REGISTERED COMPANY NUMBER: 7394819 (England and Wales) REGISTERED CHARITY NUMBER: 1140049
Report of the Trustees and Financial Statements for the year ended 31 October 2023 For CORNERSTONE FOUNTAIN CHURCH
DTT Consultancy Ltd 36 Daffodil Close Hatfield Hertfordshire AL10 9FF
REGISTERED COMPANY NUMBER: 7394819 (England and Wales) REGISTERED CHARITY NUMBER: 1140049 Contents of the Financial Statements For the year ended 31 October 2023
| Page | |
|---|---|
| Reference & Administrative details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 9 |
| Detailed Statement of Financial Activities | 10 to 11 |
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
For the year ended 31 October 2023
REFERENCES AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTESS AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023
Trustees/Directors
- Mrs Martina Omotayo Oluwaniyi
2 Mrs Adekemi Adebukola Mormah
-
Mr Kifayat Aderoju Aduki Ojoye
-
Pedro Ndongala Daniel
Registered office
127 Campden Crescent Dagenham Essex United Kingdom RM8 2SB
Registered number
7394819 (England and Wales)
Registered Charity number
1140049
Accountants
Tunji Ogedengbe DTT Consultancy Limited 36 Daffodil Close Hatfield Herts AL10 9FF
Bankers
Bank of Scotland London Chief Office P.O.Box 54873 London SW1Y 5WX
Page 1
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
For the year ended 31 October 2023
The trustees present their report and the financial statements for the year ended 31 October 2023. The financial statements have been prepared on the basis of accounting policies set out on page 8 and comply with the constitution, applicable law and applicable accounting standards.
Objects and principal activities of the organisation
The Cornerstone Fountain Church is an organisation, registered as a company Limited by guarantee and also registered as a charity.
The objectives of Cornerstone Fountain Church are:
To advance the christian faith for the benefit of the public.
The preventation or relief of poverty in by such means as the trustees in their absolute discretion see fit.
Donations and offerings received during the year amounted to £62,111 and the details are shown in the detailed statement.
Trustees
Trustees, who are all members of the Management Committee, and who served during the year are set out on page 1. The trustees are elected at the Annual General Meeting, for membership of the Management Committee and serve until the end of the next Annual General Meeting, where they stand for re-election.
The Organisation pursued her objects by the operation of Christian worship and other activities.
The organisation runs a number of community-based vehicles of transportation that focus on assisting the disadvantaged and less well-off in our local communities.
Putting together adequate financial and administrative support for the running of the organisation activities includes: Building a network of relationships within the local and national community with a view to engaging them in joint community efforts.
Putting together project teams to coordinate various activities both in the church and in the various media activities.
Organisational Structure and Decision Making
The Trustees are consulted on all issues that are material in nature and determine the strategic direction of the charities affairs. Trustees meet formally as and when required to review the church's operations. The trustees meet at least twice a year. The trustees are elected at the Annual General Meeting, for membership of the Mangement Committee and serve until the end of the next Annual General Meeting, where they can stand for re-election as members of the new Executive Committee.
The main activities of the organisation over the past year include promoting Christian worship, training and organising seminars, Music events, Youth development, conducting outreach programmes to increase awareness of Christianity and more to further spread the gospel of our Lord Jesus Christ. We conduct Sunday worship services, bible study and mid week prayer meetings. We run seminars in the church with proven ministers of the faith to guide members in the various aspects of Christian faith, regular visitations within the local community to provide required support. The church has also been involved in the motivation of her members to develop fully their potential in every area of endeavor spiritually, mentally, economically and physically.
The church has continued to develop progressively in all aspects of service ministering to the needs of people from all works of life within and outside the church and our immediate community. This financial year has also seen the church increase her support for other charitable organisations through regular donations and support in every way possible. We continue to actively forge links with International ministries and charitable organisations such as Red Cross, Children in Need and TAPAC with whom we are committed to mention just a few
Page 2
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
For the year ended 31 October 2023
Report of the Members of the Management Committee (Trustees) Continues
During the financial year, the operational base of the Sunday meetings for the church has remained Cornerstone Fountain Church, Unit A, Circular 13 Industrial Estate, Gascoigne Road, Barking, East London in the heart of Gascoigne Estate and the church has continued to be involved in activities to integrate with the local community that we serve.
Some of the activities apart from the regular worship meetings include joint activities with the Barking Churches Unite. One of the trustees resigned during the year and another one was appointed.
Future Developments
The church aims to continue to extends its activities to all age groups within the immediate community in line with our intention of being a church without boundaries where everyone is welcome to fully enjoy the love of Christ. It is our intention to secure suitable permanent premises where we will be able to offer more activities, most espercially to the youth and the elderly.
Risk management
The trustees actively revew all the risks, in particular the major risks, which the church faces on a regular basis and ensure measures and policies are put in place to safeguard church funds and assets. Trustees also ensure that legal advice is sought when necessary on crucial issues concerning the church/ministry.
Statement of Trustees' Responsibilities
Law applicable to charities in England and Wales and the Companies Act 2006 require the trustees to prepare financial statemens for each financial year which give a true and fair view of the financial activities of the charity and of its financial positon at the end of that year.
In preparing those financial statements the trustees are required to:
(a) select suitable accounting policies and apply them consistently;
(b) make judgements and estimates that are reasonable and prudent;
(c) state whether the policies adopted are in accordance with the Company Act 2006 and with applicable standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements.
(d) prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees, who make up all members of the Executive Committee of the charity, are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with applicable law, regulations and the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventation and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice-Accounting and Reporting by Charities, and in accordance with the special provisions of the Companies Act 2006 relating to small companies.
Approved by the mangement committee and signed on its behalf by
Mrs Martina Oluwaniyi Chair person
Date: 2nd November 2023
Page 3
REGISTERED COMPANY NUMBER: 7394819 (England and Wales) REGISTERED CHARITY NUMBER: 1140049
For the year ended 31 October 2023
I report on the accounts for the year ended 31 October 2023 set out on pages four to nine. Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is required. The charity's gross income did not exceed £250,000 and I am qualified to undertake the examination.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under Section 43 of the 1993 Act
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 43(7)(b) of the 1993 Act); and
-
to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. 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 ' and the report is limited to those matters set out in the statements below. Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tunji Ogedengbe DTT Consultancy Limited 36 Daffodil Close Hatfield Herts AL10 9FF
Date: 2nd November 2023
Page 4
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
Statement of Financial Activities
For the year ended 31 October 2023
| 2023 | 2023 | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| Funds | Funds | Funds | Funds | ||||
| Notes | £ | £ | £ | £ | |||
| INCOMING RESOURCES | |||||||
| Incoming resources from generated funds | |||||||
| Voluntary income | 62,111 | 62,111 | 56,568 | ||||
| Investment income | 2 | 772 | 772 | 13 | |||
| Grant | - | - | - | ||||
| Gift aid | 12,914 | 12,914 | 11,078 | ||||
| Total incoming resources | 75,797 | - | 75,797 | 67,659 | |||
| RESOURCES EXPENDED | |||||||
| Cost of generating income | 48,143 | 48,143 | 44,485 | ||||
| Charitable activities | - | - | 1,000 | ||||
| Governance costs | |||||||
| Total resources expended | 48,143 | 0 | 48,143 | 45,485 | |||
| NET INCOMING RESOURCES | 27,654 | 0 | 27,654 | 22,174 | |||
| RECONCILIATION OF FUNDS | |||||||
| Prior year adjustment | 10 | ||||||
| Total funds brought forward | 97,221 | 97,221 | 75,047 | ||||
| TOTAL FUNDS CARRIED FORWARD | 124,875 | - | 124,875 | 97,221 |
Page 5
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
Balance Sheet
As At 31 October 2023
| 2023 | 2023 | 2023 | 2022 | ||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 5 | 534 | 534 | 712 | |
| CURRENT ASSETS | |||||
| Debtors: amounts falling due after more than on | 6 | - | - | - | |
| Prepayment | - | - | - | ||
| Cash in hand | 124,691 | 124,691 | 96,859 | ||
| Total Asset | 125,225 | 0 | 125,225 | 97,571 | |
| CREDITORS | |||||
| Amounts falling due within one year | 7 | 350 | 350 | 350 | |
| Accruals | - | - | - | ||
| NET CURRENT ASSETS/(LIABILITIES) | 124,875 | 0 | 124,875 | 97,221 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 124,875 | 0 | 124,875 | 97,221 | |
| CREDITORS | |||||
| Amounts falling due after more than one year | 8 | - | - | - | |
| NET ASSETS | 124,875 | 0 | 124,875 | 97,221 | |
| FUNDS | 9 | ||||
| Unrestricted funds | 124,875 | 0 | 124,875 | 97,221 | |
| Restricted funds | |||||
| TOTAL FUNDS | 124,875 | 0 | 124,875 | 97,221 |
Page 6
REGISTERED COMPANY NUMBER: 7394819 (England and Wales) REGISTERED CHARITY NUMBER: 1140049
Balance Sheet - continued As At 31 October 2023
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Board of Trustees on 2nd November 2023 and were signed on its behalf by:
Mrs Martin Ogunniyi Chair person
Page 7
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
Notes to the Financial Statements For the year ended 31 October 2023
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
| Freehold property | -2% on reducing balance |
|---|---|
| Fixtures and fittings | -25% on reducing balance |
| Motor vehicles | -25% on reducing balance |
Taxation
The charity is exempt from corporation 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
| Bank interest receivable 3. NET INCOMING/(OUTGOING) RESOURCES Net resources are stated after charging/(crediting): |
2023 2022 £ £ |
|---|---|
| 2023 2022 £ £ 27,654 11,096 |
Page 8
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049 Notes to the Financial Statements - continued For the year ended 31 October 2023
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2023
Trustees' Expenses
There were no trustees' expenses paid neither for the year ended 31 October 2023
5. TANGIBLE FIXED ASSETS
| Freehold Fixtures and property fittings £ £ COST At 1 November 2022 7,273 Additions - - At 31 October 2023 - 7,273 DEPRECIATION At 1 November 2022 - 6,561 Charge for year 178 At 31 October 2023 - 6,739 NET BOOK VALUE At 31 October 2023 - 534 6. PREPAYMENTS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Prepayments 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Mortgage Other creditors Accrued expenses |
Freehold Fixtures and property fittings £ £ 7,273 - - |
Motor Building vehicles Totals £ £ £ 7,273 - - |
|---|---|---|
| - 7,273 |
- - 7,273 |
|
| - 6,561 178 |
- - 6,561 - 178 |
|
| - 6,739 |
- - 6,739 |
|
| - 534 |
- - 534 |
|
| 2023 2022 £ £ - - |
||
| 2023 2022 £ £ 350 350 - |
||
| 350 350 |
Page 9
CORNERSTONE FOUNTAIN CHURCH
REGISTERED CHARITY NUMBER: 1140049
Notes to the Financial Statements - continued
For the year ended 31 October 2023
8 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Mortgage Finance lease |
2023 2022 £ £ - |
|---|---|
| - - |
9 MOVEMENT IN FUNDS
| Unrestricted funds Unrestricted funds Restricted funds Restricted TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Prior Year Adjustment Total funds carried forward as per accounts Adjustment to total funds carried forward Total funds as per balance sheet |
Net movement in At 31/12/23 funds At 31/12/22 £ £ £ 124,875 27,654 97,221 |
|---|---|
| 124,875 27,654 97,221 |
|
| Incoming Resources Movement in resources expended funds £ £ £ |
|
| 0 0 0 |
|
| - |
10 Prior Year Adjustment
Page 10
REGISTERED COMPANY NUMBER: 7394819 (England and Wales)
REGISTERED CHARITY NUMBER: 1140049
Detailed Statement of Financial Activities for the year ended 31 October 2023
| INCOMING RESOURCES Voluntary income Tithes & Offering Gift -Aid Voluntary income - Total Investment income Bank interest receivable Bank interest received Investment income - Total Total incoming resources RESOURCES EXPENDED Charitable activities Honorarium Donations/Gifts Welfare Costs of generating income Rent and Rates Pastoral allowance Travelling expenses Telephone & Fax Printing & Stationery Maintenance Office expenditure Hospitality Utlity Training, Conference & Congress Headquarters Charges Insurance Cleaning Motorvan Expense Equipment Publicity Music Children & Youth Other Carried forward |
2023 2022 £ £ 62,111 56,568 12,914 11,078 |
|---|---|
| 75,025 67,646 |
|
| 13 772 |
|
| 772 | |
| 75,797 67,659 |
|
| 2,150 1,000 7,249 500 250 |
|
| 9,899 1,250 |
|
| 1,836 10,789 12,000 12,000 5,312 2,625 2,349 1,735 2,063 603 682 2,340 2,054 604 3,144 2,878 288 3,059 1,006 - 6,311 - 1,118 355 355 270 746 1,780 1,215 500 220 90 - 323 |
|
| 37,216 43,433 |
Page 11
REGISTERED COMPANY NUMBER: 7394819 (England and Wales) REGISTERED CHARITY NUMBER: 1140049 Detailed Statement of Financial Activities for the year ended 31 October 2023
| Brought forward Legal, Accounting & Consultancy fees Professional fees Independent Examination Depreciation - MV Total resources expended Net income |
2023 2022 £ £ 47,115 44,683 214 850 - 350 178 237 |
|---|---|
| 48,143 45,484 |
|
| 48,143 45,484 |
|
| 27,654 23,174 |
Page 12