2024-12-31-accounts

Registered Charity Number 1004343 NEW COVENANf CHURCH TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 3111212024 JASH BURTON B'CHAUCER Chartered Certified Accountants & Tax Advisors 27 Gloucester Street, London, WCIN 3AX Tel: [phone] Web: www.jashburton.com El: [e-mail] E2: [e-mail]

NEW COVENANT CHURCH Annual Trustees Report and Financial Statements Year Ended 31 December 2024 CONTENTS Page Legal and administrative inforn]ation Report of the Trustees Independent Examiner's Report Statement of financial activitics Balance sheet 10 Notes to the financial statements 11-12 Detailed Income and expenditure accounts

NEW COVENANT CHURCH Annual Trustees Report and Financial Statements LEGAL AND ADMINISTRATIVE INFORMATION Trustees: Deborah Adeshina Jamcs Bamigboyc Edward Edumijeke Tonye Eke Registered office: 506 - 510 Old Kent Road Berniondsey London SEI 5BA Charity number: 1004343 Accountants and Independent Examiners Jash Burton B'chaucer Chartcred Certified Accountants 27 Gloucester Street London WCIN 3AX Bankers: Barclays Bank PIC Natwest Bank PIC

NEW COVENANT CHURCH REPORT OF THE TRUSTEES FOR THE I'EAR ELYDED 31 DECEMBER 2024 Re istered Chari Iyumber 1004343 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documenL a Declaration of Trust 1991. Organisa¢ional 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 meeling5 throughout the year and Council of Management are directed to proinote the policies, strategies and processes of implementation for the various programmes and projects geared tOW3rd5 achieving the charitable objectives. These are subjected to conslant revieivs to asse5S Outcomes. Risk management The Trustees have a duty to identifv 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. OWECTIVES AND ACTIVITIES Constitution, Objectives and aims and OrganisatiOD of our Work The Objectives of the Church is set oul in ihe Declaration of Twst l ) 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 ihe United Kingdom. 3) The relief of poverty. Principal Aetivities 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 land 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 Faiih 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 201 I, are pleased to report thai 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.

NEW COVELYANT CHURCH REPORT OF THE TRLISTEES FOR THE I'EAR ENDED 31 DECEMBER 2024 istered Charit Number 1004343 Places of worship In the financial year 2024 the Charity h&8 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 c.hristian Worship in the United Kingdom. The branches of the charity meet on Sundays for church services. People from all backgrounds and walks of life are welcomed to a vibranl service with a content of worship, prayers and ihe word of God. Through these services, the unsaved have walked in through the doors and given their lives io c.hrist. The saved have moved from one level of knowledge to a more in-depth knowledge 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 10 log in from their various geographic locations. The online services reached far more members of the public, locally, nationally and even globally with c.hristian worship, teachings and prayers. Some branches have opted to do mid-week in bible studies again in physical space. Beneficiaries have gained spiritual fulfilmeni through sound biblical teachings. resuliing in positive life changing experiences. The Church operates House groups at least once weekly lo provide addiiional biblical teachings in infornial setiings. In addition, we hold Th'eekly Bible Siudy sessions via zoom. These meeiings are open to all. Wilh ihe benefit of zoom meetings, beneficiaries join the bible swdy sessions from differeni locations. On the first ihree days of each month, we have prayer and fasting sessions were held, with breaking of fast and round up prayers via online platfomi zoom. Evangelism Evangelism remains a core value and o￿tre￿h strategy for the church. On the first Satyrday of each month. we have a "'Community Leaf letting Outreach" where we access our local community dislributing leaflets. Through this process, we have seen some people show inlerest in the charity's activities. The church opened ils doors lo the eniire community, with different Communitv Groups regularly making use of the Function Hall. We have a standing leam ministering the gospel io these groups from time to time. Some members of ihe public call in for prayers and to indicale whether thev need assistance and we respond within the scope our charitable objectives. Youth ￿1]nIS¢ry The New Covenant Church Youth Ministry ran vibrant Christian youth pro£rammes weekly for the teenage groups on Sundays which are designed to support their spiritual gromth and help develop positive attributes emanating from Christian teachings and principles. The New Covenant Church held special Youth gospel meetings during year through the youth forum Covenant Culture. The Minster Youth Ministry holds additional youth programme for youths between the ages of sixteen and twenty-one meet. In those weekly Sunday afternoon programmes the Pastor held discussion on life's choices. Throughout the year, they participate in church programmes demonstrating their understatino of Christian teachings, principles and developing skill of public speaking in the church. The Neiv Covenant Church Minster hosted Youth meetings and this expanded to a Kent wide Youth Conference on the 12th and 13th ofJuly ?024. Children Ministry In 2024, the Sunday school ministry focused on building self-confidence and rdising high self-esteem in each child. The children's ministy 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 leaming of the Christian faith. Furthering the Advancement of Christian Faith Covenant Men and Women Outreach Ministry This is an additional outreach ami of the charity which supports the advancement of the Christian Faith. The Charity continued to deliver these programmes in physlcal spaces. The monthly fellowships enabled beneficiaries to continue to grow in the Christian faith by encouraging the men and women's groups io develop their personal relationship with Christ through worship, fellowship, bible study and prayers. The continuance of these programmes has been crucial for the adult beneficiaries, emotional and spiritual wellbeing in still being connected with other church members of the church community.

NEW, COVENANT CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 istered Charit 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 continue to work with refom) organizations to support young people coming out of prison by offering thein opportunities to develop their skills in home refurbishments, painting and woodwork. We also work with reform organization5 to support young people coming out of pri50n by offering them opportunities to exhibit their skills, e.g. in home refurbishments, painting, woodworL etc. The Church also benefits from this as these skills are rendered to the Church free of charge. On Saturday mornings, we teach young ones table tennis. Thi5 keep5 these children ot7 the streets. This is also used an evFJngelism tnnl. The Charity provided Christian Marriage Seminars, to help beneficiaries build their Ma￿lageS in line with Christian principles. The beneficiaries found this most helpful as it addressed issue that could have othenvise 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 15 used to 5UStain basic educational needs of children in villages, where Liberty provided cl&ssroom in rural areas. RELIEF OF PERSONS IN CONDITIONS OF NEED, HARDSHIP, DISTRESS, SICK OR AGED The Charity continues to provide relief to person5 who are in conditions of need, hardship or distress or who are sick or aged. Providing for the Elderly Other Low Income Familie5 The Charity's branch in NCC Transfomiing Lives (fornierly the Peckham location) provided financial support to the elderly. This initiative is also part of our antipoverty strategy lo help needy families. PastorAI Training The charity provided Annual Pasioral Training to equip the Pastoral Teams of the charity, to enable them to carry out their pastoral duties assigned by the charity. This ensured that the best possible pastoral care was provided to the beneficiaries in need. Pastoral Care & Bereavement Support. Branches of the Charity provided care and counselling to bereaved families who 105t loved ones. The charity additionally provides financial help to bereaved families to assist them in times of difficulties. Members and non-members of the church seek such support in such times of loss. The charity provided ongoing pastoral care to beneficiaries according to their needs. The charity's visitation team responded to the needs of those who were be sick at home. or in hospital. CouD5ellillg Service The Church is opened to the community at our various locations. Beneficiaries are seen by appointmenl and walk-in Wednesday and Thursdays between l O.OOhrs and noon. This service is completely free of charge lo the community.

NEW COVENANT CHURCH REPORT OF THE TRUSTEES FOR THE I'EAR ELYDED 31 DECEMBER 2024 Re istered Chari Iyumber 1004343 RELIEF OF POI'ERTY AND HARDSHIP -Mealg Outreaeh Programme & Homtlttsness The charity provides Meals Outreach Programme at ihe NCC Transforming Lives location. Beneficiaries were homeless persons ivho approach the church for assistance. The charity has also provided. outreach in the park where meals and refreshments were also provided. The charity continue to meet ihe needs of beneficiaries. and will to plan year on year to provide for those in need, while advancing ihe Christian faith through provision of places of worship and to coniinue to provide practical community programmes in line with our charilable objectives. STATEMENT OF TRUSTEES RESPOIYSIBILITIES The trustees are responsible for preparing the Report of the Twstees and the financial stalements 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 statemenls for each financial year which give a Irue and fair vie￿. 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 statemenls, the trustees are required to- select suitable accounting policies and then apply them con5iStently- observe the methods and principles in the Charity SORP- make judgements and e5timate5 that are reasonable and prudent- prepare the financial statements on ihe going concern basis unless it is inappropriate lo presume that the charitable company will Continue in business. The trustees are responsible for keeping sufficient and proper accounting records that di5c105e 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 M'ith the duty in section 17(5) of the 201 I 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 infomia(ion of ￿'hICh the auditors are unaware- - the trustees have taken all steps that they ought to have taken lo make ihemselves aware of any relevant audit information and to establish that the auditors are aH'are of that infomiation. FINALYCIAL 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 obligation5 of the charity. A summary of the result of the New Covenant Church's activities during the period is given in the Ststement of Financial Activities. Total income of the charity amounted to £323,758 (2023= £368.787) including income from regular sunday tithes and offering of £71,755 (2023= £54,018)-

NEW COVENANT CHURCH REPORT OF THE TRUSTEES FOR THE I'EAR ELYDED 31 DECEMBER 2024 Re istered Chari Iyumber 1004343 FIIYAIYCIAL REN'IEW- continued Total resource5 expended in the year include direct costs of £231.793 {2023= £219,409} primarily relating to the operational costs of running the charity, and financing costs of £4.995 (2023= £4.9101 majority of which relate to the loan interests. The governance costs were mainly made up of audit fee5 and legal and professional expense5. The governance costs are approved by the Trustees. The total funds as at 31 December 2024 was £370.325 (2023: £427.674) 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 month5 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 airn is to provide a high degree of security and liquidity and to maximise returns whilst adopting a conservative approach. GRANT-MAKtNG POLICY The Charity does not provide grants and therefore do not have a policy on grani-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 donaiions amounted 10 £7,84512023: £11,192) INDEPENDENT EXAMINERS A proposal ihat Jash Burton B'chaucer be re-appoinlment 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 -rrigboyelO(t2B,2025 L9.-36.-27GP4TI James Bamigboye Sign.. - Print: 10124/2025 Date.. ..2025

NEW COVENANT CHURCH INDEPENDENT EL4MINERS' REPORT FOR THE YEAR EINDED 31 DECEMBER 2024 We hav¢ cxamin¢d th¢ financial statements on pages 9 to 17 for the year cndcd 31 December 2023, which comprise the statement of financial activities. the balance sheet and the related notes. Th¢% financial statements hav¢ b¢¢n prepared under th¢ 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 4J(2) of the 199J 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 Truslees, 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 fmancial statements haTre properly been prepared in accordance with the Financial Reproting Standard (FRS) 102 (effective l January 2015). the Companies Act 2006 and in accordance with the Charities Act 2011. We also report to you whether th¢ inforniation given in the Trust¢es' Report is consistent with the financial statements. We consider the implicalions 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 cxplanations we requir¢ for our M(ork, or if information specified by law regarding trustees, remuneralion and other transactions with the charity is not disclosed.

NEW COVENANT CHURCH INDEPENDENT EXAMINERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Basis of opinion Our examination was carried out in accordance with the Genaral Directions provided by the Charity Commission. The examination includes a re&iew 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 iteins 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 presenl a 'lrue and fair, Triew. 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 noi been mel= Keeping proper accounting records in accordance with Section 386 and 387 of the Companies Act 2006 and section l JO of the Charities Act: and Preparing accounts which accord with the underlying accounting records and which ar¢ in compliance with th¢ Companies Act 2006 and the Charities Act: and Consistency of the infomation contained in the Trustees Report with the financial statements. JOHN BOYE FCCA Jash Burton B'chaucer Chartered Certified Accountants Date: 29th October . 2025

NEW COVENANT CHURCH STATEMENT OF FINANCIAL ACTIVITIES (SOFA) (IINCLUDING IINCOME AIND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 Total 2023 Total Notes INCOMING RESOURCES Volunta income Donations, tithes and offerings Activities or Generatin Funds Special fund raising - building project Other incomin Gift aid receiN'able Sundry income Interest receivable 71,755 71,755 54,018 219.285 219,285 252,387 resources 32,638 70 10 42,810 19,563 70 10 Total incoming resourees J2J.758 J2J,758 368,787 RESOURCES EXPENDED (C'osls ofaclivilies infyriherance of ihe objects of the charity) Dircct Charitable activities Management and Support activities Governance costs Finance costs Total resources expended 231,793 94.478 49.841 4.995 J81.107 231,793 94,478 49.841 4.995 381.107 219,409 91,703 4.910 329.860 Movement in funds for the period Total funds brought fon¥ard Eliminationrrransfer Total Funds as at 31 December 2024 {57,J49) 427.674 (57,349) 427.674 38,927 388.747 370.325 370.325 427.674 All of the above results arc derived from continuing activitics. All gains and losses r¢cognis¢d in the period are included in the above. The notes on pages 13 to 17 form part of these financial statements.

NEW COVENANT CHURCH BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted Restricted 2024 2023 Notes FIXED ASSETS Tangible asscts 212.075 212,075 230.891 Current assets Stock Debtors and prepayments Cash at bank and in hand 1.096 22,572 22J,002 246.669 1,096 22,572 223.002 246.669 1,346 22,602 264.030 287,979 10 Creditors.. amounts falling due within one year (19.185) (19.185) (13,OlJ) Net current assets 227.485 227,485 274,965 Total assets less current liabilities 439,560 439,560 505,857 Creditors: amounts falling due after more than one year 12 (69,2J4) (69,234) (77,109) Net assets J70.J25 370.J25 428,747 Financed by: Funds 14 370.325 370.325 427.674 Total funds i70.)25 370.325 427.674 The financial statements wcre approved by thc Board of Trust¢¢s on . and were signed on its behalf by: 241101 .2025 Sign: '.4boy.É Ioct 28: 2025 19".36 2? GldTI Trustee io

NEW COVENANT CHURCH INCOME AIND EXPENDITURE ACCOUINT FOR THE YEAR EfiDED 31 DECEMBER 2024 2024 2023 INCOME Donations, lilhes and offerings.. Unrestricted 71,755 54,018 Other income Interest receivable Gift aid Missionlbranch contributions Sundry income 10 32,638 219.285 70 42,810 252,387 19,563 252.003 323,758 314,769 368,787 EXPENDITURE Direct Chorilable Costs.. Wages Rates Honorarium Travel and subsistence Evangelism Welfare support Training Pensions Outreach work Conferences and Meetings Missions TV, Airtime & publicity Gift and Donations 89,229 8.278 5,954 6.090 409 7.883 46,034 5.099 5,401 7.490 41,334 746 7,845 231.793 87,744 8,095 3,200 5,056 415 15,916 52,750 4,523 620 2,488 25,984 1,426 11,192 219,409 Manogement & Support Wages Rent and rates Insurance Light and Heat Telephone Postage and stationery Repairs and renewals 38,241 1.017 952 6.286 3,915 187 3.485 54.083 33,924 1,429 1,463 3,798 4,809 522 4,003 49,947 Balances carried fO￿ard 285.875 323,758 269,357 368,787 li

NEW COVENANT CHURCH INCOME AND EXPENDITURE ACCOUNT- continued FOR THE YEAR ENDED 31 DECEMBER2024 2024 2023 Balances brought fonvard 285.875 323,758 269,357 368,787 Manogement & Support- conl'd otTice and general admin Computer and equipment expenses Security Expenses Musicians expenses Subscriptions Hospitality and office expenses Depreciation - Freehold Propertv Depreciation - Plant and Machinery Depreciation - Fixture & Furnitures Depreciation - Computer Equipment 1,774 3.788 2,413 7,838 818 701 5,394 562 3,452 2,292 2,811 15,475 12.167 3,849 3,383 1.719 2,108 11.606 40.395 41,756 Governance cosls.. Legal & Professional Accountancy fees 45,341 4,500 49,841 9.338 4,500 13,838 Finance Cosls.. Bank charges Mortgage interests 270 4.725 4.995 406 4.504 4,910 381,107 329,860 Surplus for the period (57,349) 38,927 12

NEW COVEIYAIYT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 haN"e 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 arc unr¢strict¢d funds available for usc at the discretion of the Trustees in furtherance of the general objectives of the charity and which haTre not been designated for other puryoses. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise wh¢n specified by the donor or when funds are raised for particular restricted purpose. Tangible fixed assets Tangibl¢ fixed assets ar¢ stated at their purchasc or r¢valu¢d amounts, together with any incidental cost of acquisition. Dcpreciation is provid¢d on all tangible fixed assets: from th¢ dates they are brought into usc, at rates calculated to write off the costs/valuation over their expected useful economic lives as follows: Land and buildings Plant and machinery Fixtures and fittings Computer and other equipment costjvaluation reducing balance reducing balance 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 forni of regular offerings and tithes. provides core funding. This is recognised where there is enlitlemenL 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 th¢ contributions mad¢ by voluntccrs can be found in the Trustees, Report. 13

NEW COVEIYAIYT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 n¢c¢ssary to support them. Expenditure is recognised on an accruals basis as liability is incurred. Charitable and non- charitable 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 obj¢ctiv¢s of the Church. These includ¢ 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. Staff costs Total staff costs during the period were: 2024 2023 Salari¢s and Wages 127,470 113.080 No ¢mploy¢e rcceived remuneration of more than £60,000. The av¢rag¢ numbcr of ¢mployc¢s during the year 19 19 Emolunients to the Trustees No emoluments were paid to the Trustees. The Trustees however, are reimbursed for expenses inCu￿ed by them in the course of their duties. Voluntary income 2024 2023 Tithes and Offerings Donations 70,655 1,100 71, 755 53,763 255 i4,018 42,810 19,563 252.387 368,778 Gift Aid Other Income Mission/branch contributions 70 219.285 323,748 Investment income Deposit account interest included in voluntary income 14 10

NEW COVENANT CHURCH NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2024 Governance eosts The governance costs of the charity consisted of the following costs: 2024 2023 Accountancy fees Legal and professional 4,500 45.341 49,841 4,500 9.338 13,838 Finance costs 2024 2023 Bank charges Mortgage interest 270 4.725 4.995 406 4,504 4,910 Net incoming resources The net incoming resources are stated after charging the following costs: 2024 2023 Depreciation 18.817 29.019 Tangible fixed assets All assets are held for charitable purposes Land & buildin Plant & s machine Fixtures & rittin Com ui Cost Balances b/f Additions EliminationlDisposal Balances c/f 207.880 105,760 71,600 215,525 207.880 105.760 71.600 215,525 Accumulated reciation Balanc¢ b/f Elimination/Disposal Charge for the year Balances c/f 38,722 98.884 63,168 169,100 1,719 100.603 2,108 65,276 11,606 180,706 42.105 Net book value At J111212024 165.775 5.157 6.324 34,820 At 3111212023 169.158 6.876 46,426 15

NEW COVEIYAIYT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed assets - cont'd All assels are heldfor charilable purposes 2024 Total 2023 Total Cost Balances b/f Additions Elimination/Disposal Balances c/f 600,765 594.944 5,821 600.765 600,765 Aecumulated reciation Balance b/f EliminationlDisposal Charge for the year Balanc¢s clf 369,874 345,844 18.817 388,690 24,030 369.874 Net book value 212.075 230,891 Stock 2024 2023 Stock of consumables 1,096 1,346 10. Debtors 2024 2023 Prepayments and accrued income Other debtors 8,120 14,452 22.572 8,120 14,482 22,602 I l. Creditors due within l year 2024 2023 Loans and overdraft Other creditors Accruals 6,925 7.760 4,500 19.185 6.925 2,661 4,500 14,086 Creditors due after l year 2024 2023 12. Loans and overdraft 69,234 77,109 16

NEW COVEIYAIYT CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 Balances at Movement in Resources/funds Balances at 0110112024 Incomin Out oin 31/12/2024 Unrestricted funds Eliminationltransfer Restricted funds 427.674 323.758 (381,107) 370,325 427.674 323.758 (381.107) J70,J25 2024 2023 Represented by: Fixed Assets Current Assets Liabilities 212.075 246,669 (88.419) 370,325 230,891 287.978 (91,195) 427.674 15 Related party transactions Other than donations and fiu]ds received there were no transactions with related parties during the period. 17

NCCN Accounts and Reports - YE 31-12-2024 - jn (version 3) Final Audit Report 2025-10-28 Created.. 2025-1(h28 By.. John Boye O"[e-mail]) Status.. Signed Transaction ID.. CBJCHBCAABAATeZkKiyS3xtyF11￿1Gl6adHTdyz1utrxj "NCCN Accounts and Reports- YE 31-12-2024 - jn (version 3)" History Document created by John Boye ([e-mail]) 2025-10-28- 6'.19.'46 PM GMT * Document emailed to Seyi {[e-mail]) for signature 202>10-28- 6.'19.'52 PM GMT Email viewed by Seyi ([e-mail]) 202>10-28- 6.'24.'19 PM GMT Document signing delegated to Rev James Bamigboye (i'[e-mail]} by Seyi {[e-mail]) 2025-10-28- 6'.26.'46 PM GMT * Documenl emailed to Rev James Bamigboye [e-mail]) for signature 2025-10-28- 6'.26.'46 PM GMT Email viewed by Rev James Bamigboye (J'[e-mail]) 202>10-28- 6.'49.'33 PM GMT Signer Seyi {[e-mail]) entered name at signing as James Bamigboye 202>10-28- 7.'36.'25 PM GMT o Document e-signed by James Bamigboye ([e-mail]) Signature Date: 202&10-28- 7.'36:27 PM GMT- Time Sourc£'. server Agreement completed. 2025-10-28- 7..36..27 PM GMT Adobe Acrobat Slgn