New Covenant Church Woolw5ch Charfty No. 1176316 Company No. Trustees, Report and Unaudlted Attount5 31 December 2023
New Covenant Churth Woolwi¢h Content5 Pages Trusteès, Legal and administrative information Trustee5' Annual Report Independent Examinerfs Report Statement of Financial Attivities Summary Income and Expenditure Account Balance Sheet Notes to the Accounts 10-15 Detalled Statement of Financial Activities 16-17 Page I
New Covenant Churth Woolwlch Trustees Annual Report The trustees. who ale also directors of the charity for the PLtrposes of the Companies Act 2006, present their report with the unauditèd financlal statements of the charity for the year ended 31 December 2023. LEGAL AND ADMINISTRAnvE INFORMATION Company No. Charfty No. 1176316 Re8lStered Office 101 Hedge Place Greenhithe Kent DA9 9JY Trustees The Directors of the charTtable company a Èts Trustees for the purposes of charity law. The following Trustees served during the year- LO. Farounmbi E.0. Ojo M.0. Olaleye J. Soyinka-sonuga Accountants Tobbytox Limited 20 Gilbert Road Belvedere OA17 5DA Bankers Barclays Bank PIC Page 2
New Covenant Church Woolwith Trustees Annual Report RucfuRE. GOVERNANCE AND MANAGEMENT Governin8 Document The charity is controlled by its governing document, a Declaration of Trust 1991 Or8anisational Structure The Trustee5 hold meetings throughout the year to promote the pollcies. Strategies and the Implementation of the various programmes and projects geared towards achieving the charitable objertives. These are subjerted to ongoing reviews to assess outcomes Risk Management The Trustee have a duty to identify and review the risk to which the Charity is exposed and to ensure apprtspriate controls are in place to provide reasonable assurance against fraL¢d and error. OBJECnVES AND AcnvtriES Constitutlon. Oblectlves, Alms and Or8anlsation of our Work The objertives of the Church is set out in the Declaration of Trust.. 11 The advancement of Christian Faith in the United Kingdom and abroad 21 The relief of persons who are In conditions of neèd, hardship or distrèss or who afe sick or aged in the United Kingdom or abroad Principal 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 rnembers land non-members) who seek to learn and develop an understsnding of the Gospel through the various meetings provided by th Church. This 15 also an extension of the Christian Faith through other direct community outreach programmes provided bv the Church. Charitable artivities The Board of Trustees are pleased to report as follows.. PUBLIC BENEFIT THE ADvANcEmEr OF THE CHRISTIAN FAITH The Trustee of the Charity have due regard for reporting the public benefit provided by the Charity in line with the Charities Act 2011, are pleased to report that the church is continuing its involvement with community locus. Page 3
New Covenant Church Woolwich Trustee5 Annual Report Placè5 of worship The New Covenant Church in 2023 has continued its commitment of the advancement of the Christian Faith in line with its Charitable objectives through provision and maintenance of it5 place of worship for Christian Worship in the United Kingdom. which is an important function.. providing members of the public with the ongoing oppurtunity to grow and develop in the Christian faith. teachings and principles. During the year, als our branches across Europe and Africa were well engaged. EvanBèlism EvanEellsm Is a core value and outreach strategy of the church to reach out to the communities. The Church uses att%vitSes like Food bank, spontaneous worship session, flyers, banners and home visit to reach out to members of the public and residents of the aa. All of these and m3ny more were geared towards team and community building. Youth Ministry The Youth Ministry team continues to meet regularly to provide sUPPOrt for the spirttual growth of its congregation. Their services are coordinated by Youth ministers. In 2023, attendancé at èath mèètin8 Was about an averaEe of 25 youths between the age of 13 and 19. The youth church also held a range of evenin8 event5 geared towards encoura8ing 50cialising and learning èbout life i5sue5. sessions were held to encourage Christian way of life. to be responsible youth members of the communitie5, provide advice on social issues, career and sUPPOrt during and after exams. The youth are also mentored into leadership roles by having the opportunity to participate in various departmental activitie5 of the church. Chlldren Mlnlstry In 2023. Sunday school ministry continue in focusing on building 5elf-confidence and raising high 5elf-esteem In each child which is achieve through teachin& music. drama and dance sessions. The children Ministry continues to cater for the spiritual needs of children every Sunday through age appropriate bible stories, scripture teachings. The Sunday school helps children enhance their learning of the bible through memorisation of passages. The Chartty in 2023 continued its implementation of Christian faith by ensuring that children are inclusive, in the leaming process of ongolng age appropriate bible teachings. FINANCIAL REVIEW RELIEF OF PERSON IN NEED, HARDSHIP, DISTRESS. SICK OR AGED The Charity continued to provide relief to persons who are in conditions of need, hardship or distress or who are sick or aged. Page 4
Nth¥ Church WO0 Tru••1 Annu•l A•port Stor•1 C•r• & B•r••vemint Svpport Th¢th•rlty ID 2023 contlnued to provlde c4re ind ¢ouni¢lllni to bere•ved limllltriwho have loit lo¥ed onè3. The C114rliy iddltl¢n•ll¥ ProdeS nD•nclal litlp lo bereiyed famllle5 to as$151 Ihem In such Ilrnes of Jimcuiil•s. It •l£o provlde5 coun5ollln8 5trvlce5 to rnember$ non-members ol the church and to students. FINANCIAL RÉVIEW The book v•lu•s of the •ssets h•ld it Ihe y••r end are ID the oplnlon 01 the Board ofTwstee. As slated In the fln•n(lJl st4temeDts. Also ltt Its oplnlon, Idoqu•te assets ure iw411able to frjlfll the obllgallon ofthe Charlty Asumm•ry of iht r•sull of the NCC Woolwlctt's actlvltlos durlns the perlod Is &l¥en In ihe statomtntol FlnBnd•l Artl¥ltl•s rot•l Inwme of thfr ¢hirty imounttd to É261,23812022.. É290,6621. The totHI fund$ 1$ it 31 Dember 2023 wis £689,30312022.' £67L9281 all olwhlch relitid to unrestrfcted fvnds. RESERVE POLKY The Niw (ovénint Chur¢h W001wl¢h m•lnt•lrts unreslilc¢ed lunds, whlch ire the free ieservesglthe th4rlty. It lewl thit154t le4rt iwolve months of commltted expondllure. excludlni fln•D¢ln8 and other costs. Ex£ess iJiire5thrfed lun•Js. to tht represented by Iluld ists, wlll be used to meet reoJrytrtt opernt4on•l CO$ •xc•p¢ thr• th•TNit••s conskl•T th4tth• tund% should b• f•t•lned for po%ble lut¥ pro)•(t INVESTMENT POU Th•TtU5t•• ¥1 th•pw&rto Invest In suth 4u¢ts •sthey dttm flt. The thbrws Investrrtent poll¢y Is ¥, Ipproprfit• toth• nlture olth• lsJnd$1or whlth thé Investment 1$ held. The prtm•ry invesimetht •lrn Isto w•1 hlihdrfr••0frfty4d Ilq¥hJlt¥ •nJ to mmIs• r•tums wh115t •dDPtlni • cunsory•t Ippth. T1 rii•rrtydots ngt wowde irnnis •nd IheTefori do nèt h•¥e • pollry irnnl-m4kin8.TheTwstees however, ifveiffts i•d donllloni 414n effeLtlv• mNnsol d¢lh•rt iupport •rtd issIst4¢ to oth•r th•1 fltthln th• ol Ih•Chirty, 114DEPENwifEXAMINER Apropoul th•tTobtrioxllmll•d h rtr•ppolnt•d M It)d•p•nd•nt Ex•mlh•rnof lh• (h•thwlMbe 9lJt to th• BoKd ofTnut••5•tth•t0vth¢omApnU•lGMrnl I41••lln& th• bD•id SoV•ktrSonuD 31 fiecqmbtr 2023
New Covenant Church Woolwich Independent Examiners Report Independent Examiner's Report to the trustees of New C¢)venant Church Woolwlch We pOrt to the charity trustees on my examination of the financial statements of New Covenant Church Woolwich for the year ended 31 December 2023 whlch comprise the Statement of Financial Activities. the Summary Income and Expenditure Account, the Balance Sheet arid related notes. These financial statements have been prepared under the historical cost convention and the accountin8 policies set out therein. The rèport is made solely to the charity's trustees, as a body. Sn accordance with Section 44 of the Charities Act 1993.The Trustees of the charity are of a general opinion that audit is not required in accordance with section 4312lof the 1993Att or Settion 144 of the Chartties Art 2011.and have opted for an independent examination instead. Responsibilities and basis ol report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charity Act 2011. Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respett of our examination of your charity's financial statements as carried out under section 145 of the Charities Act 20111.the 2011 Art'l. In carrying out our examination we have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of FIFAIFIPA, which is one of the listed bodies. I have completed my examlnatSon. I can confirm that no material matters h3ve come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in accordance with sectlon 386 of the 2006 Act . or the financial statements do not accord with those records. or • thè financial statements do not comply with the accounting requirements under settion 396 of the 2(J06 Att Other than any requlremenr that the financial statements give a 'true and fair, view which is not a matter considered a5 part of an independent examination- or the financial statements have not been prepared in accordance wlth the methods and principles of the ststement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan¢e with the Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matter5 in connection with the examination to which èttention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Olutola Ojo FIFAIFIPA Tobbytox Limitèd 20 Gilbert Road Belvedere DA17 5DA 31 December 2023 Page 6
New Covenant Churth Woolwl¢h Statement of Flnandal Activlties for thè year ended 31 December 2023 Unrestrirted funds Total funds Totsl funds 2023 2023 2022 Notes Income and endowments Irom: Donations and le8acies 261,238 261.238 290.662 Total 261,238 261,238 290,662 Expenditure on.. Charitable activitie5 Other 78,050 165,813 78,050 165,813 65,770 238,945 Totsl 243,863 243.863 304,715 Net gains on investments Net income/lexpendlture} Transfers between funds 17.375 17,375 114,0531 Net Incomè/lÈxpenditurÈl before other gainslllossesl 17.375 17,375 114.0531 Other 8ains and losses Net movement in funds 17.375 17.375 114.0531 Reconciliatlon of fund5". Total funds brought forward 671,928 671,928 685.981 Total funds tarried forward 689,303 689,303 671,928 Page 7
New C¢ivenant Church Woolwich Summary In¢ome and Expenditure Account for the year ended 31 Dember 2023 2023 2022 Income 261,238 290,662 Gross Income for the year Expenditure 261.238 290.662 189,642 255,254 Interest payable 50,954 45,105 Depreciation and charges for impa*rment of fixed assets 3,267 4.356 Total expendlture forthe year Net income/lexpenditurel before tax for the year 243,863 304,715 17,375 114.0531 Nèt inrne Ilexpenditure )for the year 17,375 114,0531 Page 8
Co¥enaFrt Chur£hWoolw4th 1lht¢Sheet at 31 Dttember2023 Cornpary No. Notes 2023 zozz Flxedsset& Tangible assets 9 L467.508 L467.508 L470,775 1,470.775 Cuwrenta55et5 Cash 8t bank •nd Tn han 18,263 18,263 13,652 13.652 Credttor% Amourtf4lling due wlthin one year Netcurrentassets 18,262 13.652 484,427 1812.4991 671,928 Totslassets lesscurretttllabllltles 1.48S,770 1796,4671 689,303 Credltor&ATrountshllin8 due after more thaTr one year NetIssetsexdudl penslon ssetorUabiltfy T)ial net•ss 689,303 671,928 .1 TheluhdSolteh•rty - Restrlrted funds Unyertrfttd fuad5 Gener•1 fvnds 689,303 671.928 689,303 671,928 TOtalnds 689,303 671,928 eseaccounts leyo beep. prepared In acc0nlanctththe sped•l provisiotssot Part 15 ofthe Companle5 A¢1 2tW)6 retsung to 5m•ll cornpinles. Porth¢ year ended 31 Dtcernber 2023 the comp•nyw•sertltled io exeOn sedlon 477 of the Componles Art 200S relatln8 to smill compani•5. The members h•ve noi r¢qvir¢d th¢ company to obt•ln•n I111 In ttord1nttth 476 of th• CompgnlesAct2W6. Thedlrectors acknowtedqe thelrre5pQnblIItIeSfortompIvInl wlth the reqttSrwTrtnts of theCompanlesArt 26WIth r•spectto •ccountln8 records and the prepariuon ofaccounts. Approved by the board on 31 Dernber2o23 AnrfsJ8n n b•h4lfby'. Tmsteè al Decembef 2023
New Covenant Church Woolwich Notes to the Accounts for the year ended 31 December 2023 I Prlnclpal accountin% polides The following accounting policies have been applied in dealing with items which are considered material in relation to the charity's financial ststements. Basls of preparation The financial statèments have been prepared in accordance with Accountin8 and Reporting by Chartties.. Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change in basls of account5ng orto previous accounts There has been no change to the accounting policie5 (valuation rule5 and method of accounting) Sin last year and no changes have been made to accounts for previous years. Fund Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes. These are available for use subjett to striCt10n$ imposed by the donor or through terms of an appeal. Restritted furTrd5 Income Voluntsry income This comprises donations in the form of regular offerings and tithes. provides core funding. This is recogni5ed where there is entitlement, certainty of receipt and the 3mount can be measured with sufficient reliability. The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contributions made by volunteers can be found in the Trustee5' ReporL Volunteer help Resour5 expended Re¢ognition of expenditure Expenditure is fecognised on an accruals basis. Charitable and non-charitable expenditure is allocated to the respective artivities and any shortfall that is funded from ijnrestricted funds. Where costs cannot be directly attributed to particular headings they have been allocated to artivities on a basis consistent with the use of resources. Dlrect cost These comprise the costs incurred by the Charity in the delivery of its activities. It includes both costs that can be allocated directly to such artivities and those Costs of an indirert nature necessaryto support them. These include those costs a550Clated with meeting the consritutional and statutory requirements of the Charity, including any auditfindependent examinatlon fees. costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Governan costs Other expenditure Taxatlon The charity 15 exempt from corporation tax on its charitable activities. Page 10
New Covenant Church Woolwich Note5 to the Accounts Tangible flxed assets and deprecSatlon Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.. Land & Building Computer & Equipment 2% Reducing balance 25% Reducing balan Furniture & Fixtures 25% ReducinB balan Freehold investment property Investment properties are measured initially at cost and subsequently at fair valLte at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Artivitles as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognlsed at the settlement amount dttre after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalent5 Cash ènd cash equivalents comprlse cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with origlnal maturitles of three months or less and bank overdrafts. In the statement of financial position. bank overdrafts are shown within borrowing5 or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the tran5artion price. Other creditors and provisions are recogni5ed Whe the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amourkt due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies otherthan the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reportin8 period. Transattion5 in currencies other than the funrtional currency of the charity are recorded at the rate of exchange on the date that the transactlon ocCurd. All exchange differences are are taken into account in arriving at net incomelexpenditure. Page 11
New Covenant Churth Woolwlch Notes to the Accounts Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset. the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially cOgnised as assets of the charity at their fair value at the inception of the lease or. if lower, at the present value of the minirnum lease payments. The corresponding liability to the les50r is included in the balan sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remainin8 balance of the liability. Finance expenses are recognised immediately. unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing Costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on 3 straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are fecognised as a liabilty. The agggate benefit of incentSves Is recognised as a reduction of rental expense on a straight-llne basls. Penston $ts The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pay5 fixed contributions into a separate entity- Once the contributions have been paid the company ha5 no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accrua15 in the balance sheet. The assets of the plan are held separately from the company in independently administered fvnds. Receipt ot donated goods, facllStles and services All donated goods, fatilities and services received are recognised within incoming resoufces and expenditure at an estimate of the value to the charity. 2 Company statu5 The company is a private company limited by guarantee and consequently does not have share capital. Page 12
New Covenant Church Woolwich Notesto the Accounts 3 Statèment of Flnancial Artivities- prlor year Unrestrlcted funds Total funds 2022 2022 Income and endowments from: Donations and legacles Total 290.662 290,662 290,662 290,662 Expenditur¢ on: Charitable artlvltles 65,770 238,945 65,770 238,945 Other Total 304,715 304,715 Net IncomÈ 114.0531 114.0531 Net Incomè before other Balnsl{losses) Other galns and losses: (14,0531 114,0531 Net movement in funds 114,0531 114,0531 Reconciliation of funds: Total funds brought forward Total funds carried forntard 685.981 685.981 671.928 671,928 4 Income from donations and le8a¢ies Unrestrirted Total Total 2023 2022 261.238 261,238 261,238 261.238 290,662 290.662 5 Expenditure on charftable actlvttles Unrestricted Total Total 2023 2022 Expenditure on choritoble activities 78,050 78.050 65.770 Governonce costs 78,050 78,050 65,770 Page 13
New Covenarrt Church Woolwlch Note5 to the Accounts 6 Other expenditure Unrestricted Total Total 2023 2022 Bank loan and overdraft interest payable 50,954 50.954 45.105 Employee costs Premises costs 41,228 31.451 41.228 31,451 40.159 141,645 Amortisation, depreciation, impairment, profit/loss on disposal of fixed a55ets General administrative costs 3.267 3,267 4,356 4,037 4,037 6,249 1,431 238,945 Legal and professional costs 34,876 165,813 34,876 165,813 7 Net in¢omellexpenditurel before transfers 2023 2022 This is stated after charging- Depreciation of owned fixed assets 8 Staff costs 3,267 4,356 2023 41,228 41,228 2022 Salaries and wages 40,159 40,159 No employee received emoluments in excess of £60,000. 9 Tangible fixed assets Land and Computer & Iwildings Equipment Furniture & Fixtures Total Cost or revaluation At l January 2023 At 31 December 2023 Depreciation and impaimient Depreciation charge for the vear At 31 December 2023 1.457,706 1,457,706 6.805 6,805 6.264 6,264 1.470.775 1,470,775 1.701 1,566 3,267 1,701 1,566 3,267 Net book values At 31 December 2023 At 31 December 2022 1.457.706 1,457,706 5.104 6.805 4.698 6,264 1,467,508 1,470,775 Page 14
New Covenant Churth Woolwich Notes to the Actounts 10 Creditors: amounts falling due within one year 2023 2022 Accruals 11 Credltors: amounts falling due after more than one year 2023 2022 Other creditors 796,467 796.467 812.499 812,499 12 Movement in funds Incoming resour5 lintluding other At31 Resources expended December 2023 At l January gainsllosses 2023 Restricted funds- Urtrestrirted funds: General funds 671,928 261,238 1243,8631 689,303 Total funds 13 Analysis of net assets between funds 671,928 261,238 1243,8631 689,303 Unrestrirted funds ToLIl Fixed assets Net current assets Creditors due in more than one year and provisions 1,467,508 18,262 1,467,508 18,262 1796,4671 1796,4671 689,303 689,303 14 Reconullatlon of net debt At31 At l January 2023 December Cash flows 2023 Cash and cash equivalents 13,652 13,652 4,611 4,611 18,263 18,263 Nèt debt 13.652 4,611 18,263 Page IS
New Covenant Church Woolwich Detailed Ststement of Financial Artivitles forthe year ended 31 Detember 2023 Unrestricted fund5 Total funds 2023 2023 Total funds 2022 Income and endowments from: Donations and legacies 261,238 261,238 261,238 261,238 290,662 290,662 Total Income and endowments 261.238 261,238 290,662 Expenditure on: Charitable activities 78,050 78,050 78,050 78,050 65,770 65,770 Total of expendlture on tharftable activities 78,050 78.050 65,770 Other expenditure Bank loan and overdraft interest payable 50,954 50,954 45,105 50,954 50,954 45,105 Employee costs Salaries/wages 41.228 41.228 41,228 41.228 40,159 40,159 Premises costs Rent Light. heat and power Premises repairs and maintenance 1,112 614 3,799 3,799 27,652 27.652 139,919 31.451 31,451 141,645 General adrninistrative costs, including depreciation and amort15ation Depreciation of Computer & Equipment Depreciation of Fumiture & Fixtures Bank charges General in5urance5 Telephone, fax and broadband 1.701 1,701 2,268 1,566 1,566 2,088 153 3,436 601 3,436 601 5,681 415 7,304 7.304 10,605 Legal and professional costs Accountancy and bookkeepin8 Other legal and professional costs 1,800 1,8 33,076 33,076 1,431 34,876 34.876 1,431 Page 16
New Covenant Church Woolwich Detsiled Statement of Finala1 Artivities Total of expenditu of other ¢osts Totsl expendlture Net gains on investments 165,813 165,813 238,945 243,863 243,863 304,715 Net Incomellempenditurel 17,375 17,375 114,0531 Net incomÈ/lèMpenditure) before othergains/llossesl Other Gains 17.375 17.375 114.0531 Net movement in funds 17,375 17,375 114,0531 Re¢on¢iliation of funds: Total funds brought forward 671,928 671.928 685.981 Total funds carried forward 689,303 689,303 671,928 Page 17