## **REDEEMED CHRISTIAN CHURCH OF GOD**
**CORNERSTONE PARISH, LOUGHBOROUGH**
## **TRUSTEE’S ANNUAL REPORT AND ACCOUNTS**
## **FOR THE YEAR ENDED 31st DECEMBER 2023**
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|
2
## **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**
John Storer Charnwood John Storer House Wards End Loughborough LE11 3HA
## **Bankers:**
Natwest Bank Plc
Market Place, Loughborough
LE11 3EA
3
## **Board of Trustee’s Report**
## **1.0 Introduction**
The Trustees present their annual report and financial statements for the year ended 31st December 2023
## **1.1 Aims and Purposes**
As parts of its aim and purpose, RCCG Cornerstone, Loughborough, is responsible for:
- Advancing the Christian Faith worldwide
- Providing a place of Christian worship and community centre
- Alleviation and relief of poverty through its charitable activities
## **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.
4
## **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. Organise free CV clinics to members of the community to assist them towards securing jobs.
4. Donation of food vouchers to the needy/homeless in Loughborough.
5. Support church members by providing welfare packages for those who are struggling.
6. Donated some clothing and food materials to John Storer House foundation to assist the needy
7. Organised free public youth conference for the community tagged “Joy”.
8. Organised informal meetings for the community where some had the opportunity to speak to someone for encouragement and support.
9. Set up a food bank on Sundays after church service to assist the needy in the community.
10. Run a fully functional Cornerstone Community Kitchen where we serve free hot meals every Saturday morning to members of the community.
## **1.4 Financial Review**
Total receipts of donations and grants were £87,116 (including estimated gift aid receivable of £11,503) and were mainly voluntary donations received during the reporting period. Total amount expended was £66,594 generating an operating surplus of £23,462.
## **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.
5
## **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 2023 to 31st December 2023 are:
Pastor Taiwo Olugbenga (Chairman)
Mr Chukwuka Duru (Secretary. 5[th] February 2013)
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: 24/10/2024**
6
**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 2023, 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:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
- to state whether particular matters have come to my attention.
## **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:
- (1) which give me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act;
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 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.
## **Signed:**
## **Date:** 24/10/2024
**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
7
## **Statement of Financial Activities: Year Ended 31st December 2023**
|**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 1 January 2023
Total funds carried forward at 31 December 2023|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**£**
**£**
**£**
71,965
71,965
15,151
2,939
18,091
**87,116**
**2,939**
**90,056**
**87,116**
**2,939**
**90,056**
47,958
-
47,958
14,577
2,610
17,188
1,448
-
1,448
**63,984**
**2,610**
**66,594**
**23,133**
**329**
**23,462**
-
-
**23,133**
**329**
**23,462**
66,378
2,939
69,317
**92,450**
**329**
**92,779**|**2022**
**2022**
**2022**|
|---|---|---|
|||**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**|
|||**£**
**£**
**£**|
|||46,339
-
46,339|
|||7,086
5,000
12,086|
|||**53,425**
**5,000**
**58,425**|
||||
|||**53,425**
**5,000**
**58,425**|
||||
||||
|||35,618
-
35,618|
|||9,681
2,061
11,742|
|||550
-
550|
|||**45,849**
**2,061**
**47,910**|
||||
|||**7,576**
**2,939**
**10,515**|
||||
||||
||||
||||
|||-|
|||-|
|||**7,576**
**2,939**
**10,515**|
||||
|||58,802
-
58,802|
||||
|||**66,378**
**2,939**
**69,317**|
8
## **Statement of Financial Position: Year Ended 31st December 2023**
|**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**
Bank loans and other finance (long term)
Other Non-Current Liabilities - Vehicle finance
**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**|**2023**
**£**
1,030
**1,030**
3,200
20,319
68,230
-
**91,749**
-
**-**
**91,749**
**92,779**
**-**
**92,779**
329
68,988
23,462
**92,779**|**2022**|
|---|---|---|
|||**£**|
||||
|||359|
|||**359**|
||||
||||
|||-|
|||24,188|
|||45,320|
|||-|
|||**69,508**|
||||
||||
||||
|||550|
|||**550**|
||||
|||**68,958**|
||||
|||**69,317**|
||||
||||
|||-|
||||
|||-|
|||**-**|
||||
|||**69,317**|
||||
||||
|||2,939|
|||55,863|
|||10,515|
|||**69,317**|
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%
10
## **Notes**
## **1. Income**
|**Income**
Donations and legacies
Restricted Income
**Total donations & legacies**
**Other income**
Gift Aid Receipts
Other income
**Total other 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
Other costs
Legal fees
Accountancy fees
**Total Other Costs**|**2023**
**£**
74,904
2,939
**77,844**
11,504
708
12,212|**2022**|
|---|---|---|
|||**£**|
|||46,339|
|||5,000|
|||**51,339**|
||||
||||
|||6,950|
|||136|
|||7,086|
||**90,056**
**2023**
**£**
6,323
9,697
383
8,555
306
11,852
728
6,185
179
3,750
**47,958**
3,033
2,939
10,486
730
**17,188**
1,448
**1,448**||
|||**58,425**|
||||
|||**2022**|
|||**£**|
|||6,574|
|||4,675|
|||30|
|||4,051|
|||274|
|||10,785|
|||144|
|||6,559|
||||
|||1,126|
|||1,400|
|||**35,618**|
||||
||||
|||696|
|||1,790|
|||9,256|
|||-|
|||**11,742**|
||||
||||
||||
||||
||||
|||550|
|||**550**|
11
## **Notes**
## **3. Tangible assets**
|**.Tangible assets**||||||
|---|---|---|---|---|---|
|**Cost**
At 1st Jan 2023
Additions
Disposals
Revaluations
At 31st Dec 2023
**Depreciation**
At 1st Jan 2023
Charge for the year
Adjustments
At 31st Dec 2023
**Net Book Value**
At 1st Jan 2023
At 31st Dec 2023|**Motor**
**Vehicle**
**£**
4,350
**4,350**
4,350
-
**4,350**
**-**
**-**|**Furniture**
**& Fittings**
**£**
-
850
-
-
**850**
-
35
-
**35**
**-**
**815**|**Sound &**
**Musical**
**Equip**
**£**
1,035
-
**1,035**
1,035
-
**1,035**
**-**
**-**|**Computer**
**Equipment**
**£**
575
-
**575**
216
144
-
**360**
**359**
**215**|**Total**
**£**
**5,960**
**850**
**-**
**-**|
||||||**6,810**|
||||||**5,601**
**179**
**-**|
||||||**5,780**|
|||||||
||||||**359**|
||||||**1,030**|
12