Regist¢red ChaTity no.: 1152463 NEW COVENA CHURCH Edmonton TRUSTEES REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 December 2024
NEW COVENANf CHURCH- EDMONfON AnnualTrustees Report and Financial Statements Year Ended 31 December 2024 CONTExrs Page Legal &d administrative inforniation Reportof the Trustees Reportof the auditors 7-11 Statemfflt of financial activities 12 Balancesheet 13 Notes to the financial statements 14-19 Detailed Income and expenditure accounts 20-21
NEW COVENANT CHURCH . EDMONTON Annual Trustees Report and Financial Statements LEGAL AND IIDMINISTRATIVE INFORMATION Trustees: Patience Enenmoh Olugbenga Kunuyi Akinwale Olurebi Toluwalase A Atanda George C. Eke Phyllis Pamella Campbell (resigned 2810212025) (resigned 3110712024) (resigned 0511012024) Registered offJce: 65 Church Street Edmonton Middlesex N9 9PY Charity number: 1152463 Auditors: l Landor Road London SW9 9RX Bankers: CAF Bank HSBC Bank PIC
NEW COVENANf CHURCH. EDMoiYfoN REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024 Registsred Chari Number 1152463 STRUCTURE, GOVERNANCE AND MANAGEMENr Goverlltng document The chrity is controlled by its governing documenL a Declardtion of TTUSt 2012. Organisational strncture The TDJstees held four meetings in 2024 to promote the charity's strategies and p0cleS and review the implementation of the vlouS programmes and projects geared towards achieving the charitable objectives, including ensuring activities (existing and new) are perniitted within objects. Some evidence of decision-making and compliance responsibilities is attached as meeting notes. Risk nJm2gement The TteeS continue to identify, review and manage risks to which the Charity is exposed to ensure appropnate controls, and to put in place reasonable assurance against errors. Board Resolutions were passed, and ongoing review of delegated authority and appropriate processes are in place, e.g., for financiat transactions, procurement, and contract services. The charity ensured that policies and procedwes that enable the governance of its operations, staff, and volunteers are in place and relevant OBJECTIVES AND ACTIVITIFS Constitution, Objectives and aims and Organisation of our Work The ObFCtives of the Church is set out in the Declaration of Trust l) The advancement of ChtistiaD Faith in the United Kingdom. 2) Supprt for general education by supporting enrichrnent of education, sponsorship, training. and charitaFle activities. 3) The relief of persons who are vulnerable and poor. including support and rehabilitation of those who are alcoholics, homeless and habitually indulging in substance misuse in the United Kingdom. Princi1 activities The ]nCipal Activities of the chlty are Chtistian worship and involvement of various ministries and ministers of religion in pmpagating the Christian Tenets of faith to members (and non-members) who se& to learn and develop an understanding of the Gospel through the various meetings provided by the Church. There is also an extension of the Chtistian Faith through other direct community outreach programmes provided by the church. Charitsble activities The Boards of Trustees are pleased to report as follows: PUBLIC BENEFIT The Adiancement of Christian Faith The 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 involverllent with many communities focused Outreach programmes and projects providing direct benefits for the public in the United Kingdom.
NEW COVENANT CHURCH. EDMONTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 20 Registsred Charity Number 1152463 Places of worship The New Covenant Church in 2024 has continued its cornmitment of the advancement of dr Christian Faith in line with its charitable objectives through the provision and njaintenance of owr place for Ckllistian Worship in the United Kingdom. The continued provision and place of Christia] Worship (online and physically in our building) are important functions of the Charity's activities which provide members of the public with the ongoing opportunity to grow and develop in tF£ Christian faith, teachings, and principles. Evangelism Evangelism is the church's core value and outreach strategy of the church to reach out to communities. In addition to street evangelism, the charity has Evangelism Teams which engage with the community infonnally, distributing food parcels, bibles and gifts to fatnilies and individuals. This strategy h&s enabled the evangelism teams to become aware of various day to day challenges sonr beneficiary's experience. thereby providing the opportunity to advise and direct them to the relevant projects and supporting agencies that will give them needed advice and practical support. Youth Ministry The Youth Ministry Teams run vibrant Christian youth programmes weekly. These are designed support the spiritual growth of tbe youths. The youtb services are coordinated by Youth Minister5. The youth services are held in the Youth Church departments and take place at the designated times. The Youth Church also held a range of online events geared towards encouraging socialising and learning on life issues. Sessions were held to encourage Christian way of life, to be responsible youth members of communities, provided advice on social issues, career and support during and after tlr exams. The youths were and continue to be mentored into leadership roles by having the opportunity to participate in various departmental activities of the church. Children Ministry The charity through a combination of on-site and online technology continues its implernentation of the Christian faith by ensuring that children were inclusive, in the learning process of ongoing age- appropriate Bible teachings. The ministry focused on building self-confidence and raising high self-esteem in each child. This was achieved through teaching, music, d[arn and dance sessions. As a miDiStry it continues to cater for the spiritual needs of children every Sunday, through age-appropriate Bible stories and scripture teachings. Also, the Sunday Sch(x)I continues to help cbildren enhance their learning of the Bib16 through memorization of passages.
NEW (OVENANT CHURCH - EDMONTON REPORT OF THE TRUSTEES FOR IHE YEAR ENDED 31 DECEMBER 2024 istered Charity Number 1152463 RELIEF OF PERSONS IN CONDrrIoNS OF NEED, HARDSHIP, DISTRESS, SICK OR AGED The Cknity continues to provide relief to persons who are in conditions of need, hardship, or distress or whOe sick or vulnerable. Pastora Care & Bereavement Support. The Charity continues to provide care and counselling to bereaved families who have lost loved ones. The charity additionally provides financial help to bereaved families to assist them in such times of difficulties. The charity also provides iDforn]al counselling services to Membe and non-members of the Chh and to students. J2:18 .Support Project New Covenant Church Edmonton also runs J2:18, a support project that dispatches food parcels to the immliate areas of need in our conmlunity when necessary. STATEMENT OF TRUSTEES RESPONSJMILITIES The trustees (who are also the directo of New Covenant Church for the purposes of company law) are resp)nsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (rhe New United Kingdom Gener[Y Accepted Accounting Practice). Company law 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 applicatron of resources, including the income and expenditure, of the charitable company for that period. In pparing those financial slatements, the trustees are required to: - seleclsuitsble accounting policies and then apply them consistently" - observe the methods and principles in the Cbarity SORP. - makejudgements and estimates that are reasonable and prudent. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that thecharitable company will continue in business. The tnLStees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of tbe chatitable company and to enable them to ensure that the fmancial statements comply with the Cornpanies Act 2006. They are also responsible for safegu&ding the assets of the charktable company and hence for taking reasonable steps for the prevenbon and detection of fraud and other irregularities. The trustees have complied with the duty in section 17(5) of the 2011 ch]tieS Act to have due regard to guidance published by the Charity Con]mission (i.e. public benefit statement).
IYEW COVENANI CHURCH - EDMONTON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 istered Charity Number 1152463 STATEMEf+rr OF TRUSTEES RESPONSIBILITIES . Continued In so far as the trustees are aware: - there is no relevant audit inforn]ation of which the charitable company's auditors are unaware. - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are aware of that information. FINANCIAL REVIEW The book values of the assets held at the year end are, in the opinion of the Board of Trustees, as stated in the financial statements. Also, in its opinion, adequate assets are available to fulfil obligations of the chlty. The increase in assets was largely in respect of the increased savings in anticipation of future projects as well as addition to properties at tbe Bolton brancb of the charity. A summary of the result of the New Covenant Church's activities during the period is given in Statement of Financial Activities on page I l. Total incorne of the charity amounted to £359,228 (2023: £430,266) including income from regular sunday tithes and offering of £267,465 (2023: £322.241). Total resources expended in the year include direct costs of £160,769 (2023: £207,187) primarily relating to the operational costs of running the clwity. management and support costs of £104,928 (2023: £95,876) and financing costs of £83,469 (2023: £86,197). The governance costs of £10,3(1) (2023: £12,150) mainly made up of audit fees and legal and professional expenses a approved by the Trustees. The total funds as at 31 December 2024 w&s £1,297,506 (2023: £1,297.746) all of wbich related to unrestricted funds. RESERVE POLICY The Charity Maintains unrestricted funds, which are the free reserves of the charity, at a level that is at least twelve months of comn]itted expenditure, excluding financing and other costs. Excess unrestricted funds, to the extent represented by liquid assets. will be used to meet recurrellt operational costs, except where the Trustees consider that the funds should be retained for possible INVESTMENf POLICY The Trustees have the power to invest in such assets as they deern fit. The Clrity'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
NEW COVENANT CHURCH . EDMoKfoN REPORT OF THE TRUSTEES FOR TIIE YEAR ENDED 31 DECEMBER 2024 Registered Charit Number 1152463 GRANf.MAKING POLICY The CFarity does not provide grants and therefore does not have a policy on ant-rnaklng. The TrnSte 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. No gifts or donations were made during e year under consideration. AUDITORS A prop)sal that the auditors, Fainnan Harris be re-appointment as auditors of the charity will be put to the &)ard of Trustees at the forthcoming Amiual General Meeting. By Order of the Board of Trustees GEORGE EKE Trus Date.. 12108125
NEW COVENANT CHURCH . EDMONTON INDEPENDENT AUDITORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We bave audited the financial statements on pages 12 to 19 for the year ended 31 December 2024 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. Opinion In our opinion: the fjnancial statements give a true and fair view, in accordance with the New United Kingdom Generally Accepted Accounting Practice, of the state of the charity's affairs as at the year end and of its incoming resources and application of resources, including its income and expenditure, for the period then ended" the financial staternents have been properly prepared in accordance with the Statement of Recommended Practice and the Cbarities Act 201 I" and the inforn]ation given in the Trustexs Report is consistent with the financial statements. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Trustees in the preparation of the financial statements. and of whether the accounting policies are appropriate to the charity's circumstatncies, consistently applied and adequately disclosed. We planned and perfornled our audit so as to obtain all the inforn]ation and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from nyaterial misstatemenL whether caused by fraud or other iregularity or error. In forniing our opinion we also evaluated the overall adequacy of the presentation of inforn]ation in the financial statements. Conclusions relating to going Concern In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively May cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees, with respect to going concern are described in the relevant sections of this report.
NEW COVENANT CHURCH- EDMONTON INDEPENDENT AUDITORS, REPORT FOR IHE YEAR ENDED 31 DECEMBER 2024 . other]nforntiOll This cmprises of the inforn]ation included in the annual reporL other than the financial statemtllts and our auditors report thereon. The Trustees, are responsible for the other inforn]ation contained within the annual report. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in our report we do express any forni of assurance thereon. Our responsibility is to read the other inforiiiaÈion and, in doing so, consider whether the other infonnation is materially inconsistent with the fmancial statements or our knowledge obtained in the cOue of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detern]ine whether this gives rise to a material mistatenent in the financial statements themselves. If, based on the work we have perfonned. we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in tbis regard. Matters on which we are reqllired to report by exception In the nght of the knowledge and understanding of the Charity and its environment obtained in the cojjtse of the audit, we have not identified material misstatements in the Trnstees, Annual ReporL We have nothing to report in respect of the following matters where we are required by law to report to you rf, in our opinion: adequate acounting records have not been kepL or retunis adequate for our audit have not been received from branches not visited by us. or the accounts are not in agreement with the accounting records and returns. or certain disclosures of truestees remuneration specified by law are not made: or we have not received all the infom]ation and explanations we require for our audit. Respective responsibilities of trustees and auditors The TteeS have responsibilities for preparing the Trnstees, Report and the fmancial statemfflts in accordance with applicable law and United Kingdom Accounting Standards. These Jre set out in the Statement of Trustees, Responsibilities in the Report of the Trnstees. Our responsibility is to audit the financial statements in accordance with relevant legal and regulat(ry requirements and international standards on Auditing (UK and Ireland) Specifiedlly: to examine the books and accounts of the charity in compliance with Section 43 of the 1993 Act" to stiictly adhere to the general directions provided by the Charity Commission under Section 43(7)(b) of the Charities Act 1993; and to state whether particular matters bave come to our attention in the course of our examination.
NEW COVENANT CHURCH . EDMoNfoN INDEPENDEiYf AUDITORS, REPORT FOR THE YEIIR ENDED 31 DECEMBER 2024 We report to you whether the fmancial statements have properly been prepared in accordance with the New United Kingdom Generally Accepted Accounting Practice and in accordance with the Charities Act 2011. We also report to you whether the inforn]ation given in the Trustees, Report is consistent with the fmancial statements. We consider the implications of our report if we becorne aware of any apparent misstatements or Jnaterial inconsistencies with tbe financial statements. In addition we report to you if the charity has not kept proper accounting records, if we have not received all the InforntiOn and explanations we require for our work, or if inforniation specified by law regarding trustees, rernuneration and other transactions with the charity is not disclosed. We read the other inforniation contained in the Annual ReporL and consider whether it is consistent with the audited financial statements. This other knfom]ation comprises only the Trustees Report. We consider the implications of our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to other inf0mtioll. The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations: we identified the laws and regulations applicable to the cklatity through discussions with trustees and other nwiagemenL and from our commercial knowledge and experience of the industry. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2(K)6, taxation legislation, data protection, anti-money- laundering, employmenL environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
NEWCOVENANT CHURCH INDEPENDENT AUDITORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We &5sessed the susceptibility of the charity's fmancial statements to material misstatement. including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to frdud, their knowledge of actual, suspected and alleged fraud" considering the internal controls in place to mitigate risks of frdud and non- compliance with laws and regulations To adthess the risk of fraud through management bias and override of controls. we: perfornied analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in detern]ining the accounting estimates set out in note I were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In respnse to the risk of iegUlarlttes and non-compliance with laws and regulations, we designdl procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance" enquiring of management as to actual and potential litigation and claims. and reviewing coffespondence with HMRC. There are inherent limitations in our audit prncedures described above. The more Temoved that laws aul regulations are frorn financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also lin]it the audit procedures wuired to identify non-cojnpliance with laws and regulations to enquiry of the directors and other management and the instection of regulatory and legal correspondence, rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from eOr as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Fillancial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn part of our auditor's report. io
NEW COVENANT CHURCH INDEPENDENT AUDITORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 20 Use of our report This report is made solely to the charitys trustees. as a body. in accordance with Section 144 of the Charities Act 2011. Ourt audit work h&s been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and foT no other purpose.To the fullest extent pern)itted by law, we do not accept or assume responsibility to anyone other than the charitys trustees as a body, for our audit work for our audit work, for this report, or for the opinions we have fonned. FAHREEN MEGHANI FCA Fairnian Harris Chartered Accountants and Registered Auditors l Landor Road LA)ndon, SW9 9RX Date." Li li
NEW CQVENANT CHURCH- EDMoNfoN STATENENT OF FINANCIAL ACTIVITILS (SOFA) (INCLUDING INCOME AIYD EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 Total 2023 Total Notes INCOhffiG RESOURCES Volunta income Donation& tithes and offerings 267,465 267,465 322,241 Other intttmin resources Gift aid neivable Sundry income Mission contribution received LA)ss on diqposaI Bank intetest receivable Total incmiing resources 50,597 23,695 17.405 50,597 23,695 17,405 57,855 16,250 35,734 (2,002) 188 430,266 67 359.228 67 359,228 RESOURCES EXPENDED (Costs ofactivilies infyrtherance of the objects Ole charity) Direct Chiitable activities Managernent and Support activities Governan costs Finance ccsts Total rerCeS expended 160,769 104,928 10,300 83,469 359,466 160,769 104,928 10,3CM) 83,469 359,466 207,187 95,876 12,150 86,197 401,409 Net movenent in funds for the period Total funik brought forward Total Fll as at 31 December 2024 (238) 1,297,746 1,297,506 (238) 28,857 1,297,746 1,268,889 1,297,506 1,297,746 All of the above results are derived from continuing activities. All gains and losses recognised in the period are included in the above. 12
NEW COVENANf CHURCH . EDMONTON BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted Restricted 2024 2023 Notes FIXED ASSETS Tallble assets 2,524,738 2,524,738 2,558,916 Current &S5ets Stock Debtors and prepayments Cash at bank and in hand 29,798 21,728 51,526 29,798 21,728 51,526 27,348 36,843 64,191 Creditors: amounts falling due within one year (57.814) (57,814) (54,904) Net current assets (6,288) (6,288) 9,287 Total assets less current liabilities 218,451 2518,451 268,203 Creditors: amounts falling due after more than one year 10 (1,220,945) (1,220,945) (1,270,459) 1.297,506 1,297,744 Net a&sets 1,297,506 Financed by: Funds 12 1,297,506 1,297,506 1,297,744 Total funds 1,297,506 1,297,506 1,297,744 12108125 The financial statements were approved by the Board of TnteeS on ............... and were signed on its behalf by: GEORGE EKE Trustee 13
NEW COVENANT CHURCH . EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20 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 ien prepared under the historical cost convention and in accordance with the Statement of Recommended Prdctice (SORP): Accounting and Reporting by Charities preparkng 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 untestricted 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 pUOses. 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 red 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 tbe dates they are brought into use, at rates calculated to Vlte off the costslvaluation over th¢ir expected useful economic lives as follows: Land and buildiDg Fixtures and fillings Motor vehicles Computer and other equipnient costlvaluation reducing balance reducing balance reducing balance Stock8 Stocks are valued at the lower of cost and net Tealisable value, after making due allowance for obsolete and slow moving items. 14
NEW COVENANT CHURCH- EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 21 Incoming resources Voluntary income, comprising donations in the fonn of regular offerings and tithes. provides core funding. This is recognised where there is entitlenient, certainty of receipt and the amount can be m¢asured with sufficient reliability. The value of services provided by volunteers is not inCOfPOTated into these financial statements. Furth¢r details of the contsibutions made by volunteers can be found in the Trnste¢s' Rert. Resources expended Direct costs comprise those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allated directly to such activities and those costs of an indirect nature necessary to support them. Expenditure is recognised on an accrnals basis as liability is incurred. Charitable and non- charitable expenditure is aIlocated to the respective activities and any shortfall is funded frorn unrestticted 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 IKIth directly attributable costs and apportioned support costs. Governance costs Governance costs ar¢ the costs associated with the strategic direction of the organisation and with m¢eting the constitutional. l¢gal and regulatory requirements of the charity. Staff costs Total staff costs during the period were: 2024 2023 Salaries and Wages 100.789 93.603 No employee received remuneration of more than £60,(XK). The average numb¢r of employees duTing thc year 15
NEW COVENANT CHURCH. EDMONTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Emoluments to the TnL8tees No emoluments were paid to the Trnstees. The Trustees however. are reimbursed for expenses incurred by them in the course of their duties. 3. Voluntary income 2024 2023 Tithes and Offerings Gift Aid Other Income Mission contribution received 267.465 50,597 23.695 17,405 322.241 57,855 16.250 35.734 359,161 432.080 4. Governance costs The governance costs of the charity consisted of the following costs: 2024 2023 Auditor's remunerdtion Accountancy fees IEgal and professional 4,800 3,51X) 4,800 3.500 3.850 10.300 12,150 5. Finance Costs 2024 2023 Bank charges Mortgage interest 294 83,175 371 85,826 83,469 86.197 6. Net incoming resources The net incoming resources at¢ stated after charging the folEowing costs: 2024 2023 Depreciation Auditors, remunerdtioD 34,178 4,800 35.982 4,800 16
NEW COVENANT CHURCH . EDMONTON NOTES TO THE FINANCIAL STATEMEN13 FOR THE YEAR ENDED 31 DECEMBER 2024 Tangible fixed All as5els are heldfor chariiable purposes Land & buildin rittin ui Cost Balances blf Additions Disposal Balances clf 2,876,380 11,596 64.685 2,876.380 11.596 64,685 Accumulated reciation Balance blf Disposal Charge for the year Balances clf 339,119 6.993 47,632 28.764 367.883 1.151 8.144 4,263 51,895 Net book value At 3111212024 2.508,497 3,452 12.790 The historical cost of land and buildings as at 31.12.2014 per Land Registy report is £1.706,277. A revaluation on the property known as 65 Church Street Was carried out on 14 August 2019 by Bruton Knowles LLP. 2024 Total 2023 Total Cost BaIances blf Additions Disposal Balances clf 2,952,660 2,816.061 151,600 (15.000) 2.952,660 2,952.660 Accumulated de Balance blf Charge for the year Disposal Balances clf reciation 393.744 34.178 370,760 35.982 (12,998) 393,744 427,922 Net book value 2.524,738 2,558,916 17
NEW COVENANT CIIURCH NOTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 DECEMBER 2024 Debtors 2024 2023 Prepayments and accrued income Other Debtors 29.798 27,348 29,798 27.348 9. Creditors due within l year 2024 2023 Loans and overdraft Other creditors and accruals 49,514 8,300 46,604 8,300 57,814 54,904 10. Creditors due after l year 2024 2023 Loans and overdraft 1,220,945 1,270,459 Creditors due after 5 years Loans and overdraft 994.565 990.309 Char esRe stered CAF bank holds a fixed and floating charge on th¢ capital and assets of the organisation namely 65 Cburch Street Edmonlon. 11. 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 r¢cieved from the respective donora Confing that the given donation be treated as Gift Aid donation are reclaimed by the company ("the CRltY"). 12. Reconciliation of funds Balances at Movement in R¢sources Balances at 0110112024 Incomin Out oin 3111212024 Unrestrictsd funds Revaluation reserve Restricted funds 389.483 908,261 359.228 (359.466) 389,245 908,261 1.297.744 359,228 (359,466) 1,297,506 18
NEW COVENANT CHURCH NOTES TO THE FINANCIAL STATEMEK13 FOR THE YEAR ENDED 31 DECEMBER 2024 Reconciliation of funds - continued 2024 2023 Represented by: Fixed Assets Current Assets Liabiliti¢s 2,524,738 51,526 (1.278,759) 1.297,506 2.558,916 64.191 (1,325,363) 1.297,744 13. Related party traL$actio8 Other than donations and funds receiv¢d there were no transactions with related parties during thc period, 19
NEW COVENANT CHURCH- EDMoNfoN INCOMEAND EXPENDITURE ACCOUNr FOR THE YEAR ENDED 31 DECEMBER 20 2024 2023 COM Donaliom, tithes and offerings." Unrestricted 267,465 322,241 Other inc&me Interest e1Vable Lnss on dLsposal Gift aid Sundry income Mission contribution received 67 188 (2,002) 57,855 16,250 35.734 50.597 23,695 17,405 91,764 108,025 359,228 430.266 EXPENDITURE Direet Clwitable Costs.. Wages and salaries Rates Honorarium Donations Evangelismloutreach work Welfare wpport Training Missions Audiolvisual & musician expenses Publicity Officelgefteral administration 70.552 1,041 6,250 1,5(M) 16,942 4,217 4,226 28,701 25,854 65,522 4,929 8,449 6,000 17,887 8,242 520 47,697 44,159 1,364 2,419 1,486 160.769 207,187 Management & Support Wages Rent andrates Premise5 maintenance Insuranc¢ Light and heat Telephone inting,postage & stationery 30,237 184 26,341 3,454 7,672 2.191 250 28,081 870 15,250 3,298 10,102 2,037 70,328 59,637 Balances carried forward 231,098 359,228 266,824 430,266 20
NEW COVENANT CFIURCH- EDMoNfoN INCOME AND EXPENDITURE ACCOUNf. continued FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Balances brought forward 23 1.098 359,228 266,824 430,266 Management & Support- cont'd Computer and equipment expenses Depreciation - Freehold propety Depreciation - Fixture & furnitures Depreciation - Computer equipment 422 28,764 1,151 4.263 256 28,764 1.534 5,684 34,6(K) 36,238 Governance costs.. LegaE & Professional Auditor's remuneration Accountancy fees 3,850 4,800 3,500 4,8(Kl 3.5(K) 10,300 12,150 Finance Costs." Bank charges Mortgage iELterests 294 83.175 371 85,826 83,469 86,197 359,466 401.4 surp1$ for the period (238) 28,857 21
NCC Edmonton - Accounts - 31-12-2024 Final AudlReport 202&08-11 Created., 20211 By.. John Boye fjashburt0nb@grli1.rn} Status: Stgned Transa¢Am ID: CBJCHBCMBAAthTy_DIPPggDyJJbk-crf¥DM17iSJ "NCC Edmonton - Accounts - 31-12-2024" History Document craated by John Boye (iashburtonb@gmail.com) 2025-08-11- 8.'22..44 PKI GMT * Docun8nt emailed to George Eke (geotsna99@yahoo.¢om) for signature 2025-11- 8:22:48 PM GMT Emailwewed by George Eke {geotana99@yahoo.wm) 20254W11- 11:31:50 PM Gmr Docunerrt e-signed by George Eke (geotana99@yahoo.com) Slgnaire Date.. 202M8-11 - 11'.34.'49 PM GKif-Time Swr(.' ser Agreement Completed. 202&11- 11:34:49 PM GMT PnifhLr