**REGISTERED CHARITY NUMBER: 1175686** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 December 2023** ## **for** ## **New Covenant Church - Manchester** Raise Chartered Accountants Trimble House 9 Bold Street Warrington WA1 1DN **New Covenant Church - Manchester** ## **Contents of the Financial Statements for the Year Ended 31 December 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Statement of Financial Activities**||3|| |**Balance Sheet**||4|| |**Notes to the Financial Statements**|5|to|8| |**Detailed Statement of Financial Activities**|9|to|10| **New Covenant Church - Manchester** ## **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 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. ## **Public benefit** The Board of Trustees are pleased to report as follows: 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 renting on a weekly basis a place in the centre of Manchester 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 meets online via zoom on a weekly basis for bible study classes. This platform is open to non-members and provides an avenue to advance Christianity in the community on an informal basis. 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 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 church, represented by the youth group, distributed food items and hampers to the needy within the community during Easter and Christmas breaks respectively. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Page 1 **New Covenant Church - Manchester** ## **Report of the Trustees for the Year Ended 31 December 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **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 the 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 services 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 recent documents and guides from the Charity Commission. All new trustees are introduced to the church and office they hold. ## **Organisational structure** The board of trustees work 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 policies, strategies, programmes and projects that are geared towards achieving the charity's objectives. The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales. The governing document of the charity is the constitution of the CIO as approved by the Charity Commission in England & Wales (CCEW). There is no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity law. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1175686 ## **Principal address** 1 Matthews Lane Manchester M12 4QW ## **Trustees** W Limen I Devine Akhidime R M Ayoola O Obideyi M Yaor W Supang D Ifezue Approved by order of the board of trustees on ............................................. and signed on its behalf by: .............................................................................. I Devine Akhidime - Trustee Page 2 **New Covenant Church - Manchester** ## **Statement of Financial Activities for the Year Ended 31 December 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
Support costs
Honorarium
Contribrution to central office
Charitable giving
Church service
Awareness of christianity
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31.12.23
Unrestricted
fund
£
407,766
10,847
-
418,613
63,716
37,464
59,623
-
52,739
150,819
-
364,361
54,252
1,201,614
1,255,866|31.12.22
Total
funds
£
286,960
11,200
106
298,266
56,570
31,262
-
800
57,013
150,268
(380,000)
(84,087)
382,353
819,261
1,201,614| |---|---|---| The notes form part of these financial statements Page 3 **New Covenant Church - Manchester** ## **Balance Sheet 31 December 2023** |Notes
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors
7
Cash in hand
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Unrestricted funds
**TOTAL FUNDS**|31.12.23
Unrestricted
fund
£
1,095,838
29,530
130,498
160,028
160,028
1,255,866
1,255,866
1,255,866
1,255,866|31.12.22
Total
funds
£
1,119,773
22,477
59,364| |---|---|---| |||81,841| |||81,841| |||1,201,614| |||1,201,614| |||1,201,614| |||1,201,614| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. I Devine Akhidime - Trustee The notes form part of these financial statements Page 4 **New Covenant Church - Manchester** **Notes to the Financial Statements for the Year Ended 31 December 2023** ## **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, as modified by the revaluation of certain assets. ## **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. ## **2. OTHER TRADING ACTIVITIES** ## **3.** |**OTHER TRADING ACTIVITIES**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Other income|10,847|11,200| |**INVESTMENT INCOME**||| ||31.12.23|31.12.22| ||£|£| |Deposit account interest|-|106| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. Page 5 continued... **New Covenant Church - Manchester** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023** ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Support costs
Honorarium
Charitable giving
Church service
Awareness of christianity
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**6.**
**TANGIBLE FIXED ASSETS**
**COST OR VALUATION**
At 1 January 2023
Additions
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|Freehold
property
£
1,115,000
-
1,115,000
-
26,250
26,250
1,088,750
1,115,000|Computer
equipment
£
10,116
8,438
18,554
5,343
6,123
11,466
7,088
4,773|Unrestricted
fund
£
286,960
11,200
106
298,266
56,570
31,262
800
57,013
150,268
(380,000)
(84,087)
382,353
819,261
1,201,614
Totals
£
1,125,116
8,438
1,133,554
5,343
32,373
37,716
1,095,838
1,119,773| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| Page 6 continued... **New Covenant Church - Manchester** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023** ## **6. TANGIBLE FIXED ASSETS - continued** Cost or valuation at 31 December 2023 is represented by: |Valuation in 2022
Cost
**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**8.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
At 1.1.22
£
**Unrestricted funds**
General fund
819,261
**TOTAL FUNDS**
819,261|Freehold
property
£
380,000
735,000
1,115,000
At 1.1.23
£
1,201,614
1,201,614
Incoming
resources
£
418,613
418,613
Net
movement
in funds
£
382,353
382,353|Computer
equipment
£
-
18,554
18,554
31.12.23
£
29,530
Net
movement
in funds
£
54,252
54,252
Resources
expended
£
(364,361)
(364,361)
Transfers
between
funds
£
-
-|Totals
£
380,000
753,554| |---|---|---|---| ||||1,133,554| ||||31.12.22
£
22,477
At
31.12.23
£
1,255,866| ||||1,255,866| ||||Movement
in funds
£
54,252
54,252
At
31.12.22
£
1,201,614
1,201,614| continued... Page 7 **New Covenant Church - Manchester** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023** ## **8. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
298,266
298,266|Resources
Movement
expended
in funds
£
£
84,087
382,353
84,087
382,353|Resources
Movement
expended
in funds
£
£
84,087
382,353
84,087
382,353| |---|---|---|---| ||||382,353| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.22
£
819,261
819,261|Net
movement
in funds
£
436,605
436,605|Transfers
between
funds
£
-
-|At
31.12.23
£
1,255,866| |---|---|---|---|---| |||||1,255,866| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
716,879
716,879|Resources
Movement
expended
in funds
£
£
(280,274)
436,605
(280,274)
436,605|Resources
Movement
expended
in funds
£
£
(280,274)
436,605
(280,274)
436,605| |---|---|---|---| ||||436,605| ## **9. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2023. Page 8 **New Covenant Church - Manchester** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023** |**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2023**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Tithes and offerings|317,978|284,778| |Donations|-|2,182| |Gift aid|89,788|-| ||407,766|286,960| |**Other trading activities**||| |Other income|10,847|11,200| |**Investment income**||| |Deposit account interest|-|106| |**Total incoming resources**|418,613|298,266| |**EXPENDITURE**||| |**Charitable activities**||| |Wages|79,409|66,554| |Rates and water|431|1,633| |Insurance|6,554|7,681| |Light and heat|11,411|9,669| |Telephone|6,177|1,071| |Postage and stationery|1,062|558| |Advertising|1,394|1,944| |Donations|-|800| |Contribution to central office|20,748|-| |Musical instruments hire|-|1,479| |Gifts and entertaining|-|13,534| |Honorarium|16,787|11,100| |IT costs|1,187|11,867| |Mission contributions|37,093|13,699| |Motor expenses|1,931|605| |Office expenses|588|2,010| |Music professionals hire|-|853| |Outreach|-|44,143| |Purchases|-|6,421| |Professional fees|29,797|7,414| |Recreation|-|1,139| |Refreshments|-|13,365| |Rent|20,677|10,319| |Community support costs|-|3,750| |Appreciation support costs|-|4,250| |Funeral Support costs|-|1,350| |Training costs|20,103|-| |Community transport costs|-|1,143| |Travel and subsistence|12,008|22,855| |Waste removal|5,875|1,580| |Welfare support costs|29,044|3,302| |Sponsorship|-|2,199| |Events and conferences|-|6,628| |Administrative expenses|-|8,047| |Property repairs|9,279|8,259| |Carried forward|311,555|291,221| This page does not form part of the statutory financial statements Page 9 **New Covenant Church - Manchester** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023** |**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2023**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |**Charitable activities**||| |Brought forward|311,555|291,221| |Management fees|19,189|-| ||330,744|291,221| |**Other**||| |Revaluation of freehold prop|-|(380,000)| |**Support costs**||| |**Finance**||| |Bank charges|380|913| |Bank interest paid|144|-| ||524|913| |**Governance costs**||| |Accountancy and legal fees|720|440| |Freehold property|26,250|-| |Computer equipment|6,123|3,339| ||33,093|3,779| |Total resources expended|364,361|(84,087)| |**Net income**|54,252|382,353| This page does not form part of the statutory financial statements Page 10