Annual Re
ort 2022/23 for New Life Church
Emerson Park
In all, the financial year of 22/23 was more of
consolidating our work in the local area. Our
focus has been to further establish our local
connections and contacts through personal
interactions with people. Our involvement
with local schools, though initiated, has not
gained the sort of traction we had hoped for.
The members of the assembly continue to
show commitment and resilience. Our
objectives for the year within the membership
has largely been satisfactorily fulfilled:
personal spiritual growth and commitment to
missions locally and beyond.
The leadership remains united and strong
with undiminished belief in the core values
and objectives of the Charity.
**Charity number: 1179017**
## **NEW LIFE CHURCH EMERSON PARK**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2023**
## **NEW LIFE CHURCH EMERSON PARK**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 14|
## **NEW LIFE CHURCH EMERSON PARK**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023**
**Trustees** Olusheyi Oriade, Chair Ernest Akwenuke, Trustee Olayiwola Akwenuke, Trustee
**Charity registered number** 1179017 **Principal office** 198 Lodge Lane Grays RM16 2TP **Accountants** Dean Howard & Co Chartered Certified Accountants Unit F55 Expressway Studios 1 Dock Road London E16 1AH
Page 1
## **NEW LIFE CHURCH EMERSON PARK**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023**
The Trustees present their annual report together with the financial statements of the Charity for the 1 August 2022 to 31 July 2023.
## **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
Page 2
## **NEW LIFE CHURCH EMERSON PARK**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023**
## **Achievements and performance**
## **a. Review of activities**
In all, the financial year of 22/23 was more of consolidating our work in the local area. Our focus has been to further establish our local connections and contacts through personal interactions with people. Our involvement with local schools,
though initiated, has not gained the sort of traction we had hoped for.
The members of the assembly continue to show commitment and resilience. Our objectives for the year within the membership has largely been satisfactorily fulfilled: personal spiritual growth and commitment to missions locally and beyond.
The leadership remains united and strong with undiminished belief in the core values and objectives of the Charity.
Page 3
## **NEW LIFE CHURCH EMERSON PARK**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023**
## **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;
- 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.
Page 4
## **NEW LIFE CHURCH EMERSON PARK**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023**
Approved by order of the members of the board of Trustees on 7 November 2024 and signed on their behalf by:
## **Olusheyi Oriade**
Page 5
## **NEW LIFE CHURCH EMERSON PARK**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023**
|**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**
**2023**
**£**
**23,860**
**23,860**
**24,052**
**24,052**
**(192)**
**6,079**
**(192)**
**5,887**|**Total**
**funds**
**2023**
**£**
**23,860**
**23,860**
**24,052**
**24,052**
**(192)**
**6,079**
**(192)**
**5,887**|_Total_
_funds_
_2022_
_£_
_24,514_|
|---|---|---|---|
||||_24,514_|
||||_21,942_|
||||_21,942_|
||||_2,572_|
||||_3,507_
_2,572_|
||||_6,079_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
## **NEW LIFE CHURCH EMERSON PARK**
## **BALANCE SHEET AS AT 31 JULY 2023**
|**Note**
Tangible assets
7
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
8
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Unrestricted funds
9
**Total funds**|**1,568**
**1,568**
**(1,381)**|**2023**
**£**
**5,700**
**5,700**
**187**
**5,887**
**5,887**
**5,887**
**5,887**
**5,887**|_2,422_
_2,422_
_(1,850)_|_2022_
_£_
_5,507_|
|---|---|---|---|---|
|||||_5,507_
_572_|
|||||_6,079_|
|||||_6,079_|
||||||
|||||_6,079_|
|||||_6,079_|
||||||
|||||_6,079_|
The financial statements were approved and authorised for issue by the Trustees on 07 November 2024 and signed on their behalf by:
## **Ernest Akwenuke**
The notes on pages 8 to 14 form part of these financial statements.
Page 7
## **NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **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.
Page 8
## **NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **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:
|Fixtures and fittings|-|25% on a reducing balance|
|---|---|---|
|Equipment|-|25% on a reducing balance|
## **2.5 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.
## **2.6 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.
## **2.7 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.8 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.
Page 9
## **NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **3. Income from donations and legacies**
|Donations
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
23,860
_24,514_|**Total**
**funds**
**2023**
**£**
**23,860**
_24,514_|_Total_
_funds_
_2022_
_£_
_24,514_|
|---|---|---|---|
|||||
## **4. Analysis of expenditure on charitable activities Summary by fund type**
|Charitable activities
_Total 2022_
**5.**
**Analysis of expenditure by activities**
Charitable activities
_Total 2022_|**Unrestricted**
**funds**
**2023**
**£**
24,052
_21,942_
**Support**
**costs**
**2023**
**£**
24,052
_21,942_|**Total**
**2023**
**£**
**24,052**
_21,942_
**Total**
**funds**
**2023**
**£**
**24,052**
_21,942_|_Total_
_2022_
_£_
_21,942_|
|---|---|---|---|
||||_Total_
_funds_
_2022_
_£_
_21,942_|
|||||
Page 10
**NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **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
Bank charges
Cleaning
Community help
Hospitality
Rent
Training
Subscriptions
Volunteers' costs
Books and journals
Church events
Church publicity
_Total 2022_|**Activities**
**2023**
**£**
1,377
439
555
1,471
889
1,095
373
266
1,473
780
8
226
1,550
430
7,407
612
-
3,683
91
921
406
24,052
_21,942_|**Total**
**funds**
**2023**
**£**
**1,377**
**439**
**555**
**1,471**
**889**
**1,095**
**373**
**266**
**1,473**
**780**
**8**
**226**
**1,550**
**430**
**7,407**
**612**
**-**
**3,683**
**91**
**921**
**406**
**24,052**
_21,942_|_Total_
_funds_
_2022_
_£_
_1,836_
_626_
_606_
_5,085_
_66_
_661_
_116_
_325_
_1,062_
_600_
_74_
_673_
_1,550_
_275_
_5,000_
_1,085_
_381_
_694_
_49_
_260_
_918_|
|---|---|---|---|
||||_21,942_|
|||||
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 July 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
Page 11
## **NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **7. Tangible fixed assets**
|**Cost or valuation**
At 1 August 2022
Additions
At 31 July 2023
**Depreciation**
At 1 August 2022
Charge for the year
At 31 July 2023
**Net book value**
At 31 July 2023
_At 31 July 2022_
**8.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**Fixtures and**
**fittings**
**£**
**5,000**
**-**
**5,000**
**1,250**
**938**
**2,188**
**2,812**
_3,750_|**Equipment**
**£**
**2,654**
**1,569**
**4,223**
**897**
**439**
**1,336**
**2,887**
_1,757_
**2023**
**£**
**1,381**|**Total**
**£**
**7,654**
**1,569**
**9,223**
**2,147**
**1,377**
**3,524**
**5,699**
_5,507_
_2022_
_£_
_1,850_|
|---|---|---|---|
Page 12
## **NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **9. Statement of funds**
**Statement of funds - current year Balance at 1 Balance at August 2022 Income Expenditure 31 July 2023 £ £ £ £ Unrestricted funds** General Funds - all funds **6,079 23,860 (24,052) 5,887**
Page 13
## **NEW LIFE CHURCH EMERSON PARK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023**
## **9. Statement of funds (continued)**
## **Statement of funds - prior year**
||_Balance at_||||
|---|---|---|---|---|
||_1 August_|||_Balance at_|
||_2021_|_Income_|_Expenditure_|_31 July 2022_|
||_£_|_£_|_£_|_£_|
|**Unrestricted funds**|||||
|General Funds - all funds|_3,507_|_24,514_|_(21,942)_|_6,079_|
## **10. Summary of funds**
## **Summary of funds - current year**
|**Balance at 1**
**August 2022**
**£**
General funds
**6,079**
**Summary of funds - prior year**
_Balance at_
_1 August_
_2021_
_£_
General funds
_3,507_|**Income**
**£**
**23,860**
_Income_
_£_
_24,514_|**Expenditure**
**£**
**Balance at**
**31 July 2023**
**£**
**(24,052)**
**5,887**
_Expenditure_
_£_
_Balance at_
_31 July 2022_
_£_
_(21,942)_
_6,079_|**Expenditure**
**£**
**Balance at**
**31 July 2023**
**£**
**(24,052)**
**5,887**
_Expenditure_
_£_
_Balance at_
_31 July 2022_
_£_
_(21,942)_
_6,079_|
|---|---|---|---|
||||_Balance at_
_31 July 2022_
_£_
_6,079_|
## **11. 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.
Page 14