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← The Redeemed Christian Church Of God Cornerstone Parish Loughborough

2024-12-31-accounts

REDEEMED CHRISTIAN CHURCH OF GOD

CORNERSTONE PARISH, LOUGHBOROUGH

TRUSTEE’S ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31st DECEMBER 2024

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

John Storer Charnwood John Storer House Wards End Loughborough LE11 3HA

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 2024

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.

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 £173,144 (including estimated gift aid receivable of £17,118) and were mainly voluntary donations received during the reporting period. Total amount expended was £74,369 generating an operating surplus of £98,775.

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 2024 to 31st December 2024 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: 03/08/2025

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 2024, 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:

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed:

(sO

Date: 03/08/2025

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 2024

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 2024
Total funds carried forward at 31 December 2024		 2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
£
114,124
114,124
18,338
40,682
59,020
132,462
40,682
173,144
132,462
40,682
173,144
49,471
-
49,471
9,930
14,812
24,742
706
-
706
60,107
14,812
74,919
72,355
25,870
98,225
-
-
72,355
25,870
98,225
92,450
329
92,779
165,133
25,870
191,003		 2023
2023
2023
Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
£
74,904
-
74,904
12,212
2,939
15,151
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
69,317
329
69,646
92,450
329
92,779

8

Statement of Financial Position: Year Ended 31st December 2024

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
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		 2024
£
674
674
1,700
37,438
151,742
-
190,880
550
550
190,330
191,003
-
191,003
25,870
66,909
98,225
191,003		 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

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
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		 2024
£
114,124
40,682
154,806
17,119
1,220
18,338		 2023
£
74,904
2,939
77,844
11,504
708
12,212
173,144
2024
£
9,205
7,266
156
5,490
387
13,915
3,131
7,066
356
2,500
49,471
1,271
5,398
17,713
360
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
24,742
706
706		 17,188
1,448
1,448

11

Notes

3. Tangible assets

.Tangible assets
Cost
At 1st Jan 2024
Additions
Disposals
Revaluations
At 31st Dec 2024
Depreciation
At 1st Jan 2024
Charge for the year
Adjustments
At 31st Dec 2024
Net Book Value
At 1st Jan 2024
At 31st Dec 2024		 Motor
Vehicle
£
4,350
4,350
4,350
-
4,350
-
-		 Furniture
& Fittings
£
850
-
-
-
850
35
213
-
248
815
602		 Sound &
Musical
Equip
£
1,035
-
1,035
1,035
-
1,035
-
-		 Computer
Equipmen
t
£
575
-
575
360
144
-
504
215
72		 Total
£
6,810
-
-
-
6,810
5,780
356
-
6,136
1,030
674

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