Company registration No. 3060710 Charity registration No. 1046923
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CORNERSTONE CHRISTIAN CENTRE – GROVE
A company limited by guarantee
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Contents:
Page 1 - 2 Directors’ report
Page 3 Independent Examiner’s report
Page 4 Statement of financial activities
Page 5 Balance sheet
Page 6 Statement of cash flows
Page 7 - 8 Notes to the financial statements
Page 1
CORNERSTONE CHRISTIAN CENTRE - GROVE
TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2021.
Reference and administrative details
The company is a registered charity no. 1046923, whose full name is Cornerstone Christian Centre – Grove. The principal office and registered office of the charity is: 10 Savile Way, Grove, Wantage, Oxon, OX12 0PT.
The directors (who are also the charity trustees) are as follows:-
Mr P Greenhalgh (resigned 22/3/21) Mr J R Hogston Mr J M Wilson (resigned 19/10/20) Mr C Moulds Mr P Bunch Ms Y D Collins Ms S R Parnell (appointed 16/10/20) Ms J J Ashton (appointed 17/5/21)
Structure, governance and management
The charity is a company limited by guarantee, registration no. 3060710, and it is therefore governed by its Memorandum and Articles of Association.
New trustee directors are appointed from time to time as required, by the vote of the existing trustees.
Objectives and activities
The company continues to pursue the objects for which it was set up, in advancing religion by propagating the teachings of the Christian Church both by direct contact with individuals and through providing a Christian presence in the community, by the establishment of a Christian Centre in Grove, Oxon.
Achievements and performance
During the year under review, the company was greatly affected by the coronavirus pandemic, and was forced to close its premises for several months. However, it has now reopened, and continues to supply Christian literature and other items, as well as providing a meeting place and refreshment facilities open to all in the local community.
In carrying out its activities in the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission as required by section 17(5) of the Charities Act 2011, and are satisfied that the activities mentioned above have all been for the public benefit.
Page 2
CORNERSTONE CHRISTIAN CENTRE - GROVE
TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS REPORT FOR THE YEAR ENDED 31 MARCH 2021 (Cont.)
Financial review
The results for the year are set out on page 4. The company made a surplus of just under £31,000 in the year compared with a deficit of just over £1,700 in the previous year. This was largely thanks to money received in the form of government grants and furlough payments, which has helped to ensure the viability of the company at this difficult time.
The company has insufficient monies available for investment purposes to warrant a formal investment policy at the present time.
The major risks to which the company is exposed, as identified by the directors, are regularly reviewed. Systems are in place to mitigate those risks and further systems are established as necessary.
The accounts have been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
Reserves policy
The company holds no long term reserves. Its policy is to build up sufficient liquid reserves to cover six months’ outgoings.
Independent examiner
David Cooke & Co, Chartered Accountants, have indicated their willingness to continue in office. A resolution to re-appoint them will be presented to the members at the Annual General Meeting.
By Order of the Board
C Moulds, Director
Date: 8 July 2021
Page 3
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF CORNERSTONE CHRISTIAN CENTRE - GROVE
I report on the accounts of the Company for the year ended 31 March 2021, which are set out on pages 4 to 9.
Respective responsibilities of directors and independent examiner
The company's directors, who are 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(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145 of the Act);
-
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145 (5) (b) of the Act); and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, I can confirm that –
1) in accordance with Regulation 31 of The Charities (Accounts and Reports) Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006;
2) this is a report in respect of an examination carried out under section 145 of the Charities Act 2011 and in accordance with any directions given by the Commission under that section which are applicable; and
3) that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 386 of the Companies Act 2006;
-
to prepare financial statements which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and;
-
that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Practice: Accounting and Reporting by Charities (effective 1/1/2015)
have not been met; or
to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached.
David Cooke MA (Oxon) FCA FCIE David Cooke and Co. Chartered Accountants 5 Briar Close, Banbury, Oxon OX16 9DS 8 July 2021
Page 4
CORNERSTONE CHRISTIAN CENTRE - GROVE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
(incorporating the company's income & expenditure account)
| Note Incoming Resources From generated funds Voluntary income Activities for generating funds Grants Investment income From charitable activities Sales of Christian literature, etc. Total incoming resources Resources expended Cost of Generating Funds Costs of generating voluntary income Fundraising trading: cost of goods sold, etc. Charitable Activities Expenditure 2 Total Resources Expended Net Movement of Resources in the Year General Fund brought forward General Fund carried forward |
£ - 3,769 3,769 86,335 |
2021 £ 47,472 14,136 50,857 71 8,483 121,019 90,104 30,915 34,247 65,162 |
£ 633 17,310 17,943 121,657 |
2020 £ 37,394 78,034 - 39 22,405 137,872 139,600 (1,728) 35,975 34,247 |
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The notes on pages 7 and 8 form part of these financial statements.
Page 5
CORNERSTONE CHRISTIAN CENTRE - GROVE
BALANCE SHEET AS AT 31 MARCH 2021
| FIXED ASSETS Tangible Assets CURRENT ASSETS Stock Debtors Cash at Bank & in hand CREDITORS: Due within one year NET ASSETS Financed by: RESERVES Accumulated Income Fund |
Note 5 6 |
£ 24,317 9,298 25,402 59,017 7,798 |
2021 £ 13,943 51,219 65,162 65,162 |
£ 25,004 4,789 10,076 39,869 14,510 |
2020 £ 8,888 25,359 34,247 34,247 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act applicable to companies subject to the small companies regime.
Approved on behalf of the Board:
____ C Moulds, Director Date: 8 July 2021
The notes on pages 7 to 9 form part of these financial statements.
Page 6
CORNERSTONE CHRISTIAN CENTRE - GROVE
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Cash flows from operating activities: Net income/(expenditure) for the year Adjustments for: Depreciation charges Loss / (profit) on sale of fixed assets Interest (Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities Cash flows from investing activities: Dividends, interest and rents Proceeds from sale of property, plant & equipment Purchase of property, plant and equipment Change in cash & cash equivalents in the year Cash & cash equivalents at the start of the year Cash & cash equivalents at the end of the year |
2021 £ 30,915 5,158 - (71) 687 (4,509) (6,712) 25,468 71 - (10,213) (10,142) 15,326 10,076 25,402 |
2020 £ (1,728) 3,923 - (39) (1,057) 2,149 (1,121) 2,127 39 - (2,447) (2,408) (281) 10,357 10,076 |
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The notes on pages 7 to 9 form part of these financial statements.
Page 7
CORNERSTONE CHRISTIAN CENTRE - GROVE
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity’s financial statements.
(a) Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Charities Statement of Recommended Practice: “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”; and with applicable regulations.
(b) Going concern
The Coronavirus (COVID-19) pandemic has had a significant impact on the Company, due to the forced closure of the Cornerstone Christian Centre for several months. As a result there was uncertainty that could have cast doubt upon the Company's ability to continue as a going concern. However, in response, the Cornerstone have reduced costs by furloughing staff, applied for local government grants and have requested a rent holiday. The Trustees have determined that the actions that it has taken should be sufficient to mitigate the uncertainty and have therefore prepared the accounts on the going concern basis. The Trustees continue to monitor the situation as it develops.
(c) Incoming Resources
Voluntary income represents donations received during the year, including tax repayments receivable.
Activities for generating funds represents sales of general items. Income from charitable activities comprises sales of Christian literature, etc.
(d) Resources Expended
The costs of generating voluntary income represents advertising costs. Fundraising trading costs represent the costs of general items sold,
Charitable Activities Expenditure comprises all other expenditure directly related to the charity’s work. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including support and governance costs.
(e) VAT
The charity is regiestered for VAT. Income and expenditure are therefore shown net of VAT.
(f) Tangible Fixed Assets and Depreciation
Depreciation is provided on fixed assets on a striaght-line basis to write off the cost of the assets over their expected useful lives, at the following annual rates:
Equipment 25% reducing balance Furniture & Fixturess 20% Improvement to Leasehold property Over period of lease
Page 8
CORNERSTONE CHRISTIAN CENTRE - GROVE
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (cont.)
| 2. Charitable Activities Expenditure Core costs Purchases of Christian books, etc. Wages & Salaries Music licence Support Costs Rent, Rates & Services Light, Heat & Water Cleaning & Refuse collection Repairs and Renewals Insurance Depreciation Administration Expenses Telephone Postage & Stationery Bank Charges Book-keeping Independent examination Miscellaneous Total Charitable Expenditure 3. Net Movement of Resources This is stated after charging:- Depreciation Independent Examiner's Remuneration Director's Remuneration 4. Wages & Salaries Gross salaries Employers' NIC Training costs |
2021 £ 6,429 54,560 289 61,278 9,351 1,782 741 2,704 722 5,158 20,458 690 742 821 1,544 355 447 4,599 86,335 5,158 355 - 54,033 573 (46) 54,560 |
2020 £ 20,425 63,778 241 84,444 18,271 4,001 1,906 3,025 817 3,923 31,943 745 1,262 1,131 1,233 335 564 5,270 121,657 3,923 335 - 62,775 747 256 63,778 |
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The average number of staff (full-time equivalent) during the year was 3 (2020: 3). No staff member received in excess of £60,000 in the year (2020: none). No director received any remuneration in the year, nor was reimbursed any expenses (2020: none).
Page 9
CORNERSTONE CHRISTIAN CENTRE - GROVE
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont.)
| 5. Tangible Fixed Assets Improvements to Leasehold Property Cost or Valuation At 1 April 2020 35,662 Additions 10,213 Disposals - At 31 March 2021 45,875 Depreciation At 1 April 2020 32,404 Disposals 3,191 Charge for the Year - At 31 March 2021 35,595 Net Book Value 31 March 2021 10,280 Net Book Value 31 March 2020 3,258 All of the fixed assets are used for direct charitable purposes. 6. Creditors: Amounts due Within One Year. Trade creditors & accruals Other Taxes and Social Security |
Furniture & Equipment 36,170 - - 36,170 30,540 1,967 - 32,507 3,663 5,630 2021 £ 7,539 259 7,798 |
Total 71,832 10,213 - 82,045 62,944 5,158 - 68,102 13,943 8,888 2020 £ 10,545 3,965 14,510 |
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7. Contingent Liabilities
There were no contingent liabilities at 31 March 2021 (2020: nil)
8. Capital commitments
There were no capital commitments at 31 March 2021 (2020: nil)
Company registration No. 3060710 Charity registration No. 1046923
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CORNERSTONE CHRISTIAN CENTRE – GROVE
A company limited by guarantee
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
----- End of picture text -----
Contents:
Page 1 - 2 Directors’ report
Page 3 Independent Examiner’s report
Page 4 Statement of financial activities
Page 5 Balance sheet
Page 6 Statement of cash flows
Page 7 - 8 Notes to the financial statements
Page 1
CORNERSTONE CHRISTIAN CENTRE - GROVE
TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2021.
Reference and administrative details
The company is a registered charity no. 1046923, whose full name is Cornerstone Christian Centre – Grove. The principal office and registered office of the charity is: 10 Savile Way, Grove, Wantage, Oxon, OX12 0PT.
The directors (who are also the charity trustees) are as follows:-
Mr P Greenhalgh (resigned 22/3/21) Mr J R Hogston Mr J M Wilson (resigned 19/10/20) Mr C Moulds Mr P Bunch Ms Y D Collins Ms S R Parnell (appointed 16/10/20) Ms J J Ashton (appointed 17/5/21)
Structure, governance and management
The charity is a company limited by guarantee, registration no. 3060710, and it is therefore governed by its Memorandum and Articles of Association.
New trustee directors are appointed from time to time as required, by the vote of the existing trustees.
Objectives and activities
The company continues to pursue the objects for which it was set up, in advancing religion by propagating the teachings of the Christian Church both by direct contact with individuals and through providing a Christian presence in the community, by the establishment of a Christian Centre in Grove, Oxon.
Achievements and performance
During the year under review, the company was greatly affected by the coronavirus pandemic, and was forced to close its premises for several months. However, it has now reopened, and continues to supply Christian literature and other items, as well as providing a meeting place and refreshment facilities open to all in the local community.
In carrying out its activities in the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission as required by section 17(5) of the Charities Act 2011, and are satisfied that the activities mentioned above have all been for the public benefit.
Page 2
CORNERSTONE CHRISTIAN CENTRE - GROVE
TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS REPORT FOR THE YEAR ENDED 31 MARCH 2021 (Cont.)
Financial review
The results for the year are set out on page 4. The company made a surplus of just under £31,000 in the year compared with a deficit of just over £1,700 in the previous year. This was largely thanks to money received in the form of government grants and furlough payments, which has helped to ensure the viability of the company at this difficult time.
The company has insufficient monies available for investment purposes to warrant a formal investment policy at the present time.
The major risks to which the company is exposed, as identified by the directors, are regularly reviewed. Systems are in place to mitigate those risks and further systems are established as necessary.
The accounts have been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
Reserves policy
The company holds no long term reserves. Its policy is to build up sufficient liquid reserves to cover six months’ outgoings.
Independent examiner
David Cooke & Co, Chartered Accountants, have indicated their willingness to continue in office. A resolution to re-appoint them will be presented to the members at the Annual General Meeting.
By Order of the Board
C Moulds, Director
Date: 8 July 2021
Page 3
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF CORNERSTONE CHRISTIAN CENTRE - GROVE
I report on the accounts of the Company for the year ended 31 March 2021, which are set out on pages 4 to 9.
Respective responsibilities of directors and independent examiner
The company's directors, who are 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(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145 of the Act);
-
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145 (5) (b) of the Act); and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, I can confirm that –
1) in accordance with Regulation 31 of The Charities (Accounts and Reports) Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006;
2) this is a report in respect of an examination carried out under section 145 of the Charities Act 2011 and in accordance with any directions given by the Commission under that section which are applicable; and
3) that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 386 of the Companies Act 2006;
-
to prepare financial statements which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and;
-
that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Practice: Accounting and Reporting by Charities (effective 1/1/2015)
have not been met; or
to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached.
David Cooke MA (Oxon) FCA FCIE David Cooke and Co. Chartered Accountants 5 Briar Close, Banbury, Oxon OX16 9DS 8 July 2021