Registered Charity Number - 1174986
NEW COVENANT CHURCH LEWISHAM CIO
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
NEW COVENANT CHURCH LEWISHAM CIO
Annual Trustees Report and Financial Statements
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees and Directors:
OLASUBOMI LADELE (resigned 30/11/2024)
AMINAT ADETOUN ADEFARAKAN
HOPE EMONENA
AYODEJI NEHAN (appointed 02/10/2024)
OLUWAKAYODE JOHN BABALOLA (appointed 02/10/2024)
Registered office:
10 Reservoir Close, Greenhithe
Kent DA9 9BX
Charity number:
1174986
Accountants and Independent Examiner:
Tunde Aikomo 48 Beaumont Road Purley Surrey CR8 2EG
Bankers:
NatWest PLC
NEW COVENANT CHURCH LEWISHAM CIO
Trustees Report For The Year Ended 31st December 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in July 2014.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trustees work closely with the executive team who were delegated to handle the day to day running of the charity. The trustees hold meetings throughout the year where the executive team are directed to promote the policies, strategies, programmes, and projects geared towards achieving the charitable objectives. The charity also collaborates with the New Covenant Charity 1004343 where our objectives align. The relationship is governed by a ‘Joint Working Agreement between the parties.
Risk management
The trustees recognise their duty to identify and review the risks to which the charity is exposed, and appropriate controls and mitigations were put in place to provide reasonable assurance against fraud, errors, and health concerns.
Objectives and Activities
The Objectives of the CIO as set out in the governing documents:
1) The advancement of Christian Faith in the United Kingdom and abroad for public benefit.
2) The relief of persons who are in conditions of need, hardship, or distress or who are sick or aged in the United Kingdom or abroad.
3) The relief of Poverty.
Principal activities
The Principal Activities of the CIO are Christian worship and involvement of various ministries and ministers of religion in propagating the Christian Tenets of faith to members (and non-members) who seek to learn and develop an understanding of the Gospel through the various
meetings provided by the Charity. There is also an extension of the Christian Faith through other direct Community Outreach Programmes.
Charitable activities
The Board of Trustees are pleased to report as follows:
PUBLIC BENEFIT
The Advancement of Christian Faith
The trustees of the CIO 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 is involved with many community focus outreach programmes and project providing direct benefits for the public in the United Kingdom.
Places of worship
The provision and places of Christian Worship are important functions of the Charity's activities which provides members of the public with the ongoing opportunity to attend worship services on a regular basis thereby enabling them to grow and develop in the Christian faith, teachings, and principles.
From the beginning of the reporting year, we held our Sunday worship services in person at a rented school hall – London South East College, Greenwich SE10. This arrangement continued until the third week of September 2024. Due to unforeseen circumstances with the premises, we were required to relocate and subsequently began meeting at another rented school hall: Harris Academy Falconwood, The Green, Welling, Kent, DA16 2PE. Other worship services including teaching sessions, prayer meetings, ‘Illuminate’ provides biblical teachings on Wednesdays evenings and ‘Shalom’ – a night of ministry on 1st Friday of every month were held virtually via Zoom. ‘Morning Glow’ provided an opportunity for the church to meet daily for a 15 mins devotional service. These progressive strategies contributed to increase commitment to advancing the gospel, propagate church growth, attendance and commitment to the Christian faith, teachings, and principles.
Children & Teen Ministry
The Children & Teen ministry held weekly services throughout the year alongside the adult service for children based on the age classification. A variety of delivery tools including teaching, music, games, art, drama, and dance sessions were used. The focus is to bring biblical truth into their dayto-day consciousness and impact biblical values.
Children Sunday and Teen Sunday are days set aside which gave the children and teens the opportunity to lead the main service on a Sunday which they do with confidence, demonstrating knowledge and understanding of Bible teachings and principles.
The teens are being mentored into leadership roles through opportunities to serve in various departments of the charity.
Covenant Men, Covenant Women Outreach Ministries
Covenant Men is the Men’s ministry of the church while Covenant Women is the Women’s ministry. These ministries met physically at member homes on 1[st] Sundays monthly for fellowship and encouragement to develop their personal relationship and to further enable individual to build strong Christian families, church and communities which then inevitably impacts on building a strong Christian nation.
They provided advice and support on social issues, family, career, and personal and spiritual issues. They also organise training sessions and conferences on a variety of topics.
Covenant Culture and Youth Outreach Ministries
Covenant Culture is the ministry for those aged between 18-39 yrs. in the church and they met physically at member homes monthly for fellowship and encouragement to develop their personal relationship and to further enable individuals to build strong career and personal ministries.
Covenant Culture met 3[rd] Sundays while The Youth Fellowship met every week on Mondays.
Evangelism
Evangelism is a core value and outreach strategy of our Church to reach out to communities.
We distribute Christian Tracts in the community, speak to people in parks and public places about the Christian faith, provide light refreshments in parks as we look to engage the community to drive forward the Christian faith. Various ministries in the church held evangelistic outreach activities at Old Peoples Home, Sutcliffe Park and presentation of gifts to Salvation Army, During the summer months we had open air services in Sutcliffe Park in Kidbrooke, and a prayer walk in the Greenwich community.
We have plans to implement several ideas for community transformation including Coffee Mornings, Food Bank as well as Breakfast and an After School Club when we move into our own Building. Church members volunteer their time, skills and expertise.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
RELIEF OF PERSONS IN CONDITIONS OF NEED HARDSHIP, DISTRESS, SICK OR AGED
Providing for the Elderly, Sick and Aged
In line with the Charity’s objective, we provided relief to persons who are in conditions of need, hardship, distress, sick or aged.
Relief of Poverty, Hardship, Pastoral Care & Bereavement Support.
The Charity provided care and counselling to bereaved families who have lost loved ones. The charity additionally provided financial help to bereaved families to assist them in such times of difficulties. It provided ongoing pastoral care to beneficiaries (in and out of the church) according to their needs.
VOLUNTEERING
The charity's volunteers provided an invaluable contribution in various areas of service provision, development, and implementation of the church's vision. We provided volunteers' training sessions catering for welfare, spiritual and socio-economic developmental needs.
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 committed expenditure, excluding financing and other costs. Excess unrestricted funds, to the extent represented by liquid assets, will be used to meet recurrent
operational costs, except where the Trustees consider that the funds should be retained for possible future projects.
INVESTMENT POLICY
The Trustees have the power to review any potential investment to ensure it is ethical, missionconsistent, and serves the long-term interests of the church and the communities it supports.
The charity'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 conservative approach.
GRANT-MAKING POLICY
The Charity does not provide grants and therefore do not have a policy on grant-making. The Trustees, however, give gifts and donations as an effective means of delivering support and assistance to other programmes that fit within the objectives of the Charity.
Under the 'Joint Working Agreement’ (see Related Party Relationships above), New Covenant Church Lewisham CIO has agreed to make a regular proportional contribution to Global Promotion of the Christian Faith via New Covenant Church UK (1004343). Additionally, the charity supports missionary organisation such as Global Mission, Liberty, etc. The charity also provides support to members of the church congregation who are in need.
FINANCIAL REVIEW
The book values of the assets held at the yearend are, in the opinion of the Board of Trustees, as stated in the financial statements. Also, in its opinion, adequate assets are available to fulfil the obligations of the charity. The assets were largely in respect of savings in anticipation of future projects.
A summary of the result of the Charity’s activities during the period is given in the Statement of Financial Activities.
By Order of the Board of Trustees
ADETOUN ADEFARAKAN
Trustee
Date: 17[th] day of August 2025
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
Statement of Financial Activities for the year ended 31 December 2024
| Income & Endowments from: Total income Expenditure on: Total expenditure Net gains on investments Net income for the year Transfers between funds Net income after transfers Other recognised gains/(losses)7 Net gains on revaluation of fixed assets Net actuarial gains on defined pension benefit schemes Costs of fundamental reorganisation or restructuring Extraordinary items Net movement in funds Reconciliation of funds:- Raising funds Charitable activities Other Tax on surplus on ordinary activities Donations & Legacies Charitable activities Other trading activities Investments Other |
Current year Unrestricted Funds 2024 £ 81,755 - - - - |
Current year Restricted Funds 2024 £ - - - - - |
Current year Total Funds 2024 £ 81,755 - 46,881 - - 46,881 - 34,874 - 34,874 - 34,874 81,755 - - - - - - - |
Prior Year Total Funds 2023 £ 77,782 - - |
|
|---|---|---|---|---|---|
| 81,755 | - | 77,782 | |||
| - 46,881 - - |
- - - - |
- 37,926 - - |
|||
| 46,881 | - |
37,926 | |||
| - | - | - | |||
| 34,874 - |
- - |
39,856 - |
|||
| 34,874 - 34,874 - - - |
- - - - - - |
39,856 - 39,856 - - - |
|||
Total funds brought forward
-
- - -
1
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
Total funds carried forward 34,874 - 34,874 39,856
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
Last year's SOFA - Analysis required by 4.2 of the SORP
| Income from: Total income Expenditure on: Total expenditure Donations & Legacies Charitable activities Other trading activities Investments Other Raising funds Charitable activities Other Tax on surplus on ordinary activities |
Prior Year Unrestricted Funds 2024 £ 0 0 - 81,755 - - - |
0 - Prior Year Restricted Funds 2024 £ - |
Prior Year Total Funds 2023 £ - - - 77,782 - - - |
|
|---|---|---|---|---|
| 81,755 | 77,782 39,856 - 37,926 - - |
|||
| - 46,881 - - |
- - - - |
|||
| **34,874 ** | - |
2
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
| Net gains on investments Net income for the year Transfers between funds Net income after transfers Other recognised gains/(losses) Net movement in funds Reconciliation of funds:- Total funds brought forward Total funds carried forward Net gains on revaluation of fixed assets Net actuarial gains on defined pension benefit schemes Costs of fundamental reorganisation or restructuring Extraordinary items |
- 34,874 - |
- - - |
- 39,856 - 39,856 - - - - - - - |
|
|---|---|---|---|---|
| 34,874 - - - - - |
- - - - - - |
|||
| - - |
- - |
|||
| 34,874 | - | 39,856 |
All activities derive from continuing operations
Statement of Total Recognised Gains and Losses for the year ended 31 December 2024
| _Income from operations before tax in the Statement of Financial Activities_34,874 Surplus for the year :- Net excess of income over expenditure from operations before tax Realised gains on the disposal of tangible fixed assets Realised gains on the disposal of intangible fixed assets Realised gains on the disposal of heritage fixed assets Realised net Gains Spare heading for realised gains and losses- replace with tex 34,874 - - - - 2024 £ Realised gains on the disposal of investments Realised net actuarial gains on defined benefit schemes Costs of fundamental reorganisation or restructuring - - - |
39,856 39,856 - - - - 2023 £ - - - |
|---|---|
3
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
| Extraordinary items Surplus as shown in the Income and Expenditure account Add/(deduct) non income and expenditure items:- Net Movement in funds before taxation Taxation arising in the year Funds generated in the year as shown on Statement of Financial Activities Gains on the revaluation of tangible fixed assets Gains on the revaluation of heritage fixed assets Unrealised gains on investments Unrealised net actuarial gains on defined benefit schemes Gift aid payments made Grants for the acquisition of fixed assets Actuarial gains |
- 34,874 - - 34,874 - - - - - - - - |
- |
|---|---|---|
| 39,856 - - - - - - - - |
||
| - - |
||
| 39,856 |
4
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
Statement of application of resources
New Covenant Church - Lewisham - Resources applied in the year ended 31 December 2024 towards fixed assets for Charity use:-
| Net resources available to fund charitable activities Funds generated in the year as detailed in the SOFA Resources applied on functional fixed assets Investment in programme related investments Resources applied on Intangible assets Resources applied on Heritage assets |
2024 £ 81,755 81,755 - - - - |
2023 £ 77,782 - - - - |
|---|---|---|
| 77,782 |
Movements in funds Movements in revenue and capital funds for the year ended 31 December 2024
Revenue accumulated funds
| f Closing revenue funds (From)/To unrestricted revenue unds Net actuarial gains on defined p schemes ension benefit Costs of fundamental reorganisa restructuring tion or Exceptional items Accumulated funds brought forward Recognised gains and losses before transfers |
Unrestricted Funds 2024 £ - 34,874 |
Restricted Funds 2024 £ - - |
34,874 - - - - Total Funds 2024 £ - 34,874 34,874 |
Last year Total Funds 2023 £ - 39,856 |
|
|---|---|---|---|---|---|
| - - - - 34,874 |
- - - - - |
- - - - 39,856 |
|||
| 34,874 | - | 39,856 |
Designated funds Designated revenue funds included within the unrestricted funds above
| Total | Last year |
|---|---|
| Funds | Total Funds |
| 2024 | 2023 |
| £ | £ |
5
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
At 1 January - - Transfer (to)/from revenue accumulated funds - - At 31 December - -
| At 31 December Fixed Asset funds Fixed asset funds At 1 January Transfer (to)/from revenue funds |
Designated Funds 2024 £ - - |
Restricted Funds 2024 £ - - |
- - Total Funds 2024 £ Last year Total Funds 2023 £ - - - - |
|
|---|---|---|---|---|
| - | - |
| At 31 December Revaluation Reserve Fund Revaluation Reserve Fund At 1 January Transfer (to)/from revenue funds Net gains on revaluation of fixed assets |
Unrestricted Funds 2024 £ - - - |
Restricted Funds 2024 £ - - - |
Total Funds 2024 £ - - - - - Last year Total Funds 2023 £ - - - |
|
|---|---|---|---|---|
| - | - |
Summary of Funds Summary of funds
| Total funds Summary of funds Share capital and share premium Revenue accumulated funds Revenue designated funds Fixed asset funds Revaluation reserve fund |
icted s 024 £ 34,874 - Unrestricted Restr and Fund Designated funds 2024 2 £ - 34,874 - - - - - - - - |
34,874 39,856 Total Funds Last Year Total Funds 2024 £ 2023 £ - 34,874 - - - - 39,856 - - - |
|---|---|---|
6
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
Income and Expenditure account
New Covenant Church – Lewisham Income and Expenditure Account for the year ended 31 December 2024 as required by
| Income Gross income in the year before exceptional items Gross income in the year including exceptional items Expenditure Total expenditure in the year Income from operations Realised Gains on the disposal of investments Realised gains on disposals of social investments which are programme related Gift aid donations received from subsidiary undertaking Investment income Income from investments, other than interest receivable Interest receivable Other operating income Exceptional items: Realised gains on disposals of tangible fixed assets held for the charity’s own use Realised gains on the disposal of intangible assets Realised net actuarial gains on defined benefit schemes Realised gains on disposals of heritage assets Spare heading for realised gains and losses- replace with text Charitable expenditure, excluding depreciation and amortisation Depreciation and amortisation Fundraising costs Governance costs Other expenditure Interest payable Realised losses on the disposal of investments Realised losses on disposals of social investments which are programme related Realised losses on disposals of tangible fixed assets held for the charity’s own us Realised losses on the disposal of intangible assets Realised losses on disposals of heritage assets Spare heading for realised gains and losses- replace with text Realised net actuarial losses on defined benefit schemes Costs of fundamental reorganisation or restructuring |
81,755 81,755 46,881 2024 £ 81,755 - - - - - - - - - - - 23,044 - - 23,837 - - - - - - - - - - |
77,782 77,782 37,926 2023 £ 77,782 - - - - - - - - - - - 20,613 - - 17,313 - - - - - - - - - - |
|---|---|---|
7
New Covenant Church - Lewisham - Statement of Financial Activities for the year ended 31 December 2024
| Extraordinary items Net income before tax in the financial year Tax on surplus on ordinary activities Net income after tax in the financial year Gift Aid donations made Retained surplus for the financial year. |
- 34,874 - 34,874 - 34,874 |
- |
|---|---|---|
| 39,856 - |
||
| 39,856 - |
||
| 39,856 |
All activities derive from continuing operations
8
New Covenant Church - Lewisham - Balance Sheet as at 31 December 2024
| Notes Total fixed assets Total current assets Creditors: amounts falling due within one year Net current assets Net assets Creditors: amounts falling due after more than one year Provisions for contingent assets Net assets Defined benefit pension scheme assets The total net assets of the charity The total net assets of the charity are funded by the Current assets Stocks Debtors Investments held as current assets Cash at bank and in hand Fixed assets Intangible assets Tangible assets Heritage assets Investments held as fixed assets Social investments There are no unanalysed prior period funds Restricted funds Restricted Revenue Funds Restricted Fixed Asset Funds |
6,148 4,147 - - 73,490 80,719 - - 86,219 44,080 159,709 124,799 (4,884) (4,884) 154,825 119,915 - - - - - - - - - 160,973 124,062 funds of the charity, as follows:- 2024 £ 2023 £ - 6,148 - - - - 4,147 - - - - - - - - 128,779 99,250 - |
|---|---|
| 159,709 (4,884) |
|
| funds of the - |
10
New Covenant Church - Lewisham - Balance Sheet as at 31 December 2024
Restricted Revaluation Reserve
| Restricted Revaluation Reserve | ||||
|---|---|---|---|---|
| Unrestricted Funds Pension reserve Total charity funds Called up share capital Share premium Unrestricted Revenue Funds Unrestricted Revaluation Reserve Designated Funds Designated Revenue Funds Designated Fixed Asset Funds |
- | - - 32,194 |
- | - 24,812 - - - - - - |
| - - |
- - |
|||
| - 160,973 - - - - |
||||
| 124,062 |
Prior Year Adjustment
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 11.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
Trustee
Approved by the board of trustees on May 2025
11
New Covenant Church – Lewisham CIO 1174986
Report of the Independent Accountant to the Trustees of the charity on the accounts for the period ended 31 December 2024
Our responsibility as an independent examiner is to look at the charity’s records for the period being examined and to give an informed opinion, based on the records, about whether we have found any evidence to suggest that the accounts have not been kept properly, or that the figures being presented by the Treasurer do not tally with the records that have been kept.
Our responsibility is to prepare accounts upon the basis of the information supplied to us, without conducting any formal scrutiny. We have therefore reported on the financial statements of New Covenant Church, Lewisham CIO for the period ended 31 December 2024 as set out on pages 1-11 on the Financial report of the charity, which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements of the charity are prepared, in all material respects, in accordance with charity law applicable within the jurisdiction of England & Wales and the accounts have been prepared in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England & Wales (CCEW), effective January 2016, under the historical cost convention, and in accordance with the accounting policies set out in section 3 of the SORP, which framework constitutes the applicable United Kingdom Generally Accepted Accounting Practice.
Respective responsibilities of the directors and the accountant.
As described in section 1.7 of the SORP, you, the charity's Trustees are responsible for the preparation of the accounts. The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. The Trustees also consider the charity to be exempt from the requirement to be subject to Independent Examination.
Our responsibility is to prepare accounts upon the basis of the information supplied to us, without conducting any formal scrutiny.
Therefore on the basis of the information supplied to us we only carried out the following:
• Establish the opening and closing balances of the relevant bank accounts and established that the records that make up the accounts tally with bank records of all outgoings and transactions coming into the accounts.
• We did not check the paperwork supporting income. However, the charity’s main incomes come from tithes and offering collected on their service or meeting days. We spoke to the treasurer and the explanations were satisfactory to conclude the examinations.
• We did not check paperwork supporting expenditure.
• We checked that individual items were reasonable. However we established that an officer conducted several internet transfers of money from the CIO bank accounts into their own personal bank account without proper authority to do so.
• We have notified the Trustees of this breach. The trustees have taken appropriate actions to protect the assets of the CIO and the respective officer currently does not have access to transact any financial transactions on behalf of the CIO and is no longer a signatory to any of the CIO’s bank accounts. The current signatories are authorised officers of the charity.
No Statement of Opinion
We have not carried out any audit procedures and have relied upon information supplied to us by the Trustees, and the information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently we do not express an audit or other assurance opinion on the view given by the accounts.
Signed
Tunde Aikomo ACMA/CGMA
Independent Examiner Kingsviews Associates Ltd 48 Beaumont Road Purley Surrey CR8 2EG