Registered Charity no.: **1182591** ## **NEW COVENANT CHURCH** ## Northampton TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED ## **30 June 2024** ## **JASH BURTON B'CHAUCER** Chartered Certified Accountants & Tax Advisors 27 Old Gloucester Street, London, WC1N 3AX Tel: **0208 611 2684** Web: **www.jashburton.com** E1: info@jashburton.com E2: jashburtonb@gmail.com **NEW COVENANT CHURCH Annual Trustees Report and Financial Statements** Year ended 30 June 2024 ## **CONTENTS** ||**Page**| |---|---| |Legal and administrative information|1| |Report of the Trustees|2-6| |Independent Examiners' Report|7-8| |Statement of financial activities|9| |Balance sheet|10| |Notes to the financial statements|11-14| |Detailed Income and expenditure accounts|15| **NEW COVENANT CHURCH Annual Trustees Report and Financial Statements** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Chibuzor Onwuaraghi| |---|---| ||Remi Popoola| ||Oluwole Abe| ||Chris Okhueleigbe| ||Kudzaishe Shodunke| |**Registered office:**|38-40 Kettering Road| ||Northampton| ||NN3 4AH| |**Charity number:**|118591| |**Accountants:**|Jash Burton B’Chaucer| ||27 Old Gloucester Street| ||London| ||WC1N 3AX| |**Bankers:**|CAF Bank Plc| ||Natwest Plc| 1 ## **NEW COVENANT CHURCH NORTHAMPTON** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Registered Charity Number 1182591** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a Declaration of Trust 2012. ## **Organisational structure** The Trustees held 4 meetings in the year 2024 to promote the charity’s strategies and policies. Also, to review the implementation of the various programmes and projects geared towards achieving the charitable objectives, including ensuring activities (existing and new) are permitted within objects. ## **Risk management** The Trustees continue to identify, review, and manage risks to which the Charity is exposed and to ensure appropriate controls are put in place to mitigate and give reasonable assurance against errors. Board Resolutions were passed, and ongoing review of delegated authority and appropriate processes are in place e.g., approval limits for financial transactions, procurement, and contract services. The charity ensured that policies and procedures that enable the governance of its operations, staff, and volunteers are in place and relevant to existing statutes. ## **OBJECTIVES AND ACTIVITIES** ## **Constitution, Objectives and aims and Organisation of our Work** The Objectives of the Church is set out in the Declaration of Trust 1) The advancement of Christian Faith in the United Kingdom. 2) Support for general education by supporting the enrichment of education, sponsorship, training, and charitable activities. 3) The relief of persons who are vulnerable and poor, including support and rehabilitation of those who are alcoholics, homeless and habitually indulging in substance misuse in the United Kingdom. ## **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. 2 ## **NEW COVENANT CHURCH NORTHAMPTON** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Registered Charity Number 1182591** ## **Charitable activities** The Boards of Trustees are pleased to report as follows: ## **PUBLIC BENEFIT** ## **THE ADVANCEMENT OF THE 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, are pleased to report that the church has continued its involvement with many communities focused Outreach programmes and projects providing direct benefits for the public in the United Kingdom. As a charity, we continued to ensure the welfare of our congregation and the communities we serve. ## **Places of worship** The New Covenant Church in 2024 has continued its commitment to the advancement of the Christian Faith in line with its charitable objectives through the provision and maintenance of our place for Christian Worship in the United Kingdom. The continued provision of a place of Christian Worship is an important function of the Charity’s activities which provide members of the public with the ongoing opportunity to grow and develop in the Christian faith, teachings, and principles. We provide a place of worship in person every Sunday, the Sunday service is also live streamed on Facebook and YouTube for those who are unable to attend in person for one reason or the other. The church runs a Bible study every Wednesday online on Zoom, Facebook, and YouTube. ## **Evangelism** Evangelism is a core value and outreach strategy of the church to reach out to communities. During street evangelism, the Evangelism Teams engage with the community informally and direct them to the relevant projects and supporting agencies that will give them needed advice and practical support. The team also refers them to the food bank in the church that is open every Tuesday and Thursday. ## **Youth Ministry** The Youth Ministry Teams run vibrant Christian youth programmes fortnightly. These are designed to support the spiritual growth of the youth. The youth services are coordinated by Youth Team leaders. The youth services are held in the Youth Church departments fortnightly. The youth were and continue to be mentored into leadership roles by having the opportunity to participate in various departmental activities of the church. 3 ## **NEW COVENANT CHURCH NORTHAMPTON** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Registered Charity Number 1182591** ## **Public Benefit - continued** ## **Children Ministry** Young children are involved in age-appropriate bible teachings. The ministry focused on building self-confidence and raising high self-esteem in each child. This was achieved through teaching, music, and drama sessions. As a ministry, we cater for the spiritual needs of children every Sunday through scriptural teachings. Also, Sunday School continues to help children enhance their learning of the bible through engaging activities during their lessons. ## **RELIEF OF PERSONS IN CONDITIONS OF NEED, HARDSHIP, DISTRESS, SICK OR AGED** The Charity provides relief to persons who are in conditions of need, hardship, or distress or who are sick or vulnerable through its welfare support activities. **Women's Refuge** - This is a refuge for women who have suffered domestic abuse. The charity collects a list of women and children who are living at the refuge during Christmas and provides ageappropriate Christmas gifts for everyone on the list. **Christmas Hamper Gift** – The Charity offers Christmas hampers to individuals and businesses within our community as a way of sharing the love of Christ our Saviour during this important event celebrated by Christians all over the world. ## **Pastoral Care & Bereavement Support** The Charity continues to provide care and counselling to bereaved families who have lost loved ones. The charity additionally provides financial help to bereaved families to assist them in such times of difficulty. The charity also provides informal counselling services to members and non-members of the church and students. ## **RELIEF OF POVERTY** New Covenant Church Northampton work in partnership with Shine CIC to run a Foodbank. People in need come to the church during the week and pick up supplies of tinned food, dry food items and toiletries. The food bank also provides a delivery service for those who are unable to collect supplies in person due to illness or some other reason. An example was a sickle cell lady who at times could be bedridden. The food bank is open on Tuesdays and Thursdays. New Covenant Church Northampton also work in partnership with Liberty, a ministry under the New Covenant Church where the voluntary expertise of many of the church members is deployed to reach out to the poor and needy, those existing on subsistence level in many parts of the African villages. 4 ## **NEW COVENANT CHURCH NORTHAMPTON** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Registered Charity Number 1182591** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and The New United Kingdom Generally Accepted Accounting The Law applicable to charities in England and Wales requires the Trustees' to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with all applicable Laws. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission (i.e. public benefit statement). In so far as the trustees are aware: - there is no relevant information of which the charity's accountants are unaware; - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Accountants are aware of that information. ## **FINANCIAL REVIEW** The book values of the assets held at the year end are, in the opinion of the Board of Trustees, as stated in the financial statements. Also, in its opinion, adequate assets are available to fulfil the obligations of the charity. A summary of the result of the New Covenant Church Northampton's activities during the period is given in the Statement of Financial Activities on page 9. Total income of the charity amounted to £96,050 (2023: £131,832) including income from regular sunday tithes and offering of £86,787 (2023: £102,886). 5 ## **NEW COVENANT CHURCH NORTHAMPTON** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Registered Charity Number 1182591** Total resources expended in the year include direct costs of £30,559 (2023: £31,730) primarily relating to the operational costs of running the charity, and financing costs of £11,722 (2023: £10,442). The governance costs were mainly made up of accountancy fees and legal and professional expenses. The governance costs are approved by the Trustees. The total funds as at 30 June 2024 was £242,702 (2023: £232,949) majority of which related to unrestricted funds. ## RESERVE POLICY The Charity maintains unrestricted funds, which are the free reserves of the charity, at a level that is at least twelve months of committed expenditure, excluding financing and other costs. Excess unrestricted funds, to the extent represented by liquid assets, will be used to meet recurrent operational costs, except where the Trustees consider that the funds should be retained for possible future projects. ## INVESTMENT POLICY The Trustees have the power to invest in such assets as they deem fit. The charity's investment policy is appropriate to the nature of the funds for which the investment is held. The primary investment aim is to provide a high degree of security and liquidity and to maximise returns whilst adopting a conservative approach. ## GRANT-MAKING POLICY The Charity does not provide grants and therefore do not have a policy on grant-making. The Trustees however, give gifts and donations as an effective means of delivering support and assistance to other programmes that fit within the objectives of the Charity. ## **INDEPENDENT EXAMINER** A proposal that Jash Burton B'Chaucer be re-appointment as Independent Examiners of the charity will be put to the Board of Trustees at the forthcoming Annual General Meeting. By Order of the Board of Trustees ## **Chibuzor Onwuaraghi** ## **Trustee** _Date: 13th Day of March 2025_ 6 ## **NEW COVENANT CHURCH - BERMONDSEY** ## **INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 30 JUNE 2024** We have examined the financial statements on pages 9 to 15 for the period ended 30 June 2024, which comprise the statement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein. The report is made solely to the charity's trustees, as a body, in 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 43(2) of the 1993 Act or Section 144 of the Charities Act 2011, and have opted for an independent examination instead. ## **Respective responsibilities of trustees and examiners** The Trustees, who are also the directors, have responsibilities for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. These are set out in the Statement of Trustees' Responsibilities in the Report of the Trustees. Our responsibility as independent examiners of the charity are: - examine the accounts under section 145 of the 2011 Charities Act, · to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, - and, to state whether particular matters have come to our attention. We report to you whether the financial statements have properly been prepared in accordance with the Financial Reproting Standard (FRS) 102 (effective 1 January 2015) and in accordance with the Charities Act 2011. We also report to you whether the information given in the Trustees' Report is consistent with the financial statements. We consider the implications of our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements In addition we report to you if the charity has not kept proper accounting records, if we have not received all the information and explanations we require for our work, or if information specified by law regarding trustees' remuneration and other transactions with the charity is not disclosed. 7 ## **NEW COVENANT CHURCH - BERMONDSEY** ## **INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 30 JUNE 2024** ## **Basis of opinion** Our examination was carried out in accordance with the Genaral Directions provided by the Charity Commission. The examination includes a review of the books and documents other accounting records kept by the charity and comparing these with the accounts presented. Our examination also includes consideration of any unusual disclosures or items in the accounts, and seeking explanations from the Trustees. It is imperitive to state here that the procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view. Our report is therefore limited to the statements below: ## **Independednt examiners' statement** In connection with our examination, we report that no matter has come to our attention, which which gives cause to believe that the following have not been met: - Keeping proper accounting records in accordance with section 130 of the Charities Act; and - Preparing accounts which accord with the underlying accounting records and which are in compliance with the Charities Act: and - Consistency of the information contained in the Trustees Report with the financial statements. ## Jash Burton B'Chaucer ............................................................................... JOHN BOYE FCCA Jash Burton B'Chaucer Chartered Certified Accountants Coleridge Road, Surrey CR0 7BQ Date: 13th Day of March 2025 8 **NEW COVENANT CHURCH - Northampton** ## **STATEMENT OF FINANCIAL ACTIVITIES (SOFA) (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024** **----- Start of picture text -----**
Unrestricted Restricted 2024 2023
funds funds Total Total
£ £ £ £
INCOMING RESOURCES
Voluntary income
-
Donations, tithes and offerings 86,787 86,787 102,886
Other incoming resources
Gift aid receivable - - - -
-
Sundry income 1,850 1,850 5,950
-
Building fund and rental income 7,370 7,370 22,962
Bank interest 43 - 43 35
-
Total incoming resources 96,050 96,050 131,833
RESOURCES EXPENDED
(Costs of activities in furtherance of the
objects of the charity)
Direct Charitable activities 30,559 - 30,559 31,730
-
Management and Support activities 38,450 38,450 25,372
Governance costs 5,566 - 5,566 2,248
Finance costs 11,722 - 11,722 10,442
-
Total resources expended 86,297 86,297 69,791
-
Net movement in funds for the period 9,753 9,753 62,041
-
Total funds brought forward 232,949 232,949 170,908
Total Funds as at 30 June 2024 242,702 - 242,702 232,949
**----- End of picture text -----**
All of the above results are derived from continuing activities. All gains and losses recognised in the period are included in the above. 9 ## **NEW COVENANT CHURCH - Northampton** ## **BALANCE SHEET AS AT 30 JUNE 2024** **----- Start of picture text -----**
Unrestricted Restricted 2024 2023
£ £ £ £
FIXED ASSETS
-
Tangible assets 294,056 294,056 304,075
Current assets
- - -
Debtors and prepayments 6,119
Cash at bank and in hand 110,489 - 110,489 76,291
-
110,489 110,489 82,409
Creditors : amounts falling due
-
within one year 40,066 40,066 19,894
Net current assets 70,424 - 70,424 62,515
Total assets less current liabilitie 364,479 - 364,479 366,591
Creditors : amounts falling due after
-
more than one year (121,777) (121,777) (133,641)
Net assets 242,702 - 242,702 232,949
Financed by:
Funds 242,702 - 242,702 232,949
Total funds 242,702 - 242,702 232,949
**----- End of picture text -----**
The financial statements were approved by the Board of Trustees on 13th March 2025 and were signed on its behalf by: Sign: …............................................... **Chibuzor Onwuaraghi Trustee** 10 **NEW COVENANT CHURCH - Northampton NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## 1. **Principal accounting policies** The following accounting policies have been applied in dealing with items which are considered material in relation to the charity's financial statements. ## **Basis of preparation** The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice (SORP): 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) and with the Charities Act 2011 ## **Funds** General funds are unrestricted funds available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 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 purpose. ## **Tangible fixed assets** Tangible fixed assets are stated at their purchase or revalued amounts, together with any incidental cost of acquisition. Depreciation is provided on all tangible fixed assets, from the dates they are brought into use, at rates calculated to write off the costs/valuation over their expected useful economic lives as follows: |Land and building|2%|cost/valuation| |---|---|---| |Fixtures and fittings|25%|reducing balance| |Computer and other equipment|20%|straight line| ## **Incoming resources** Voluntary income, comprising donations in the form of regular offerings and tithes, provides core funding. This is recognised where there is entitlement, certainty of receipt and the amount 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 Trustees' Report. 11 **NEW COVENANT CHURCH - Northampton NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **Resources expended** Direct costs comprise those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Expenditure is recognised on an accruals basis as liability is incurred. Charitable and noncharitable expenditure is allocated to the respective activities and any shortfall is funded from unrestricted funds. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Costs of charitable activities are those costs relating to the activities carried out to meet the objectives of the Church. These include both directly attributable costs and apportioned support costs. ## **Governance costs** Governance costs are the costs associated with the strategic direction of the organisation and with meeting the constitutional, legal and regulatory requirements of the charity. |2.
**Voluntary income**
Tithes, offerings and donations
Rental income
Other Income
Mission contribution received
3.
**Governance costs**
The governance costs of the charity consisted of the following:
Accountancy fees
Legal and professional
4.
**Finance costs**
Mortgage interest||**2024**
**£**
86,787
7,370
1,850
-
96,007
**2024**
**£**
1,500
4,066
5,566
**2024**
**£**
11,722
11,722||**2023**
**£**
102,886
8,040
5,950
14,922
131,798
**2023**
**£**
1,500
748
1,700
**2023**
**£**
10,442
10,442| |---|---|---|---|---| 12 **NEW COVENANT CHURCH - Northampton** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## 5. **Net incoming resources** The net incoming resources are stated after charging the following costs: |6.
7.
8.|Depreciation
Independent examiners' remuneration
**Tangible fixed assets**
_All assets are held for charitable purposes_
**Land &**
**Fixtures &**
**buildings**
**fittings**
**Cost**
**£**
**£**
Balances b/f
300,000
3,500
Additions
-
-
Balances c/f
300,000
3,500
**Accumulated**
**depreciation**
Balance b/f
12,000
1,530
Charge for the year
6,000
493
Balances c/f
18,000
2,023
**Net book value**
At 30/06/2024
282,000
1,477
At 30/06/2023
288,000
1,970
**Debtors**
Other Debtors
**Creditors due within 1 year**
Accruals
Mortgage loan
Other creditors||**Computer**
**equipment**
**£**
19,276
-
19,276
5,169
3,528
8,697
10,579
14,107||**2024**
**£**
10,019
1,500
**2024**
**Total**
**£**
322,776
-
322,776
18,699
10,021
28,720
294,056
304,077
**2024**
**£**
-
-
**2024**
**£**
1,500
13,701
24,865
40,066||**2023**
**£**
11,358
1,500
**2023**
**Total**
**£**
305,836
16,940
322,776
7,342
7,342
14,684
308,092
298,494
**2023**
**£**
6,119
6,119
**2023**
**£**
1,500
18,394
-
19,894| |---|---|---|---|---|---|---|---| 13 **NEW COVENANT CHURCH** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## 9. **Creditors due after 1 year** |Mortgage loan||**2024**
**£**
121,777||**2023**
**£**
133,641| |---|---|---|---|---| ## 10. **Taxation** The church is a registered charity and is not liable to corporation tax on its charitable activities. Gift aid donations for which declarations have been recieved from the respective donors confirming that the given donation be treated as Gift Aid donation are reclaimed by the church ("the Charity"). ## 11. **Reconciliation of funds** |Unrestricted funds
Restricted funds
**Represented by:**
Fixed Assets
Current Assets
Liabilities||Balances at
01/07/2023
£
232,949
-
232,949||Incoming
Outgoing
£
£
96,050
(86,297)
-
-
96,050
(86,297)
Movement in Resources||Balances at
30/06/2024
£
242,702
-
242,702
**2024**
**£**
294,056
110,489
(161,843)
242,702||Balances at
30/06/2023
£
232,949
-
232,949
**2023**
**£**
304,075
82,409
(153,535)
232,949| |---|---|---|---|---|---|---|---|---| |||||||||| ## 12. **Related party transactions** Other than donations and funds received there were no transactions with related parties during the period. 14 **NEW COVENANT CHURCH - Northampton** ## **INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024** **----- Start of picture text -----**
2024 2023
£ £ £ £
INCOME
Donations, tithes and offerings:
- Unrestricted 86,787 102,886
Other income
Interest receivable 43 35
Rental income 7,370 8,040
Sundry income 1,850 5,950
-
Building fund 9,263 14,922 28,946
96,050 131,832
EXPENDITURE
Direct Charitable Costs:
Honorarium 550 600
Travelling expenses 1,106 2,498
Evangelism/outreach work 400 3,464
Welfare support 6,538 8,358
Training 12,361 4,137
Conferences and Meetings 2,916 5,580
Missions 3,000 1,365
TV, Airtime & publicity 1,189 728
Gift and donations 2,500 5,000
30,559 31,730
Management & Support
Insurance 2,782 2,636
Light and heat 5,725 8,050
Telephone 1,211 590
Postage and stationery 183 -
-
Computer and internet expenses 7,597
Depreciation - Freehold property 6,000 6,000
Depreciation - Fixture & Furnitures 492 656
Depreciation - Computer Equipment 3,527 4,702
Repairs and renewals 10,933 2,738
38,450 25,372
Governance costs:
Legal & Professional 4,066 748
Accountancy fees 1,500 1,500
5,566 2,248
Finance Costs:
Loan interest 11,722 10,442
11,722 10,442
86,297 69,791
Surplus for the period 15 9,753 62,041
**----- End of picture text -----**