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2023-12-31-accounts

Registered Charity Number 1004343

NEW COVENANT CHURCH

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2023

JASH BURTON B'CHAUCER

Chartered Certified Accountants & Tax Advisors

27 Gloucester Street, London, WC1N 3AX 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

Year Ended 31 December 2023

CONTENTS

Page
Legal and administrative information 1
Report of the Trustees 2-6
Independent Examiner's Report 7-8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11-12
Detailed Income and expenditure accounts 13-17

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
27 Gloucester Street
London
WC1N 3AX
Bankers: Barclays Bank Plc
Natwest Bank Plc

1

NEW COVENANT CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 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

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 focused Outreach programmes and project providing direct benefits for the public in the United Kingdom and abroad.

2

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Number 1004343

NEW COVENANT CHURCH

Places of worship

In the year 2023, the charity 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.

The branches of the charity have returned to physical spaces church services in their various church buildings every Sunday. People from all backgrounds and walks of life attend vibrant church services of worship, prayers and the word of God. Through these services, the unsaved who attend have given their lives to Christ. The saved have increased their levels of knowledge and understanding of the Christian faith and principles from the teachings received. Some mid-week Bible Studies are still conducted via Zoom, as it keeps the church communities connected, and enable members to log in from their various geographic locations. The online services reached far more members of the public, locally, nationally and even globally with Christian worship, teachings and prayers. Some branches have opted to do mid-week in bible studies again in physical space. 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, beneficiaries have adapted again to the previous process face to face evangelism. The church opened its doors again to members of the public to call in for prayers and to indicate whether they need assistance and we respond within the scope our charitable objectives.

Youth Ministry

The New Covenant Church Youth Ministry ran vibrant Christian youth programmes weekly for the teenage groups on Sundays which are designed to support their spiritual growth and help develop positive attributes emanating from Christian teachings and principles.

The youths actively participate in the Church Celebration services, exhorting, leading prayers and taking announcements. The New Covenant Church held special Youth gospel meetings during year 2023. Due to the success, the charity plans to expand it, and plan to hold a Kent wide Youth Conference in summer 2024, to reach

Children Ministry

In 2023, 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 of the Christian faith

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 in physical spaces. These monthly fellowships enabled beneficiaries 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 have been crucial for the adult beneficiaries’ emotional and spiritual wellbeing in still being connected with other church members of the church community and have prevented isolation and helped rebuild scope of return to public interaction.

3

NEW COVENANT CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Number 1004343

Furthering the Advancement of Christian Faith - continued

Community Engagement

We work together with various groups, charities and individuals to positively impact the community. We engage with these community organisations with similar charitable objectives, to ensure we meet the diverse needs of beneficiaries. We work with reform organizations to support young people & adults coming out of prison by offering them opportunities to develop their skills in home refurbishments, painting and woodwork. In addition there were four prison visits by one of our Prison Ministry Pastor. Christian teachings and principles shared with inmates who demonstrated a willingness to listen, learn and were prepared to make positive life changes.

In addition, on Saturday mornings, a licenced Table tennis Coach was engaged to teach youths table tennis. This project was aimed at helping to keep children off the streets, by engaging them in a meaningful activity. The Charity provided Christian Marriage Seminars, to help beneficiaries build their marriages in line with Christian principles. The beneficiaries found this most helpful as it addressed issue that could have otherwise lead to the negative impact of separation and other social or economic issues.

Working In Partnership

The Charity collaborates with Liberty Making people Free, a charity that also delivers anti-poverty strategy. The support given to Liberty Making People Free is used to sustain basic educational needs of children in villages, where Liberty provided classroom in rural areas.

Emergency relief was provided by the charity through the New Covenant Emergency Relief which responded to the negative impact of natural disasters and conditions of poverty resulting from conflicts of war. The charity also collaborated with other organisations such as Billy Graham Ministries, Family Alive Ministries, NCC Abbey Wood and NCC Charlton, which provided training and strategies in common with our objectives as a Christian Charity.

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 Charity’s branch in Peckham location provided financial support to the elderly. This initiative is also part of our antipoverty strategy to help needy families

Pastoral Training

The charity provided Annual Pastoral Training to equip the Pastoral Teams of the charity, to enable them to carry out their pastoral duties assigned by the charity. This ensures that the best possible pastoral care is provided to the beneficiaries in need.

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 times of difficulties. Members and nonmembers of the church seek such support in such times of loss. 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.

Counselling Service

The doors of the Church are opened to the community at our various locations. Beneficiaries are seen by appointment and walk-in Wednesday and Thursdays between 10.00hrs and noon. This service is completely free of charge to the community.

4

NEW COVENANT CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Number 1004343

RELIEF OF POVERTY AND HARDSHIP

Meals Outreach Programme & Homelessness

The charity provides Meals Outreach Programme every Sunday morning at the Peckham location. Beneficiaries are homeless persons who approach the church for assistance.

The charity has also provided, outreach in the park where meals and refreshments are also provided.

The charity continues to meet the needs of beneficiaries, and will continue to plan year on year to provide for those in need, while advancing the Christian faith through provision of places of worship and to continue to provide practical programmes in line with our charitable objectives.

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:

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:

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 £368787 (2022: £399124) including income from regular sunday tithes and offering of £54018 (2022: £107905).

5

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Number 1004343

NEW COVENANT CHURCH

FINANCIAL REVIEW - continued

Total resources expended in the year include direct costs of £219409 (2022: £255386) primarily relating to the operational costs of running the charity, and financing costs of £4910 (2022: £6962) 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 2023 was £427674 (2022: £388747) 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 six 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 £11192 (2022: £1724)

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

JAMES BAMIGBOYE Sign: …................................... Print: ….............................................................. y

18/10/2024 Date: …...........

6

NEW COVENANT CHURCH

INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

We have examined the financial statements on pages 9 to 17 for the year ended 31 December 2023, 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:

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.

7

NEW COVENANT CHURCH

INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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 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:

............................................................................... JOHN BOYE FCCA

Jash Burton B'Chaucer Chartered Certified Accountants

Date: 19/10/2024

8

NEW COVENANT CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (SOFA) (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
funds
Notes
£
INCOMING RESOURCES
Voluntary income
Donations, tithes and offerings
3
54,018
Activities for Generating Funds
Special fund raising - building project
3
252,387
Other incoming resources
Gift aid receivable
3
42,810
Sundry income
3
19,563
Interest receivable
4
9
Total incoming resources
368,787
RESOURCES EXPENDED
(Costs of activities in furtherance of the
objects of the charity)
Direct Charitable activities
219,409
Management and Support activities
91,703
Governance costs
5
13,838
Finance costs
6
4,910
Total resources expended
329,860
Movement in funds for the period
38,927
Total funds brought forward
388,747
Elimination/Transfer
-
Total Funds as at 31 December 2023
427,674		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
£
54,018
252,387
42,810
19,563
9
368,787
219,409
91,703
13,838
4,910
329,860
38,927
388,747
-
427,674		 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
583,573
(211,418)
388,747

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 2023

Unrestricted Restricted 2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 230,891 - 230,891 249,100
Current assets
Stock 9 1,346 - 1,346 1,746
Debtors and prepayments 10 22,602 - 22,602 8,655
Cash at bank and in hand 264,030 - 264,030 226,874
287,978 - 287,978 237,276
Creditors: amounts falling due
within one year 11 (14,086) - (14,086) (13,013)
Net current assets 273,892 - 273,892 224,262
Total assets less current liabilities 504,783 - 504,783 473,363
Creditors: amounts falling due after
more than one year 12 (77,109) - (77,109) (84,616)
Net assets 427,674 - 427,674 388,747
Financed by:
Funds 14 427,674 - 427,674 388,747
Total funds 427,674 - 427,674 388,747

The financial statements were approved by the Board of Trustees on …................. 18/10/2024 and were signed on its behalf by:

Sign: …....…..........................................

JAMES BAMIGBOYE

PRINT:…..............................................

Trustee

10

NEW COVENANT CHURCH

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
£
£
54,018
9
42,810
252,387
19,563
314,769
368,787
79,156
8,588
8,095
3,200
5,056
415
15,916
52,750
4,523
620
2,488
25,984
1,426
11,192
219,409
33,924
1,429
1,463
3,798
4,809
522
4,003
49,947
269,357
368,787		 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		 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
79,156
8,588
8,095
3,200
5,056
415
15,916
52,750
4,523
620
2,488
25,984
1,426
11,192		 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
399,124
399,124
219,409 255,386
33,924
1,429
1,463
3,798
4,809
522
4,003		 37,485
2,375
1,020
3,849
2,529
552
434
49,947 48,244
269,357 303,631

11

NEW COVENANT CHURCH

INCOME AND EXPENDITURE ACCOUNT - continued FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
£
£
269,357
368,787
2,413
7,838
818
701
5,394
562
3,452
2,292
2,811
15,475
41,756
9,338
4,500
13,838
406
4,504
4,910
329,860
38,927		 2022
£
£
303,631
399,124		 2022
£
£
303,631
399,124
2,413
7,838
818
701
5,394
562
3,452
2,292
2,811
15,475		 1,467
13,760
892
794
9,658
713
3,523
3,056
3,748
18,693		 382,532
41,756 56,303
9,338
4,500		 11,136
4,500
13,838 15,636
406
4,504		 431
6,531
4,910 6,962
16,592

12

NEW COVENANT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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		 2023
£
113,080		 2022
£
124,950
19 21

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		 2023
£
53,763
255		 2022
£
107,880
25
54,018
42,810
19,563
252,387		 107,905
12,884
11,134
267,187
368,778 399,110
  1. Investment income

Deposit account interest included in voluntary income

9 14

14

NEW COVENANT CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Governance costs

The governance costs of the charity consisted of the following costs:

Accountancy fees
Legal and professional		 2023
£
4,500
9,338		 2022
£
4,500
11,136
13,838 15,636

6. Finance costs

Finance costs
Bank charges
Mortgage interest		 2023
£
406
4,504		 2022
£
431
6,531
4,910 6,962

7. Net incoming resources

The net incoming resources are stated after charging the following costs:

Depreciation 2023
£
24,030		 2022
£
29,019

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 31/12/2023
At 31/12/2022		 Land &
buildings
£
207,880
-
-
207,880
35,270
-
3,452
38,722
169,158
172,610		 Plant &
machinery
£
105,760
-
-		 Fixtures &
fittings
£
71,600
-
-		 Fixtures &
fittings
£
71,600
-
-		 Computer
equipment
£
209,704
5,821
-
105,760 71,600 215,525
96,593
-
2,292		 60,357
-
2,811		 153,624
-
15,475
98,884 63,168 169,100
6,876 8,432 46,426
9,167 11,243 56,081

15

NEW COVENANT CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
Total
£
594,944
5,821
-		 2022
Total
£
870,823
4,122
(280,001)
600,765 594,944
345,844
-
24,030		 359,586
(42,761)
29,019
369,874 345,844
230,891 249,100
2023
£
1,346		 2022
£
1,746
2023
£
8,120
14,482		 2022
£
8,655
-
22,602 8,655
2023
£
6,925
2,661
4,500		 2022
£
7,125
1,388
4,500
14,086 13,013
2023
£
77,109		 2022
£
84,616

16

NEW COVENANT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
01/01/2023
£
600,165
(211,418)
-		 Movement in Resources/funds Movement in Resources/funds Movement in Resources/funds Movement in Resources/funds Movement in Resources/funds Balances at
31/12/2023
£
639,092
(211,418)
-		 Balances at
31/12/2023
£
639,092
(211,418)
-
Incoming
£
368,787
-
-		 Outgoing
£
(329,860)
-
-
388,747 368,787 (329,860) 427,674
2023
£
230,891
287,978
(91,195)		 2022
£
249,100
237,276
(97,629)
427,674 388,747

15 Related party transactions

Other than donations and funds received there were no transactions with related parties during the period.

17