## **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