2023-11-30-accounts - Cornerstone Building Trust

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Report from the Trustees for the year ended 30[th] November 2023

This is a report on the workings of CBT for the financial year to the end of November 2023.

The Cornerstone Building Trust was formed 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 building; 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 groups 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 2023 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 are approved by the Trustees at a regular meeting after they have been audited by our accountants, Lovewell Blake in Norwich.

For the period to end of November 2023 our Gross income from Voluntary Donations, Gift Aid and use of premises was £ 27,116 . Total expenditure was £ 46,791 , leaving a net deficit of £ 19,675 .

Income is typically from the regular payments from FOL, along with payments from First Steps and Kidz Klub for the use of the buildings. Last year our income was substantially boosted by a donation in someone’s will which allowed us to pay off our mortgage. It would be a wonderful encouragement for us all if this is something you have planned to do – and if so, thank you in advance.
Expenditure this year was higher than normal: we have had external contractors in to resurface the front driveway (£3500) and reroof the bungalow (almost £9000) and part of the Stables (£1200) as well as there being significant cost of living increases such as for electricity and oil. All of these have caused us to use up a lot of our reserve savings.
The cost of almost £3,000 on a new oven for the Well kitchen was however paid for by a very generous donation for which we are very grateful.
To help plan for future expenditure we have a proposed schedule of works that covers the next two years. Thank you, John, for developing this.

Special thanks are due to the trustees (and others) who give up their time and energy doing the work that we discuss at our meetings; there is a significant cost saving when we do work ourselves, rather than asking external contractors to come in. There are plans to have work parties over the coming months 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; several donors have been committed to monthly giving ever since the start of the building project 24 years ago. As well as the income we receive for rent, these donations remain a significant income stream to help maintain the buildings and fund 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: ………………………………………

Rev Paul Wilkinson, Chairman April 2024

Report and Accounts forthe Year Ended 30th November 2023 Trustees. Rev. PF Wilkinson- Chaim)an Mr5 R Bane- Secretsry Dr SM caOI1- Treasurer Mrj Coe Mr A Lowles MrT Marbn MrJR Watts Mr J Welch Registered Number- 1066381 Addre55- 43 Cressingham Road. Ashill. ThetFord. NorfolK IP25 7t Independent Examiner- Matthew SrMan Bankers- Barclays Bank Pk. Swaftham. Norfolk Purpose of Trust- To provide and maintain prerrI5 ftjr Christian worship and a550ciated actiwties. Christian teachin& nurture and any activtties compatible with the foregoing objectÉve5. Investment Power5. The trustees may invest funds not immediatety required in the namè of any clearing bank and any trust corporatiorb or any stockbroking company which is a member of the Stock Exchange lor any subsidiary company) as nominee for the trustees.

CoRNEoNE BUILDING TRU5[ Independent examirter's report to the trustees of Comerstone Bulldlng Trust I report to the trustees on my exarnination of the ottounts of Cornerstone Building Trust (the Trust} for the year ended 30 November 2023. Responsibilities and b5 of report As the charty trustees of the Trust you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Art 2011 {"the Art"). I report in respett of my examination of the Trust's accounts carried out under settion 145 of the 2011 Act and in carrying out my examination I have folbwed all the applicable Directions gNen by the Charity Commission under section 14515}(b) of the Act. Indeprendent examinerfs statement I have completed my examination. I confimi that tK) material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in re5pert of the Trust as required by section 130 of theAct; or the accounts do not accord wtth those records: or the accounts do not comply with the applicable requirements concering the form and content of accounts set out in the Charitses {Accounts and Reports} Regulations 2008 otherthan any requirement that the aCCDunts gt¥e a Ye and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have corne acr055 no other matters in connection wlth the examination to which attention should be drawn in thi5 report in order to enable a proper understandiTrg of the accounts to be reached. Matthew Sturman FCCA 1S-Apr-24

Statement of Accounts Income and Expenditure forthe year endÈd 30th N¢vember 2023 Note 2023 2022 Income Volunt3ry income- donations and tax recovery Other income reived Income from use Df property Interest received 2,530 4.414 19.140 78 27,741 2.056 19.290 Total Ina)mir>g Resources 26.162 49,092 Outgoing resour Charitable Actsvittes Premises costs The Well The Stables 34,0701 16,9391 141,0091 {26,5851 19,5701 136,1561 Finan Charges- Interest {mortgage account) 15481 Depreciation on Equipmènt @ 20% 11,609J 12,0121 Total Outyoing resources 142,6181 138,7161 Net Ioming110Utg0Ij Re5(wrfOrthe Year 16.4561 10.377 Unrestrirted Fund at tst December 2022 1.035,624 1,025.247 Unrestrlrted Fund at 30th Novemb 2023 1.019.168 1.035 624 Debtor b/f Dec-22 JèrF23 Fel23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 A%Jg-23 Sep23 Ott-23 Nov-23 -562. 74.33 1265.00 o.c> 1265.(KI 2076.24 1265.(K> o.tKI 2585.(KJ 0. 1265.(M) 0.[ 1265.00 0.0) 2585.1)O O.(M) 1265.1)0 0. 1265. 1265. 230.C 3.60 190.(KJ 210.00 190.(K) 210. 2(X).00 2(M).(Kl 24.24 35.02 190.IXJ 15.29 210.00 200.00 0. 1265.00 2825.(X) 2585.00 Total 2530.OQ 4413.57 19140.00 78.15

Fixed assÈts land and &Jtlthngs Furnitijre and Equiprnent 994.943 8.047 6.437 i.rxtiJ80 LLXJ2,990 Current assets Debtofs and prepayments Baknces at bank 562 28.216 13.931 13.931 28.778 Current lialmlities OthercreditOF5 loans, mortgy ll year ' i.011 L031.767 itsl and Reserve5 ReseNes blfv Profitl1105sI For year 1.031.767 116,4561 1x115311 1.021,390 10,377 IA131.767 I 5

l. AccouBtsng Policies. These accounts have been prepared uTrderthe hE$IC w5tconveTrtion and in accordance with applicable standards and the Recommeftded Practi on Accounting byCharibÈL 2. Premises Costs- 2023 Well 2022 Stab1È5 Well FleatinyJLthtirfwrfim licen I336.47 3.21831 4.949.48 6,347.01 Water Chasepti[ tapk 867.Crf) 267 516.(H) Insurdnce 2.796.74 2,393.77 Rep31rs and SeinE 14262.32 1.501.66 15233.93 2N38.40 Telephonp 737.12 451.43 138.55 CleanIn${Mdry c5 878.92 Caretaking 1,708. 1.240.(K) 130.(X) General rate5 1352.41 1,295.25 Frnytre3E9ulPrneTrVCJrpets &c Mow paymÈrt5 1.049.84 34.W&57 93938 26.339.73 10.855.61 3. Property. Cost i.Dec.22 Add¢ts in year 994.943A 994,943. 99&,943.() Fumitwe a1 EquipnRnt- Cott ier.2? Additiors inyear 51.61&19 48,464.j 3.15159 51.616.19 51,616.19 Depreclation l-DLf-22 Depreciation inyear 43.569.62 1,609.C¢) 41.557.98 2,011.64 45,17&62 43569.62 6.437.IK) 8,046.57

otssto thè Fiftantial Slaternentslor Year Ended 30 November 20231coA*inued) 5. Debtors Tax Refund due on Glft Aid donations Prepayments 561.60 561.60 6. Balances in bank on 31Mo¥-2023 Current alc Saver alc Totsl 8.149.14 5.781.81 13.930.95 8,748.42 19.467.76 28,216.18 Mortgage a/c 7. Creditors Premises ci)sts Accrued interest