NEW CONVENANT CHURCH-ABBEYWOOD
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED: 31 DECEMBER 2024
CHARITY INCORPORATED ORGANISATION
CIO NO 1175390
| Contents | Page |
|---|---|
| Legal and Adminstrative Information | 1 |
| Report of the Trustees | 2-5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes forming part of the financial statements | 8-12 |
| The following page does not form part of the Statutory Accounts | |
| Income and Expenditure Account | 13 |
NEW CONVENANT CHURCH-ABBEYWOOD
Reference and Administrative information
Charity Incorporated Organisation Name: Charity Incorporated Organisation Number: Principal Address
NEW CONVENANT CHURCH-ABBEYWOOD
1175390
| Principal Address | YMCA Building, | |
| Near ClockHouse | ||
| Antelope Road, London | ||
| SE 18 5QG | ||
| Trustees | Mrs B. Osobe | Chairman |
| Mrs E. Bamtefa | ||
| Dr A. Olagunju | ||
| O. Olagunju | ||
| Bankers | Barclays Bank Plc | |
| 8-9 Victory Parade | ||
| Plumstead Road, Woolwich | ||
| SE18 6FL | ||
| Accountants | PVG Accounting Services | |
| 344 Moston Lane | ||
| Manchester | ||
| M40 9JS |
Page 1
NEW CONVENANT CHURCH-ABBEYWOOD Report of the Trustees for the year ended 31 December 2024
The trustees present their annual report and the financial statements for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' effective 1 January 2015.
Structure, Governance and Management
Governing Document
New Covenant Church-Abbeywood is a charitable organisation registered with the Charity Commission and governed by a Trust Deed dated 26th October, 2017.
Recruitment and appointment of new trustees
Generally trustees are appointed by Board of Trustees. Trustees are appointed by invitation as at when required and depending on their expertise and requirements of the charity.
Induction and training of new trustees
We arrange appropriate training both internally and through other voluntary training providers. The trustees and all involved in running the charity, including volunteers are always encouraged to acquire the necessary skills required for the achievement of the charity objectives.
Additionally, new trustees are invited and encouraged to attend series of short training sessions to familiarise themselves with the charity and the context within which it operates.
Organisational structure
The trustees who served during the period and up to the date of the report are set out above. The day to day responsibility for the running of the charity lies with the Senior Pastor. The Senior Pastor is accountable to the Board of Trustees who are ultimately responsible for all strategic decisions of the charity.
The trustees meet regularly and are responsible for the strategic direction and policy of the charity. All trustees give their time voluntarily and receive no benefits from the charity. There is only one full time employee on our payroll. The charity is also assisted by members who render voluntary services.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
Objectives and Principal Activities
Our objectives and principal activity is to promote the advancement of the christian faith, the relief of poverty to general public and promotion and fulfilment of various charitable causes within the local community and such other parts of the United Kingdom and the world as the trustees think fit.
The Charity pursues these objectives by involving various ministries and ministers of religion in prpagating 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.
Mission statement
Our mission is to spread God's love, foster spiritual growth, and advance the Christian religion for public benefit
Page 2
NEW CONVENANT CHURCH-ABBEYWOOD Report of the Trustees for the year ended 31 December 2024
Ensuring Our Work Delivers Our Aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits theyhave brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidiance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The Focus of Our Work
Our main objectives for the year continued to be the advancement of the Christian religion and the relieve of poverty and sickness. The policy of New Convenant Church-Abbeywood is to pursue objectives in the following ways:
-
Provision of Weekly Church Services on Sundays and online every Wednesdays to minister to the physical, spiritual and material needs of the congregants.
-
Provision of services to individuals, families and community at large. The service includes a wide range of spiritual and social care.
-
Focusing on the material needs of certain members undergoing difficult financial situations.
-
Working with other Christian agencies and Churches in London to advance the preaching of the gospel.
-
Offering our services to anyone in need of spiritual help through free Christain counselling, prayers and deliverance solely on the basis of our ability to provide appropriate help and regardless of race, colour nationality, religion,gender,age, legal status and personal history.
Development and Achievements in the Year
The charity's events were properly managed, executed and reviewed for its impact on members. Our charity continues to grow in Sunday morning attendance, youth and children's ministry. We minister to the physical, mental and spiritual needs of our members and new comers in our midst. We have helped relief poverty and hardship amongst both regular and irregular congregants who are suffering from financial hardship due to unemployment and lack of financial resources.
Financial Review
The charity was able to raise a total income of £50,652 during the year under review. This amount includes the Donation and Gift aids received from the government to support small businesses and charities during the period.
Principal Funding Sources
The principal funding sources for the charity are currently by way of donations and gifts from congregants through the offering basket passed during church services and though bank standing orders. We have exercised our right to reclaim the tax on the donations and gifts received from the congregants and this has proved a steady and growing source of additional income.
Investment Policy
The Charity retains a significant amount in the savings account. The objective of the investment policy is to invest in cash at banks where the capital is protected. The charity currently has a policy of keeping any surplus liquid funds in cash at banks where immediate access and security of funds is guaranteed.
Page 3
NEW CONVENANT CHURCH-ABBEYWOOD Report of the Trustees for the year ended 31 December 2024
Reserves Policy
It is the policy of the charity to maintain unrestricted funds which are the free reserves of the charity at a level which equates to at least 3 months of unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergencies which may arise from time to time.
The expenditure for 2024 is £44,206 and therefore the targeted reserves should be between £11,051.50 and £22,103 in general funds. The reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The reserve policy was not met during this year.
Plans for Future Periods
In the near future, the charity plans to expand its operations and will continue our drive towards providing more benefits to our community The Charity plans continuing the activities outlined above in forthcoming years subject to satisfactory funding arrangements such as Work Based Academy comprising - Youth Employment,Sector based Academy, Adult Education and Training for not in Education or Employment for not in Education or Employment/Vocational Training.
Page 4
NEW CONVENANT CHURCH-ABBEYWOOD
Report of the Trustees for the year ended 31 December 2024
Trustees ' Responsibilities
Charity Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and applications of resources, including income and expenditure, for the financial year. In preparing those financial statements the trustees should follow best practice and the followings:
Select suitable accounting policies and then apply them consistently
Make judgements and estimates that are reasonable and prudent
Prepare the financial statements on going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statement comply with the Charities Act 1993. They are also responsible for the safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information to the Accountants
In accordance with charity law, as trustees, we certify that:
So far as we are aware, there is no relevant information of which the charity's accountants are unaware; and as the trustees of the charity we have taken all steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity's accountants are aware of that information'.
This report has been prepared,
By order of trustees:
Mrs B. Osobe Chairman
20th June, 2025
Page 5
NEW CONVENANT CHURCH-ABBEYWOOD
Independent Examiner's Report to the Trustees of the NEW CONVENANT CHURCH-ABBEYWOOD for the year ended 31 2024
I report on the accounts of the charity for the year ended 31 December 2024, which are set out on pages 7 to 13.
Respective responsibilities of trustees and examiner
The Trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (The 2011 Act) and that an independent examination is needed.
It is my responsibilty to:
examine the accounts (under section 145(1) of the Charity Act 2011;
follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5)[b] of the Charity Act 2011; and
to state whether particular matters have come to my attention
Basis of Independent examiners statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below:
Independent examiners statement
In connection with my examination, no matter has come to my attention:
(1) which gives us reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities, have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
~~Mrs Dorcas Olowoyo FCA, FFA/FIPA~~ PVG Accounting Services & Consultancy Ltd 344 Moston Lane Manchester M40 9JS
Page 6
NEW CONVENANT CHURCH-ABBEYWOOD
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2024
| Notes Incoming resources Incoming resources from generated funds: Voluntary Income: Donations -Tithes and Offering Gift Aid Tax Reclaim Other Contribution Interest Income Sundry Income Activities for generating funds: Investment Income Incoming resources from charitable activities: Grants & Contracts Total incoming resources Resources expended Cost of generating funds Costs of generating voluntary income 2 Fundraising trading: cost of goods sold Charity activities 3 Governance Costs 4 Total resources expended Net Incoming resources before other recognised gains Net movement in funds Reconciliation of Funds Total funds brought forward Total funds carried forward |
2024 2024 2024 2023 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 39,758 - 39,758 41,339 10,427 - 10,427 7,002 304 - 304 145 163 - 163 186 - - - - - - - - - - - - - - - - |
|---|---|
| 50,652 - 50,652 48,672 |
|
| 33,199 - 33,199 37,490 - - - - 10,557 - 10,557 13,250 450 - 450 450 |
|
| 44,206 - 44,206 51,190 |
|
| 6,446 - 6,446 (2,518) |
|
| 6,446 - 6,446 (2,518) |
|
| 44,384 44,384 46,902 |
|
| 50,830 - 50,830 44,384 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The notes on Pages 8 to 12 form part of these Accounts.
Page 7
NEW CONVENANT CHURCH-ABBEYWOOD Balance Sheet as at 31 December 2024
| Notes Fixed assets Tangible assets 8 Currents assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Total Assets less Current Liabilities Net Assets 10 Unrestricted funds General funds 11 Total funds |
2024 £ 5,374 45,906 (450) 50,830 50,830 50,830 50,830 |
2023 £ 7,648 37,186 (450) |
|---|---|---|
| 44,384 | ||
| 44,384 | ||
| 44,384 | ||
| 44,384 |
Approved by the Board of Trustees on the 20th June, 2025 and signed on its behalf by:
Mrs B. Osobe Chairman
The notes on pages 8 to 12 form part of these financial statements.
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NEW CONVENANT CHURCH-ABBEYWOOD Notes forming part of the financial statements for the year ended 31 December 2024
1. Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
(a) Basis of Accounting
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed assets investments at market value, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities effective 1 January 2015.
(b) Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furthermore of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
(c ) Incoming Resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity , are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Invested income is included when receivable.
Incoming resources from charitable trading activity are accounted for when earned.
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
(d) Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the SoFA (Statement of Financial Activities) on a of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an basis designed to reflect the use appropriate basis e.g. floor areas, per capita or estmated usage as set out in Note 4.
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NEW CONVENANT CHURCH-ABBEYWOOD
Notes forming part of the financial statements for the year ended 31 December 2024
e. Fixed Assets
Fixed assets (excluding investments and Land and Building) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £1,000 are not capitalised. Depreciation is provided at rates calculated to write of the cost of each asset over its expected useful life, which in all cases is estimated at 5 years.
Investments held as fixed assets are revalued at mid market value at the balance sheet date and the gain or loss taken to the Statement of Financial Activities.
1. Donations
| Donations -Tithes and Offering Gift Aid Tax Reclaim Other Contribution Interest Income Sundry Income |
Unrestricted Restricted 2024 2023 Fund Fund Total Total £ £ £ £ 39,758 - 39,758 41,339 10,427 - 10,427 7,002 304 - 304 145 163 - 163 185 - - - 250 - - - - - - |
|---|---|
| 50,652 - 50,652 48,921 |
Total Resources Expended
2. Costs of Generating Voluntary Income
| Basis of Allocation |
Church Work | Support Cost | Governance | 2024 | 2023 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Staff Costs | Direct | 25,262 | - | - | 25,262 | 24,418 |
| Bank Charges | Direct | - | - | - | - | |
| Administration | Direct | - | 3,355 | - | 3,355 | 1,765 |
| Professional Fees | Direct | - | 475 | - | 475 | 450 |
| Support Costs | Direct | - | 3,667 | - | 3,667 | 3,507 |
| Premises | Direct | - | 440 | - | 440 | 7,350 |
| 25,262 | 7937 | - | 33,199 | 37,490 | ||
| 3. Charitable Activities | ||||||
| Ministry | Direct | 10,557 | - | - | 10,557 | 13,250 |
| 10,557 | - | - | 10,557 | 13,250 | ||
| 4. Governance Cost | ||||||
| Professional Fees | Direct | - | - | 450 | 450 | 450 |
| - | - | 450 | 450 | 450 | ||
| Total Resources | Expended | 35,819 | 7937 | 450 | 44,206 | 51,190 |
Page 10
NEW CONVENANT CHURCH-ABBEYWOOD
Notes forming part of the financial statements for the year ended 31 December 2024
5. Net incoming resources for the year
| This is stated after charging: Depreciation Audit & Accountancy Fees |
2024 £ 2,274 450 2,724 |
2023 £ 724 450 |
|---|---|---|
| 1,174 |
6. Trustee Remuneration & Related Pay Transactions
No member of the board of trustees received any remuneration except the pastor who received a stipend during the year.
7. Taxation
As a charity, NEW CONVENANT CHURCH-ABBEYWOOD is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have risen in the Charity.
8. Tangible Fixed Assets
| Cost At 1 January 2024 Additions in year At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 |
Furniture & Musical Fittings Equipment £ £ 3,621 7,750.00 - 3,621 7,750 2,173 1,550.00 724 1,549.91 2,897 3,100 724 4,650 1,448 6,200.00 |
Furniture & Musical Fittings Equipment £ £ 3,621 7,750.00 - 3,621 7,750 2,173 1,550.00 724 1,549.91 2,897 3,100 724 4,650 1,448 6,200.00 |
2024 Total £ 11,371 |
|---|---|---|---|
| 11,371 | |||
| 3,723 2,274 |
|||
| 5,997 | |||
| 5,374 | |||
| 7,648 | |||
| 9. Creditors: Amounts falling due within one year Accruals & Deferred Income |
2024 £ 450 450 |
2023 £ 450 |
|
| 450 |
Page 11
NEW CONVENANT CHURCH-ABBEYWOOD
Notes forming part of the financial statements for the year ended 31 December 2024
10. Analysis of Net Assets Between Funds
| General Designated Restricted Total Funds Funds Funds Funds £ £ £ £ |
||
|---|---|---|
| Tangible Fixed Assets Investments Current Assets Current Liabilities |
5,374 - - 5,374 - - - - 45,906 45,906 (450) - - (450) |
|
| Net Assets at 31st December 2024 50,830 - - 50,830 11. Movements in Funds At 1 January Incoming Outgoing Transfers At 31 Decemb 2024 Resources Resources 2024 [Inc Gains] £ £ £ £ £ Restricted Funds: - - - - - Total Restricted Funds - - - - - Unrestricted Funds: General Funds 44,384 50,652 44,206 - 50,830 Total Unrestricted Funds 44,384 50,652 44,206 - 50,830 Total Funds 44,384 50,652 44,206 - 50,830 |
||
| 50,830 - - 50,830 |
||
| - - - - - |
||
| 44,384 50,652 44,206 - 50,830 |
||
| 44,384 50,652 44,206 - 50,830 |
||
| 44,384 50,652 44,206 - 50,830 |
Page 12
NEW CONVENANT CHURCH-ABBEYWOOD
Income & Expenditure for the year ended 31 December 2024
| Income LESS OVERHEADS Staff Costs Salary Premises Costs Rent & Rates Bank Charges Bank Charges Administration Telephone and Internet Charges Training Subscription Fees Computer Expenses Printing & Postages Ministry Evangelism and Promotion Events, Retreats & Conferences Catering, Refreshment & Hospitality Gift to Charities & Visiting Ministries Welfare, Donations & Love Gifts Books, Tapes & Videos Professional Fees Professional Fees Accountancy Fees Support Costs Equipment Repairs & Renewals Insurance Depreciation Sundry expenses Surplus/(Deficit) for the year Surplus brought forward Surplus carried forward |
2024 2023 £ £ £ £ £ £ 50,652 48,672 25,262 24,418 25,262 24,418 440 7,350 440 7,350 - - - 772 2,019 399 524 593 161 651 3,355 1,764 1,250 - 3,381 5,468 2,000 - 2,453 4,532 1,473 3,100 - 150 10,557 13,250 475 450 450 450 925 900 72 131 1,321 1,102 2,274 2,274 - - 3,667 3,507 (44,206) (51,190) 6,446 (2,518) 44,384 46,902 50,830 44,384 |
2024 2023 £ £ £ £ £ £ 50,652 48,672 25,262 24,418 25,262 24,418 440 7,350 440 7,350 - - - 772 2,019 399 524 593 161 651 3,355 1,764 1,250 - 3,381 5,468 2,000 - 2,453 4,532 1,473 3,100 - 150 10,557 13,250 475 450 450 450 925 900 72 131 1,321 1,102 2,274 2,274 - - 3,667 3,507 (44,206) (51,190) 6,446 (2,518) 44,384 46,902 50,830 44,384 |
2024 2023 £ £ £ £ £ £ 50,652 48,672 25,262 24,418 25,262 24,418 440 7,350 440 7,350 - - - 772 2,019 399 524 593 161 651 3,355 1,764 1,250 - 3,381 5,468 2,000 - 2,453 4,532 1,473 3,100 - 150 10,557 13,250 475 450 450 450 925 900 72 131 1,321 1,102 2,274 2,274 - - 3,667 3,507 (44,206) (51,190) 6,446 (2,518) 44,384 46,902 50,830 44,384 |
2024 2023 £ £ £ £ £ £ 50,652 48,672 25,262 24,418 25,262 24,418 440 7,350 440 7,350 - - - 772 2,019 399 524 593 161 651 3,355 1,764 1,250 - 3,381 5,468 2,000 - 2,453 4,532 1,473 3,100 - 150 10,557 13,250 475 450 450 450 925 900 72 131 1,321 1,102 2,274 2,274 - - 3,667 3,507 (44,206) (51,190) 6,446 (2,518) 44,384 46,902 50,830 44,384 |
|---|---|---|---|---|
| 440 | ||||
| - 2,019 524 161 651 |
||||
| 1,250 3,381 2,000 2,453 1,473 - |
||||
| 475 450 |
||||
| 72 1,321 |
||||
| 2,274 | ||||
| - | ||||
| 44,384 |
This page does not form part of the statutory accounts.
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