REGISTERED CHARITY NUMBER: 1175390
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
New Covenant Church - Abbeywood
New Covenant Church - Abbeywood
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 to 9 |
| Notes to the Financial Statements | 10 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
New Covenant Church - Abbeywood
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives of the church are set out in the CIO document:
1.To advance the Christian Religion for the benefit of the public through the holding of prayer meetings, lectures, public celebration of religious festivals, producing and distributing literature on the Christian Faith to enlighten others about the Christian Religion.
2.To prevent and relieve poverty for the public benefit by providing funds, goods and services in such parts of the United Kingdom or the world as the Trustees from time to time may think.
Significant activities
The principal activities of the charity 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 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.
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New Covenant Church - Abbeywood
Report of the Trustees
for the Year Ended 31 December 2021
OBJECTIVES AND ACTIVITIES Public benefit
"
The Board of Trustees are pleased to report as follows:
PUBLIC BENEFIT
The Advancement of Christian Faith
The Trustees of the Charity having due regard for the reporting of public benefit provided by the Charity in line with the Charities Act 2011, are pleased to report that the church has commenced involvement with community focused events and projects providing direct benefit for the public in the UK and abroad.
Places of Worship
The Charity commits to the promotion of the Christian Faith by leasing on a weekly basis a place in the Woolwich Dockyard area to provide the public with the ongoing opportunity to attend Church services enabling them to grow and develop in the Christian faith, teachings and Principles. The worship activities make provision for Christian Worship Services, teaching sessions, discipleship classes and prayer meetings throughout the week.
The Church also operates weekly meetings in different local locations for our discipleship classes a practical strategy for using informal settings to advance Christianity in our communities.
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. We also collaborate with local churches to promote picnics, BBQ outreach and summer family fun days where food and drinks are provided. The ongoing Covid restrictions during 2021 did not enable us to provide the full range of these activities during the year but we will be resuming hope to resume these subsequently. Together with another charity Group, we did organize a Christmas event for the elderly and vulnerable in the community. It was a fun-filled event and all participants were very well entertained and nourished
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity. "
ACHIEVEMENT AND PERFORMANCE Charitable activities
Youth Ministry
The Charity is looking into how to collaborate with other likeminded charities to run vibrant youth programmes that helps the youth engage in the wider community.
Restrictions in 2021 did not permit us to engage in our normal outreach activities but the Youth Ministry continued to anchor the church meetings once every month. This provided a platform for training and development of the younger ones.
We are also planning to run evening events that will encourage socialising and developing responsible youth in society. Sessions are held to encourage the Christian way of life.
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New Covenant Church - Abbeywood
Report of the Trustees
for the Year Ended 31 December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
In making the appointments, the CIO's governing document is checked to ensure that the new trustees are appointed in a proper and legal way.
Preferred candidates, with the required expertise and skill set, are identified and invited to be the first charity trustees. (Subject to formal vetting and approval by the full trustee board.)
Potential trustees are vetted. Checks are carried out to ascertain candidates have not been disqualified from acting as trustees, and candidates are asked to confirm in writing that this is the case.
Candidates are asked to consider and declare any existing or potential conflicts of interest.
Appropriate checks from the Disclosure and Barring Service are conducted.
In the light of the checks and declarations, the trustees decide to go ahead and formalise the appointment of new trustees.
Trustees meet and make a decision on the appointment of each new Trustee and the office they hold.
All new trustees are given a copy of the CIO's governing document and all relevant documents and guides from the Charity Commission.
All new trustees are introduced to the church and the office they hold.
In August 2021, a new trustee was appointed to replace one who stepped down as trustee to assume the position of pastor-in-charge over the assembly.
Organisational structure Organisational Structure
The board of trustees works closely with the management team and other advisers who promote the objectives of the charity. The charity also collaborates with the New Covenant Charity 1004343 where our objectives align. The board of Trustees hold meetings throughout the year and direct the pastoral team to promote the policies, strategies, programmes and projects that are geared towards achieving the charity's objectives.
Decision making
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1175390
Principal address
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New Covenant Church - Abbeywood
Report of the Trustees for the Year Ended 31 December 2021
Trustees
Mrs B Osobe Mrs E Bamtefa Dr A Olagunju O Olagunju
Approved by order of the board of trustees on 9 May 2022 and signed on its behalf by:
Mrs B Osobe - Trustee
Page 4
Independent Examiner's Report to the Trustees of New Covenant Church - Abbeywood
Independent examiner's report to the trustees of New Covenant Church - Abbeywood
I report to the charity trustees on my examination of the accounts of New Covenant Church - Abbeywood (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Theo Sehindemi
9 May 2022
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New Covenant Church - Abbeywood
Statement of Financial Activities for the Year Ended 31 December 2021
| 31.12.21 | 31.12.20 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 42,364 | - | 42,364 | 43,219 | |
| EXPENDITURE ON | |||||
| Raising funds | (24,375) | - | (24,375) | - | |
| Charitable activities | |||||
| Mission | 1,400 | - | 1,400 | 1,150 | |
| Training and Welfare | 4,495 | - | 4,495 | 8,980 | |
| Travel and Subsistence | 271 | - | 271 | 507 | |
| Rent | 1,732 | - | 1,732 | 3,720 | |
| Wages and Salary | 2,766 | - | 2,766 | 4,749 | |
| Social Security | - | - | - | 655 | |
| Telephone | 620 | - | 620 | 595 | |
| Subscription | 216 | - | 216 | 306 | |
| Equipment Expenses | 357 | - | 357 | 3,150 | |
| Software Licences | - | - | - | 161 | |
| Advertising | - | - | - | 150 | |
| Contribution to Centre - Admin | 2,503 | - | 2,503 | 6,497 | |
| Honourarium | 1,500 | - | 1,500 | 1,110 | |
| Professional Fee | 2,453 | - | 2,453 | 1,920 | |
| Training | 700 | - | 700 | - | |
| Depreciation = Furniture & Fittings | 724 | - | 724 | - | |
| Total | (4,638) | - | (4,638) | 33,650 | |
| NET INCOME | 47,002 | - | 47,002 | 9,569 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | - | - | - | - | |
| TOTAL FUNDS CARRIED FORWARD | 47,002 | - | 47,002 | 9,569 |
The notes form part of these financial statements
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New Covenant Church - Abbeywood
Statement of Financial Activities for the Year Ended 31 December 2021
Surplus and Deficit Account 968
Posting discrepancies were found in the reserve accounts listed below. This is because the brought forward postings in the current year are not equal to the figures carried forward by IRIS at the end of last year. Please check your postings in the brought forward account for the surplus and deficit account 968.
| deficit account 968. | |||
|---|---|---|---|
| Unrestricted | Restricted | ||
| funds | funds Total funds | ||
| £ | £ | £ | |
| Brought forward - 968/1 | - | - | - |
| Carried forward | (10,431) | 20,000 | 9,569 |
| Difference | (10,431) | 20,000 | 9,569 |
Post to relevant accounts (see UCHA chart of accounts for further details)
The notes form part of these financial statements
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New Covenant Church - Abbeywood
| Balance Sheet | |||||
|---|---|---|---|---|---|
| 31 December 2021 | |||||
| 31.12.21 | 31.12.20 | ||||
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 4 | 2,897 | - | 2,897 | - |
| CURRENT ASSETS | |||||
| Debtors | 5 | - | - | - | 20,000 |
| Cash in hand | 44,105 | - | 44,105 | 24,375 | |
| 44,105 | - | 44,105 | 44,375 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 6 | - | - | - | (34,806) |
| NET CURRENT ASSETS | 44,105 | - | 44,105 | 9,569 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 47,002 | - | 47,002 | 9,569 | |
| NET ASSETS | 47,002 | - | 47,002 | 9,569 |
The notes form part of these financial statements
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continued...
New Covenant Church - Abbeywood
| Balance Sheet-continued 31 December 2021 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
47,002 - 47,002 |
(10,431) 20,000 9,569 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 May 2022 and were signed on its behalf by:
B Osobe - Trustee
O Olagunju - Trustee
E Bamtefa - Trustee
- A Olagunju - Trustee
The notes form part of these financial statements
Page 9
New Covenant Church - Abbeywood
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
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New Covenant Church - Abbeywood
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
3.
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 23,219 20,000 EXPENDITURE ON Charitable activities Mission 1,150 - Training and Welfare 8,980 - Travel and Subsistence 507 - Rent 3,720 - Wages and Salary 4,749 - Social Security 655 - Telephone 595 - Subscription 306 - Equipment Expenses 3,150 - Software Licences 161 - Advertising 150 - Contribution to Centre - Admin 6,497 - Honourarium 1,110 - Professional Fee 1,920 - Total 33,650 - NET INCOME/(EXPENDITURE) (10,431) 20,000 TOTAL FUNDS CARRIED FORWARD (10,431) 20,000 |
Total funds £ 43,219 1,150 8,980 507 3,720 4,749 655 595 306 3,150 161 150 6,497 1,110 1,920 33,650 9,569 9,569 |
|---|---|
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continued...
New Covenant Church - Abbeywood
| Notes | to the Financial Statements-continued | |||||
|---|---|---|---|---|---|---|
| for the Year Ended 31 December 2021 | ||||||
| 4. | TANGIBLE FIXED ASSETS | |||||
| Fixtures | ||||||
| and | ||||||
| fittings | ||||||
| £ | ||||||
| COST | ||||||
| Additions | 3,621 | |||||
| DEPRECIATION | ||||||
| Charge for year | 724 | |||||
| NET BOOK VALUE | ||||||
| At 31 December 2021 | 2,897 | |||||
| At 31 December 2020 | - | |||||
| 5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN | ONE | YEAR | |||
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| Trade debtor | - | 20,000 | ||||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| Trade creditors | - | 34,806 | ||||
| 7. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At 1.1.21 | in funds | 31.12.21 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | - | 47,002 | 47,002 | |||
| TOTAL FUNDS | - | 47,002 | 47,002 | |||
| Net movement in funds, included in the above | are as follows: | |||||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 42,364 | 4,638 | 47,002 | |||
| TOTAL FUNDS | 42,364 | 4,638 | 47,002 |
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continued...
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New Covenant Church - Abbeywood
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.1.20 | in funds |
31.12.20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | - | (10,431) | (10,431) | |
| Restricted funds | ||||
| Restricted Fund | - | 20,000 | 20,000 | |
| TOTAL FUNDS | - | 9,569 | 9,569 | |
| Comparative net movement in funds, included in the above are as | follows: | |||
| Incoming | Resources |
Movement | ||
| resources | expended |
in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 23,219 | (33,650) | (10,431) | |
| Restricted funds | ||||
| Restricted Fund | 20,000 | - | 20,000 | |
| TOTAL FUNDS | 43,219 | (33,650) | 9,569 | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Net | ||||
| movement | At | |||
| At 1.1.20 | in funds |
31.12.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | - | 36,571 | 36,571 | |
| Restricted funds | ||||
| Restricted Fund | - | 20,000 | 20,000 | |
| TOTAL FUNDS | - | 56,571 | 56,571 |
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continued...
New Covenant Church - Abbeywood
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 65,583 | (29,012) | 36,571 |
| Restricted funds | |||
| Restricted Fund | 20,000 | - | 20,000 |
| TOTAL FUNDS | 85,583 | (29,012) | 56,571 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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New Covenant Church - Abbeywood
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | (1) | (1) |
| Donations | 34,820 | 34,910 |
| Gift aid | 7,545 | 8,310 |
| 42,364 | 43,219 | |
| Total incoming resources | 42,364 | 43,219 |
| EXPENDITURE | ||
| Other trading activities | ||
| Closing Balance | (24,375) | - |
| Charitable activities | ||
| Travel and Subsistence | 271 | 507 |
| Welfare | 4,495 | 8,980 |
| Mission | 1,400 | 1,150 |
| 6,166 | 10,637 | |
| Support costs | ||
| Management | ||
| Wages | 2,431 | 4,749 |
| Social security | 335 | 655 |
| Rent | 1,732 | 3,720 |
| Subscription | 216 | 306 |
| Telephone | 620 | 595 |
| Advertising | - | 150 |
| Honourarium | 1,500 | 1,110 |
| 6,834 | 11,285 | |
| Finance | ||
| Contribution to Centre - Admin | 2,503 | 6,497 |
| Training | 700 | - |
| Professional Fee | 2,453 | 1,920 |
| 5,656 | 8,417 | |
| Information technology | ||
| Software Licences | 161 | 161 |
This page does not form part of the statutory financial statements
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New Covenant Church - Abbeywood
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Information technology | ||
| Other | ||
| Equipment Expenses | 196 | 3,150 |
| Other 2 | ||
| Fixtures and fittings | 724 | - |
| Total resources expended | (4,638) | 33,650 |
| Net income | 47,002 | 9,569 |
This page does not form part of the statutory financial statements
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