Charity registration number 1068899
Company registration number 03502355 (England and Wales)
NEW SPRINGS UK
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NEW SPRINGS UK
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr R Atkinson
Mr X Lin
Mr E Lockwood
Mr N Weaver
Mr P Weaver
Secretary
Mrs H Weaver
Senior management
Rev P C Weaver
Rev N Weaver
Charity number
1068899
Company number
03502355
Registered office
The NSC Arena
4 Belton Road West Extension
Loughborough
Leics
LE11 5XH
Independent examiner
Rogers Spencer
Newstead House
Pelham Road
Nottingham
NG5 1AP
NEW SPRINGS UK
CONTENTS
Page
Trustees' report
1 - 3
Statement of trustees' responsibilities
4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Statement of cash flows
8
Notes to the financial statements
9 - 19
NEW SPRINGS UK
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 charity's governing document, 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
Public benefit

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

Achievements and performance
Significant activities and achievements against objectives

I am pleased to be able to report that New Springs UK continued to operate and even grow overall in a number of ways in 2023.

 

We held four Trustees /Directors meetings throughout the year plus an AGM.

 

All three official New Springs congregations (Loughborough, Sunderland and Stoke-on-Trent) have seen their congregations grow in various ways throughout the year. What is also very encouraging is our new church plant which commenced in June 2023 in Hartlepool, County Durham is seeing healthy and steady progress. We established a strong weekly Parents and Toddler group, we have given away 60 food parcels and a 1,000 pieces of literature in Hartlepool.

 

The four congregations between them conducted over 375 separate Sunday church services throughout the year. The four congregations also held midweek meetings numbering in total to over 300 different gatherings of varying sizes which included bible studies/prayer meetings/midweek services, small support groups, etc. Furthermore, there have been a substantial number of small group and house meetings with varied numbers, meeting on average six nights a week. Between the four congregations there were also a myriad of social and ministry events that have taken place – e.g. coffee shop drop ins, Coronation events, etc.

 

Concerning the area of our Ministry Training and Development Programme, the charity invested in all the New Springs Ministry Team by paying for them to attend the week-long Elim Leadership Conference Summit in Harrogate in May 2023. There were also various in-house training initiatives. The charity also engaged in supporting two of its ministers as they pursued studying for a theological degree and ordination studies respectively.

 

The New Springs Seventh Annual SHE Ladies Conference was staged and hosted at the NSC Arena in Loughborough. This year was the largest attended conference we have staged for women with 210 women travelling from various parts of the country to enjoy the day conference ministry of our guest speakers, well known songwriter Lou Fellingham and national ladies’ speaker Jem Chesman from London.

 

As well as this the ongoing monthly ladies’ meetings and ministry continued to take place successfully. This included ladies’ breakfasts and once a month ‘Stomp & Chomp’ hiking was introduced as women’s bonding sessions.

 

We also introduced regular Sunday family afternoons to support local families.

 

New Springs also hosted several other national conferences held at our excellent premises, The NSC Arena in Loughborough.

 

New Springs UK held their Annual Gala Banquet celebrating the organisation’s anniversary with an attendance of 160 plus people. The evening was a great success with several professional West End guests entertaining us throughout the evening.

 

All three churches were engaged in extensive Easter, Harvest Thanksgiving and Christmas programmes. Hartlepool also staged a quality outreach Christmas programme.

NEW SPRINGS UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The Loughborough church welcomed a visiting speaker each month who presented evangelistic messages. Easter saw national comedian and speaker Mark Ritchie who performed at both the Loughborough and Sunderland churches. Loughborough, Sunderland and Hartlepool also welcomed Brass Bands to perform at their carol services.

 

Special events and services were also arranged to celebrate and give thanks for the Kings Coronation. Other events throughout the year included, Messy Church afternoons, Concerts, The Annual Light Party (Alternative Halloween). We also held three baptismal services.

 

New Springs also commenced a children’s/youth schools ministry which has been well received.

 

Throughout the year we redesigned the New Springs website

 

New Springs continues to enjoy a special relationship and partnership with sister charities, PACE, Loughborough and The Elim Pentecostal Church Movement nationally.

 

Looking forward into 2024

•The up-and-coming year will see New Springs U.K. continuing to establish the new church at Hartlepool and look at the possibility of planting a church in the West Midlands.

•We will be preparing the ground to launch our new Bible School LAMP, The Leadership and Training Academy.

•2024 will see one of our Ministers in Training, Pastor Sarah Weaver, being ordained by the Elim Pentecostal Church Movement after four years of extensive training and preparation.

•The National Headquarters building in Loughborough will continue to be extensively developed at the rear of the NSC Arena with the building of a new foyer for the Family Activity Centre.

•2024 will see us as a movement introduce a church growth initiative known as The Olympic Challenge.

•We will also be actively pursuing a replacement financial book-keeper as our current book-keeper has indicated she intends to retire at the end of 2024.

Financial review

At the end of the financial period the company held net assets of £1,086,177 comprising unrestricted funds of that sum. The directors are satisfied that sufficient funding will be available in the foreseeable future and accordingly present these financial statements on the going concern basis.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s 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 charity’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.

Major risks

Significant external risks to income are continually reviewed to ensure that sufficient funds are in place. Internal risks are minimised by the implementation of procedures for authorisation of all transactions to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

Structure, governance and management

The charity is a company limited by guarantee.

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:

Mr R Atkinson
Mr X Lin
Mr E Lockwood
Mr N Weaver
Mr P Weaver
NEW SPRINGS UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Recruitment and appointment of trustees

New Springs UK carries out an annual skills audit of current Trustees which identifies knowledge gaps within the board and then actively takes steps to recruit Trustees accordingly.

 

New Directors will become familiar with the practical work of the charity after reading the Annual Report and will have received a copy of the Memorandum and Articles and the latest financial reports. They will also meet with the Chief Executive and existing Directors as well as being offered opportunities to visit with the staff team.

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

Mr P Weaver
Trustee
25 September 2024
NEW SPRINGS UK
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The trustees, who are also the directors of New Springs UK 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 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 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 charity 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NEW SPRINGS UK
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NEW SPRINGS UK
- 5 -

I report to the trustees on my examination of the financial statements of New Springs UK (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (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 charity 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 charity’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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

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 charity 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.

Melvin Bailey FCCA DChA
for and on behalf of
Rogers Spencer
Chartered Accountants
Newstead House
Newstead House
Pelham Road
Nottingham
NG5 1AP
Dated: 26 September 2024
NEW SPRINGS UK
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
500,189
-
500,189
376,383
-
376,383
Charitable activities
4
79,468
-
79,468
64,952
-
64,952
Other income
5
10,745
-
10,745
14,802
13,000
27,802
Total income
590,402
-
590,402
456,137
13,000
469,137
Expenditure on:
Charitable activities
6
455,500
6,665
462,165
398,786
6,335
405,121
Total expenditure
455,500
6,665
462,165
398,786
6,335
405,121
Net income/(expenditure) and movement in funds
134,902
(6,665)
128,237
57,351
6,665
64,016
Reconciliation of funds:
Fund balances at 1 January 2023
951,275
6,665
957,940
893,924
-
893,924
Fund balances at 31 December 2023
1,086,177
-
1,086,177
951,275
6,665
957,940

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

NEW SPRINGS UK
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,569,761
1,514,658
Current assets
Debtors
13
40,961
43,931
Cash at bank and in hand
41,922
33,312
82,883
77,243
Creditors: amounts falling due within one year
15
(20,481)
(67,870)
Net current assets
62,402
9,373
Total assets less current liabilities
1,632,163
1,524,031
Creditors: amounts falling due after more than one year
16
(545,986)
(566,091)
Net assets
1,086,177
957,940
The funds of the charity
Restricted income funds
19
-
6,665
Unrestricted funds
20
1,086,177
951,275
1,086,177
957,940

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 25 September 2024
Mr P Weaver
Trustee
Company registration number 03502355 (England and Wales)
NEW SPRINGS UK
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
127,316
142,226
Investing activities
Purchase of tangible fixed assets
(99,756)
(168,310)
Net cash used in investing activities
(99,756)
(168,310)
Financing activities
Repayment of bank loans
(18,950)
(18,330)
Net cash used in financing activities
(18,950)
(18,330)
Net increase/(decrease) in cash and cash equivalents
8,610
(44,414)
Cash and cash equivalents at beginning of year
33,312
77,726
Cash and cash equivalents at end of year
41,922
33,312
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Charity information

New Springs UK is a private company limited by guarantee incorporated in England and Wales. The registered office is The NSC Arena, 4 Belton Road West Extension, Loughborough, Leics, LE11 5XH.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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. 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 charity 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity 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 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.

Legacies are recognised on receipt or otherwise if the charity 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.
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
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.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
100 years straight line
Fixtures and fittings
5 years straight line
Motor vehicles
4 years straight line

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.

1.7
Impairment of fixed assets

At each reporting end date, the charity 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 charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

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

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’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.

NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Tithes,offerings and donations
335,092
318,930
Gift aid recoverable
65,097
57,453
Legacies income
100,000
-
500,189
376,383
Split between:
Sunderland
66,836
94,819
Loughborough
433,353
281,564
500,189
376,383
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Sunderland
Church activities
14,566
9,298
Loughborough
Church activities
64,902
55,654
79,468
64,952
5
Other income
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Grants received
10,497
-
10,497
14,800
13,000
27,800
Bank interest receivable
248
-
248
2
-
2
10,745
-
10,745
14,802
13,000
27,802
Split between:
Sunderland
10,745
14,800
Loughborough
-
13,002
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Other income
(Continued)
- 13 -
10,745
27,802
6
Expenditure on charitable activities
Sunderland
Loughborough
Total
Sunderland
Loughborough
Total
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Direct costs
Staff costs
38,832
136,903
175,735
40,903
132,637
173,540
Depreciation and impairment
3,004
41,650
44,654
(980)
23,779
22,799

Power,light & heat

7
-
750
750
-
2,000
2,000

Catering

-
24,248
24,248
2,482
11,245
13,727

Premises Insurance

111
5,235
5,346
1,500
3,269
4,769

Missions

5,076
2,472
7,548
3,166
3,085
6,251

Sundry expenses

6,599
7,984
14,583
3,616
15,221
18,837

Radio New Springs

-
2,353
2,353
-
3,423
3,423
Ministries & counselling
780
2,830
3,610
120
5,354
5,474

Speaker expenses

3,761
7,500
11,261
1,575
9,050
10,625

Discipleship & Training

1,195
2,047
3,242
851
3,624
4,475

Benevolence

4,170
3,137
7,307
2,647
1,898
4,545

Grants to PACE

-
25,213
25,213
-
17,765
17,765

Events

110
4,764
4,874
-
22,229
22,229

Family activity centre & Youth

289
2,025
2,314
-
6,138
6,138

Loan Interest

-
37,410
37,410
-
27,383
27,383

Hired in services

-
20,202
20,202
-
-
-
Printing & stationery
7
-
775
775
-
1,417
1,417
AOK Project costs
-
14,829
14,829
-
-
-
63,927
342,327
406,254
55,880
289,517
345,397
Share of support and governance costs (see note 7)
Support
8,665
41,314
49,979
8,565
45,022
53,587
Governance
1,387
4,545
5,932
584
5,553
6,137
73,979
388,186
462,165
65,029
340,092
405,121
Analysis by fund
Unrestricted funds
73,979
381,521
455,500
65,029
333,757
398,786
Restricted funds
-
6,665
6,665
-
6,335
6,335
73,979
388,186
462,165
65,029
340,092
405,121
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
7
Support costs allocated to activities
2023
2022
£
£
Utilities and facilities
20,282
10,130
Building repairs & renewals
10,803
18,533
Motor and travel
3,985
3,026
PR, design, stationery and postage
6,623
13,730
Internet and telecommunications
5,767
7,298
Subscriptions
2,520
870
Governance costs
5,932
6,137
55,912
59,724
Analysed between:
Sunderland
10,053
9,149
Loughborough
45,859
50,575
55,912
59,724
Governance costs comprise:
Independent examination fees
4,030
4,647
Trustee expenses
-
200
Legal & profesisonal fees
1,429
-
Bank charges
473
1,290
5,932
6,137
8
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
44,654
22,800
9
Trustees

Two trustees, who are also the key management personnel, received remuneration during the year as follows:

 

 

2023

 

2022

 

 

 

£

£

Rev P C Weaver – Support

 

 

42,580

48,334

Pension contributions

 

 

5,235

5,668

Rev N Weaver – Salary

Pension contributions

 

 

31,100

3,606

30,000

4,032

 

 

 

82,521

88,034

NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
10
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
5
7
Employment costs
2023
2022
£
£
Wages and salaries
93,214
85,506
Social security costs
73,680
78,334
Other pension costs
8,841
9,700
175,735
173,540
There were no employees whose annual remuneration was more than £60,000.
11
Taxation

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

12
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,506,061
226,218
21,480
1,753,759
Additions
37,468
62,288
-
99,756
At 31 December 2023
1,543,529
288,506
21,480
1,853,515
Depreciation and impairment
At 1 January 2023
51,319
179,229
8,552
239,100
Depreciation charged in the year
14,135
25,149
5,370
44,654
At 31 December 2023
65,454
204,378
13,922
283,754
Carrying amount
At 31 December 2023
1,478,075
84,128
7,558
1,569,761
At 31 December 2022
1,454,741
46,989
12,928
1,514,658

 

NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
37,220
40,792
Prepayments and accrued income
3,741
3,139
40,961
43,931
14
Loans and overdrafts
2023
2022
£
£
Bank loans
557,402
576,353
Payable within one year
11,416
10,262
Payable after one year
545,986
566,091

The long-term loan is secured on the freehold land and buildings. It is repayable by instalments over a period of 26 years, with £487,159 (2022: £513,604) falling due after more than five years.

 

15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
14
11,416
10,262
Other creditors
1,195
50,000
Accruals and deferred income
7,870
7,608
20,481
67,870
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
14
545,986
566,091
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,841
9,700
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Retirement benefit schemes
(Continued)
- 17 -

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18
Related party transactions

All of the trustees/directors of the charity are also trustees/directors of Proactive Community Endeavours (PACE) a company that is limited by guarantee and is also a charity.

 

Euan Lockwood, a director of New Springs UK, is also a director of Kerf Limited. During the year, New Springs UK paid Kerf Limited £2,582 (2022: £1,317) in respect of print, design and PR costs.

 

New Springs UK provided a grant of £25,213 (2022: £17,765) towards PACE’s payroll, camp and foodbank costs.

19
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
At 31 December 2023
£
£
£
£
Benefact Trust
6,665
-
(6,665)
-
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
Benefact Trust
-
13,000
(6,335)
6,665
20
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
At 31 December 2023
£
£
£
£
General funds
951,275
590,402
(455,500)
1,086,177
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Unrestricted funds
(Continued)
- 18 -
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
General funds
893,924
456,137
(398,786)
951,275
21
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
1,569,761
-
1,569,761
Current assets/(liabilities)
62,402
-
62,402
Long term liabilities
(545,986)
-
(545,986)
1,086,177
-
1,086,177
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
At 31 December 2022:
Tangible assets
1,514,658
-
1,514,658
Current assets/(liabilities)
2,708
6,665
9,373
Long term liabilities
(566,091)
-
(566,091)
951,275
6,665
957,940
22
Analysis of changes in net (debt)/funds
At 1 January 2023
Cash flows
At 31 December 2023
£
£
£
Cash at bank and in hand
33,312
8,610
41,922
Loans falling due within one year
(10,262)
(1,154)
(11,416)
Loans falling due after more than one year
(566,091)
20,105
(545,986)
(543,041)
27,561
(515,480)
NEW SPRINGS UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
23
Cash generated from operations
2023
2022
£
£
Surplus for the year
128,237
64,016
Adjustments for:
Depreciation and impairment of tangible fixed assets
44,654
22,799
Movements in working capital:
Decrease in debtors
2,968
4,090
(Decrease)/increase in creditors
(48,543)
51,321
Cash generated from operations
127,316
142,226
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