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2024-01-31-accounts

REGISTERED CHARITY NUMBER: 1181657

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

NEW COVENANT MINISTRIES

Cooper Adams Ltd 12 Payton Street Stratford upon Avon Warwickshire CV37 6UA

NEW COVENANT MINISTRIES

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 January 2024

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 9
Detailed Statement of Financial Activities 10

NEW COVENANT MINISTRIES

REPORT OF THE TRUSTEES for the Year Ended 31 January 2024

The trustees present their report with the financial statements of the charity for the year ended 31 January 2024. 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

To advance the Christian faith for the public benefit in the UK and worldwide in accordance with the Statement of Faith, mainly but not exclusively by means of providing:

· A place of worship

Significant activities

The benefits to the public are:

A place of worship

Providing a place of worship that is multi-ethnic for the public benefit in accordance with the Christian faith, particularly in but not exclusive to the West Midlands.

Pastoral care

Providing pastoral care and support in areas such as marriage, family, finance and employment in accordance with the Christian faith, particularly in but not exclusive to the West Midlands. This service will empower all members of the public by helping them develop skills and knowledge to prevent or address specific societal problems i.e. unemployment, homelessness, anxiety and depression, etc.

Community Outreach

Providing food, clothing and other forms of support to members of the public who are disadvantaged and or in abusive or dangerous situations. This is particularly in but not exclusive to the West Midlands.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Charity has impacted over 1000 lives over the year through the below :

FINANCIAL REVIEW

Reserves policy

The reserves held within the charity are to sustain a community providing a place of worship, pastoral care and outreach, ensuring that the objectives and activities of the New Covenant Ministries are fulfilled. The Charity holds £142,433 (2023: £147,842) in reserves to allow for costs of buildings and the upkeep of the needs of the charity members. The reserves can be spent on funding the building project of the charity as well as other administrative costs of the charity.

The charity's principal source of funds is donations from community members for the purpose of the building fund as well as for the general upkeep of the organisation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity trustees shall manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO.

The governing document is the model constitution of New Covenant Ministries and is a CIO.

Page 1

NEW COVENANT MINISTRIES

REPORT OF THE TRUSTEES for the Year Ended 31 January 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

Apart from the first charity trustees, every trustee must be appointed for a term of one year by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1181657

Principal address

240 Marsh Lane West Bromwich West Midlands B71 2DB

Trustees

E Adeseko Chairman M Longe Treasurer G Obi-Umahi (appointed 10.10.23)

Independent Examiner

Cooper Adams Ltd 12 Payton Street Stratford upon Avon Warwickshire CV37 6UA

05/11/2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. G Obi-Umahi - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW COVENANT MINISTRIES

Independent examiner's report to the trustees of New Covenant Ministries

I report to the charity trustees on my examination of the accounts of New Covenant Ministries (the Trust) for the year ended 31 January 2024.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do 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.

David Cooper

Cooper Adams Ltd 12 Payton Street Stratford upon Avon Warwickshire CV37 6UA

Date: .............................................05/11/2024

Page 3

NEW COVENANT MINISTRIES

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 January 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
91,468
Investment income
2
-
Total
91,468
EXPENDITURE ON
Charitable activities
Other activities of the church
133,042
NET INCOME/(EXPENDITURE)
(41,574)
Transfers between funds
7
(6,178)
Net movement in funds
(47,752)
RECONCILIATION OF FUNDS
Total funds brought forward
93,368
TOTAL FUNDS CARRIED FORWARD
45,616		 Year Ended
31.1.24
Restricted
Total
funds
funds
£
£
51,621
143,089
721
721
52,342
143,810
16,177
149,219
36,165
(5,409)
6,178
-
42,343
(5,409)
54,474
147,842
96,817
142,433		 Period
22.1.22
to
31.1.23
Total
funds
£
199,676
43
199,719
143,429
56,290
-
56,290
91,552
147,842

The notes form part of these financial statements

Page 4

NEW COVENANT MINISTRIES

BALANCE SHEET 31 January 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
4
5,833
CURRENT ASSETS
Debtors
5
3,293
Cash at bank
40,583
43,876
CREDITORS
Amounts falling due within one year
6
(4,092)
NET CURRENT ASSETS
39,784
TOTAL ASSETS LESS CURRENT
LIABILITIES
45,617
NET ASSETS
45,617
FUNDS
7
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
96,816
96,816
-
96,816
96,816
96,816		 2024
Total
funds
£
5,833
3,293
137,399
140,692
(4,092)
136,600
142,433
142,433
45,617
96,816
142,433		 2023
Total
funds
£
7,428
8,062
136,413
144,475
(4,061)
140,414
147,842
147,842
93,368
54,474
147,842

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 05/11/2024

............................................. G Obi-Umahi - Trustee

The notes form part of these financial statements

Page 5

NEW COVENANT MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 January 2024

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.

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.

Plant and machinery - 25% on reducing balance

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. INVESTMENT INCOME

INVESTMENT INCOME
Period
22.1.22
Year Ended to
31.1.24 31.1.23
£ £
Deposit account interest 721 43

Page 6

continued...

NEW COVENANT MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 January 2024

3. TRUSTEES' REMUNERATION AND BENEFITS

One trustee received remuneration of £21,633 (2023:£17,080)

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2024 nor for the period ended 31 January 2023.

4. TANGIBLE FIXED ASSETS

COST
At 1 February 2023
Additions
At 31 January 2024
DEPRECIATION
At 1 February 2023
Charge for year
At 31 January 2024
NET BOOK VALUE
At 31 January 2024
At 31 January 2023
5.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
6.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors		 Plant and
machinery
£
10,174
349
10,523
2,746
1,944
4,690
5,833
7,428
2024
2023
£
£
3,293
8,062
2024
2023
£
£
3,530
3,619
562
442
4,092
4,061

Page 7

continued...

NEW COVENANT MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 January 2024

7. MOVEMENT IN FUNDS

At 1.2.23
£
Unrestricted funds
General fund
93,368
Restricted funds
Building fund
44,474
Empower Project
10,000
54,474
TOTAL FUNDS
147,842
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Building fund
Empower Project
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Building fund
Empower Project
TOTAL FUNDS		 Net
movement
in funds
£
(41,573)
52,342
(16,178)
36,164
(5,409)
Incoming
resources
£
91,468
52,342
-
52,342
143,810
At
22.1.22
£
91,552
-
-
-
91,552		 Transfers
between
At
funds
31.1.24
£
£
(6,178)
45,617
-
96,816
6,178
-
6,178
96,816
-
142,433
Resources
Movement
expended
in funds
£
£
(133,041)
(41,573)
-
52,342
(16,178)
(16,178)
(16,178)
36,164
(149,219)
(5,409)
Net
movement
At
in funds
31.1.23
£
£
1,816
93,368
44,474
44,474
10,000
10,000
54,474
54,474
56,290
147,842

Page 8

continued...

NEW COVENANT MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 January 2024

7. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Building fund
Empower Project
TOTAL FUNDS		 Incoming
resources
£
145,245
44,474
10,000
54,474
199,719		 Resources
Movement
expended
in funds
£
£
(143,429)
1,816
-
44,474
-
10,000
-
54,474
(143,429)
56,290

The Building fund has been created to raise funds of £100,000 for the construction of a multipurpose building for the use of the charity.

The purpose for the Empower Project fund is to help men at risk of being incarcerated.

8. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 January 2024.

Page 9

NEW COVENANT MINISTRIES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 January 2024

Year Ended
31.1.24
£
INCOME AND ENDOWMENTS
Donations and legacies
Tithes and offerings
83,788
Grants
-
Building fund donation
51,620
General fundraising
7,271
Benevolence income
410
143,089
Investment income
Deposit account interest
721
Total incoming resources
143,810
EXPENDITURE
Charitable activities
Wages
56,368
Hall and room costs
39,823
Benevolence costs
5,448
Other church activities
14,884
Storage
-
116,523
Support costs
Other
Telephone
371
Sundries
1,683
Software subscription
5,248
Church marketing
751
Admin costs
1,546
Accountancy Fees
1,988
Media equipment
8,045
Professional fees
6,741
Travel
4,028
Insurance
351
Depreciation
1,944
32,696
Total resources expended
149,219
Net (expenditure)/income
(5,409)		 Period
22.1.22
to
31.1.23
£
159,475
10,000
16,872
2,067
11,262
199,676
43
199,719
47,543
25,096
20,787
11,055
2,415
106,896
136
623
15,749
2,497
310
1,920
2,523
6,865
3,093
341
2,476
36,533
143,429
56,290

This page does not form part of the statutory financial statements

Page 10