2020-12-31-accounts - Redeemed Christian Church Of God, Cornerstone Beeston

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Registered Charity Number 1153787

THE REDEEMED CHRISTIAN CHURCH OF GOD CORNERSTONE

REPORT AND ACCOUNTS

31 December 2020

THE REDEEMED CHRISTIAN CHURCH OF GOD CORNERSTONE

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

Contents Page Legal and Administrative Information 2 Trustees’ Report 3 Independent Examiner’s Report 5 Statement of Financial Activities 6 Notes to the Financial Activities 8 (inclusive of detailed Income & Expenditure)

THE REDEEMED CHRISTIAN CHURCH OF GOD CORNERSTONE

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

Legal and administrative details:

Trustees: Pastor Samuel Dare Adeleke Mr Hanson Ige Ogbu Dr Olubukola Oluyombo Pastor Olutoyin Taiwo Independent Examiner: Fortune Associates (Accountancy Services) 21 McMillan Street London SE8 3EZ Bankers: HSBC The Square Beeston Nottingham NG9 2AN Registered Office: The Redeemed Christian Church of God Cornerstone No 2 Dunnock Drive Stapleford Nottingham NG9 8JQ Charity Number : 1153787

THE REDEEMED CHRISTIAN CHURCH OF GOD CORNERSTONE

Trustees’ Report

The Trustees present their report and the Financial Statements for the year ended 31 December 2020. The Financial Statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the statement of Recommended Practice (SORP 2005) and applicable law.

Constitution, Objectives and Policies:

The objectives of the Charity as set out in the Trust Deed, dated 10 June 1992 are

a. Advancement of the Christian Faith in the United Kingdom or abroad.
b. The relief of persons who are in conditions of need, hardship, or distress or who are aged or sick in the United Kingdom and abroad.

The principal activities of the Charity are worship and the involvement of the various Ministries and Ministers of religion, propagating Christian tenets to both members and nonmembers of the ministry at various meetings.

To achieve these objectives, the trustees appointed the Board of Ministers. The ministry is involved in Christian Outreach Programmes designed to increase Christian awareness and spread the gospel of our Lord Jesus Christ.

Public Benefits:

The ministry has various plans and platforms with the aim of increasing Christian awareness and spreading the gospel of our Lord Jesus Christ, she has emerged a beckon of light, hope and family to the community of Nottingham, through targeted and organized programme to meet the need of people to enhance their way of life:

the provision of sacred spaces, Church rent buildings and worship services, which include meeting on Sunday and Wednesday for in-depth bible study, teaching Christianity through sermons, courses, and small groups.
the provision of public rituals and ceremonies, which include Easter and Christmas celebration, the events the ministry has used to reach out to the poor, needy and to demonstrate the love of God.
contributing to the spiritual and moral education of children, teenagers, and adult teen, Souled out youth outreach, providing a youth club with a Christian ethos. We have a vibrant youth engaging the community in different platforms, which include training, mentorship, leadership, relationship, etc.
contributing towards a better society for example by promoting social cohesion and Social capital: such as Agape Café which reach out to the needy and homeless in our midst and the neighbourhood, organize event like alpha course, food bank, family BBQ, summer event.
carrying out, as a practical expression of religious beliefs, other activities (such as advancing education or conflict resolution or relieving poverty. Also, partnership with other charity to achieve this aim, amongst many – Hope UK, Compassion and Habitation of Hope).

Shekinna Glory Concert: An annual concert, aiming to reach out to nation and different Community groups.
contributing to followers’ or adherents’ good mental and physical health; aiding the Prevention of ill health, speeding recovery and fostering composure in the face of ill health.
providing comfort to the bereaved.
Healthcare and Social Care.
leadership/mentorship programme, we have involved over the year some professional
to organize programme and event to empower the youth. Also partner with the Nottingham University and Nottingham Trent University student union to support in different role during welcome programme.

The trustees who served during the year were.

Pastor Olutoyin Taiwo Mr Hanson Ige Ogbu Dr Olubukola Oluyombo Pastor Samuel Dare Adeleke - Secretary

Trustees are appointed by the Board of Trustees.

TRUSTEES’ RESPONSIBILITIES:

Charity Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its incoming resources and resources expended for that year. In preparing those Financial Statements the trustees are required to.

select suitable accounting policies and apply them consistently.
make judgement and estimates that are reasonable and prudent.
prepare the financial statements on the ongoing concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the board of trustees on 28 October 2021.

Signed Pastor Samuel Adeleke For the Trustees

Independent Examiner’s Report

Report to the trustees/members of: The Redeemed Christian Church of God Cornerstone, Beeston On accounts for the year ended: 31 December 2020 Charity No: 1153787

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 account 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 requirement:
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.

Name: Joshua Sokoya Date: 12 October 2021

For and on behalf of FORTUNE ASSOCIATES

THE REDEEMED CHRISTIAN CHURCH OF GOD

CORNERSTONE BEESTON Statement of Financial Activities For the year ended 31 December 2020

Unrestricted Restricted Total 2020 Total 2019 Notes £ £ £ £ Receipt: Gift Aid Tax Recovery 13,666 - 13,666 12,073 Building Fund - 1,543 1,543 10,316 Donations 4,125 - 4,125 4,255 Tithes, Offering & Thanksgiving 52,546 - 52,546 43,396 Other Income 912 - 912 756 Total Income 71,249 1,543 72,792 70,796 Payment: Support Cost of Activities 8.1 13,605 - 15,605 20,603 Management & Administration Costs 8.2 51,163 - 51,163 62,821 Total Expenditure 64,768 - 66,768 83,424 Net Income 6,481 1,543 8,024 (12,628) Fund balances brought forward (22,850) 39,957 17,107 29,735 Fund balance carried forward (16,369) 41,500 25,131 17,107

The notes on pages 8 to 10 form parts of these accounts.

THE REDEEMED CHRISTIAN CHURCH OF GOD CORNERSTONE

Balance Sheet As at 31 December 2020

Notes Tangible Assets £ Fixed Assets 9.0 Current Assets Debtors 10.0 Bank Balances Current Liabilities Creditors: Amount falling due within one year 11.0 Creditors: Amount falling due after more than one year Net Current Assets Total Assets Funds:	2020 £ 4,357 30,951 20,383 51,334 (2,060) 49,274 (28,500) 20,774 25,131 £ 25,131	2019 £ 10,301 5,000 7,811 12,811 6,005 6,806 - 6,806 17,107 £ 17,107

Approved by the Trustees on 28 October 2021 and signed on their behalf by

Signed

Pastor Samuel Adeleke Secretary to Trustees

The notes on pages 8 to 10 form part of these accounts.

THE REDEEMED CHRISTIAN CHURCH OF GOD

CORNERSTONE

Notes to the Statement of Financial Activities For the year ended 31 December 2020

Accounting Policies:

1. Accounting Convention:

The Financial Statements have been prepared under the historical cost convention, in accordance with applicable Accounting Standards and also with the recommendations in the Statement of Recommended Accounting Practice (SORP 2005) Accounting and Reporting by Charities – issued in March 2005.

The Charity has taken advantage of the exemption of Financial Reporting Standard No 1 From the requirements to produce Cash Flow Statement on the ground that it qualifies as A small charity.

2. Fund Accounting:

Unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees in the furtherance of the objects of the charity while restricted income is expendable on specific purpose.

3. Tangible Assets

Fixed assets costing more than £500 are capitalised and included at cost including any incidental cost.

Depreciation is calculated on the fixed assets to write off the cost of the assets less their residual values, in equal instalments over their expected useful economic lives. The annual rate in use is 25%.

4. Incoming Resources:

Income is mainly from tithes and offering, building funds donations, gift aid tax recovery, grants and interest received are included in the financial statements when received.

5. Resources Expended:

All expenditure is accounted for on an actual basis and has been classified under headings that aggregate all costs related to the category.

6. Taxation:

As a charity, the charitable funds are exempt from corporation tax but not from VAT. Irrecoverable VAT is, in accordance with standard accounting practice, included in the cost of those items to which it relates.

THE REDEEMED CHRISTIAN CHURCH OF GOD

CORNERSTONE

Notes to the Financial Activities for the year ended 31 December 2020 (continued)

Notes Unrestricted Restricted Total 2020 Total 2019 Receipt: 7.0 £ £ £ £ Gift Aid Tax Recovery 13,666 - 13,666 12,073 Building Fund - 1,543 1,543 10,316 Donations 4,125 - 4,125 4,255 Grant: National Lottery - - - Grant: Central Office - - - Tithes, Offering & Thanksgiving 52,546 - 52,546 43,396 Other Income 912 - 912 756 Total Income 71,249 1,543 72,792 70,796 Payment: Support Cost of Activities 8.1 Donations and Gifts 691 - 691 296 Building Renovation - - - 3,071 Honorarium & Volunteer 1,100 - 1,100 1,590 Central Office & Wem 1,000 - 3,000 2,588 Evangelical/Outreach Materials 1,040 - 1,040 1,818 Pastor’s Welfare 6,600 - 6,600 1,800 Church Expenses 2,733 - 2,733 7,417 Members Welfare & Training 441 - 441 2,023 - Total Expenditure 13,605 15,605 20,603

THE REDEEMED CHRISTIAN CHURCH OF GOD CORNERSTONE BEESTON

Notes to the Financial Activities for the year ended 31 December 2020 (continued)

Management & Administration Notes	Unrestricted Restricted Total 2020 Total 2019	Unrestricted Restricted Total 2020 Total 2019
Costs:8.2		£ £ £ £
Rent & Rates		16,620 - 16,620 22,044
Insurance		4,338 - 4,338 8,099
Telephone		2,780 - 2,780 2,564
Motor Expenses		4,323 - 4,323 6,970
Accountancy Fees		1,200 - 1,200 1,200
Legal Fees		- - - 2,340
Depreciation		5,945 - 5,945 5,945
Bank Charges		- - - 17
Interest Expense		1,979 - 1,979 706
Light & Gas		996 - 996 1,235
Church Admin		12,983-12,982 11,701
		51,164-51,16462,821
Tangible Assets9.0
Fixed Assets	Motor Musical Fixtures/ Total
	Vehicles Equipment Fittings
		£ £ £ £
Cost 01.01.2020	7,250 10,169 6,497 23,916
Cost 31.12.2020	7,250 10,169 6,497 23,916
Depreciation 01.01.2020	5,329 6,208 2,077 13,614
Charge for the year	1,779 2,542 1,624 5,945
Depreciation 31.12.2020	7,108 8,750 3,701 19,559
Written Down Value 31.12.2020	142 1,419 2,796 4,357
Written Down Value 31.12.2019	1,921 3,961 4,420 10,302
10.0 Debtors:
	£
Loan to Church members30,951
£7,742 out of above loan advanced to church members has been paid back in the year 2021.
11.0 Creditors:		£
Equipment Finance		260
Bounce Back Loan		30,000
Other Creditors		300
		30,560