Company registration No. 3060710 Chartty registration No. 1046923 CORNERSTONE CHRISTIAN CENTRE- GROVE A company limited by guarantee FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents: Pagel-2 Directors. report Page 3 Independent Examinerfs report Page 4 Statement of financial actNities Page 5 Balance sheet Page 6 Statement of cash flows Page7-8 Notes to the financial statements
Page I CORNERSTONE CHRISTIAN CENTRE - GROVE TRUSTEES, ANNUAL REPORT INCLUDING DIREcfoRS' REPORT FOR THE YEAR ENDED 31 MARCH 2024 The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2024. 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 OPT. The directors {who are also the charity trustees) are as follows-_ Mrs L S Culley Mrs M C Hawkins Mrs Ljones Mrs W McEwan Mr M J C Morgan (appointed 2514/231 Mrs S R Parnell Mrs A S Rance Structurei governance and management The charity is a company limTrted 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 founding churches. Objectives and activities The company continues to pursue the objects for which it wa5 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 perfomiance The Centre 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 17151 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 DIREOR5 REPORT FOR THE YEAR ENDED 31 MARCH 2024 (Cont.) Flnancial review The results for the year are set out on page 4. The company made a surplus of nearly £8,400 in the year compared with a deficit of £4,800 in the previous year. This was largely thanks to higher income from activities for generating funds, combined with overhead expenses being tightly controlled. 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 S Parnell, Director Date: 17 June 2024
Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNERSTONE CHRISTIAN CENTRE - GROVE I report on the accounts ofthe Company for the year ended 31 March 2024, which are set out on pa8es 4t0 9. Respertlve responslbllltles of dlrertors 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 sertion 144{21 of the Charitie5 Act 2011 {the Actll and that an independent examination is needed. It is my responsibility to: examine the accounts lunder section 145 of the Act): to follow the procedures laid down in the General Dirertions given by the Charity Commissioners (under section 145151 Ibl of the Act),. and to state whether particular matters have come to my attention. Basls of Independent examiner's report My examination was carried out in accordance with the General Dirertion5 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 unustsal items or (lisclosures 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- 11 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,. 21 this is a report in respect of an examination carried out under section 145 of the Charities Att 2011 and in accordance with any directions given by the Commission under that section which are applicable. and 31 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 111120151 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 IOxon} FCA FCIE David Cooke and Co. Chartered Accountants 5 Briar Close, 8anbury, Oxon OX16 9DS 17 June 2024
Page 4 CORNERSTONE CHRISTIAN CENTRE - GROVE STATEMENT OF FINANCIAL AcrivrriES FOR THE YEAR ENDED 31 MARCH 2024 (incorporating the company's income & expenditure account) 2024 2023 Note Incomlng Resources From enerated funds Voluntary income Activities for generating funds Grants Investment income 35,164 93.716 34,937 81,920 470 128 From charitable activities Sales of Christian literature, etc. 21,329 20.551 Total incoming resources 150,679 137,536 Resources expended Cost of Generatin Funds Costs of generating voluntary income Fundraising trading: cost of goods sold, etc. 26.142 21,766 26,142 21,766 Charitable Activities Ex enditure 116,147 120,604 Total Resources Expended 142.289 142,370 Net Movement of Resources in the Year 8,390 14,8341 General Fund brought forward 41.676 46.510 General Fund carried forward 50.066 41.676 The notes on pages 7 to 9 form part of these financial statements.
Page 5 CORNERSTONE CHRisfiAN CENTRE- GROVE BALANCE SHEET AS AT 31 MARCH 2024 Note 2024 2023 FIXED ASSErs Tangible Assets 8.722 8,378 CURRENT ASSErs Stock Debtors Cash at Bank & in hand 18.763 8.420 28,066 55,249 20,707 7,222 20,103 48,032 CREDITORS: Due within one year 13,905 14.734 41,344 33,298 NET ASSETS 50,066 41,676 Financed by- RESERVES Accumulated Income Fund 50,066 41,676 The directors are satisfied that the comDanv is entitled to exemDtion from the reauirement to obtain an audit under section 477 of the ComDanies Art 2006 and that members have not reauired the comDanv to obtain an audit in accordance with section 476 of the Act. The director5 3cknowledRe their resDonsibilities for comDlvinq with the reauirements of the ComDanies Act 2006 with resoect to accountinR records and the DreDaration of accounts. The accounts have been prepared in accordance with the Drovisions in Part 15 of the Companies Act aDDlicable to companies subiect to the small comDanies re2ime. Approved on behalf of the Board: S Parnell, Director Date: 17 June 2024 The notes on pages 7 to g form part of these financial statements.
Page 6 CORNERSTONE CHRISTIAN CENTRE- GROVE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities: Net income/lexpenditure) for the year Adjustments for: Depreciation charges Loss / (profit} on sale of fixed assets Interest Ilncreaselldecrease in stocks Ilncreasel/decrea5e in debtors Increase/ldecreasel in creditors 8.390 14,834) 4,563 5,370 (4701 1,944 (1,1981 (8291 1128) 5,096 1,008 1,199 Net cash provided by/(u5ed in) operating artivitie5 12.400 7,711 Cash flows from investing artivities: Dividends. interest and rents Proceeds from sale of property. plant & equipment Purchase of property, plant and equipment 470 128 (4,9071 (3,268) {4,437) 13,1401 Change in cash & cash equivalents In the year 7,963 4,571 Cash & cash equivalents at the start of the year 20,103 15.532 Cash & cash equivalents at the end of the year 28.066 20,103 The notes on pages 7 to 9 form part of these financial 5taternents.
Page 7 CORNERSTONE CHRISTIAN CENTRE- GROVE NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 l. 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. Basis of accountin 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 1021 (effective l January 20151"; and with applicable regulations. Goin concern The directors have reasonable expectations that the charity has adequate resource5 to tontinue in operational existence for the foreseeable future and have thus prepared the accounts on the going concern basis. Incomin Resources Voluntary income represents donations received during the year, including tax repayment5 receivable. Activities for generating funds represents sales of general items. Income from charitable activities comprises sales of Christian literature, etc. Resources Ex ended 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. VAT The charity is regiestered for VAT. Income and expendtture are therefore shown net of VAT. Tan ible Fixed Assets and De reciation Depreciation is provided on fixed assets on a straight line basis to write off the cost of the assets over their expected useful lives. at the following annual rates: Equipment Furniture & Fixturess Improvement to Leasehold property 20% Over period of lease
Page 8 CORNERsfoNE CHRISTIAN CENTRE- GROVE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (cont.) 2024 2023 2. Charitable Activities Expenditure Core costs Purchases of Christian books, etc. Wages & Salaries Music licence 15,971 62.534 301 16,429 70,811 72 78,806 87,312 ort Costs Rent, Rates & Services Light, Heat & Water Cleaning & Refuse collection Repairs and Renewals Insurance Depreciation 13.455 5.554 5.480 3,224 672 4.563 12,824 3.954 2.681 3,164 672 5.370 32.948 28,665 Administration Ex enses Telephone & internet costs Postage & Stationery Bank Charges Book-keeping Independent examination Miscellaneous 651 710 997 789 1,376 400 355 4,627 1,240 420 190 4.393 Total Charitable Expenditure 116,147 120,604 3. Net Movement of Resources This 15 Stated after charging:_ Depreciation Independent Examiner's Remuneration Director'5 Remuneration 5.370 5,370 400 4. Wages & Salarles Gross salaries Employers, NIC Training costs 61,414 703 417 70,014 749 48 62.534 70,811 The average number of staff Ifull-time equivalent) during the year was 312023: 3). No staff member received in excess of £60,000 in the year12023- none). No director received any remuneration in the year. nor was reimbursed any expenses12023= none).
Page 9 CORNERSTONE CHRISTIAN CENTRE- GROVE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 {Cont.) 5. Tangible Fixed Assets Improvements to Furniture & Leasehold Pro ui Total Cost or Valuation At l April 2023 Additions Disposals At 31 March 2024 49,143 38,152 4,907 13,5681 39.491 87,295 4,907 13,568) 88.634 49,143 reciation At l April 2023 Disposals Charge for the Year At 31 March 2024 42,012 36,905 (3,5681 1,435 34.772 78,917 13,568} 4,563 79,912 3.128 45,140 Net Book Value 31 March 2024 4.003 4,719 8.722 Net Book Value 31 March 2023 7.131 1.247 8.378 All of the fixed assets are used for direct charitable purpose5. 2024 2023 6. Creditors: Amounts due Within One Year. Trade creditors & accruals Other Taxes and Social Security 10.411 3,494 13.905 10,358 4.376 14,734 7. Contingent Liabilities There were no contingent liabilities at 31 March 2024 {2023: nil) 8. Capital commitments There were no capital commitments at 31 March 2024 {2023: nil)