Registered Charity Number **1004343**
## **NEW COVENANT CHURCH**
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
**31 December 2022**
## **JASH BURTON B'CHAUCER**
Chartered Certified Accountants & Tax Advisors
Coleridge Road, Surrey, CR0 7BQ
Tel: **0208 611 2684** Web: **www.jashburton.com**
E1: info@jashburton.com E2: jashburtonb@gmail.com
**NEW COVENANT CHURCH**
**Annual Trustees Report and Financial Statements**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees:**|Deborah Adeshina|
|---|---|
||James Bamigboye|
||Edward Edumijeke|
||Richard Shoyoye|
||Tonye Eke|
|**Registered office:**|506 - 510 Old Kent Road|
||Bermondsey|
||London|
||SE1 5BA|
|**Charity number:**|1004343|
|**Accountants and**|Jash Burton B'Chaucer|
|**Independent Examiners**|Chartered Certified Accountants|
||Coleridge Road|
||Surrey|
||CR0 7BQ|
|**Bankers:**|Barclays Bank Plc|
||Natwest Bank Plc|
1
## **NEW COVENANT CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Registered Charity Number 1004343**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a Declaration of Trust 1991.
## **Organisational structure**
The Board of Trustees appointed a Council of Management and other advisers who promote the objectives of the charity. The Board of Trustees hold meetings throughout the year and Council of Management are directed to promote the policies, strategies and processes of implementation for the various programmes and projects geared towards achieving the charitable objectives. These are subjected to constant reviews to assess outcomes.
## **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.
## **OBJECTIVES AND ACTIVITIES**
## **Constitution, Objectives and aims and Organisation of our Work**
The Objectives of the Church is set out in the Declaration of Trust
1) The advancement of Christian Faith in the United Kingdom and abroad.
2) The relief of persons who are in conditions of need, hardship or distress or who are sick or aged in the United Kingdom.
3) The relief of poverty.
## **Principal activities**
The Principal Activities of the charity are Christian worship and involvement of various ministries and ministers of religion in propagating the Christian Tenets of faith to members (and non-members) who seek to learn and develop an understanding of the Gospel through the various meetings provided by the Church. There is also an extension of the Christian Faith through other direct community outreach programmes provided by the churches.
## **Charitable activities**
The Board of Trustees are pleased to report as follows:
## **PUBLIC BENEFIT**
## **The Advancement of Christian Faith**
The Board of Trustees of the charity having due regard for reporting the public benefit provided by the charity in line with the Charities Act 2011, are pleased to report that the church has continued its involvement with many community focus Outreach programmes and project providing direct benefits for the public in the United Kingdom and abroad.
2
**NEW COVENANT CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Registered Charity Number 1004343**
## **Places of worship**
In the year 2021 the New Covenant Church (NCC) has continued its commitment of the advancement of the Christian Faith in line with its charitable objectives through the provision and maintenance of all our places for Christian Worship in the United Kingdom.
Post-Pandemic, the branches of the charity continued live streamed services and Bible Study by Zoom to keep the church communities connected. as we gradually returned to physical worship. The online services reached far more members of the public, nationally and even globally with Christian worship, teachings and prayers. Beneficiaries have gained spiritual fulfilment through sound biblical teachings, resulting in positive life changing experiences. The Church operates House groups at least once weekly to provide additional biblical teachings in informal settings.
## **Evangelism**
Evangelism remains a core value and outreach strategy for the church. We returned to physical evangelism after the lifting of lock down, but did so cautiously to enable both beneficiaries to adapt again to the previous process face to face evangelism. The church gradually opened its door for members the public to call in for prayers and to indicate whether they would need assistance within the scope our charitable objectives.
## **Youth Ministry**
The New Covenant Church Youth Ministry teams ran vibrant Christian youth programme weekly for the teenage groups which are designed to support their spiritual growth.
## **Children Ministry**
In 2022, the Sunday school ministry focused on building self-confidence and raising high self-esteem in each child. This was achieved through teaching, music, drama and dance sessions. The children ministry provided for the spiritual needs of children every Sunday through age-appropriate bible stories, scripture teachings and singing of worship songs. The Sunday schools continue to help children enhance their learning.
## **Furthering the Advancement of Christian Faith**
## **Covenant Men and Women Outreach Ministry**
This is an additional outreach arm of the charity which supports the advancement of the Christian Faith. The Charity continued to deliver these programmes digitally through Webinar and Zoom in 2022 post lockdown. These quarterly fellowships enabled them to continue to grow in the Christian faith by encouraging the men and women’s groups to develop their personal relationship with Christ through worship, fellowship, bible study and prayers.
The continuance of these programmes was crucial for the adult beneficiaries’ emotional and spiritual wellbeing in still being connected with other church members of the church community and to prevent isolation and rebuild scope to return to public interaction.
3
## **NEW COVENANT CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Registered Charity Number 1004343**
## RELIEF OF PERSONS IN CONDITIONS OF NEED, HARDSHIP, DISTRESS, SICK OR AGED
The Charity continues to provide relief to persons who are in conditions of need, hardship or distress or who are sick or aged.
## **Providing for the Elderly and Other Low Income Families**
The Wimbledon and Elephant & Castle Branch and other branches of the charity provided food parcels to beneficiaries, throughout the year who are facing food poverty and additionally during Christmas. This initiative is also part of our antipoverty strategy to help needy families during a very important festive season in the Christian Calendar.
## **Pastoral Care & Bereavement Support** .
Branches of the Charity provide care and counselling to bereaved families who have lost loved ones. The charity additionally provides financial help to bereaved families to assist them in such times of difficulties. In Bolton the charity also provides counselling services to members and non-members of the church. The charity provides ongoing pastoral care to beneficiaries according to their needs. The charity’s visitation team responds to the need of those who may be sick and are at home or in hospital.
The charity was able to support families with one-to-one counsel, supporting those who are lonely, isolated due to the pandemic restrictions with essential food.
We provided guidance and signposting families experiencing domestic issues to Social Services agencies where they can receive adequate support
## **RELIEF OF POVERTY AND HARDSHIP**
## **Food Banks**
Our other food bank projects continue to ensure convenience food stocks are available to support the project. In 2022, we have focused on closer working relationships with other community organisations to provide food to low-income families households additionally affected by the effects of the pandemic lockdown hardships. We made space available for the distribution foods. We responded to increased food poverty needs and continue to do so coming out of lockdown.
For the charity, the year 2022 required a great deal of planning and changes in delivery strategies to ensure the Charity’s appropriate input aligned with Government’s Guidance of as we steered out of the lockdown. We ensured as much as was possible, the continuance of our charitable provisions upon which our beneficiaries relied.
4
**NEW COVENANT CHURCH**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
**Registered Charity Number 1004343**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (The New United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping sufficient and proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with applicable Law. 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. The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission (i.e. public benefit statement).
In so far as the trustees are aware:
- there is no relevant audit information of which the auditors are unaware;
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **FINANCIAL REVIEW**
The book values of the assets held at the year end are, in the opinion of the Board of Trustees, as stated in the financial statements. Also, in its opinion, adequate assets are available to fulfil the obligations of the charity.
A summary of the result of the New Covenant Church's activities during the period is given in the Statement of Financial Activities.
Total income of the charity amounted to £399124 (2021: £580354) including income from regular sunday tithes and offering of £107905 (2021: £353785).
5
## **NEW COVENANT CHURCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Registered Charity Number 1004343**
## **FINANCIAL REVIEW - continued**
Total resources expended in the year include direct costs of £255386 (2021: £204584) primarily relating to the operational costs of running the charity, and financing costs of £6962 (2021: £27457) majority of which relate to the loan interests. The governance costs were mainly made up of audit fees and legal and professional expenses. The governance costs are approved by the Trustees. The total funds as at 31 December 2022 was £388747 (2021: £583573) majority of which related to unrestricted funds.
## RESERVE POLICY
The Charity maintains unrestricted funds, which are the free reserves of the charity, at a level that is at least twelve months of committed expenditure, excluding financing and other costs. Excess unrestricted funds, to the extent represented by liquid assets, will be used to meet recurrent operational costs, except where the Trustees consider that the funds should be retained for possible future projects.
## INVESTMENT POLICY
The Trustees have the power to invest in such assets as they deem fit. The charity's investment policy is appropriate to the nature of the funds for which the investment is held. The primary investment aim is to provide a high degree of security and liquidity and to maximise returns whilst adopting a conservative approach.
## GRANT-MAKING POLICY
The Charity does not provide grants and therefore do not have a policy on grant-making. The Trustees however, give gifts and donations as an effective means of delivering support and assistance to other programmes that fit within the objectives of the Charity. During the year under consideration, total gifts and donations amounted to £1724 (2021: £777)
## INDEPENDENT EXAMINERS
A proposal that Jash Burton B'Chaucer be re-appointment as Independent Examiners of the charity will be put to the Board of Trustees at the forthcoming Annual General Meeting.
By Order of the Board of Trustees
Sign: …................................... Print: …................................... Date: 27th October 2023 JAMES BAMIGBOYE
6
**NEW COVENANT CHURCH**
## **INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
We have examined the financial statements on pages 9 to 17 for the year ended 31 December 2022, which comprise the statement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein.
The report is made solely to the charity's trustees, as a body, in accordance with Section 44 of the Charities Act 1993. The Trustees of the charity are of a general opinion that audit is not required in accordance with Section 43(2) of the 1993 Act or Section 144 of the Charities Act 2011, and have opted for an independent examination instead.
## **Respective responsibilities of trustees and examiners**
The Trustees, who are also the directors, have responsibilities for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. These are set out in the Statement of Trustees' Responsibilities in the Report of the Trustees.
Our responsibility as independent examiners of the charity are:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by
- the Charity Commission (under section 145(5)(b) of the Charities Act, · and, to state whether particular matters have come to my attention.
We report to you whether the financial statements have properly been prepared in accordance with the Financial Reproting Standard (FRS) 102 (effective 1 January 2015), the Companies Act 2006 and in accordance with the Charities Act 2011.
We also report to you whether the information given in the Trustees' Report is consistent with the financial statements. We consider the implications of our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements
In addition we report to you if the charity has not kept proper accounting records, if we have not received all the information and explanations we require for our work, or if information specified by law regarding trustees' remuneration and other transactions with the charity is not disclosed.
## **Basis of opinion**
Our examination was carried out in accordance with the Genaral Directions provided by the Charity Commission. The examination includes a review of the books and documents other accounting records kept by the charity and comparing these with the accounts presented. Our examination also includes consideration of any unusual disclosures or
**NEW COVENANT CHURCH**
## **INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
items in the accounts, and seeking explanations from the Trustees. It is imperitive to state here that the procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view. Our report is therefore limited to the statements below:
## **Independednt examiners' statement**
In connection with our examination, we report that no matter has come to our attention, which gives cause to believe that the following have not been met:
- Keeping proper accounting records in accordance with Section 386 and 387 of the Companies Act 2006 and section 130 of the Charities Act; and
- Preparing accounts which accord with the underlying accounting records and which are in compliance with the Companies Act 2006 and the Charities Act: and
- ● Consistency of the information contained in the Trustees Report with the financial statements.
............................................................................... JOHN BOYE FCCA
Jash Burton B'Chaucer
Chartered Certified Accountants Coleridge Road , Croydon, Surrey, CR0 7BQ
Date: 27th October 2023
**NEW COVENANT CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES (SOFA) (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Unrestricted**
**funds**
**Notes**
**£**
**INCOMING RESOURCES**
**_Voluntary income_**
Donations, tithes and offerings
3
107,905
**_Activities for Generating Funds_**
Special fund raising - building project
3
267,187
**_Other incoming resources_**
Gift aid receivable
3
12,884
Sundry income
3
11,134
Interest receivable
4
14
**Total incoming resources**
399,124
**RESOURCES EXPENDED**
_(Costs of activities in furtherance of the_
_objects of the charity)_
Direct Charitable activities
255,386
Management and Support activities
104,548
Governance costs
5
15,636
Finance costs
6
6,962
**Total resources expended**
382,532
**Movement in funds for the period**
16,592
Total funds brought forward
583,574
Elimination/Transfer
(211,418)
**Total Funds as at 31 December 2022**
388,747|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2022**
**Total**
**£**
107,905
267,187
12,884
11,134
14
399,124
255,386
104,548
15,636
6,962
382,532
16,592
583,574
(211,418)
388,747|**2021**
**Total**
**£**
353,785
158,730
61,634
6,057
148|
|---|---|---|---|
||||580,354|
||||204,584
161,220
20,240
27,456|
||||413,500|
||||166,854
416,720
-|
||||583,574|
All of the above results are derived from continuing activities. All gains and losses recognised in the period are included in the above.
The notes on pages 13 to 17 form part of these financial statements.
9
**NEW COVENANT CHURCH**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|**Notes**
**FIXED ASSETS**
Tangible assets
8
**Current assets**
Stock
9
Debtors and prepayments
10
Cash at bank and in hand
**Creditors**: amounts falling due
within one year
11
**Net current assets**
**Total assets less current liabilities**
**Creditors**: amounts falling due after
more than one year
12
**Net assets**
**Financed by:**
Funds
14
**Total funds**||**Unrestricted**
**£**
249,100
1,746
8,655
226,874
237,276
(13,013)
224,262
**473,363**
(84,616)
388,747
388,747
388,747||**Restricted**
**£**
-
-
-
-
-
-
-
**-**
-
-
-
-||**2022**
**£**
249,100
1,746
26,000
226,874
254,621
(13,013)
241,607
**473,363**
(84,616)
388,747
388,747
388,747||**2021**
**£**
511,237|
|---|---|---|---|---|---|---|---|---|
|||||||||2,966
26,000
265,563|
|||||||||294,530|
|||||||||(18,184)|
|||||||||276,346|
||||||||**787,583**
(204,009)||
||||||||583,574||
||||||||583,574||
||||||||583,574||
The financial statements were approved by the Board of Trustees on 27/10/2023 and were signed on its behalf by:
............................................... James Bamigboye
Trustee
10
**NEW COVENANT CHURCH**
## **INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**INCOME**
**_Donations, tithes and offerings:_**
- Unrestricted
**_Other income_**
Interest receivable
Gift aid
Mission/branch contributions
Sundry income
**EXPENDITURE**
**_Direct Charitable Costs:_**
Wages
Statutory contribution
Rates
Honorarium
Travel and subsistence
Evangelism
Welfare support
Training
Pensions
Outreach work
Conferences and Meetings
Missions
TV, Airtime & publicity
Gift and Donations
**_Management & Support_**
Wages
Rent and rates
Insurance
Light and Heat
Telephone
Postage and stationery
Repairs and renewals
Balances carried forward|**2022**
**£**
**£**
107,905
14
12,884
267,187
11,134
291,219
399,124
87,465
9,489
13,460
10,511
7,267
431
32,682
76,731
4,613
587
3,978
4,950
1,500
1,724
255,386
37,485
2,375
1,020
3,849
2,529
552
434
48,244
303,631
399,124|**2021**
**£**
353,785
148
61,634
158,730
6,057
226,569
580,354
99,946
2,636
13,246
2,475
483
14,577
13,975
5,992
9,940
25,731
12,091
2,713
777
204,582
45,402
827
8,083
11,079
4,264
3,872
22,300
95,829
300,411
580,354|**2021**
**£**
353,785
148
61,634
158,730
6,057
226,569
580,354
99,946
2,636
13,246
2,475
483
14,577
13,975
5,992
9,940
25,731
12,091
2,713
777
204,582
45,402
827
8,083
11,079
4,264
3,872
22,300
95,829
300,411
580,354|
|---|---|---|---|
|||99,946
2,636
13,246
2,475
483
14,577
13,975
5,992
9,940
25,731
12,091
2,713
777||
||||580,354
580,354|
|||204,582||
|||45,402
827
8,083
11,079
4,264
3,872
22,300||
|||95,829||
|||300,411||
11
**NEW COVENANT CHURCH**
## **INCOME AND EXPENDITURE ACCOUNT - continued FOR THE YEAR ENDED 31 DECEMBER 2022**
|Balances brought forward
**_Management & Support - cont'd_**
Office and general admin
Computer and equipment expenses
Security Expenses
Musicians expenses
Subscriptions
Hospitality and office expenses
Depreciation - Freehold Property
Depreciation - Plant and Machinery
Depreciation - Fixture & Furnitures
Depreciation - Computer Equipment
**_Governance costs:_**
Legal & Professional
Accountancy fees
**_Finance Costs:_**
Bank charges
Mortgage interests
**Surplus for the period**|**2022**
**£**
**£**
303,631
399,124
1,467
13,760
892
794
9,658
713
3,523
3,056
3,748
18,693
56,303
11,136
4,500
15,636
431
6,531
6,962
382,532
16,592|**2021**
**£**
300,411
580,354|**2021**
**£**
300,411
580,354|
|---|---|---|---|
|||6,309
4,443
1,047
853
9,401
960
9,758
4,074
4,997
23,550|413,500|
|||65,393||
|||15,740
4,500||
|||20,240||
|||1,394
26,063||
|||27,457||
|||||
||||166,854|
12
**NEW COVENANT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## 1. **Principal accounting policies**
The following accounting policies have been applied in dealing with items which are considered material in relation to the charity's financial statements.
## **Basis of preparation**
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011.
## **Funds**
General funds are unrestricted funds available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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 purpose.
## **Tangible fixed assets**
Tangible fixed assets are stated at their purchase or revalued amounts, together with any incidental cost of acquisition.
Depreciation is provided on all tangible fixed assets, from the dates they are brought into use, at rates calculated to write off the costs/valuation over their expected useful economic lives as follows:
|Land and buildings|2%|cost/valuation|
|---|---|---|
|Plant and machinery|25%|reducing balance|
|Fixtures and fittings|25%|reducing balance|
|Computer and other equipment|25%|reducing balance|
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Incoming resources**
Voluntary income, comprising donations in the form of regular offerings and tithes, provides core funding. This is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contributions made by volunteers can be found in the Trustees' Report.
13
**NEW COVENANT CHURCH**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Resources expended**
Direct costs comprise those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Expenditure is recognised on an accruals basis as liability is incurred. Charitable and noncharitable expenditure is allocated to the respective activities and any shortfall is funded from unrestricted funds. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Costs of charitable activities are those costs relating to the activities carried out to meet the objectives of the Church. These include both directly attributable costs and apportioned support costs.
## **Governance costs**
Governance costs are the costs associated with the strategic direction of the organisation and with meeting the constitutional, legal and regulatory requirements of the charity.
## 2. **Staff costs**
Total staff costs during the period were:
|Salaries and Wages
No employee received remuneration of more than £60,000.
The average number of employees during the year||**2022**
**£**
124,950||**2021**
**£**
151,340|
|---|---|---|---|---|
|||21||25|
## **Emoluments to the Trustees**
No emoluments were paid to the Trustees. The Trustees however, are reimbursed for expenses incurred by them in the course of their duties.
## 3. **Voluntary income**
|Tithes and Offerings
Donations
Gift Aid
Other Income
Mission/branch contributions||**2022**
**£**
107,880
25||**2021**
**£**
338,616
15,170|
|---|---|---|---|---|
|||_107,905_
12,884
11,134
267,187||_353,786_
61,634
6,057
158,730|
|||399,110||580,207|
4. **Investment income** Deposit account interest included in voluntary income 14 148
14
**NEW COVENANT CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## 5. **Governance costs**
The governance costs of the charity consisted of the following costs:
|Accountancy fees
Legal and professional||**2022**
**£**
4,500
11,136||**2021**
**£**
4,500
15,740|
|---|---|---|---|---|
|||15,636||20,240|
|6.
**Finance costs**
Bank charges
Mortgage interest||**2022**
**£**
431
6,531||**2021**
**£**
1,394
26,063|
|---|---|---|---|---|
|||6,962||27,457|
## 7. **Net incoming resources**
The net incoming resources are stated after charging the following costs:
|Depreciation||**2022**
**£**
29,019||**2021**
**£**
42,379|
|---|---|---|---|---|
## 8. **Tangible fixed assets**
_All assets are held for charitable purposes_
|**Cost**
Balances b/f
Additions
Elimination/Disposal
Balances c/f
**Accumulated**
**depreciation**
Balance b/f
Elimination/Disposal
Charge for the year
Balances c/f
**Net book value**
At 31/12/2022
At 31/12/2021|**Land &**
**buildings**
**£**
487,881
-
(280,001)
207,880
74,509
(42,761)
3,523
35,270
172,610
413,372|**Plant &**
**machinery**
**£**
105,760
-
-||**Fixtures &**
**fittings**
**£**
71,600
-
-|**Fixtures &**
**fittings**
**£**
71,600
-
-||**Computer**
**equipment**
**£**
205,582
4,122
-|
|---|---|---|---|---|---|---|---|
|||||||||
|||105,760|||71,600||209,704|
|||93,537
-
3,056|||56,609
-
3,748||134,931
-
18,693|
|||96,593|||60,357||153,624|
|||9,167|||11,243||56,081|
|||12,223|||14,991||70,651|
15
**NEW COVENANT CHURCH**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Tangible fixed assets - cont'd**
_All assets are held for charitable purposes_
|9.
10.
11.
12.|**Cost**
Balances b/f
Additions
Elimination/Disposal
Balances c/f
**Accumulated**
**depreciation**
Balance b/f
Elimination/Disposal
Charge for the year
Balances c/f
**Net book value**
**Stock**
Stock of consumables
**Debtors**
Prepayments and accrued income
Other debtors
**Creditors due within 1 year**
Loans and overdraft
Other creditors
Accruals
**Creditors due after 1 year**
Loans and overdraft||**2022**
**Total**
**£**
870,823
4,122
(280,001)||**2021**
**Total**
**£**
885,821
4,587
(19,585)|
|---|---|---|---|---|---|
||||594,944||870,823|
||||359,586
(42,761)
29,019||334,694
(17,488)
42,379|
||||345,844||359,585|
||||249,100||511,238|
||||**2022**
**£**
1,746||**2021**
**£**
2,966|
||||**2022**
**£**
8,655
-||**2021**
**£**
-
26,000|
||||8,655||26,000|
||||**2022**
**£**
7,125
1,388
4,500||**2021**
**£**
11,400
2,284
4,500|
||||13,013||18,184|
||||**2022**
**£**
84,616||**2021**
**£**
204,009|
16
**NEW COVENANT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## 13 **Taxation**
The company is a registered charity and is not liable to corporation tax on its charitable activities Gift aid donations for which declarations have been recieved from the respective donors confirming that the given donation be treated as Gift Aid donation are reclaimed by the charity.
## 14 **Reconciliation of funds**
|Unrestricted funds
Elimination/transfer
Restricted funds
**Represented by:**
Fixed Assets
Current Assets
Liabilities||Balances at
01/01/2022
£
583,574
-
-|Movement in Resources/funds|Movement in Resources/funds|Movement in Resources/funds|Movement in Resources/funds|Movement in Resources/funds||Balances at
31/12/2022
£
600,166
(211,418)
-|Balances at
31/12/2022
£
600,166
(211,418)
-|
|---|---|---|---|---|---|---|---|---|---|---|
|||||Incoming
£
399,124
-
-||Outgoing
£
(382,532)
(211,418)
-|||||
||||||||||||
|||583,574||399,124|||(593,950)|||388,747|
||||||||**2022**
**£**
249,100
237,276
(97,629)|||**2021**
**£**
511,237
294,530
(222,193)|
||||||||388,747|||583,574|
## 15 **Related party transactions**
Other than donations and funds received there were no transactions with related parties during the period.
17