REGISTERED COMPANY NUMBER: OS516571 (England and Wale5) REGISTERED CHARITY NUMBER: 11675ZS Report of the Trustees and Unaudlted Flnancial Statements for the Year Ended 31 March 2024 for De5tlny Llfe Church Ltd Ward Goodman Audii Services Lid 4 Cedai. Park Fcimdown Indusiri81 Estaie Wimborne Dorset BH217SF
Destiny Life Church Ltd Contents of the Flnanclal Statement5 for the Year Ended 31 MArch 2024 Page Report of the Trustees Independent E%amin¢r's Report Stalemenl of Flnwnclwl Actlvities Balance Sheet Notes to the Flnfinclal Statements 10 10 20
Destlny Llfe Church Ltd (Registered number: 055J6571) Report of the Trustees for the Yeir Ended 31 March 2024 The twsiees who are also dirccloi's of Ihc charity for the puo)oscs of ihc Companies Act 2Th)6, present Ihcii. )rport wilh the rinaneial siateincnls of ihe chariry for the year ended 31 March 2024. Thc tiuslccs havc adopied the provisions or Accounting and Rcpoi'ling by Charilies.. Statement of Rccommcnded Praclicc applicable to charities preparing their accounis in accordance with ihe Financial Reporting Standard applicable in ihe UK and Republic of Ircland IFRS 102) (cffectivc I January 20191. The Iruslccs of Dcsliny Life Chuirh have the responsibility of co-operating with thc Scnior Pastors. Andrcw and Alison Timms in pi'oinoling thc niission and objcclivcs of Ihc chiii'ch, Ihc pasloral and evangclistic aims of the church and it's social inieraclion wilh Ihc local commiinily and lurthcr aficld. The iruslees are directly Irsponsible for ihc assets of Ihe charity and Iheir maintenance, Ihis fer8 io the building al 25a Ellioll Road. Wesi Howe Indusii'ial Eslate Boumei))ouih. The trnstees also ovciscc thc financial rcsponsibililies within ih¢ chui'ch and Ihe policy and procedui'es relating to safeguarding and charitable i)bli8ations. OBJECTIVES AND ACTIVITIES ObJectlve5 and alms Thc objcclivc% and aims of Ihc charity are conlained within our conslitulion, namely; the advancement of the Christian religion in accordance with the Slalernenl of faiih through the following Means.. l. Woi'ship. preaching and teaching of Christian doclrine and all fornis of media 2. The insliuclion and cair of Chrislians including young people and children, 3, The evan8elisin of non-chrisiians, and 4. The reliefof persons who are in conditions of need. hardship, pov¢rty oi. who ar¢ aged or sick. The charity operates in Dorset and abroad and is linked with other ch8ri1ies wilh similai. objeciives. The pr¢inises ai 25a Elliott lioad is Ihc main hiib of thc church and is whcr¢ mosi activities lake place and iherefore il is important thc Iru51ee5 mainlain the fabric of Ihe church complex. Publ1¢ benefit TNstees have had regard 10 the Charity Commission guidance on public ixnefit and inforniation of how Ihe church 0rat¢S for Ihe public benelil can be found in the Achievenienls and Pcrfonnancc section of Ihc rep)rt. Pag¢ I
Destiny Llfe Chureh Ltd {Reglstered number: 05516571) Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMAiYCE Charitable activilie$ Destiny Life Church ha5 continued io reeslablish activities and comniunilics within the church troin 2023 iii to 2024. Thc Charity continucs lo prcach thc gospel and provide education and training hcrc in Bouinemouih and in Bulgaria. The conggatiOll remains at about 65 pcople allcnding lh¢ Sunday scrvice. with a lolal congiEgaiioii of about 85 people. This has. bcen rcfleeted in Ihe iiihes and offei'ings and the allcndancc al Ihc Iraining courses run within Ihc church. Acllvldes outslde of Sunday Serviee Connect Groups - these ai'c mcelings outside the Sunday service where peoplc connect Ihn)Ligh a common goal. The groups all havc a social aspect as well as a Icaching of the Biblc and encouraging aspect lo help members of the church grow in their faith and belong 10 a cominuniiy. The differeni types of groups would bc a place to connecl for women, for men and for those over 60. A gix)up foi. those between 18 and 40 and a very successful family fun day in the summei. whei'e all the Chui'ch along with friends and family look part in an afternoon of t.un and games. Bible leachin8 lakes place every Monday night, called Bible Connect and ranges between 14 and 30 people depending on commitments. Many subjects havc been laught and thei'e ale people attendin8 from other churches. The idea of advertisin8 on social media outsidc ihe church is being toyed with since the numbers seem 10 be 'oWIng. Mlsslon and Evangellsm Desiiny Life Church reit)ain in partnership with Radiant Encounter Minislries {re8iStered Charity - 11658071 the woll( began wilh supporting a Romany Comtnunity of 5.000 wplc in the heart of Biilgaria. The work has expanded lo oiher areas of the country, Plovdiv and Slai'a Zagora. The work centres around helping children and disadvantaged people providing relief and support. Destiny Life Church are also linked with Calvary Faith Minisli'ics, which is based in India and comes under the Elim Pentecostal denomination. Calvary Faith Ministries is a group of IIJO churches and DLC will provide leaching, training, and further cducalional support. DLC are looking lo run some outreach courses lo the l(Kal aira such as the Alpha course, FINANCIAL REVIEW Flnanclal posltlon Desliiiy Life Church is dependent on the financial 8en¢rosily of those who attend the church in the form of liihes and offerings. 11 is upon this incomc that the trnsiees base (heir forecasl lor Ihe yeai.. Any individual gifts above this ar¢ not accourjled for in Ihe nonnal giving in the church. At the year end the Church had a nel income of £38,377 before deprecialion char8es of £25.275 resulting in a nei income for the year of £13,102 (2023 net eXpndItUre of £5,015). Unreslricled reserves at the year end lotalled £617.008 (2023.. £595.324). The charilable company has negative free reserves of £249,863 as al 31 March 2024 12023 negative fl'ee reserves of £286,406). Free i'eserves air calculated by deducting fixcd asscls from Ihc unreslricted reserves held at the ycar-end. This is largely due io the value of thc property on the balance sheet. If associaied mortgagc and oihcr loans relaled to the propcity were also cxcludcd then Ihc reserves balance would be £19.734 (positive). Res¢Tves polity Dcsliny Lifc Chiii'ch aiins lo scl asidc re%eives into a rcscrvc accoiinl {savings} in order lo provide 3 months buffer to caier tor any drop in giving. Over the pei'iod of 2023 10 2024 ihis reserve has bccn used to mecl any delicils in the y<dr and did not reach the liinit of 3 Inonth's buffer. Tiwlees conliniic to tnoiiitor expcndilurc on a regiilar basis. Page 2
Destlny Llfe Church Lld (Reglstered number: 05516571) Report of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Golng concern Trustces conlinuc lo monitor expenditurc closely io ensw'e there al'e sufficient funds to covcr liabililics as they fall dLIC. Tru51CCS also note Ihat Ihc charity hold significant reserves as fixed asscls which conlributC5 lo significant annual depreciation charges which affcct Ihe rcpoi1cd sUlUS in the Siaicment ol. Financial Activities bul not the cash balaiiccs of Ihe charily. Thcse a55els could also providc resources in exlreine circuin5tanc¢s should cash flow no longcr bc sufficicnt and Ihci'efore lrnslees consider Ihc charity lo bc a going conccrn. Income Generation Dcstiny Life Church conlinucs to 8cnei.alc income fiDm the renial of the annexe lo charities liiiked lo Ihc chiirch and the i'cnlal of our unused car park spaces dLiring the week. Destiny Litc Chiirch conlinucs lo rcceivc iiicoinc from anoiher church who l'ent paitS Ot" oiir building on a Sunday afteimoon. This relationship has grown ovei. the yeai. where Destiny Life Chiirch has supported special meeiings that River of God Church have put on and vice ver5a. Conlracts have been revicwed and River of God Church have comniitted lo i'enl the building for ihe foreseeable future providing a steady income for Destiny Life Church. Soine of the coutses Destiny Life Church Nn around discipleship training have becn opcned lo other chLirches providing Inore inconie. Bible Connect provides a small income, however. it. the group is opened to other churches Ihis may change. Opening Ihe coiii'ses to ouiside studcnis will I'equire furthei. slNcture and charges Ihal will provide a small income for Ihe church. Dcsiiny Life Chiirch are in Ihe early stages of planning funher courses which will be opened lo other chLir¢hes and will generate further income. Page 3
DtInY Llfe Church Ltd (Registered number: 05516571) Report of the Trustees ror the Year Ended 31 March 2024 THE FUTURE AND LINKS WITH OTHER CHURCHES The Future and Ilnks ivlth olher churches The Emotionally Hcalihy Discipleship coui'ses remain part ot- our disciplcship li'aining P4lthway and have proved successful and lifc changing foi. some. Th¢ Iwo main courses will remain as our main Iraining courses toi. pcople who join the church and will be opened for other ChUh¢S lo aiiend. Desliny Life Chiii'ch has become linkcd with Family Church Portsmouth. This is a WDUP of 5 congir8alions in the Portsrnouih area who arc part of Ihc Assemblies of God dcnominalion. DLC remains indcpcndcnl of a denominalion, however. as a link church any eonferences or leadership days ayc available for us to atlcnd. Destiny Lifc Church has also foi'ged links wilh a Philippine based church callcd River of God, River of God rents space Ironi DLC and has Ihcir main Sunday service on a Sunday aftcrnoon. Dc51iny Lifc Church remains an active member of the BCP pastors, group with regular monthly meetings. This is a group of Anglican, evangelical and chari5malic Churches based in BCP. The group is a prayer group as WCII as a pastoral group 10 support each oihcr as we lId and grow, During the past yeai. DLC has reconnecied wilh several mini8tries that are international and provide indirect input to DLC. l-hese links have also provided conncciions inlo parts of th¢ world we otherwise wouldn'l bc ablc lo connccl with. Relationshlps wlth other eharltles Wc continue lo have links wilh Radiant Encounter Minislrics, who work in Bulgaria. DLC provides support for the missionary family associated with thi5 charity. Faithworks Wessex, conlinue to nt an aa of our building and are a charity mainly SeIng rough sleeper5 within BCP. Faithworks Wessex are aclively involved wilh Inany sections of the community and havc slron8 ties with BCP council. The Coloiii. Works Foundation are a local charity who provide a SeIce a55i51ing young people lo raise theii. self-awarene5S and relaiionship management skills. They renl an ai'ea in oiir annexe foi. Ihcir otTices and iraining. STRUCTURE, GOVERNANCE AND MANAGEMENT Covernlng document The charity is conlrolled by ils goveiMin8 document, a deed of trust, and conslitulcs a liinited eomp&ny, limited by guarantee. as defined by the Companies Act 2(K)6. Reerultment and appolntment of new trustees The church holds a family or financial update cvcning and promotes iheir need for a new Irustce. The chui'ch asks its members to email the 01CC with their nominations of people they think would appropriate or if they woiild like to nominate themselves to be a Irusiee. Potential candidates are inlerviewed by Ihe chair and secretary of the Ixiard of trustees. The siiccessful candidates are voted in al a Iruslee meeting. Declslon maklng The Senior Leadership Tcam led by the senior paOr$ are responsible for the spiritual direction and vision of Ihe church and the Inistees al'e fvlly behind the vision and dircclion of thc chiirch. The INslccs wei'e meeting in person every month to cnsure all policies and proceduirs were updaled and vIcWed and thai all financial responsibilities have becn caii'icd out. This was rcdiiced in Scptembei. to every quarter. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 05516571 (England and Walc5) Pa&- 4
Ih%lini I,itc' CliiirLlI l.ld {RLkJ jjl[IriMI numher: 0SS165711 Ri'p(Jrl iTrl' thL. 'I'ru%li'i'% f()r thi. l i>&r Tr.ndcYl 31 Ilurcli 21124 Ri'%iifi'ri'(I C-lithrili niinihi'r 1()7? ?iil I:.Ilii)i R(kiil l)ursLI 141111 %l.Q ru.%tL'Lb A N l)liKLI' R¥1 A IJ 'fiiiiin S l- Ilakil. l¢ippiiiiIILLI I I ,().141 fvli'% C. I'41S'1Ill)Pi)illlLcI ?.I.1 ?41 Con)i)aii% .%ecri'tiin iidc'pendeiil Kyaminer .V¢iiil Gi)oili))iin Aiiclil SL'n 1.111 4 C'iulill. Pill'k 'Iiiiboi'iiL lJll?17SI". I'hi% r.1 bLLn prLP&ifL'd ii) IlLLI)IdJnLL Ii'iili Ilii 4PiLl%il pn)i i4i(Ins 111, l)Iii'i l i i)I' IhL' C I)IllPlll)IL% ALI ?IMI(I rL'laliiig ii) %inall Ll)mp4iliiC'N. Appnbi hi i)rilL'r i)I'il)L' IMbarJ ()I'iru%liL% i)ii I ru%lkX'
Independent Examiner's Report to the Trllstees of Destiny Llle Churth Ltd Independenl examiner's reporl to the trustees of Destlny Llfe Church Ltd {'the Company,) I Icport lo ihc charity Iruslccs on my cxaiiiination of the accounts of th¢ Conipany for ihe ye. ended 31 Mai'ch 2024. Responsibilfities and basls of report As Ihe charity's irusices ot. the Company (and also lis dii'cctors tor Ihe puoSe$ of cotnp<lny law) you ai'c responsible t-oi. the prcparalion of Ihc accounls in accordance with the rcqiiircmenis of the Companics Act 2006 ('the 2(M)6 Aci,). Havii)g satisfied mys¢lf that Ihc accounts of the Company arc not requircd to be aLidilcd undew Pail 16 uf ihe 2006 Act and are eligiblc t"oi' 1ndcpCnd7I cxaminalion. I report in i'c5pect of my examination of yoiir charity's accoLinls as carried OLII undcr Section 145 of Ihe Charities Act 2011 {'Ihc 2011 Act,). In cairying out my exJininalion I havc followcd the Directions given by Ihc Chai'ily Co)nii)is5ion undcr Scclion 145{5) {b) of ihc 201 l Act. Independenl ex8mlner's statement I have compleied my exailiination. I confirm that no Matte havc come to my allenlion in conncclion with the exaniinalion giving Inc cause to belicve: accounting record5 werc not kept in rL%pect of the Company as rcqiiircd by Scclion 386 of Ihc 2(K)6 Aci. or Ihe accounts do not accord with those records. oi. the accounts do not coniply with Ihc accounting Kcquiremenls of Scclion 396 of Ihe 2CQ6 Act other than any I'equircmeni Ihal the accounts give a Irue and fair view which is nol a mallei. considered as pait of an independe]it examinaiion; or the a¢couniS have noi been prepared in a¢cordan¢¢ wilh the methods and principles of the Stalemeni of Recoinmended Pi'aclice for accounting and i'eporling by chai'ilies (applicable 10 chai'ilies prepai'ing their accounts in a¢¢ordance with th¢ Financial Reporting Siandai'd applicable in lh¢ UK and Republic of Ireland {FRS 102)). I havc no concerns and have come across no other mallei's in connection with the examination 10 which altention should be drawn in Ihis repon in order lo enable a proper understanding of the accounts lo be l'eached. lJpiO l M Rodd Bsc FCA FCCA Ward Goodman Audit Services Lid 4 Cedar Pai'k Ferndown Iiiduslrial Estate Wimboine Dorset BH217SF Page 6
Destlny Llfe Church Ltd Statement of Financial Actlvitles (IncorporatSng an Income and Expenditure Account) for Ihe Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrcsliicted funds Restricted funds Nolcs INCOME AIYD ENDOWMENTS FROM Donations and legacics 90,450 90.450 86.098 Charitable activltles Ministry, oulrLach costs 29.480 29,480 11,625 (hhcr tt'ading activities Investment income 6,588 19 6,588 19 6,262 Tolal 126.537 126,537 103.990 EXPENDITUREON Raityin¥ funds 17,335 17.335 14,239 Charllable ac¢lv5ties Govemance costs Ministry, outreach costs 2,344 92.422 87,518 8,582 96,100 Total 104,853 8,582 113.435 109,005 NET INCOMEI(EXPENDITURE) 21,684 (8,582) 13,102 (5,015) RECONCILIATION OF FUNDS Total funds bi'oughl fonvard 595.324 10,678 606,002 611,017 TOTAL FUNDS CARRIED FORWARD 617,(K)8 2.096 619,104 606,002 The notes t"oiiYJ pan of these financial slalements Pagc 7
Desliny Life Church Lld (Reglstered number: 05516571) Balance Sheet 31 Mareh 2024 2024 Total runds 2023 Tolal tunds Unrestricted Restricted funds Nolcs FIXF.D ASSETS Tangiblc asscis 866,871 1,784 868,655 891,624 CURRENT ASSETS Dcbtoi's Cash ai bank and in hand 12 5,983 18,561 5,983 18,873 3,667 8.668 312 24,544 312 24,856 12,335 CREDoRs Aniounls lalling due wiihin one year 13 {31.538) (31,538) (30,959) NETCURRENT ASSETS (6.9941 312 (6,682) (18,624) TO'fAL ASSETS LESS CURRENT LIABILITIE&4 859,877 2,096 861,973 873.000 CRLDITOKS Amounts falling due afler niorc than one yeai. 14 (242.869) (242,8691 {266,998) NET ASSETS 617,008 2,096 619,104 606,002 FUNDS Unrc%trictcd funds Restricted funds 17 617.008 2,096 595,324 10,678 TOTAL FUNDS 619,104 606.002 The charitable company is entitled lo exeinpiion from audit under Section 477 of Ihc Companies Act 2006 for the yeai. ended 31 March 2024. The members have noi required Ihc company io obtain an aiidil of ils financial slaleinenls for the year cnded 31 March 2024 in accordancc wilh SLLlion 476 of the Coinpanies Act 2006. The trnsiees acknowledge their responsibiliiies for (al ensui'ing Ihai the charitable conipony kecps accounting records thal coinply with Sections 386 and 387 of the Companies Act 2006 and pi'epgring financial statcmenls which give a true and fair view ot" the si8ie of atTai1s of Ihc charitable company as al Ihc cnd of each financial yeai. and of ils SU]ll5 oi. deficit for Cach fiiiancial year in accordonce with Ihc requirements of Scclion5 394 and 395 and which oihcrwise comply with rhe requireinenls of thc Companies Aci 2006 relating 10 financial slalemenls, so tar as applicable to the charitable company. (b) Thc nolcs fonn part of Ihese financial 51alements Pagc 8 continued...
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Destlny Llfe Church Lld Note5 to the Financial Statement5 for the Year Ended 31 March 2024 LEGAL FORM Thc company is a pi'ivale company limilcd by guaranice and trgisiercd in Eiigland dnd Wales. The menibers of ihc company are Ihc Tiiisices named on page 5. In the evenl of the company beinsi wound lip. Ihc liability in rcspccl of the guaraiil¢¢ is limitcd to £10 Irlcinbcr of thc company. Thc addrth5 of the rcBi%lcrcd otrice can bc found on pagc 5. ACCOUNTING POLICIES BASIS of preplrlng the fln8ndal statements The financial siaiemenis ol- Ihe Charitable company. which is a public benefit entity linder FRS 102, have becn prcparcd in accordancc with Ihc Charities SORP (FRS 1021 'Accounlin8 and Rcpoi1ing by Chariiics.. Staicmcni of Rccon)rncndLd Pi'aclice applicable lo charilics pi'cparing iheir accounls in accordance wilh Ihe Financial Reporting Slaiidai'd applicablc in Ihc UK and Rcpublic of Ircland IFRS 102) {cffcctivc l January 2019),. Financial Reporting Standard 102 'The Financial Rcporting Standard applicable in Ihc UK and Rcpiiblic ol. Ireland, and the Companies Act 2006. The financial statemenls have been prepared undei. the historical cost convcnlion. Flnanclal reportlng standard 102 - reduced dtsclosure exemptlons The charilablc coinpany has taken advantage of the following disclosure exemplion in pi'eparing Ihese finaneial sialeinenis. as pemitied by FRS 102 'The Financial Reponing Siandard applicable in the UK and Republic of Ireland,: the requireinenls of Section 7 Statcment of Cash Flows. Income All incon)e is I'ecogniscd in the Statcineni of Financial Activities once the charity has cnlitlemcnl lo the fiinds. it is probable thai ihe incoine will be received and Ihe amount Can be Ineasured reliably. For legacies. eniiilement is taken as the earlier of the date on which either.. Ihe coinpany is awaiE that piDbale has been gi'ant. the estate has been finalised and nolificalion has been madc by thc excculorfs) lo Ihc Tnjsl Ihal a dislribulion will be n)ade, or when a dislribuiion is received from Ihc eslale. Receipt of a legacy, in ivhole or in part is only considered probable when ihe amount cali bc measured irliably and the coinpany has been notified of the execuloi s inlention lo make a granling of probate, and the ¢rileriA for income i'ecognilion hav¢ not been mel, then the legacy is Ireaied as conlingenl asset and disclosed if material. Gi'aiils (including government grants) are recognised only when theit is reasojidble a&8ui'ance Ihal thc company will eomply with Ihc eonditions attached to them and Ihai the grants will be received. Grdnis Ihai are receivable as compensation t.or expenses ali'eady inCu¢d are recognised in the Slaiemenl of Financial Activities in the p¢riod in which Ihcy becomc rcceivable. Donalcd scrviccs of facililics are recogni5ed when the company has control over Ihe iiem, any condiiions associaied with ihe donated item have been Inel, Ihe receipt of economic benefil from Ihe use of the Company ot the ilem is probable and that cconoInic bcnefit cali bc measured reliably. In accordance wilh the Charilics SORP (FRS 102). Ihc general voliinleer liinc is not rccognised and refer lo Ihe Tiiistces" report for more infoiinalion about their conti'ibiition. Oli receipt. donated profcssional seIceS and donated facilities ait recognised on the basis of the valuc of Ihc gift to Ihc company which 15 the amount the compaiiy woiild have been willin8 to pay io obli¢ in services oi. faciliiies or equivaleni economic benefit on the open market. a conrsponding amouni is then rccogniscd in expcndiliiir in Ihc kxriod of ceIpt. Income lax recoverable iii i'elatioii to donations rcceivcd undci- Gift Aid oi. dccds of covcnanl 15 recogniscd al ihc liinc of the donalion. Page 10 conlinucd...
Destlny Llfe Church Ltd Note5 to the FinAn¢ial Statement5- continued ror the Year Ended 31 Marth 2024 ACCOULYTING POLICIES- eonllnued Income Incomc lax rccoverablc in rclaiion to investincnt incomc is reco8niscd ai the tiinc Ihc investmeiii incomc is rcccivablc. Expendilure Expendiliire is rccognised once iha'e is a legal or eonsiruciivc obligaiion io transt"ei' economic bencfil io a third party. li is probable thai a ti7nster of economi¢ bencfiis will be irquii'cd in settlement aiid Ihe aniounl ot the obli8alion can bc mcasui'cd rcliably. Expenditure is classified by activity. -rhe costs of each aciivily are Inadc up of Ihe ioial of dirca cosis and shdi'ed costs, including suppo11 cosis involved in iindertaking each aciivity. Dii'ecl cosis alli'ibulable to a singlc aclivily arc allocalcd dircctly to that activity. Shai'cd c¢Jsls which conti'ibulc to niorc Ihan onc activity and 511PPOrt C0515 which arc nol attribulablc to a siiige activity air apportioned bciwcen thosc activities on basis ¢on25islenl with the use of rcsource5. Central 51aff costs are allocaicd on thc basiti of tinie spcnl, and dcprecialion chai'ges allocalcd on the ponion of thc asset's usc. Support costs are those costs incuiTcd dirccily in suppo11 of cxpcnditui'e on Ihe objecls uf ihe company and inclu(k pIDjeci manageinenl caiTied oui cenirally. Govemance costs al'e those incurred in connection with adininislralion t.o the company and compliance with coiistitutional and slatulory requircmcnls. Charitable aclivilies and Governance costs are costs incurred on the company's opa'alions, includin8 suppo11 costs and costs relating lo the governance of the company apportioned lo charitable activities, Llabllltks and provl$l•ns Liabililies are recognised when Ihcrc is an obligaiion al the balance sheet dale as a resuli of a pasl cvenl. il is probable thai a transfer of economic benefit will be required in seltleinent. and the ainount of Ihe seiilenienl can be csliindlcd I'eliably. Liabililics arc rccogniscd at Ihc aniounl thai Ihc Loillpany 8nlicipaies il will pay lo settl¢ the dcbi or Ihe amouni it has received as advanced payments for Ihe goods or seivices it must provide. Provisions are measured al Ihc bcst eslimatc of the ainounts requiird lo scttlc Ihc obli8alion. Where Ihc effeei of the limc value of money is maierial. the provision is based on the present value of those amounts. discounted al the ore-tax discount i'ale that reflects the risks specific lo the liability. Thc unwindin8 of Ihe discounl is reco8nised wiihin ihe inieresi payable and similar charges, Tanglble tlxed assets Dcprecialion is provided ai lh¢ following annual rates in order wriie off each asset over its esiinialed useful life. Freehold pi'operty Fixtures and fillings Computer cquipineni Siraighi line ovei. 50 years 20g/o on rcdiicing balancc Sii'aighi line over 3 yeais De51iny Life Church hold a capiialisaiion policy which slates any purchase of equipment below Ihe level of £250 will not be considered as a capital addition. Tax8tlon The chariiy is exempt from corporation Lqx on its charitable aciiviiies. Fund gccountlng Unresli'icled funds can be used in accordance with Ihc charilable objectives al thc discrclion of the 11118tccs. Reslricled tuiids can only be used for pai1iculai- reslricled purposes Within the objccls of thc charity. Rcsliiclions arise when specified by Ihc donor oi. when funds al'e raised for particular restricted purp)ses, Further cxplanalion of Ihc naliirc and puwosc of cach fund is incliidcd in Ihe notes to the financial slat¢menls. Page 11 continued...
Destiny Life Church Léd ]Yotes to the Financial Siatements- continued (or the YeY4r Ended 31 March 2024 ACCOUNTING POLICIES- eontinued Preparation of the accounts on a going concern basis Destiny Lifc Church rcpoi'lcd a net incomc of £13,102 for the yeai. and net Cuent liabililics of £5.666 al the reporting dale. The chlirch and its Iwslees have iaken aciions to reduce any non esseniial spending in the yeai. which should secure the iiiiniediatc fiilurc of Ihc chuirh lor the ncxl 12 months and on that basis Ihc church is a going conccm. Trustees noic thai the charity holds si¥nilicani fixed asseis which could provide resources in exireme circumsiances should cash flow be turther impacl¢d. Trnsl¢es have also inadc a continucd effort into the new rinancial year lo increasc fooifall and income Slr¢am polenlial ai thc church. Revaluatlon of langlble fixed assets The coinpany has adopicd thc irvaluation niodcl lo rcvaluc items of property. plant and cquipment ivhose fair value can be measured reliably. The Itvaluaiions shall be made with Su1cleI regularity 10 ensure Ihal the caryii)g ainouni does not diller maicrially li'oin thal which would be dctem)iiicd usiiig laii. valuc al Ihc cnd of Ihc i'eportin8 pcI'iixI. The fail. value of land and buildings is usiially delern)ined from market-based evidence by appraisal that is norn)ally undertaken be professionally qualified valucis. The fail. value of iiems of plant and machinery is usually their market valiic dcteiinined by appraisal. Revalualion gains and losses are recognised in oiher comprehensive income and accumulated in equity. Interest re¢tlv8ble Interesi on ndS held on deposit is included when receivable and Ihe amounl can be measUd reliably by the company; this is nom)ally upon noiification of Ihe ini¢resi paid or payable by the Bank. Debtors Trade and othei. debtOlB air recognised al Ihe setileinenl amounl after any Irade discount olyered. Prepayments are valued al the amount incutTed ncl of any li'adc discounts duc. CAsh al Bank And In hand Cash at bank and in hand includes cash and sho11 lem highly liquid investments with a short maturity of threc months or less from the dale of a¢quisiiion or opening of the deposit or siinilar account. Flnantial Instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instNmenls. Basic financial inslrnments are initially recognised al Irdnsaction value and subsequenily measured ai their settlemeni value with the exception of bank loans which are Subsequently Me8SU at amorlised cosl using the effective interest meth(xl. Termln74tlon Payments Tenninalion benefils are amounls payable as a result of a decision by the Church lo tenninale an employee's conlracl belore th¢ noiTral retirement dale or an fflnployee's d¢cision lo accept voluntary rediindancy and are charged on an accruals basis lo the relcvanl line in Ihc Statcment of Financial Aclivilics. Pagc 12 continued,.,
Destiny Life Church Ltd
Notes to Ihe Flnanclal Statements - continued
for Ihe Yewr Ended 31 March 2024
DOIYATIONS AND LEGACIES
2024
2023
DonaliL)ns
Gift aid
80,041
10,409
76,566
9.532
90,450
86,098
(YrHER TRADING ACTIVITIES
2024
2023
Other incoi)Ic
6,588
6,262
INVESTMENT INCOME
2024
2023
Interest receivable - tradiilg
19
INCOME FROM CHARITABLE ACTIVITIES
2024
2023
Activity
Minisiiy, OLiireach cosis
Renial Incoine
29,480
11,625
NET INCOMEI{EXPENDITURE)
incomel(expendilure) is slaled atler charginw'(crediling).'
2024
2023
Depreciation - owned assets
Hire of pl
Destlny Llfe Church Ltd Note5 to the Finanelal Statements- continued for the Year Ended 31 March 2024 TRUSTEES, REMUNERATION AND BENEFITS- contlnued Trusttrs, expense5 During the ycar cnded 31 March 2024 no tnislecs12023:1) were re1mblied out olpocket expcnses {2023: £1,580). STAFF COSTS 2024 2023 Wages aiid 5alari¢s Socitil sccurity cosls 34,064 31.423 81 34.064 31.504 The al'age monthly niimber of employees during Ihe year was as follows.. 2024 2023 Siaff Ih¢ad ¢ouni) No employees received emoluments in excess of £60.0(M). 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds Restricied funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 86,098 86.098 Charltable 74Ctlvltles Minislry, outreach costs 11,625 11,625 Other Irading aciiviiies Inveslinenl income 6,262 6,262 Total 103.990 103.990 EXPENDITURE ON Raising fiinds 14239 14,239 Charitable activities Governance cosls Ministry, oulrcach costs 2.344 79.871 2,344 92,422 12.551 Total 96,454 12,551 1 (19,005 NET INCOMEI(EXPENDITURE} 7,536 112,551) (5,015) RECONCILIATION OF FUNDS Toial flinds bi'ought forward 587,788 23.229 611,017 Page 14 continued...
Des¢lny Llfe Church Ltd Notes to the Flnancial Statements- continued for the Year Ended 31 Mareh 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrcslricied Resiricicd funds funds Total funds TOTAL FUNDS CARRIED FORWARD 595,324 10.678 606.002 TANGIBLE FIXED ASSETS Fixtures and tilting.8 Frcchold propeity Compuier equipinent Totals COST Ai l April 2023 Additions 975.000 118,535 2,306 1.180 1.094.715 2.306 Al 31 March 2024 975,000 120.841 1.180 1,097,021 DEPRECIATION Ai l April 2023 Charge for ycar 103.723 20.745 98.188 4.530 1.180 203,091 25,275 Al 31 March 2024 124.468 102,718 1,180 228,366 NET BOOK VALUE Al 31 M<irch 2024 850,532 18,123 868,655 Ai 31 March 2023 871,277 20,347 891,624 IL DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Ti'ade dehtors Oihcv dcbtors 3,538 2.445 317 3,350 5,983 3,667 Page 15 continucd...
Destiny Life Church Ltd Notes to the FlnAnclal Stalements - continued for the Year Ended 31 March 2024 ij. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafis (sec note 151 Oihcr loans (see note 15) Tradc credilors Social security and oihei. taxes Other crediloi's Accrnals and dcferred incoine 23.495 3,233 1.054 1,296 588 1.872 24,021 3,138 459 1,281 260 1,800 31.538 30,959 14. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 2024 2023 Bank loan5 (sec note 15) Oiher loans (sec notc 15) 224.219 18,650 245.115 21,883 242,869 266,998 15. LOANS An analysis of the maturity of loans is 8ivcn bclow,. 2024 2023 Amounts falling due within one ycai. on dcmand: Bank loans Othei. loans 23,495 3,233 24,021 3.138 26,728 27,159 Amounls falling between one and two years.. Bank loans - 1-2 years Oihcr loans - 1.2 years 25,020 3,331 24,177 3,233 28,351 27,410 Amounls falling due between two and five years.. Bank loans - 2-5 yeai oiher loans - 2-5 years 111,139 10.610 107.513 10,298 121.749 117,811 AmoLinls falling due in inore Ihai) five years.. Repayable by in81almcnls: Bank loans mol'e 5 yi- by instal Oihei. loaiis more 5yrs instal 88.060 4,709 92.769 113,425 8,352 121,777 Pagc 16 coiilinued...
Destlny Llfe Church Ltd Notes to the Financigl Statements- eothtinued ror the Year Ended 3 l March 2024 i& SECURED DEBTS The lollowing secured debis arc includcd within credilOI'S'. 2024 2023 Bank loans 247.714 269,136 Lloyds Tsb Bank PLC hold 2 charges dalcd 18 Novcmber 2011 and 23 January 2012 respectively over thc buildin8 owncd by Dcsliny Lifc Church. 17. MOVEME[ I]Y FUNDS Net movement in funds Trdnsfcrs belw¢¢n funds At 31.3.24 Al 1.4,23 Unrestrleted funds Gcncral fiind Revaluation Fiind Mission Trips (Designated) 223,417 371,635 272 21,684 8,848 {8.848 253.949 362.787 272 595,324 21.684 617,008 Restrl¢ted fundg Building fiind assets Building fund Boiler Fiind Cookei. Fund Recov¢ry Course 136 7.858 2,254 230 200 (27) 17,858) 1451) (46) (200) 1,803 184 10.678 18.582) 2,096 TOTAL FUNDS 606,002 13.102 619,104 Net Inovemcnl in funds, included in Ihe above are as follows: Iiicoming resources Rcsources expcndcd Movement in funds Unrestricled funds General fund 126,537 (104.853) 21,684 Restrlcled funds Biiilding tiind assets Biiilding fund Boiler Fund Cooker Flind Recovcry Coiirse (27) (7.8581 (4511 (46) {200) 127) (7,858) (451) (46) (200) (8,582) (8.582) TOTAL FUNDS 126.537 {113,435) 13,102 Page17 continued...
Destiny Life Church Ltd Noles to Ihe Flnancial Statements - continued ror the YeAr Ended 31 March 2024 17. MOVEMENT IN FUNDS - continued Comparallves for movement in fund5 Nel Inovcinenl in funds Transters between funds At 31.3.23 At 1.4.22 Unrestrleted fund$ Genei'al fiind Revaluation Fund Mission Trips (Designated) 207,033 380.483 272 7.536 8.848 {8,848) 223,417 371.635 272 587.788 7.536 595.324 Reslrlcted funds Building fund asscis BLiildin8 fund Boilei. Fund Cooker Fund Recovciy Coursc 170 19,754 2,817 288 200 (34) (11.8961 (563) 158) 136 7,858 2,254 230 200 23,229 (12,551) 10,678 TOTAL FUNDS 611,017 (5,015) 606,002 Comparative net movcment in funds, included in the above air as follow5.' Incoming resources Rcsources expended Movemenl in funds Unreslrlcted funds Gencral fund 103,990 (96,454) 7,536 Restrlcted funds Building tund assets Building fund Boiler Fund Cook¢r Fund 134) (11,896) {563 } 158) 1341 (11,896) {5631 (581 (12,551) (12.551) TOTAL FUNDS 103,990 (109,005) (5,015) Page 18 conlincied...
Destlny Life Church Lld Notes to the Financlal Statemenls- contlnued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS- eontinued A currenl ycar 12 It)onihs and prior year 12 months coinbined position is as follows: Nd Transfei's bctwccn runds movcmcnt in lunds Ai 1.4.22 31.3.24 Unreslrlcted funds General fuiid Revalltion Fund Mission Trips (Designated) 207,033 380.483 272 29,220 17,696 (17.696) 253,949 362,787 272 587,788 29,220 617.008 Re51rlcted fund5 Building fund assets Building fund Boilei. Fiind Cooker Fund Recovery Course 170 19,754 2.817 288 200 (61) (19,754) (1,014) (104) (200) 1.803 23,229 (21.133) 2,096 TOTAL FUNDS 611.017 8,087 619.104 A ciirrcnl ycar 12 months and prior year 12 monihs combined nei Inovemenl in funds, included in the above are as rollows: Iiicoming resources Resources expended Movemeiil in funds Unrestrlcted fund5 Generdl fund 230,527 1201.307) 29,220 Restrleted funds Building fund assels Building fund Boiler Fund Cooker Pund Recovery Course {61) (19,754) (61) (19,7541 11,014) (1041 (200) (104) (200) (21,133) (21,1331 TOTAL FUNDS 230.527 {222,440) 8.087 Restrlcted Funds Biiilding Fiind This fund was resli'ict¢d for the initial piirchase of the Church building. The roslricled fund is ulilised each year through dcpreciatioii cost5. Building Fund Assels - This fund relates lo assets purchascd wilh thc purchase of Ihc biiildiiig. Th¢ rcslriclcd fiind is iililised each yeai. Ihrough depreciation costs. Page 19 continiied...
Destiny Life Church Ltd Noles to the Flnanelil StAtements- continued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS- continued Boilci. Fund - Relalcs lo money rcccivcd toi. Ihc piirchasc of a ncw Boilci.. Thc rcslriclcd fun(1 ib uliliscd cach ycai. Ihroiibih dcpreciation costs. Cookcr Flind - Rclalcs lo inoncy rcccivcd foi. Ihc purchasc of a ncw Cookcr. Thc rcslricled flind 15 uliliscd cach yeai. Ihroiigh depreciation costs.. Recovcry Course - Rcslriclcd donation S]ricallY lo covci. costs for a Rccovcry coursc. Mission Ti'ips- Funds arc reslricledldcsignaled lo help fund mission trips in Bulgaria. Transfers betiveen funds A li?nsfei' or tunds has iaken place beiween Ihe General Fund and Revaluation designaied fund 10 recognise Ihe deprccialioii allocated lo Ihc Revaluation reserve in the year ended 31 March 2024, 18. RELATED PARTY DISCLOSURES During the year endcd 31 March 2024 Trusiccs donalcd a iolal of £5,400 with no condilions lo Destiny Lifc Church (2023- £22.184). Dui'ing Ihc year ended 31 March 2024. the childitn and spouses of INslees doi)aled ainounls totalling £7,620 in Tiihe on Tithe giving and donations (2023.. £6,157). Dui'ing lh¢ year ended 31 March 2024, Radiant Encounter Minisli'ie5. a regisiei'ed charity (Charity nuinber: 1658071 with coiiimon Iru51ce A Tin)ms, pi'ovided itei)Is of clothing to Destiny Life Church foi. sale and pi'oceeds ioialling £131 wei'¢ Teivimed to Radiani Eneountei. Ministrics, During Ihe pi'evioiis yeai. ended 31 Mareh 2023, a Iruslcc rcccivcd a gift lolalling £74. No siich ti'ansaclions have occui'rcd in Ihc ycai. endcd 31 March 2024. Pagc 20