COMPANY REGISTRATION NUMBER: 2781672 CHARITY REGISTRATION NUMBER: 1024932 CORNERSTONE COMMUNITY CENTRE (HOVE) Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 30 SEPTEMBER 2024
CORNERSTONE COMMUNITY CENTRE (HOVE) COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMEiYrs YEAR ENDED 30 SEPTEMBER 2024 Page TTU.Stees' annual re)r( (incnrporating the direLtor's repi)rtl Independent examiner's report to the Iru,¥lees Statement of financial activities (including inLnme and expenditure dLL()unt) Statement of financial position Notes to the financial statements 14 The following pages do not form part of the financial statements Detailed slatement of financial activitie 26 Notes to the detailed stalemenl of financidl aLtivitics
C:ORNERS'f()Nl4 COMMUNITY CENTRE (HOVE) C()MPANY LIMITED BY GUARAKfEE TRUSTEES, ANNL'AL REPORT (INCORPOII4TING THE DIRECTOR'S REPORT) YF;AR ENDED 30 SEFfEMBER 2024 The trustee%. wliu are iilio the direclor% for the purpo.ses of company law, PSent their report and the unaudilccl fin&tnLiJI %t'itement% of the Lharity for tlie y&qr ended 30 September 2024. RL.lerence and administrative details Registered charity name Corner%rone Community Centre (Hove} Charity registration number 10249.32 C"(pmpany registration number 278167? Principal oftice and registLired C()rner%tone Community Centre ChurLh R()ad H()ve BN.I ?FL The trustees Mi.%s L Godfrey DrRMPSayer M% A Ollerenshaw M% J Robin%on The RLvd E Cc)Ilin% MT S Daiiid%on Mr S Lovell M% K Prior Mr J Barreit Ms S R()ger MsJTew Mr J Araujo Mr T Beattie (Resigned 24 June 2024) (Resigned 14 May 2024) IRe.signed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) IAppointe(114 May 2024) IAppoinled 20 August 2024) ThL' Bc)iLrd. mLmhLrs (>f IhL' L()InpJny. may derive no benefit. income or Lapital interest from Ihe L()mp¢iny'¥ afl iiT% C)Iher than ihe reimbuThemeni of expen4e%. In the event of the company being w()uncl up, eaLh meinber, who 1% a member dt that time, hKI.% undertaken to contribute £1.
CORNERSTONE COMMUNITY CENTRE IHOI:E) COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPOR'r) (coiilinued) YEAR ENDED 30 SEvfEMBER 2024 Directors and trustees Under ihe Memorandum and ArtiLles of Association the fc)11()Iviii&) bc)dies are entiiled t() n()iiiinatL' l)r appoint tru%tees'. a) Up to one person nominilted by the pari£h prie%1 q)r pcr%on holdingTr Ihc Bi%liop'% liceiiLL Ii'iih responsibiliiy fur (he parish of Sl John thc Baplist (Jr SULLessoT pigh. b) Up to one person nomin<lted by ihe Chichester Dic)Le8an Fund diid Bc)ard c)t" FinanLL. c l Up to one person notninaled by the local council, d) Up to three persons nomindted by the ParoLhial Church C(iunLiI (If St J(?hn'%. e) Up to ihree persons from the local Lommunily i%ce noie i) tK.1(1. l. n Up to three persons from ihe users of Cornersione {seL D()te li l EK'lowl. and thLJ' shall Li)mpn%e IhL' Committee of Managernent Note il Those froTn the loc community dre defined io be ttLo%e pcr.4on% ni)Inindted thri)ugrh Jny Ll)IT]IIILlllity association that covers an area that inter*cts with the Lentre'% areli l)t 1]LfIl. ()r Jii), L()()rdinating body of communiiy groups and resident% a%%ociations thal Lover an areJ tliiil inlei-.4CLl% ..111] Ilie centre's area of benefit. ii) A uqer of Cornerstone ks defined to bc ihnsc person% who have ()rtvanised ()r JllLiicled ilLiivilie which involved the hiring of the facilitieg of the Lcntre in ihe 24 m(Inth4 ()r th()%L' whi) vi)lunieL'r in the centre for either specific time or perindically.
CORNERSTONE C(),IIMUNITY CENTRE (HOVE) C'OMPANY LIMITED BY GUARANTEF TRUSTEES, ANNLIAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) Icviilijèiiedl YEAR FNDED 30 SEvfEMBER 2024 enior staff and principal advisor5 CL'ntrL. Manager Mr J<)n¢lthan BurrLII Bankers N4lli()Iial We.%tniin%ler Bank Hc)ve Fa.%i Su%%ex Insiirer. Aii.%var Iii%urdnLe C'()mpan} secretary M% J R()hin%c)n Independent examiner Chris Kyftin-walton 1611 Church Road Hove Ea%t Su%.%ex
CORNERSTONE COMMUNITY CENTRE (HOI;E)
COMPANY LIMtTED BY GUARANTFF
TRUSTEES, ANNUAL REPORT (INCORPORATINC. THE DIREOR's REPORT
YEAR ENDED 30 SEPTEMBER 20
Structure? governance and management
Constitution
The Corner8tone Community CentTe (Hovel IN a Lompany limited by
'UaTiintee ii()I hav'inb7 Ll 5li¢ifL
Lapital dnd is a registered charity governed by it% menK)randuin lind ailiLle4 1)1 )%%()LiJli(Iii.
The company's princ'ipal 4lLtiviiy 1% lo promoie. Jnd advaiiLL ri)r t() Ilii. heiiL'lit ()l- IIIL
inhabitants enclosed by the f()rnier political ward b(iundari¢s ()t BruiiNwiLk Lind AdLl¢liLIL' aiid CLlItI'iil
Hove without dislinction of rdce. or sex. or ()t- politicJl. rLligi()Ii% Iii. ()IhLr ()piiiiiin% bN' ¢l%%()Li
CORNERSTONE com[uNITy CENTRE (HOVE) C'()MPANY LIMITED BY GUARANTEE TRUSTEE&i' ANNUAL REPORT (KNCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 30 SEPTEMBER 2024 inancial Risk dssessment Tlie di rLLtI)l-% 'LfL" re%pon%ible for IntlInIng d %ound system c)f inlern(Il fJnancia] control to safeguiird IhL' L()Inpaiiy's &i%%Ll%. Durinby l{)21. Ihe financial L()ntrol% Teviewed ihe previou.% yedr were applied i(IL'ntilyingY Inaj()r risk% l() whiih the Lumpany 1% expu%ed. Jnd gy%tems continue to be developed and PI'()LLdure% Lsiabli.%hecl [() IT)iligT(Il¢ tho%L ri%ks. A formiil financial risk a.ssessment process has been 'IdL)PILd dnd will LC)nlinue to be developed. The trustees expect lo review the risk report annually. Objectives and attivilies The Lc)mpany'% principal aLtivity 1% to promote. a8%i%l sU)d advimce the benefit of the inhabirants of the ThL Iiiain ()bjLLtivLs ()I' thL" Lhariiy JrL': Ti) pri)vidL' ICIL il itieb t()r gJr(iup%, ()rgJni%dlion% dnd a%%oLidtion.% io use. To pr()mi)le the e%tabli%hment c)t" group.% Jnd a%%(]atIOns to benefit identifjed sectors of the local E)upulJli()n. T() engiabye with ihe community to Lnhdnce it% Tnetnbers, capacity to develop appropriate responses to icleiititicd nLLd,%. A% parl ()I' thL tir%t c)bjLLtiVL l)f the Lharity. financial infortnation and projected income and LXPLnditurL, dnd u%a¥ic ()l- tliL Cenire LC)ntinued iu be provided to the management committee on <1 ()nihly bd%is. In addilion, regTul<ir in.4peclion of the building is undertaken and the COTnmittee rcLeivL.% rLgular report.% identifying prog)res% dnd any is.sues arising. In re%pon%e to the %LLond objective. help to gr()ups with fundraising and wider publicity to sustain thein is ongoing. C()rIiL"rstcinL Cenlre remain% the locali()n f()r a growing number of local organizations to meet and h'ire their Lxpei-ienLL%, %kill.% and knc)wledoe. The Miinager 18 al%0 active in the network of L()miiiLllllty CLiiires within Brighi()n 'ind H()ve. Thi% JLtivity helps to ensure Ihat the Centre remains iIW¢ifL ()I' dit"l Lrenl W¢ly4 ()t rLsp()iidingT i() idLniified n¢ed% locally.
CORNERSTONE COMMUNITY CENTRE IHOVF.) COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATINC. THE DIRf.CT()R'% RF.PI)RT) (coiitinued) YEAR ENDED 30 SEIryEMBER 2024 Achievements and performance The financial year ending in Semember 2024 wa% ()nL Df %labiSily f(Ir the L()mmunil!' Lentl-L.. TIILI'L was a remarkable uniformiiy of g?roup bookingv% ihr()ugh the year. .]lh verN' l¢N¥ c()iiiiiigi% and o()in4Y¥. In total, Corner8tone wa% bo()ked for 6.920 hour%. a small inirea* ()n the h.7.35 h()iir% (?{" the prLV)I)U ycar. As the yeaT proeSSed. the challenge% of the oiigoinbl CC)%t i)t- living iri.%j% dppcared tl) L'dNe. althi?Liiili classes relying on external funding found ihai fundingy wa% mi)rL' ditfiLuli tn ()biain. One unfortunate occurrence wa% the ending of d nine-vear bn()king t'r()m ihe Alexandl'r "l LihiiiqLIL' College, which had mei for four tnornings nf ihe weLk. 1% Ihci. fiiund it inLrea%ingli' di ff iculi i() 4illraLI new students. On the plus slde, clas,ses specifically dimed at the over-sixties reilled LXtremLly p()pulai-, wiLh lii)Ili the chair pilates and Sthnding Tall groups exlending Ihcir bu(?kinb,. t() a %LL()nd cla%%. t<) Ineei deiiiand. With the Affligos preschool. whiLh had endure(l a diffiLuJI pei-ic)d in ihe previ()us IWLIVL In()Iiih%. much progress was made iii slrengtliening thL ddFninistrali()n pri)LL%.%e%. t(1 IhL Lxlciil iliat a l {)11{) iii) Ofsted report atlained a rating of 'Good.' During the sutnmer of 2024. two el¢clion% We ho%led at the LenlrL". tlie P(IliLL Jiid ("i-iiiiL I Commissioner election in Mdy and the General cleciion in Jul). (lemiin.4lrJlingi Ci)riiLr%tone'% LLntrJl Tole in the life of the local COTnmunity. Regarding the mainteniince of the building. Ihe prinLipal cc)mpleted prL)je(i wa% the in%tJllali()n i)f' four new pine velux windows in the St JnhJJ's n)om, whiLh JrL LILLtriLally ()pLrdied :Ind tliLrL'lcirL considerably ea%ier to open and Llose. The board's CfuL and prudent garnering of invesimenls plu% re%ern'e% hd% prcivL'd Inaluable clurinb the year and will be 50 fi)r the future. The invc%tments and re%eriiL% are Iliei-e priiiiaiilN' t() Lc)i'Lr bi)Ili any unforeseen maintenance cosls so e&sily encountered when re%pon%ible for a cc)Iiiplex GrdLIL I I listed Victorian building. and io sirive to Lovcr the ab%ence ()l- birant %uppc)rt (roiii IhL. I(>Lal Juihorily.
LORNERS'foNI E COIllMUNITY CENTRE (HOVE) C()MPANY I.IMITF.D BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) Yr4 AR ENDED 30 SEpfEfvIBER 2024 inanLial rLhview l<'in'inLial overviL'W ThL" aLL()unt% %h()w J dLfiLil c)n olrat11)n.4 lif appr()xiteIY £1.823 for the year 202312024. Income Ir()Iii I'ents rD.4L %li¥htly thi.% year bul was %till lower ihan is needed to achieve a balanced budget. RLntS ciiid ()tlier illLome inLre&sed io £c)3.981 {2U2212021: £87.060). Lc)()king t"orward. the Tru%lee% conti nue lo Jiin for a balanLrd budget where income Toughly equates to LQSt%. To this end, a rei'iew of roc)m rental PriLe% ha% been conducted and increases implemented. RL'%L'fvL'S policy ThL' m'inag¥einent'% poliLy remain% that the unrestricted general fund cash serVe %hould be set at a Iiiiiiiiiiiim ILVLI ()t" l? Ini)nth's Lxpcndilure ()n a typlcdl year'% expenditure. All investments i)rL)vide inL()Ine Lind rL&L%C)llLiblL' lund% tc) be available to Lover work orn the fabric. Investments The L()iiipaii)' inve.%ts throubFh Lommon inve.%lment funds and does not invest directly in the stock li1k-CI. It take% Logni.%ance of the funds. ethical policies. During 2023124 the unrealised gain in i nve%lment4 Was £13.674' total inve%linents %iand at £177.869. I'lans for future periods an ()n¥Y()ingi 4lrJ(Lgy WL will Lunlinue t() identify potential new trustees and tnembers of the InaiiaL%emenl Lominittee, foLu%ing c)n the experience and talenLs they mighi bring to the Board while heingy aWe thdt tlie Board It]r i)ught to be repre%entative of the Lommunity we serve, T() thi% end. a L()ntinuJlion of the food-bank initialive look pldce again for another year run by the Iireviou% Lhair and wa% supported by irugtees dnd %laff. and ihe project was extended to becoTne a .j()ini venture with the Lhurch. .MLtIti()ii Iniist be ni¢ide c)r the poienii411 impact on Cornerstone of the Lx)Iitinuing co%t-of-living crisis. I'IIL CLnire will havL li) be &lWiire ()I' any re%ulting change% in the pattern of ubage or the need8 of the i>iiiinuniiy. Thi% la%k will ni(i%l likLly tall ()n ihe ahle %houldern of the Manager, A88islant Manager lid V()lunieLf4 Vi41 int(irnial Loni'er%alions Wlth the Centre'% u.ser% and vi.sitOTS, Wlth feedbrick to and upp()rl tr()iii tlie Bi)ard. A% ever. Lhe quiet imp(irtanLe uf the voluntee to the qmooth running of the Centre 1% a L()InpotlLni ihai we .%itnply could not do wiihout. Duriiig the ycar the TeLommendiltion% of the li< le.%t quinquennial in%peLtion were implemented. The repi)rt will giuide u% fc)r ycar% Io L()me with the ongoing maiy]lenanLe of the building to ensure that it I'()nLinues ti) IK" the ivelL(Iming aiid fe 4pa¢e fc)r all those using the facilities. .ii ihe %'iinL tiine. il iil%i) an appropriate mc)ment lo produce updated strategic and busine8% IniplL111eniali()n plan. cYiVL'n ihL' rLlatlVL timL sinLe the previou4 one. Thi% will give a chance to revi,sit 'he 4ue%tion cil. the tUllLlainental purp()%e and direction of the Cornerstone Centre lind provide both a ,IracliLiil aiid a%piratic)nal I'OLidmap of what need% lo be done to make it h¢ippen. I'he tru4tee% onLe again ackn()wledge ihe debi owed to all those who have been involved with the entre ()ver the yedr. %lriving to keep an all importani resource at the heart of the conimunity.
CORNERSTONE COMMUNJTY CEwfRE (HOVE) COMPANY LIMITED BY GUARANfEE TRUSTEES, ANNUAL REPORT (INCORPORATING THF DIRECTOR'S RF.PORT) (continued) YEAR ENDED 30 SEPTEMBER 2024 Small company provision5 This report has been prepared in aLcordance with thL pr()ITj.%icin4 appliLJblL I() LIIIIIIIIL lliLS eiilitlL (I I(} Ihe sfflall companies exersiptioii. The trustees, annual Teporl wa% appr(Ived on 20 May 2025 and %ignLII i)n hchalf ()f thc bLlJI"d ()f' trubtees by: Miss L Godfrey Tru.8lee
COIINERSTONE COMMUNITY CENTRE (HOVE) C:{ )MPANY I.IMITED BY GUARANTEE INDFPF,NDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNERSTONE COfvIMUNITY CENTRE (HOVEI YEAR FNI)14 D 30 SEvfEMBER 2024 I'L'P()rt l() IhL' tru.%lLe% on my examinatic)n ()f the financial .%tatement% of corner.stone Community C LiilrL I H()VL) I'tlie Lh¢irity'l t(Ir ihL yL'ar endLd .l() September 2024. RLI.4pon,sibAlities basis uf report A% tlie iru%tLL4 of the Lompiiny (and al%0 it% direLtorb for the purposes of company law) you are re%pi)ii%ible fc)r the preparation ot- Ihe financial %tatement8 in (IccordCe with the requirements of the C()mp<inies ALt 2006 I'the 21XKJ ALI,). HJvingY %ati4fied my4elf thclt thL &lLLount% of the Lompany are not required to be audited under Part 16 ()[' IhL. ?IXI6 Act and ¢ire elibTible for independent LXiimin<ltion. I retK)n in respect of my examination of IhL' Lliarity .% aLL()unt5 a% L*irried ()ul under %e¢ti()n 145 ()f the Charitie% Act 2011 {'the 201 l Act,). In LdlTyI Ilgj ()ul my exciininiilion I have tc)11()wed the Directions given by the Charity CoTnmi%sion under .%L'Lli()n 145{_5)(b I i)t' the ?() I I ALI. Independent examiner's statement I have L()mpleted tny examination. I confirm thal no matter% have come to my attention in connection with thL Lx:Imin'ilion gy jk'ing me L<iu%e lo believe- L'L(iunlinby reL()rd% WLfL niil kL'Pt in re%peLt of the Lharity required by section 386 of the ?(X16 ALI. (Ir thL tinanLial %talL'mLnl% d() nol aLL()rd with tho.se reLord%' or the financial %lLlternenls do not ccimply with the dLcounting requirements of section 396 of the ?()116 Act other than any Tequiremeni that the accounls give a 'true and fair, view whilh 1.% not a matter Lon%idei"ed part of Indendent examination. or the finanLial %latement% have not been prepared in accordance ivith the methods and prinLiple% ()f thL' Sialeinenl ()f Recommended Pr<LCtice for <iccounting and reporting by LhciritiL% appliLdblL II) LhilTities prcparingy their accounts in accordance wilh the Findncial RLP()rting) ,Stiindard appliLable in the UK and RepubliL of Ireland (FRS 102).
CORNERSTONE COMMUNTITY CENTRE (HOVE) COMPANY LIMrrED BY CUARANTEF. INDEPENDENT EXAMINER'S REPORT TO THE TRITSTF.ES OF CORNERST()NF. COMMUNITY CENTRE IHOVEII YEAR ENDED 30 SEIryEMBER 2024 I have no concern8 and have Lnme acn)ss no other matlcTS in LC)nneLtii)n iviih IhL' e.xaiiiiiiali()n l(} wliich dttention should be drawn in ihi% reporl in i)rdL'r ti) enable LL PI-OPLI- uiidLr%landiiigi ()I' Ilie accounls lo be re&lLhed. Chri,$ Kyffin-wdlion Independent ExamineT 168 Church Road Hove East Su.%sex BN3 2DL 10-
CORfiFR4iTONE COMMUNITY CENTRE (HOVE) L'()NII):INY LIMITED BY GUARANTEE ,STATEMENT OF FINANCIAL .4cf1vITIES IINCLUDING INCOME AND EXPENDITLRE AccouNr) YEAR ENDED 30 SEFfEMBER 2024 2024 Re%lricted fund5 Total fullds Total fundg 2023 Unre%triLied Note InLome and endowments D()nali()Ii% diid legaLie ChJril:Ible 'iLlivitie Iiive%tTllLnl inLC)Ine 90 93.981 7,337 20,908 20,998 93,981 7.337 29,515 87,060 6,733 123,308 Total income I()1.408 122.316 :xpendAture F.ixpenditure c)n LhLiritable iiLlivitiL' ()IliLf LXPLnditLifL' 'rotal expenditure IIK).404 279 31.131 137,535 279 123,660 l(K>.683 31.131 137,814 123,660 Nel giains un inveslment 11 13,675 4,343 Net (L'xpenditurellincome and net Inovemlnt in funds {10.2231 (1.823) 3,991 Recunciliation of funds T()l¢il f-und% br()u&)hi forward 'rotal funds carried forward 219.31)4 12.004 231.308 227,318 ?27.704 1,781 229,485 231.308 The %tatemenl of finiinLial aciiviiie% includes Jll gains and108se.s recognised in the year. All inL()me ¢ind expenditure derive from continuingi activilies. The notes on 14 to 24 forni part of those fAnancial statements. 11
CORNERSTONE COMMUNITY CENTRE (HOVEI COIWANY LIMITED IIY CUARANTEE STATEMENT OF FINANCIAL POSITION 30 SEvfEMBER 2024 ?024 Nute Fixed assets Tangible fixed asseis Investmenls l7 177.86L) l(TrJ. IC)£ 178.X(16 Current assets Debtors Cash at bank and in hand i¥ Creditors: amounts falIing due within une Trear Net current a&sets 19 .S11.fi l L) (i_f .868 Total asseLs less current liabilities )fj().48.5 171 .311() Net assets ?ry().455 Funds of the Charity Restricted funds Unrestrictcd funds 1.7¥1 ??7.7(}4 1 ?.11114 ?14.31}4 'rotal charity funds 21 For the year ending 30 September ?{)24 the chiniv Wd.K Lntitled i() L"XLI)IPtic)ii I r()iii 'iiidit uiidLI- %LLti()n 477 of the Companies Act 2(XKI relating to %mall Lompanic%. Directvrs, responsibilities: The member% have not required Ihe L()InpJiiy li) ()btJili illl dudil (Il. its li naiiLiLiI sl<lli'inL'nis l i)I' IhL year in queqtion in accord4ince wilh .%CLtic)n 47fi: Tbe direLtors acknowledge their regpon.%ibililiLS for ii)Iiiplyin¥7 IVitlI IhL rLquirciiieiil% (Il. Ilii. ALI witli Tespecl to iiccountino reL()rd% anLI ilie PfLparal ii)n i)f finanLidl sl&ilLIiiL'nl%. The%e fiTrdncial stdtement% have beL'n prepcired in -ILciirdanLC IVitI) IliL priii'i%iuiis appliL¢ihle li companies subject to the small Lompanies, IEgllllC. The siJleincnt ()1" fiii4in¢i'il p()%itic)n Lollti nue% nn the fl)11(),1 niT P:IglC. The notes pages 14 to 24 forni parl (bf these linancial siatcbrncnt%. 12
C()RNERSTONE COMMUNITY CENTRE (HOVE) C'()MPANY LIMITED BY GUARANTFE ,4)TATEMENT OF FINANCIAL POSITIONI contin4edJ 30 SEPTEMBER 2024 The%e I Inancial %taicments wcre apprc)ved hy the board of trustee% and authori.sed for issue on 20 May 1111.5. and 41rL %ig?ned c)n behalf- (if the bc)drd by: Mi%% L Gi)dfrLy Tru4tee The notLkS on pago$ 14 to 24 forn) part of these financial statements. 13-
CORNERSTONE COMIWIUNITY CF.NTRE (HOVE>
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATFMENTS
YEAR F.NDED 30 SEIryEMBER 2024
General inforniation
The charity is a public benet-it cnlity and a privJtL L(Impan! liiDilLd bv LTuJfiirilLV'. fL&(rj %lL'I-L'd iii
England and Wales aiid a regyislered Lhdrily in F.nolaiid and Nl-alL's. TIIL 'idilrc.55 1)f thL I'¢,Lsj%lL'ie(I
office is Comerstone Cc)mmunity Ccnlre. Cliiirlh Rcmd. Hove. BN 4 IF'L.
Statement of compliance
These fin
CORNERSTONE COMMUNITY CENTRE (HOVE) ('()N[I)ANY I.IMITED BY (:UARANTFF YOTES TI) TFIF: FINANCIAL STATEMENTS (eoniinNed) YEAR ENDED 30 SEYfEMBER 2024 ALLiiunting policies Icoiitiiiiied) lind iiLcounting UnrL'%triLted fund% arL avJilciblL. for use at the disctIOn of the trustees to further any of the Lliiirily % puiyo.%e%. Designated fuiids unre%triLted fund% tMked by the trustees for particular future project or L()mmitment. Re%triLled l-und% arc .%uhjeLted tv re.striLlion% on Iheir expenditure declared by the donor or thr()uyh the tLrm% L)l- an dPPLal. and fall inlo i)ne of two %ub-cla.4.%e.%: restricted income fund8 or L'iicII)WlT]eni l unds. liicoming resources All illL()ming resourLLS are inLluded in thL Staiemenl of financial aLtivitie% when entitlement has pas.%ed tc) Ihe Lharity; it is prob&ible thai the economic benefits associated with the transaction wi I I llow tc) the Lharity Jnd the aTnounl Lan relidbly measured. The following specific policies are applied to particul Lategories of incoJne: inL()me tr()m donation% c)r &yrant% 1% reLogni%ed when there is evidence of entitlement to the 7itl, reLeipt is probable ai)d it% aJn()unt can be mea%ured reliably. IL¥F&lLy illLL)mL' 1.% fLL()gilli%Ld when reLLiPI is pn)bable and entitlement 1% established. inLomL trom donaied gi)()d.¥ 1% tnea%ured at ihe fair value of the goods unle88 thi8 IS inipraLtiLal ic) Ineasure reliably. in which case the value is derived from the cost to the dc)nor or tlie L%iimated re%ale value. l)onated fllitieS and services are recognised in the LLounls wheii reLeived il. the value Lan be reliably measured. No OUnts are included for ilie Lc)nlribuli()ii i)t gycncral volunteeri. inLoinL fr(Im LontraLt.% l()i- the %upply of %erviLes i.s reco8ni%ed with the delivery of the L(InlrdLtLd %LrviLe. Thi% ]% Ll&lS%ltied 'i% unrestricted fund% unle%% there is a contractual rLquifLmLnt t()r il to hL %PL'nl on a partiLular purpose and relurned if unspeni. in whiLh case il inay be regFarJed restriLted. 15-
CORNERSTONE COMMUNITY CENTRE (HOVE) COMPANY LIMITED BY GUARANfFF. NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEFfEMBER 2024 Accounting policies (continued) Resources expended Expenditure is r¢cogniNed On an acciual,% bi14]% licibiljli. is inLurted. F.xpenditure inc ILicIL any V AT which cannut be fully recovercd. &ind i% i las4iticd uiidLI- l)eddiiiiTS ()I' thL' slatL'IIIL'iiI ()1" financial activities lo whiLh il relaie%: expenditure on rai.sing funds include.s the Ll)%l.% ot- all fun(IrJi%in( dLI ji'itiL'%. L'v'enl%. ii(7n- charitable trading activities. and ihe %ale ot- donaLed gc)()ds. expenditure on Lhdritable (iclivilic% inLludc% all LOSt% iniurrLd hy a cli(Iril!' iii undLI'l¢ik' i ny activities that further ils charitahlc iiiJn% l()r the henLfil <)l- its beiiLfJLidrie%. InL Iiidiiiil 15ic)s1 upport cosls and LOSt.s rcldting to the gwi)VLrnJiiLL ()f the Lliarily aPP()rtii)nL'LI I() Lliai-lliililc activitie.s. other expenditure includes all expenditure thai 1% neithei. rL.laied ic) rai%ing I'un(1s t()r tlie charity nor pan of its expenditure on charitable aclivilie%. All costs are all(ated io expenditure ca(egi()rie.% rLtILLling the U%L ()t t] i-L%oufLL. DireLI L()%I.% attributable to a single activiiy are allcicated direLily t(1 Ihal thctii'ity. .ShLtted L()%15 iiri apportioned between the actlVLtie% they conlributc to on a reasonable. ju%tiliiiblL Jnd Ll)11si%lenl b&8is. Tangible a&sets Tangible assets 1e inilially reLC)rded at LlX%I. Jnd subsL'qucnil)' %talLd al L()%l IL¥%% illl), acLumulated depreciation and IMprent 10%se%. Any tangible i&irricd ai rLI'¢LluL'd aOunt are recorded dt the fair value at the datc nf revaluati()n le44 ai?y %ub%equenl aLLuiiiiil¢iled deprecidtion and Subsequcnl ¥l¢Lumulaled impairmeni 10%4e.%. An increase in the carrying amounl of as%el a% J re%ult i)f a rL'vdlu4iiion. is rLLogini4LcI i li iiiliLI" recognised gains and los.se%, unless it reversL% J chgu Ic)i iinpiiirmenl IhJl hci% previ()u%ly l)L'¢'ll recognised as expenditure wiihin the .staieJnent of finanLial aLti vilie%. A decrL¢i4e in tlie L4irr)rlll amount of an ag£ei d result of revalualion, is reL()grni%ed in i)Ilier rLLC)g)nisLd g7ain% aiid l1I5SL'%. exLept to which it off.%et% any previou% rcN'aluJliiin ULiin. in which ca4c ihe %% ]% %hi)iiiii li jilijii other recognised gains and 10s%e.% ()n Ihe %l<ltemenl ()t" financial aLtikitiL'%. Depreciation Depreciation is LalLulaled %0 to writc ()fl- Ihc L()%1 (Ir valuJlii)n i?t dii J%sLI. les5 its I't%idu'il value. over the useful eL()nomic life ()f ihat a%%ei a% follc)w%= Short leasehold property Fixtures and fitting ?5 Yea Irc)iii l ?() reduLing bdlqillLL 16-
C'()RINF'RSTONE COTII)ILNITY CENTRE (HOVE) C'()MPANY I.IMITED BY GLARANTEE NOTFS TO THF FINANCIAL STATEMENTS (¢wttrnuedJ YEAR ENDED 30 Sb:Wl'b.MBER 2024 ALLipunting policios Icolllijiiird) Investmints UnlislLd equity illVL'N(Iiienl% JrL' initially recorded at Lost, and .%ub%equently measured at f.dir ViiluL. It" t-dir V&iluL Lannui bL" reliiibly MeSUred. i1%setS mea%ured at cost less lmpnnent. Li%ted iiive%tment% are med%ured at fair value wilh changes in fair value being recognised in income c)r expendilure. Impairment of fixed ets A review for in(IiLat()r% i)I' inipairment 1% Larricd out al each reporting date. with the recoverable 'Iini)unl beingy L'.%liin¢ltLd whL"fL %uLh indiLai()rs exi.%t. Where the carrying value exceeds the rL'LI)VLrable amL)uni. the a%%ei ]% impaired aLLordingly. Prior impairments are al80 reviewed for p(>%.%iblL rL'VLf%¢il al eh i'epcirtinsi date. For the purpci4e% c)t" impairn]ent ie.%ling. when it is not possible to estimate the recoverable amount of ali individual a%%et. an eqtimdte is made of the recoverable amount of the cash- generilting unit lo ivliich the belong%. The cash-generating unit i.s the smallesl identifiable r()up ()f J%.set.% that inLludL.% the a4set and ¥veneTJl&% cLsh inflows ihat largely independent of the LJ.%h inll()w% Iri)m other a%%Ll% i)r g?roup% of a%%et%. 17-
CORNERSTONE COMMUNITY CF.NTRE (HOVE) COMPANY LIMITED BY GUARANTF,F. NOTES TO THE FINANCIAL STATFMENfs ( YEAR ENDED 30 SEwfEMBER 2024 Accounting policies {coniiry4ed) Financial instruments A financial assct or a financi&il liability is rcL()LTnisL.d (Inly wliL'n tl)L' Lntity tK'LI)IfiLS a PLirLy Iii IIIL coniraLtual piovi%ion8 of the instruineiit. Basic financial instruTnent% re inilially recogni4ed al the 'iinc)unl i-LLeivable ()r P¢iablL inc'ludini any related transaction LOSt.s. unles.% the angTeML11I i()n.%litulLS a I'iiianLiniT Ifaii%JLlii)11. I4'hLI-e il is reLogni%ed at the present value ot the future pa)'IllL'nt% (l j.KL()uniLd JI d iiiJrkLI i-ali ()l- i iitci-L'%l for a sin]ilar debt in¥tnJment. Currenl as.sels lind current liabililie% Jre Nubsequeiillj: niL'a4urcd al tIiL La4h i)i' ()IhLT consideration expecied 10 be paid ()r received and not disicJunlLd. Debt instru]nent8 are .%ubsequently mca%ured at anM)rfi%ed Lc)s1. Where investments in shares or prelerLnce share% arL publiLls iraded ()[ tlieir laii. valuc Lill) othenvise be measured reliabl),. the inve%tment i% suh%e(iuLnilN IllLdsufLd ¢11 lair ViiluL WIIII changes in fair value recognised in inc()me and expenditurL. All ()tIIL'r %uLh invc%tiiiL'ni% :IrL subsequently tneasuied at cost le%5 impairnieiil. Financial &58ets thal are Tllc¢i%ured at Ll)%1 c)r Jm()rtl.%Ld i051 are rLviewLd l(IT iibjL'C-IivL LVILILIILL. o( inipairment ai the end ()f each rep()rtin¥ d¢ttL". If tIILfL IS ()bILXtIl. LvideiiLL lit- iinpairiiieni. Jii impaiiment 1055 is reLognised under ilie Jppri)pridie IieddiniF Tll IIIL %tatLiiienl ()f linLIIILicil activities in which the inilial gain was recognised. For all equity in%trument% regardl&N.s ()f %igniliiaiiLL'. and ()tIILI' linJnLial JSSL'IN ihal Kll'L' individually significanL the%e dre asse%%ed individually l(Ir iiilpiiirmL'nl. ()ther l inJnLial as%ei are either asses%ed individually or groupLd on the ba%i% ()l- %imi Idf LfLdit risk charilLteri%liLS. Defined contribution plans Contribution% to defined coniributii)n plans are reLC)gnised £in vApeii.%L' in thL' PLI'lI)d iii wliiL li the related Service is pruvided. Prepdid Loniribuli()n.4 Jr¢ rLLC)gini %ed as :iii d%%LI lo tlie exLLiiI th411 the prepayment will lead to d reduLti()n in future PilylllLDl% i)r a La%h rLt'uii(l. When coniribuiions arc nut exFeC(ed t() be %cCtled w'h()Ilw w'iiliiii I: iii()nili% ()f Ihc Liid (Il. Ilii. repc)rting d<ite in which tlie employee% rendLr the rLlatLfJ %L'fTr'iL¢. IhL li¢ibililJ' 1% IIILLISUI-L.d i)11 dtSLounted present Vcilue basis. The unwinding) i)l- thL di.%i ()uni 1% rL'LC)%illisL.d J% dll LXPL'ii%e iii tliL' period in which it 1¢%. Limited by guarantee In the event of the Lompany being wound up. eiilli mL'mbLr. ,]]0 is li iiiLiiiber al thal (inie. lia undertaken to contribute £ l.
CORNERSTONE COMMUNITY CENTRE (HOVE) C".()MPANY I.IMITED BY GUARANTEE NOTF.S TO THE FINANCIAL STATEMENTS l¢oulinuedJ YEAR ENDED 30 SEvfEfvIBER 2024 1)4)iidtiiin% and legacies Unre4triCied Funds Restricted Total Funds 2024 Donations Donation.% gFenerdl Dciiiation% - food bank 90 90 7.898 7,898 Grants Lints reLL"ivable - tciod bank 13,010 13.010 90 20,908 20,998 Unre.%tricted Restricted Total Funds Funds 2023 D(pnatioll Donationb - geflerLII Dondti(In.% - fi)c)d bank 5(X) 500 9,904 CTranLs CJr:Liil.% rLLLivahlL - tcJ()d bank 19,111 29.015 19.111 500 29,515 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 InL(>me I rc)m letlingi% 93.981 87.060 87,060 Investment income UnrestriLied Total Funds Unrestricted Total Funds 21124 Funds 2023 Bank intere%t reLei vable C)Iher iiiteresl FL'ccivable 6,695 38 6,695 38 7,-3_37 6.733 6.733 19-
CORNERSTONE COMMUNITY CENTRE (HOVE) COMPANY LIMITED BY GUARANfTr.E NOTES TO THE FINANCIAL STATFMENTSI YEAR ENDED 30 SEVTEMBER 2024 Expenditure on charitable activities b), fund Ivpe L InrL%triLILd riind RL4li'iite(l TiTrldl Tr'uiid% Fuiid 211?4 General 1114,?44 Food bank Support costs -31.1_3(1 1116.4(14 l 17 S.3.f I'nrLslriilLd Fun(1 RL'slriilL'd I'i)ILII I'iiiiil% General Yoga Food bank Supp()rt cosLs l {17 ?4lJ C)1).5 i)11.$ I ._s4 53 I IH.S(1: l (). l.jL) Expenditure on charitable aclivities by activitv tvpe ALlii'ilie IindLriJkL TI dirL'Ltlv .Suppc)rl Lo%1 l i)lal I'unds 20?4 General Yuga Food bdiik Governance co%1% l{H.?44 l {)? 149 1.3_5.174 1 ?.3.hhll 10. Other expenditure Ilnre%lriLted 'f(ItAI 14'und4 UiiieNlriiied Ti)lJl FLiiid Fun(1 211?4 Entertainin ?7ll 2Q-
CORNERSTONE COMMUNITY CENTRE (HOVE) L'()MPANY LIMITF.D BY GUARANTF NI)TFS TO THE FINANCIAI. STATEMENTS (conli n4edJ YEAR ENDED .11) SEpfEMBER 2024 I l. Net gains on investmenL Unre%lriLled Total Funds Unrestricted Total Funds 20?4 2023 iii1is111()%%e.% l on (xher inve%lInen( 13.675 13,675 4.343 4,343 12. Net (expenditure)lincome NLt (expenditurellincome 1% .%tated after chlgIng/(CredI1lng). 20 2023 DLpfLLi6lti(In c)f tan¥iiblL' fixed a%.%ei 249 312 13. Independent examination fees 2024 2023 FLL'N payable to the indcpLndent examiner fc)r: ndLPLnclcnl ex:IminJli()n ()f the lin<iniial %kntement 1,200 1,2(X) 14. Staff co.sLs Tlie l()tal %taff L()%t% ¢ind employee et]IS for ihe reporting period are analysed as follows: 2024 2023 WagTe.% and 8alarie. Soci'il security Finpl()yer Lc)nlributi()n% to pension pldn 63,061 690 2.347 65.287 751 3,096 66,098 ThL' aVL'r'igiL' hL'¢id Li)unl cit" emplc)yLL% duringy the year 2 {2023: 3). The aveTage number of tull-liinL Lquivalcnt einpl()yeL% durinu thL' ye41[ 1% Jnaly%ed follow%= 2024 No. 2023 NumbLr ol- 4iafl-_ adinini%lralivc N() Lmpl<)yee reLeived LmplciyLL benefit.s of re Ihan £60.000 during the year (2023= Nil). 15. '1"ru8tee remunL'ration and expenses Niin¢ i)r the Iru%(L'LS lor any peThon% LC)nneLied wi(h them) received any remuneration during the yLar nor Llaimed any expense%. 21
CORNERSTONE COMMUNITY CENTRE (HOVE) COMPANY LIMITED BY GUARAN'TEF. NOTES TO THF FINANCJAL sTATEIENTs I e¢inliKNcd YEAR ENDED 30 SEpfF.MBER 2024 16. Tangible fixed assets Slii)rt PFI)IIL'I11 'I'(ptal Cost At l Oct 2023 alld 3V Sep 2V24 Depreciatlon At l Oct 20L3 Charge fur the year At 30 Sep 2024 Carrying amount At 30 Sep 2024 At 10 Sep 2023 414 %9() Ali.-57C) 41U.59(1 4ih.VlC) 749 419.iL)() 457.1 7X )()7 l)()7 17. InvestmenLs ()IhL'I' iiivc%linLDIs "1'4)Lcil Cost or valuation Ai l Oct 20?3 Additions Fair value inovements 17 11.674 1 .3.(174 At 30 Sep 2024 Impairnient At l Oct 2023 and 311 Sep 21)24 Carrying amount At 30 Sep 2024 Ai 30 Sep 2023 Y17 17().L)_S? 177.14()() C)17 17f).L).S? 177.I()l) U17 l()3 ?7X 1(14.11)5 All inv¢stment% shown abovc are hcld Jl i'aluJlii)n. Financial assets held at fair value Inve%tments have becn value(1118ing ihe bid lll<irk'ct VciluL iii ihL' ¥'eJr L'nd. ??.
CORNERSTONE COMMUNITY CENTRE (HOVE) C()MPANY LIMITED BY GI,;ARANTEE l%()'1'1I.4i TO THE FINANCIAL STATEMEiYfsi YEAR ENDED 30 SEVfEMBER 2024 18. Debtors 2024 2023 ()thL'f dLbt()r4 208 19. C'reditors: amounts falling due Ivithin one year 2024 2023 ALLrual.% and deterrL"d inLOtne S()Lial %LLuriiy and lither iJxL l)IliL'r LrLditi)r.% 1,200 1.2 48 1,244 313 ,513 2,492 ?(}. Pensions and other post retirement benefits Defined contribution plans The iimc)unt reLObTlll%L.d in inL()mL or expenditure &s an expen in relation to defined L()nirAbuti()n plan.s £9.347 1 ?1)?_3= £1.1)96). 21. Analysis ol. charitable f unds Unrestricted funds Gains and At losses 30 Sep 2024 AI I OLI ?02_3 Income Expenditure CJeneral fund 101.4118 (106.683) 227,704 Gains and At 10.55e8 30 Sep 2023 At l ()Lt ?{)?• InLome Expenditure Geiiei'al fund ??5,17{) Y4.293 {1 (14.502) 4.343 219.304
CORNERSTONE commu,[Ty CENTRE (HOVE) COMPANY LIMITED BY GIJARANTEE NOTES TO THE FINANCIAL STATEMENTSI YEAR ENDED 30 SEIYEMBER 2024 21. Analysis of charitable funds rcuntiiiNedl Restricted funds Al I tk'i ?073 InLI)mL F.Xi7dIlUrL I()%SLb Jll SL'P RestriLted Funds ?().o{)x (31.1.311 1.7,¥1 G'lin% aiid AI l OLI 20?2 Iniiinic F.XPL"iidiiufL Reslricted Fund. 9.1)15 (11).1SL)I 22. Analysis of net a&sets betiveen fundsi Lliire%lrictLd Re%li-ILied I'ntal f4 uiid.8 21124 Tangible fixed a%set Investtnents Current knsets Creditor% le%s than l year 9()7 177.809 (197 177.8(}Ll 1.7x1 11 .51.11 Net assets ?97.7{)4 1.7141 RL'%ITiLtLd Ti)lal Fiiiid. Tangible fixed assct, Inve41meiit% CUent assets Creditor4 le%8 than l year Net assets 1 ()4.11).fi I ?.IIIH ( ?.4CJ? i i.{)1)4 ) 11.-411L) 24-
COIIYERSTONE COMMUNITY CENTRE (HOVE) C:()MPANY LIMITED BY (:UARANTEE rvlANAGEMF.NT INFORMATION YEAR F,NDED 30 SEIryEMBER 2024 The folloiving pages do not form part of the financial statements.
CORNERSTONE COMMUNITY CENTRE IHOVE) COMPANY LIMrrED BY GUARANfEE DETAtLED STATEMENT OF FlTr4ANCJAL ACTIN-ITIF&i YF.AR ENDED 30 SEIryEMBER 2024 2024 Income and endowments. Donations and legacic Donations - general Dondtion% - tood bank Granl% receivable - food bank i)i} 7.898 l).9114 11.L)()8 Tr1}.515 C'haritable activitio Income froin letlingb ()3.gx I X7.Ilbll Investment income B£ink interest receivable Other interest receivable h.()lJ.S 7.-1.17 Total income
CORNERSTONE COMfvIUNITY CENTRE (HOVE) ('C)MPANY LIMITFD BY GL'ARANTFF DrTAILED S'I'ATEMENT OF FINANCIAL ACTIVITIES (cont. Y[1 AR ENDED 30 SEFfEMBER 2024 2024 2023 :xpL'nditure F:XPL'ndituri' on charitable JctivitlLS WLIIIL% Jnd .%alJriL'.% F.Iiipli)yLI-'% NIC Pen%i()n LC)%t R'ite% and water LigTht an(J heal Repdir% and IndintenanLL 111sui 41llLL' LL'gvJl dncl priTrles5i()nLII tL'L% ()IhLr ()t'l ILL L()St DLI)rLL idli()11 l)tliLr inlerL.%i payable and .%imil<if LhdTgTe. Bank Lhariye. 27.490 63.061 690 2,347 1.011 4,485 23.429 5.908 2.161 6,585 249 13,334 65,287 751 3.096 403 4,816 23,788 5.337 2.253 4,269 312 14 119 137.535 123,660 Othc'r expL'ndRture f.nlLrlainin¥ 279 '1'4Trtal expenditure 137,8J4 123.660 Net gains on investments GainQ(lo.%.4e%l on other investmeiil a%%et. 13,675 4,343 NL't lexpL'nditure)lincome (1.821) 3,991 -27-
CORINERSTONE COMMUNITY CENTRE IHOVE) COMPANY LIMITED BY GUARANTEE NOTES TO THE DETAJLED STATEMENT OF FINANCIAL ACTIVJTif.4i YEAR ENDED 30 SEvfEMBER 2024 211?4 Expenditure on charitable activities General Activities undertaken direcily Wage% and salaries Employer'% NIC Pension co.sts Rates & water Lighi & heat Repairs & maintenanLe Insurance Other office costs DepreLiation Other interest payable and %imil<ir Lhdrgc% Bank Lharges 51).4(13 7_51 I.IIL)() h()11 4.4x5 4.81(, fi i)(18 (i.511_5 74 14 111? 74(J Yoga Activities undertaken directly Purchdses Food bank Activilies undertaken directly Purchase Wages and SaI]e.5 ?7.4l)11 3.(741) 17.4?L) Governance costs Governance cosl% - accountcillLy fee Expenditure charitsble activilies 117.-515 2¥-