REGISTERED COMPANY NUMBER.. 4210066 (England and Walesl REGISTERED CHARITY NUMBER.. 1093589 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS For the year ended 30 June 2024 for CORNERSTONE CONNECTIONS LIMITED Operating as PROJECT CORNERSTONE
CORNERSTONE CONNE10Ns LIMITED trading as PROJECT CORNERSTONE CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Contents REFERENCE AND ADMINISTRATIVE DETAILS.... STRUCTURE, GOVERNANCE AND MANAGEMENT.........,..........,........ OBJECTIVES AND ACTIVITIES........... SIGNIFICANT ACTIVSTIES.,,......,.,,,...... ACHIEVEMENT AND PERFORMANCE..,,.......,........................ ACHIEVEMENT AND PERFORMANCE continued. FINANCIAL REVIEW................... INDEPENDENT EXAMINER'S REPORT...,.,,......,,......,.,,,..... STATEMENT OF FINANCIAL ACTIVITIES.......... . . .10 BALANCE SHEET........ 11 STATEMENT OF CASH FLOWS .........,.,.,.............................. .12 NOTES TO THE FINANCIAL STATEMENTS ........................... .13 Page 2
CORNERSTONE CONNE10Ns LIMITEDtrading as PROJECT CORNERSTONE REPORT OF THE TRUSTEES for the year ended 30 June 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 20061 present their report with the financial statements of the charity for the year ended 30 June 2024. REFERENCE AND ADMINISTRATIVE DETAILS Re istered Com number 4210066 (England and Wales) an Re istered Cha rit 1093589 number Re istered off ice 22 Market Place Gainsborough DN212BZ Trustees A J M Evans BSC, BArch Hons, Msc Mrs A Evans BA, MA M P Hodgkinson Msc Com S R Hardy Secreta Inde endent examiner R White IACA} Solicitors Burton & Dyson Solicitors 22 Market Place Gainsborough DN212BZ Bankers Roya l Banlc of Scotla nd 13 Stonebow Centre Lincoln LN2 IDQ Page 3
CORNERSTONE CONNECTIONS LIMITED trading as PRoJECoRNERSToNE REPORT OF THE TRUSTEES for the year ended 30 June 2024 continued STRUCTURE, GOVERNANCE AND MANAGEMENT Governin document The Company is governed by the Memorandum and Articles of Association of Charitable Company dated 2 May 2001, under the name Project Cornerstone Ltd. A Certificate of Incorporation on Change of Name dated 29 June 2002 confirms the chan8e of name to Cornerstone Connections Ltd. Restrictlons The income and property of the Company shall be applied solely towards the promotion of its objectives as set forth in the Memorandum of Association and no portion of such income and property shall be paid or transferred, directly or indirectly by way of dividend, bonus or otherwise howsoever by way of profit, to members of the Company. Recruitment and a ointment of new trustees The current Trustees are the founders of the charity. Induction and trainin of new trustees The Trustees are closely involved in the Charity's activities and formal training in thi5 is not necessa ry. They mainta in an awareness cf relevant law and regulations by taking advice and by reference to Charity Commission published guidance. Or anisationa I structure The Charity is largely run from the homes of the Directors, who are the Trustees of the Charity. Trustees do not receive any remuneration. All other help is vo5untary. Wider network Project Cornerstone is the main funder of the Judah Mahana Vocational Centre, a charity registered in Ghana. G rants to this charity constitute the largest part of Project Cornerstone's expenditure in the year. I n additlon most years Trustees and volunteer5 Vislt Ghana to support and advise on the work of the Centre. Ris1< mana ement The trustees have a duty to identify and revieim the risks to which the charity is exposed and to ensure appropriate controls a re in place to provide reasonable assurance against fra ud and error. OBJECTIVES AND ACTIVITIES Ob'ectives and aims The Charity's Objects as stated in the Memorandum of Association are,. the relief of people in developing countries who are homeless or otherwise in necessitous circumstances by the provision of the construction of build ings as will relieve their need the advancement of education of children and young people by the provision of the construction of school buildings Page 4
CORNERSTONE CONNECTIONS LIMITED trading as PROJECT CORNERSTONE REPORT OF THE TRUSTEES for the year ended 30 June 2024 continued The company is established to encourage, finance and a55lst in the construction and maintenance of community- based construction projects that ca n be used to promote educationa I, medical and spiritua I care in the developing world. Publ ic Benefit Projects are chosen after it has been established that there is a long-term need, and a secured future that will benefit as wide a range of needy people as possible, of all ages. I n deciding what activities to undertake, the Trustees have regard to guidance issued by the Charity Commission. SIGNIFICANT ACTIVITIES The primary areas to benefit from the operation of Cornerstone Connections Ltd (trading as Project Cornerstone) are in Ghana, West Africa. Working with the Judah Mahama Vocational Centre, a Ghanaian registered charity, Project Cornerstone has ena bled the construction of several build i ng5 that provide both l iving accommodation and a means of training for young women from areas of extreme poverty, or who would otherwise be homeless. In the city of Kumasi, Ghana, a new primary school has been constructed and is supported by Project Cornerstone. A further project SUPPOrt5 a primary healthcare trainlng in Burundi. We continued raising funds in support of projects in Thailand. The Back round to our Worl< Pastorjohn Mahama of the Judah Mahama Vocational Centre frequently talks of "My People meaning those from the various people groups from the north of Ghana. These people have historically had little opportunity for education, livi ng as subsistence farmers in the rural areas. Ru ral poverty often d rive5 them to the majo r cities in the south of the country, where they undertal(e many of the jobs that are viewed as beneath the local people. In the cities of Kumasi and Accra, it is common to see northern people living rough on the streets or crammed together in hand-built shanty towns. Many children travelling south with their parents cannot afford to attend School. Malnourished children are frequently seen. Project Cornerstone has been working with Pastorjohn since the year 2000, aiming to enable him to fulfil his vision to improve the lives of the northern people, in the southern city of Kumasi, and around the northern city of Tamale. Page 5
CORNERSTONE CONNECTIONS LIMITED trading as PROJECT CORNERSTONE REPORT OF THE TRUSTEES for the year ended 30 June 2024 continued ACHIEVEMENT AND PERFORMANCE What we Do Where we Worl< Ghana Project Cornerstone works closely with the Judah Mahama Vocational Centre, discussing all aspects of the projects that they run, advising where possible, but never dictating. We ensure that all projects are properly managed and that all have a sustainable f uture, We frequently reinforce the aim that all projects in Ghana shou Id eventually be econom ically self-sustaining. All parties in G hana and the U K are worl<ing towa rds that goal. All fundraising and ad min istrative work in the UK is carried out by volunteers. I n Ghana, there are pa id employee5 on all projects. Funds have been raised in a variety of ways, rnainly from private donations and regular monthly glving by individuals, charities and companies. Although there were not any vislts to Ghana during the reporting period, the trustees l<eep in regular phone contact with Pastor John, who oversees the Ghanaian charitv. Project Cornerstone is worl(ing In two main centres in Ghana. Tamale, the northern capital is the location for the ma in vocational training centre, while a primary school is supported in the southern city of Ku tmasi. Tamale Judah Muhama Vocational Trainlng Centre.. Tamale The training centre, home to around 35 girls and young women aged from about 12 to 30, aims to provide students with an alternative to moving to the city of Kumasi to look for work in the markets. All of the trainees are from very poor rural backgrounds,. many have not been to school, a few have only attended for a short while. Trainee5 have generally arrived on recommendation from rural pastors who are known to Pastor John, usually selected from the poorest families or from those who have experienced particular hardships. M05t will go bac1( to their home villages on completion of their training. Once they graduate, the girls leave with a new hand-operated sewing machine and the skills they need to become financially independent. This has an additional consequence of making them mo re desira ble for potentia15Ultors, Many of the girls will get ma rried to husba nds with a higher level of education. The girls generally spend two years learning to sew with hand-operated sewing machines. Younger girls may spend an additional year. During their tra ining, the girls will a Iso learn basic numeracy and literacy and receive two lessons per week in the English language, By the time they finish their training, all girls will be able to tailor clothes from scratch and run the ir businesses, Training takes place in three classrooms, the girls sleep in two dormitories opposlte. A range of ancillary rooms and toilets form the rear part of the enclosure. At pre%ent, there are two teachers, Fushiana and Hikima, a former student. Lessons in the English language are given by volunteers. Income Generotion The buildings sit within 8 acres of land which is farmed by a caretaker who lives on site. Around 500 mango trees have been planted on part of the land. The trees have grown more slowly due to the harsh climate in the north. The amount of fru it is increasing each year, generating income for the project. This is used to sub5idise the cost of Page 6
CORNERSTONE CONNECTIONS LIMITED trading as PROJECTCORNERSTONE REPORT OF THE TRUSTEES for the year ended 30 June 2024 continued teaching. Much of the remainder of the land is planted with beans, maize, groundnuts, etc, all of which is used for food for the training centre, Sheep a nd hens are also l<ept. A small mil l operates as a commercia l enterprise, grinding ma ize, rice and vegetables for people who l ive nearby. Kumasl Agupe Academy ot the Village site The site contains the former training centre buildings that now operate as a primary school for around 100 children. Adjacent is the caretaker's house. Around the land are several other Small accommodation blocl<s. These help to marl< the extent of the land and provide accommodation for former vocational training students, The pupils either walk from the surrounding areas or are picked up from shanty towns in Kumasi and brought by minibus. This limits the number of pupils who can attend. The students tend to be selected from the poorest of families who could not otherwise afford to educate their children. The buildings are sited on around 5 acres of land that have been planted with about 60C mango trees. These trees are much larger than those at Tamale and have been fruiting for several years bringinE income to help fund the school. V151t to Ghana- November 2023 2023 marked the 25th anniversary of Ann Evans, first visit to Ghana, where she met Pastor John and recognised his potential to support some of the poorest girls from the rural north. Shortly after, the idea for Project Cornerstone started to formulate. To celebrate thi5 milestone, Alan and Ann Evans, directors of Cornerstone Connettions, along with their daughter Annie Evans and long-time supporter Marvin Liddle, visited Ghana in November 2023. They were able to spend time at the current projects in Tamale and Kumasi, conduct a comprehensive review of all aspects of the initiatives, discuss successes and challenges With Pastor John, learn about future project developments, and talk to staff and students. The team also visited projects initiated during the 25-year period that have since been transferred to other organisations. Some, lil<e the school at a Baptist Church, continue to thrive under new leadership. Wherever possible, they visited former students, many of whom now run small shops and training centres where they mentor new students. It is clear that the impact of Project Cornerstone extends far beyond the girls whD received direct training and the children who attended the schools. Cornerstone Malawi For severa l years, two GP'S from the UK have been assisting a USA based charity, travelling period ically, initia I ly to Malawi and now to Burundi, to carry out primary healthcare training and support the ongoing healthcare work of the local staff. During the reporting period, Drs Protheroe have spent three weeks in Burundi, working with young and vulnerable people. Health and hygiene was taught to groups of 80, over 4 sessions for each group. Additionally, instruction on women's issues was given to ladies who would not normally be able to access medical care. Page 7
CORNERSTONE CONNE10N5 LIMITED trading as PRojEcORNERST0NE REPORT OF THE TRUSTEES for year ended 30 June 2024 continued ACHIEVEMENT AND PERFORMANCE continued Although no longer funded through Project Cornerstone, work continues in Malawi and the doctors hope to return to carry out further teaching in the future. Cornerstone Thalland Cornerstone Connections has continued to raise funds in support of the Asia Center Foundation IACFI. ACF has been working in Phuket since 2002 and helps disadvantaged Thal and Burmese children aged between 3 and 18, through a variety of programs. These include a pre-school, a safe-house, and a scholarshlp program. The funds raised through Project Cornerstone are being used as an emergency fund to help those who are experienclng particular hardships i n their l ives. Th is money will be used at the d iscretion of the d irectors of ACF. FINANCIAL REVIEW Reserves olic The Trustees maintain the reserves of the charity in low rislc, interest bea ring accounts only. Princi al fundin Donations are sought from individuals, charities and companies to enable the company to worl( towards its objectives. sources Revlew of Fi nancial Activities Income for the year totalled £30,74412023 - £14,164). When added to reserves at the start of the year of £7,658 the total available capital for the year was £38,402. Of this, £25,690 {2023 - £17,814) was used to support the activities highlighted a bove. The income 15 analysed in notes 2 to 3. Unrestricted reserves at the end of the year totalled £8,507 {2023 - £3,561). Of this, £70612023 - £6891 has been designated for use by PastorJohn Mahama, in lieu of salary (see note IDI. Approved by the Board on l*h March 2025 and signed on its behalf., A J M Evans BSC, BArch Hons, MSC- Trustee Page 8
INDEPENDENT EXAMINER'S REPORT to the TRUSTEES OF CORNERSTONE CONNECTIONS LIMITED for the year ended 30 June 2024 I report to the Charity trustees on my examinatlon of the accounts of the company for the year ended 30 Jun 2024, which are set out on pages 10 to 16. Res onsi bilities and basis of re ort As the Charity's Trustees of the Company land also its directors for the purpose of company lawl you are responsible for the preparation of the account5 in accordance with the requirements of the Companies Act 2006 I'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act a nd are eligible for independent exa mination, I report in respect of my exam ination of your Charity's accounts as carried out under section 145 of the Charitie5 Act 2011 {the '2011 Act'l. In carrying out my exam ination I have followed the Di rections given by the Charity Commission under section 14515llbl of the 2011 Act. Inde endent examiner's re ort In connection with my examination, no matter has come to my attention: 111 which gives me reasonable cause to believe that in any material respect the requirements'.- to Iieep accounting records in accordance with settion 386 of the of the Companies Act 2006,. and to prepare accounts which accord with the accounting records, comply with the accounting requirements of Section 396 of the Companles Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 121 Roger White (ACAI Saul Fairholm Limited Chartered Accountant5 12 Tentercroft Street Lincoln LN5 7DB th Dated 17 March 2025 Page 9
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Company number '. 4210066 Charlty number '. 1093589 CORNERSTONE CONNECTIONS LIMITED trading as PROJEcf CORNERSTONE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operatlng activities: 3,867 .13,210 Cash flows from Investing activltles: Purchase of assets Net cash provided by (used In) Investlng activities Change in cash and cash equivalents in the reporting period 3,867 3,2101 Cash and cash equivalents at the beginning of the reportlng period 5,120 8,330 Cash and cash equlvalents at the end of the reporting period 8,987 5,120 2024 2023 Reconciliation of net income (expendlture) to net cash flow from operatlng activities Net income (expenditure} for the reportlng period (as the Statement of Financial Activities) Adjustments for.. Ilncrease) decrease in debtors I ncrease Idecreasel in creditors Net cash provided by (used In) operating activities 5,054 13,6501 11, 187) 440 3,867 13,2101 Analysis of cash and cash equivalents Cash in hand 8,987 8,987 5,120 5,120 Total cash and cash equivalents The notes on pages 13 to 16 form part of these Financial Statements Page 12
Company number: 42166 Charlty number: 1093589 CORNERSTONE CONNECTIONS LIMITED trading as PRQIECT CORNERSTONE NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 I ACCOUNTING POLICIES a Ba515 of accountln and oln The flnancial 5tatement5 have been prepired in accordance with Accountlng and Reporting by Charltle5'. Statement of Recommended Practice applicable to charlties preparing thelr account'5 in accordance with the Financial Reportln8 Standard applicable in the UK and RepublSc of Ireland IFRS 1021 (effective I 18nuary 20191- Icharities SORP FRS 1021, the Financial Reportln8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Comp8nles Att 2006. The financial Statements are prepared under the historical cost convention. The Sessions House meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially reco8nised at hlstorlca5 cost or transaction value unless otherwise stated in the relevant accountin% policy notes, The trustees conslder there are no material uncertainties about the charlty's ability to contlnue 35 a going concern. The review of our financial posltion, reseNes levels and future plan5 gives trustees confidence that the charlty rernains a going concern. b Fund accountin concern Project Cornerestone holds funds of the following types: Restrlcted funds . which are 5ublect to speclf ic conditions imposed by the donor, General funds - whlch are available for any purposes within the Project Cornerstone's objects. Desi8nated fund5 - which have been earmarked by the Trusteeg for specif ic purpose5 Within the Project Corner5tone'5 objects, but remain part of general f unds. c Incomin resources Income is accounted for when the charity Is entltled to receive the income, when it can be valued accurately and when it is rea50Nably certain that it will be received. d Grants receivable If8nts are recognisÈd on receipt unless sublect to conditions on the timing of their use, e Resources ex ended Expenditure is recognised on an accruals basis and charged directly to the actlvity concerned. f Grants able Grants are Included In the period in which the charlty h85 committed the expenditure and when it can be quantif led wlth rea50nable certainty. g Taxatlon The Charlty Is considered to pass the tests set out in Paragraph I Schedule 6 ot the Finance Act 2010 and therefDre it meets the deflnltlon of the charitable company for UK corporation tax purp05e5. Accordingly, the Charity15 Potentlally exempt f rom taxation in respect of income or capital gains recelved wlthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeeble Gain5 Act 1992, to the extent that such income or gains are applied excluslvely to charitable Durnoses. 2 INCOME FROM GRANTS AND DONATIONS 2024 2023 General fund5 Restricted Fund5 Total Total Gifts from businesses Grants from Churches and charities 6,160 1,945 15,744 3,343 27,192 3,034 Restricted income in 2023 arnounted to £1,422 and unrestrlcted to £11,811. 6,160 1,945 18,770 3,350 30,225 600 Donations f rom Indlvlduals 3,026 10,517 2,116 13,233 Gift aid Pa8e 13
Company number: 4210066 Charlty number: 1093589 CORNERSTONE CONNECTIONS LIMITED trading as PROJE CORNERSTONE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 General funds Restricted Funds Total Total 2 INCOME FROM GRANTS AND DONATIONS continued Grants received and included above were as follows: Psalm 84 1,945 1,945 1,945 1,945 600 600 I n 2023 these were all unrestricted 3 INCOME FROM ACTIVITIES FOR GENERATING FUNDS Coppers for Cornerstone 502 502 925 502 502 925 I n 2023 these were al l unrestricted INVESTMENT INCOME Interest on bank deposit5 In 2023 this was all unrestricted 17 17 4 COSTS OF GENERATING FUNDS Charities exh ibition Coffee shop and Ebay Coppers for Cornerstone Thailand coffee Page 14
Company nutnber., 4210066 Charlty nurnber,. 1093589 CORNERSTONE CONNECTIONS LIMITED tradin8 a5 PROJECT CORNERSTONE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 General funds Restrlcted Funds Total Total 5 cosr5 OF CHARITABLE ACTIVITIES Grants aid Support for worl( in Ghana Support for work in Malawl Support for worl( in Thailand 18,478 18,478 2,926 15,300 1,700 2,926 18,478 In 2023 £707 was restricted and £16,293 was unrestrlcted ort Costs 2,926 21,404 17,OQO Supportforwork in Ghana Support for work in Ma13wI Support for worl< in Thailand 4,286 813 4,286 813 In 2023 these were all unrestrlcted Total costs of charitable activities Supportforwork in Ghana Support for work in Malawl Support for worl< in Thailand 18,478 18,478 2,926 16,113 1,700 2,926 18,478 In 2023 £707 was restricted and £17, 106 was unrestricted 2,926 21,404 17,813 2024 2023 The total of grants paid to institutions durin8 the year was.. Judah Mahama Vocational Centre 18,478 2,926 15,292 1,700 Trlnlty Church, Malawl Tamale- Sewing machine 21,404 17,000 6 TRUSTEE5' REMUNERATION AND BENEFITS There was no tru5tees' remuneration or other benefits In the year ended 3CI June 202412023 - £nill. No expenses were reimbursed to trustees In the year ended 30 June 202412023 - £nill. During the year ended 30 June 2024, no travel expenses were paid for trustees.12023 - £nill 2024 Restrlcted Funds 2023 General funds Total Total 7 DEBTORS Income tax recoverable 3,719 3,725 2,538 In 2023 unrestricted amounted to £2,221 and restricted to £247, Page 15
Company number.. 4210056 Charlty number: 1093589 CORNERSTONE CONNECTIONS LIMITED tradin8 as PROJECT CORNERSTONE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Balance at 01,07.2023 Income Balance at 30.06.2024 Expendlture Transfers 8 FUNDS OF THE CHARITY Unrestricted funds General Fund 2,872 689 27,693 17 122,7641 7,801 706 John Mahama deslgnated fund 3,561 27,710 122,7641 8.507 Restrlcted Funds Malawi medical fund John Mahama rèstrlcted fund Funds for Tamale Training Centre Fund5 for Thalland Other restricted f unds 142 2,816 12,9261 32 3,955 218 4,173 4,097 7,658 3,034 30,744 12,9261 125,6901 4,205 12,712 TOTAL FUNDS Balance at 01,07.2022 Transfer5 Balance at 30.06.2023 Income Expenditure FUNDS OF THE CHARITY U nrestricted funds General Fund John Mahama deslgnated fund 6,472 1,557 8,029 12,120 155 12,275 116,0831 11,0231 117,1061 363 2,872 689 3,561 363 Restricted Funds Malawi medical fund John Mahama restricted fund Funds for Tamale Trainlng Centre Fund5 for Thailand Other restricted funds 389 350 116 350 13631 142 17001 181 2,532 1,423 3,955 3,279 11,308 1,889 14,164 17081 17,814 13631 4,Q97 7,658 TOTAL FUNDS the designated fund In respect of Pastor John Mahama represents funds held aside to support the work carried out by Pastor john as he does not receive a salary f rom the charity. Page 16