NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH I A CHARITABLE COMPANY LIMITED BY GUARANTEEI COMPANY REGISTERED NUMBER 06765744 CHARITY REGISTERED NUMBER .' 1130858 REPORTS AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 llwllllllllllNllllMI "A8DI65Q3' COMPANIES HOUSE NEW COVENANT CHERUBIM & SERAPHIM MOVEMENf CHURCH I A CHARITABLE COMPANY LIMITED BY GUAAANTEE) Roport and accounts Contenls Company ￿lOrma￿On Trustees, repJrt Stralegr¢ repjl IndeFendent aLKJitorfs report Income statemeni Slalement ol comprehensNe income Statemenl ol linancral posittt Slatemenl ol changes in equty Notes to the fina￿la1 statements 10 12 13- 18 NEW COVENANT CHERUBIM & SERAPHIM MOVEMEKf CHURCH I A CPIARITABLE COMPANY LIMITED B Y GUARANTEEI Company Infomiation Tru$lee$ Mrs Oluwaloyin Fathe I Chairman) Mr Adeleke Johnson Ivice Chaiimanl Mr Tolulope Adety)wale 0yew0￿ Isecrelary Special A￿stle Allred OLqdikY) Jegede I Church Pastor) Mr Michael Ajibola Adekunle Akande Imemberl Mrs Bosede Adetr￿la ljelu Iuemberl Ihrs Ornolola DetK)rah Okulutl) (Mem￿rI Sgcretsry Mr Tolulope Adelx)wale Oyewole Isttretaryl Aud+lor$ SM Harrnan Limiled TIAS HanY¢an & Co Chartèred Certilied Accountants & Registered Avdiiors 261 Green Lanes Palmers Greèn L￿don N134XE R•glst•r•d ollice 333 HwJh Road, Woc¥J Green. L0ndC￿ N22 &JA Reg[$te￿d fftumber 06765744 NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH A CHARITABLE COMPANY UMrrED BY GUAIIANTEE) Registe￿d Nurnber.. 06765744 Charity Registered Number.. 1130858 Truste¢s' Raport Th? Iru$iees are 8150 (fir¢ctus G4 The Ihg W￿￿>$e$ ol Ihe CrynparMe¥ ki, presem their rwyt and linar￿al statements for ts year entsj 31 Dwitw 2021. Structure. Governance and Management New Covenani Gheruts"rn & Seraphim movem￿ Clwrch i% a d￿rta￿e Cfmpany wh¢ti was ests￿l$hed for chantai48 wrpus8 for puLkl'c bèn8fit in Ewiand ar¥J Wak%, was register￿ ¥h￿[h Companies H￿$8 on 4th Decemtrw as a F¥ovate r￿panY Inniled trty warantee, arn1 Charity commtssion on 301h JLty 2LK8 as an irtL¥por*ed charw. Gov•tning Oocumenl Th8 incorFNNaled chamy is gov8med by ts M￿n￿alKI￿n Arith ol Aswation ethrA•Y on 7th July 2013. chariiable company has ￿ share ¢apW. txrt in tt* eveni of bw.no LW, members. guarani80 is lim1t￿ lo Ton wu4kls1£101. Tru51ees Se18Ctlon M•tlwds I￿ludIng Delalb od any¢onstHulJonal PrO￿$10n$ The govern￿9 O(¢umeni provYJes for a maximum ol Thne191 Dire(aorThrustees who have a lite 4) of three twms ol ye￿5 each aller v*lKh that zre r*Jt *it4e for the Board until ￿ years gave ¢¥sed. The Dire￿Or￿TruSteeS ￿ se*c1ed ty se*t1￿ Cfmmrf¢ee set up lot th* wrpose. The Commrtiee wovl¢J screen and inte￿W the cand*Yale5 r￿0￿r￿end￿j lo Ihem ty Ihe mernber5 of the tharty who musl not be under 25 ye￿$ ol age. The car*fidal8s **re *0 s￿leCt 10 ¥Mritual screening aft wh￿h thay are preserrted 10 the men4)ers ai Gone￿ MeeiTh¥J or a Ger*r Moetirg for ratrftatw. Tru*ee In(k*i1￿ •nd Trtining Director5 and Tiuste￿ are in¥oW in Thniry w&Jrammes thai are lun ty the Churcb a￿j ollered wolessional adv¢e a$￿a￿e by exTrmat CmSLthlS the execuiion ol tsir duties as Direciors and Twsiies ol the Charitab￿ company. Additionally. new Trustees are in￿led aThJ erKouiaged its attend a serie5 015hort training se5SQnS to farniliarise Ihemsèfves with Charil*e Cornpany and the ￿lexI whKh it operales. These arè join￿Y led by Churth Pastor and Ch*r ol of D¥eckKs 8Th1 Trustees. the Iraniffj departmert The Board of Diie¢tOts 8TrJ Tnjslees rneel regulaty are respJnsbk tor Ihe sirategK direction and of Ihe charity. The operational lor nJnnir¥J of the char¢ty *ith Ihe th.raci￿ and Trusiees. The 8oard of Owe￿￿1$ Trusw is r¢Sk￿l￿e lor eftsuriro thai chanty achieves its aim. The E¢def5-in-CourKil were aFpJited lo mar*ge the Operatty￿a affalrs ol Ihg Churth ￿ li￿ wlh Ihe dourlne aThY princip￿$ ol our Iwth. Thg 24.rnember Elder94n.Courril led by the C￿l£h P&s￿r *0 as Ihe Chwrman of the District Clyllpiue 10 func￿￿ as ¥eqmd ￿ manage the c1￿¥¢h elltthdy as Llreeted ty Ihe Trustees and led by Ihe Writ ol Gc#J. The Chuich is a part of a rel¥i(ws organisaiw i.e. The CherLtJim an(1 Seraphim Vernenl ClyJrch. the Structure of this wi%aboD ha5 a for L¥ath rtsatbJn aTr managernenl under ChslrKIs. The Covenant Church has been wmiwj as part ol 01str￿ 3fiLI iho Stru(Xure to create wnanage tYarKhes. This rwt arKI brwKh strLthre ieLate ontyto the Church arKI (*Des not inc&wJè th8 manageff*nl ol the linrfed LY corywty or w$te￿d ctrwrty. NEW COVENANT CHEAU81M & SERAPHIM MOVEMENT CHURCH I A CHAFIITABLE COMPANY UMITED BY GUARANTEEI Regisle￿d Number: 06765744 Chanty Regstved Number: 1130858 Trust￿$. Report Communication We make it a kx)ini ol to m•mi*ts of koy th¢isiyts ol Iho Board. Thè Board IK4Js rneelings with stake1￿Iders 10 consuN on. or commynKaie imrxytam issues th8 Chanty. Paslorale The pastorate contirnJes to ￿l¥j on b)ard leaders coverir¥J L*partmerts ur•ts acxoss tl* Chulch in a bid 10 51rerbJthen pastNa Serv￿& in the Admlnlslratl¢>n The Ch￿￿h'S Atkninistr*ion olke remwns an *clwe d*iThJ fty the Clvch its ¥arts)us or9ans. Principal acti¥ilies The companls athity duriNJ Ihe ¢onbnued to be a ¢haritaUe Company. d)je¢iive of wtKh are its)se of a rel¥ious oroanisatiom tor the a￿tan￿meNt of Christian tsel*ves. This incIL￿e5 worship ar￿ the ifivc4vernenl ol varAJus miTrslries and minStr￿S ol relig￿0 propagalir¥J Christian 18n8ts to rnembws and non.memb¢rs of tho Church al Wa￿)￿5 meeting$, a￿1 provwsiffj SU￿ort services thai ￿re$S Ihe needs of ow meMt￿$ arNJ Wl ¢Aimmundy. ljoard ol Irvsioes ¢C￿ltsr thai in so Ihe ch￿ilable ¢￿varty É *JirKJ ICK Ihfr ber￿41. Tru$*ts The followTrJ person5 served as TnJst8es dunrwJ the year: Mrs Oluwaiown Fales• I Chamianl Mr Adekke Johnson Ivre Chairman Mr Toluknpe Adetowale ISecrg10ry) Spe¢iJ Aposlje Mlr&1 Oladiw Jegede I Church Pasior) Mr Mi¢hael AjiLwAa Adek￿￿￿ ￿￿ande Imemèwl Mts B05ede Adetda ljelu Imemterl Mrs Omdola Othrah Okuiuto Iltsmber) Trustees. responsfjb1w￿e$ The trustee5 are iesponsib* lor &We￿rI￿j rer#Nt slaiefflents in ar£Or￿an￿ with aprA¢ab￿ law arx1 regulaior6. Company law iwires the Tnjsiees to propwe finarK1￿ slalorn8nt5 each I￿￿al year. Under Ihat law the Trustees have ekcted to prepare the finaroal 5talemenls in accordarte with Unilwj 'ngdom Generally Accepted knounting PrauKe (Fina￿￿￿ R8pytir¥J Slandard 102 and applKabl8 lawl. Under company ffte Trustees musi nc4 aFvove Ihe financ4al st21ements unless they are Satisf￿d Ihat they o￿t a true fair wew of Ihe si*e of aflwrs ot the company arhy of the prtsfil or Ios5 01 the Gompany for thal pericrfj. h prepwry Ihese Staternen￿ the trustees are required to.. selecl Suita￿ acwunling w￿leS aThJ then W tW ￿$￿81￿1￿." make1￿Ygements arKY esbm*es Ihat are reasonatde aNJ w￿1,. stare %¥hether a￿￿able UK Accwnliry SlaTrlards have been folhy**d. suti8ct to any matwi departures ¢*scJJsed eyplained li th8 finan9￿ stsiemenis.. prep￿e the fina￿￿11 statements the g)ing concern t￿$ unless it is ¥Wpr￿riale to presume thai thg cofflww *ii (WlinL* in NEW COVENANT CHERUBIII & SERAPHIM MOVEME14T CHURCH { A CHARITABLE COMPANY UMITEO BY GUARA14TEEI Registered Nurnber: 06765744 Chanty Regisiered Number.. 1130858 Trustees. Report Trnsw. Report The Trustees are respoffts&)￿ f¢y keepNJ athuats aCcount￿￿j re￿rdS tlwt are sUf[￿en1 to show anLI exp&iTh ihe companvs tran5aclws dEd05e vrith ieasonabLg accuracy al any time Ihe financi￿ of the LY)fflpany aFxJ enatA8 hirn to en5Lxe thal the lin￿1￿ *atements comtyy wrth the CKAnpanies Aci 2006. He is akn responsth lor salgJJardiNJ the asse15 of Ihe Company a he￿ for iaking rea$￿ab￿ St￿ for detect¥￿ ol fraud arbj olher Irlegukrit￿. Dlsclosure ol Inlormaiion to •udiiors Each pèrx)n %*tto was a Iru5tee al the t¥ne thi5 feFrKt wa5 aryoved thai.. • so lar as helshe Is a*￿, thtre is no re*vart aL*S1 fftl1mal￿ (4 cx)mpanls auditor is Unawa￿." a￿1 holst￿ ha5 tak￿ ￿1 Step￿ that helsh8 C4b3ht to ha¥e taknn &8 a twstsg in ryder to m*e Iurn5dtthersdl aware ol any le￿Vart athaf( arnl to esiatAS$h Ihat the c47)panls auditor s aware ol thai inl¢xrnaKJn. by th8 board on 8 SeO8rrther 2022 and s￿ned on its Mts Oluwalwn Falese Trusieo Tiust88 NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH Strategic Report Exodus 8..22 I will sel apart in that day the tand ol G05tw. in vthich my people dwell. Ihat no swarms ol flies shall b8 there., lo the end. you may know that l affl the LORD tn th8 midsi ol thè èarth. We give all glory, honour and adoration lo our King, OUT maker and our Masler, the one who sitteth in heavens and made th¢ earth His lootstool. W•ithwt WIKJ we wll not exist.. We know thai il the Lor(I had noi teen on (¥Jr side the waters wouhd have overwhelmed us. aTrJ the stream gone over our soull The year 2021 was a year of reflection for us all. Ivl ol mixed emolicffls. a year vthen covid came in the form ol anothèr spread ol th8 Do113 vanant ol COVIt>19. A year whgn we were allowed 10 WIY5hip together under stringent guhlelines. a year when we hand to worship in buttjles, with masks, where hand sanrfizaiton arKI teMperatL1￿ takn￿J ￿fOre enterirkJ the sarKluary was a mtjst. A lot of our brelhren fost their irtorng or tsir bJsinesses. some were sKk. arnl. sadly. some ol our loved ones passed unto Gbry. Sltll, we thank Goj for His faithlulness, lor thè &'t40 says 'For our I￿ht and momentary troubsgs are achieving IOT us an etemal gbry thai lar Ou￿￿.gh$ Ihern all. 18 So we fix our eyes on what is seen, bjt on what is unseen sirtt what is seen is tempjrary. wthat is unseen is eternal. 2 Corinthians 4."17-18 God has truty been faithful and showed limself mightily in our ¢hur¢h. We take this lime lo appre¢iat8 JI OLJr Church ¥¥orker5, e5[￿lalty the protocd and contsngency tearn who had to be innovative. patient and cautious. SOME OF OUR ACHIEVEMENTS INCLUDE". 1.PutlirvJ 5yStem5 in ￿ace to ensure easy proces5irwJ. trartsparerry. arbj accountabilty 2.24n AYONI radio slaiion was launched as pan ol our vision - this year Thi5 has aLso brought ￿Ore people to eThJage wlh us d￿rt￿lY and increase our mernbers physully wth God addiw more members to us. 3.providing payment ¢ards to departments, aThJ having trJhter financial controls 4.24n Digital Church start&J with us currentty running daity 9am Morning Devotion and OILMa gbami - this year (currently we have over 100 Feople eTrJaging S.In Corn￿lance to our rM)licy 014 yeaf twm ol every HOD. some ol our department heads were changeed by the Companies Act 2(q)6 In our opinion. based on the unLlertaken in Ihe course of the au(Jrt". • the inlofmaiion given ifi the strategt rèport and th8 dire¢knrs' rewjrt for thè year for thch ihe fi'na￿1 statements ate prepared is c(¥￿i$lentv￿th Ihe fifiantyal siakmeftts." a the siraiegic report and Ihe dire¢l(*s' iewt have prepa￿￿ in a¢eordatKe with appltatle legal reqU1￿Ments. NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH I A CHARITABLE COMPAMY UMITED BY GUARATrifEE) Independent auditor's report lo the members ¢1 NEW COVENApif CHERUBIM & SERAPHIM MOVE1IEP￿ CHURCH Matters on whkh we are roquired to report by oxception In Ihe Iighl ol the knovledge and under51antliry of Ihe c¢Mtpany its obtwr*d in the ¢¢uts• of the aLKIit. have mt identilwj rnalErial misstaiernerns in the svaiegic re￿rt or Ihe directors. ieport. We have nolhing to report in resFecI ol the malters in re￿tion to the cO￿￿ne$ Aci 2006 requires ￿ to r8wJrt to you if, in our eFwrkion'. • adequate aceountiNJ records have been kepi. or feLYns **uate fc¥ ￿ athlit Trjt been re¢sNèd from brarrhes not viqiled by us.. or • the linan¢ial stsiements are nol in ag￿ement wth Ihe accounlry r￿ordS aThJ relums", or • certain dssclosures of directors, remUneral￿n speufied by are made.. or we hove nol w¥ved all Ihe inli)mIatit￿ a￿j ewIanat￿s wuiffj for our avdiL Respon$lbllttl•s ol dlwe¢tors As explained MO￿ lully in Ihe ¢Irec￿lS. respons*#"lil* *atemeni. Ihe direthors are reSp)nsIb￿ for preparaiion of ihe h"nantsal staternents and lor beiry satisfied that Ihey give a Irue fair view, and for suth intemal ¢ontrol as the dioCto￿ deiermine is necessary ￿ enab￿ weparation of statements thai are Iree from maiérial rnisslateff￿n1, whether due to IraLM1 or error. In kyeparing Ihe finarttral statements. th8 th'réeiots are r*S￿nSitIe for as¥èssffig thè cornpany'$ *lily to continue as a gfyno Car￿ern. L1isdosing. as app11catde. mamers relaied 10 going concern and usiThJ the going cortem bays of accounliThJ unless the directors eithw inleThJ to c(Miyary or lo r*ase opWa￿n$, or have no roalists'c alteinalive but to do so. Audiiofs r•sponslknllli•s ft*r Ihg audii of fiMn¢lal slat•M￿lS Our objectives ale lo obtain reaSona￿e assurarte atx)ut ￿tte1her the thnaroal siaiernenls as a whole ￿e free from maierial missiatement, whether due to Iraud or error, and 10 issue an auditorfs report that includes our O￿nien. ReasonatrAe assurance Is a hwjh levd ol a$sUra￿e is rK>t a guaraniee Ihat an audil cornlucieo in accor(tance ISAS IUKI will always deteci a material misstalerrenl when it 8￿$ts. thsslatements can arise from frdud or error and are congdered maieri81 if, indNK1uaNy or in the agoreoaie. Ihey toukl reasonabty be exp&￿e￿ lo ln11uer￿e Ihe economic decisior6 of users laken on Ihe t>asis ol Ihese finarK1￿ stalenwits. IrregularTTres, InclLKJing traud. are Instan￿S of non-com￿lance v•ilh laws and regulations. We design procedu￿$ in line Ih oui resry)nsitNlitses. ou111￿ above. 10 maierial Misstat0￿Thts ITr rest*￿ ol Irregu￿rIbes, Induth"r*J Ifaud. The è￿ent to wh'eh tyjr arè capth of delectsr¥J ￿reg￿arn1￿. inckn1ing fraud is ¢Jekn'le(I t4w.' A further descr￿￿tiON ¢f ¢yJr re5pDnsitylrlie5 lor Ihe ol Ihe financiat 51alernent5 is avaiLatsle on the Financial Reporbng Coun¢il$ **bsit? at ￿¥w.Ir¢.O￿.UhJa￿"tOr￿es[or0ftJI￿.IIe$. Th"s descri￿R)fi forrns part of wrawjiior's rekKirL U8¢ gf our igport This report is maée sd8ly 10 ￿mpanY'S rnernbe￿. as a toty, ￿ accordance writh Chapter 3 01 Part 16 01 th8 CompaDi8s A¢1 2006. (]Jr au¢*'t work has ￿en uThJert3ken ￿ ihat we mighi to Ihe Companys members t￿)$8 Matters we are required to state to them in an audiio¢s rep)rt and for no othei purpose. To the lulle51 exlenl perrnitted by Eaw. we Llo not accept or assume respxJnsib"l¢ty to avyon* oth8¥ Ihan thè eoTTwy thè companys members as y, for our audtt work, for Ihis report, or for the have lom)eLI. (Sentor Siaiulory Audiiorl fcr and on behail ol SM Hamian Limited TIAS Hanman & Co Statutory Auditor September 2022 261 G￿n Lanes Palmers Green LonLk)n N134XE NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH ( A CHARITABLE COMPANY LIMITEO BY GUARANTEEI In¢ome Ststement lor the year ended 31 December 2W21 2020 Income 373.294 302.594 Gross Income 373.294 302.594 Adminisiraiive expenses {190.5251 1245.0871 Operatlng In¢omo 182,769 57,507 Interest re¢eNable Interest payable 515 116.3661 2,242 117.8741 corne on ordlnary acllvttles before taxalSon 166.918 41.875 Tax on income on ordinary acINit￿5 Incoffle for the financial year 166.918 41.875 NEW COVENAiif CHERUBIM & SERAPHIM MOVEMENT CHURCH I A CHARITABLE COMPANY LIMrrEO B Y GUAAANTE Stalemenl of Comprehenslve Income for the year ended 31 December 2021 In￿me for the flnancial year 166,918 41.875 Other comprehensive Incomo Tolal Comprehenslve Incomo lor the year 166.918 41.875 10 NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH { A CHARITABLE COMPANY LIMITED BY GUARANTEE) Statement of Financial Position as at 31 December 2021 Notes 2020 Flxed assets Tangible assets 2,102.384 2,141.104 Cun•nt assèts Stocks Debtors Cash al bank a￿1 in hand 2.166 42,624 583,810 628.600 2,166 38.655 412,484 453.305 Credltors.. amounts f¥lllng due within one year {114.4601 (109.6531 Net current asset$ 514.140 343,652 Total assets less current liabilities 2,616.$24 2,484.756 Creditors: amoun1$ falling due after more than one y￿r 10 {490.179 1526.1811 Net assets 2.126,345 1.958.575 Capital •nd rèserves UnreslTiCted Funds= General Reservès Resliicted Funds.- BuAd Maintènance FurKI 1,780.365 1,613.447 12 345.980 345.128 Total equity 2.126,345 1.958,575 Mrs Oluwaiown Falese Trusteo Approved by the board on 8 September 2022 Mr Adeleke Johnson Trustee NEW COVENANT CHERUBIM & SERAPHIM MOVEMENT CHURCH I A CHARITABLE COMPANY UMITED B Y GUAAANTEEI Statement of Changes in Equlty for Ihe year ended 31 December 2021 Unl￿trICt0d R•stricted Other Funds Funds reserves Profil and loss account Total At l January 2020 1.571.572 344.917 1.916.489 Total ReceN8J DuriThJ Ihe Year 16211 16.211 Total Expensed DuriTrJ the Year I16.￿0> 116,0001 Nei income for the tinancial year 41,875 41.875 Al 31 De¢wnber 20YJ 1.613,447 345.128 1,958,575 At l January 2021 1.613,447 345.128 1,958,575 Total ReceNed DuriNJ the Year 3,870 3,870 Total Exws¢d During th¥ Yoai 13,0181 13,0181 Nèi incoma lor tt)è finantial y•ar 166.918 166,918 At 31 Oecembef 2021 1 7￿,365 345,980 12 NEW COVENAMT CHERUBIM & SERAPHIM MOVEME1￿ CHURCH I A CNAAITABLt CCQAPANY LiiirrED BY GUARAIITEEI Ngtès to the Accounts for the year ended 31 Dec•mb•r 2021 1 Sumrnaryol #ignit￿8￿19¢£wrt1￿g pollchjs B•*solpr8Wf*lon The linanoJ *aiements have been wetwed uThJèr IhÈ historic￿ tA)St ctnventim aThJ in accordance vAth FAS 102. The Finanty¥ Reportiry SiaTrlJd arf4cable ir¢ ts UK and of IrelarKI. Income Inco￿* L% ffleasured al fv fair ol the con>dwaiK)n rEtweLI or teteivatle, net ￿ dr￿DuntS and vlue *ded taxes. Irwmg iw1￿5 ieverne earned Irom I￿ sale of goc¢Js and Imm the iendeiing of s8MC8s. IncomÈ tN)m thts salt ot ryxxts recogni5ed Yknen tre ￿nitiCant I￿S and iewards ol a￿ers￿ ol Ihe gotrjs ha%* transfwred to the bJp. Ir*ome Irorn the rerxknng of ntices Is r8cogrH5Ed by refererKe 10 Ihe *a3e of ol contr￿. The stage of mplÈtiM ol a contFa¢t 1$ measured ty compwing fv costs for th F¢rforme¢J to dai• 10 Ihe wal esuma￿d ¢))*s. t8ngible fixedassets Intangiue fixed a&88ts are mBwied atutst18ss a¢wThwfaiNe and wy pairment l)55es. Tangible lixedassets Tangl￿¢ fixed assets are meaf4Jred ai *ss attumLrfaiive deprea&ion aTKt any *Lurnulalive wnp3irmÉnt k)5ses. Depreaatxin is pro￿￿xI on iar#Jible fixed assets. otsF Ihan Ireefokl ￿nd. at raies cafoJlaied to *Tite off *ss estima*d v*Je. d ea¢h assei e%enly overi exwcled useful lrfe. a5 Fre8hc4d twibJ'rMJs Leasehokl la￿ a￿ lJuVIirys oior vehides fix￿￿S. filbrys. iooL5 and •wIl￿ern o¥er SO )Ears straHJhl li Is% Perar￿UM on a rtdww b•¥$ 20*pwan￿rn on a redudng ts￿ance ba￿$ Inveslmeniprnperty W￿rneD1 WOP8ffy Is ini¥aty recoJritsed ai o)st S￿nty ai ￿ vah*. Changes in Value are recr4nEed in hjss. Inveslments hives¢ment5 in 5ubsK*aries. associates a￿¢ Fint ventures *e measured ai cost *ss any accumulated wnpajimeni ￿2$. L$ted inve5tr*nts are meawred at fatr vlue. Unlisted veslrnents are measured ai fair tsrless the Val￿ tannot t* m¢asurtrJ r&abty, in ease Iheyare ￿aSl￿ed al cost le&s anYar￿MuraIeJ impairm￿1 losses. CharMJes in lir TrRIL* ale dutsj in the wofrt ar¥J k15s aCc￿￿L Sto¢ks Siocks are measured 31 of c(6t arvj 8stynaleLI wt8 k8SS Costs to comp4818 and sell. Cost is detomiir*d ugNJ the fitst ￿ liN rneVK#Y. Tr carrwrwj ar￿￿1 ol 15 recognised as an expense in the perMNI the related fe¥wwe ts recouiwsed. MEW COVENAMT CHERU81PA & SEAAPHIM MOVEMENTCHURCH I A CHARITABLE COMPANY UMITED 8V GUAAANTEEI Notes io Ihe A¢eounts for the year ended 31 December 2021 Dobtorn Short term tYeblOT5 are measured al tran5acthin kwir* (which 15 usually Ihe In¥c#ce w￿?1. *ss any IM￿1rMert losses for ¢Jetis. Loarts aThJ lxhw finanriaf asset5 are initi¥ly r8cwnis8d ai transacDon any tsansaction fX)sts and sthseowrfy measurÈd at amorti*d cosi determined uwry tt* ett￿t￿e interest metW. ￿$S any impalm￿rn losses fc* bad and dothtftjl debts. credi￿ S￿)ll term creoiiots arg mea5uiEd al IransacJon Is usu* fv ifNOKO FYf81. Lo and Oihef linawal liaknlitr8S ar6 initsaty ie(x)gtHsed at transattion wce Mi ol rM)sts d 5ub5equenlly ￿￿asured * anhJr058d ￿SEd￿teM￿n￿j I￿ry IhÈeffethe Wl*re* methtyl. A current lax 1lthh.ty is wised for ts thx paydtle on IhB laxatAe Fyolil c￿[￿nI arxl pasl r￿. A current lax ass￿ is rwrM5ed in ie¥ect ol a tsx knss that can be car￿d 10 iecov8r tsx paid ifi a previous peri(wJ. Deterred tax 15 recr4JrMsed in re¥￿1 vmirvJ rfifferer￿S b8Men Ihe ¢ecogrMlion ol irLthme 8NI expenses in thÈ staiÈwts and their ¥rkJ5K)n in lax as595sments. Unrelieved lax knsses and ol￿r deletyed assets are tecognised Dnty to the exieni thai il is Ihal they will rTher•Y again* the r8¥8rsal ol 08f8rred lax 14q￿lIt￿S oi otr*r luiure taxab￿ proljts. Deferred lax 1$ rwgjr￿I the tax rale5 8T￿ Ihai have been enacted oi subslantsvdy enaaed by the 18Wfbry dale aThJ thai are expect￿1 10 akwy ID tha rtrvprsl ol IhB liming (kMereKe. except lry r8¥￿ed laTrY aTrl inv8Strneni wperty Y￿re Ike lax 181e thai app*'es ￿ the salè of Ihe asset i* used. Current defwred a55ets ￿ *atibiies are I dk5C￿rted. Pro¥lth>s P￿￿$10n$ IK8 lia￿￿te$ of urterfain lirnirwj Norrmjuntl are recojnised *then Ih8r8 S an ot4yth)n al the rewrDng ¢Jaie as a resuiiol a eveni il ts Wtèable that txrnlit ￿ b• liar61e￿Id to s¢ttkn tho oblwJ¥b"¢)n ￿the of fv ctlybon can be 8sDmaièJ rel4abty. Transacfrons in lorthgn cwr¢noes art alth¢ rtie of exthar*e nJkn¥J at tr* d*è of the transactson. Al the end of each forwgft iltyn$ afy irnn51ated al rale ol exchange. Non.monetary items that 8re measured ai hs1￿¢81 t>￿ are tr8nsWed at the iaie iulin9 atlhe date ol Ihè trarsacl￿n. All ¢MerPr￿85 We Ch￿ to 14 NEW COVENANT CHERUBIM & SERAPHIII MOVEMENT CHURCH I A CHARITABLE COMPANY UPfftD BY GUARiineEI Nol•S 10 the ￿￿1n1$ lor the year ended 31 Deeember 2021 A 4$ t￿￿'11ed as a linarKe *zse it it tran5fets 5ub5tants&ty al ts rEks a￿1 reKrd5 Ir¢bYenthi to 0*7*tship. AJI dher We$ afy dasgf*J as weiahno l¢as¢s. Th& NJhl$ of ot41gal￿ unL*i linarte ￿eS *e inthalty r8cr¥Jr¥sed as assets and liabiithes at amDU•ts the laKvakJe ol Ihe ka58d assets or. rf ky*v. Ihe kKe5enl valtse¢Y Ihe minimum lease payments. Minimum lea% payThents are akwth'on8d l)gb*8n the finarKe rtharg8 aThY in the oUts￿￿r￿j Ik2tylily the elfttiive irterest rate mÈiiK*Y. Tr* finan￿ tharge is all(Kat￿l to each period dunNJ the *ase so as to rmoduce a C4)nstsni penc¢Jt rate ol intetesi on the remaining balanc8 ol th8 li3tslity. Leased assets are depreuaied in arLNdarte *ilh fv cDrrwnYs pc4￿¥ for n91b￿ fix¢d asset$. 11 thwe 15 no reasonat4e wlainty ￿erStup will be obla1￿ al Ihe end ol the ￿ase temi, the asset Is dewetia￿l over the kmer ot the lease usefrA lrfe. Opwab"r£ lease paymerts are fec(*anr5ed as an eXPe￿e on a fjne basis ovw the lea$8 t¢rm. ContrloL*Im￿s todsfined Cor0*￿Ilr￿ are ex￿nsed to wknc* #*y relate. 2 knllysisof inc•rn2 20 rrthes. Oltering5. Donation5 & su￿ Iroyre Buildin9 maintenance lutsts Carteen 8 Oiher Ipfjino Rental InrJ)me 331246 3￿18 16.wo 18,154 39.0(KJ 373294 ByoeogIaph￿ mathet." UK 373294 302A94 3 o￿ti￿ in¢orng Ths is staled 8ftercharyir¥." DeweciaiI￿ of ¢M•od assots 70,973 74.277 4 Staff eosls 2020 Wages aTrJ salaDos 24,706 24.7C6 24,727 24.727 and Expensea 21.696 The te￿Phone and ￿*erne1 ￿15 arnryjnlkw 10 £812.7312D20 £758.75) ol or*ofts ￿ST88$ was P￿1. A¥evage numtor olerryloyvs ye¥ paS￿ra1 AdmiDlstrali¥e and operntior 15 NEW COVEN￿ CHERUBIIA & SERAPHIM MOVEMENf CHURCH { A CHARITABLE COMPANY LikirrED 8Y GVARAiifEEI Notes to Ihe Accounts for the yèar ¢nded 31 Dewnlxr 2021 S Intwest payth 2020 Fknrtoage internst 18.366 17.874 6 Tarffjlblèflxed assets Flxtures, Ilttlngs. tools and equipment AlCOSi Freehokl Le•s8hokl Land and Lan¢J Jildiftgs cosi IAotor Vehicle Al￿$* Co81 oi yaluatlon Al l January 2021 A(kh'ts(x Al 31 D8(*mb¢r 21121 111,747 29,471 141,218 2,425,V 252,918 2,782 255.7 2,8]0,621 32,253 2.862.874 2.425.956 Dgprgclatlon Al l January 2021 Charge for the year Al 31 Dec8mtw 2021 4.455 2,824 494.734 48.519 11.100 179.228 15.295 194,523 689.517 70.973 760,490 15.435 C•rry(ng amount Al 31 Oecember 2021 Al 31 Decemt• 2020 133.939 107.292 1.882.703 1.931222 61,177 73.690 2.102.384 2.141.104 7 Slocks 2021 2020 rtsh•J gocKts for Yesale 2,166 I166 8 Oebtsr¥ 2020 Adva￿e￿ paYrn￿t lo a Oihef (kb1015 Piepayments Accrued irK)￿ne 470 7,285 6.144 28.725 42,624 4,744 26.626 9 Credilorn: amouffls laulnq due wtthln onÈJ Bank bar Amounts Hdd on bel*Nol ÈanLts Trade cre(htry5 Advanted reniJ irtlwne deferrè her taxes and So0￿ ￿un[ye0 AccwaLs 51.9 51.609 8.439 45.196 5,563 3,250 150 7.055 114460 16 NEW COVENANT CHERUBIM & SEAAPHIIA MOVEMW CHURCH I A CHABITABLE CIXPANY LAfftD BY GUARANTEEI Notes to th? Accounts lor thè yearendld 31 Doc￿￿¢r 2f41 10 Crndilors: S￿￿￿nts 1811*ffj aftw4Y*y Bank kjans Lac8nsee& dewsil h8ld 51&431 9.750 9.750 49).179 Bank loan isseoJrnd by a W chargÈtr4er afr¢eht4J pr¢PertYkr￿￿ Road. Wood Gieen N228GZ. 11 UnT￿cted Fufids Unreslrided Fund5 2020 Al 1 JarnJary P￿til lor ihefiTranr#¥ year 1.613.447 166.918 1.571.572 41.875 Al 31 Decemt*r 1.7W). 1.613,447 12 Be8trl¢led Fund: 8ullthr4 M•knt•n•nc• Fw Al 1 January Tolal Recei%%d The Y Tatal Ewsed Duriry TIE Ye 94S.128 3.870 13.0181 344.917 16.211 Il6.C¥JOI Al 31 D8cerTrt 345.128 13 Event5 Bfter the repDrlww dDtr The Worfd Orgormsation deda￿ fyJtbr¢ak of thè won8￿r￿S a In 2020. Many of charivs serwces iryvd¥ry face ￿ face delwery was suspeTrled in March thk to the pa￿emic.. Sunday $eryi¢es ¥bTTe delNered by zty)m. ConbrwJeLI SUFPCrt has been avamatle 10 beneliueries regulai phor* cal& W￿￿1dUal $L￿￿.Tr loss of irwne has been mibgaied by the Governmern CJRS Yurwh. aTrl r8thJttxn In eynses. Irtowe Irom ¢ontra¢ts ar￿ semces tor Ir* >*¥ 31S1 2(Ql Is bjhrn the t￿r￿j of Cowd reslnctH)ns. The Chaitys slrow linancial po￿ rneansthal. even al le¥ds ot Lwttnar*y. rt is wdl Flaced ioadapl to oirAJrnlaw. 14 Rellted Panytr￿SX￿ofiS There ￿e no re￿Ie￿ party trnnsac¢N)￿ ￿¢￿ScI)Sef￿ 2021. 12020 I NEW COVENANT CHEAUBIM & SERAPHJM MOVEMENfcHuRCH I A CHARITABLE CIYaPANY U¥ITEO BY GUARANTEEI Notes to lh• Accounts for the year ended 31 Oecemlxr 2tr21 15 Prosgntakn currnncy The stat￿￿nts are pre￿￿￿ in StwlirbJ. 16 Layl tsm¥ of entity*nd NEW COVENANT CHEAU81M & SEFIAPHIM ￿K)VE￿N[cHuRCH ts a LX)rrw limiièd ty guarantee an<1 IrK0￿)ratvy In En*Trl. Th¢ ty)mwy i* a regkslered charity Ltha Chanty R•3Éiw•J 11￿58 17 Ptln¢lp•l pl•¢• Olbu￿n*$# The athress 01￿ ¢￿T￿8￿8 Flace ol bLtslr*ss aTrJ regiGieredoffi*is.' 333 H*Jh Road, W¢￿1 Green, Lwdon &JA 18