2023-12-31-accounts - New Covenant Church Chafford Hundred

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: 1175835 New Covenant Church, Chafford Hundred CIO

Registered Office

International House, 24 Holborn Viaduct, London, EC1A 2BN

Contents of the Financial Statements

For Year Ended 31 December 2023

Report of Trustees 2 - 12 Statement of Financial Activities (Attached Separately) 1 - 11

NEW COVENANT CHURCH, CHAFFORD HUNDRED CIO

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 the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.

REFERENCE AND ADMINISTRATIVE DETAILS

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) Number 1175835

Registered Office

46 Cumberland Road Chafford Hundred Grays Essex RM16 6DS

Trustees

MR Dele Oyewale Mrs Elizabeth Ekanem Mrs Olayinka Shorinmade-Junaid Miss Shola Adejonwo

Bankers

Natwest Bank

Independent Examiner

Kingsviews Associates 48 Beaumont Road, Purley CR8 2EG

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

New Covenant Church CIO (the "Church") is a Charitable Incorporated Organisation (CIO) in England & Wales and constitutes a corporate body with limited liability. It is registered with the Charity Commission under number 1175835.

The Church was incorporated on 21[st] November 2017 and is controlled by its governing document, a constitution as approved by the Charity Commission in England & Wales (CCEW), and is governed by its trustees in accordance with its constitution.

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

Governance Code

The trustees are aware of the Charity Governance Code and are considering how the relevant matters can be applied to and implemented by the Church.

Training

A number of Trustee Training Sessions were held jointly with a number of other churches, covering Charity Commission Registration, CIO & Set Up, Transfer of Asset, Trustees, Committees and Legal Duties, Accounting, Charities Commission Website, Public Benefit & Related Activities, Policy Documents Required, Finance, etc.

Policy Documents

We have the following policies -

Risk Management
Conflict of Interest
Volunteer Management
Complaints Handling
Paying Staff
Investment
Reserves
Gifts To Ministers
Grant Making
Anti Money Laundering, Terrorist Financing and Bribery
Safeguarding

Organisational Structure

The Board of Trustees appointed a Council of Management and other advisers who promote the objectives of the charity. The Board of Trustees hold meetings throughout the year and Council of Management are directed to promote the policies, strategies and processes of implementation for the various programmes and projects. These are subjected to constant reviews to assess outcomes.

Risk Management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Safeguarding training, reviews and planning have been undertaking to ensure adequate protection of children and adults at risk in accordance with the government legislation on safeguarding.

Wider Network

The Church is a member of The New Covenant Church and is applying to join the Evangelical Alliance.

Commencement of Activities

During 2018, New Covenant Church Chafford Hundred transferred its assets and activities to New Covenant Church Chafford Hundred CIO. The Charity Account held by Natwest became operational on 01 April 2018.

OBJECTIVES AND ACTIVITIES Constitution, Objectives and aims and Organisation of our Work

The Objectives of the Church New Covenant Church Chafford Hundred (the “Church”)

The advancement of Christian Faith in the United Kingdom.
The relief of persons who are in conditions of need, hardship or distress or who are sick or aged in the United Kingdom.
The relief of poverty.

In fulfilling its purpose, the Church will engage in a range of activities either on its own or with others, that will vary from time to time with activities being initiated, expanded, or closed, as appropriate.

Principal Activities

The Principal Activities of the charity are Christian worship and involvement of various ministries and ministers of religion in propagating the Tenets of faith to

members (and non-members), who seek to learn and 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 provided by the churches.

Charitable Activities

The Boards of Trustees are pleased to report as follows:

The Church's activities include, but are not restricted to

Regular public worship, prayer, Bible study, preaching and teaching
Water Baptism
Communion of the Lord's Supper, normally observed monthly in the larger congregation and encouraged to occur in families / small groups as led by God’s spirit.
Evangelism and mission, locally, regionally, nationally
Partnering with other Churches, within but not restricted to New Covenant Church
Teaching, encouraging, welcome and inclusion of young people
Nurture and growth of Christian disciples
Education and training for Christian and community service
Giving and encouraging pastoral care
Supporting and encouraging charitable social action in the United Kingdom
Encouraging relationships with and supporting evangelicals, other Christians and humanity at large

Volunteers

A significant proportion of the Church's activities are run by and with the assistance of volunteers, who freely give of their time and skills to support the Church in the furtherance of its aims.

PUBLIC BENEFIT

The Advancement of Christian Faith

The Trustees of the charity having due regard for reporting the Public Benefit provided by the charity in line with the Charities Act 2011, in particular, the specific guidance on charities for the advancement of religion are pleased to report that the church has continued its involvement with a number of community focus outreach programmes and projects providing direct benefits for the public in the United Kingdom.

PLACE OF WORSHIP

In 2023 the church held its services at the William Edwards School in Grays between 11 am and 12:30pm. The expenses will be included in the financial report. Mid-week Bible Studies and monthly prayer meetings remain remote meetings via zoom. Attendance ranges between 35-60 (40 on average).

House Cell Groups

The Church operates House Cell Groups which hold as determined by members to provide additional biblical teachings in informal settings. These are all progressive strategies contributing to the increase commitment to advancing the gospel, increase church attendance, commitment to the Christian faith, teachings and principles.

Youth Ministry

The Youth Ministry runs vibrant youth programmes, some alongside other churches. Additionally, youth & young people socials are held from time to time. In 2023 –The Covenant Culture initiative continued to encourage Christian living and being responsible members of the community among young people aged 18 to 35. This ministry provided advice on social issues, mental health, career and support during and after exams.

The youth are also mentored into leadership roles by having the opportunity to participate in various departmental activities.

Children Ministry

The Children Ministry caters for the spiritual needs of children every Sunday. In 2023, the Sunday School Ministry focused on teaching the basic tenets of faith, building self-confidence and raising self-esteem in each child.

Bible Study

Bible Study was during the twice monthly mid week service, in pursuance of our commitment to Spiritual growth and advancement of Christian Faith.

EVANGELISM: - Prayer Booth –Prophetic prayers and spiritual readings, treasure hunting in the Gray’s Market Place-run in partnership with Transformation Thurrock remains on hold, however the yearly Watch Night service at the Grays Baptist Church remains as an Outreach tool.

RELIEF OF POVERTY AND HARDSHIP:

Our fruitful partnership with Thurrock Food bank – continued in 2023. Support of the Thurrock Homeless Unit Charles Street Grays, and the Young mothers unit remained in place.

In addition to these, the church made adequate arrangement for Palliative care for members who may require financial support during crisis. Donations were made to Ukraine War Relief fund. The church further supported a Widows Fund initiative.

HELPING THE SICK AND AGED:- Healing Rooms - Members attend and support the Healing School.

In 2023 the Church began a full transport service for 4 members living in the Basildon region that required support with transportation to Sunday services. Transport of the elderly to various church events and programmes continued with the example of attending the Franklin Graham Evangelistic Outreach at the Excel Arena London.

CARE AND COUNSELLING:-

We remain firm Supporters of Transformation Thurrock, an inter-Church Initiative. We further collaborate with the local Gray’s Baptist Church to provide a New Year’s Eve service, this bringing hope and a sense of unity to our local community.

FINANCIAL REVIEW

Financial Position

The financial position of the charity is set out in the Statement of Financial Activities and Balance Sheet and the related notes and have been prepared in accordance with statutory requirements of the Charities Act 2011 and SORP (FRS 102).

Principal Funding Sources

The principal funding sources of the Church are the voluntary donations and giving by members of the Church's congregation and proposed allied income tax rebates under the Gift Aid Scheme.

Reserves Policy

The Church aims to hold reserves that would cover three months revenue expenditure, legal commitments under contracts of employment and a reserve to meet essential immediate expenditure to the Church's rent costs, necessary to allow the Church to continue to function. The Church had reserves considered sufficient to meet its premises cost and reserves against its revenue expenditure at year end.

Financial Note

The Church commenced its activities after being carved out from New Covenant Church Charity Registration 1004343, in April 2018.

Going Concern

The financial statements have been prepared on the going concern basis as in the opinion of the trustees, there are no material uncertainties about the charity's ability to continue in operational existence.

FUTURE PLAN

Mindful of our objectives -

The advancement of Christian Faith in the United Kingdom.
The relief of persons who are in conditions of need, hardship or distress or who are sick or aged in the United Kingdom.
The relief of poverty.

The Church plans to continue with its current and expand its programme of activities. Sunday Services, Midweek Meetings, Bible Study, Holy Communion, Children, Youth, Men and Women Ministries, Sunday School, Leadership Prayer and Strategic Meetings, Seminars, Conferences, etc.

The Church, being mindful of less privilege communities, would seek to prayerfully and financially support targeted areas and projects. Our commitment to working in partnership would remain, particularly within the New Covenant Church, other faith and also none faith based organisations.

Date of Submission 21/06/2024………………………. Submitted by Elizabeth Ekanem (Chairman Board of Trustees)

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

Statement of Financial Activities for the year ended 31 December 2023

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)7 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 Reconciliation of funds:- Total funds brought forward Raising funds Charitable activities Other Tax on surplus on ordinary activities Donations & Legacies Charitable activities Other trading activities Investments Other	Current year Unrestricted Funds 2023 £ 60,076 - - - -	Current year Restricted Funds 2023 £ - - - - -	Current year Total Funds 2023 £ 60,076 - 29,379 - - 29,379 - 30,698 - 30,698 - 30,698 - 60,076 - - - - - - -	Prior Year Total Funds 2022 £ 62,591 24,197 - 38,394 - 38,394 - 38,394 - - 24,197 - - 62,591 - - - - - - -
	60,076	-
	- 29,379 - -	- - - -
	29,379	-
	-	-
	30,698 -	- -

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

Total funds carried forward 30,698 - 30,698 38,394

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 2023 £ 0 0 - 60,076 - - -	Prior Year Unrestricted Funds 2023 £ 0 0 - 60,076 - - -	0 - Prior Year Restricted Funds 2023 £ - - - - -	62,591 24,197 Prior Year Total Funds 2022 £ - - - 62,591 - - - - 24,197 - -
	60,076
	- 29,379 - -		- - -, - -
	29,379

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

Net gains on investments 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	- 30,698 -	- - -	- 38,394 38,394 - 38,394 - 38,394 - - - -
	30,698 - - - - -	- - - - -
	30,698 -	- -
	30,698	-

All activities derive from continuing operations

Statement of Total Recognised Gains and Losses for the year ended 31 December 2023

	2023	2023	2022
	£		£
Surplus for the year :-
	30,698		38,394
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		-
*Income from operations before tax in the Statement of Financial Activities*	30,698		38,394
Realised gains on the disposal of investments	-		-
Realised net actuarial gains on defined benefit schemes	-		-
Costs of fundamental reorganisation or restructuring	-		-

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

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	- ~~30,698~~ 30,698 - ~~30,698~~ - - - - - - - -	- ~~38,394~~ 38,394 - ~~38,394~~ - - - - - - - -

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

Statement of application of resources

New Covenant Church - Chafford Hundred - Resources applied in the year ended 31 December 2023 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	2023 £ 60,076 60,076 - - - -	2022 £ 62,591 62,591 - - - -

Movements in funds Movements in revenue and capital funds for the year ended 31 December 2023

Revenue accumulated funds

Closing revenue funds (From)/To unrestricted revenue funds Net actuarial gains on defined pension schemes Costs of fundamental reorganisation restructuring Accumulated funds brought forward Recognised gains and losses before transfers	- - - - Unrestricted Funds 2023 £ 30,698 - 30,698	- - - Restricted Funds 2023 £ - - -	30,698 - - - - Total Funds 2023 £ - - 30,698	38,394 - - - - Last year Total Funds 2022 £ 38,394 - 38,394
	30,698	-

Designated funds

Designated revenue funds included within the unrestricted funds above

At 31 December At 1 January Transfer (to)/from revenue accumulated funds	- Total Funds 2023 £ - -	- Last year Total Funds 2022 £ - -

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

At 31 December *Fixed Asset funds* Fixed asset funds At 1 January Transfer (to)/from revenue funds	Designated Funds 2023 £ - -	- Restricted Funds 2023 £ - -	- - Total Funds 2023 £ Last year Total Funds 2022 £ - - - -
	-

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 2023 £ - - -	Restricted Funds 2023 £ - - -	Total Funds 2023 £ - - - - - Last year Total Funds 2022 £ - - -
	-	-

Total funds *Summary of Funds* Summary of funds Share capital and share premium Revenue accumulated funds Revenue designated funds Fixed asset funds Revaluation reserve fund	icted s 023 £ 33,400 133,602 167,002 136,951 Unrestricted Restr and Fund Designated funds 2023 2 £ Total Funds Last Year Total Funds 2023 £ 2022 £ - 33,400 - - - - 133,602 - - - - 167,002 - - - - 136,951 - - -
	33,400

New Covenant Church - Chafford Hundred - Statement of Financial Activities for the year ended 31 December 2023

Income and Expenditure account

New Covenant Church – Chafford Hundred Income and Expenditure Account for the year ended 31 December 2023 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	60,076 60,076 29,379 2023 £ 60,076 - - - - - - - - - - - 19,259 - - 10,120 - - - - - - - - - -	62,591 62,591 24,197 2022 £ 62,591 - - - - - - - - - - - 24,197 - - - - - - - - - - - - -

New Covenant Church - Chafford Hundred - Balance Sheet as at 31 December 2023

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 All activities derive from continuing operations 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 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	- - - 167,002
	167,002

New Covenant Church - Chafford Hundred - Balance Sheet as at 31 December 2023

The total net assets of the charity are funded by the funds of the charity, as follows:-

Unrestricted Funds Pension reserve Total charity funds Restricted Revaluation Reserve Called up share capital Share premium Unrestricted Revenue Funds Unrestricted Revaluation Reserve There are no unanalysed prior period funds Restricted funds Restricted Revenue Funds Restricted Fixed Asset Funds Designated Funds Designated Revenue Funds Designated Fixed Asset Funds	-	- - 33,400 - - 133,602	- 22,212 - - 136,951 - - 75,708 - - - -
	- - -
		- 167,002 - - - -

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.

Trustee

Approved by the board of trustees on 21 June 2023

New Covenant Church – Chafford Hundred CIO 1175835

Report of the Independent Accountant to the Trustees of the charity on the accounts for the period ended 31 December 2023

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, Chafford Hundred CIO for the period ended 31 December 2023 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/AGMA Independent Examiner Kingsviews Associates Ltd 48 Beaumont Road Purley Surrey CR8 2EG