**REGISTERED CHARITY NUMBER: 1174887**
## Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
New Covenant Church - Wallington
New Covenant Church - Wallington
Contents of the Financial Statements for the Year Ended 31 December 2021
||Page|
|---|---|
|Report of the Trustees|1 to 6|
|Independent Examiner's Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Cash Flow Statement|10|
|Notes to the Cash Flow Statement|11|
|Notes to the Financial Statements|13 to 16|
|Detailed Statement of Financial Activities|17|
New Covenant Church - Wallington
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Page 1
New Covenant Church - Wallington
Report of the Trustees for the Year Ended 31 December 2021
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The objects of the CIO are:
To advance Christian religion and biblical education for the public benefit, particularly but not exclusively, by providing workshops, conferences and afterschool clubs.
The alleviation of poverty within the area of operation, particularly but not exclusively by providing monetary grants and welfare support and services.
Prior to the emergence of the Covid 19 pandemic and resultant national lockdown in March 2020, we conducted regular Sunday services where we all met. In addition, the youths, the women and men groups met occasionally for separate fellowship to encourage and develop themselves in accordance to God’s plan and purpose. These meetings provide a great opportunity for people to share common issues that maybe gender, age, career or role specific. All our services are open to all people, without charge.
Our walk-in outreach ministry regularly provided support for people in the local community regarding free benefits.
We would often go out on evangelism to share the good news that God loves the world in our local community, we listen and offer prayers for everyone.
During the lockdown, we were able to continue to hold Sunday church service via the Zoom online remote connectivity platform. The different church groups, were also able to meet via Zoom, with the additional focus of well-being.
The church was also able to reach out to the wider public via her website on spiritual and physical health, and overall well-being during this pandemic.
For the second half of the year, after the lockdown rules ended, we returned to conducting regular Sunday services where we all met. The youths, the women and men groups met occasionally, including via Zoom, for separate fellowship to encourage and develop themselves in accordance to God's plan and purpose. These meetings provide a great opportunity for people to share common issues that maybe gender, age, career or role specific. All our services are open to all people, without charge.
Our walk-in outreach ministry was adjusted to offering and delivering to the Nightwatch Homeless Shelter in Wallington on a 3 hours weekly basis.
We went out on evangelism to share the good news that God loves the world in our local community, we listen and offer prayers for everyone.
The CIO has made contributions to the charity, Feed the hungry as well as provision of gifts for homeless people at Christmas. We also offered financial support to individuals in the church who were in need.
As the pandemic and lockdown is over, we continue to work towards plans to implement our big ideas for social transformation.
Page 2
New Covenant Church - Wallington
## Report of the Trustees
## for the Year Ended 31 December 2021
However, Church members were still able to volunteer their time, skills and expertise.
We confirm the trustees have had regard to the Charity Commission's public benefit guidance when carrying out activities to which it's relevant.
We had plans to implement our big ideas for social transformation including Coffee Morning, Food Bank, Soup Kitchen as well as a breakfast and an After School Club. However, we were restrained by the pandemic and lockdown.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Even though we were restrained by the pandemic, a summary of our achievements are as follows:
We have held regular church services and meetings.
Pastoral support has and continues to be given by our Pastors.
We have rendered financial support to worthy causes for the benefit of the public.
Church workers meetings have been held.
Well-being meetings have been held for different church groups.
Pastors have held regular meetings.
Trustees have held meetings.
## **FINANCIAL REVIEW**
## **Financial position**
At the end of December 2021, our savings with HSBC bank was £580,968.57.
Our aim remains, to purchase a church building to enable us carry out our objective more effectively. The saved amount is mostly towards the purchase of our building
Principal sources of income include regular donations by members of the church and attendees at our meetings through collections, direct bank transfer, standing orders, periodic fund raising, all by voluntary contributions.
We also earn interest paid on our savings account and we make regular gift aid claims.
Expenditures include money spent on rent, lease and venue hires for our meetings and worship, salary for employed staff, professional fees paid to musicians, accountant, public liability insurance, event insurance, vehicle insurance, equipment purchased, vehicle maintenance, welfare, contribution to other charities and to our associate church New Covenant church UK, meetings and training, printing, love gifts and honorariums, and towards our outreaches and charitable events such as the homeless activity at Christmas by the young adult fellowship.
Page 3
New Covenant Church - Wallington
## Report of the Trustees
for the Year Ended 31 December 2021
## **FUTURE PLANS**
We aim to continue to grow as church.
Expand our activities and own our building to facilitate our objectives, for the public’s benefit.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Foundation Governing Document. 28 September 2017 as amended 08 December 2020.
Charitable Incorporated Organisation
## **Recruitment and appointment of new trustees**
The current trustees are the first trustees. In making their appointments, the following steps were followed:
The CIO’s governing document is checked to ensure that the new trustees are appointed in a proper and legal way.
Preferred candidates, with the required expertise and skill set, are identified and invited to be the first charity trustees. (Subject to formal vetting and approval by the full trustee board.)
Potential trustees are vetted. Checks are carried out to ascertain candidates have not been disqualified from acting as trustees, and candidates are asked to confirm in writing that this is the case.
Candidates are asked to consider and declare any existing or potential conflicts of interest. Appropriate checks from the Disclosure and Barring Service are conducted.
In the light of the checks and declarations, the trustees decide to go ahead and formalise the appointment of new trustees.
Trustees meet and make a decision on the appointment of each new Trustee and the office they hold.
All new trustees are given a copy of the CIO’s governing document and all relevant documents and guides from the Charity Commission.
All new trustees are introduced to the church and the office they hold.
Page 4
New Covenant Church - Wallington
## Report of the Trustees
for the Year Ended 31 December 2021
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure**
The trustee board is responsible for good governance and we strive to govern well.
Trustees are given an induction session along with going through the CIO’s governing document and all relevant guides from the Charity Commission.
The CIO’s governing document and all relevant guides from the Charity Commission are regularly consulted in enabling trustees.
New Covenant Church, Wallington, is part of the wider New Covenant Church UK, and trustees have attended meetings organised aimed at supporting and enabling trustees carry out their roles effectively.
The CIO consists of 4 trustees. There is a Chair, a Secretary and a Treasurer.
New Covenant Church, Wallington consists of a leadership team of three Pastors and one Elder. Within the church, there are 18 departments and committees, with each having a head of department.
The various departments and committees include the Pastoral Team, Choir, Welfare, Children Department, Youths, Young Adults, Ushers, Technical Team, Prayer and Intercessory Team, Welcome and Follow Up
Team, Covenant Men, Covenant Women, Evangelism, Finance, Discipleship Team, Party in The Park Committee, Building Committee and the Outreach Ministry (namely Benefit Advice).
New Covenant Church, Wallington is part of New Covenant Church UK, with a signed document of association and collaboration.
To identify, assess and manage risks to the CIO, the trustees have adopted a risk management policy and also use the framework suggested by the Charity Commission CC26.
The CIO has public liability and indemnity insurance policy up to date.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1174887
## **Principal address**
## **Trustees**
O OBOITE MRS O OKORO MS K DAVIDSON DR S AJAYI
Page 5
New Covenant Church - Wallington
Report of the Trustees for the Year Ended 31 December 2021
Approved by order of the board of trustees on 21 September 2022 and signed on its behalf by:
O OBOITE - Trustee
Page 6
## Independent Examiner's Report to the Trustees of New Covenant Church - Wallington
## **Independent examiner's report to the trustees of New Covenant Church - Wallington**
I report to the charity trustees on my examination of the accounts of New Covenant Church - Wallington (the Trust) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Theo Sehindemi CIPFA; FFA; FIPA
21 September 2022
Page 7
New Covenant Church - Wallington
|Statement of Financial Activities
for the Year Ended 31 December 2021
Unrestricted Restricted
fund
fund
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
91,960
-
**EXPENDITURE ON**
**Charitable activities**
3
Training and Welfare
2,350
-
Contribution to Centre
8,201
-
Professional Fees
1,880
-
Honorarium
1,900
-
Insurance
1,110
-
Motor Expenses
1,869
-
Rent
3,315
-
Subscription
403
-
Wages and Salary
10,022
-
Social Security - Employer National
Insurance
1,383
-
Mission
5,000
-
Auditing of Accounts
1,150
-
**Total**
38,583
-
**NET INCOME**
53,377
-
**TOTAL FUNDS CARRIED FORWARD**
53,377
-|Total
funds
£
91,960
2,350
8,201
1,880
1,900
1,110
1,869
3,315
403
10,022
1,383
5,000
1,150
38,583
53,377
53,377|
|---|---|
The notes form part of these financial statements
Page 8
New Covenant Church - Wallington
## Balance Sheet 31 December 2021
|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||fund|fund|funds|
||Notes|£|£|£|
|**FIXED ASSETS**|||||
|Tangible assets|7|1,395|-|1,395|
|**CURRENT ASSETS**|||||
|Debtors|8|(550,630)|-|(550,630)|
|Cash at bank and in hand||602,613|-|602,613|
|||51,983|-|51,983|
|**CREDITORS**|||||
|Amounts falling due within one year|9|(1)|-|(1)|
|**NET CURRENT ASSETS**||51,982|-|51,982|
|**TOTAL ASSETS LESS CURRENT**|||||
|**LIABILITIES**||53,377|-|53,377|
|**NET ASSETS**||53,377|-|53,377|
|**FUNDS**|10||||
|Unrestricted funds||||53,377|
|**TOTAL FUNDS**||||53,377|
The financial statements were approved by the Board of Trustees and authorised for issue on 21 September 2022 and were signed on its behalf by:
O OBOITE - Trustee
The notes form part of these financial statements
Page 9
New Covenant Church - Wallington
Cash Flow Statement for the Year Ended 31 December 2021
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
**Change in cash and cash**
**equivalents in the reporting**
**period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the**
**end of the reporting period**|£
604,008
604,008
(1,343)
(1,343)
602,665
-
602,613|
|---|---|
The notes form part of these financial statements
Page 10
New Covenant Church - Wallington
Notes to the Cash Flow Statement for the Year Ended 31 December 2021
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Decrease in debtors
Increase in creditors
**Net cash provided by operations**|£
53,377
550,630
1
604,008|
|---|---|
2. **ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank and in hand
**Total**|At 1.1.21
Cash flow
At 31.12.21
£
£
£
-
602,613
602,613
-
602,613
602,613
-
602,613
602,613|
|---|---|
The notes form part of these financial statements
Page 11
New Covenant Church - Wallin
lon
New Covenant Church - Wallington
Notes to the Financial Statements for the Year Ended 31 December 2021
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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 purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Page 13
continued...
New Covenant Church - Wallington
## Notes to the Financial Statements - continued for the Year Ended 31 December 2021
## **2. DONATIONS AND LEGACIES**
|Gifts
Donations
Gift aid|£
1
75,547
16,412
91,960|
|---|---|
## **3. CHARITABLE ACTIVITIES COSTS**
|Training and Welfare
Contribution to Centre
Professional Fees
Honorarium
Insurance
Motor Expenses
Rent
Subscription
Wages and Salary
Social Security - Employer
National Insurance
Mission
Auditing of Accounts
**4.**
**SUPPORT COSTS**
Management
£
Contribution to Centre
-
Professional Fees
-
Honorarium
1,900
Insurance
1,110
Motor Expenses
-
Rent
3,315
Subscription
403
Wages and Salary
10,022
Social Security - Employer National
Insurance
1,383
Auditing of Accounts
-
18,133|Support
Direct
costs (see
Costs
note 4)
£
£
2,350
-
-
8,201
-
1,880
-
1,900
-
1,110
-
1,869
-
3,315
-
403
-
10,022
-
1,383
5,000
-
-
1,150
7,350
31,233
Governance
Finance
costs
£
£
8,201
-
1,880
-
-
-
-
-
1,869
-
-
-
-
-
-
-
-
-
-
1,150
11,950
1,150|Totals
£
2,350
8,201
1,880
1,900
1,110
1,869
3,315
403
10,022
1,383
5,000
1,150
38,583
Totals
£
8,201
1,880
1,900
1,110
1,869
3,315
403
10,022
1,383
1,150
31,233|
|---|---|---|
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continued...
New Covenant Church - Wallington
## Notes to the Financial Statements - continued for the Year Ended 31 December 2021
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2021.
## **6. STAFF COSTS**
|Wages and salaries
Social security costs|£
10,022
1,383
11,405|
|---|---|
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.
## **7. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||Fixtures|
||and|
||fittings|
||£|
|**COST**||
|At 1 January 2021|534|
|Additions|1,343|
|At 31 December 2021|1,877|
|**DEPRECIATION**||
|At 1 January 2021|107|
|Charge for year|375|
|At 31 December 2021|482|
|**NET BOOK VALUE**||
|At 31 December 2021|1,395|
Page 15
continued...
New Covenant Church - Wallington
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
## **8. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Balancing Figure
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors|£
(550,630)
£
1|
|---|---|
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **10. MOVEMENT IN FUNDS**
|**MOVEMENT IN FUNDS**|||
|---|---|---|
||Net||
||movement|At|
||in funds|31.12.21|
||£|£|
|**Unrestricted funds**|||
|General fund|53,377|53,377|
|**TOTAL FUNDS**|53,377|53,377|
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|91,960|(38,583)|53,377|
|**TOTAL FUNDS**|91,960|(38,583)|53,377|
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2021.
Page 16
New Covenant Church - Wallington
|Detailed Statement of Financial Activities
for the Year Ended 31 December 2021
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Gifts
Donations
Gift aid
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Training and Welfare
Mission
**Support costs**
**Management**
Wages
Social security
Rent
Insurance
Subscription
Honorarium
**Finance**
Contribution to Centre
Motor Expenses
Professional Fees
**Governance costs**
Auditors' remuneration for non-audit
work
Total resources expended
**Net income**|£
1
75,547
16,412
91,960
91,960
2,350
5,000
7,350
10,022
1,383
3,315
1,110
403
1,900
18,133
8,201
1,869
1,880
11,950
1,150
38,583
53,377|
|---|---|
This page does not form part of the statutory financial statements
Page 17