Charity registration number 1138263
Company registration number 07365200 (England and Wales)
NEW LIFE CHURCH WORTHING
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NEW LIFE CHURCH WORTHING
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Rev S M Carter
(Appointed 1 February 2024)
Mr P M Archer
Mr G J Geal
Mr P Hammond
Charity number
1138263
Company number
07365200
Principal address
10 Greenland Road
Durrington
Worthing
West Sussex
BN13 2RR
Registered office
10 Greenland Road
Durrington
Worthing
West Sussex
BN13 2RR
Independent examiner
Colin Dadswell FCA FCCA DChA
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Bankers
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
NEW LIFE CHURCH WORTHING
CONTENTS
Page
Trustees' report
1 - 2
Statement of Trustees' responsibilities
3
Independent examiner's report
4
Statement of financial activities
5
Statement of financial position
6 - 7
Notes to the financial statements
8 - 19
NEW LIFE CHURCH WORTHING
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 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 Church's Memorandum and Articles of Association, the Companies Act 2006 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)".

Objectives and activities

The Charity's objects are the advancement of the Christian faith in Worthing, the United Kingdom and other parts of the world as the Trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Church should undertake.

Achievements and performance

During 2023 we have continued to hold our Sunday morning services in Oak Grove College. At other times we meet in homes.

 

As a Charity we have needed to suspend some of our activities, but we are still continuing to serve the community at large.

 

CAP services are still in place, our local NLC foodbank is functioning and our food help to a local school continues and is vital to the welfare of the community.

 

We continue to record our services and air them on Facebook and YouTube.

 

Life Groups as a means of fellowship and support are essential for our Church and continue to meet on a regular basis. This also takes the form of pastoral visiting. Visiting people in their homes, as well as hospital visits, and appointments.

 

Whilst we support our own communities locally we also have a missionary undertaking where we support the work in other countries where we know that the donations that we give are used wisely to assist fully in that community. This system, has been in place for many years and will continue to be part of our offering.

 

It has been a privilege to help and assist others it is also part of our Christian principles.

Though we have experienced difficulties in planning over the year, and has meant that we have been as yet unable to build our new church, it is our intention to do so enabling us to have a permanent home where we can restore the facilities and enhance the facilities previously provided.

 

The Jubilee Club outreach continues, and has seen some growth over the past year.

 

As part of our annual reporting function additional reports are prepared for individual activities that are run within the Charity. All members receive the Reports in respect of all the Charity is doing.

Financial review

The overall results for the year showed a surplus on unrestricted funds after transfers of £45,606 (2022: surplus of £42,145) and a surplus on restricted funds of £42,251 (2022: surplus of £40,772). Unrestricted funds carried forward were £2,116,125 (2022: £2,070,519).

Reserves policy

It is the policy of the Church that free reserves should be maintained at a level equivalent to between three and six month’s operating expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

NEW LIFE CHURCH WORTHING
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Structure, governance and management

The Church is a company limited by guarantee, company number 07365200, incorporated on 3 September 2010. It is also a registered charity, number 1138263.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Rev S M Carter
(Appointed 1 February 2024)
Mr P M Archer
Mr G J Geal
Mr P Hammond

Trustees appointments are recommended by the Board of Trustees and are approved by the membership of the Church at Special Church Meetings. Newly appointed Trustees are provided with such induction and training as considered necessary for the role they are undertaking. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The decision-making of the Charity rests, under its rules, with the Church Elders, Deacons and members, with responsibility for management being delegated to the Staff Team, Finance and Fabric Groups.

 

As part of the annual reporting process the Trustees have identified the major risks to which the Church is exposed, have reviewed these and ensured that systems have been established to mitigate these risks.

The Trustees' report was approved by the Board of Trustees.

Mr P M Archer
Trustee
Dated: 14 April 2024
NEW LIFE CHURCH WORTHING
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The Trustees, who are also the directors of New Life Church Worthing for the purpose of company law, 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).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Church 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 Trustees 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 Church will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Church and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NEW LIFE CHURCH WORTHING
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NEW LIFE CHURCH WORTHING
- 4 -

I report to the Trustees on my examination of the financial statements of New Life Church Worthing (the Church) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the Church (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Church are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Church’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

 

1

accounting records were not kept in respect of the Church as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Colin Dadswell FCA FCCA DChA

Caladine Ltd

Chartered Certified Accountants

Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Dated: 18 April 2024
NEW LIFE CHURCH WORTHING
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
106,599
42,482
149,081
102,621
48,341
150,962
Charitable activities
4
24,431
-
24,431
23,563
-
23,563
Investments
5
4,169
10,806
14,975
656
5,423
6,079
Total income
135,199
53,288
188,487
126,840
53,764
180,604
Expenditure on:
Charitable activities
6
79,234
21,396
100,630
76,290
21,397
97,687
Net income
55,965
31,892
87,857
50,550
32,367
82,917
Transfers between funds
17
(10,359)
10,359
-
(8,405)
8,405
-
Net movement in funds
45,606
42,251
87,857
42,145
40,772
82,917
Reconciliation of funds:
Fund balances at 1 January 2023
2,070,519
463,959
2,534,478
2,028,374
423,187
2,451,561
Fund balances at 31 December 2023
2,116,125
506,210
2,622,335
2,070,519
463,959
2,534,478

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

NEW LIFE CHURCH WORTHING
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
12
1,958,282
1,958,722
Current assets
Trade and other receivables
13
379,814
370,854
Cash at bank and in hand
299,623
235,821
679,437
606,675
Current liabilities
15
(7,384)
(18,919)
Net current assets
672,053
587,756
Total assets less current liabilities
2,630,335
2,546,478
Non-current liabilities
Borrowings
14
8,000
12,000
(8,000)
(12,000)
Net assets
2,622,335
2,534,478
Income funds
Restricted funds
17
506,210
463,959
Unrestricted funds
Designated funds:
Church property fund
1,946,282
1,942,282
Other designated funds
20,446
20,727
18
1,966,728
1,963,009
General unrestricted funds
149,397
107,510
2,116,125
2,070,519
2,622,335
2,534,478
NEW LIFE CHURCH WORTHING
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 14 April 2024
Mr P M Archer
Mr P Hammond
Trustee
Trustee
Company registration number 07365200
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Company information

New Life Church Worthing is a charitable company by guarantee incorporated in England and Wales. The registered office is 10 Greenland Road, Durrington, Worthing, West Sussex, BN13 2RR.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Church's Memorandum and Articles of Association, the Companies Act 2006 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 Church is a Public Benefit Entity as defined by FRS 102.

 

The Church 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 Church. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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.

1.4
Income
Income is recognised when the Church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Church 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 is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Donated assets and services are recognised in the financial statements at the value when received.

NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 9 -
1.5
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 are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

1.6
Property, plant and equipment

Property and equipment are measured at cost, net of depreciation and any impairment losses. Items below £1,000 are not capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

Land and buildings
No depreciation
Computers
25% on a straight line basis

Freehold land and buildings are not depreciated as their residual value is considered to be greater than their book value. Legal and architects costs incurred on sites subject to future development are capitalised as they add value to the future resale amount achievable.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

 

The Land and buildings are held on Trust with the Baptist Union.

1.7
Impairment of non-current assets

At each reporting end date, the Church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

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.

1.9
Financial instruments

The Church 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.

NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 10 -
1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Critical accounting estimates and judgements

In the application of the Church’s accounting policies, the Trustees 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.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
106,359
42,482
148,841
101,121
48,341
149,462
Legacies receivable
240
-
240
1,500
-
1,500
106,599
42,482
149,081
102,621
48,341
150,962
Donations and gifts
Gift aid giving
59,777
-
59,777
54,265
-
54,265
Weekly offerings
29,283
-
29,283
30,569
-
30,569
Development fund donations
-
30,847
30,847
-
33,504
33,504
Welfare fund donations
-
1,921
1,921
-
1,107
1,107
CAP poverty project donations
-
5,051
5,051
-
6,777
6,777
Other restricted gifts
-
4,663
4,663
-
6,953
6,953
Tax refund
17,299
-
17,299
16,287
-
16,287
106,359
42,482
148,841
101,121
48,341
149,462
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Jubilee friendship club

2,396
2,218

Hall hire and sundry income

22,035
21,345
24,431
23,563
5
Income from investments
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Interest receivable
4,169
10,806
14,975
656
5,423
6,079
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
6
Expenditure on charitable activities
Charitable activities
Charitable activities
2023
2022
£
£
Direct costs
Depreciation and impairment
440
1,332

CAP poverty project salary

10,200
9,298

Venue Hire

12,468
13,093

CAP poverty project other costs

5,239
5,884

Jubillee friendship club

2,503
2,235

Home ministry

1,229
627

Evangelism

68
297
Children's work
45
209
Catering
278
201
Rates
268
193
Insurance
5,988
5,327
Utilities
326
566
Repairs and maintenance
1,116
1,818
40,168
41,080
Grant funding of activities (see note 7)
21,932
20,040
Share of support and governance costs (see note 8)
Support
34,242
32,204
Governance
4,288
4,363
100,630
97,687
Analysis by fund
Unrestricted funds
79,234
76,290
Restricted funds
21,396
21,397
100,630
97,687
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
7
Grants payable
2023
2022
£
£
Overseas mission
12,433
10,728
Mission general
3,950
1,750
Home Missions
3,500
3,500
Welfare fund
1,178
779
SEBA
500
500
Other
371
2,783
21,932
20,040
8
Support costs allocated to activities
2023
2022
£
£
Administration salaries
28,450
25,769
Affiliations
922
1,046
Office equipment and computer costs
2,402
3,322
Motor and travel expenses
293
386
Office costs
2,070
1,673
Sundry expenses
105
8
Governance costs
4,288
4,363
38,530
36,567
Analysed between:
Charitable activities
38,530
36,567
2023
2022
Governance costs comprise:
£
£
Accountancy
2,580
2,604
Independent examination
720
720
Payroll fees
864
864
Bank charges
124
175
4,288
4,363

Fees paid to the independent examiner during the year comprised £2,580 for accountancy services (2022: £2,604), £720 for the independent examination (2022: £720), and £864 for payroll services (2022: £864).

9
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Church during the year in their role as Trustees.

NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Trustees (Continued)
- 14 -

Trustees donations during the year amounted to £26,080 (2022: £26,048).

10
Employees
Number of employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration
1
1
CAP worker
1
1
2
2
Wages and salaries
37,450
33,834
Social security costs
-
33
Other pension costs
1,200
1,200
38,650
35,067
There were no employees whose annual remuneration was £60,000 or more.
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Property, plant and equipment
Land and buildings
Computers
Total
£
£
£
Cost
At 1 January 2023
1,958,282
5,332
1,963,614
At 31 December 2023
1,958,282
5,332
1,963,614
Depreciation and impairment
At 1 January 2023
-
4,892
4,892
Depreciation charged in the year
-
440
440
At 31 December 2023
-
5,332
5,332
Carrying amount
At 31 December 2023
1,958,282
-
1,958,282
At 31 December 2022
1,958,282
440
1,958,722
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
13
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
379,231
370,630
Prepayments and accrued income
583
224
379,814
370,854

Within other receivables are the proceeds on the sale of the Main Church building and gardens together with interest accrued amounting to £374,279 at 31 December 2023 (2022: £363,474). These monies are currently held by the Baptist Union and will be released to the Church to cover future costs of constructing the new building.

 

Interest is being accrued on these funds until they are paid out.

14
Borrowings
2023
2022
£
£
Other loans
12,000
16,000
Payable within one year
4,000
4,000
Payable after one year
8,000
12,000

The figure for Borrowings represent loans as follows:

 

South East Baptist Association

An interest free loan of £40,000 was received during the year ended 31 December 2016 to be repaid over 10 years with instalments of £2,000 becoming due in February and August of each year. The balance outstanding at the year end was £12,000 (2022: £16,000).

 

15
Current liabilities
2023
2022
Notes
£
£
Borrowings
4,000
4,000
Deferred income
16
-
11,535
Accruals and deferred income
3,384
3,384
7,384
18,919
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
16
Deferred income
2023
2022
£
£
Other deferred income
-
11,535

Deferred income included in the financial statements in 2022 represented rental income received in advance. In 2023 it was recognised as income with the movement as follows:

2023
2022
£
£
Deferred income is included within:
Current liabilities
-
11,535
Movements in the year:
Deferred income at 1 January 2023
11,535
-
Released from previous periods
(11,535)
-
Resources deferred in the year
-
11,535
Deferred income at 31 December 2023
-
11,535
NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
17
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2023
Incoming resources
Resources expended
Transfers
At 31 December 2023
£
£
£
£
£
Development fund
462,084
41,653
-
-
503,737
Welfare Fund
883
1,921
(673)
-
2,131
Mission fund
30
-
-
(30)
-
Restricted gifts
962
4,663
(5,283)
-
342
CAP Poverty Project fund
-
5,051
(15,440)
10,389
-
463,959
53,288
(21,396)
10,359
506,210
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Transfers
At 31 December 2022
£
£
£
£
£
Development fund
423,157
38,927
-
-
462,084
Welfare Fund (previously Mercy Ministry fund)
-
1,107
(224)
-
883
Mission fund
30
-
-
-
30
Restricted gifts
-
6,953
(5,991)
-
962
CAP Poverty Project fund
-
6,777
(15,182)
8,405
-
423,187
53,764
(21,397)
8,405
463,959

Development fund - this fund represents amounts given specifically for building development and the establishment of a new Church building. All gifts received towards the development and expenses paid since that time have been recorded as such. As the monies raised were used for the purpose intended, the restriction is satisfied.

 

Welfare Fund – This fund is monies given for the church to use to help those in need as needs arise.

 

Mission Fund – This fund is for the support of those involved in missions activities or missions organisations as needs arise.

 

Restricted Gifts – This fund is for the administration of gifts given with a specific designation of the intended recipient.

CAP Poverty Project fund - this fund shows monies raised to fund the work of the CAP (Christian's Against Poverty) local branch.

NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
18
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
Transfers
At 31 December 2023
£
£
£
£
£
Church property fund
1,942,282
-
-
4,000
1,946,282
Gifts and legacies fund
3,904
240
-
-
4,144
Other designated funds
14,415
2,396
(6,958)
4,230
14,083
CAP
2,408
-
-
(189)
2,219
General funds
107,510
132,563
(72,276)
(18,400)
149,397
2,070,519
135,199
(79,234)
(10,359)
2,116,125
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Transfers
At 31 December 2022
£
£
£
£
£
Church property fund
1,938,282
-
-
4,000
1,942,282
Gifts and legacies fund
2,404
1,500
-
-
3,904
Other designated funds
13,017
2,218
(4,540)
3,720
14,415
CAP
2,413
-
-
(5)
2,408
General funds
72,258
123,122
(71,750)
(16,120)
107,510
2,028,374
126,840
(76,290)
(8,405)
2,070,519

Church Property fund - this fund consists of freehold land and buildings held in trust for charitable use by the church net of any outstanding borrowings. These properties are held by the Baptist Union Corporation Limited as custodian Trustees net of any outstanding borrowings.

 

This includes the Jubilee Hall and adjoining car park, 10 Greenland Road and garden and the Church manse at 52 Malthouse. In addition, land has been purchased which will be used to house a new Church building in the future.

 

Transfers of £4,000 were made during the year to reflect repayment of borrowings from the general funds. The closing balance represents the total capitalised cost of land and buildings less borrowings secured against them.

 

Gifts and legacies fund - significant gifts and legacies are set aside by the church to be spent when called upon.

 

Other designated funds - these funds represents the activity of various other church activities, clubs and projects.

NEW LIFE CHURCH WORTHING
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
19
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
Fund balances at 31 December 2023 are represented by:
Property, plant and equipment
1,958,282
-
1,958,282
Current assets/(liabilities)
165,843
506,210
672,053
Long term liabilities
(8,000)
-
(8,000)
2,116,125
506,210
2,622,335
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
Fund balances at 31 December 2022 are represented by:
Property, plant and equipment
1,958,722
-
1,958,722
Current assets/(liabilities)
123,797
463,959
587,756
Long term liabilities
(12,000)
-
(12,000)
2,070,519
463,959
2,534,478
20
Related party transactions

Transactions with the trustees are disclosed in note 9. There were no other disclosable related party transactions during the year (2022 - none).

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