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← New Spring Trust

2024-07-31-accounts

Registered number: 08155257 Charity numbers: 1149468 & SC043882

NEW SPRING TRUST

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

NEW SPRING TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 – 6
Independent examiner's report 7 –8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 – 20

NEW SPRING TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024

Trustees

Rev. Fr. Laurence Brassill OSA

Miss Jane Burton

Mrs Helen Callaghan

Mrs Theresa Pauline Edwards

Mrs Maureen Mui

Mrs Concepcion Myriam Rincon de Rincon

Rev. Anthony Schmitz

Rev. Paul Page-Tickell

Mrs Nicola Jones

Company registered number 08155257

Charity registered numbers 1149468 and SC043882

Registered office : Hales Court, Stourbridge Road, Halesowen, West Midlands B63 3TT United Kingdom

Independent examiner

Sheila Parry FCCA

SPX Oxford Ltd Accounting and bookkeeping services for the not-for-profit sector Peace House 19 Paradise Street Oxford OX1 1LD

Bankers HSBC Fleet Aldershot GU51 3BW

Solicitors Irwin Mitchell Solicitors. 31 Temple Street, Birmingham, B2 5DB

Page 1

NEW SPRING TRUST

(A company limited by guarantee)

TRUSTEES’ ANNUAL REPORT FOR YEAR ENDED 31 JULY 2024

The Trustees present their annual report together with the financial statements of the company for the year 1 August 2023 to July 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) revised 2019 applicable to charities preparing their accounts in accordance with the with FRS102 (‘Charities SORP (FRS102)’), the Charities Act 2011, and the Companies Act 2006.

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.

The company also trades under the name Littleway which incorporates Littleway Healing Ministries (LWHM) and New Spring Trust (NST).

Objectives and activities

a. Policies and objectives

The charitable objects, as set out in the Articles of Association, are to further and advance, for public benefit, the religious healing, educational and other charitable work of the Roman Catholic Church including ecumenical outreach, mainly, but not exclusively; by providing or enabling healing ministry, evangelising and preaching and prayerful support centred on the love of God and of other people.

b. Main activities undertaken to further the charity's purposes for the public benefit

Activities we have undertaken include:

With a view to advancing the Ministry we fundraise for the purchase of an International Centre.

Page 2

NEW SPRING TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Achievements and performance

a. Review of activities

2023/2024 has been an inspiring and exciting year for the Ministry and has enabled us to concentrate on evangelisation.

This has primarily been through building our public ministry outreach and organising four-day Parish Healing Missions across the UK.

We continue to be under the Patronage of Archbishop Bernard Longley, agreed in 2021, and are registered as a CHARIS (Catholic Charismatic Renewal International Service) community.

Our Healing of Memories Foundation Courses have been fully booked and more people are supporting the Ministry with their time.

Team members still contribute financially when helping run courses, but long term we want to be able to cover team costs.

We continue to run our monthly Praise and Prayer and Evenings of Healing on Zoom as a way of evangelising and giving people an opportunity to share and listen to testimonies. People can have private prayer with two team members in a Zoom break out room and report both physical and emotional healings.

We also organised a Collaborative Ministry Day on Zoom which was well attended.

We are very thankful to the Anchor Foundation who gave us a grant towards organisational costs and bursaries.

In September there was the annual Companions Weekend, which 30 people attended in person - all renewing commitments to serve the Ministry for periods of one year (renewable) to life commitments. There are now over 40 people who have made a life commitment to serve in the Ministry.

Cell Groups have continued to meet and remain a place for formation and teaching - numbers are now increasing again.

Regional Coordinators continue to take on more leadership responsibilities in their areas and there are regular face-face Regional Gatherings across the UK.

The Healing of Memories Prayer continues to be offered across the UK by our members.

We continue to support the core organisational teams in Ireland, Czech Republic and Slovakia from UK by training and meeting.

Ongoing Training and Development opportunities are being developed and delivered, either on Zoom or by 3-day residential weekends.

Succession planning continues to be a focus for Council allowing people to co-lead events and Foundation Courses. Discernment under the Holy Spirit and collaborative ministry remain core to all that we do.

The Council consisting of Fr Laurence Brassill O.S.A, Mrs Pauline Edwards, Rev Tony Schmitz. Mrs Maureen Mui, Mrs Lucy Walker and Mrs Helen Callaghan meets 4 times a year.

We were pleased to welcome Mrs Nicky Jones as a new Trustee.

Page 3

NEW SPRING TRUST (A company limited by guarantee)

Our Organisational Team continues to meet every 2 months

The plan for 23-24 was to continue to build up our public events and focus on succession planning and the training of team and course leaders - this was achieved.

Page 4

NEW SPRING TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

b. Summary of finances

Financial review

The total income for the year was down - £99,197 compared to £111,909 in the previous year.

Costs of the charity however, have increased - £98,952 in the current year and £54,933 in the previous year - primarily due to an increase in accommodation and travel costs.

There was a net increase of £9,220 (2023: £56,976) on unrestricted fund balances, bringing the total held at the year end to £241,093 (2023: £231,873).

There was a reduction in restricted fund balances for the year, so at 31st July 2024, the International Centre fund stood at £292,497 (2023: £292,497), the Mission fund stood at £6,389 (2023: £6,389) and the Bursary fund stood at £nil (2023: £11,250)

c. Reserves policy

As part of a review in January 2019, undertaken with the Charity's advisers, the Trustees had agreed based on the expenditure pattern over the past five years that the charity should now retain £45,000 in general funds to cover around 80% of annual expenditure. Any excess funds will now be designated to be spent on the International Centre to develop further the aims of the charity and will be monitored by the Trustees to ensure they meet required outcomes.

The Trustees consider this policy is more consistent with longer term objectives of the charity. The reserves policy was reviewed in 23-24 and no changes were recommended.

A transfer of £7,637 (2023: £58,559) has therefore been made during the year from the general fund balance to the International Centre fund.

Structure, governance and management

a. Constitution

New Spring Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed on 7 March 2013.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. The Board of Trustees comprises a minimum of four and a maximum of fifteen Trustees. Trustees are appointed for a four-year term (subject to retirement by rotation of one quarter of the board each year) and, if eligible, may stand for re-election.

c. Organisation structure and decision-making policies

The Trustees are ultimately responsible for the decision making of the organisation but day to day operation of the charity is delegated to the chief executive in consultation with the Chair of Trustees and Council.

The Trustees meet as a Board 3 x a year.

Page 5

NEW SPRING TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

d. Risk management

The Trustees have reviewed during the year the major risks to which the charitable company is exposed, in particular, those related to operational issues and financial matters.

Protocols covering safe-guarding and critical incidents continue to be updated alongside team development and training. The Trustees are satisfied that the systems and procedures are in place to mitigate exposure to major risks and they will continue to monitor procedures at the regular Trustee meetings.

Plans for future periods

The plan for 2024-25 is to setup a sub-group to develop plans for an International Centre and to build up more public events and outreach.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) 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).

Page 6

NEW SPRING TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Rev. Anthony Schmitz Trustee Date: 31st January 2025

Page 7

NEW SPRING TRUST (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024

Independent examiner's report to the Trustees of New Spring Trust ('the company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 July 2024

Responsibilities and basis of report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 ('the 2005 Act'), the Charities Accounts (Scotland) Regulations 2006 (as amended) ('the 2006 Accounts Regulations') and the Companies Act 2006 ('the 2006 Act'). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 44(1)(c) of the 2005 Act and section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the requirements of Regulation 11 of the 2006 Accounts Regulations and the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the 2006 Accounts Regulations. I can confirm that I am qualified to undertake the examination because I am a registered member of the Association of Chartered Certified Accountants which is one of the listed bodies.

I have completed my examination. The balance sheet shows a fixed asset investment of £1,125; however, the charity has not provided evidence at the balance sheet date that this asset is still owned by the charity, or the current value of the investment, so less reliance should be placed on this figure. Apart from that, I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act and Regulation 4 of the 2006 Accounts Regulations; or

  2. the accounts do not accord with those records and with the accounting requirements of Regulation 8 of the 2006 Accounts Regulations; or

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

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

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

Page 8

NEW SPRING TRUST (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024

This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Signed ………Sheila Parry

Date …………..11 February 2025

Sheila Parry, FCCA

SPX Oxford Ltd Peace House 19 Paradise Street Oxford OX1 1LD

Page 9

NEW SPRING TRUST (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Notes
INCOME FROM:
Donations and legacies
3
Charitable activities
4
Investments
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
5
TOTAL EXPENDITURE
Net gains/losses on
investments
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forwards
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
Funds
£
33,592
54,308
9,023
96,923
75,070
75,070
-
- 12,632
9,221
231,873
241,094		 Restricted
Funds
£
2,275
-
-
2,275
23,882
23,882
-
12,632
- 8,975
310,136
301,161		 Total
2024
£
35,867
54,308
9,023
99,198
98,952
98,952
-
-
246
542,009
542,255		 Unrestricted
Funds
£
51,159
56,443
4,307
111,909
54,933
54,933
-
-
56,976
174,897
231,873		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
310,136
310,136		 Total
2023
£
51,159
56,443
4,307
111,909
54,933
54,933
-
-
56,976
485,033
542,009

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

The notes on pages 11-21 form part of these financial statements.

Page 10

NEW SPRING TRUST (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

BALANCE SHEET AS AT 31 JULY 2024

Notes
FIXED ASSETS
Tangible Assets
CURRENT ASSETS
Stock
7
Debtors
8
Cash at bank
CREDITORS:Amounts falling due within
one year
9
NET CURRENT ASSETS
NET ASSETS
FUNDS
INCOME FUNDS
Unrestricted Income funds
10
Restricted Income funds
11
TOTAL INCOME FUNDS		 2024
£
£
1,125
3,163
8,004
554,538
565,705
24,575
541,130
542,255
241,094
301,161
542,255		 2023
£
£
1,125
851
5,600
536,809
543,260
2,376
540,884
542,009
231,873
310,136
542,009		 2023
£
£
1,125
851
5,600
536,809
543,260
2,376
540,884
542,009
231,873
310,136
542,009
542,009
231,873
310,136
542,009

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

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

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 11

NEW SPRING TRUST

(A company limited by guarantee)

Rev. Anthony Schmitz

Trustee Date: 31[st] January 2025

The notes on pages 11 to 21 form part of these financial statements.

Page 12

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1. General information

New Spring Trust is a charitable company established as a private limited company by guarantee, registered in England and Wales. Its registered office is Hales Court, Stourbridge Road, Halesowen, West Midlands B63 3TT

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP revised 2019 (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

New Spring Trust, a charitable company, meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

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

Donations are recognised on receipt. Gift aid recoverable is recognised at the time of the donation being made. Fees payable for courses or retreats are recognised at the point of the event taking place.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

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

All expenditure is inclusive of irrecoverable VAT.

Page 13

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.4 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 institution with whom the funds are deposited.

2.5 Investments

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

2.6 Stocks

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

2.7 Debtors

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

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

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

Provisions are measured at the best estimate of the amounts required to settle the obligation.

Page 14

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.10 Financial instruments

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

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

2.12 Going concern

The trustees consider that there are no material uncertainties as to the charity’s ability to continue as a going concern.

Page 15

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
£
Donations
33,592
33,592
4. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
£
Course and retreats income and book sales
54,308
54,308
5. EXPENDITURE ON CHARITABLE ACTIVITIES
Direct costs
of Activities
2024
£
Courses and retreats
14,155
Unrestricted
£
5a. Direct Costs
Course costs
12,277
Publication costs
1,333
Postage and Delivery
545
Total direct costs of activities
14,155		 Restricted
£
2,275
2,275
Restricted
£
-
-
Support &
Governance
Costs
2024
£
84,797
Restricted
£
-
-
-
-		 Total Funds
2024
£
35,867
35,867
Total Funds
2024
£
54,308
54,308
Total Funds
2024
£
98,952
Total Funds
2024
£
12,277
1,333
545
14,155		 Total Funds
2023
£
51,159
51,159
Total Funds
2023
£
56,443
56,443
Total Funds
2023
£
54,933
Total Funds
2023
£
5,219
152
372
5,743

Page 16

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

5b. Supports Costs
Administrator
Advertising and promotion
Bank and similar charges
Computer costs
Consultancy
Insurance
Miscellaneous
Office expenses and administration support
Professional fees
Governance costs
Travel and subsistence
Accommodation
Telephone
Total Support costs
5c. Governance costs, included above
Trustee expenses
Accountancy
Independent Examination fee
Total governance costs		 Unrestricted
£
6,325
1,073
1,400
1,169
-
1,262
456
-
480
1,976
2,587
44,017
170
60,915
Unrestricted
£
476
900
600
1,976		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
23,882
-
23,882
Restricted
£
-
-
-
-		 Total Funds
2024
£
6,325
1,073
1,400
1,169
-
1,262
456
-
480
1,976
2,587
67,899
170
84,797
Total Funds
2024
£
476
900
600
1,976		 Total Funds
2023
£
7,774
1,972
1,159
786
2,028
1,287
175
378
-
1,716
2,310
29,528
77
49,190
Total Funds
2023
£
216
900
600
1,716

6. TRUSTEES' REMUNERATION, EXPENSES AND STAFF

During the year, no Trustees received any remuneration or other benefits (2023: £Nil).

During the year ended 31 July 2024 £476 of expenses were reimbursed or incurred for three trustees (2023: £216).

The charity does not employ any staff and therefore there is no individual earning more than £60,000 per annum. An administrator is remunerated for his services

Page 17

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

7. STOCKS

.
STOCKS
Books for resale
.
DEBTORS
Prepayments
Gift Aid owing		 2024
£
3,163
3,163
2024
£
4,725
3,279
8,004		 2023
£
851
851
2023
£
-
5,600
5,600

8. DEBTORS

9. CREDITORS

Accrual and deferred income
Other creditors		 2024
£
24,578
- 3
24,575		 2023
£
1,500
876
2,376

Page 18

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. MOVEMENT ON FUNDS – UNRESTRICTED FUNDS

Current year
Designated
New Spring Centre
Development Fund
Total Designated Funds
General funds
Total Unrestricted Funds
Prior year
Designated
New Spring Centre
Development Fund
Total Designated Funds
General funds
Total Unrestricted Funds		 Balance at 1
Aug 2023
£
173,456
15,000
188,456
43,417
231,873
Balance at 1
Aug 2022
£
114,897
15,000
129,897
45,000
174,897		 Income
£
-
-
-
96,923
96,923
Income
£
-
-
-
111,909
111,909		 Expenditure
£
-
-
-
- 75,070
- 75,070
Expenditure
£
-
-
-
- 54,933
- 54,933		 Transfers
£
7,638
-
7,638
- 20,270
- 12,632
Transfers
£
58,559
-
58,559
- 58,559
-		 Balance
as at 31 Jul
2024
£
181,094
15,000
205,930
45,000
241,094
Balance
as at 31 Jul
2023
£
173,456
15,000
188,456
43,417
231,873

In 2019, the Trustees agreed that any general fund balance above £45,000 would be transferred to the New Spring Centre designated fund. A transfer of £30,546 from this fund has therefore been made in 2024 (2023: £58,559).

Page 19

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

11. STATEMENT OF FUNDS - RESTRICTED

Restricted Funds

Current year
New Spring Centre fund
Bursary fund
Mission fund
Total funds
Prior year
New Spring Centre fund
Bursary fund
Mission fund
Total funds		 Balance at 1
Aug 2023
£
292,497
11,250
6,389
310,136
Balance at 1
Aug 2022
£
292,497
11,250
6,389
310,136		 Income
£
-
-
2,275
2,275
Income
£
-
-
-
-		 Expenditure
£
-
- 23,882
-
- 23,882
Expenditure
£
-
-
-
-		 Transfers
£
-
12,632
-
12,632
Balance
as at 31 Jul
2023
£
292,497
11,250
6,389
310,136		 Balance
as at 31 Jul
2024
£
292,497
-
8,664
301,161

Page 20

NEW SPRING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JULY 2024

11. STATEMENT OF FUNDS (CONTINUED)

New Spring Centre Fund - designated

The trustees have agreed to designate funds from general unrestricted towards the acquisition of the retreat centre mentioned below. Transfers into this fund reflect the agreed reserves policy.

Development fund

This fund is to be used to develop further aims of the charity.

New Spring Centre fund - restricted

These funds have been donated to be applied for the acquisition of a retreat centre.

Mission fund

This fund contains donated amounts only to be used in furtherance of the mission of the New Spring Trust.

Bursary fund

This fund contains donated amounts to be spent only on bursaries for those who would be otherwise unable to attend courses.

12. NET ASSETS BETWEEN FUNDS

Fixed asset investments
Current assets
Creditors due within one year
Previous year
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
2024
£
1,125
264,544
- 24,575
241,094
Unrestricted
2023
£
1,125
233,124
- 2,376
231,873		 Restricted
2024
£
-
301,161
-
301,161
Restricted
2023
£
-
310,136
-
310,136		 Total Funds
2024
£
1,125
565,705
- 24,575
542,255
Total Funds
2023
£
1,125
543,260
- 2,376
542,009

13. RELATED PARTY TRANSACTIONS

The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity as at 31 July.

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