hope" was transferred.
The Door of Hope regular staff are paid by Lifespring Church charity and Lifespring Trust sends salary support payments towards the cost. In 2024 payments totalling £7,193 were sent (2023: £41,499).
During this financial year, some staff employed by Lifespring Church were seconded to work on the Grow project, which is a project run by Citylife Community Projects (registered charity number 1117112). Citylife Community Projects sent salary support payments towards the cost. In 2024 payments totalling £2,361 were sent (2023: £3,322)
In this financial year the following transactions between the entities have been recorded:
|LifeSpring Trust paid salary support payments to Lifespring Church
Lifespring Trust gifted to Lifespring Church
Lifespring Trust transferred assets and liabilities to Lifespring Church (note 21)
CityLife Community Projects paid salary support payments to Lifespring Church|7,193
£
36,245
£
557,906
£
2,361
£
**603,705**
**£**|
|---|---|
## **12. Grants**
|Gifts and grants to individuals:
Mozambique - Tracey
Uganda - Pastor Fred
Sudan - Manny Sharland
Total
Ministry support grants and activities:
LifeSpring mission
Faith Christian Group
Lifeline
G12 Gifts
Reading RCN
Poor Fund
Gifts - other
Torch
Grow
Look Around
Rahab via Mustard Tree
Total
Total gifts and grants|Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2024
2023
£
£
£
£
3,600
-
3,600
3,600
1,234
-
1,234
3,718
500
-
500
-
5,334
-
5,334
7,318
-
3,600
-
3,600
3,600
600
-
600
600
1,000
-
1,000
-
1,320
-
1,320
600
267
-
267
97
646
-
646
-
140
-
140
700
-
-
-
300
-
-
-
200
3,000
-
3,000
3,000
10,573
-
10,573
9,097
15,907
-
15,907
16,415|
|---|---|
13
## **LIFESPRING CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **13. Corporation tax**
The charity is exempt from tax on income and gains falling within section 505 of the taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **14. Tangible fixed assets**
|Cost:
As at 1st January 2024
Additions
Donated Assets
As at 31 December 2024
Depreciation:
As at 1st January 2024
Donated Assets
Charge for the year
As at 31 December 2024
Net book value:
As at 1st January 2024
As at 31 December 2024|Equipment
Freehold
Freehold
Freehold
Property
Property
Property
Total
General
General
General
General
-refurbish.
Title No: BK400830Title No: BK111153
£
£
£
£
£
47,164
1,359,303
-
1,024,843
2,431,310
13,927
-
-
-
13,927
12,965
-
608,522
-
621,487
74,056
1,359,303
608,522
1,024,843
3,066,724
25,701
632,971
-
-
658,672
1,179
-
-
-
1,179
11,922
67,941
-
-
79,863
38,802
700,912
-
-
739,714
21,463
726,332
-
1,024,843
1,772,638
35,254
658,391
608,522
1,024,843
2,327,010|
|---|---|
Freehold Property is currently valued at a rebuild cost of £5.1 million for insurance purposes.
No depreciation is provided on buildings, as the current estimated residual value of the properties is not less than their carrying value and the remaining useful life of these assets currently exceeds 50 years, so that any depreciation charges would be immaterial. An impairment review is carried out each year end and any loss identified included in expenditure for the year.
## **15. Debtors & prepayments**
|Trade Debtors
Loan charge held re: sale of land
Loan re mortgage repaid (inter-fund only) **
**16. Creditors: amounts falling due within 1 year**
Credit Cards
Independent Examiners Fees
Loan re mortgage repaid (inter-fund only) **
Other Creditors
Refundable Deposit
**17. Creditors: amounts falling due in more than 1 year**
Private Member Loans *|31-Dec-24
31-Dec-23
£
£
6,670
4,051
10,000
-
52,949
70,122
69,619
74,173
31-Dec-24
31-Dec-23
£
£
704
464
2,760
1,680
52,949
-
-
1,811
200
200
56,613
4,155
31-Dec-24
31-Dec-23
£
£
500,000
500,000
500,000
500,000|
|---|---|
* The Private Member Loans were received in 2016, are unsecured, interest free and repayable within a maximum 12 year period. The Trustees have ringfenced a designated fund to build up funds to help pay off the Member Loans.
** Hope House ministry (a part of Lifespring Trust charity number 296276) took out a mortgage to fund an extension of their property for addiction rehabilitation. A year or so ago LifeSpring Church had some spare funds so we agreed to lend them the money to repay the mortgage (interest free), if they would repay the money they were paying to the bank to us instead. It saves them a lot of interest and means they will pay it off quicker. And LifeSpring Church will get the money back before we need to repay the member loan in 2028. The Lifespring Church Trustees continue to ringfence the loan as a designated fund, hence the inter fund loan shown above.
14
## **LIFESPRING CHURCH NOTES TO THE FINANCIAL STATEMENTS**
## **18. Analysis of charitable funds**
## **Analysis of movements in unrestricted funds: Unrestricted General fund**
|The free reserves of the charity after allowing for all designated funds.
Balance at 1st January
Income
Expenditure
Transfers between funds
Movement in funds
Balance at 31st December
**Unrestricted Designated Circle fund**
This is a designated fund for raising funds to help pay off the Member Loan
Balance at 1st January
Income
Expenditure
Transfers between funds
Movement in funds
Balance at 31st December
**Unrestricted Designated Door of Hope Fund**
This is a designated fund for the addiction rehabilitation ministry work.
Balance at 1st January
Income
Expenditure
Transfers between funds
Movement in funds
Balance at 31st December
Total
**unrestricted reserves**
at 31st December
**Analysis of movements in restricted funds:**
Capital:
Note
Balance at 1st January
Income
Expenditure
Transfer between funds
Movement in funds
Balance as at 31st December
The balance at 31st December shown above, is wholly represented by the funds held in the Circle
owing from Lifespring Trust for the mortgage repayment loan.
The balance at 31st December shown above, is wholly represented by the funds held in the Circle
owing from Lifespring Trust for the mortgage repayment loan.|**2024**
**2023**
1,389,416
1,438,610
1,193,122
569,511
(645,951)
(567,799)
(47,185)
(50,906)
499,986
(49,194)
1,889,402
£
1,389,416
£
**2024**
**2023**
276,309
100,820
34,948
124,617
(11)
(34)
33,861
50,906
68,798
175,489
345,107
£
276,309
£
**2024**
**2023**
-
-
-
-
-
-
33,861
-
33,861
-
33,861
£
-
£
**2,234,509**
**£**
**1,665,725**
**£**
**2024**
**2023**
43,361
35,938
3,016
66,266
(13,782)
(58,843)
13,324
-
2,558
7,423
45,919
£
43,361
£
Fund bank account, plus the amount
Fund bank account, plus the amount|
|---|---|
The balance at 31st December shown above, is wholly represented by the funds held in the Pavilion Capital bank account.
Total **restricted reserves** at 31st December **£ 45,919 £ 43,361**
15
## **LIFESPRING CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
**19. Analysis of net assets between funds**
|Fixed assets:
Net current assets:
Unrestricted - general
Unrestricted - designated
Building fund - ongoing expenses
Long term liabilities:
General|General
Designated
Restricted
TOTAL
Fund
Reserves
Reserves
31-Dec-24
£
£
£
£
2,327,010
-
-
2,327,010
62,392
-
-
62,392
-
345,107
-
345,107
-
-
45,919
45,919
(500,000)
-
-
(500,000)
1,889,402
345,107
45,919
2,280,428|
|---|---|
## **20. Café 12**
In April 2016 Café 12 (the community cafe based at the Pavilion) opened its own bank account. Prior to this, all Café 12 activity passed through Citylife Community Projects bank account, registered charity number 1117112. As Lifespring Church is the largest user of Café 12, the decision was taken in 2016 by the Trustees, to include the results of Cafe 12 within the financial statements of Lifespring Church.
## **21. Transfer of Assets**
During 2023, the Trustees of Lifespring Trust (charity number 296276) took legal advice and decided to close the charity and transfer the assets and activity to Lifespring Church. The transfer was fully completed by 18th August 2024. The assets and liabilities transferred were:
|Fixed assets (at net book value)
Cash at bank and in hand
Debtors
Creditors
TOTAL|£
620,308
-
10,000
(72,402)
557,906|
|---|---|
16
## **LIFESPRING CHURCH**
## **STATEMENT OF CASHFLOWS FOR THE YEAR ENDING 31ST DECEMBER 2024**
|**Cash used in operating activities**
(a)
**Cash used from investing activities**
Interest income
Donated tangible fixed assets
Purchase of tangible fixed assets
**Cash provided by (used in)**
**investing activities**
**Cash flows from financing activities**
Introduction/(Repayment) of long term borrowing
**Cash used in financing activities**
Increase/(decrease) in cash and
cash equivalents in the year
Cash and cash equivalents at the
start of the year
**TOTAL cash and cash equivalents**
**at the end of the year**
(b)
**(a) Reconciliation of net movement in funds to net cash flo**
Net movement in funds
Add back depreciation charge
Deduct interest income shown
in investing activities
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash used in operating activities**
**(b) Analysis of cash and cash equivalents**
Cash at bank and in hand
Fixed Term Bond
**Total cash and cash equivalents**|2024
2023
£
£
**703,037**
**145,471**
5,180
1,416
(620,308)
-
(13,927)
(13,446)
(629,055)
(12,030)
-
-
-
-
73,982
133,441
366,430
232,989
**440,412**
**366,430**
**w from operating activities**
2024
2023
£
£
571,342
133,718
79,863
77,626
(5,180)
(1,416)
57,503
(66,852)
(491)
2,395
**703,037**
**145,471**
2024
2023
£
£
440,412
366,430
-
-
**440,412**
**366,430**|
|---|---|
17
## INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the Trustees on my examination of the accounts of Lifespring Church for the year ended 31 December 2024.
As the charity's Trustees (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
## **Responsibilties and basis of report**
As the charity’s trustees (who are also the directors of the company 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”).
An Independent Examination has been carried rather than an audit under Regulation 31(f). The Charity has been granted an audit dispensation by the Charities Commission, dated 18th June 2025, under Regulation 34(3)(b) of the Charities (Accounts and Reports) Regulations 2008.
## **Exceptional circumstances**
The high level of income during the year was due to a one-off transfer of a property from Lifespring Trust to Lifespring Church, following the closure and deregistration of the former (Lifespring Trust).
## **Independent examiner's statement**
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination
which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 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.
J Irvinesmith FCIE Signed:
25 September 2025
Date: …....................
Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG
18