2024-12-31-accounts - New Covenant Church Brixton

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NEW COVENANT CHURCH BRIXTON

Financial Accounts And Trustees Report 31st December 2024

Charity No. 1175774

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

Contents	Page
Legal and Administrative Information	2
Report of the Trustees	3 - 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes forming part of the financial statements	8 - 9

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Address

2 A Monks Orchard Road Beckenham BR3 3BW

REGISTERED CHARITY NUMBER

1175774

TRUSTEES

Oluyemisi Olasode Adeleke Opeodu Gloria Orosungunleka

Bankers

Metro Bank Plc 1 Southampton Row London WC1B 5HA

Accountants

Rev Dr Olu- Segun Olasode FCCA

TL First Accountants Limited 1 Copers Cope Road Beckenham, Kent BR3 1NB

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

TRUSTEES REPORT

Status and Administration

The Charity is constituted and registered with the Charity Commission under charity number 1175774

Objects of the Charity

To advance the Christian faith in accordance with the statement of beliefs in London and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit. To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in London and in such other parts of the UK or the world as the trustees may from time-to-time think fit
To advance education in accordance with Christian principles including by means of establishing and operating any educational establishment or establishments in London and in such other parts of the UK or the world as the trustees may from time to time think fit
To promote and fulfill such other charitable purposes beneficial to the community in London and in such other parts of the UK or the world as the Trustees may from time to time think fit

Governance and Internal Control

Trustees serve for a year period and may be re-elected. The trustees meet regularly within the year to review the strategy and performance and to set the operating plans and budgets.

Financial Activities and Results

The net resources for the year amounted to £4,646 (2023 is (£2,191) leading to total free funds carried forward of £8,226 as at 31[st] December 2024.

Investment Powers, Policy and Performance

The memorandum and articles of association, which states clear guidelines on investments policy, governs the trustees’ investments powers.

Reserves

The trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets and designated as restricted funds) that the charity will require to sustain its operations over the period when it is anticipated that some of the income generating activities will be further funded to garner more income. Volunteers

The Charity is grateful for the unstinting effort of its volunteers who are involved in service provision. Members are given the free will, without any form of coercion, to determine their form and level of support, manually or financially to the charity.

Grant Making Policy

The Charity did not award any grants.

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

Risk Management

The trustees examine the major risks that the ministry faces in each financial year when preparing and updating the strategic plan. The Charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the organisation in the future. Including:

§ An annual review of the risk which the charity may face
§ The establishment of systems and procedures to mitigate those risks identified in the plan
§ The implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise.

Accounting and Reporting Responsibilities

The Charities Act 2005 requires the trustees of the charity to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the year end.

In preparing the financial statements, the trustees should follow best practice and select suitable accounting policies and apply them consistently.

§ Make judgements and estimates that are reasonable and prudent.
§ Follow applicable accounting standards and the charities SORP, disclosing and explaining any departures in the financial statement; and
§ Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.

The Trusties are responsible for keeping accounting records, which are such as to disclose, with reasonable accuracy, the financial position of the charity at any time, and to enable them as trustees to ensure that the financial statement comply with charity law. The Trustees are also responsible for safeguarding the charity‘s assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Oluyemisi Olasode Chair

Date: 27 October 2025

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

ACCOUNTANTS’ AND INDEPENDENT EXAMINER’S REPORT

I report on the accounts of the charity for the period ending 31 December 2024 as are set out on pages 6 to 9.

Responsibilities and basis of report

As the charity's trustees, 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 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants (ACCA) and Fellow of the Association (FCCA).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or

• the accounts did 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.

TL First Accountants Limited

Date:30 October 2025

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES NOTE INCOMING RESOURCES Tithes & Offerings TOTAL INCOMING RESOURCES 2 RESOURCES EXPENDED Cost of generating funds Charitable Activities 3 TOTAL RESOURCES EXPENDED NET INCOME/EXPENDITURE FOR THE YEAR BEFORE TRANSFER Net Movements in funds Total Funds Brought Forward Total Funds Carried Forward	2024 2023 TOTAL TOTAL £ £ 18,226 6,013 18,226 6,013
	13,580 8,204 13,580 8,204 4,646 (2,191)
	4,646 (2,191) 3,580 10,771
	8,226 8,580

There were no recognized gains or losses for the period other than those included in the Statement of Financial Activities.

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

BALANCE SHEET Note Fixed Assets Currents Assets Cash at bank and in hands ` Creditors: falling due within one year Net Current Assets Total Assets Creditors: falling due after one year NET ASSETS INCOME FUNDS Unrestricted Funds adjustment TOTAL FUNDS	2024 2023 £ £ - - 8,226 3,580
	8,226 3,580 - - 8,226 3,580
	8,226 3,580 - -
	8,226 3,580
	8,226 8,580 - (5,000)
	8,226 3,580

All incoming resources and resources expended derive from continuing activities.

The Financial Statements were approved by the board on the ………………………... and signed on its behalf by:

Oluyemisi Olasode

Trustee

Date:

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

Notes to the Financial Statements for the year ended 31st December 2024

1 ACCOUNTING POLICIES

( A) Accounting Convention & Compliance

These accounts have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.

(B) Recognition of Income and Expenditure

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities in the year in which they are receivable. The value of services provided by volunteers has not been included. Resources expended are recognized in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.

General Funds

Revenue grants and other income and expenditure associated with the general operations of the charity and its international projects are dealt with in the General Funds.

Endowment Funds

There is currently no endowment fund.

(C) Depreciation

All fixed assets are capitalized. The charge for depreciation is calculated to write off the cost of the fixed assets over their useful lives on the following bases:

Furniture & fittings 25% on cost Office/Computer Equipment 33% on cost

NEW COVENANT CHURCH BRIXTON FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

2.DONATIONS AND SIMILAR INCOMING RESOURCES

2.DONATIONS AND SIMILAR INCOMING RESOURCES
Tithes & offering Grant 3. CHARITABLE ACTIVITIES Rent-Office & Church/Admin Donations & Welfare	2024 2023 £ £ 18,226 6,013 - -
	18,226 6,013
	2024 2023 £ £ 13,580 6,752 - 1,452
	13,580 8,204

Trustees are not remunerated. Costs incurred in connection with attendance at meetings are borne by the charity.