True Life Church MK
TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28th February 2024
Charity Registration No. 1181845
True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
Contents
| Page | |
|---|---|
| Statutory Information | 3 |
| Trustees Report | 4 |
| Independent Examiners Report | 6 |
| Statement of Financial Accounts | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 - 12 |
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
Statutory Information
True Life Church MK is a Charity registered with the Charity Commission of England and Wales as a charitable incorporated organisation.
The incorporation was registered on February 1st 2019
Registered Address
WORLD VISION UK WORLD VISION HOUSE OPAL DRIVE FOX MILNE MILTON KEYNES MK15 0ZR
Trustees
Mr Dylan Russell Mr Timothy Morris Mr Rob McFarlane Mr Stephen Thompson
Appointed By:
Members Members Members Members
Independent Examiner
Mr Mervyn Thomas
128 Putnoe Lane, Bedford, MK41 8LS
Bankers
HSBC Bank
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
Trustees Annual Report for 2023 - 2024
The Trustees present their Annual Report and financial statements for the Year ended 28 February 2024
Charitable Objects
The objectives of the charity are
- To advance the Christian faith in accordance with the statement of faith annexed in such ways and in such parts of the United Kingdom or the world as the trustees from time to time think fit.
Organisational Structure and Decision-making processes
The charity is led by Dylan Russell who is the pastor of the church. He is supported by the team of trustees and a wider leadership team.
True Life Church MK is linked relationally to a number of churches and leaders who provide input, wisdom and accountability to the church. We have benefitted as a church from the input of Rob McFarlane from the River Church in St Neots, Stephen Thompson from Bromham Baptist Church, Jason Shiels from Liberty Church and a number of other leaders we relate to. They have provided valuable insight and guidance to the trustees and leadership team. Rob and Stephen are official trustees as well which helps the church greatly in accountability and guidance.
Public Benefit Statement
The Church provides opportunities for Christian worship on a weekly basis to which all members of the public are welcome. In addition, a number of activities for people of all ages are offered that are again open to the public and provide opportunities for the building of relationships and instruction in the essentials of the Christian faith. These include but are not limited to:
-
Sunday service of worship
-
Mid-week life group
-
Other occasional church related activities such as prayer meetings, men’s and women’s connect times
The Trustees have read the Charity Commission guidance on public benefit, and are satisfied that the activities outlined above clearly demonstrate that the charity is meeting its Purpose and is providing a benefit to the public.
Achievements in the year
The church has continued to make a number of advances during the last twelve months as reported here by our Pastor Dylan Russell:
The church has had a year of growth. We have grown into the space at the World Vision building. We have grown in lifegroups, leadership and people. We have seen the favour of God in more people coming to faith in Christ and being baptised which has encouraged us greatly. There has also been an increase in seeing the youth growing and coming to faith.
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
The church continues to practise the Christian faith by teaching the Bible, meeting relationally with new believers over meals, providing mid-week small groups for friendship and encouragement, training and prayer, and our worship to God is enhanced by a gifted worship team led by Tim and Asher. We appointed our first set of elders. Brad, Tim and Dylan came on as the first eldership team which has provided stability and direction to the church as a team which has brought a great dynamic to the church.
True Life Church MK is made up from different age groups, and from different ethnic and social backgrounds. The church reflects the heart of God to connect and unite His people as one body. This is an encouragement to us all as building family is such a key part of our vision and heart.
Our heart is to grow this next year and serve the church worldwide as well as our local context. We are believing God for a venue to develop and grow into as a church.
Volunteers
All of the above activities are largely led and staffed by volunteers, and the church would be unable to function without their commitment and often sacrificial giving of time. This is the case on Sunday meetings which other than the teaching from the leaders and others, are organised, led and run by volunteers from within the congregation. We had Emily Snodgrass come onto staff to help with administration and operations which has been a great blessing to the church as well as Kenzie’s continued administration which has helped the church grow steadily.
Financial Review
Income was £96,488 (Previous year £90,091) Expenditures were £76,572 (Previous year £71,907)
Donations have increased over the year. Expenses have increased slightly due to venue costs, sowing into the apostolic and extra staffing which has been necessary for the growth of the church.
The general free reserves is at £ 29,746 which is adequate to meet our reserves policy of holding at least 3 months value of necessary expenditures and not more than 6 months. £10,000 has been designated to our future building fund.
Approved by the Trustees and signed on their behalf.
Dylan Russell
Dylan Russell 17/11/2024
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
Independent examiner’s report on the accounts
To the trustees and members of True Life Church MK (Charity no: 1181845) relating to the Accounts for the period ended 28th February 2024 as set out on pages 7 to 12 which follow.
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to my attention
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and
consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by action 130 of the act.
-
accounts do not accord with those records, or
-
the accounts do not comply with the applicable requirements concerning the form and content of account as set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with my examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mervyn Thomas 128 Putnoe Lane Bedford MK41 8LS
Dated: 17/11/2024
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
STATEMENT OF FINANCIAL ACTIVITIES
Year Ending 28th. February 2024
| Note Income from: Donations and legacies Other trading activities Total income 3 Expenditure on: Generating funds Charitable activities Total Expenditure 4 Net income/(expenditure) Transfers between funds 7 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total funds Total funds income funds income funds 2024 2023 £ £ £ £ |
|---|---|
| 86,350 1,459 87,809 89,852 |
|
| 8,679 - 8,679 239 |
|
| 95,029 1,459 96,488 90,091 |
|
| 674 - 674 132 |
|
| 75,496 402 75,898 71,774 |
|
| 76,170 402 76,572 71,906 |
|
| 18,859 1,057 19,916 18,185 |
|
| (10,000) 10,000 - - |
|
| 8,859 11,057 19,916 18,185 |
|
| 20,887 82,048 102,935 84,750 |
|
| 29,746 93,105 122,851 102,935 |
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
BALANCE SHEET
Year Ending 28th. February 2024
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| Note | **income funds ** | income funds | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Current assets | |||||
| Debtors | 5 | 12,177 | - | 12,177 | 13,812 |
| Cash at bank and in hand | 18,169 | 93,105 | 111,274 | 89,723 | |
| Total current assets | 30,346 | 93,105 | 123,451 | 103,553 | |
| Creditors | 6 | (600) | - | (600) | (600) |
| Net assets | 29,746 | 93,105 | 122,851 | 102,935 | |
| Funds of the Charity | |||||
| Unrestricted funds | 7 | 29,746 | 29,746 | 20,887 | |
| Restricted income funds | 7 | 93,105 | 93,105 | 8,204 | |
| Total funds | 29,746 | 93,105 | 122,851 | 102,935 |
Signed on behalf of the trustees
Dylan Russell
11/05/2024
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
Notes to the Financial Statements
1. BASIS OF PREPARATION
1.1 Basis of accounting
The accounts (financial statements) have been prepared in accordance with the relevant version of the 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The accounts (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 relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
1.2 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
2. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. and in accordance with the Companies Act 2006 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
2.2 Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Transfers are made from unrestricted to restricted funds as necessary to prevent restricted funds from going into deficit.
2.3 Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the income, it is more likely than not that it will receive the resources and the amount can be quantified with reasonable accuracy. Voluntary income is received by way of donations and gifts and is included in full in the SoFA when receivable. Grants are included in the
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
SoFA when the general income recognition criteria above are met and in the case of
performance-related grants income is recognized to the extent that the specified goods or services have been provided. Donated services and facilities are included at the value to the charity where this can be measured reliably. The value of services provided by volunteers has not been included in these accounts. Investment income is included when received.
2.4 Resources expended
Expenditure is recognized on an accrual basis as a liability is incurred. Expenditure includes any VAT that cannot be fully recovered, which is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the charity’s legal constitution.
2.5 Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at cash or other consideration expected to be received.
2.6 Creditors
Creditors and accruals are recognized when liability for payment is recognized but not paid.
(Continued)
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
Notes to the Financial Statements (Continued)
3.1 ANALYSIS OF INCOME for the year ending February 28th. 2024
| Unrestricted Restricted 2024 2023 funds funds funds funds £ £ £ £ 74,033 1,436 75,469 74,087 12,317 23 12,340 15,765 86,350 1,459 87,809 89,852 8,679 - 8,679 239 |
|
|---|---|
| Donations and legacies | |
| Donations | |
| Gift Aid | |
| Total donations and legacies | |
| Event Income | |
| Total Income | 95,029 1,459 96,488 90,091 |
3.2 Comparative ANALYSIS OF INCOME for the year ending February 28th. 2023
| Unrestricted | Restricted | Total 2023 | |
|---|---|---|---|
| funds | funds | funds | |
| Donations and legacies | £ | £ | £ |
| Donations | 66,207 | 7,880 | 74,087 |
| Gift Aid | 14,320 | 1,445 | 15,765 |
| Total donations and legacies | 80,527 | 9,325 | 89,852 |
| Trading activities | |||
| Sales | 239 | - | 239 |
| Total Trading Activities | 239 | - | 239 |
| Total Income | 80,766 | 9,325 | 90,091 |
(Continued)
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
4 ANALYSIS OF EXPENDITURE for the year ending February 28th. 2024
| Unrestricted Restricted 2024 2023 funds funds funds funds £ £ £ £ 20,040 - 20,040 22,208 9,417 - 9,417 5,556 22,697 - 22,697 24,570 5,240 - 5,240 7,489 2,742 - 2,742 - - - 1,140 518 - 518 998 |
|
|---|---|
| Expenditure on | |
| Salaries, NI and Pensions Administration Premises Leadership Expenses Meeting Expenses Hardship and Support Church Ministry Conferences and Event Costs Global mission |
|
| 14,210 - 14,210 |
|
| 1,306 402 1,708 9,945 |
|
| Grand Total Expenditures | 76,170 402 76,572 71,906 |
5 DEBTORS
| 5 DEBTORS | |
|---|---|
| 2024 2023 |
|
| £ £ |
|
| Gift Aid receivable | 12,177 9,825 - 2,352 12,177 12,177 |
| Expenses duplication | |
| Total Debtors | |
6 CREDITORS AND ACCRUALS
| 2023 2022 £ £ (150) (150) (450) (600) (150) |
|
|---|---|
| Accrual for Independent Examiner |
|
| Other Accruals | |
| Total |
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True Life Church MK Charity: 1181845 Trustees Report and Financial Statements Year ended February 28th 2024
7. CHARITY FUNDS
7.1 Details of All Funds with movements during the CURRENT reporting period 2024
| FUNDS | Opening Balance |
Income | Expenditure | Transfers | Closing Balance |
|---|---|---|---|---|---|
| General Church | 20,887 | 95,028 | (76,170) | (10,000) | 29,745 |
| Total Unrestricted | 20,887 | 95,028 | (76,170) | - | 39,745 |
| Special Collection | - | 621 | - | - | 621 |
| Kenya | 6,476 | 704 | (402) | - | 6,778 |
| Building Fund | 75,000 | 1 | - | 10,000 | 85,001 |
| Hardship | 572 | 114 | - | 686 | |
| Youth | 20 | - | 20 | ||
| Total Restricted | 82,048 | 1,459 | (402) | 10,000 | 93,106 |
| TOTAL FUNDS | 102,935 | 96,488 | (76,572) | - | 122,851 |
7.2 Details of All Funds with movements during the Previous reporting period 2023
| FUNDS | Opening Balance |
Income | Expenditure | Transfers | Closing Balance |
|---|---|---|---|---|---|
| General Church | 9,750 | 80,765 | (69,629) | - | 20,887 |
| Total Unrestricted | 9,750 | 80,765 | (69,629) | - | 20,887 |
| Kenya | - | 8,551 | (2,075) | - | 6,476 |
| Building Fund | 75,000 | - | - | - | 75,000 |
| Hardship | - | 775 | (203) | - | 572 |
| Total Restricted | 75,000 | 9,326 | (2,278) | - | 82,048 |
| TOTAL FUNDS | 84,750 | 90,091 | (71,907) | - | 102,935 |
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