**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
- Pastoral care and outreach
## **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 :
- Providing financial and pastoral support for local communities in Birmingham.
- Providing a place of worship for members of the Birmingham community.
- Conferences, personal, spiritual development courses to empower the lives of people.
- Providing prison outreaches.
- Counselling services for tackling mental health challenges of people in the community.
- Marriage and parental support classes.
- Employment and business support training.
- Community sport gatherings to bring people of the local community together.
## **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