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(NORWICH)
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Annual Report and Accounts For the Year ending 31 March 2021
Company Number 05942313
Registered Charity Number 1118125
Fo
Cre RNERSTONE CHURCH “ {NORWICH}
Annual Report and Accounts for the Year Ending 31 March 2021
CONTENTS
Legal and Administrative Information
| Page | |
|---|---|
| Annual Report ofthe Trustees | 1 |
| Legal and Administrative Information | 2 |
| Statement of Financial Activities | a |
| Balance Sheet | 4 |
| NotestotheAccounts | 5&6 |
a
PR®ORNERSTONE CHURCH >. (NORWICH)
Annual Report and Accounts for the Year Ending 31 March 2021
Governing Document
The organisation was established under a Memorandum of Association which established the objects and powers of the organisation and is governed under its Articles of Association.
Charity's Objectives
The advancement of the Christian Faith as defined in Appendix A by means of:
Promoting the outworking of the Ministry of the church through worship, prayer and fellowship.
Providing training in the study of the bible.
Supporting the needs of the membership and others by pastoral, oversight, visits, housegroups and the provision of assistance in time of need.
Supporting the work of the church mission both in the UK and abroad.
Trustees
The trustees Richard George and Jonathan Croft have served throughout the year. Louise Ann Mackender de Cari became a Trustee from February 2021
Signed on behalf of the trustees LOY. \6/¢A,/
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MeoRNeRsTONE—_ (NORWICH) CHURCH
Despite Covid 19 regular income was maintained and there were sufficient funds throughout the year to service our activities, Which, rather than being curtailed were instead merely shifted onto mainly online facilities.
Church meetings continued without interruption from the first lockdown and through the rest of the year.
Efforts were made by individuals to provide community support to the elderly, lonely or struggling. Outreach activities continued in between lockdowns but also online during them.
Close links with The Way of the Spirit continued and many church members or caught up in teaching online. And other ways of reaching out to contacts in India, East Africa, Philippines, and Europe.
The model for running church adopted from the inception of Cornerstone (Norwich), positioned us ideally to be able to continue advancing through the pandemic without missing a step.
As lockdowns begin to ease, we will seek to capitalise on the new ways of reaching out we have discovered through our online activity. One exciting possibility is that Christians who do not have spiritual home in a local church can, through online possibilities, join in with what we are doing here from wherever they are in the country or even the world.
Pastor Richard George 16" June 2021
TRSIORNERSTONE CHURCH = (NORWICH)
Annual Report and Accounts for the Year Ending 31 March 20271
Legal and Administrative Information
Trustees:
Richard George Jonathan Croft Louise Ann Mackender de Cari
Company Number: 05942313 Registered Charity No: 1118125 Registered Office: PO BOX 1404 Lingwood NORWICH NR13 4YY
Contact Office:
PO BOX 1404 Lingwood NORWICH NR13 4YY
Incorporated as a Private Limited Company on 21 September 2006
Admitted to the Central Register of Charities on 27 February 2007
Bankers:
Barclays Bank High Street Loddon Norfolk
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I I I I
Cornerstone Church (Norwich)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
| Notes | Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2020-21 | 2019-20 | ||
| £ | £ | £ | £ | ||
| INCOMING RESOURCES | |||||
| Voluntary Income | 2a | 37,916 | 1,574 | 39,490 | 41,094 |
| Incoming Resources from Charitable Activities | 2b | * | |||
| Total Incoming Resources | 37,916 | 1,574 | 39,490 | 41,094 | |
| RESOURCES EXPENDED | |||||
| Direct Charitable Activities | 3a | 21,535 | - | 21,535 | 33,639 |
| Charitable Expenditure | 3b | 12,160 | 12,160 | 8,904 | |
| Total Resources Expended | 33,696 | - | 33,696 | 42,543 | |
| NET INCOMING RESOURCES@ 2021 | 4,220 | 1,574 | 5,794 | (1,448) | |
| Funds at 1 April 2020 | 4,527 | 3,602 | 8,129 | 9,578 | |
| FUNDS31MARCH2021 | 8,747 | 5,176 | 13,922 | 8,129 |
There have been no recognised gains or losses, other than the results for the financial year and all profits or losses have been accounted for on an historical cost basis
The notes on pages 5 form part of these accounts
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Cornerstone Church (Norwich)
Balance Sheet as at 31 March 2021
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|Notes|2020-21|2018-20|
|£|£|
|FIXED ASSETS|
|Tangible|Fixed|Assets|1&4|606|757|
|606|757|
|CURRENT ASSETS|
|Bank and|Cash|Balances|8.111|3,800|
|Debtor|677|712|
|Bursary|Fund|5.176|3,602|
|Stock|-|-|
|13,964|8,114|
|CURRENT|LIABILITIES|
|Creditor|___(647)|(742)|
|(647)|(742)|
|NET ASSETS|13,922|8,129|
|FINANCED|BY:|
|General|Fund|5|13,922|8,129|
|TRUST FUNDS|13,922|8,129|
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Audit Exemption Statement -
For the year ending 31.03.2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
1 the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
2 the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
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these accounts have been prepared in accordance with the provisions applicable to companies subject to the smali companies’ regime.
The financial statements, which have been prepared in accordance with the special provisions of Part Vil of the Companies Aci 2006 applicable to small companies, and in accordance with the Financial Reporting Standards for small entities, were approved by the trustees on Ie jel 2\and signed on its behalf: Trustee KON) Vf ; a,/2;/2; Richard George \ Trustee 8) 2 Jonathan
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KON) Vf ; a,/2;/2; Richard George
\
8) 2 Jonathan Croft
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Cornerstone Church (Norwich) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2021
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1 ACCOUNTING POLICIES
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The accounts have been prepared under the historical cost convention and in accordance with the SORP 2005 on "Accounting and reporting by Charities" and the following are the accounting policies which have been applied in dealing with material items.
(a) Donations and Charitable Grant Income
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Donated income without conditions attached, including that gifted under gift aid, is taken into account when received by the Charity. Charitable grants which have conditions which have not been fulfilled (as distinct from restrictions on the purpose for which they can be used) are treated as liabilities and only recognised as income when the conditions are achieved Grants which have service level agreements attached are recognised as income as the relevant services are performed.
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(b) Donations and Charitable Grants Expenditure Donations and charitable grants payable are recognised as expenditure at the earlier of when they are paid and when they are committed to the recipient in a manner which is intended to be acted upon.
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{c) Restricted and Unrestricted Funds Restricted funds are those received for use on specified purposes. Expenditure which meets those criteria is allocated to that fund. Unrestricted funds are those received or generated that can be used for the general purposes of the charity.
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(d) Income and Other Expenditure Interest income is taken into account when receivable and expenditure when incurred by the Charity, regardless of when payment is made.
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(e) Depreciation Depreciation is calculated to write off the cost, less estimated residual values of tangible fixed assets over their estimated useful lives to the Charity. The annual depreciation rates and methods are as follows:
- 5 Years 5 Years
| 5 Years | ||||||
|---|---|---|---|---|---|---|
| (f) | Debtors & Creditors | |||||
| A debtor of£676.75 has been provided for GiftAid claimed, but not received. A | creditor of£646.78 has been provided for tithes owing and | |||||
| Liabilities waiting to clear. | ||||||
| 2 | INCOMING RESOURCES | |||||
| (a) | Voluntary Income | Unrestricted | Restricted | 2020-21 | 2019-20 | |
| £ | £ | E | E | |||
| These comprise: | ||||||
| Offerings and Other gifts | 37,915.56 | 1,574.00 | 39,489.56 | 41,094 | ||
| 37,915.56 | 1,574.00 | 39,489.56 | 41,094 | |||
| (b) | Income Resources from | |||||
| Charitable Activities | Unrestricted | Restricted | 2020-21 | 2019-20 | ||
| £ | £ | £ | - | |||
| Church Activities | - | |||||
| 3 | RESOURCES | EXPENDED | ||||
| (a) | Charitable Activity Costs | |||||
| An analysis of the charitable activities and their expenditure is as follows:- | ||||||
| Unrestricted | Restricted | 2020-21 | 2019-20 | |||
| £ | £ | £ | £ | |||
| Church Speaker | 175.00 | |||||
| International Missions | - | 780.00 | ||||
| Ministry Salaries | 19,164.54 | 25,615 | ||||
| Outreach - Bursary | - | 170 | ||||
| Outreach - Local Mission | 395.90 | 5,779 | ||||
| Outreach -Youth Work | 1,800.00 | 1,294 | ||||
| Other Charitable Expenditure (see note 3b) | 12,160.06 | 8,904 | ||||
| 33,695.50 | - | 33,695.50 | 42,542 | |||
| (b) | Other Charitable Expenditure | Unrestricted | Restricted | 2020-21 | 2019-20 | |
| £ | £ | £ | £ | |||
| Books & Resources | 35.00 | 200 | ||||
| Business Meetings/Conferences | - | 60 | ||||
| Computer Expenses | 933.26 | 132 | ||||
| Depreciation | 151.38 | 189 | ||||
| Donations & Gifts | 4,266.60 | 4 | ||||
| General Expenses | 4.99 | - | ||||
| Legal & Professional Fees | 1,100.00 | 1,290 | ||||
| Office Expenses - RG | - | 5 | ||||
| Postage | - | 356 | ||||
| Print& Stationery | 465.98 | 40 | ||||
| Public Liability Insurance | 390.69 | 385 | ||||
| Subscriptions | 227.99 | 397 | ||||
| Tithes | 3,159.67 | 3,304 | ||||
| Travel & Subsistence | 1,154.50 | 2,168 | ||||
| Website& Advertising | 270.00 | 374 | ||||
| 12,160.06 | - | 12,160.06 | 8,904 |
- 3 RESOURCES EXPENDED
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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2021
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4 FIXED ASSETS
Tangible fixed assets comprise:- Office Equipment Media Equipment Computer Equipment Total 2019-20
£ £ £ £ £
Cost
At 1 April 2020 452 2,286 3,680 6,417 6,418
Additions < % - - -
Disposals ee _
At 31 March 2021 452 2,286 3,680 6,417 6,418
Accumulated Depreciation
At 1 April 2020 365 2,286 3,010 5,660 5,471
Charged in the period 17 - 134 151 189
Total Depreciation 382 2,286 3,144 5,812 5,660
Disposals SS ee
At 31 March 2021 - é
Net Book Value 31 March 2021 69 - 536 606 757
5 GENERAL & RESTRICTED FUNDS
The restricted funds represent amounts received specifically as earmarked sums to pay out for
£
Bursary Monies B/FWD 2019-20 3,602
Bursary Monies @ 5% of Tithes 1,574
Bursary Monies Paid out in 2020-21 -
Balance to Carry Forward to 2021-22 5,176
Income Expenditure
2021 2021 2020-21 2019-20
£ £ £ £
Earmarked Monies 1,574 - 1,574 1,477
General fund 37,916 33,696 4,220 (2,926)
Combined - 39,490 33,696 5,794 1,449
The assets and liabilities representing each fund are as follows:
Fixed Bank Other net Combined
Assets Balances current assets 2020-21 2019-20
£ £ £ £ —E
General Fund 606 2,935 5,206 8,746 4,527
Restricted funds 5,176 5,176 3,602
606 8,111 5,206 13,922 8,129
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6 TRUSTEES AND OTHER RELATED PARTIES.
No payments were made to the trustees or any persons connected with them during this financial period.
No material transaction took place between the organisation and a trustee or any person connected with them
7 RISK ASSESSMENT
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have establised systems to mitgate the significant risks.
8 Reserves Policy
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
9 POST BALANCE SHEET EVENTS
The trustees consider that there are material events that have occurred since the Balance Sheet date.
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Cornerstone Church
Receipts & Payments Account for year ended 31 March 2021
| 2020-21 | 2019-20 | ||
|---|---|---|---|
| RECEIPTS | £ | £ | |
| Donations | |||
| Gifts Received | 200.00 | ||
| Tithes & Offerings | 31,470.76 | 32,789.64 | |
| Miscellaneous Income | 6,264.80 | 6,780.13 | |
| Earmarked Sums Received | 180.00 | (323.00) | |
| 37,915.56 | 39,446.77 | ||
| Other Income | |||
| Bursary Fund | 1,574.00 | 1,647.00 | |
| Resource Sales | - | - | |
| 1,574.00 | 1,647.00 | ||
| Total Receipts | 39,489.56 | 41,093.77 | |
| Payments | |||
| Direct Charitable Expenditure: | |||
| Church Speaker | 175.00 | - | |
| International Missions | - | 780.09 | |
| Ministry Salaries | 19,164.54 | 25,614.93 | |
| Outreach - Bursary | - | 170.00 | |
| Outreach - Local Mission | 395.90 | 5,779.23 | |
| Outreach - Youth Work | 1,800.00 | 1,294.64 | |
| 21,535.44 | 33,638.89 | ||
| Other Charitable Expenditure: | |||
| Books & Resources | 35.00 | 200.00 | |
| Business Meetings/Conferences | 60.00 | ||
| Computer Expenses | 933.26 | 131.99 | |
| Depreciation | 151.38 | 189.23 | |
| Donations & Gifts | 4,266.60 | 3.97 | |
| General Expenses | 4.99 | - | |
| Legal & Professional Fees | 1,100.00 | 1,290.00 | |
| Office Expenses - RG | 5.09 | ||
| Postage | 356.39 | ||
| Print & Stationery | 465.98 | 39.60 | |
| Public Liability Insurance | 390.69 | 384.58 | |
| Subscriptions | 227.99 | 396.90 | |
| Tithes | 3,159.67 | 3,303.95 | |
| Travel & Subsistence | 808.10 | ||
| Website & Advertising | 270.00 | 374.40 | |
| Mileage | 1,154.50 | 1,359.33 | |
| 12,160.06 | 8,903.53 | ||
| Total Payments | 33,695.50 | ||
| NetProfit(Loss)fortheyear | 5,794.06 |
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