Registered Charity Number: 1204683 ## **Charis Covenant Ministry** TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED **30th August 2024** 1 ## **Charis Covenant Ministry** ## **Annual Trustees Report and Financial Statements** Year Ended 30 August 2024 ## **CONTENTS** ||**Page**| |---|---| |Legal and administrative information|3| |Report of the Trustees|4-7| |Statement of financial activities|8| |Balance sheet|9| |Profit and Loss Statement|10| |Notes to the financial statements|11-14| 2 ## **Charis Covenant Ministry** ## **Annual Trustees Report and Financial Statements** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees:**|Eunice Owusu| |---|---| ||Eric Dickson| ||Gladys Kessie| |**Registered office:**|40 Sadlers Mead| ||Harow| ||Essex| ||CM18 6HQ| |**Charity number:**|1204683| |**Accountants**|Sandra Marley FCCA, MBA| ||S S Marley Limited| ||11 Solomon Avenue| ||London| ||England| ||N9 0SF| 3 **Charis Covenant Ministry** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 August 2024 Registered Charity Number 1204683** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, CIO - Foundation registered 12 September 2023. ## **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 geared towards achieving the charitable objectives. 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. ## **OBJECTIVES AND ACTIVITIES** Charis Covenant Ministry is a Bible-believing church based in North London. Our purpose is to proclaim the message of Jesus Christ to local communities and nations around the world. We are committed to supporting the community in practical ways and helping individuals lead Christ-like lives through spiritual guidance and compassionate outreach. ## Our Charitable Objective: - The advancement of the Christian faith in accordance with our basis of faith, primarily but not exclusively within North London and surrounding areas; - The prevention and relief of need, hardship, and sickness; - The advancement of education, especially Christian education and moral instruction; - The provision of facilities in the interests of social welfare for recreation or other leisure-time occupation for individuals who are in need by reason of youth, age, infirmity or disability, financial hardship or social circumstances, with the aim of improving their conditions of life. All charitable activities will be carried out in a manner that reflects the Church’s doctrinal distinctives and ethical standards as outlined in the Church handbook. 4 **Charis Covenant Ministry** ## **REPORT OF THE TRUSTEES** **FOR THE YEAR ENDED 30 AUGUST 2024** **Registered Charity Number 1204683** ## **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 United Kingdom Accounting Standards (The New United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulstions 2008 and the provision and the provision of the Trust Deed require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure of the Charity for the financial year. 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 appropriate charities SORP; - make judgements and estimates that are reasonable and prudent; - State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation; and The trustees are responsible for keeping sufficient and proper accounting records that 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 applicable Law. 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). 5 ## **Charis Covenant Ministry** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 AUGUST 2024 Registered Charity Number 1204683** ## **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 Charis Covenant Church's activities during the period is given in the Statement of Financial Activities. The charity had total incoming resources during the year of £12,886.89 that includes income from regular donations. 6 ## **Charis Covenant Ministry REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 AUGUST 2024 Registered Charity Number 1204683** Total resources expended in the year include direct costs of £10,776 primarily relating to the operational costs of running the charity, and financing costs of £96 majority of which relate to the loan interests. The governance costs were mainly made up of accounting expenses. The governance costs are approved by the Trustees. The total funds as at 30 August 2024 was £1611 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. ## MATERIAL FUNDS IN DEFICIT There are no material funds in overall deficit. ## PRINCIPAL FUNDING SOURCES By far the main source of income for the church is the donations of its congregation. ## **ACCOUNTANTS** A proposal that the accountants, S S Marley Limited. be appointmented as accountants of the charity will be put to the Board of Trustees at the forthcoming Annual General Meeting. By Order of the Board of Trustees **Trustee:** Eunice Owusu _Date: 28th Day of June 2025_ 7 **Charis Covenant Ministry** ## **STATEMENT OF FINANCIAL ACTIVITIES (SOFA) (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 AUGUST 2024** **----- Start of picture text -----**
Unrestricted Restricted 2024
funds funds Total
Notes £ £ £
INCOMING RESOURCES
Voluntary income
Donations 3 12,887 - 12,887
-
Total incoming resources 12,887 12,887
RESOURCES EXPENDED
(Costs of activities in furtherance of the
objects of the charity)
Direct Charitable activities 9,180 - 9,180
Management and Support activities 4 1,500 - 1,500
Finance costs 5 96 - 96
-
Total resources expended 10,776 10,776
-
Movement in funds for the period 2,111 2,111
Total funds brought forward
-
Net movement in funds for the period 2,111 2,111
Funds transfer -
-
Total Funds as at 30 August 2024 2,111 2,111
**----- 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. The notes on pages 11 to 14 form part of these financial statements. 8 **Charis Covenant Ministry** ## **BALANCE SHEET AS AT 30 AUGUST 2024** **----- Start of picture text -----**
Unrestricted Restricted 2024
Notes £ £ £
FIXED ASSETS
Tangible assets 6 1,500 - 1,500
Current assets
Cash at bank and in hand 3,707 - 3,707
-
3,707 3,707
Net Current Assests 5,207 - 5,207
Creditors : amounts falling due - 3,596 - 3,596
- -
within one year
Total assets less current liabilities 1,611 1,611
Net assets 1,611 - 1,611
Financed by:
Funds 8 1,611 - 1,611
Total funds 1,611 - 1,611
**----- End of picture text -----**
The financial statements were approved by the Board of Trustees on 28 June 2025 and were signed on its behalf by: Eunice Owusu ## **EUNICE OWUSU** Trustee 9 ## **Charis Covenant Ministry** ## **INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 AUGUST 2024** **----- Start of picture text -----**
2024
£ £
INCOME
Donations:
- Unrestricted 12,887
-
12,887
EXPENDITURE
Direct Charitable Costs:
Sundry activities 3,180
Rent and rates 6,000
9,180
Balances carried forward 9,180 12,887
Management & Support
Office and general admin 500
Depreciation - Equipment 500
1,000
Governance costs:
Professional fees 1,000
1,000
Finance Costs:
Bank charges 96
96
11,276
Surplus for the period 1,611
**----- End of picture text -----**
10 **Charis Covenant Ministry NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 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: Equipment 25% Straight line **Incoming resources** Voluntary income, comprising donations, 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 **CHARIS COVENANT MINISTRY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 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. ## 3. **Voluntary income** |Donations|**2024**
**£**
12,887
12,887| |---|---| 12 **CHARIS COVENANT MINISTRY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2024** ## 4 **Governance costs** The governance costs of the charity consisted of the following costs: Accountancy fees **Finance costs** Bank charges ## 5 **Finance costs** **2024 £** 1,000 1,000 **2024 £** 96 96 ## 6 **Tangible fixed assets** _All assets are held for charitable purposes_ |7|**Cost**
Balances b/f
Additions
Balances c/f
**Accumulated**
**depreciation**
Balance b/f
Charge for the year
Balances c/f
**Net book value**
At 30th August 2024
**Creditors due within 1 year**
Professional Fees|**Computer**
**equipment**
**£**
-
2,000
2,000
-
500
500
1,500
**2024**
**£**
3,596| |---|---|---| 13 **CHARIS COVENANT MINISTRY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2024** ## 8 **Reconciliation of funds** |Unrestricted funds
**Represented by:**
Fixed Assets
Current Assets
Liabilities|||Incoming
Outgoing
£
£
12,887
(10,776)
12,887
(10,776)
**2,024**
**£**
1,500
3,707
0
5,207
Movement in Resources/funds|Balances at
30/08/2024
£
2,111
2,111| |---|---|---|---|---| 14