Regisiered Charity Number 1152376 NEW COVENANT CHURCH Bermondsey REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023 JASH BURTON B'CHAUCER Chartered Certified Accountants & Tax Advisors Coleridge Road. Surrey, CRO 78Q Tel.- 0208 611 2684 Web.. www.jashburton.com El: info@jashburton.com E2.. ja5hburtonb@gmail.com NEW COVENANT CHURCH - BERMONDSEY Annual Trustees Report and Financial Statements Year Ended 31 December 2023 CONTENTS Page tggal and administrative inforniation Report of the Trusiees Independent Examiners. report Statement of financial activities Balance sheet io Notes to the financial statements 11-15 Income and Expenditure 16 NEW COVENANT CHURCH . BERMONDSEY Annual Trusteos Report aDd Financial Statements Year Ended 31 December 2023 LEGAL AND ADMINISTRA TIVE INFORMATION T￿￿te¢s. Olutola Bamigboye Olutunmilayo Adewumi O1uwakay￿e Adewumi Chuks Oriahi Olutayo Oyetan Registered otrice: 506- 510 Old Kent Road Bemiondsey London SEI 5BA Charity number: 1152376 Accountants: Jash Burton B'chaucer 27 Gloucester Streei London WCIN 3AX Bankers: Barclays Bank Pl Wandsworth 2 Le1ces￿r LE87 2BB NEW COVENANT CHURCH - BERMONDSEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity 18 controlled by ils governing document, the 2013 Constitution. Organisational structure The Board of Trustees appointed a Council of Management and other advisers who promote the objectives of the charity. The Board of TNstees hold meetings ihroughoui ihe year. They promote the policics, strategies and Pr￿esseS of implemenlaiion for the various programmes and projects geared towards achieving charitable objectives. Policies are subjected to constant reviews lo assess OU￿OrneS. Risk management The Trustees identify and review the risks lo which the Charity is exposed and ensure thal appropriaie controls are in place to provide reasonable assurance against fraud and error. OBJECTIVES AND ACTIVITIES CotLStitution, Objectives Aims and Organisatlon of the Work The Objectives of the Church are set out in ih¢ Conslilution of the Charity Commission Registration Documeni l ) Advancing the Christian Faiih in both the Uniied KingdoTD IUKI. 2) Proi'iding relief io persons in need. hardship or distress or who are sick or ag¢d in the UK. 31 Poverty alleviation and the advancement of education. Prlncipa] aCti￿tIeS The Principal Activities of the charity are Christixn worship and involvemeni of various ministries and ministers of religion in propagating the Chn'slian faith lo members (and non-members) who Seek to learn and develop an understanding of the Gospel through the various meeting% provided by the Church. There is also an extension of the Christian Faith through other community outreach programmes provided by the church. Charitable artivitios The Twstees are pleased to report as follows.. PUBLIC BENEFIT The Board of Truslees of the Charity having due regard for reporting the public benefil provided by the Charity in line with the Charitie% Aci 2011, arc pleased to report that the church conlinued its involvement with many community focused outreach programmes and projects providing direct benefits for the public in the United Kingdom . NEW COVENANT CHURCH - BERMONDSEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Advancement of the Christian Faith aces of worship The branches of the charity have continued their commitment to the advancement of ihe Christian Faith in line with its charitable objectives through Ihe provision and maintenance of its place for Christian Worship in the United Kingdom. The (hree branches provide services in 3 languages: English, French and Spanish. The charity's live streamed programmes have continued on Sundays though the services are back in the physical space. The online services provided access for those who work varied hours. and people around the globe io Christian worship, teachings and prayers. The Charity conlinues io extend it.s provision of Christian worship to people in sheltered a¢¢ommodation, hobpitals aTJd C￿e Homes in parts of London. The charity undertakes hospital and home visitdtions. Beneficidries have gained spiritual fulfilment through sound biblical *achings. resuliing in positive life changing experiences. The Church operate% House and Cell Groups at least once weekly io provide additional biblical t&￿h1ngS in infornial settings. Evangelism and outreach Evangelism is a core aspect of the chariiies outreach activities. The Charily extended Christian love to communities through face to face street evangelism via our We Care programme. Many received prayers and desired to attend church services. The Charity also partnered with Billy Grdham Evangelistic Associalion which provided evangelism Iraining for outreach. Children Ministry The Children's church focu.sed on building self_confidence and rdi.sing self-esleem in each child through music. age-appropriate bible siories, leachings and singing. Youth Ministry The Youth Ministry teams ran vibrant Christian programme weekly for the teenage groups designed to support their spiritual growth, through Christian teachings and principles. Young Adult Ministry The Charity provides space for the Young Aduli members to fellowship after the main Sunday Services. The provision of this space enables them to have additional Christian Fellowship through discussions and games activities. As part of L£adership development, the Young Adults regularly lead and deliver all aspects of the Sunday and Tuesday Services. NEW COVENANT CHURCH - BERMONDSEY REPORT OF THE TRUSTEES FOR THF. YF.AR ENDED 31 DECEMBER 2023 istered Charit Number 1152376 Furthering the Advancement of Christian Faith Covenant Men 8nd Women Outreach Ministry These additional outreach arnis of the Charity which SLlPPOrts the advancement of Èhe Christian Faith coniinue lo provide forum for the men and women to grow in the Christian faith and develop their personal relationship with Christ through wor%hip. fellowship, bible study and prayers. The continuance of these programmes was crucial for the adult beneficiaries. emotional and spiritual wellbein£. slaving connected with other members of the church. Youth Hub Community Outreach The Youth Hub continued in 2023. It has a weekly average attendance of 12 to 14 local Sixth Forni students every Wednesd¢ly during their lunch break (apart from school holidays). They were provided with some lighi refrebhments. engagcd in gaines like table tennis, pool, X-box, ludo etc. They were provided with <1 S¢¥fe sp￿C lo have their lunch, recreation and mix with friends. Relief of Persons in Conditions of Need. Hardshipy Distress, Sickness or Aged The Charity continued to provide relief to person5 who are in conditions of need, hardship or distress or who are sick or a2ed. Providing for the Elderly and Other Low Income Families The church provided 250 Bags of Hope, Christmas gifts which coniained Christmas Turkey and variou% festive seasonal food items. Additionally. on the second day of distribution the charity gave out 150 grocery bags. A ioial of 41X) low income households benefiiied from our "Christmas Lunch on Jesus" programme. This iniliaiive is part of the church strategy to help needy families during this importani festive se&son in Ihe Christian Calendar. At Easter, the elderly sheliered accommodation and care homes were given gifi hampers and Easter eggs. Healing R￿￿Ls & Counselling Service The Covenant Healing Room5 located in the church building at 506 -510 Old Keni Road, LDndon is pan of the International Association of Healing Rooms (IAHR). They freely avatlable to the public every Wednesday between 1-5 p.m. providing one lo one prayers of healing for the sick and coun%elling as required. A total of 124 beneficidries at*nded the healing rooms in 2023. The Healin8 RIK)ms also provided further well at￿nded Saturday quarterly Healing School from I l a.m. to 2 p.m. P&storal Care & Bereavement Support The Charily provided ¢are- counselling and financial help to bereaved families who losi loved ones. Ongoing pastoral care was provided to beneficiaries according to their need5 and the visitation team responds io the needs of those who may be sick and are at home or in hospital and require welfare support. The French church visiiation team also supported pregnay]t women. new mothers and bereaved families through virtudl meeiings. home visits. hospitals visits. home suptK)rt on domestic tasks. tinancial gilis for weltare support and counselling. NEW COVENANT CHURCH - BERMONDSEY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 istered Charit Number 1152376 RELIEF OF POVERTY AND HARDSHIP The charily supported families and individuals who lost their sources of income and provided supplies of non-perishable food item8. The French church distributed free clothing, and shoes to families and single homeless persons in need. Batches of winter clothing were donated ai local communily outreaches. French and Spanish churches distributed thirty-seven Chrisimas hampers lo family homes. Food Bank The Charity's Food Bank Projects provided essential food support to needy. low-income families and households in the community. Ii collaborated with and made space available for the Southwark Foodbank Spring Community Hub, io distribute foods to beneficiaries. The increased cost of living crises in 2023 resulied in increased number of persons in need . attending and the Charity's in-house food bank. Operations were extended lo Sundays from 12 noon to 2pm ihroughoul the year 2023, and a total of 436 households were provided for. An Easier Ouireach Lunch w&s organised and attended by 25 guests from different social and cultural backgrounds, who were intriKluced to the Christian faith over lunch and time of fellowship. 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 io charities in England and Wales requires the Trustees, to prepare financial staiements for each financial year which give a true and fair view of the state of affairs of the charitable company and of Ihe incoming resources and applftcalion of resources. including the income and expendilure. of the charity for that period. In preparing those financial Sta￿MentS, the trustees atE required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Chdrity SORP; make judgements and estimates that are reasonable and prudeni. prepare the financial statements on the going concern basis unless it is inappropriate io presume that the charitable company will ¢ontinue in business. The trustees k￿e responsible for keeping Sufficient and proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and to enable them lo ensure that the financial .statemenis comply with applicable Law. They are also responsible for safeguarding the asset5 of the charity and hence for taking reasonable steps for ihe prevention and detection of fraud and other irregularitie5. The trustees have complied with the duty in section 17(5) of the 2011 Charities Act io have due regard to guidance published by the Charity Commission. W a)VENAKf CHURCH. BERMONDSEY KLIM)RT OTr THL TKVSTEES. F()R THE YEAR ENDED JI DECEMBER J)23 Cbxrlt Number 115L176 FINANaAL REVIEW The tffjk values ol. the held ￿ ihe pr end ue. ifi the opinion of th¢ BoArd ot Th￿tr£S, 5tatsl in & floa￿1￿1 stst¢m¢Dis. Alw. in its opwi0￿ fdtd8 K¢ Aviil4bk tr) fujfil the bli8ali<)tty of the dwiry. A lummuy of th¢ ttjuli of tr NCC •thiviiies duTini th¢ is pv¢ft in the T(thl incLMne <)f the ctwity aaKxmted ￿ £464856 12022: LI115J481 I￿￿ti8 1￿me fr(xn rt8ular 4unday ts1h￿ and offenng of £354772 (2022: £3433451. Tr to￿1 fuuds #s * 31 D￿%￿bIr 2023 Via *AI I (21122: £3014￿) all of whith ￿l￿ed to Unrert￿￿I funds. RESFJiVE POUCY The New Ciivtn8ni Cburth UTwe&tri¥ied fuThl%. whiLh the free rtgetvtt irf dMn'iy. ￿ a l¢vd th¥ is a¢ kas¢ ¢w¢lv¢ ot cmm&tted eiFath'¢urt. ex¢luthn8 fin￿¢1￿8 l Excels unrntslcwl fuwls, to the exwii Yewe5en*d by liquid will io ror p)5&ible fvtuff FIX)j￿. Thc TTU¥W have the povKr io lov￿ in Ach Is fiL Tr Ch￿.￿.5 inve*mcnt wli¢y li appTI)Pl*t¢ IO the n4ure of the futh for ￿1c￿ is Tht Primory inveJtrne# aim is 10 pn)I'ide & hiBb (￿￿ of statyiry and atyl raums whilst a GRwf.MAKtNG P(MJCY Th¢ ch￿'ry a￿5 p￿￿￿￿e th¢tefor¢ Ik) w hlve • Va￿4￿aking. Th¢ TNstee4 h(Jwei'vr. 8ive gifts aNI do￿(¢0￿9 as att eff￿￿'Ve mew of delii'erillg supprtt and to (xl%r pKvJr#rn fil wiihin the L*itttsves of the Chan¢y. Dunn8 th¢ >t4r UDth 115 d(¥*¢i￿ £25167 [2￿.2: L16551). A pmwwl thai J*sh Burton Bfhwu Ttrapy)inthKnL Ls Indc• Ex*miAaB rf th¢ clwity wiu br rArt B(wd at th¢ fIKd￿l￿ Annual CrtnLYal M¢di By Ord¥ 0(￿Bl￿d o(Tn*(ee NEW COVENANT CHURCH . BF.RMONDSEY INDEPEP4DENT EXAMINERS, RF.PORT FOR THE YEAR ENDED 31 DECEMBER 2023 We have examined the financial siatements on pages 9 to 15 for the year ended 31 December 2023, which comprise the statement of financial activities, the balance sheel and the related notes. These financial statements have been prepared under the hisiorical cost convention and the accounting policies %¢t oul therein. The report is made solely to the charity's trustees. as a body, in accordance with Seciion 44 of the Charities Act 1993. The Truslee% of the charity dre of a generdl opinion that audit is not required in accordance wilh Section 4.3{2) of ihe 199.3 Act or Seclion 144 of the Charities Act 2011, and have opted for an independent examination instead. Respectlve respoDsibillties of trustees and examiners The Tru%tees, who are also the directors, have responsibilities for preparing the Trustee's Report and the financial statements in accordance with applicable law and Uniied Kingdom Accounting St¢indards. These are set out in the Siatemenl of Trustees, Responsibilities in the Report of the Trustees. Our responsibility as independeni exarniners of the charily are.. examine (he accounts under section 145 of the 2011 Charities Act, to follow ihe procedures laid down in the general Directions given by the Charity Commission (under section 14515)Ibl of the Charities Act. and, to stale whether particular matters have come to our attention. We report to you whether the finaThcial statements have properly becn prepared in accordance with thc FinanLial Rcproting Standard (FRS) 102 (effe¢tivc l January 2015) and in accordance with the Charities Act 2011. We also report io you whether the inforniation given in the Trustees, Report is consistent with the financial sthtements. We consider the implications of our report if we become aw￿ of any apparenl misstatements or malerial inconsistencies with the financial slatements In addition we report to you if the charity has not kept proper accounting records, if we have not received all the infonnalion and explanations we require for our work, or if inforniation specified by law regarding trustees, ￿muneration and other transactions with the charity is not disclosed. NEW COVENANT CHURCH - BERMONDSEY INDEPENDENT EXAMINERS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Basis of opinion Our examination was carried Dui 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 coMp￿ng these with the accounts presented. OLbr examination also includes consideraiion of any unusual disclosures or items in the accounts, and seeking explanations from the Trnstees. It is imperitive to state here thilt the procedure5 undertaken do not provide all the evidence that would be required in an audil, and consequently no opinion is given a8 to whether ihe account present a 'true and fair, view. Our report is therefore limited to the statements below.. Independednl examiners, statement In connection with our examinaiion, we report that no matter has come to our attention. which which gives cause to believe that the following hdve not been mei: Keeping proper accounting records in accordance with section 130 of the ch￿itIeS Act: and Preparing accounts which accord with the underlying accounting records and which are in complidnLe with the Chariiies Acl= and Consistency of the information contained in the Trustees Report with the financidl statements. JOHN BOYE FCCA Jash Burton B'chaucer Chartered Certitied Accountanl5 Date: 2024 NEW COVENANT CHURCH - BERMONDSEY STA TEMENT OF FINANCIAL ACTIVITIES (SOFA) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 Total 2022 Tolal Notes INCOMING RESOURCES Volunta income Don(Ilions. tithes and offerings 354,772 354,772 343.345 Other incomin Gitt did receivable Sundry income Interest receivable resources 81,540 21.400 2,726 460,438 81,540 21,400 2,726 38,245 3,696 262 Total incoming resources 460.438 38.5.548 RESOURCES EXPENDED (Cosrs of aclivilies infurtherance of the objecis of ihe charill) Direct Chariiable activities Management and Support activities Govcmance cosis Finance costs Total resources expended 225,379 127,543 2,993 702 356.617 225,379 127,543 2.993 702 356,617 206.370 118.123 34,Hl 360,543 Net movement in funds for the period Total unre.stricted funds brought fO￿ard Total Funds as at 31 December 2023 103,821 307,404 411225 103,821 307,404 411,225 25,005 28?,399 307.404 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 12 to 16 forn] part of these financial statements. NEW COVENANT CHURCH. BERMONIXSEY BALANCE SHEET AS AT 31 DLCEMBER 211LI W.466 1th1536 Taniibl¢ io 14.012 I(MYl,454 422 2.444 132 StKk li C&411 ￿ bank In hand 386..177 389,244 389243 yA.48.1 12 (1.4x5) 167.6YI) 387 759 187,758 2RII.X6.1 401.771 2.(MY).454 1411.225 22¥13 &tffi.454 U11325 2.282J Funds 14 11.771 4•1 Tll 2.28? SW 2JNYJ.454 2,411225 22SI Sign.. Pfittl". LIlu￿O￿lAHI NEW COVENANT CHURCH - BERMONDSEY NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Principal aecounting policies The following accounting policies have been applied in dealing with items which are considered material in relation to the charity's financial siaiemenis. Basis of accounting The accounts have been prepared under the hisiorical cost convention and in accordance with the Staiement of Recommended Practice ISORP)= Accounting and Reporting by Charities preparing their account% in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} issued on 16 July 2014 and with the Charities Aci 2011. The charity constiiutes a public benefit entity defined by FRS 102. Funds General funds are unrestricted funds available for use al the discretion of the Trustees in furtherdnce of the general objectives of the charity and which have noi been designated for other purposes. Restricied funds can only be used for particular restricled purposes within the objects of the charity. Restriclions arise when specifielfj by the donor or when funds are raised for particular restricted purpose. Tangible fixed assets Tangible fixed assets a￿ stated at their purchase or ttvalued amounis, together with any incidental cost of acquisition. Depreciation is provided on all tangible fixed assets, from the da￿S they are brought into use. at raies calculated lo write off the costslvaluation over Iheir expected useful economic lives as follws: Iand and buildings Nil Computer and other equipment 20% reducing balance Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsoleLe and slow moving items. In¢oming rosources Voluntary income. comprising donaiions in the forni of regular offerings and tithes, provides core funding. Thi5 1% ￿COgniSed where there 15 en(iilement, certainly of receipt and the amouni can be measured with sufficient reliability. The value of services provided by volunteers is not incorporated into these financial st&tements. Further dethi15 Of the contributions made by volunteers can be found in the Trustees, Report. The year saw a mark¢d increase in incon]ing Resources. The increase was due io another branch of the broader NCC church joining the NCC Berniondscy CIO with charity no. 1552376. li NEW COVENANT CHURCH - BERMONDSEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Resources expended Direct cosls comprise ihose cosLs incurred by the charity in the delivery of its activities. It includes boih cosls that can be allocated directly io such aclivitie5 and those costs of an indirect nature nece.ssary to support them. Expenditure is recogni8ed on an accruals basis &s liability is incurred. Charitable and non- charitable expenditure 18 allocated lo the respective activitie5 dnd any shortfall is funded from unrestricted funds. Where eosis cannot be directly aiiributed lo Pdrticular headings they have been allocaled to activities on a basis consistent with the u%e of resources. Costs of charitable activities are those costs relating io the activities C￿ed out lo meet the objecuves of the Church. These include both directly attributable costs and apwrtioned support costs. Voluntary ineome 2023 2022 Tithes and Offerings Gift Aid Other Income 354,772 81,540 21.400 343,345 38,245 3,696 4.57.712 385,287 Emoluments to the Trustees No emolumen15 were paid to the Truste4s. The TNstees however. are reimbursed for exEKnses incU￿¢d by them in the course of their duties. Investment income 2023 2022 Deposit account interest included in voluntary income 2.726 ?.726 5. Direct Chariluble Costs.. 2023 2022 Wages Rent and rates Honorarium Travel and subsislence Welf￿e support Trdining Outreach Work Conferences and Meelings Missions Publi¢ily Gift and Donations 101.392 869 1,500 723 32.252 8,488 18.358 25.876 10,378 376 25,167 90.551 1,817 10,675 994 8,080 4,151 9.721 31.836 2.085 9.909 225.379 12 NEW COVENANT CHURCH - BERMONDSEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Management & Support 2023 2022 43,454 153 8,118 30,683 3,251 419 26,153 1,090 8.050 2.668 3,503 38,190 321 14,366 27,043 4.332 1.139 14,748 5.978 7,014 Rent and rates Insurance Light and Heat Telephone Postage and Stationery Repairs and Renewals Computer and equipmenl expenses Musicians expenses Subscripiions Depreci 723 32.252 8,488 18.358 25,876 90.551 1.817 10,675 994 8.080 4,151 9.721 31.836 2.085 9.909 36.551 376 25.167 225.379 Mdndgemen¢ & Support Wages Rent and rate5 Insurance Light and Heat Telephone Postage and Sthtionery Repairs and Renewals Computer & other equipment expenses Musicians expenses Subscriptions Depreciation - Computrr Equipment 43,454 153 8,118 30.683 3.251 419 26.153 1.090 8,050 2,668 3.503 127.543 38,190 321 14,366 27,043 4,332 1,139 14,748 5,978 7,014 3.483 1,709 118,323 Governdnee costs.. Legal & Professional Accountancy fees 1,893 1.100 2,993 33,441 34,441 Finance Costs.. Bank charges 702 702 1.409 1,409 .3.56.617 103.821 Surplus for the peri(Kl 25.W5 16