New Life Church Emerson Park: Annual Report 2020/2021
Very challenging year as Covid-19 took its toll on most acFviFes and church operaFons. Most, if not all acFviFes where online by Zoom during the period. We also had disrupFon with our organisaFonal structure which further dampened our overall community impact. The unFmely passing of one of our trustees and sole accounts officer created further far-reaching difficulFes with our operaFons including access to bank account details for processing of annual returns. The aOermath of which seriously impacted our ability effecFvely prosecute our objecFves seamlessly.
Altogether, coming out of Covid-19 also coincided with a restructuring of our operaFons, which helped reignite our faith and focus. Several new families and individuals joined us for worship which manifestly encouraged us.
Ernest Akwenuke Trustee
Charity number: 1179017
NEW LIFE CHURCH EMERSON PARK
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
NEW LIFE CHURCH EMERSON PARK
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
NEW LIFE CHURCH EMERSON PARK
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021
Trustees Olusheyi Oriade, Chair Ernest Akwenuke, Trustee Olayiwola Akwenuke, Trustee
Charity registered number 1179017 Principal office 198 Lodge Lane Grays RM16 2TP
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NEW LIFE CHURCH EMERSON PARK
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2021
The Trustees present their annual report together with the financial statements of the Charity for the 1 August 2020 to 31 July 2021.
Objectives and activities
a. Policies and objectives
The objects of the CIO are
(a) The advancement of the Christian faith by such means as the charity trustees may consider appropriate and in particular (though not by limitation) by conducting, organising or undertaking evangelistic work in various ways to the local community and other place in the United Kingdom and at the discretion of the charity trustees elsewhere.
(b) To help young people especially but not exclusively through leisure time activities, so as to develop their capabilities that they may grow to full maturity as individuals and members of society.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
Carrying out Christian Faith Services and Activities
c. Activities undertaken to achieve objectives
-
Weekly Christian Fellowship
-
Weekly Community Coffee Morning Outreach
-
Evangelism
d. Main activities undertaken to further the Charity's purposes for the public benefit
-
Children's Activity
-
Community Choir
-
MS Support Initiative
Achievements and performance
a. Review of activities
2020/2021 period was a very challenging year as Covid-19 took its toll on most of our activities and church operations. Mostly, if not all activities were conducted online through Zoom during the period. We also had disruption with our organisational structure which further dampened our overall community impact. The untimely passing of one of our trustees and sole accounts officer created further far reaching difficulties with our operations including access to bank account details for processing of annual returns. The aftermath of which seriously impacted our ability to effectively prosecute our objectives seamlessly.
Altogether, coming out of Covid-19 also coincided with a restructuring of our operations, which helped reignite our faith and focus. Several new families and individuals joined us for worship which manifestly encouraged us.
Page 2
NEW LIFE CHURCH EMERSON PARK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The charity aims to retain sufficient reserves to ensure it meets its commitments to providing its services and activities.These reserves are designed to cover a minimum of £500.
Structure, governance and management
a. Constitution
New Life Church Emerson Park is a registered charity, number 1179017, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Statement of Trustees' responsibilities
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity 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:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NEW LIFE CHURCH EMERSON PARK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
Approved by order of the members of the board of Trustees on 25 July 2023 and signed on their behalf by:
Ernest Akwenuke
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NEW LIFE CHURCH EMERSON PARK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 17,590 17,590 15,307 15,307 2,283 1,224 2,283 3,507 |
Total funds 2021 £ 17,590 17,590 15,307 15,307 2,283 1,224 2,283 3,507 |
Total funds 2020 £ 10,238 10,238 10,585 10,585 (347) 1,571 (347) 1,224 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
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NEW LIFE CHURCH EMERSON PARK
BALANCE SHEET AS AT 31 JULY 2021
| Note Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 10 Total funds |
- 6,071 6,071 (3,497) |
2021 £ 933 933 2,574 3,507 3,507 3,507 3,507 3,507 |
1,500 824 2,324 (1,100) |
2020 £ - |
|---|---|---|---|---|
| - 1,224 |
||||
| 1,224 | ||||
| 1,224 | ||||
| 1,224 | ||||
| 1,224 | ||||
| 1,224 |
The financial statements were approved and authorised for issue by the Trustees on 25 July 2023 and signed on their behalf by:
Olusheyi Oriade
The notes on pages 7 to 15 form part of these financial statements.
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
1. General information
The charity is registered in England. The address of the registerd office is given in the charity information page of these financial statements.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
New Life Church Emerson Park 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.
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. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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.
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Equipment
25% on a reducing balance
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 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.
2.7 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. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 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.
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
2. Accounting policies (continued)
2.9 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.
3. Income from donations and legacies
| Donations Total 2020 |
Unrestricted funds 2021 £ 17,590 10,238 |
Total funds 2021 £ 17,590 10,238 |
Total funds 2020 £ 10,238 |
|---|---|---|---|
4. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Total 2020 |
Unrestricted funds 2021 £ 15,307 10,585 |
Total 2021 £ 15,307 10,585 |
Total 2020 £ 10,585 |
|---|---|---|---|
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
5. Analysis of expenditure by activities
| Charitable activities Total 2020 |
Support costs 2021 £ 15,307 10,585 |
Total funds 2021 £ 15,307 10,585 |
Total funds 2020 £ 10,585 |
|---|---|---|---|
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Printing, postage and stationery Telephone and internet Light and heating Water rate Repairs and maintenance Computer costs Sundry expenses Insurance Accountancy fees Church materials Bank charges Cleaning Community help Hospitality Rent Training Subscriptions Volunteers' costs Books and journals Total 2020 |
Activities 2021 £ 311 390 746 3,639 112 851 204 167 431 600 - 319 285 - - 5,000 1,558 125 516 53 15,307 10,585 |
Total funds 2021 £ 311 390 746 3,639 112 851 204 167 431 600 - 319 285 - - 5,000 1,558 125 516 53 15,307 10,585 |
Total funds 2020 £ - - 567 593 319 91 311 124 471 600 980 395 330 628 176 5,000 - - - - |
|---|---|---|---|
| 10,585 | |||
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 July 2021, no Trustee expenses have been incurred (2020 - £NIL) .
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
7. Tangible fixed assets
| Cost or valuation Additions At 31 July 2021 Depreciation Charge for the year At 31 July 2021 Net book value At 31 July 2021 At 31 July 2020 8. Debtors Due within one year Other debtors 9. Creditors: Amounts falling due within one year Accruals and deferred income |
2021 £ - |
Equipment £ 1,245 1,245 311 311 934 - 2020 £ 1,500 |
|
|---|---|---|---|
| - | 1,500 | ||
| 2021 £ 3,497 |
2020 £ 1,100 |
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
10. Statement of funds
| Statement of funds - current year | ||||
|---|---|---|---|---|
| Balance at 1 | Balance at | |||
| August 2020 | Income | Expenditure | 31 July 2021 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds - all funds | 1,224 | 17,590 | (15,307) | 3,507 |
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
10. Statement of funds (continued)
Statement of funds - prior year
| Balance at | ||||
|---|---|---|---|---|
| 1 August | Balance at | |||
| 2019 | Income | Expenditure | 31 July 2020 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds - all funds | 1,571 | 10,238 | (10,585) | 1,224 |
11. Summary of funds
Summary of funds - current year
| Balance at 1 August 2020 £ General funds 1,224 Summary of funds - prior year Balance at 1 August 2019 £ General funds 1,571 |
Income £ 17,590 Income £ 10,238 |
Expenditure £ Balance at 31 July 2021 £ (15,307) 3,507 Expenditure £ Balance at 31 July 2020 £ (10,585) 1,224 |
Expenditure £ Balance at 31 July 2021 £ (15,307) 3,507 Expenditure £ Balance at 31 July 2020 £ (10,585) 1,224 |
|---|---|---|---|
| Balance at 31 July 2020 £ 1,224 |
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NEW LIFE CHURCH EMERSON PARK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Tangible fixed assets 933 Current assets 6,071 Creditors due within one year (3,497) Total 3,507 Analysis of net assets between funds - prior year Unrestricted funds 2020 £ Current assets 2,324 Creditors due within one year (1,100) Total 1,224 |
Total funds 2021 £ 933 6,071 (3,497) 3,507 Total funds 2020 £ 2,324 (1,100) 1,224 |
|---|---|
13. Related party transactions
The Trustees confirm that there have been no related party transactions during the year which require disclosure under FRS 8 Related party transactions.
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