Registered number
05374898
The New Testament Assembly
Report and Financial Statements
31 March 2024
The New Testament Assembly
Report and accounts
Contents
Page
Charity information 1
Trustees' report 2 - 4
Statement of financial activities 5
Statement of financial position 6
Statement of changes in charitable funds 7
Notes to the financial statements 8 -11
Detailed statement of financial activities 12
The New Testament Assembly
Charitable Company Information
Trustees
Bishop Sean Samuel, National Presiding Bishop
Rev. Ann Marie Spence, General Secretary
The Rt. Rev. D. Powell
Rev. Tamara Makinwa, Chair
Rev. Ope Alabi, Asst. Chair
Mr Garfield Allen
Miss Jackie Cooke
Rev. Deborah Wilson
Rev. Melanie Kennedy
Miss Ionie Townend
Rev. Sheree Maria Pinheiro
Secretary
Rev. Ann Marie Spence
Registered office
NTA UK Headquarters
Beechcroft Road
London
SW17 7BU
Company Registered number
05374898
Charity Registration number
1109284
The New Testament Assembly
Trustees' Report
The Trustees, who are also directors for the purposes of company law, present their annual report and financial statements of the Charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with 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 to the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Objectives and activities
The underlying principle of the Charity is that of a religious nature. The main aim is to advance the Christian religion through social action for the public good in accordance with the beliefs and practices of the NTA as stated in its published statement of faith. Activities include:
· Care and support for the elderly
· Mental health drop-in
· Community outreaches
· Advice and counselling support
Whilst the above services are intended to address inequalities in the Black and Minority Ethnic community all are equally welcomed. In planning our activities this year we worked in accordance with the Charity Commission's guidance on public benefit. We exist to serve all areas of our community regardless of social differences including race, ethnicity, disability, gender, sexual orientation, religious belief or none. We strive to promote welfare and cohesion through the provision of social services and cultural events so improving the mental and physical wellbeing of our local community.
Financial Review
Significant events
The Charity made a defecit for this year of £12,287.
Reserves policy
The Trustees continuously review the level of free reserves (those funds not tied up in fixed assets or restricted funds) required to sustain its operations to completion. Reserves are needed to meet the working capital requirements of the Charity and to maintain the current activites of the Charity.
Investment policy
The Trustees have adopted a strong socially responsible investment policy for the reserves of the charity. This policy, in tandem with the need to fulfill our statutory obligations, has the objective of investing in such a way that the principles of socially responsible investments are promoted.
Structure, governance and management
Governing document
The New Testament Assembly is a charitable company limited by guarantee, incorporated on 24 February 2005 and registered as a charity on 3 May 2005. The company was established under a Memorandum of Association which set its objects and powers, and is governed by its Articles of Association, as amended by a special resolution dated 25 April 2005. In the event of the company being wound up, the members are required to contribute an amount not exceeding £10.
Organisational structure
At their regular meetings, the board members agree the Board strategy and areas of activity for the Charity, including the consideration of grant making, investment, reserves and risk management policies and performance.
The Trustees may delegate any of their powers or functions to a committee of two or more directors.
Risk management
The Trustees actively review , on a regular basis, the major risks that the Charity faces and a risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions.
The Trustees have also examined other operational and business risks which we face and confirm that we have taken steps to mitigate the significant risks.
Recruitment and appointment of trustees
The Trustees, who are also Directors of the company, are elected by the members to serve for a period of four years, after which they must be re-elected at the next Annual General Meeting. Much of the Charity's work focuses on the operation and maintenance of the Tooting Neighbourhood Centre.
The Trustee Board seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of directors, the Charity has, through selective advertising and networking with voluntary organisations active in the sector, sought to identify those who would be willing to become members of the Charity and use their experience to asist the Charity.
Trustee induction and training
Many trustees are already familiar with the practical work of the Charity having been involved in other capacities or because of experience gained in their own churches or other organisaitons. New trustees are invited and encouraged to attend a series of short training sessions to familiarise themselves with the Charity and the context within which it operates. These cover:
· The obligations of Trustee board members
· The operational framework for the Charity
· The current financial position and revenue generation
· Future plans and objectives
Volunteers
The principle activity of the Charity is to provide domiciliary care. The business model requires employed staff and carers, and requires no volunteer support.
Trustees
The following persons served as Directors/Trustees during the year:
Bishop Sean Samuel, National Presiding Bishop - appointed 24 February 2023
Rev. Ann Marie Spence, General Secretary - appointed 24 February 2023
The Rt. Rev. Delroy Powell
Rev. Tamara Makinwa, Chair
Rev. Ope Alabi, Asst. Chair
Mr Garfield Allen
Miss Jackie Cooke
Rev. Deborah Wilson
Rev. Melanie Kennedy
Miss Ionie Townend
Rev. Sheree Maria Pinheiro - appointed 31 May 2024
Rev. Denise Peters - resigned 1 May 2024
Rev. Nathan Lewis Gordon - resigned 1 May 2024
Approved by the Board of Trustees and signed on its behalf by
Mrs Tamara Makinwa
Chair
8 August 2024
The New Testament Assembly
Statement of Financial Activities
for the year ended 31 March 2024
Notes 2024 2023
Unrestricted funds Unrestricted funds
£ £
Income 2 26,371 24,239
Expenditure - charitable activities - page 14 (24,475) (6,710)
Support costs - governance costs (14,183) (20,957)
Total resources expended (38,658) (27,667)
Interest payable - -
Net expenditure 3 (12,287) (3,428)
Total funds brought forward 136,564 139,992
Total funds carried forward 124,277 136,564
The New Testament Assembly
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 7 650,000 656,624
Current assets
Debtors 8 115,422 105,274
Cash at bank and in hand 10,797 26,608
126,219 131,882
Creditors: amounts falling due within one year 9 (600) (600)
Net current assets 125,619 131,282
Net assets 775,619 787,906
The funds of the Charity
Other reserves 10 651,342 651,342
Unrestricted funds 11 124,277 136,564
Total funds 775,619 787,906
For the year ended 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to the Small Companies Regime.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Mrs Tamara Makinwa
Chair
Approved by the Board on 8 August 2024
The New Testament Assembly
Statement of Changes in Charitable Funds
for the year ended 31 March 2024
Other Unrestricted
reserves funds
£ £
At 1 April 2022 651,342 139,992
Deficit for the financial year - (3,428)
At 31 March 2023 651,342 136,564
At 1 April 2023 651,342 136,564
Deficit for the financial year - (12,287)
At 31 March 2024 651,342 124,277
The New Testament Assembly
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention except for the revaluation of land and buildings and in accordance with the Statement of Recommended Practice: 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Charity constitutes a public benefit entity as defined by FRS 102.
Income recognition
The Charity receives its income from rents received. This income is recognised for the periods of occupation of the property.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party.
Expenditure on charitable activities includes the costs of providing the services and consist primarily of staff costs.
Support costs include the governance costs incurred in operating the charities governance activities.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses, except for land and buildings which are revalued. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 1% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
2 Analysis of income 2024 2023
£ £
Rental income 26,271 24,239
Other income 100 -
26,371 24,239
3 Surplu/(Deficit) 2024 2023
£ £
This is stated after charging:
Depreciation of fixed assets 6,624 6,710
4 Staff costs 2024 2023
£ £
Wages and salaries 17,851 -
No. of employees - administration 1 1
No employee was paid £60,000 or more.
5 Trustees
None of the Trustees have received any remuneration or any other benefits from the Charity.
None of the Trustees have claimed expenses.
6 Related charity
The New Testament Assembly is related to the New Testament Assembly Property Charity.
An interest free loan of £115,422 ( 2023 - £105,274) is outstanding from the related charity at the year end.
During the year amounts were advanced to the charity of £25,604, but expenses were paid on our behalf of £15,456.
7 Tangible fixed assets
Land and buildings Fixtures, fittings, tools and equipment Total
At cost At cost
£ £ £
Cost or valuation
At 1 April 2023 800,000 21,415 821,415
At 31 March 2024 800,000 21,415 821,415
Depreciation
At 1 April 2023 143,617 21,174 164,791
Charge for the year 6,564 60 6,624
At 31 March 2024 150,181 21,234 171,415
Carrying amount
At 31 March 2024 649,819 181 650,000
At 31 March 2023 656,383 241 656,624
The land and buildings were valued in 2007.
8 Debtors 2024 2023
£ £
Other debtors 115,422 105,274
9 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals and deferred income 600 600
10 Other reserves 2024 2023
Revaluation reserve £ £
At 1 April 651,342 651,342
At 31 March 651,342 651,342
11 Unrestricted funds 2024 2023
£ £
At 1 April 136,564 139,992
Deficit for the financial year (12,287) (3,428)
At 31 March 124,277 136,564
12 Presentation currency
The financial statements are presented in Sterling, the functional currency of the Charity.
13 Legal form of entity and country of incorporation
The New Testament Assembly is a charitable organisation limited by guarantee, incorporated on 24 February 2005 and registered as a charity on 3 May 2005 in England and Wales.
14 Principal place of business
The address of the Company's principal place of business and registered office is:
Registered Office:
NTA UK Headquarters
Beechcroft Road
London
SW17 7BU
11 Public Benefit
The Charity is a public benefit entity.
12 Taxation
The Charity is a registered charity and not taxed on its income.
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