## **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
1
## 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
2
## _**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**
3
## _**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
4
## _**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**|
||||
5
## _**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.
6
## _**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)**|
||||
7
## _**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**|
10
## _**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**|
-
11