COMPANY REGISTRATION NUMBER.. N1622089 CHARrrY REGISTRATION NUMBER: NIC101787 New Covenant Ministries Ltd Company Limited by Guarantee Unaudited Financial Statements 31 December 2017 HA Accountants and Taxation Consultants 197 Moyadd Road Kilkeel Co. Down BT34 4HL New Covenant Ministries Ltd Company Limited by Guarantee Financlal Statements Year ended 31 December 2017 Page Trustee's annual report (incorporating the directorfs report) Statement of financial activities (including income and expenditure account) Statement of financial Fosition Notes to the financial ststements The followtng pages do not forni part of the financial statemonts Accountants and taxation consultants report to the trustee on the preparation of the unaudited statLrtory financial statements 10 New Covenant Ministries Ltd Company Llmited by Guarantee Trustee's Annual Report {Incorporating the Directorfs Report) Year ended 31 December 2017 The trustee, who is also the director for the purposes of wmpany law. presents her rep(Kt and the unaudited financial statements of the charity for the year ended 31 December 2017. Reference and adrninislrativ• dgtails Roglstered ¢harlty name New Covenant Ministhes Ltd Charfty registratlon number NIC101787 Company registration numbw N1622089 Principal offlce and registored 16 Ballyveaghbeg Road offiGe BallyTrartin Co. Down BT34 4XG The truste• Mrs Fadzai BUrr0￿S Company s•crgtary Mr William John DavKI Burrowps Accountants Cunningham & McPartland Accountants and Taxation Consultants 197 Moyadd Road Kilkeel BT34 4HL Structure. goveman¢8 and managemont New Covenant Ministries Ltd is a company limited by guarantee. One £1 ordinary share has been issued lo Mrs Fadzai Burrowes ￿ is also the sole diwtor of the company. Mr William Burrowes is the company secretary. Objectives and actlvltles The COMpan￿S objects are specifically restricted to:_ 1. The advancement of the Christian faith in accordance wth the teachings of the New Covenant Ministries. 2. To promote unity among the drfferenl communities of Northem Ireland. 3. To relieve persons who are in conditions of need or hardship or who are aged or sick. and to relieve the distress caused thereby in Northem Ireland as the trustees may from time to lime think fil and accordiru to the available resources. Achlovements and perfomianco New Covenant Ministrie5 Ltd continued to strive lo achieve their objectsves and successfully advance the Christian faith and alleviate hardship among all communities in Northem Ireland to the best of their abilities. New Covenant Ministries Ltd Company Llmited by Guarante• Truslee's Annual Report (Incorporating the Directorfs Report) {con6lnu8dJ Year ended 310ecember 2017 Financlal rnview The company had net incoming resources for 2017 of1£606) (1£1 F 2016)on gross income of £7.336 12016- £6,880). Small company provlslons Thig report has been prepared in accordan¢e with the prowsions applicable to companies entitled to the Small companies exempbon. The Iruslee's annual report %fdS approved on 21 Seplember 2018 and signed on behalf of the board of Iruslees by.. Mrs Fadzai Burrowes Trustee New Covenant Ministries Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) 31 December 2017 2017 Unrestricted furKls Total funds Total funds 2016 Incgme and endowments Donations and legacies Total Income 7,338 7.336 7.336 6.880 7.336 6.880 Expendlturo Expenditure on raising funds: Costs of other trading activities Total gxpendlturo 7.942 7,942 6,881 7.942 7.942 6,881 Nèt expendlturé and net movoment In funds 1606) {6061 {1) Re¢onciliatlon of funds Total funds brought forward Total funds carried forwanl (316) 1922) (316) 19221 {315) (316) The slalement of financial activities includes all gains and losses recognised in the year. A]1 income and expenditure derive from continuing activities. Th• notes on pag¢$ 5 to 8 fomi part of these finan¢i•l statements. New Covenant Ministries Ltd Company Limited by Guarantee Statement of Financial Position 31 December 2017 2017 2016 Current assgts Cash al bank and in hand Credltors: amounts falling due within one year Net currgnt liablllties 1,020 922 316 Total assets less curront Ilabllltios Net Ilabllltles (922) 19221 {3161 1316) Funds of the charity Unrestricted funds (922) 19221 13161 1316) Total charlty funds For the year ending 31 December 2017 the chartty was entitled to exemption from audit under section 477 of the Companies Act 2006 rdaling to small companies. Trustee's reS￿)nSibIlItieS.. The momber has not required the charity lo obtain an audit of its financial stslements for the year in qL¢eslion in accordance section 476- The trustee ackn¢)Wtedges her responsibilitÉes for complyng Ihe requi￿rnents of the Act with spect to 8ixounling records and the preparalion of financial slalements. Those financial slalemenls have been prepared and (lelivered in accordance with the provisions applicable to companies subject to the small ¢ompanies' regime. The statement of financial activities and Tnjslee's rerort have not been delivered to the Registrar of Companies in accordance wth the special provisitins apFAicable to Companies subject lo the small companies regime. These financial slalement5 wwe approved by the ly)ard of trustees and authorised for issue on 21 September 2018. and are svJned on behalf of the board by.. Mrs Fadzai Burrowes Tnjstee The not•s on pages S to 8 forni part of these financlal stst•ments. New Covenant Ministries Ltd Company Limited by Guarantee Notes to th• Financial Statements Year ended 31 December 2017 Gèneral infomiation The charity is a private compary limited by guarantee to the value of one £1.00 ¢xdinary share issued to Mrs Fadzai Burrowes. The company is registered in Northern Ireland and il is a registered charity in Northem Ireland. The address of the registered office is 16 Ballyveaghbeg Road. Ball￿MartIn. Co. Down, BT34 4XG. Statement of compliance These fin8rrial statements have been prepared in comFAiance v￿h FRS 102. The Financial Reporting Standard applicatje in the UK and the Republic of Ireland.. the Statement of Recommended Practice applicable to chartiies preparing their accounts in 8ccordantE with the Financial Reportiro Standard appluble in the UK and Republic of Ireland IFRS 1021 (Charities SORP {FRS 102)) and the Charities Acl {Northem Ireland) 2008. counting policles Basis of preparation The financial statements have been prepared on the historical cost basis, as m¢xlrfied by the revaluation of certain finarrial assets and liabilities and investment properts'es measured al fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entsty. Golng concem There are no material uncertainties aboul the charivs ability to contsnue. Dlsclosure exemptions lal No cash flow statement has been presented for the company. Ibl Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimatlon uncertainty The preparation of the financial statements requires mar¢agemenl to make judgements. eslimales and assumption5 that affect the amounts re￿rted. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are beI￿Ved to be reasonable under the cirojmstances. Fund accounting Unrestricted funds are available for use at the dtseretion of the trustees to further any of the charivs purposes. Designaled funds are unrestricted funds eamiarked by the tnjstee for particular fu￿re project or commitment. Reslricled funds are subjected to restricbons on their expenditure declared by the donor or thrcmjgh the terms of an appeal, and fall into one of sub4asses'. restn'cted income funds or end0￿Ment funds. New Covenant Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements (condnu¢d) Year ended 31 December 2017 Accountlng pollcles (conthu8dJ Incomlng resources l incoming resources are induded in the slatement of financial activitie5 when entitiement has passed lo the charity, il is probable that the ecornmtc benefits associated wth Ihe transaction wll ow lo the charity and the amount can be rella￿Y measured. The followng specific polici&s are applied lo partit)Jlar categories of income: In￿Me from donations or grants is recognised when there is wdence of entiuement lo the grfi, receipt is probable and its amount can be measured rdiably. legacy income is recc¥Jnised when receipt is probable entitlement is esta￿l5hed. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from Ihe cost lo the donor or the eslimaled resale value. Donated faolities and services are recognised in the &counts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the SUP￿ of serwces is recognised with Ihe delivery of the contracted Service. This is dasslfied as unrestricted funds unless there is a contractual requirement for it lo be spent on a partK#Jlar purFN)se and relumed rf unspent, in which case it may be regar(led as restricted. Resources expended Expenditure is recognised on an accnjals basis as a liability is incJJrred. EXpend[tU￿ includes any VAT which cannot be fully recovered. and is dassff￿fj under headings of the statement of financial aclivf(ies to which r( relates.. expenditure on raising hjnds includes the costs of all fundraising acbvities. events, non- charitsble trading activities. and the sale of donated wds. expenditure on charitsble activities indudes all costs irKyJrred by a charity in undertaking activities that further ils charrtable aims for the benefit of ils bener￿laries. including those support costs and costs rela￿"n9 to the govemance of the charity apwrtioned lo charitable actlvitss. other expenditure indudes all expenditure that is neither ￿lated to raising funds for the charity r￿r part of its expeThJilure on CharIta￿e activities. All costs are allocated lo eX￿nditUre catewries reflecting the use of the resource. Direct costs attributable lo a single activity are allocated direcdy to that aetivty. Shared costs are apportioned betsveen the activities Ihey contribute lo on a reasonable. justrfiable and consistent basis. Flnancial instrumgnts A financial asset or a financial liabilty is rwised onty when the charity becomes a paty to the contractual provisions of the instrument. New Covenant Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements (condnwdj Year ended 31 December 2017 Accountlng pollcles (conllnued) Flnanclal Instruments (conllnued) Basie finarval instruments are inilialty recognised at the amount receivable or payable induding any related transaction costs. Current assets and current liabilities are subsequendy measured at the cash or other consKieration expected to te paid or received and not discounted. Debt inslruments are subsequenljy measured at amortised cosL Where investments in shares are publidy traded or their fair value can othemise be measured reliably, the investment is subsequenty measured at fair value with changes in fair value recognised in income and expenditure. Al other such investments are subsequenUy measured al cost less impaimient. Other financial instruments, irduding derivatives, are initialfy recognised al fair value, unless payment for an asset is defe￿ed beyond nomial business ternis or financed al a rale of interest Ihal is not a market rate. in wh￿h case the asset is measured al Ihe presenl value of the future payments discounted at a market rate of interest for a similar debt inslrument. Other financial instruments are subsequently measured at fair value, any changes recognised in the slalement of financial acliviknes. with the exceplion of hedging instruments in a esignaled hedging relationship. Financial assets that are measured at cost (K amortised cost are reweY￿d for objectwe evKlence of impairment at the end of each rep￿Ing dale. If there is objeetNe evidence of impairment, an impaimenl loss is recognised under the appropriate heading in the statement of financial activities in Nvhich the initkgl gain was recognised. For all eqLJity instnjments regardless of signfficance, and other financial assets that are individually signifunl, these are assessed indNidually for impairment. Other financial assets are either assessed indNidually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the extent ihal the reversal does not result in a carying amount of the financial asset that exceeds vthal the caryng amount would have been had the impairment not previously been recognised. Trustee remuneratlon and expenses No remuneralK)n or other benefits from ern￿OY￿ent ¥Mth the chanty or a related entity we received by the twstees. No tnjstee expenses have been inwrred. Creditors: anounts falling duo within on? y•ar 2017 2016 Other credf(ors 1.020 New Covenant Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements (¢oniinuedJ Year ended 31 December 2017 Analysis of charitablg funds Unrestricted funds At 1 January 201 31 December 2017 Ir￿oMe Expenditrjre General funds (3161 7.336 17.942) 1922) Analysls of net assets between funds Unrestricted Total Funds Funds 2017 Current assets Creditors less than 1 year Net liabllities {1,020} 1922} 11,0201 {9221