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2024-09-30-accounts

Life Church

Trustee’s Annual Report, and Unaudited Financial Statements

For the financial period ending 30[th] September 2024

Scottish Registered Charity SC010956

Peter Hall Finance & Accounting Solutions Certified Public Accountant UK 10227712A

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Life Church

CONTENTS

Trustees Report 3-7
Independent Examiner’s report 8
Financial Statements 9-11
Notes to Financial Statements 12-19

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Life Church

TRUSTEES ANNUAL REPORT

For the Financial Year Ending 30[th] September 2024

The trustees present their annual report and financial statements of the charity for the year ended 30[th] September 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities issued in March 2015.

Reference and administrative information

Charity Trustee:

Registered Charity Name: Life Church Registered Charity Number: SC010956 Constitutional Form: Unincorporated Association Principal Address: 6-8 High Street, Paisley, Renfrewshire PA1 2YA Bankers: Bank of Scotland, Bridgewater Shopping Centre, Erskine PA8 7AA, and

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill West Malling, Kent, ME19 4JQ Independent Examiner: Peter Hall Finance & Accounting Solutions of Tillicoultry, Clackmannanshire FK13 6DR

Structure, Governance and Management

Affiliations and connections: Life Church is part of the Assemblies of God in Great Britain, and is also a member of Churches Together Renfrewshire, the local expression of the “Evangelical Alliance”. https://www.churchestogetherrenfrewshire.org

Governing document: The Charity is controlled by its Governing Document, a deed of trust, and constitutes an unincorporated charity. The trust was set up by the and was incorporated as a Scottish Registered Charity on the 11[th] March 1988. The trust is administered in accordance with the trust deed. On the 13[th] May 2010, the trust received permission from the “Office of the Scottish Charity Regulator” (OSCR) to change its name to “Life Church”, and to update its trust deed in line with the model “Assemblies of God” deed currently recommended. This change was ratified at the Annual General Meeting on 27[th] October 2010.

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Life Church

Recruitment and appointment of new trustees: Appointment and removal of trustees is carried out in accordance with the decisions of the Assembly Council of “Life Church”. The Assembly Council comprises of the leaders of the Assembly whose names are recorded in the Assembly Records. Trustees must first be members of the Assembly to be eligible for appointment as trustees.

Induction and training of new trustees: Induction and training of new trustees is carried out by existing trustees as necessary to enable new trustees to effectively perform their duties.

Organisational structure: The main office bearers of the charity are the Chairman, Secretary and Treasurer who are members of the Assembly Council. The Senior Pastor is usually the Chairman and is responsible for ensuring that the daily activities of the charity are in accordance with the charity objectives, with salaried staff and unpaid volunteers reporting to him.

Risk Management: The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. It is considered by the Trustees that there is no foreseeable risk where “Life Church” is exposed. The Trustees meet on a monthly basis and constantly review any principal risks and uncertainties. The charities financial system is adequate to ensure appropriate supervision. Non-financial risks such as health & safety and volunteer management are also reviewed monthly.

Objectives and activities

As set out in the constitution;

The advancement of the Christian faith in accordance with the statement of faith of the Assemblies of God, as approved by the General Council of the Assemblies of God. This is carried out in various parts of the United Kingdom and internationally, as deemed appropriate by the Assembly Council.

The relief of sickness and financial hardship, along with the promotion and preservation of good health. This is achieved through the provision of funds, goods, or services, including counselling and support, in regions as determined by the Assembly Council. Additionally, the advancement of education is supported in similar ways and regions as considered appropriate.

The pursuit of other charitable purposes that further the attainment of the above objectives or any of them.

During the year, the Charity carried out the following significant activities in pursuit of its objectives:

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Life Church

These activities align with the Charity’s commitment to advancing the Christian faith, supporting those in need, and fostering a sense of community within the local area and beyond.

Volunteers: Many of the charity’s activities are carried out by unpaid volunteers. The Trustees would like to thank all volunteers for their invaluable contribution to the life of the charity. The Trustees acknowledge that service to the public benefit would not be possible without these volunteers.

Achievements and performance

The Church sold the premises at 35 Moss Road, Paisley and purchased 6-8 High Street, Paisley which is a multi-storey building in the Town Centre.

Fundraising activities: The charity engages in fundraising for specific charitable projects as they arise.

Internal and external facilities: There are no other internal or external factors affecting the performance of the charity.

Financial Review

General review:

The Church has continued its financial stewardship with diligence during the financial year. The total incoming resources for the year amounted to £141,826 (2023: £246,261). Reduction is primarily due to the completion of certain restricted-funded projects in the previous period.

The Church’s primary source of income was through donations and offerings, with unrestricted funds totalling £104,580 and restricted funds totalling £30,086. Additional income was generated through gift aid claims (£2,717) and other fundraising activities (£4,443).

The total expenditure for the year amounted to £163,316 (2023: £191,170), with unrestricted funds accounting for £96,023 and restricted funds £67,293.

The Church reported a deficit of £21,490 for the year (2023: surplus £55,091). This is largely attributed to the utilisation of restricted funds for the new building.

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Life Church

The Trustees are satisfied that the Church remains in a sound financial position. The continued support from the congregation and careful management of resources will enable the Church to fulfil its charitable purposes in the coming year.

The financial effect of significant events: The property at 6-8 High Street, Paisley was purchased on the 1[st] February 2023 for £350,200 including VAT. The vendor was RAAC Developments Perth Ltd of Glasgow. The property was valued at £285,000. The remainder of the purchase being £65,200 has been allocated to Goodwill.

In the prior financial year, a long term loan from Kingdom Bank was drawn for £228,000 with the remainder of purchase coming from cash reserves which is largely made up of the sale of 35 Moss Road. Paisley. See “Funds in Deficit”.

Investment policy & objectives set: Objectives for the next financial year are to continue to grow the charity by continuing to engage with volunteers, the community by community events and maintenance of the charity’s assets. Also to relocate all operations to the new venue. The charity invests funds that are excess of short term operational requirements in order to obtain a satisfactory and safe return.

Charities Policy on Reserves: The unrestricted funds represent income earned but not yet utilised in supporting charitable activities. At the 30[th] September 2024, the charity held £154,623 in cash which includes cash proceeds of the building previous owned by the charity. However, the Reserves policy of the charity is that that cash reserves to be held that would cover the value of three months’ worth of running expenses of the charity. The reserves policy is reviewed by the Trustees on a regular basis throughout the year.

Restricted funds: Restricted funds normally relate to short term projects where income is restricted, received and expended within the financial year. Most restricted funds are allocated for building renovations.

Funds in deficit: The long term loan was to partly finance the purchase of the new building at 6-8 High Street, Paisley. The balance of the loan at the end of the financial year after repayments and interest charged was £225,523.

Principle funding sources: The principle funding source of income is from the offerings of the members of “Life Church”.

Going Concern: As at the date of approval of this report, and the financial accounts, the Directors have assessed, in compliance with paragraph 25 of IAS 1 (International accounting Standards), that the accounts of “Life Church” has been prepared on a “Going Concern” basis. The Trustees have no intention of liquidating the charity’s assets or to cease operating.

Statement of disclosure of the Independent Examination: In so far as the Trustees are aware at the time of approving our Trustee’s annual report, there is no relevant information, being information needed by the Independent Examiner in connection with preparing their report, of which the Independent Examiner is unaware.

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IAfe Church Future Plans Tl)e cl)2rit5' plans to coIitiniie to develop its actii'ities itl 2ccoid211ce ￿P￿di Lts objectives. Tlie Chi￿Ch is planlling to iellofate the Liew buildi1￿ at 6-8 High StseeL paisle! ill stages. tlie fitsr srage bcii]g ich￿b]ShI1￿ tlic ¥oiuid flooi as a placc of woislup. lil di¢ iIitcill]I, dic cli1￿(1] Is ciuieiid! i¢Jitiiig at10th￿ pren]ises in Paisley. Despite the change of piemises, the Cliiwch coiitinues to fLuictioLI Witii its s1gufic￿it actiritics. Factors likely to affect financial perform211ce or position going forward: Tlie most SI￿1i￿c￿lit f2CtOLS -ill b¢ tlic cost of ieiiovatioIis. c1￿1cLItIj-, tlic cliiiicli Is alK-￿tIll8 siguticaiit friiidiiig appiorals to ci]ablc die commellcemeiit of majoi ieLiovatioii ￿70[k$ on tlie Liglitiioiise piopeitv. Iti the inteiim, theie is a plall to tnake tlic glolu￿ flooi iiscablc a5 a placc of Nv0151up. Tlic TtTiStecs bckn.cve tl]at tlus icport LS a fajt, balanced ￿]d luide15t￿IdAble [c￿eW of the clwiws st￿(tt￿e, legal P￿POses. objectives and activities. fil￿nCIal peif0nn&￿ce & fit￿￿cIal position. Appioved by order of tlie boaid of t￿steeS, and signed on its beludf bF. Ttustee Date: l@ March 2025

IAfe Church Independent Examiner)s Report For the Fin2nci21 Period ended on 30 September 2024 I ECPOLt oil thc accoiuits ol tlie cliallty Eoi die }'cat eiidcd 30 Septcmbci 2022 wluch atc set oiit on pages 8tol8. es ective res onsibilities of Tnistees and Aiiditor Tlie ch￿1￿8 ttustees respoiisible foi the plep￿atiOLl ol the accoiu]ts in accordance with the terms of die ChaLities and Tiusree InvegtmeLlt (Scodand) 21K)5 Act alld the CliaLities Accounts (Scodand) Rcgdatioiis 2(K)6. Tlic cl]aiJti" tn15tccs coiisjdci tiiat tlic aiidit i¢qiu[c￿e[1t ot Rcgdatioii 10(1) (a) to (c) of tlie Accoiu]ts Regdations does iiot applv. It is mi. iesponsibilitr to examine tlie accoillits is requited undei sectioll 44(1) (c) of tile Aci ￿ld 10 stste ii-liethei PartiCid￿ matteis I￿ve come to mr attention. ly eEamiLition is carried oiit in accoidallce ivith Regdation I l of the Charities Accoillits (Scodand) Re￿￿￿￿O11s 2006. ALI eiatniiiAtioii llicliides A rel.1￿V of die ACCOIIILtiiig records Lept bi. tlie cl)aLitt' aiid a COMP￿lSOn of tlie accoiuits piesented Nvitli tliose iecoids. It also iiicliides consideiation of an! iuiiisi]al items 01 disdosuLes ILI tile accounts and geeLs explanatioLiS from the tnistees coiiceming ￿V siich matters. Tlie procediiies l￿deLtAke1] do iiot PLOI'ide all tlie eirydeiice tI￿t ii'ould be ieqilkied lli a11 2udit aiLd, coiiseqiiciitlv, I do iiot cTpiess aiidit oplluoii on tlie accoiu]ts. Inde endent Examinevs statement Iii die co1￿5£ ol tnT cxan]uiatioLI, iio niattei lias con]c to my attciitioii I. iVl]ich gives me reasollable cause to beliere that in ans ma￿1￿1 respect the iequiiements.. to Leep accolu1tii￿ iecoids iii accoidAiice wid) sectioIi 44(1) (2) of the 2005 Act and Reyllatioll 4 of tlic 2006 Accoiuits RcwdatioLlS, aiid to picpaic accoiiiits NITI]Jcli accoId iiutli tlic accoiiiitiiig Iccoids ￿]d cO￿PIY Nsudi Rcgllatioii 8 of the 2006 AccouLits Re￿￿￿tiOnS Hai'e iiot beeLi met, or to 4&-1]ich. in m! opinion, atteiitioii shoidd be dtaThi] iii oidei to enable a piopei illideistaLiding of the accoi]Lits to be Keacbed. Date: 20 March 2025 Felhu, Certfi /edPHbhcAc(oRnlant LfK 102277124 Perei Hall Finance & AccOl￿tIllg Solurions Tillicoilltt}', C]2cLm￿ll1￿lslIile. FK13 6DR

Life Church

Life Church

Statement of Financial Activities

For the year ended 30[th] September 2024

Unrestricted Restricted Total Prior Notes
funds funds funds period
2024 total
funds
2023
£ £ £ £
INCOMING RESOURCES
Incoming resources from generated funds
Voluntary income 104,580
30,086		 134,666 189,994 2
Activities for generating funds 39,398 3
Investment income 2,717 2,717 2,021 4
Other incoming resources 4,443 4,443 14,848
Total incoming resources 111,740 30,086 141,826 246,261
RESOURCES EXPENDED
Charitable activities
Building running costs 1,650 1,650 7,518
Catering department 121 121 1,996
Depreciation 1,078 1,078 1,438
Interest paid 21,091 21,091 13,236
Local events & outreach 5,114 5,114 5,742
Loss on sale of assets 13,036
Ministry costs 6,162 67,293 73,455 24,976
Office costs 14,548 14,548 32,553
Overseas mission support 9,465 9,465 12,235
Pensions 2,118 2,118 4,263
Rent 6,533 6,533 27,013
Social Security 174 174 692
Sundries 85 85 1,624
Training 675 675 271
Wages 1,171 1,171 1,565
Governance costs 4,297 4,297 17,595 5
Other resources expended 21,671 21,671 25,417
______ _____ _____ _____
Total resources expended 96,023 67,293 163,316 191,170
______ _____ _____ _____
NET INCOMING RESOURCES
BEFORE TRANSFERS 15,717
(37,207)		 (21,490) 55,091

These notes form part of the financial statements

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Life Church

Gross transfers between funds
New incoming/(outgoing) resources
RECONCILIATION OF FUNDS
Total funds bought forward
TOTAL FUNDS CARRIED FORWARD
 1,197
_____
16,914
219,337
236,251
=====
 (1,197)
______
(38,404)
89,400
50,997
=====		 ______
(21,490)
308,737
287,248
=====		 12
______
55,091
253,645
308,737
=====

CONTINUING OPERATIONS

All incoming resources and resources expended arise from continuing activities

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IAfe Church BALANCE SHEET AT 30" September 2024 2024 2023 NON CURRENT ASSETS Tatigible assets Goodivill on Biiilding 288,237 59,981 289,314 65,590 348,218 351,904 CURRENT ASSETS Dcbtois 10,695 154,623 12,532 171,940 Cash 165,318 184,472 CREDITORS Amoiu]ts falling di￿ witl]in one Ve (765) (SCO) io NET CURRENT ASSETS 164,553 183,972 TOTAL ASSETS IESS CURRENf IIABILITIES 512,771 253,645 535,876 Anioiuits fath'ng diic aftcI oiic Yvdt (225,523) (227.139) NET ASSETS 287,248 308,737 FUNDS Untestiicted 236,251 219,337 30,997 89,400 287,248 308,737 12 Restiictcd TOTAL FUNDS Tliese nolesf017pipait of ihefinancial staleiiients Tlie Fu￿n(l￿ statements Treie appioved b! the Boatd of Trnstees on 16 Match 2025 And ￿￿e siglled on its bel￿f by, Ttustee N21 li

Life Church

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30[th] SEPTEMBER 2024

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the Year.

Accounting convention

The financial statements have been prepared under the historical cost convention, the charities and Trustee investment (Scotland) Act 2005 and the requirements of the Statement of Recommended Practice: Accounting and Reporting by charities.

Financial reporting standard number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the charity qualifies as a small charity.

Incoming resources

All incoming resources are included under Statement of Financial Activities when the charity is legally entitled to the income and the amount quantified with reasonable accuracy. No amounts are included in the financial statements for services donated by volunteers. The following specific policies are applied to particular categories of income.

Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities when receivable.

Investment income is included when receivable.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Charitable expenditure comprises those costs directly incurred by the charity in delivery of its activities and services for its beneficiaries.

Governance costs include those costs associated with meeting the constitutional in statutory requirements of the charity.

Other resources expended comprise support costs for central functions that you might be allocated directly to the individual charitable activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures & fittings: 25%

Tenant’s improvements: Straight line over 7 years

Fixtures and fittings are capitalised at cost subject to a £500 de minimus.

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Life Church

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2022

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion 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 are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other time and benefits

The charity operates the defined contribution pension scheme. Contributions payable to the Charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. VOLUNTARY INCOME

Voluntary income mainly comprises income received by the Assembly from weekly offerings

Income for restricted funds generally arises through donations being received for specific projects.

Offerings
Grants
Tax recovered on Gift Aid		 Unrestricted
Restricted 2024
2023
£
£
£
£
85,254
30,086 115,340
173,987
19,326
19.326
16,007
104,580
30,086 134,666
189,994

3. ACTIVITIES FOR GENERATING FUNDS

£ £
Letting income 39,398
4. INVESTMENT INCOME
£ £
Deposit account interest 2,717 2,021

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5. FINANCE & GOVERNANCE COSTS

5. FINANCE & GOVERNANCE COSTS
Accountancy
Amortisation of Goodwill
Interest paid
Leadership Team
Legal		 2024
2023
£
£
924
915
2,608
2,608
21,091
13,236
765
14,072
25,388
30,831

Scrutiny costs payable to the independent Examiner on 30th September 2024 amounted to £500 (£500 in 2023).

6. TRUSTEE'S REMUNERATION AND BENEFITS

The following trustees received a salary from the charity:

6. TRUSTEE'S REMUNERATION AND BENEFITS
The following trustees received a salary from the charity:
2024 2023
£ £
Pastors/Trustees 21,671 25,417
The following trustees benefited from pension costs paid by the charity:
Pastors/Trustees 2,188 4,263

Trustee expenses

During the year ended 30th September 2024, total amount trustees were re-imbursed for travel expenses and business calls was £nil. (£755.57 in 2023)

7. STAFF COSTS

7. STAFF COSTS
Wages & Salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities		 2024
2023
£
£
22,842
26,982
174
692
2,188
4,263
25,204
31,937

2024
2023
2
2

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Life Church

No employees received emoluments in excess of £60,000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2024

8. TANGIBLE FIXED ASSETS

COST
At 1 October 2023
Additions (new building)
Less: Assets disposed in the year
At 30 September 2024
DEPRECIATION
At 1 October 2023
Fixtures & Fittings
Charge for the year
Less: disposed in the year
At 30 September 2024
NET BOOK VALUE
At 30 September 2024
At 30 September 2023
9. DEBTORS
Gift Aid
10. CREDITORS
Other creditors		 Fixtures and fittings
£
290,750
__
290,750
1,435
1,078
____
2,513
288,237
=====
289,314
=====
2024
2023
£
£
10,695
-
10,395
-
£
£
765
500

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Life Church

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2024

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities
Non-current liabilities		 2024
2023
Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
£
£
312,568
35,650
348,218
351,904
149,973
15,347
165,320
184,473
(765)
(765)
(500)
(225,523)
(225,523) (227,139)
236,251
50,997
287,248
308,737

12. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Building fund
Buy-a-pane
Restricted Fund
Street Connect
TOTAL FUNDS		 At 1/10/23
Net
movement
in funds
Transfers
between
funds
Gains
Losses
At
1/10/23
£
£
£
£
219,339
15,717
1,197
236,253
80,893
(36,281)
44,612
5,734
500
6,234
2,522
(1,926)
(447)
149
250
500
(750)
89,399
(37,207)
(1,197)
50,995
308,738
(21,490)
-
287,248

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Life Church

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] SEPTEMBER 2024

Net movement in funds, included in the above are as follows;

Unrestricted funds
General fund
Restricted funds
Building Fund
Buy-a-pane
Restricted Fund
Street Connect
TOTAL FUNDS		 Incoming
resources
Resources
expended
Movement
in funds
£
£
£
108,500
(94,027)
14,473
31,012
(67,293)
(36,281)
500
500
1,314
(3,240)
(1,926)
500
500
33,326
(70,533)
(37,207)
141,826
(164,560)
(22,734)

Restricted funds

Restricted funds are funds designated for specific purposes as follows;

The Building fund relates to funds for the capital purchase of a building.

13. PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the "Statement of Financial Activities" in the period to which they Relate. At 30th September 2024, there was nil owed to the pension scheme. (2023 Nil).

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Life Church

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30[th] SEPTEMBER 2024

INCOMING RESOURCES
Voluntary Income
General Offerings
Donations
Gift Aid
Activities for generating funds
Letting income
Investment income
Deposit account interest
Other incoming resources
Sundry receipts
RESOURCES EXPENDED
Charitable activities
Building running costs
Catering department
Depreciation
Local events & outreach
Ministry costs
Office costs
Overseas mission support
Pensions
Rent
Social security
Sundries
Training
Wages		 2024
2023
£
£
62,222
134,936
53,118
39,051
19,326
16,007
134,666
189,994
39,398
2,717
2,021
4,443
14,848
141,826
246,261
1,650
7,518
121
1,996
1,078
1,438
5,114
5,742
73,455
24,976
14,548
32,553
9,465
12,235
2,118
4,263
6,533
27,013
174
692
85
1,624
675
271
1,171
1,565
116,257
121,886

This page does not form part of the statutory accounts financial statements

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Life Church

Governance costs
Accountancy
Amortisation of Goodwill
Leadership Team
Legal
Finance Costs
Interest paid
Other resources expended
Trustee's salaries
Loss on sale of Asset
Total resources expended
Net Income		 924
915
2,608
2,608
765
14,072
4,297
17,595
21,091
13,236
21,671
25,417
13,036
21,671
38,543
163,316
191,170
(21,490)
55,091

This page does not form part of the statutory accounts financial statements

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