# **NEW COVENANT CHURCH, ISLINGTON CIO REGISTERED CHARITY: 1175293**
## **Report of the Trustees For the year ended 31 December 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) Number 1175293
## **Registered Office**
International House, 64 Nile Street, London, N1 7SR
## **Trustees**
IFEOLUWA AMUSAN MARY AKINSULIRE
OBAFEMI MOBOLA MAFOH
## **Bankers**
NatWest Bank Lloyds
## **Independent Examiner**
Kingsviews Associates Ltd
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
New Covenant Church Islington CIO (the "Church") is a Charitable Incorporated Organisation (CIO) in England & Wales and constitutes a corporate body with limited liability. It is registered with the Charity Commission under number 1175293.
The Charity was incorporated on 23 Oct 2017 and is controlled by its governing document, a constitution as approved by the Charity Commission in England & Wales (CCEW), and is governed by its trustees in accordance with its constitution.
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
## **Governance Code**
The trustees are aware of the Charity Governance Code and are considering how the relevant matters can be applied to and implemented by the Church.
## **Training**
Trustee Training Sessions were held jointly with a number of other churches, covering Charity Commission Registration, CIO & Set Up, Transfer of Asset, Trustees, Committees and Legal Duties, Accounting, Charities Commission Website, Public Benefit & Related Activities, Policy Documents Required, Finance, and other operation side training.
## **Organisational Structure**
The Board of Trustees appointed a Council of Management and other advisers who promote the objectives of the charity. The Board of Trustees meet during the year and Council of Management are directed to promote the policies, strategies, and processes of implementation for the various programmes and projects.
## **Risk Management**
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **Wider Network**
The Church is a member of The New Covenant Church and the Evangelical Alliance and Free Churches.
## **OBJECTIVES AND ACTIVITIES Constitution, Objectives and aims and Organisation of our Work**
The Objectives of the Church _New Covenant Church Islington_ (the “Church”)
1. The advancement of Christian Faith in the United Kingdom.
2. The relief of persons who are in conditions of need, hardship or distress or who are sick or aged in the United Kingdom.
3. The relief of poverty.
In fulfilling its purpose, the Charity engages in a range of activities either on its own or with others that will vary from time to time with activities being initiated, expanded, or closed, as appropriate.
## **Principal Activities**
The Principal Activities of the charity are Christian worship and involvement of various ministries and ministers of religion in propagating the 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 Church. There is also an extension of the Christian Faith through other direct community outreach programmes provided by the charity.
## **Charitable Activities**
The Board of Trustees are pleased to report the Charity’s activities include, but are not restricted to:
- Regular public worship, Bible study, preaching and teaching
- _Sunday services, monthly prayer meetings and church leaders’ prayer sessions_
- Water Baptism
- Communion of the Lord's Supper, normally to be observed at least once monthly
- Evangelism and mission, locally, regionally, nationally
- _Monthly community evangelism_
- _Community outreach_
- Partnering with other Churches, within but not restricted to New Covenant Church
-
-
-
-
- Teaching, encouraging, welcome and inclusion of young people
- Nurture and growth of Christian disciples
- Education and training for Christian and community service
- Giving and encouraging Pastoral care
- Supporting and encouraging charitable social action in the United Kingdom
- _Collections and delivery to Food and Clothing Banks._
- Encouraging relationships with and supporting evangelicals, other Christians and humanity at large
## **Volunteers**
A significant proportion of the Charity’s activities are run by and with the assistance of volunteers, who freely give of their time and skills to support the Charity in its furtherance.
## **PUBLIC BENEFIT**
## **The Advancement 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, the specific guidance on charities for the advancement of religion are pleased to report that the church has continued its involvement with a number of community focus outreach programmes and projects providing direct benefits for the public in the United Kingdom.
## **Place of Worship**
- Service Times
- Sunday Services 10.00am -11:30am and 11:00am - 13:30pm (Physical and Online Services) respectively
- Tuesdays and Thursday evenings Bible Studies
- Place of Worship:
- Britannia Leisure Centre, Pitfield Street, London N1 5FT
- Ponders End Community Development Trust, Enfield EN3 7FN.
- And “Zoom Platform”
During the 2023, the New Covenant Church Islington CIO, which is comprised of two branches located in Islington and Enfield, have delivered Sunday Church Services open to all members of the public who desire to learn the Gospels of Christian teachings and principles. Beneficiaries attend the church services regularly; meeting either corporately physically or in some instances small groups via online Zoom platform.
The Charity, New Covenant Church Islington remains committed to the advancement of the Christian Faith in line with its charitable objectives through the provision and maintenance of all our places for Christian Worship in the United Kingdom. The provision and places of Christian Worship is an important aspect of the Charity’s activities.
It provides members of the public with the ongoing opportunities to attend the charity’s places of worship, enabling them to grow and develop in the Christian faith, teachings, and principles. Beneficiaries have gained spiritual fulfilment, of the joy of the Christian faith through sound biblical teachings resulting in positive life changing experiences
## **Weekly Bible Studies**
The charity provides weekly Bible Studies, which is pivotal in enabling beneficiaries to get a deeper understanding of the Word of God which is the foundational knowledge that underpins all our Christian teachings and principles. These bible studies allow beneficiaries to build their faith and additionally a Christian lifestyle. Year 2023, focused on the Epistle of Paul, through the books of Galatians, Ephesians, Philippians, Colossians, Thessalonians, Timothy, Titus and Philemon.
This study will continue in the charity’s next financial year and the beneficiaries will be taught more on the Epistles of Paul through the Books of 1[st] & 2[nd] Peter; 1[st] & 2[nd] John and Jude, to continue their development and understanding.
## **House Cell Groups**
The branches of the charity make further provision of advancing the Christian Faith, through House Cell Groups which hold weekly to provide additional biblical teachings in informal settings. These are all enabling strategies contributing to increase commitment to advancing the gospel, by helping beneficiaries to become fervent in their Christian faith, and apply biblical teachings, and principles as part of daily life. These continued throughout the year in family only gatherings and online for groups that were multi-household.
## **Evangelism**
Evangelism is a very important aspect of the Charity’s outreach programme; we share the gospel with members of the public; as they go about daily lives whether walking on the street, or door-to-door. Many beneficiaries have paused to listen and share their concerns or needs. The charity’s Evangelism Teams respond through prayers, encouraging words and share the gospel through giving of Christian tracts, Bibles, and books. Evangelism outreaches often result in some members of the public willingly attend church services.
## **Youth Ministry**
The Charity is pleased to report that the Youth Ministry grew. Building on the previous year’s age-appropriate Christian teachings and principles, the Youth Ministry demonstrated growth in learning and commitment in building their Christian faith. On the third Sunday of each month in 2023, the Youth Ministry was given the opportunity to lead all aspects of church service: opening prayers, Worship and short sermons. The impact was encouraging and very positive for the Youths and the church.
There were further opportunities for Christian drama, bible quiz and group discussions. The events were geared towards encouraging social activities and learning on life issues with biblical guidance. Sessions were held to encourage Christian living and being responsible members of the community. Additionally, the Charity made provision for advice on careers, counselling and support during and after examinations.
## **Covenant Culture Ministry**
The charity collaborated with another Christian Ministry and provided interactive bible studies and conferences for young adults.
The Young Adults participate annually with other branches of New Covenant Church, collaboratively known as Covenant Culture. There was an annual 3-days conference in summer 2023 which made provision for young adults to fellowship in worship, Christian teachings and encouragement, to help young Christians grow in faith.
## **Children Ministry**
The Children Ministry caters for the spiritual needs of children every Sunday. We remained focused on ageappropriate biblical teachings, building their understanding, confidence and raising self-esteem. Children Sunday and Teen Sunday are days set aside which gave the children and teens the opportunity to have a Sunday in the month. They are mentored to lead the main service on a designated Sunday. They did so with confidence and demonstrated knowledge and understanding of Bible teachings and principles.
## **Covenant Men and Women Outreach Ministry**
This is an additional outreach arm of the charity which supports the advancement of the Christian faith by encouraging men and women to develop personal relationship with Christ through worship, fellowship, bible study and prayers both in church and at home. The building of strong Christian families, church and communities which inevitably positively impact on building a strong Christian nation.
## **Social Investment**
The Church provides activities for all age groups which are open to all members of the local community on a nonprofit making basis, in addition to the more formal church and related services. This includes a Gospel Choir (Worship Team), Sunday afternoon refreshments, movie nights, jointly organising a community-based summer free family “Fun Day” and barbecue on a public park.
## **Health and Wellbeing Talks**
We provided Community Health Talk is held in-person and online. Sessions were provided to create further awareness on Diabetes and long-term implications. Through teams of professionals, blood tests were offered to assess blood sugar levels and advise given to prevent or manage diabetes.
Sessions were also provided on Bowel Care: Constipation – and why it should not be ignored. Arthritis was also discussed as it affects many of the aged.
## **THE RELIEF OF POVERTY AND HARDSHIP**
## **Food Relief & Other Hardships**
Our Food Relief programmes provided support to local communities, providing groceries directly to low-income families in need of assistance. Additionally, we give convenience and other non-perishable foods to the local Food Bank supporting the wider community.
Our widows programme – give help to the widows we support throughout the year, and at Christmas we ensure they receive the Christmas Food Hampers.
We further address the issues of poverty, by assisting with financial difficulties of beneficiaries who seek assistance.
Clothing for charitable purposes is donated to collection points for distribution.
## **Partnership with Other Organisations**
The Church partnered with other Churches, most especially New Covenant branches under the joint working agreement, in sharing developments and ideas, working on projects, virtual events, and hardship relief including short term advances.
We have worked alongside other Christian Organisations such as National Day of Prayer. Our work with National Day of Prayer in the London region focuses on collective prayer for the local communities and the nation. We also participated in the Enfield Churches monthly leader’s prayer group activities. In addition, monthly breakfast prayer meetings.
## **RELIEF OF PERSONS WHO ARE IN CONDITIONS OF NEED, HARDSHIP OR DISTRESS OR WHO ARE SICK OR AGED**
During the year, we provided Counselling as required and within the regulatory limits. Pastoral Care, meeting spiritual and emotional wellbeing, made available to beneficiaries when it was required including to families of those who were terminally ill and families that were bereaved.
Visitation Teams are provided to visit the sick at home and in hospital, where prayers and any needed support was offered.
Our Enfield Branch under the Islington CIO have engaged with other community programmes and partner with other Enfield Churches in monthly prayer leaders group activities.
They have offered financial support to the Ponders End Community Development Trust, as well as several families affected economically by the global financial slowdown/hardship.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable Activities**
The charity provided donations and financial support not only to our sister bodies, The Global Mission Fund and towards our national overseeing body. We gave also to other established charities financial support as a way of alleviating poverty, advancing the Christian faith, and providing succour to those in needs.
## **Conference Call Meetings**
We experienced an increase in the use of technology (zoom, YouTube and group phone call) for meetings. This has enhanced attendance and effectiveness, due to the convenience of joining in for Prayer Sessions, Leadership Meetings, Trustee Meetings, etc from any location.
## . **Fundraising Activities**
The Church's activities are principally financed by the voluntary giving of its members and congregation, often supplemented through the Gift Aid scheme, and at cost charges for some of its community activities.
## **Handling of Finances**
All received income is paid into the Church’s bank account. All expenses are made through the church bank account and are listed as transactions.
## **FINANCIAL REVIEW**
## **Financial Position**
The financial position of the charity is set out in the Statement of Financial Activities and Balance Sheet and the related notes and has been prepared in accordance with statutory requirements of the Charities Act 2011 and SORP (FRS 102).
## **Principal Funding Sources**
The principal funding sources of the Church are the voluntary donations and giving by members of the Church congregation together with allied income tax rebates under the Gift Aid Scheme.
## **Reserves Policy**
The Church aims to hold reserves that would cover a minimum of three months revenue expenditure, legal commitments under contracts of employment and a reserve to meet essential immediate expenditure to the Church's rent costs, necessary to allow the Church to continue to function.
At the year end, the Church had reserves that were considered more than sufficient to meet its premises cost and reserves against its revenue expenditure.
## **Going Concern**
The financial statements have been prepared on the going concern basis as in the opinion of the trustees, and there are no material uncertainties about the charity's ability to continue in operational existence.
## **FUTURE PLAN**
The Charity, New Covenant Church Islington, Board of Trustees, will continue to make provision for practical programmes and projects in line with our charitable objectives to meet the needs of our beneficiaries on an ongoing basis. Being aware of the needs of those who are less fortunate and experiencing various hardships. We regularly review our strategies and process of implementation, to meet needs and to achieve outcomes.
.
Obafemi Mafoh Trustee
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
## _**Statement of Financial Activities for the year ended 31 December 2023**_
|**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)**
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**
Raising funds
Charitable activities
Other
Tax on surplus on ordinary activities
Donations & Legacies
Charitable activities
Other trading activities
Investments
Other|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
89,731
-
-
-
-|**Current year**
**Restricted**
**Funds**
**2023**
**£**
-
-
-
-
-||**Current year**
**Total Funds**
**2023**
**£**
**89,731**
**-**
**54,031**
**-**
**-**
**54,031**
**-**
**35,700**
**-**
**35,700**
**-**
**35,700**
**89,731**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Prior Year**
**Total Funds**
**2022**
**£**
**67,020**
**-**
-
-
-|
|---|---|---|---|---|---|
||**89,731**|**-**|||**67,020**|
||-
54,031
-
-|-
-
-
-|||**-**
**59,244**
**-**
**-**|
||**54,031**|**-**|||**59,244**|
||-|-|||-|
||**35,700**
-|**-**
-|||**7,776**
-|
||**35,700**
-
-
-
-|**-**
-
-
-
-|||**7,776**
-
-
-
-|
||**35,700**|**-**|||**7,776**|
## Reconciliation of funds:-
**Total funds brought forward** - **-** -
1
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
**Total funds carried forward 35,700 - 35,700 7,776**
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**
**2023**
**£**
**0**
**0**
-
89,731
-
-
-|**0**
**Prior Year**
**Restricted**
**Funds**
**2023**
**£**
-
-
-
-
-|**67,020**
**59,244**
**Prior Year**
**Total Funds**
**2022**
**£**
**_-_**
**_-_**
**-**
**67,020**
**-**
**-**
**-**
**-**
**59,244**
**-**
**-**|
|---|---|---|---|
||**89,731 **|**-**||
||-
54,031
-
-|-
-
-
-||
||**54,031**|**-**||
2
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
Net gains on investments
|e gans on nvesmens
**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|-
35,700
-|-||**-**
**7,776**
**-**
7,776
**-**
**7,776**
**-**
**-**
**-**
**-**
**-**|
|---|---|---|---|---|
|||
-|-
||
||35,700
-
**35,700**
-
-
-
-
-|-
-
**35,700**
-
-
-
-
-|||
||**35,700**|**35,70**|**0**|**7,776**|
## **All activities derive from continuing operations**
## **Statement of Total Recognised Gains and Losses for the year ended 31 December 2023**
|**_Income from operations before tax in the Statement of Financial Activities_**
**-**
**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 text
-
**-**
**-**
**-**
**-**
**2023**
**£**
Realised gains on the disposal of investments
Realised net actuarial gains on defined benefit schemes
Costs of fundamental reorganisation or restructuring
-
**-**
-|-
**-**
**-**
**-**
**-**
**2022**
**£**|
|---|---|
||**-**
-
**-**
-|
3
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
|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|-
**35,700**
**-**
-
**35,700**
-
-
-
-
-
-
-
-|-|
|---|---|---|
|||**7,776**
-
-
-
-
-
-
-
-|
|||**-**
-|
|||**7,776**|
4
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
## **Statement of application of resources**
## **New Covenant Church - Islington - Resources applied in the year ended 31 December 2023 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|**2023**
**£**
**89,731**
89,731
-
-
-
-|**2022**
**£**
67,020
-
-
-
-|
|---|---|---|
|||**67,020**|
## _**Movements in funds**_ **Movements in revenue and capital funds for the year ended 31 December 2023**
## **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**
**2023**
**£**
-
35,700|**Restricted**
**Funds**
**2023**
**£**
-
-||**35,700**
-
-
-
-
**Total**
**Funds**
**2023**
**£**
-
35,700
**35,700**|**Last year**
**Total Funds**
**2022**
**£**
**-**
7,776|
|---|---|---|---|---|---|
||-
-
-
-
**35,700**|-
-
-
-
**-**|||-
-
-
-
**7,776**|
||**35,700**|**-**|||**7,776**|
## _**Designated funds**_ **Designated revenue funds included within the unrestricted funds above**
|**Total**|**Last year**|
|---|---|
|**Funds**|**Total Funds**|
|**2023**|**2022**|
|**£**|**£**|
5
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
|**At 31 December**
At 1 January
Transfer (to)/from revenue accumulated funds|-
-
-|-
-|
|---|---|---|
|||-|
|**At 31 December**
**_Fixed Asset funds_**
**Fixed asset funds**
At 1 January
Transfer (to)/from revenue funds|**Designated**
**Funds**
**2023**
**£**
-
-|**Restricted**
**Funds**
**2023**
**£**
-
-||**-**
**-**
**Total**
**Funds**
**2023**
**£**
**Last year**
**Total Funds**
**2022**
**£**
-
-
-
-|
|---|---|---|---|---|
||**-**|**-**|||
|**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**
**2023**
**£**
-
-
-|**Restricted**
**Funds**
**2023**
**£**
-
-
-||**Total**
**Funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**Last year**
**Total Funds**
**2022**
**£**
-
-
-|
|---|---|---|---|---|
||**-**|**-**|||
## _**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**
**023**
**£**
**35,700**
**-**
**Unrestricted Restr**
**and**
**Fund**
**Designated funds**
**2023**
**2**
**£**
-
35,700
-
-
-
-
-
-
-
-|**35,700 7,776**
**Total**
**Funds**
**Last Year**
**Total Funds**
**2023**
**£**
**2022**
**£**
**-**
**35,700**
**-**
**-**
**-**
-
7,776
-
-
-|
|---|---|---|
## **Total funds**
6
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
## _**Income and Expenditure account**_
## **New Covenant Church – Islington Income and Expenditure Account for the year ended 31 December 2023 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|**89,731**
**89,731**
**54,031**
**2023**
**£**
89,731
-
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
**33,524**
**-**
**-**
**20,507**
**-**
**-**
-
-
**-**
**-**
**-**
**-**
**-**
**-**|**67,020**
**67,020**
**59,244**
**2022**
**£**
67,020
**-**
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
**29,744**
**-**
**-**
**29,500**
**-**
**-**
**-**
-
-
**-**
**-**
**-**
**-**
**-**|
|---|---|---|
7
## **New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2023**
|**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**|**-**
35,700
-
**35,700**
**-**
**35,700**|**-**|
|---|---|---|
|||7,776
-|
|||**7,776**
**-**|
|||**7,776**|
All activities derive from continuing operations
8
## **New Covenant Church - Islington - Balance Sheet as at 31 December 2023**
|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|6,4000
-
-
20,000 9,774
-
-
268,807 254,183
288,807
263,957
-
288,807
-
-
-
-
-
295,207
**funds of the charity, as follows:-**
**2023**
**£**
-
6,400
-
-
-
**-**
**-**
236,166
-|-
9,774
-
254,183|**2022**
**£**
-
-
-
-
-|
|---|---|---|---|
||||
|
||288,807|263,957
-||
||**funds of the**
-||263,957|
||||-
-
-|
||||-
-|
||||263,957|
||||**-**
**-**
201,945|
10
## **New Covenant Church - Islington - Balance Sheet as at 31 December 2023**
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|-
-|-
59,041|-
-|-
51,236
-
-
-
-
-|
|---|---|---|---|---|
|||-
295,207
-
-
-
-|||
||||||
|||||263,957|
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.
## **Femi Mafoh**
Trustee Approved by the board of trustees on 19[th] September 2024
11
**New Covenant Church – Islington CIO 1175293**
## **Report of the Independent Accountant to the Trustees of the charity on the accounts for the period ended 31 December 2023**
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, Islington CIO for the period ended 31 December 2023 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. However we established that at least 2 signatures that are required by their internal control systems showed have been complied with respect to drawing cheques, to make internet payments, and to authorise larger payments by cash. The signatories are currently authorised officers of the charity.
• We checked that individual items were reasonable.
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. No statement of opinion.
## **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**
48 Beaumont Road Purley Surrey CR8 2EG