The directors present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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 2019).
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the financial year ended 31 March 2023.
New Life is a Christian Organisation with a focus on meeting needs, transforming lives and restoring community; these are expressed in one or more of the following:
The advancement of religion and specifically the advancement of the Gospel of the Lord Jesus Christ;
The prevention or relief of poverty;
The advancement of education;
The advancement of citizenship or community development;
The advancement of the arts, heritage, culture or science;
The provision of recreational facilities, or the organisation of recreational activities with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended; and
The relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage.
We have taken opportunity to serve and support a number of people in a variety of circumstances. These have included bereavement, unexpected job loss, alcoholism, loneliness, relationship troubles, sickness, family disputes, mental health, housing problems, and more. We've served and supported by providing practical help, emotional support, and most importantly spiritual direction and guidance.
The trustees monitor the reserves and future commitments to ensure a continuing ability to meet the charity's objectives. The charity ended the year with a slight deficit, but without any danger of compromising our reserves.
We aim to keep sufficient funds in reserve to meet regular commitments for a period of three months. Our policy is not to use bank overdraft facilities or any other form of debt.
We are grateful for time and energy given to the charity by volunteers.
New Life (Aberdeen) is a charitable company limited by guarantee. It is governed by its constitution, and is under the control of the Board of Directors (the charity Trustees).
The directors who served during the year and up to the date of signature of the financial statements were:
New trustees are recruited by the current trustees and appointed by special resolution in accordance with the articles of association. New trustees are advised of their repsonsibilities on appointment.
This trustees annual report was approved by the board of directors
The directors, who also act as trustees for the charitable activities of New Life (Aberdeen), are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping adequate accounting records that 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 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. 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.
I report on the financial statements of the charity for the year ended 31 March 2023, which are set out on pages 5 to 12.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks 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 I do not express an audit opinion on the view given by the financial statements.
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
New Life (Aberdeen) is a private company limited by guarantee incorporated in Scotland. The registered office is 11 Barclay Street, Stonehaven, Aberdeenshire, AB39 2BJ, United Kingdom.
The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of property. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the directors have a reasonable expectation that, the charity has adequate resources to continue in operational existance for the foreseable future, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Income from charitable trading activities is accounted for when earned.
Investment income is accounted for when receivable.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
expenditure on raising funds includes the costs of all fundraising activities, events,
non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The charity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
New Life (Aberdeen) is a company limited by guarantee and not having a share capital.
The members' liability is limited by guarantee not exceeding £1 per member.
At 31 March 2023 there were 4 (2022 - 4) members.
Rent
Flat costs
Insurance
Legal fees
Other office costs
Donations
Bank charges
Donated goods and services
Governance costs - accountancy fees
The analysis of independent examiners remuneration is as follows:
Restricted income funds are funds received as donations or grants for which specific purpose has been specified. These funds are spent on the specified projects on a timely basis.
During the year the trustees donated a total of £0 (2022: £636) to the Charity.