CORNERSTONE CHURCH WeorNeRsTONE CHURCH
Annual Report and Accounts For the Year ending 31 March 2025
Company Number 05942313
Registered Charity Number 1118125
Annual Report & Accounts for Year Ending 31 March 2025
CONTENTS
Legal and Administrative Information
| Page | |
|---|---|
| Annual Report of the Trustees | 1 |
| Legal and Administrative Information | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Accounts | 5 & 6 |
Annual Report & Accounts for the Year Ending 31 March 2025
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, Jonathan Croft (until June 2024) , Louise Ann De Chiara, Mary Theresa Goodchild and Joy Dass have served throughout the year.
Signed on behalf of the trustees ................................................................ Date ...................................... VOWOI4LZOckw 2025
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Cornerstone Church Annual Report year ending 31/3/25
Cornerstone has remained in good overall health, and members have grown in confidence and stature, being increasingly willing and able to go out to other churches and ministries around the UK, supporting and teaching them. Visits to Germany have strengthened ties there and we are now mentoring a group in Manchester who have set up a church group run along similar lines to Cornerstone.
Of particular note has been the continued development of the evangelism team who now regularly go onto the streets of Norwich and are largely well revived by the public who frequently engage with them in constructive dialogue. Most of the church have now been trained to go out in this ways. Teachers also go out and hold teaching days around the region and sometimes further afield.
The particular emphasis Cornerstone has on being outward looking is, in short, producing what it set out to, a different sort of church, which seeks to benefit its non-members above its own.
The finance department has recovered form the banking crisis of the previous year having received an apology from Barclays Bank. Members continue to give generously and fund all activity. A second bank is now used as a reserve in case of any repetition.
A new set of trustees and accountant has been put into place and on-line training as required, is equipping them for the roles.
Cornerstone continues to be closely allied with Local churches and with The Way of the Spirit.
Signed on behalf of the trustees ................................................................ Date ...................................... ie (2° Och 2025 Richard George
Annual Report and Accounts for the Year Ending 31 March 2025
Legal and Administrative Information
| Trustees: | Richard George |
|---|---|
| Jonathan Croft(until | |
| June 24) | |
| Louise Ann De Chiara | |
| Mary Theresa Goodchild | |
| Joy Dass | |
| Company Number: | |
| 05942313 | |
| Registered Charity No: | |
| 1118125 | |
| Registered Office: | |
| Laundry Corner | |
| The Street Framlingham | |
| Pigot Norwich Norfolk | |
| NR14 7QY | |
| Contact Office: | Laundry Corner |
| The Street Framlingham | |
| Pigot Norwich Norfolk | |
| NR14 7QY |
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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Cornerstone Church (Norwich)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
| Notes INCOMING RESOURCES Voluntary Income 2a Incoming Resources from Charitable Activities 2b Total Incoming Resources |
Unrestricted Restricted Total Funds Funds Funds 2024-25 £ £ £ 45,228.59 - 45,228.59 45,228.59 - 45,228.59 |
2023-24 £ 47,668 - 47,668 |
|---|---|---|
| RESOURCES EXPENDED Direct Charitable Activities 3a Charitable Expenditure 3b Total Resources Expended NET INCOMING RESOURCES @ 2025 Funds at 1 April 2024 FUNDS 31 MARCH 2025 |
35,494 - 35,494 9,428 9,428 44,922 - 44,922 306.53 - 306.53 2,498 12,321 14,819 2,805 12,321 15,125.69 |
33,839 13,911 |
| 47,750 | ||
| (81) | ||
| 17,180 | ||
| 17,098 |
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 2025
| Notes Tangible Fixed Assets 1 & 4 CURRENT ASSETS Bank, Credit Card and Cash Balances Debtor Bursary Fund Stock CURRENT LIABILITIES Creditor NET ASSETS FINANCED BY: General Fund 5 TRUST FUNDS |
1,211.66 | 2024-25 £ 1,211.66 14,606.22 ) (692.19) 15,125.69 15,125.69 15,125.69 |
1,893 | 2023-24 £ 1,893 15,904 ) (699) |
|---|---|---|---|---|
| 1,826.63 458.59 12,321.00 - |
6,512 667 8,725 |
|||
| (692.19 | (699 | |||
| 17,098 | ||||
| 17,098 | ||||
| 17,098 |
Audit Exemption Statement - For the year ending 31.03.2025 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 obtained 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 3 these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements, which have been prepared in accordance with the special provisions of Part VII of the Companies Act 2006 applicable to small companies, and in accordance with the Financial Reporting Standards for small entities, were approved by the trustees on and signed on its behalf:
THIS IS FOR AGREEING AND SIGNING AT THE TRUSTEES MEETING
Trustee ……………………………………….……….…… Date ……………… Richard George Trustee ……………………………………….……….…… Date ……………… Louise Ann De Chiara
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Cornerstone Church (Norwich)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2025
1 ACCOUNTING POLICIES
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
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.
(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.
( 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.
- (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.
- (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
(f)
Debtors & Creditors
A debtor of 458.59 has been provided for Gift Aid claimed, but not received. A creditor of 213.58 has been provided for tithes owing and Liabilities waiting to clear.
2 INCOMING RESOURCES
| (a) Voluntary Income These comprise: Offerings and Other gifts (b) Income Resources from Charitable Activities Church Activities |
Unrestricted Restricted 2024-25 £ £ £ 45,228.59 - 45,228.59 45,228.59 - 45,228.59 Unrestricted Restricted 2024-25 £ £ £ - - |
2023-24 £ 47,668 |
|---|---|---|
| 47,668 | ||
| 2023-24 - - |
||
| - | ||
-
3 RESOURCES EXPENDED
-
(a) Charitable Activity Costs
An analysis of the charitable activities and their expenditure is as follows:-
| (a) Charitable Activity Costs An analysis of the charitable activities and their expenditure is as follows:- |
(a) Charitable Activity Costs An analysis of the charitable activities and their expenditure is as follows:- |
(a) Charitable Activity Costs An analysis of the charitable activities and their expenditure is as follows:- |
|---|---|---|
| Church Speaker International Missions Ministry Salaries Outreach - Bursary Outreach - Local Mission Outreach - Youth Work Other Charitable Expenditure (see note 3b) |
Unrestricted Restricted 2024-25 £ £ £ - - - - 31,718.88 31,718.88 - - 1,475.50 1,475.50 2,300.00 2,300.00 9,427.68 9,427.68 44,922.06 - 44,922.06 |
2023-24 £ - - 28,142 - 5,698 - 13,911 |
| 47,750 | ||
| (b) Other Charitable Expenditure Books & Resources Business Meetings/Conferences Computer Expenses Depreciation Donations & Gifts General Expenses Legal & Professional Fees Office Expenses - RG Postage Print & Stationery Public Liability Insurance Subscriptions Tithes Travel & Subsistence Website & Advertising |
Unrestricted Restricted 2024-25 £ £ £ - - 134.44 134.44 909.78 909.78 302.90 302.90 1,097.20 1,097.20 75.00 75.00 1,933.00 1,933.00 259.15 259.15 - - - - 421.83 421.83 463.89 463.89 2,579.08 2,579.08 987.74 987.74 263.67 263.67 9,427.68 - 9,427.68 |
2023-24 £ 225 - 248 473 1,512 - 1,401 349 - 420 400 247 3,833 4,508 295 |
| 13,911 | ||
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Cornerstone Church (Norwich)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2025
| 4 FIXED ASSETS Tangible fixed assets comprise:- Cost At 1 April 2024 Additions Disposals At 31 March 2025 Accumulated Depreciation At 1 April 2024 Charged in the period Total Depreciation Disposals At 31 March 2025 Net Book Value 31 March 2025 |
Office Equipment Media Equipment Computer Equipment Total £ £ £ £ 451.50 3,008.66 5,103.65 8,563.81 451.50 3,008.66 5,103.65 8,563.81 416.13 2,638.49 3,994.63 7,049.25 7.07 74.03 221.80 302.90 423.20 2,712.52 4,216.43 7,352.15 - 28.30 296.14 887.22 1,211.66 |
2023-2024 £ 8,564 - |
|---|---|---|
| 8,564 | ||
| 6,671 379 |
||
| 7,049 | ||
| - | ||
| 1,515 | ||
| 5 GENERAL & RESTRICTED FUNDS The restricted funds represent amounts re Bursary Monies B/FWD 2023-24 Bursary Monies @ 5% of Tithes Bursary Monies Paid out in 2024-25 Balance to Carry Forward to 2025-26 Earmarked Monies General fund Combined The assets and liabilities representing eac General Fund Restricted funds |
ceived specifically as earmarked sums to pay out for Income Expenditure 2025 2025 £ £ - - 45,228.59 44,922.06 |
£ 10,586.00 1,735.00 - 12,321.00 2024-25 £ - 306.53 306.53 Combined 2024-25 £ 2,804.69 - 12,321.00 15,125.69 |
2023-24 £ 1,861 (4,130) |
|---|---|---|---|
| - 45,228.59 44,922.06 |
(2,269) | ||
| h fund are as follows: Fixed Bank Other net Assets Balances current assets £ £ £ 1,211.66 (10,494.37) 12,087.40 12,321.00 |
2023-24 £ 4,233 10,586 |
||
| 1,211.66 1,826.61 12,087.40 |
14,819 | ||
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 2025
| RECEIPTS Donations Gifts Received Tithes & Offerings Miscellaneous Income Earmarked Sums Received Other Income Bursary Fund Resource Sales Total Receipts Payments Direct Charitable Expenditure: Church Speaker International Missions Ministry Salaries Outreach - Bursary Outreach - Local Mission Outreach - Youth Work Other Charitable Expenditure: Books & Resources Business Meetings/Conferences Computer Expenses Depreciation Donations & Gifts General Expenses Legal & Professional Fees Office Expenses Print & Stationery Public Liability Insurance Subscriptions Tithes Travel & Subsistence Website & Advertising Total Payments Net Profit (Loss) for the year |
£ £ 39,738.57 5,466.02 24.00 45,228.59 - - 45,228.59 31,718.88 1,475.50 2,300.00 35,494.38 - 134.44 909.78 302.90 1,097.20 75.00 1,933.00 259.15 421.83 463.89 2,579.08 987.74 263.67 9,427.68 44,922.06 306.53 1,962.18 2024-2025 |
2023-24 £ 37,224.47 6,664.23 377.91 |
|---|---|---|
| 45,228.59 - |
44,266.61 1,861.00 - |
|
| - | 1,861.00 | |
| 45,228.59 | 46,127.61 | |
| 31,718.88 1,475.50 2,300.00 |
- - 33,073.78 - 2,193.27 1,650.00 |
|
| 35,494.38 | 36,917.05 | |
| - 134.44 909.78 302.90 1,097.20 75.00 1,933.00 259.15 421.83 463.89 2,579.08 987.74 263.67 |
224.50 136.00 248.28 378.64 900.00 46.33 1,864.50 962.13 - 421.83 359.00 3,108.73 2,660.47 168.86 |
|
| 9,427.68 | 11,479.27 | |
| (2,268.71) | ||
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Cornerstone Church
Opening Trial Balance as at 1 April 2024
| NAME Computer Equipment 0020 Accumulated Depreciation Computer Equipment 0021 Office Equipment 0030 Accumulated Depreciation Office Equipment 0031 Media Equipment 0040 Accumulated Depreciation Media Equipment 0041 Bursay Fund 1236 Prepayments 1102 Bank Current Account 1200 Savings Account 1210 Reliance Bank Account Petty Cash 1230 RG Credit Card Accruals 2109 Accumulated Funds 3200 TOTALS |
DR CR 5,103.65 3,994.63 451.50 416.13 3,008.66 2,638.49 10,586.00 458.59 2,666.09 - - 286.11 692.19 14,819.16 |
|---|---|
| 22,560.60 22,560.60 |
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Cornerstone Church
Trial Balance for the year ended 31st March 2025
| NAME Computer Equipment 0020 Accumulated Depreciation Computer Equipment 0021 Office Equipment 0030 Accumulated Depreciation Office Equipment 0031 Media Equipment 0040 Accumulated Depreciation Media Equipment 0041 Prepayments 1102 Bank Current Account 1200 Savings Account 1210 Reliance Bank Account Petty Cash 1230 RG Credit Card Bursary Fund 1236 Accruals 2109 Accumulated Funds 3200 |
DR CR 5,103.65 4,216.43 451.50 423.20 3,008.66 2,712.52 458.59 1,323.01 0.01 25.00 478.61 12,321.00 692.19 14,819.16 |
|---|---|
| Tithes & Offerings - Gift Aided 4000 Tithes & Offerings - Not GA 4001 Monies Rec'd to send out 4601 Bursary Fund 4700 HMRC Charities GA 4801 Bank Interest Received 4900 Tithe to Kingdom Faith 5000 Gifts Paid 5001 Local Youth Work Expenses 5200 Local Mission / Outreach Expenses 5201 Local Mission / Outreach Church Meetings 5202 Business Meetings/Conferences 6103 Books & Resources 6200 Other Travelling & Fares 7200 Overnight & Hotel Costs 7202 Website 7303 Administrative & Stationery 7304 Computer & Software Expenses 7305 Advertising 7307 Subscriptions / Licences 7308 Bank Charges 7901 Insurance 7604 Church Leader Remuneraiton 7800 Wages - Outreach 7804 Pension Fund 7805 PAYE / NI Costs 7806 Bookkeeping Fees 7902 Computer Equipment Depreciation 8001 Office Equipment Depreciation 8003 Media Equipment Depreciation 8002 TOTALS |
27,277.47 12,461.10 24.00 5,366.01 100.01 2,579.08 1,097.20 2,300.00 69.75 1,405.75 134.44 987.74 259.15 909.78 263.67 463.89 75.00 421.83 14,715.71 10,007.90 2,637.00 4,358.27 1,933.00 221.80 7.07 74.03 |
| 68,092.09 68,092.09 |
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