Report from the Trustees for the year ended 30" November 2022
This is a report on the workings of CBT ft)r the financial year to the end of November
2022.
The Cornerstone Building Trust wa5 fomied in November 1997 to -provide and
maintain premises for Christian worship and the associated activities of Christian
teaching and to nurture activities compatible with these objectives".
The CBT Trustees look after the buildings to allow the FOL Trustees to do the work of
mission and ministry.
The church acquired the bungalow and next door garage in August 2000 with a view to
converting the garage into a worship buildingi The Well was opened in October 2004
for the congregation of the Fountain of Life Church to use. The Bungalow was also
refurbished and is now used by First Steps Preschool and Noah's Ark during the week,
as well as by children's and youth gmups on Sundays. In November 2012 there was a
further donation that allowed the church to acquire the Stables for office
accommodation, as a meeting place and prayer space as well as a residence for staff
and interns.
Detailed accounts for the year to the end of November 2022 are sent to the Charity
Commission along with this report, detailing the breakdown of costs of running the Well
and the Bungalow, and also the Stables. The accounts were approved by the Trustees
at their last meeting.
For the period to end of November 2022 our Gross incoffle from Voluntary Donations,
Gift Aid and use of premises was £49,093. Total expenditure was £38,716, leaving a
net surplus of £10,377.
Income is typically from the regular payments from FOL, along with payments
from First Steps and Kidz Klub for the use of the buildings. This year however
our income was substantially boosted by a legacy donation that allowed us to
pay off the mortgage on the Well and Bungalow.
Expenditure was higher than nomjal also due to roof repairs to the Bunaalow
costing almost £14,000 last November; we also spent over £2,500 in March on a
commeraal dish washer in the Well.
Special thanks are due to the trustees (and others) who give up their time and energy
doing the work that is discussed the meetings; there is a significant cost saving
when we do work ourselves, rather than asking contractors to come in. There a plans
to have work parties over the coming months to help with decoration and general
maintenance if any of the congregation want to help.
The CBT Trustees are also very grateful to those of you who continue to give
financially, especially during this cost-of-living crisis. several donors have been
committed to monthly giving ever Sin the start of the building project 23 years ago.
Even though the mortgage is paid off now, these donations remain a significant income
stream to help maintain these buildings and fvnd future projects. Thank you to all of
you. If you would like to consider a one-off or regular giving to the work of CBT please
get in touch with the Treasurer.
Approved by the trustees.
Signed:
1ty/2g.
Rev Paul Wilkinson, Chairman
IO. April 2023
## **Report and Accounts for the Year Ended 30th November 2022**
## **Trustees -**
Rev. PF Wilkinson - Chairman Mrs R Bane - Secretary Dr SM Carroll - Treasurer Mr J Coe Mr A Lowles Mr T Martin Mr JR Watts Mr J Welch
## **Registered Number** - 1066381
**Address** - 43 Cressingham Road, Ashill, Thetford, Norfolk, IP25 7DG
## **Independent Examiner** -
Matthew Sturman **Bankers** - Barclays Bank Plc, Swaffham, Norfolk **Purpose of Trust** - To provide and maintain premises for Christian worship and associated activities, Christian teaching, nurture and any activities compatible with the foregoing objectives. **Investment Powers** - The trustees may invest funds not immediately required in the name of any clearing bank and any trust corporation or any stockbroking company which is a member of the Stock Exchange (or any subsidiary company) as nominee for the trustees.
CORNERSTONE BUILDING TRUST
## **Independent examiner's report to the trustees of Cornerstone Building Trust**
I report to the trustees on my examination of the accounts of Cornerstone Building Trust (the Trust) for the year ended 30 November 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Indeprendent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the applicable requirements concering the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Sturman FCCA 29-Mar-23
## **Statement of Accounts**
## **Income and Expenditure for the year ended 30th November 2022**
|Note
2022
£
**Income**
Voluntary income - donations and tax recovery
**a**
27,741
Other income received
**b**
2,056
Income from use of property
**c**
19,290
Interest received
**d**
6
**Total Incoming Resources**
49,093
**Outgoing resources**
**Charitable Activities**
Premises costs
The Well
**2**
(26,585)
The Stables
**2**
(9,570)
(36,156)
Finance Charges - Interest (mortgage account)
**e**
(548)
Depreciation on Equipment @ 20%
(2,012)
**Total Outgoing resources**
(38,716)
**Net Incoming/(Outgoing) Resources for the Year**
10,377
**Unrestricted Fund at 1st December 2021**
1,025,247
**Unrestricted Fund at 30th November 2022**
**1,035,624**
**Notes:**
**a**
**b**
**c**
**d**
**e**
Dec-21
250.00
1320.00
1265.00
2.92
-120.94
Jan-22
250.00
1265.00
Feb-22
240.00
1265.00
Mar-22
260.00
2585.00
-152.79
Apr-22
25061.30
1265.00
May-22
260.00
0.00
1265.00
-274.68
Jun-22
250.00
11.41
1265.00
Jul-22
230.00
77.95
2585.00
Aug-22
250.00
1265.00
Sep-22
230.00
1415.00
Oct-22
230.00
84.95
1265.00
Nov-22
230.00
561.60
2585.00
2.90
Total
27741.30
2055.91
19290.00
5.82
-548.41|2021
£
8,520
881
16,500
156
26,056
(10,979)
(3,627)
(14,606)
(563)
(1,727)
(16,895)
9,162
1,016,085
**1,025,247**|
|---|---|
|**BALANCE SHEET AS AT 30 NOVEMBER 2022**
**2022**
**_Note_**
**£**
**£**
Fixed assets
Land and Buildings
**3**
994,943
Furniture and Equipment
**4**
8,047
1,002,990
Current assets
Debtors and prepayments
**5**
562
Balances at bank
**6**
28,216
28,778
Current liabilities
Other creditors
**7**
-
Loans, mortgages (<1yr)
**6**
-
-
Long term liabilites
Mortgage >1 year
**6**
-
**Total assets less current liabilities**
**1,031,767**
Capital and Reserves
Reserves b/fwd
1,021,390
Profit for the year
10,377
**Reserves c/fwd**
**1,031,767**|**£**
**£**
994,943
6,907
1,001,850
-
41,583
41,583
-
3,529
3,529
18,514
18,514
**1,021,390**
1,012,228
9,162
**1,021,390**
**2021**|
|---|---|
-
## **Notes to the Financial Statements for the Year Ended 30 November 2022**
## **1. Accounting Policies** -
These accounts have been prepared under the historic cost convention and in accordance with applicable accounting standards and the Recommended Practice on Accounting by Charities.
## **2. Premises Costs -**
|**2022**
**Well**
**£**
Heating/Lighting/wifi/TV licence
4,949.48
Water charges/septic tank
267.00
Insurance
2,393.77
Repairs and Servicing
15,233.93
Telephone
451.43
Cleaning/sundry costs
754.28
Caretaking
1,240.00
General rates
1,295.25
Furniture/Equipment/Carpets &c
-
Mortgage payments
1,049.84
27,634.98
**3. Property**-
Cost 1-Dec-21
Additions in year
**4. Furniture and Equipment**-
Cost 1-Dec-21
Additions in year
Depreciation 1-Dec-21
Depreciation in year|**2022**
**£**
994,943.00
-
994,943.00
**2022**
**£**
48,464.60
3,151.59
51,616.19
41,557.98
2,011.64
43,569.62
8,046.57|**2022**
**Stables**
**£**
6,347.01
516.00
-
2,438.40
138.95
-
130.00
-
-
-
9,570.36|**2021**
**Well**
**£**
3,782.72
228.00
2,180.14
1,389.44
291.32
400.43
1,410.00
1,296.72
-
3,242.70
14,221.47
**2021**
**£**
994,943.00
-
994,943.00
**2021**
**£**
48,464.60
-
48,464.60
39,831.32
1,726.66
41,557.98
6,906.62|**2021**
**Stables**
**£**
2,257.53
702.00
-
480.16
-
-
-
-
186.99
-
3,626.68|
|---|---|---|---|---|
|**Notes to the Financial Statements for Year Ended 30 November 2022 (continued)**
**2022**
**£**
5.**Debtors**
Tax Refund due on Gift Aid donations
-
Prepayments
561.60
561.60
6.**Balances in bank on 30-Nov-2022**
Current a/c
8,748.42
Saver a/c
19,467.76
Total
28,216.18
Mortgage a/c
-
7.**Creditors**
Premises costs
-
Accrued interest
-
-|**2021**
**£**
-
-
-
8,892.64
32,690.34
41,582.98
22,042.73
-
-
-|
|---|---|
## **Report and Accounts for the Year Ended 30th November 2022**
## **Trustees -**
Rev. PF Wilkinson - Chairman Mrs R Bane - Secretary Dr SM Carroll - Treasurer Mr J Coe Mr A Lowles Mr T Martin Mr JR Watts Mr J Welch
## **Registered Number** - 1066381
**Address** - 43 Cressingham Road, Ashill, Thetford, Norfolk, IP25 7DG
## **Independent Examiner** -
Matthew Sturman **Bankers** - Barclays Bank Plc, Swaffham, Norfolk **Purpose of Trust** - To provide and maintain premises for Christian worship and associated activities, Christian teaching, nurture and any activities compatible with the foregoing objectives. **Investment Powers** - The trustees may invest funds not immediately required in the name of any clearing bank and any trust corporation or any stockbroking company which is a member of the Stock Exchange (or any subsidiary company) as nominee for the trustees.
CORNERSTONE BUILDING TRUST
## **Independent examiner's report to the trustees of Cornerstone Building Trust**
I report to the trustees on my examination of the accounts of Cornerstone Building Trust (the Trust) for the year ended 30 November 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Indeprendent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the applicable requirements concering the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Sturman FCCA 29-Mar-23
## **Statement of Accounts**
## **Income and Expenditure for the year ended 30th November 2022**
|Note
2022
£
**Income**
Voluntary income - donations and tax recovery
**a**
27,741
Other income received
**b**
2,056
Income from use of property
**c**
19,290
Interest received
**d**
6
**Total Incoming Resources**
49,093
**Outgoing resources**
**Charitable Activities**
Premises costs
The Well
**2**
(26,585)
The Stables
**2**
(9,570)
(36,156)
Finance Charges - Interest (mortgage account)
**e**
(548)
Depreciation on Equipment @ 20%
(2,012)
**Total Outgoing resources**
(38,716)
**Net Incoming/(Outgoing) Resources for the Year**
10,377
**Unrestricted Fund at 1st December 2021**
1,025,247
**Unrestricted Fund at 30th November 2022**
**1,035,624**
**Notes:**
**a**
**b**
**c**
**d**
**e**
Dec-21
250.00
1320.00
1265.00
2.92
-120.94
Jan-22
250.00
1265.00
Feb-22
240.00
1265.00
Mar-22
260.00
2585.00
-152.79
Apr-22
25061.30
1265.00
May-22
260.00
0.00
1265.00
-274.68
Jun-22
250.00
11.41
1265.00
Jul-22
230.00
77.95
2585.00
Aug-22
250.00
1265.00
Sep-22
230.00
1415.00
Oct-22
230.00
84.95
1265.00
Nov-22
230.00
561.60
2585.00
2.90
Total
27741.30
2055.91
19290.00
5.82
-548.41|2021
£
8,520
881
16,500
156
26,056
(10,979)
(3,627)
(14,606)
(563)
(1,727)
(16,895)
9,162
1,016,085
**1,025,247**|
|---|---|
|**BALANCE SHEET AS AT 30 NOVEMBER 2022**
**2022**
**_Note_**
**£**
**£**
Fixed assets
Land and Buildings
**3**
994,943
Furniture and Equipment
**4**
8,047
1,002,990
Current assets
Debtors and prepayments
**5**
562
Balances at bank
**6**
28,216
28,778
Current liabilities
Other creditors
**7**
-
Loans, mortgages (<1yr)
**6**
-
-
Long term liabilites
Mortgage >1 year
**6**
-
**Total assets less current liabilities**
**1,031,767**
Capital and Reserves
Reserves b/fwd
1,021,390
Profit for the year
10,377
**Reserves c/fwd**
**1,031,767**|**£**
**£**
994,943
6,907
1,001,850
-
41,583
41,583
-
3,529
3,529
18,514
18,514
**1,021,390**
1,012,228
9,162
**1,021,390**
**2021**|
|---|---|
-
## **Notes to the Financial Statements for the Year Ended 30 November 2022**
## **1. Accounting Policies** -
These accounts have been prepared under the historic cost convention and in accordance with applicable accounting standards and the Recommended Practice on Accounting by Charities.
## **2. Premises Costs -**
|**2022**
**Well**
**£**
Heating/Lighting/wifi/TV licence
4,949.48
Water charges/septic tank
267.00
Insurance
2,393.77
Repairs and Servicing
15,233.93
Telephone
451.43
Cleaning/sundry costs
754.28
Caretaking
1,240.00
General rates
1,295.25
Furniture/Equipment/Carpets &c
-
Mortgage payments
1,049.84
27,634.98
**3. Property**-
Cost 1-Dec-21
Additions in year
**4. Furniture and Equipment**-
Cost 1-Dec-21
Additions in year
Depreciation 1-Dec-21
Depreciation in year|**2022**
**£**
994,943.00
-
994,943.00
**2022**
**£**
48,464.60
3,151.59
51,616.19
41,557.98
2,011.64
43,569.62
8,046.57|**2022**
**Stables**
**£**
6,347.01
516.00
-
2,438.40
138.95
-
130.00
-
-
-
9,570.36|**2021**
**Well**
**£**
3,782.72
228.00
2,180.14
1,389.44
291.32
400.43
1,410.00
1,296.72
-
3,242.70
14,221.47
**2021**
**£**
994,943.00
-
994,943.00
**2021**
**£**
48,464.60
-
48,464.60
39,831.32
1,726.66
41,557.98
6,906.62|**2021**
**Stables**
**£**
2,257.53
702.00
-
480.16
-
-
-
-
186.99
-
3,626.68|
|---|---|---|---|---|
|**Notes to the Financial Statements for Year Ended 30 November 2022 (continued)**
**2022**
**£**
5.**Debtors**
Tax Refund due on Gift Aid donations
-
Prepayments
561.60
561.60
6.**Balances in bank on 30-Nov-2022**
Current a/c
8,748.42
Saver a/c
19,467.76
Total
28,216.18
Mortgage a/c
-
7.**Creditors**
Premises costs
-
Accrued interest
-
-|**2021**
**£**
-
-
-
8,892.64
32,690.34
41,582.98
22,042.73
-
-
-|
|---|---|