New Covenant Church - Islington - 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) 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 2024 £ 83,737 - - - - |
Current year Restricted Funds 2024 £ - - - - - |
Current year Total Funds 2024 £ 83,737 - 50,475 - - 50,475 - 33,262 - 33,262 - 33,262 83,737 - - - - - - - |
Prior Year Total Funds 2023 £ 89,731 - - - - |
|
|---|---|---|---|---|---|
| 83,737 | - | 89,731 | |||
| - 50,475 - - |
- - - - |
- 54,031 - - |
|||
| 50,475 | - | 54,031 | |||
| - | - | - | |||
| 33,262 - |
- - |
35,700 - |
|||
| 33,262 - - - - |
- - - - - |
35,700 - - - - |
|||
| 33,262 | - | 35,700 |
Reconciliation of funds:-
Total funds brought forward - - -
1
New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2024
Total funds carried forward 33,262 - 33,262 35,700
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 - 83,737 - - - |
0 Prior Year Restricted Funds 2024 £ - - - - - |
89,731 54,031 Prior Year Total Funds 2023 £ - - - 89,731 - - - - 54,031 - - |
|---|---|---|---|
| **83,737 ** | - | ||
| - 50,475 - - |
- - - - |
||
| 50,475 | - |
2
New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2024
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 |
- 33,262 - |
- | - 35,700 - 35,700 - 35,700 - 35,700 - - - - |
|
|---|---|---|---|---|
- |
- |
|||
| 33,262 - 33,262 - - - - - |
- - 33,262 - - - - - |
|||
| 33,262 | 33,26 | 2 |
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 - 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 - - - - - 2024 £ Realised gains on the disposal of investments Realised net actuarial gains on defined benefit schemes Costs of fundamental reorganisation or restructuring - - - |
- - - - - 2023 £ |
|---|---|
| - - - - |
3
New Covenant Church - Islington - 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 |
- 33,262 - - 33,262 - - - - - - - - |
- 35,700 - - 35,700 - - - - - - - - |
|---|---|---|
4
New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2024
Statement of application of resources
New Covenant Church - Islington - 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 £ 83,737 83,737 - - - - |
2023 £ 89,731 - - - - |
|---|---|---|
| 89,731 |
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 £ - 33,262 |
Restricted Funds 2024 £ - - |
33,262 - - - - Total Funds 2024 £ - 33,262 33,262 |
Last year Total Funds 2023 £ - 35,700 |
|
|---|---|---|---|---|---|
| - - - - 33,262 |
- - - - - |
- - - - 35,700 |
|||
| 33,262 | - | 35,700 |
Designated funds Designated revenue funds included within the unrestricted funds above
| Total | Last year |
|---|---|
| Funds | Total Funds |
| 2024 | 2023 |
| £ | £ |
5
New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2024
| 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 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 £ 33,262 - Unrestricted Restr and Fund Designated funds 2024 2 £ - 33,262 - - - - - - - - |
33,262 35,700 Total Funds Last Year Total Funds 2024 £ 2023 £ - 33,262 - - - - 35,700 - - - |
|---|---|---|
Total funds
6
New Covenant Church - Islington - Statement of Financial Activities for the year ended 31 December 2024
Income and Expenditure account
New Covenant Church – Islington 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 |
83,737 83,737 50,475 2024 £ 83,737 - - - - - - - - - - - 27,370 - - 23,105 - - - - - - - - - - |
89,731 89,731 54,031 2023 £ 89,731 - - - - - - - - - - - 33,524 - - 20,507 - - - - - - - - - - |
|---|---|---|
7
New Covenant Church - Islington - 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 |
- 33,262 - 33,262 - 33,262 |
- |
|---|---|---|
| 35,700 - |
||
| 35,700 - |
||
| 35,700 |
All activities derive from continuing operations
8
New Covenant Church - Islington - 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 |
3,411 - - - 20,000 - - 313,872 268,807 313,872 288,807 - 313,872 - - - - - 317,283 funds of the charity, as follows:- 2024 £ - 3,411 - - - - - 253,827 - |
- 20,000 - 268,807 |
2023 £ - 6,400 - - - |
|---|---|---|---|
| 6,400 |
|||
| 313,872 | 288,807 - |
||
| funds of the - |
288,807 | ||
| - - - |
|||
| - - |
|||
| 295,207 | |||
| - - 236,166 |
10
New Covenant Church - Islington - Balance Sheet as at 31 December 2024
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 |
- - |
- 63,456 |
- - |
- 59,041 - - - - - |
|---|---|---|---|---|
| - 317,283 - - - - |
||||
| 295,207 |
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 2024
11
Islington CIO
Balance Sheet
As of December 31, 2024
| TOTAL | |
|---|---|
| Fixed Asset | |
| Tangible assets | |
| Motor Vehicles Cost | 6,400.00 |
| Motor Vehicles Depreciation | -3,200.00 |
| Office Equipment Cost | 630.99 |
| Office Equipment Depreciation | -420.00 |
| Total Tangible assets | £3,410.99 |
| Total Fixed Asset | £3,410.99 |
| Cash at bank and in hand | |
| BUILDING FUND ACCOUNT | 87,060.89 |
| Central Office - Conference with The GO 2020 | 0.00 |
| Current Account Enfield | 24,138.65 |
| Current Account Islington | 202,672.08 |
| Total Cash at bank and in hand | £313,871.62 |
| Current Assets | |
| Loans to Sister Branch | 0.00 |
| Prepaid Expenditures | 0.00 |
| Total Current Assets | £0.00 |
| NET CURRENT ASSETS | £313,871.62 |
| NET CURRENT ASSETS (LIABILITIES) | £313,871.62 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | £317,282.61 |
| TOTAL NET ASSETS (LIABILITIES) | £317,282.61 |
| Charity funds | |
| Retained Earnings | 284,020.72 |
| Surplus/(Deficit) | 33,261.89 |
| Total Charity funds | £317,282.61 |
1/1
Accrual Basis Tuesday 14 October 2025 03:38 pm GMT+01:00
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 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, Islington 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. 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