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2021-12-31-accounts

REDEEMED CHRISTIAN CHURCH OF GOD

CORNERSTONE PARISH, LOUGHBOROUGH

TRUSTEE’S ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31st DECEMBER 2021

1

REDEEMED CHRISTIAN CHURCH OF GOD

CORNERSTONE PARISH, LOUGHBOROUGH

Page
Corporate Information 3
Board of Trustee’s Report 4
Independent Examiner’s Report 7
Statement of Financial Activities 8
Statement of Financial Position 9
Accounting Policies 10
Notes 11

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Corporate Information

Charity Registered Number: 1150724

Board of Trustees

Pastor Taiwo Olugbenga

Dr Adebayo Ola Mr Chukwuka Duru

Mrs Olufunmilola Ajibola

Pastor ‘Biodun Olaitan

Registered Office

11 Pevensey Road Loughborough, Leicestershire LE11 5UE

Bankers:

Natwest Bank Plc

Market Place, Loughborough LE11 3EA

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Board of Trustee’s Report

1.0 Introduction

The Trustees present their annual report and financial statements for the year ended 31st December 2021

1.1 Aims and Purposes

As parts of its aim and purpose, RCCG Cornerstone, Loughborough, is responsible for:

1.2 Objectives and Activities

The Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advance of religion.

As a charitable Christian organisation, services and activities are offered to the general public and community at large. This is done by providing a place of worship where the public and community come together to worship, pray, learn about the Gospel and develop their knowledge and trust in God.

Part of our religious activities include providing pastoral care for the needy and vulnerable by providing access to advocacy, advice and information.

1.3 Achievements and Performance

All registered charities are required to clearly demonstrate that their activities are being pursued for the public benefit in line with the requirements of the Charities Act 2006. The activities listed below provide public benefit for the Loughborough community:

Sunday and Midweek Services

All our meetings are open to all members of the public. The church holds its Sunday services at John Storer House in Loughborough between the hours of 11am and 1.30pm. In addition to this, there is a weekly in-depth Bible study service held at the same venue on Wednesdays at 7pm. These services are held to build the spiritual lives of attendees and also serve as a means of motivating attendees to live godly lives. Our belief is that by doing this, it would make the community a better place to live in. In addition, we have opened house fellowship centres in order to reach out to individuals in the community who for some reasons cannot find time to attend our Sunday or Wednesday meetings.

Youth Fellowship

The church has a standing youth fellowship whose aim is to coordinate the affairs and organise events in the church. A large percentage of the members are students at both secondary and higher education. Their activities are aimed at improving the spiritual, moral, social, academic and emotional capacities of youths in and outside the church. Over the years, many have passed through this group some of which are now Analysts, Engineers, Lecturers and top academicians.

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Board of Trustee’s Report

Other activities and outcomes achieved during the reporting period are listed below:

  1. Continuous partnership with the local community to support the elderly with shopping during the lock down, as well as provision of relief materials.

  2. Set up mentoring groups to help students struggling in their studies as part of our initiative of giving back to the community

  3. Donation of food vouchers to the needy/homeless in Loughborough.

  4. Support church members financially lost their jobs and were struggling during the lock

  5. Donated some clothing and food materials to John Storer House foundation and food materials to assist the needy.

  6. Organised free public youth conference for the community tagged “The Pursuit”

  7. Organised a weekly informal meeting for the community where they have the opportunity to speak to someone for encouragement and support.

  8. Donated duvets and pillows to the homeless in Loughborough.

  9. Donated Christmas hampers to the members of the community.

  10. Set up a food bank on Sundays after church service to assist the needy in the community.

1.4 Financial Review

Total receipts of unrestricted funds were £42,530 (including estimated gift aid receivable of £5,460) and were mainly voluntary donations received during the reporting period. Total amount expended was £31,525 generating an operating surplus of £11,005.

1.5 Reserve Policy

The Trustees are aware of the need to establish a reserves policy to maintain a balance on unrestricted funds and are working to achieve a desired level of funds.

1.6 Volunteers

The charity is mainly dependent on volunteers who give their time freely and receive no remuneration or other financial benefit. We currently have over twenty-two (22) volunteers who provide invaluable contribution in various departments including:

  1. Media and Technical team

  2. Music

  3. Prayer and Evangelism

  4. Children’s Church

  5. Youth Fellowship

  6. Hospitality and Welfare

We would like to thank all the volunteers who work so hard to ensure that we continue to operate as a vibrant and lively charitable organisation.

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Board of Trustee’s Report

1.7 Structure, Governance and Management

The Redeemed Christian Church of God, Cornerstone Parish, Loughborough is a charity registered in 2013. It is governed by a Memorandum of Articles of Association and is controlled by a board of trustees whose members are appointed as set out in the Memorandum of Association and Constitution of the charity. Membership of the Board of Trustees consists of 5 individuals appointed by the charity who are of high spiritual and moral standing.

The Trustees are responsible for making decisions on all matters of general concern and importance to the charity including deciding on how the funds of the charity are to be spent.

The Trustees met 5 times during the year to deliberate and discuss the smooth running and coordination of the Church and its activities.

1.8 Administrative Information

Trustees who have served from 1st January 2021 to 31st December 2021 are:

Pastor Taiwo Olugbenga (Chairman)

Mr Chukwuka Duru (Secretary)

Dr Adebayo Ola (Member)

Mrs Olufunmilola Ajibola (Member)

Pastor ‘Biodun Olaitan (Member)

This report was approved by the Board of Trustees and signed on their behalf by:

Signature:

Full Name: Chukwuka Duru

Position: Secretary

Date: 05/10/2022

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Independent Examiner’s Report

Report to the trustees/members of: The Redeemed Christian Church of God, Cornerstone, Loughborough. On accounts for the year ended: 31st December 2021, set out on pages 8 - 11 Charity No: 1150724

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with 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 the 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 statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Signed: Date: 05/10/2022

Name: Tobi Labeodan, for and on behalf of Chedders Ltd Relevant professional qualification(s) or body (if any): ACCA Address: Ground Floor, Synium House, r/o 94 – 96 High Street, Henley in Arden B95 5FY

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Statement of Financial Activities: Year Ended 31st December 2021

Notes
Income:
Donations and legacies
1
Other income (Grants)
1
Total Income
Total Income
Expenditures on:
Charitable Activities
2
Other Charitable Activities
2
Other Costs
2
Total Expenditures
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed assets
Gains/(losses) on investment assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward at 1st January 2021
Total funds carried forward at 31st December 2021		 2021
2021
2021
Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
£
37,018
-
37,018
5,512
-
5,512
42,530
-
42,530
42,530
-
42,530
27,525
-
27,525
3,450
-
3,450
550
-
550
31,525
-
31,525
11,005
-
11,005
-
-
11,005
-
11,005
47,797
-
47,797
58,801
-
58,801		 2020
2020
2020
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
26,861
-
26,861
2,838
-
2,838
29,700
-
29,700
29,700
-
29,700
25,795
-
25,795
2,669
-
2,669
550
-
550
29,014
-
29,014
686
-
686
-
-
686
-
686
47,111
-
47,111
47,797
-
47,797

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Statement of Financial Position: Year Ended 31st December 2021

Notes
Fixed Asset
Tangible assets
3
Total Fixed Asset
Current Assets
Loans & Advances
Accrued Income
Cash at bank and in hand
Other Debtors
Total Current Assets
Creditors: amounts falling due within one year
Other Creditors
Other Current Liabilities
Total Creditors: amounts falling due within one year
Net current assets (liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
Other Non-Current Liabilities
Total Creditors: amounts falling due after more than one year
Total net assets (liabilities)
The funds of the charity:
Restricted Reserve
General reserves
Surplus/(Deficit) for the year
Total charity funds		 2021
£
1,486
1,486
-
17,237
40,629
57,866
-
550
550
57,316
58,801
-
-
58,801
47,797
11,005
58,801		 2020
£
1,965
1,965
-
11,777
34,605
46,382
-
550
550
45,832
47,797
-
-
47,797
47,111
686
47,797

9

Accounting Policies

Scope and Basis of the Financial Statements

The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities published in March 2005.

Income

Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.

Expenses

Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fixed assets

Fixed assets with an individual purchase of £500 or more are capitalised and stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Equipment 20%
Vehicles 20%

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Notes

1. Income

Income
Donations and legacies
Total donations & legacies
Other Income Sources
Gift Aid Receipts
Other income
Total Income
Total Income
2.
Expenditures
Charitable Activities
Premises
Utilities
Travel
Motoring & Transportation
Insurance
Administration
Advertising
Operations
Finance Charges
Depreciation
Honorarium
Total Charitable Activities
Other Charitable Activities
Outreach
Central Office
Welfare & Benevolence
Charitable Donations
Total Other Charitable Activities
Other Costs
Professional fees and services
Accountancy fees
Total Other Costs		 2021
£
37,018
37,018
5,460
52
5,512
42,530
2021
£
7,075
-
48
2,438
847
12,323
743
2,035
534
1,054
427
27,524
471
-
2,229
750		 2020
£
26,861
26,861
2,735
103
2,838
29,700
2020
£
7,216
-
200
1,433
241
10,949
70
3,087
852
982
765
25,795
220
-
1,399
1,050
3,450
-
550
550		 2,669
-
550
550

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Notes

3. Tangible assets

.Tangible assets
Cost
At 1st January 2021
Additions
Disposals
Revaluations
At 31st December 2021
Depreciation
At 1st January 2021
Charge for the year
Adjustments
At 31st December 2021
Net Book Value
At 1st January 2021
At 31st December 2021		 Motor Vehicles
Equipment
Total
£
£
£
4,350
1,734
6,084
575
575
-
-
4,350
2,309
6,659
2,684
1,436
4,119
833
221
1,054
-
3,517
1,657
5,173
1,666
298
1,965
833
652
1,486

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