REGISTERED COMPANY NUMBER: CE011670 (England and Wale81 REGISTERED CHARITY NUMBER: 1175269 TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2 24 FOR NEW LIFE CHURCH NEW MILTON Terence L Smith & Co Chartered Accountants 38a Station Road New Milton Hampshire BH25 6JX NEW LIFE CHURCH NEW MILTON CONTENTS OF THE FINANCIAL STATEMENTS for thè Year Ended 31 March 2024 Page Reforenco and Adminlstrative Detalls Tru8teeg' Report Indepondent ExamSnerf¥ Report Statement of Flnancial Actlvitigs Balance Sheet 10 Cash Flow Statement Notes to the Cash Flow Ststement 12 NotOS to the Flnanclal Statements 13 to 20 Detailed Statoment of Flnanclal Activities 21 to 22 NEIV LIFE CHURCH NEW MILTON REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 March 2024 TRUSTEES Dr N Simmons Dr D M Bargh (resigned 13.6.231 MCPage GMBird S Robinson REGISTERED OFFICE New Life Christian Centre 34 Gore Road New Milton Hampshire BH25 6RZ REGISTERED COMPANY NUMBER CE011670 (England and Wales) REGISTERED CHARITY NUMBER 1175269 INDEPENDENT EXAMINER Terence L Smith & Co Chartered Accountants 38a Station Road New Milton Hampshire BH25 6JX BANKERS Lloyds TSB Bank PLC Walthamslow Branch PO Box 1000 BX1 1LT Page 1 NEW LIFE CHURCH NEW MILTON TRUSTEES, REPORT forthe Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companie$ Act 2006, present their report with the linancial statements of the charity for the year ended 31 March 2024 The Iruslees have adopted the provisions of 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 IFRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTVdlTIES Obje¢tivo$ and A¢tivitle8 The Objects of the CIO are for the public benefit.. The advancement of the Christian faith in New Milton, Hampshire and such other parts of the United Kingdom and the world, in such ways as the trustees may from time lo lime decide. To relieve persons who are in condition of need or distress, by means of financial hardship, age, ill health. disability or such other economic or social disadvantage, in Such parts of the United Kingdom and the wodd, in such ways, as the trustees may from time lo time decide. Page 2 NEW LIFE CHURCH NEW MILTON TRUSTEES. REPORT forthe Year Ended 31 March 2024 OBJECTIVES AND ACTIVITIES Public benefit In planning the a¢livilies the Trustees have applied the guidance on public benefit issued by the Charity Commission We seek the advancement of the Christian faith for the public benefit by facililaling religious practice, and we seek lo relieve persons who are in condition of need las described in the Objects, above), for the public benefit. Our activities, for the public benefit, were as follows: Large gatherings continued throughout the year, taking place primarily at the main hall of Arnewood School. the local stale secondary school. When Arnewood was not available, we continued lo meet al either Ballard School (during the Summer Break) or al New Life Church Centre. Live streaming ¢ontinued through the year. We Garried out regtjlar teaching from the Bible during Ihe year on Sundays, raising awareness and understanding of Christian belief, and training in Christsan discipleship. Home groups for Bible study, prayer and fellowship, and prayer meeb'ngs, look place throughout the year. A number of Alpha courses were run throughout the year, with many attendees accepting baptism of faith and church membership. Our ownership and maintenance of the New Life Christian Centre building ¢onlinued. We conlinLted lo work in asso¢ialion with the registered charity Christians Against Poverty ICAPI, debt advice and support service,. providing free rjebt help for members of the community. Our pastoral care team continued to function providing practical and spiritual support lo individuals in need. We were able to continue the relief of poverty and distress, through 'mercy ministry, financial gifts, coordinated by the pastors. The Church continued lo support the work of the local food bank, 'Basics Bank,. The ¢hur¢h supported mission and outreach work in the local community and overseas. by both human involvement and financial aid. Liz Bastable {our Family and Community Leaderl. with volunteers, continued lo run a Parent and Toddler group on Monday mornings, al NLCC, as a community support and outreach activity. Many of our church members support the work of the charity Samaritan's Purse. through its annual 'Operalion Christrnas Child in November 2023 the members packed a good number of shoeboxes with gifts for children in need around the world. Achlevements The aelivilies described above were the main actsvities of the charity. Impacts have been seen, at the individual level. in young people and adults professing the Christian faith for the first time, and in established Christians growing in, and living out, their faith. The charity has been active in seeking lo relieve persons who are in condition ol need or distress linlerpreted widely as in the charity's objeclsl and these needs are often of a confidential nature. We believe that in seeking to represent Jesus Christ in our aclivilies, the charity has had a beneficial impact more widely in the community. Page 3 NEW LIFE CHURCH NEW MILTON TRUSTEES. REPORT for the Year Ended 31 March 2024 STRATEGIC REPORT Flnancial review The chanly's income comes primarity from regular giving by our church members and attenders, and occasionally from bequests. We do not have significant investment income. Income for 2023-2024 wa$ up £356,685 compared lo 2022-2023, and expenses were up £41,318 for the same period. This resulted in an operating profit of £319,651. The closing level of funds, al 31st March 2024 was.. £522,572. Totsl funds.. £522,572 (Total unreslricled funds. £146,242., Total restri￿ed funds: £376,330). During the financial year we asked the church members lo contribute towards a potential purchase of a property in the local area lo allow us to move to a larger premises. The money raised has increased our Restricted fund by £321k. Unfortunately, the building we were investigating was not suitable, and we continue lo look for a new premises. The money has been invested using a reputable investment platform {Flagslonel that allows the money lo be inveslecj and spread across reputable banks, reviewed on a rolling 3-monlh period. The maximum invested in each bank is £85k. thereby minimising our exposure lo any finan¢ial crisis. The trustees are fully aware of the investment decisions, and the $lralegy has been communicated lo the members of the Chur¢h. This is felt lo be a low-risk investment decision allowing the Church lo earn interest payments whilst awaiting the provision of a building to allow full investment. A small number of members have asked for a return ot the monies gifted due to personal changes in circumstsnces - we have happily fulfilled these requests. The Gift Aid Small Donations Scheme Continues lo provide gift aid tax for the church. Pollcy on re8erv08 As in previous years general reserves from giving continue lo be held to cover continuity of activity and for projects. These 'ring fenced, reserves amounting to approximately three months of income1£50kl are held in a ready-access bank account. These are held lo cover major income loss and demands from contractual legal obligations. The Designated Reserve fund was increased to £50k to cover the increase in staff costs in the event of a potential redundancy situation. Additionally, we have a 'Kingdom fund, reserve, holding £321k lo build up funds lo be available if an opportunity arises lo purchase a property suitable for use by the church for Sunday worship. and as a contingency for disruption to our norm81 Sunday place of worship. The Trustees have reviewed the financial accounts and are satisfi'ed that they represent a true and fair view of the current posibon. Employment and HR We appointed Tom Bastable as full-time A$sislanl Pastor in May 2023. David Morgan stepped down from acting Assistant Pastor upon Tom's appointment and resumed his role as Elder. We are most grateful for hi5 assistance, wisdom and guidance during this interim period. Annual appraisals were conducted with all staff members. and plans put in place lo allow continued professional development. There were no significant sickness issues with staff. Em lo ed staff are.. Senior Minister - Assistant Pastor Family & Community Leader Administration (prri Our processes & policies continue lo be reviewed on an annuallbiannual basi$ lo ensure they are updated and relevant. NLC Safeguardlng: A¢ceplance of Safeguarding Annual Report See appendlx 1 NLC Dats Protectlon: Acceptance of Data Protection Annual Report sge appendlx 2 Page 4 NEW LIFE CHURCH NEW MILTON TRUSTEES. REPORT for the Year Ended 31 March 2024 ST114TEGIC REPORT Plans for future periods Alms and key objectives for future periods The Church's airn Is to continue lo work in our local and wider community, a5 above. Currently the UK 1$ entering a worsening cost of living crisis. that is likely lo be a¢companied by increasing levels of stress and distress In society. The Christian gospel message of hope and transformation has never been more relevant for ordinary people and the charity Iruslees, and the church leadership team realise that this is a time of great opportunity for the charity to advance its objectives. Actlvltle$ planned to achieve aims We continued lo live-stream our Sunday morning gatherings during the year, because there is clearly a need for il (both for the housebound, and for interested watchers, wherever in the world they may bel. We contrnue to hire the main hall and some classfQQrnS at Arnewood School Ilhe local Comprehensivel for our Sunday morning gatherings. This has excellent internel access and parking capacity. We continue to be encouraged by the significant number of new allenders who are joining u5 on Sunday mornings al Arnewood. The church continues to support the work ot Christians against Poverty ICAPI, Iwally expressed through debt counselling, a job club, and a Life Skills course Iin association with Lyminglon Baptist Churchl. Church Suite software Continues to be used effectively a5 new updates are added to the programme incorporating policy processes lo aid compliance and accountability. We look lo increase the proportion of regular church attenders belonging to home groups, by expanding the number of groups, subject to the availability of group leaders. Currently around 140 of our regular attenders belong to a srnall group. The church has a social media presence, with a website and tts own Facebook page. It contsnues lo be our policy to give at least 100/0 of our income lo supporting Christian Mission (in the UK and abroad). As a church we currently give specific support to missions work in northern Spain, in Azerbaijan and in the Ukraine. New Life Church is a member of the Evangelical Alliance. We are also in Kinetic Network, a relational network of like-minded Ghurches in the UK. The Church continues lo depend on a team of volunteers who assist the Pa510rf5 in carrying out support activities for the Church. These include volunteers assisting in Sunday School teaching for children Youth acbvities on a Sunday and Tuesday Hospitality Teams Technical Support Teams - Worship Groups - Transport and Set Up Teams - Home Groups Stewarding Teams - Welcome Teams Pastoral SLlPPOrt Team Each team has a leader elearly identified, and they are a¢counlable lo the Church leadership for ensuring that the members follow the Correct Procedures as defined by the Codes of Practice Page 5 NEW LIFE CHURCH NEW MILTON TRUSTEES. REPORT for the Year Endod 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Nature of governlng document New Life Church prior lo 2018 related lo New Life Fund, an unincorporated charitable trust, whose trustees de¢ided lo apply to convert lo CIO status. New Life Chur¢h New Milton CIO was registered by the Charity Commission 20 October 2017. The assets, liabilities and activities of New Life Fund were subsequently Iransfeired lo the CIO, New Life Fund and the CIO merged. and New Life Fund wa5 dissolved and removed from the Charities Register. The trustees of New Life Fund became the trustees of the CIO. The CIO is a Foundation CIO, which is to say that the only voting members are ils charity Iruslees. Recruitment and appointment of trustees The CIO Conslilulion slates that apart from the first trustees, every Iruslee'musl be appointed by a resolution passed al a properly convened meeting of the spiritual leadership of New Life Church" (where 'spirilual leadership, means the Elders of the Churehl. Also, "in selecting individuals for appointment as charity trustees, the spiritual leadership must have regard to the skills, knowledge and experience needed for the effective adminislralion of the CIO." Trustees are appointed from among the membership of New Life Church. Dr D M Bargh retired from the Chair and membeiship of the Trustees in June 2023. We Trustees thank Don for the many years of faithful and safe service Don provided. In continuity Mr Nigel Simmons accepted the position of Trustee Chair. Induction and tyainlng of trustee3 New Iruslees would normally be familiar with the practs'cal work of the charity, having been involved in the charity and its a¢livities prior lo appointment. Newly appointed trustees are instructed lo familiarise themselves with Charity Commission guidance for new trustees on its website. The trustees will make available lo a new trustee a copy of the CIO conslilution, a copy of the CIO'S latest Trustees, annual report and slalement of accounts, and copies of the Policies and Procedures of New Life Chur¢h, including the safeguarding policy. An enhanced DBS check is required for new Iruslees. The charity is organised so that the Iruslees meet regularly lo oversee ils affairs. General We also listed our premises in Gore Road for sale during June 2023 and are still in the process of looking for a buyer. This is driven by the need to find a larger premises for the Church that can continue lo serve the local community, whilst having sufficient space lo facililale our Sunday meetings. The trustees confirm Ihal.. al they have complied with the requirements of section 17 and 117 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales, and b} there were no serious incidents relating to the charity during the year. Flnancial Instruments Objéctives and policies The charills activities expose il to cash flow risk and liquidity risk. The reserve account is there to manage liquidity, and the positive financial balance In our current account is used lo manage our Cash flow risk. TRUSTEES. RESPONSIBILITY STATEMENT The trustees {who are also the directors of New Life Church New Milton for the purposes of company18wI are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). Company law requires the trustee$ to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply Ihern consistently., observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent., prepare the financial statements on the going concern basis unless it 1$ inappTopriale to presume that the charitable company will continue in business. Page 6 NEW LIFE CHURCH NEW MILTON TRUSTEES. REPORT for the Year Ended 31 March 2024 TRUSTEES. RESPONSIBILITY STATEMENT- continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable company and lo enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Trustees, report, incorporating a strategic report, approved by order of the board of Iruslees. as the company directors, on 30 January 2025 and signed on the board's behalf by.. Dr N Simmons - Trustee Page 7 Appendix 1 Safeguarding Report Yr End March 2024 New Life Church continues to strerbgthen its Safeguarding Policy and Processes using Church Suite lo ensure timely DBS checks, collection of references and training schedule5. A review of Safeguarding Policy was commenced August 2021 and completed May 2022 and reviewed in 2023. DBS checks are ongoing on a 2-year rolling programme. New Life Church has co joined with other local churches, Isouthern Counties Baptlst Association) Safeguarding training to share Safeguarding experiences, tips and concerns and ease expense. Online courses with Thirty-one Eight and NSPCC are also utilised. Children's departments, youth departments, welcome team, stewards and elders all have lanyards, and all children are made aware that these are 'safer strangers" that they can approach or should a person from one of these teams approach them. Kalee Rothwell became Safeguarding Coordinator in February 2024 with Juliette Whatmore as deputy. When incidents of concern are raised, reports are completed and witnessed and ongoing logs Idiariesl maintained where necessary. Mental He¥41th Sulclde Attemp¢S Contfactl Plan PhysScal Harm S¢xu•l Abu5el All• tlon Pass•d on to Incldents Aprll 2023- March 2024 Ongoln8 contract Pollce Adult Services ril 2022- Marth 2023 Adult Services x 3 MAPPA x I A rll 2021- March 2022 MAPPA ProbatSon Servlces A rS12020- March 2021 April 2019- March 2020 31..8 Police All documents with personal dats are encrypted. All incidents are shared at Trustee meetings throughout the year, to assist in transparent accountability. Slgned: Gillian M Bird NLC Trustee Date: 1611125 Appendix 2 Data Protertlon Report Yr End March 2024 During this annual year No Data breeches have been reported. No Special Access Requests made. No data Erasure Requests made. The Elder responsible for Data Securily- David Morgar* has established a comprehensive data backup system. New Life Church has continued io widen its use of Church Suite to hold the main bulk of New Life data and to be the main mode of communication with members and adherents, processes, appointments, rotas and social events Ibookir*g51. If any incidents arose or data requests made these would be shared at Trustee meetings throughout the year, to assist in transparent accountability. Slgned: Gillian M Bird NLC Trustee & Data Protection Officer Date: 1611125 10 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW LIFE CHURCH NEW MILTON Indopgndent gxamlnefs report to the trustees of New Life Church New Mllton I'the Company'l report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and bas58 of report As the charitys Iruslees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companie8 Act 20061.the 2006 ACVI. Having sa115fied myself that the accounts of the Company 8re not required to be audrted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charills accounts as carried out under Section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Inde￿ndent examlner'$ statement Since your charity's gros5 income exceeded £250,000 your examiner must be a member of a listed body. I an confirm that l am qualified lo undertake the examination because l am a member of the Inslilule of Chartered Ac¢ounlanls of Scotland, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in conne¢lion with the examination giving me Cause lo believe.. 8ceounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those record5', or the accounts do not ¢omply with the accounting requirements of Section 396 of the 2006 kl other than any requirement that the accounts give a true and fa￿r 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 lor accounting and reporting by charities lapplicable to charities preparing their accoLJnts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10211. I have no concerns and have come across no other matters in ¢onnection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Terence L Smith The Institute of Chartered A¢countants of Scotland Terence L Smith & Co Chartered Accountsnts 38a Station Road New Milton Hampshire BH25 6JX 30 January 2025 Page 8 NEW LIFE CHURCH NEW MILTON STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donabons and lega¢ies 198,072 321,153 519,225 168,883 Investment income 6.802 6,802 459 Total 204,874 321,153 526,027 169,342 EXPENDITURE ON Charltable activltie8 Charitable activite5 198,092 8,284 206,376 165,058 NET INCOME 6.782 312,869 319.651 4,284 RECONCILIATION OF FUNDS Total funds brought forward 139,460 63,461 202,921 198,637 TOTAL FUNDS CARRIED FORWARD 146,242 376,330 522,572 202,921 The notes form part of these f1nancial statements Page 9 NEW LIFE CHURCH NEW MILTON BALANCE SHEET 31 March 2024 2024 Totsl lunds 2023 Total funds Unrestricted Reslricled fund fund Notes FIXED ASSETS Tangible assets 10 19,403 59,737 79,140 81.609 CURRENT ASSETS Debtors Cash at bank and in hand 15,376 116,873 15,376 433,466 6,512 117,636 316,593 132,249 316,593 448,842 124,148 CREDITORS Amounts falling due within one year 12 15,4101 15,4101 12,836} NET CURRENT ASSETS 126,839 318,593 443.432 121,312 TOTAL ASSETS LESS CURRENT LIABILITIES 146.242 376,330 522,572 202,921 NET ASSETS 146,242 376,330 522,572 202,921 FUNDS Unrestricted fund5 Restricted funds 13 146,242 376,330 139,460 63,461 TOTAL FUNDS 522,572 202,921 The charitable company is entitled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company lo obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting reGord5 that comply with Sections 386 and 387 ol the Companies Act 2006 and preparing financial slalemenls which give a true and fair view of the stale of affairs of the charitable Company as at the end of each fi'nancial year and of its surplus or deficit for each financial year in accordance with the requirements of Se¢lioTrs 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable lo the charitable company. Ibl The financial statements were approved by the Board of Trustees and aulhorised for issue on 30 January 2025 and were signed on ils behalf by.. N Simmon$- Trustee The notes form part of these financial statements Page 10 NEW LIFE CHURCH NEW MILTON CASH FLOW STATEMENT for the Year Ended 31 March 2024 2024 2023 Notes Cash flows from operating actlvltles Cash generated from operations 317,636 6,035 Net cash provided by operating aclivitses 317,636 6,035 Cash flows from Investlng a¢tiviti6$ Purchase of tangible fixed assets {1,8061 12,041) Net cash used in investing activities 11.8061 12,041) Change In cash and cash equlvalents In the reportlng period Cash and cagh equivalents at the beginning of the reporting pgriod 315,830 3,994 117,636 113,642 Cash and cash equivalents at the end of the reporting period 433,486 117,636 The notes form part of these financial statements Page11 NEW LIFE CHURCH NEW MILTON NOTES TO THE CASH FLOW STATEMENT for the Year Endgd 31 March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reportlng perlod lag per the Ststement of Financlal Actlvltlesl Adjustments for: Depreciation charges Increase in debtors Increasel{decreasel in creditors 319,651 4,284 4.276 18,8641 2,573 4,574 {2,5201 13031 Net cash provlded by operatlon$ 317,636 6,035 ANALYSIS OF CHANGES IN NET FUNDS Al 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 117,636 315,830 433,466 117,636 315,830 433,468 Total 117,636 315,830 433.466 The notes form part of these financial statements Page 12 NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024 ACCOUNTING POLICIES 8a$is of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordanee with the Charities SORP IFRS 1021 'Accounling 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 IFRS 1021 leffeclive 1 January 20191,. Financial Reporting Stsndard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The finaneial slalemenls have been prepared under tho historical cost convention. There are no material uncertainties about the charilvs ability to continue as a going concern. Income All income is recognised in the Statement of Financial Activities once the charity ha5 enlillemenl to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of economi¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. 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 coftsislenl with the use of resources. Tanglble fixed assots Depreciation is provided al the following annual rates in order to write off each asset over 115 eslimaled useful life. Freehold property Fixtures and fillings on cost 15Qkn on reducing balance Individual fixed assets costing £250.00 or more are initially recorded at C051, less any subsequent accumulated depreeialion and subsequent accumulated impairment losses. Taxatlon The charity is exempl from ¢orporalion tax on its charitable aclivilies. Fund accounting Unreslricled funds Gan be used in accordance with the char¢lable objectives at the di$¢relion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds a￿ raised for particijlar restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the fi'nancial slalements. Penslon costs and other post-retlrement beneflts The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are charged lo the Statement of Financial Acb'vilies in the period lo which they relate. Financlal instruments The charity only enters into basic financial instrument transactions that result in the recognition of finaneial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. Page 13 continued.. NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS- contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- contlnued Financial instruments Financial assets are measured at cost and amortised cost are assessed al the end of each reporb'ng period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income stalerTTrent. Basic financial liabilities are initially measured al transacbon priGe and subsequently measured al amortised cost, being the transaction price less any amounts settled. Employment benefits The costs of short-lerm employee benefits are recognised as a liability and an expense, unless those costs are required lo be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entillemenl is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrabty committed to teminale the employment of an employee or lo provide lemiination benefits. Provlslons Provisions li.e. liabilities of ￿n￿rtain liming or amount) are recognised when there is an obligation at the reporting date as a result of a past event, il is probable that economic benefit will be transferred lo settle the obligation and the amount of the obligation can be estimated reliably. DONATIONS AND LEGACIES Unreslricled fund Restricted fvnd Total 2024 Total 2023 Mission and Ministry Donations and gifts Offertory Gift Aid reclaimed 2,766 135,745 17,505 2,766 330.098 101,285 2,250 723,695 13,806 194,353 83,780 198 072 321 153 168 883 INVESTMENT INCOME 2024 2023 Interest receivable 6.802 459 Page 14 continued... NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Support costs Isee note 51 Direct Costs Totsl$ Charitable activites 160,884 45,492 206,376 SUPPORT COSTS Establishment Governance costs costs Finance Totals Charitsble activites 617 43,547 1,328 45,492 NET INCOMEI(EXPENDITUREI Nel ineomel{expenditure} is slated after char9ingllcreditingl.. 2024 2023 Depreciation owned assets 4.275 4,575 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuner8lion or other benefits for the year ended 31 March 2024 nor for tt)e year ended 31 March 2023. Trustees. expenses There We￿ no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 104,594 4,518 10,459 75,373 431 7.537 119,571 83,341 The average monthly number of employees during the year was as follows,. 2024 2023 Employees No employees received emoluments in excess of £60,000. Page 15 continued... NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Endèd 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Restricted fund fund Total fund5 INCOME AND ENDOWMENTS FROM Donations and legacies 188,883 168,883 Investment income 459 459 Total 169,342 169,342 EXPENDITURE ON Charltable actlvities Charitable aclwites 164,045 1,013 165,058 NET INCOMEIIEXPENDITURE} Transfers bel￿een fund$ 5.297 29,396 11,0131 129,3961 4,284 Net movernent In funds 34,693 130,4091 4,284 RECONCILIATION OF FUNDS Total funds brought forward 104,767 93,870 198,637 TOTAL FUNDS CARRIED FORWARD 139,460 63,461 202,921 10. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totals COST Al 1 April 2023 Addition$ 64,011 38,312 1,806 102.323 1,806 At 31 March 2024 64.011 40,118 104.129 DEPRECIATION Al 1 April 2023 Charge for year 3,901 780 18,813 3,495 20,714 4,275 Al 31 March 2024 4,681 20,308 24,989 NET BOOK VALUE Al 31 March 2024 59,330 19.810 79,140 Al 31 March 2023 60,110 21,499 81,609 Page 16 continued... NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 March 2024 11. DEBTORS,. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments 13,408 1,968 6,512 15,376 8.512 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes Other creditors Accrued expenses 1,028 1,453 2,929 450 1,096 1,290 5,410 2.836 13. MOVEMENT IN FUNDS Net movement in lunds Al 31.3.24 At 1.4.23 Unrestrlctgd funds General fund 139,460 8,782 146,242 Restricted funds Restricted fund 63,461 312.869 376,330 TOTAL FUNDS 202,921 319,651 522,572 Nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrl¢tod funds General fund 204.874 1198.092} 6,782 Re$tricted funds Restricted fund 321,153 18,2841 312,869 TOTAL FUNDS 526,027 1206,3761 319,651 Page 17 continued... NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS- contlnued for the Year Ended 31 March 2024 13. MOVEMENT IN FUNDS- continued Comparatives for movement In funds Net movement in funds Transfers be￿een funds Al 31.3.23 At 1.4.22 Unrestricted funds General fund 104,767 5,297 29,396 739,460 Restricted fund8 Reslricled fund 93,870 11,0131 {29,396) 63,461 TOTAL FUNDS 198.637 4,284 202,921 Comparative nel movement in funds. included in the above are as follows.. Incoming resour¢es Resources expended Movement in funds Unrestrlcted fvnds General fund 169,342 {164,045} 5.297 Restrlctsd fund$ Restricted fund 11,0131 11,013) TOTAL FUNDS 169,342 (165,058) 4,284 A current year 12 months and prior year 12 months ¢ombined position is as follows.. Net movement in funds Transfers betsveen funds At 31.3.24 At 1.4.22 Unrgstrlctod funds General fund 104,767 12,079 29.396 146,242 Restricted funds Reslricled fund 93,870 311.856 129,3961 376,330 TOTAL FUNDS 198,637 323,935 522,572 Page 18 continued... NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS - contlnued for the Year Ended 31 March 2024 13. MOVEMENT IN FUNDS- continued A current year 12 months and pnor year 12 months combined nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 374,216 1362,1371 12,079 Restricted funds Restricted fund 321,153 19,2971 311,856 TOTAL FUNDS 695,369 1371,4341 323,935 14. CONTINGENT LIABILITIES During the year church members contributed £278,133 towards the potential purchase of new premises. In the unlikely event that no suitable premises are found church members may request a return of the monies. 15. RELATED PARTY DISCLOSURES During the year, the Tru$lees made donations lo the charity lolalling £15,12212023 - £10,220). Al the balan￿ sheet date the amount due tolfrom Twstees was £Nil {2023 - £Nil}. 16. FUNDS Unrestricted funds Transfers tse￿een funds At 31.3.24 Incoming Resources resources expended At 1.4.23 General Unrestricted Income Fund Designated Mercy Ministries Designated Reserve Fund Kingdom Fund 72,799 202,754 1198,0921 77,481 16,661 40,000 10,000 2.120 18,781 40,000 10,000 Total Unrestrlctgd funds 139,460 204,874 1198,0921 146,242 Restricted funds Building Fund Appeal New Building Fund Appeal Facilities Fund Operation Centurion Love Gifts for John & Mim Youth groups 58,055 (7241 17,3141 12461 57,331 313,839 1,391 316 3,037 416 321,153 1,637 316 3.037 416 Total restricted fund¥ 83,461 321,153 18,2841 376,330 Total funds 202,921 526,027 1206,3761 522,572 The specific purposes for which the funds are to be applied are as follows.. Page 19 Continued... NEW LIFE CHURCH NEW MILTON NOTES TO THE FINANCIAL STATEMENTS - Continued for the Year Ended 31 March 2024 16. FUNDS - contlnue