OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2026-01-31-accounts

CORNERSTONE CHURCH SWANSEA (A COMPANY LTD BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026

CHARITY NO: 1126582 COMPANY NO: 6653010

Bevan Buckland LLP Chartered Accountants & Registered Auditors SWANSEA

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

CONTENTS

Page
Trustees Report 3 -20
Trustees, Officers and Professional Advisers 20
Independent Examiners Report 21
Statement of Financial Activities 22
Balance Sheet 23- 24
Notes to the Financial Statements
 25 – 38

2

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2026. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 22 July 2008 and registered as a charity on 5 November 2008. The company was established under a Memorandum and Articles of Association, which set out the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. The Charity is the successor body to Cornerstone Church Swansea Trust (registered charity number 1040639).

Recruitment and Appointment of Trustees of the Charity

The Church Leadership Team is responsible for identifying potential candidates with appropriate ethos and skills for the position and discussing this with the existing Trustees. A new Trustee may then be appointed by the Members at a general meeting, subject to agreement with the Statement of Belief set out in the Schedule to the Memorandum.

Trustee Induction and Training

Most Trustees are already familiar with the practical work of the charity but will undertake an orientation meeting with the Chair of the Trustees to brief them on their duties and responsibilities as trustees, the content of the Memorandum and Articles of Association, the charity’s decision-making processes and the current financial position of the charity as set out in the latest financial statements. Trustees are encouraged to attend appropriate training events where these will assist them in carrying out their role effectively.

Risk Management

The Trustees review the major risks to which the charity is exposed and consider appropriate measures to mitigate those risks. Maintaining reserves at the stated levels, combined with regular reviews of the controls over key financial systems, helps to ensure that sufficient resources are available in the event of adverse conditions. The Trustees are also aware of operational, external risks and legal compliance risks which Cornerstone Church Swansea facing and have considered appropriate steps to mitigate significant risks.

3

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Organisational Structure - Cornerstone Community Project/ Office

Director: Sarah Richards Centre Manager: Adam Day Community Projects Team Leader: Matt Richards Project Worker: Beth Elis Youth Team Leader: Matt Richards Stay & Play Team Leader: Beth Elis (to Jan 26) Chloe Swart (from Jan 26) Finance Administrator: Paul Burnell Administrator: Tammy Pece (volunteer)

The Director has managerial responsibility for the projects and oversee all aspects such as Staff supervision, policies and communication. The Team Leaders are responsible for the smooth running of the projects, including day-to-day management of resources, Staff and Volunteers. The Centre Manager is responsible for practical day-to-day running of both Centres. The Trustees are kept informed of decisions and review the activities of the Trust. The Church Leadership are responsible for the broad framework and direction of the Community Project, responding to local needs.

4

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Organisational Structure - Cornerstone Church

Leadership Team:-

Senior Pastor: Sarah Richards Elders: Adam Day, Matt Richards, Jenny Dwamena Apostolic Oversight: Julian Richards

Small Group Leaders: Adam & Sian Day Simon & Suzanne Brown Mike & Rachel Leach Sam & Jenny Dwamena Sion & Beth Elis Jez & Helen Fage Fenia Patricia Nathan & Christie Sadler Russo & Chloe Swart

Student Worker: Hollie Chappell (with trainee helpers during the year)

The Senior Pastor and the Elders are responsible for the spiritual leadership, vision, policy and decisions of Cornerstone Church. This is facilitated through the Church by the Small Group Leaders in small group settings. The Small Group Leaders are responsible for pastoral care, discipleship, outreach and teaching under the supervision of the Pastor and Eldership Team. Church Members are encouraged to participate fully in the life of the Church.

The Trustees fulfil their legal obligations on behalf of the Charity providing legal governance and administrative oversight, aiming to meet at least four times a year.

Cornerstone is the lead church of New Wine Cymru , a missional unity movement of 204 churches who meet in 7 New Wine Cymru regions across Wales, that support church leaders to build healthy churches that do mission well.

Cornerstone is part of Pioneer - a relational network of 55+ churches across the UK as well as a growing number of churches overseas.

Cornerstone is a member of the Evangelical Alliance , which represents 1000’s of churches across the United Kingdom.

5

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Related Parties - Contacts and Connections

We co-operate and work with several charities, organisations and forums:

6

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

For over 34 years Cornerstone has been committed to serving the local community and the wider church in Wales. This has been another encouraging, busy and productive year. We have continued to pursue the charity’s aims through our community projects, our work in local schools, and the life and ministry of our growing, multigenerational church. Our work continues through Cornerstone Community Project and Cornerstone Church, with the invaluable support of around 101 volunteers.

An overview of our activities follows including a brief description of our financial management systems as a charity. The trustees have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit when planning and carrying out the charity’s activities.

Objectives and Activities

The work of Cornerstone Church and Cornerstone Community Projects fulfil the Objects of the Charity contained in the Company’s memorandum of association:

The main objectives and activities for the year for our Community Projects continue to focus on serving the community through projects we have established as well as schools work and supporting other projects locally.

The strategies employed to assist the charity to meet these objectives include the following:

Achievements and Performance

Annual reports on projects that are part of Cornerstone Community Projects undertaken to further our charitable purpose for the public benefit follow:

7

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Cornerstone Community Projects

PRIMARY SCHOOL ASSEMBLIES & MORE

This year Matt has delivered 74 whole-school assemblies across five local primary schools; Blaenymaes, Clwyd, Gwyroysdd, Penllergaer and Portmead. Assemblies include a combination of games, quizzes, songs and Bible-stories.

Plus!

During the summer Term Matt took two sessions with Gwyrosydd Primary School’s Year 1 Class as they explored the topic of ‘Peace’ in their RVE curriculum. Through the Bible story of Joseph and pass the parcel the children unpacked the meaning of Jesus’ ‘gift of peace.’

8

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

SUPER TEAMS FOOTBALL LEAGUE

Throughout the year Matthew has supported the Swansea Super Teams Football League by running Football games and skills sessions. Run by STF teacher Ben Brown from Clwyd Primary School, the League meets termly and has over 200 children with Additional Learning needs from across Swansea taking part. Matthew has run sessions at 5 events this year.

----- Start of picture text -----
9
----- End of picture text -----

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

SECONDARY SCHOOLS: YOUTH ALPHA & MORE

This year Matt & Hollie hosted 35 Youth Alpha sessions in Bishop Vaughan Secondary School. Youth Alpha is a video series which explores the ‘Big Questions’ of ‘life, faith and meaning.’

Each week Matt & Hollie prepare quizzes, games and prizes to compliment the themes of the Alpha videos and kick-start discussion. This year the group has explored subjects on: Life After Death, The Gifts of Christmas and the basics of the Christian Faith. Plus, in January, Matthew ran a lunchtime session for Bishop Gore’s Christian Union, asking the question: ‘How do we know if Jesus was real?’ Youth Alpha is attended by around 30 pupils each week, and has served over 50 pupils throughout the year.

Additionally, Matthew has contributed to the Alpha Youth in Schools Working Group , created by Alpha UK, to create a guide for bringing the new Alpha Youth series into schools. In particular, Matthew wrote the core content for ‘ Running Youth Alpha in Lunch Clubs .’ This final set of resources includes a website, pdf guide and training videos.

10

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

During the summer, we were invited to contribute to Bishop Vaughan’s Year 8 Retreat Days. Each Monday for 4 weeks, a group of 60-80 pupils age 12-13 met at a nearby hall for a day of team building and reflection, exploring the theme of ‘hope’.

Matthew, Hollie & Katie led an interactive session before lunch. Through games, activities and real-life stories, the pupils were taken on a journey to uncover the differences between the hopes and happiness that fluctuate with life’s circumstances, and the deeper sustaining hope promised by Jesus. Over four weeks these sessions served approximately 200 pupils.

In total this year the team from Cornerstone have spent 80 hours in local schools delivering assemblies, clubs and faith-based lessons.

THURSDAY NIGHT YOUTH

Cornerstone church’s young people age 11-16 meet together on Thursday nights for ‘Youth’. Alongside games, snacks and laughter, Youth provides a supportive space for the young people to explore the Christian faith and topics relevant to their age group, such as handling exam stress and other peer pressures.

This year we also joined in with City Church Swansea for a Saturday at St Madoc’s. July also saw us return to Spree summer youth festival, whilst Matthew spoke at FireStarters Youth Mission , which gathered approximately 100 young people from South Wales and Scotland for a week of fun, social action and sharing faith in Swansea.

This year Thursday Night Youth has served 18 young people, is overseen by Matthew and run weekly by George, Ellie, Lara, Tino & Katie.

11

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

stay & play

Stay & Play is a group run for pre-school children aged 0-4, held on Wednesday mornings during term time at our Penlan building. This was led by Beth Elis with a team of volunteers, and by Chloe Swart from January 2026 while Beth was on maternity leave. During the year 39 children attended Stay & Play and enjoyed the activities prepared by the team.

The aim of Stay & Play is to create a space where parents/carers can bring their children for interactive, creative and imaginative play through lots of different mediums, whilst also having the opportunity to meet and connect with others. The sessions are structured around free play with toys laid out around the room, allowing opportunity for children to engage with what interests them and the chance to play with other children their age.

We also include sensory play stations in every session, as this benefits the children’s social, cognitive and physical development. Sensory play encourages imaginative play especially in our older children, and we regularly see them spend much of a session fully engaged in these stations. The sensory elements are a definite highlight for the children. Each

week we include something for the different age groups. The babies have enjoyed playing with sensory toys, sensory bottles and sand play. For the toddlers, we create play scenes and activities that promote imagination and develop skills, such as mark making to develop fine motor skills using shapes and paint printing, shape sorting, creating animals out of playdough and exploring a range of musical instruments.

Each week, the children also enjoy making a craft to take home with them and on special occasions such as Valentine’s Day or St David’s Day we set up a themed photobooth and print photos of

the children for their parents to take home as keepsakes. At the end of the session, everyone helps to tidy up and settle down for a story. The children have enjoyed hearing stories from the Bible shared in exciting and interactive ways. Some of the older children love to participate and help. To close each session we have a time of singing where the children join in using musical instruments, scarves or the parachute.

In January, several new additions were introduced to further enhance the Stay & Play experience for both children and their families. These included a pastry and coffee station for the parents and carers, a healthy fruit and snack time for the children, a comfortable nursing area with sofas and an improved baby changing station.

One parent shared how much Stay & Play had impacted their child’s confidence, explaining that coming each week and interacting with other children had helped develop their independence and better prepared them for starting school. They also mentioned that providing pastries and coffee for the parents felt like a real treat for them.

12

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Cornerstone Church’s main objectives and activities for the year continue to focus on serving, outreach, training, teaching, pastoral care and working with other churches in Wales.

Achievements and performance

Cornerstone Church enjoyed an active year, continuing to grow and flourish and reach out to its local community. We continued to meet our objectives, serving the local church and the local community in Swansea, and serving the wider church across Wales to grow, develop and reach their communities too.

Summary

Cornerstone experienced significant church growth during 2025. On Nov 5 we celebrated the church’s 34[th] anniversary. In all these 34 years we have not seen such rapid expansion and local people searching out Alphas, Jesus, local church and just walking in of their own accord. The challenge for the church this year was to adapt to the growth and to welcome new people, assimilating them quickly into the church community, to find friends and a place to serve.

It has been an unprecedented year for people searching for Jesus and just turning up, walking in, emailing, phoning, signing up online for Alpha. An increase of people watching our online services and then turning up in-person. Broader UK trends such as record-breaking sales of Bibles and attendance at Alpha courses in the last few years, have demonstrated a turning of the tide of people actively curious about faith, this has been evidenced with us as a local church here in 2025.

Church Life

The community of local church had a great year of love and unity; people supporting each other in their day to day lives. Discovering deeper spiritual growth and an increase of faith and maturity in their Christian walk. We started the year with a series, A Year to Grow .

Early in the year we ran a Prayer Room at our Penlan Centre. Greatly enjoyed by all ages for a period of 3 days Thurs - Sat in March. The students set up an interactive prayer journey around the Blue Room, praying for the city and our community in 1-hour slots.

We had our first sea baptism in a while at Aberavon beach in August, for a father and son, and were delighted to baptise two of our young people at venue2 in May. We celebrated a Wedding in August for Chido & Michael with many family flying over from Africa to celebrate this lovely occasion with us. In the autumn we had a Baby Dedication for 3 families of 3 new babies. It’s always a joy to do these life milestones together as church family. In early September we all met for a picnic at Penllergaer park. This was such a joyful and relaxed event in a beautiful large space with sports, games and a playground too. Church members and children enjoyed chatting, playing and it created a great opportunity to get to know new people.

With the increased growth in the church, we held two Membership Classes in both March and October for potential new members to hear about the vision and values of Cornerstone and decide if they would like to join the Church Family.

13

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

Pastorally the role of the Small Group Leaders continued to be vital for discipleship and pastoral care. Meeting every Tuesday with their small group and also fostering small group community. As a Leadership Team Sarah met with the Small Group Leaders every 4-6 weeks for input and training.

For members we continued with our Core monthly meeting, Small Groups Together usually on the first Tuesday of the month. An important time to gather outside of Sunday for news, updates, worship and communion.

In the New Year we relaunched our Stay & Play format in January, run by Chloe Swart with a new team while Beth Elis, our project worker was on maternity leave. We purchased new sofas and created a nursing corner for new mums. We served freshly brewed coffee and croissants on arrival. We bought Children’s Bibles for story time, to engage the little ones to walk through the main stories of the Bible.

We ran a Children’s Light Party on October 1[st] for children aged 0-11 years at our Penlan Centre. This was such a fun event and enjoyed by children and adults alike.

During the year we ran several Men’s social events, including football nights and socialising around food, at Albert Hall food court. The Ladies too enjoyed several events and their weekend away at the Towers hotel.

Students continued to play a key role in the church, finding a home-away-from-home. They enjoyed a cooked lunch every Sunday for the first term after the service at venue2, the Small Groups taking turns to cook! They experienced focused discipleship and got trained on various teams, like livestream, camera, sound, media and children’s work. They also got to serve at the conferences that we run and enjoyed their w/e away at Llanmadoc Camp in February with 30 attending and at SHIFT camp in Gloucestershire in July. Their outreach Student Beach Party on 1[st] October attracted 54 students.

Stones

On 6 March 2025 we set up a new church group called Stones. The name coming from Cornerstone, signifying a member of the church built on Jesus and following him. Also from Ecclesiastes 3:5 ‘a time to gather stones’ and the old proverb ‘a rolling stone gathers no moss’, in the positive sense of staying active. Since Covid our ladies’ senior’s group had become depleted. We were concerned to gather the stones, both men and women, with the increase in our society of older people staying fit and active for longer. The demographic for this group is retired or semi-retired church members, or those with flexible working hours in the same stage of life. For socialising together, like a youth-club for that older age group. Also, for hosting outreach guest events for people in the same life stage.

The group would be run by Tammy & Zino Pece with two deputies. The launch worked well, and the group had an active first year with a variety of social events and trips enjoyed by all, with special events to which guests came. From wine-tasting, to visiting Zino’s art studio, coffee at the estuary and a Christmas meal at Bistro Pierre.

14

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

Alpha courses 2025.

We had two eager and enthusiastic teams willing to run several Alphas throughout the year. Due to the high demand of people signing up and searching for Jesus, we even ran a summer Alpha, and two overlapping Alpha courses at venue2 café and at pub on the Pond near the University.

We ran a total of 5 Alpha courses during the year and saw 22 people become Christians.

In the Autumn we created a new Discipleship group as a follow-on from Alpha, as so many people came out of Alpha still on a journey of discovering faith. After the Discipleship Group people have the opportunity to became members and join a Small Group.

Events & Community

Throughout the year we held various Guest meetings for the local community and for members’ guests, including Mother’s Day, Easter Day, Father’s Day. We enjoyed using our Cafe space for all our special events, including Baptisms and Baby Dedications, serving refreshments, and having craft activities for the children.

We were delighted to run another Easter Experience at Penlan for all the community. Families from the surrounding area love this event. Crafts, games, quizzes, free food and drinks. Plus, a presentation of the Easter Story, and again in December, a Christmas version of this muchloved local event. Children from the local schools we had been serving all year came along with their families.

In April we hosted a new guest event, Spring Wreath-making, after the sell-out success of December’s Christmas Wreath-making. This was a very successful event, full of guests, enjoying refreshments, conversation and taking home a homemade wreath. Later in the year we once again ran a Ladies Christmas Wreath-making for the community. This event was packed and sold out, creating a place for many first-time visitors to connect with the church and with each other.

In October we ran a Macmillan coffee and cake afternoon at our venue2 Café, for people to bring friends and to raise money for the cancer charity.

Christmas as usual was a busy and happy period of creating various events for different groups. Including our Christmas evening Guest Service with a drinks reception, a morning Family Service including selfies with Santa and a Church Christmas Party at the Towers hotel. Church members bought Christmas treats and filled boxes; gift wrapped for families using the local Foodshare.

Just before Christmas, Bear Grylls released a book ‘The Greatest Story Ever Told’. A contemporary style story of Jesus’ life written like a novel from characters in his life story, with Jesus’ actual dialogue. The church purchased 100 books and gave them away to all guests over the various Christmas events and services. Sarah preached at the Christmas Service from an edited part of Bear Grylls’ adventure series, ‘Jesus Refugee Renegade Redeemer’, shown with Bear’s permission. Guests loved the gift of the books.

15

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

Conferences

During the year, Cornerstone hosted conferences for New Wine Cymru/Wales (NWC) to invest in local churches, leaders and teams across the nation.

In June we welcomed over 300 Leaders and teams from all over Wales to the NWC Annual Leaders Conference. Our volunteers served the delegates so well and it was a great event. We ended the first day with an Aperitivi hour and our volunteers had fun crafting Mediterranean antipasti and creating Aperol Spritz cocktails for the delegates!

In October we ran Women Who Lead, a 1-day conference for women leaders and teams in Wales at venue2. Over 150 delegates enjoyed the day and Cornerstone volunteers did a great job to support the running of the event. We had guest speaker Dr. Rhiannon McAleer Research and impact measurement specialist from the Bible Society.

On Mon 26 Jan 2026 we hosted a 1-day consultation style conference at venue2 for NWC and the Evangelical Alliance. With speakers from Norway, USA, North Wales.

Wider Reach

Julian & Sarah spoke at several conferences and events during 2025. In February Sarah spoke at a national event in Cheltenham, part of New Wine England’s Ladies Days across the U.K.

In April Julian travelled to Minnesota USA for 9 days with Doug & Annie Wing, to input their church and network. Julian travelled frequently across Wales during the year in his apostolic role leading New Wine Cymru and helping church plants. He was away several times in the North of Wales.

In August Sarah spoke at the Impact venue at New Wine England festival to an audience of 3,000 people speaking on Healing and praying for the sick. Julian gave an interactive healing seminar to 250 people onsite the same day and both events saw many people healed. They also gave input to the Friday night alternative venue run by their friends John & Jo Soper, speaking and healing the sick.

In October Sarah and Julian travelled to Belfast, Ireland to visit Alain Emerson of 24/7 Prayer and speak at his 2-day Tobar Network Gathering.

In November Julian & Sarah were invited to the Evangelical Alliance ‘Faith in Wales’ Report Launch in Cardiff Bay.

At the end of November, they were invited to a meal with 30 senior leaders across Wales by Pastor Joseph Han and a small delegation from Seoul, South Korea at Cardiff Castle. They met with Pastor Han to establish closer links and a possible joint event in 2026/2027 was discussed. A Welsh missionary, Robert Jermain Thomas sparked a significant difference in South Korea in the 1800’s and the connection is valuable to both parties.

Late January, Julian & Sarah travelled to Milton Keynes to speak in a Church Weekend away for three Pioneer churches. They were delighted to connect with old friends and leaders Linda and Rich Ward and Steve and Ann Clifford.

On Sun 25 Jan 2026, Doug & Annie Wing from Minnesota arrived for a 9-day NWC Tour and hosted by Julian and Sarah at the end of January visiting the historic Cawdor Llandeilo and Cardiff Castle before they flew back to the U.S.

In Summary, 2025 was a year of considerable growth and unprecedented “walk-ins” of people searching for faith. Many people attending Alpha, finding faith and becoming part of the Cornerstone Church community.

16

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Achievements and Performance (Cont’d)

Staff & volunteers

During the year the church ran its meetings and events with the supportive commitment and enthusiasm of so many volunteers. As a leadership team, we are grateful to the unwavering commitment and sacrifice of all our staff and volunteers who make leading a healthy thriving church possible. Thank you for your continued passion, hard work and devotion.

17

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Financial Review

The charity’s balance sheet shows a healthy position with Unrestricted Funds totalling £1,270,539 and Restricted Funds totalling £21,535. Incoming resources during the year were £343,640 of which £29,740 was restricted. The resources expended during the year totalled £303,528 of which £289,964 was spent on direct charitable objectives, £13,584 was spent on support costs. This has resulted in net incoming resources of £40,112.

The Leadership and Trustees monitor financial activity closely to ensure that expenditure and budgets relate to income. Regular giving and use of the gift-aid scheme by Church Members is essential for the Church to continue at its present level of ministry and to develop in the mid-tolong term. We continue to monitor our income carefully.

Our regular giving and other offerings have continued at a healthy level, providing a reliable and steady source of income throughout the year. While some of our operating costs, particularly utilities, remained high as expected, we have been able to meet these expenses without drawing on our designated reserves. We are grateful for the continued generosity and faithful support of everyone at Cornerstone.

Principal Funding Sources

The principal funding sources for the charity are:Cornerstone Church Members Other private donors

Investment Policy

The Trustees have generally operated a policy of keeping available surplus funds in interest bearing deposit accounts. We have also put some surplus funds into a notice account which has a higher rate of interest.

Reserves Policy

The designated Capital Asset Fund is £1,003,973, this represent the value of reserves invested in tangible fixed assets. The Planned Strategic Spend reserve of £53,000 has been designated to support the delivery of Cornerstone’s strategic plan in the medium term. The Planned Capital Project reserves of £82,000 has been established to fund future capital expenditure. The Community Project Funds of £2,754 has been designated to meet costs associated with community projects. The Planned Maintenance of £15,000 represents funds set aside to undertake planned maintenance of Cornerstone’s assets.

Cornerstone also holds a designated Future Running Costs reserve of £94,250. This equates to 4 months of unrestricted charitable expenditure. The Trustees consider that this level of reserves will provide sufficient funds for implementation of a contingency plan in the event of a significant drop in income. The Trustees review the reserves policy regularly to ensure that it remails appropriate to the charity’s circumstances and future plans.

18

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Plans for Future Periods

Cornerstone will:

19

CORNERSTONE CHURCH SWANSEA REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2026

Reference and Administrative Information

Charity Name: Cornerstone Church Swansea Charity Registration Number : 1126582 Company Registration Number: 6653010

Registered Office and Operational Address:

Cornerstone Church 32 Mynydd Newydd Road Penlan Swansea SA5 5AE Telephone: (01792) 516031 Email: info@cornerstonechurch.co.uk Web: www.cornerstonechurch.co.uk Trustees: Tamsin Pece (Chair) Adam Day Andrew Harvey Hannah Jones

Chief Executive Officer: Sarah Richards

Accountants: Bevan Buckland Ltd Chartered Accountants Ground Floor Cardigan House Llansamlet Swansea SA7 9LA Bankers: Lloyds 802 Oxford Street Swansea SA1 3AF Solicitors: Mayo Wynne Baxter Ivy House Ivy Terrace Eastbourne East Sussex BN21 4QT

Approved by order of the board of trustees on ………………………………………. and signed on its behalf by:

…………………………………………… Mrs J T Pece

20

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CORNERSTONE CHURCH SWANSEA

FOR THE YEAR ENDED 31 JANUARY 2026

Independent examiner's report to the trustees of Cornerstone Church (Swansea)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2026.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law)you are responsible for the preparation of the accounts in accordance with the requirement of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's report

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michael Jones

The Association of Chartered Certified Accountants Bevan Buckland Ltd, Chartered Accountants Ground Floor, Cardigan House Castle Court, Swansea Enterprise Swansea, SA7 9LA

21

CORNERSTONE CHURCH SWANSEA

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating the Income and Expenditure Account)

FOR THE YEAR ENDED 31 JANUARY 2026

NOTE
Incoming Resources
Incoming resources from
Generated funds:
Voluntary income
Regular Givings and
Other Offerings
Investment income:
Investment income:
3
Incoming resources from
charitable activities:
Charitable
Total Incoming Resources
Resources Expended
Charitable activities
Support costs
Total Resources Expended
4
Net incoming/ (Outgoing)
resources
Transfer Between Funds
Funds Brought forward
Funds Carried forward		 Unrestricted
Funds
£
294,920
6,371
12,609		 Restricted
Funds
£
29,200
-
540		 Total
Funds
2026
£
324,120
6,371
13,149		 Total
Funds
2025
£
328,004
5,747
11,599
313,900 29,740 343,640 345,350
288,928
13,564		 1,036
-		 289,964
13,564		 287,024
13,684
302,492 1,036 303,528 300,708
11,408
28,723		 28,704
(28,723)		 40,112
-		 44,642
-
40,131
1,230,408		 (19)
21,554		 40,112
1,251,962		 44,642
1,207,320
1,270,539 21,535 1,292,074 1,251,962

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

22

CORNERSTONE CHURCH SWANSEA

BALANCE SHEET

FOR THE YEAR ENDED 31 JANUARY 2026

NOTE
FIXED ASSETS
Tangible Assets
9
CURRENT ASSETS
Debtors
10
Investments
11
Cash at Bank and in Hand
CREDITORS:amount falling
due within one year
12
NET CURRENT ASSETS
FUNDS
Unrestricted Funds
13
Restricted Funds
13		 £
£
£
£
1,007,960
1,019,298
49,342
25,873
78,296
75,000
178,353
177,081
305,991
277,954
(21,877)
(45,290)
284,114
232,664
1,292,074
1,251,962
1,270,539
1,230,408
21,535
21,554
1,292,074
1,251,962
2026
2025		 £
£
£
£
1,007,960
1,019,298
49,342
25,873
78,296
75,000
178,353
177,081
305,991
277,954
(21,877)
(45,290)
284,114
232,664
1,292,074
1,251,962
1,270,539
1,230,408
21,535
21,554
1,292,074
1,251,962
2026
2025
305,991
(21,877)
1,251,962
1,230,408
21,554
1,251,962

For the year ended 31 January 2026 the charitable company is entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for:

i) Ensuring that the charitable company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 and

23

CORNERSTONE CHURCH SWANSEA

BALANCE SHEET CONTINUED

FOR THE YEAR ENDED 31 JANUARY 2026

ii) Preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at 31st January 2026 and of its surplus or deficit for the year ended in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

Approved by the Board on

TRUSTEE........................................ Mrs J T Pece

DATE...............................................

24

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1 ACCOUNTING POLICIES

a

Accounting Convention

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charity SORP (FRS 102), 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland' (FRS 102) (effective 1 January 2019)' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

b Financial reporting standard 102-reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

-the requirements of Section 7 Statement of Cash Flows.

c Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Designated funds are held as a contingency fund, to cover future running costs. The amount is based on costs incurred for six months.

d Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

25

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

d

(Incoming Resources continued)

e

Resources Expended

Resources expended are included in the Statement of Financial Activities on an accrual basis as a liability is incurred, including irrecoverable VAT.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities, both costs directly attributable and indirect support costs.

Governance costs include those costs associated with meeting constitutional and statutory requirements, principally accounting/audit and AGM expenses.

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of expenditure to which it relates.

f Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation.

Depreciation has been computed to write off the cost of the tangible fixed assets over the

Furniture & Equipment 25% Reducing Balance
Motor Vehicle 25% Reducing Balance
Property 1% Straight Line

Assets below £3,000 are not capitalised, but included within expenses.

g Pensions

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in th period to which they relate.

26

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

h Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

i Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised

j Debtors

Short term debtors are measured at transaction price, less any impairment.

k Cash at bank and in hand

Cash at bank and cash in hand includes cash and current and deposit accounts.

l Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss

27

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

m Basic financial liabilities

Basic financial liabilities, including creditors,that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

n Creditors

Short term creditors are measured at transaction price.

o Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

p Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

q Going Concern

The company continues to adopt the going concern basis in preparing its financial

28

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2
NET (OUTGOING)/INCOMING RESOURCES FOR YEAR
This is stated after charging
Depreciation of owned fixed assets
Accountancy fees
3
INTEREST RECEIVABLE
Bank Interest		 2026
£
15,263
4,620
2026
£
6,371		 2025
£
15,798
4,834
2025
£
5,747

29

4
30		 Total Resources Expended
Basis of
allocation
Costs Directly Allocated To Activities
Staff
Direct
Premises
Direct
Repairs, Renewals & improvements
Direct
Activities, supplies
& Equipment
Direct
Postage, Advertising
IT & Telecom
Direct
Minibus, Travel & Accommodation
Direct
Other Expenses
Direct
Legal & Professional Fees
Direct
Accountancy fee
Direct
Depreciation
Direct
Bank Charges & Interest
Direct
Stay and Play
Direct
Foodshare expenses
Direct
Total resources expended		 Cornerstone
Support
2026
2025
Church
Costs
TOTAL
TOTAL
£
£
£
£
161,665
-
161,665
156,740
33,474
-
33,474
34,488
10,806
-
10,806
8,573
3,878
-
3,878
2,331
5,234
-
5,234
6,203
7,381
-
7,381
4,552
50,659
-
50,659
52,617
-
8,944
8,944
8,850
-
4,620
4,620
4,834
15,263
-
15,263
15,798
795
-
795
2,973
335
-
335
-
474
-
474
2,749
289,964
13,564
303,528
300,708
CORNERSTONE CHURCH SWANSEA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARD ENDED 31 JANUARY 2026

4 Total Resources Expended

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

5 KEY MANAGEMENT EMOLUMENTS

The amount paid to the key management of the charity during the year, was as follows;

Emolument & social security costs
(excluding pension contributions)
No key management received emoluments over £60,000.		 2026
£
131,024		 2025
£
120,766

6 EMPLOYEE INFORMATION

Staff Costs
Total Emoluments
Social Security
Pension costs		 2026
£
130,944
17,161
13,560
161,665		 2025
£
136,239
7,559
12,942
156,740

The average number of employees during the year, calculated on the basis of full time equivalents.

2026 2025
Church 5 5

31

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

7 COMPARATIVES FOR THE STATEMENT
Incoming Resources
Voluntary income
Regular Givings and
Other Offerings
Activities generating funds:
Trading income
Incoming resources from
charitable activities:
Charitable
Total Incoming Resources
Resources Expended
Charitable activities
Support costs
Total Resources Expended
Net incoming/ (Outgoing)
resources
Transfer Between Funds
Funds Brought forward
Funds Carried forward		 7 COMPARATIVES FOR THE STATEMENT
Incoming Resources
Voluntary income
Regular Givings and
Other Offerings
Activities generating funds:
Trading income
Incoming resources from
charitable activities:
Charitable
Total Incoming Resources
Resources Expended
Charitable activities
Support costs
Total Resources Expended
Net incoming/ (Outgoing)
resources
Transfer Between Funds
Funds Brought forward
Funds Carried forward		 OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
298,729
29,275
328,004
5,747
-
5,747
10,101
1,498
11,599
314,577
30,773
345,350
281,784
5,240
287,024
13,684
-
13,684
295,468
5,240
300,708
19,109
25,533
44,642
26,697
(26,697)
-
45,806
(1,164)
44,642
1,184,602
22,718
1,207,320		 OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
298,729
29,275
328,004
5,747
-
5,747
10,101
1,498
11,599
314,577
30,773
345,350
281,784
5,240
287,024
13,684
-
13,684
295,468
5,240
300,708
19,109
25,533
44,642
26,697
(26,697)
-
45,806
(1,164)
44,642
1,184,602
22,718
1,207,320		 OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
298,729
29,275
328,004
5,747
-
5,747
10,101
1,498
11,599
314,577
30,773
345,350
281,784
5,240
287,024
13,684
-
13,684
295,468
5,240
300,708
19,109
25,533
44,642
26,697
(26,697)
-
45,806
(1,164)
44,642
1,184,602
22,718
1,207,320
314,577 30,773
281,784
13,684		 5,240
-
295,468 5,240
19,109
26,697		 25,533
(26,697)
45,806
1,184,602		 (1,164)
22,718
1,230,408 21,554 1,251,962

32

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

8 TAXATION

As a charity, Cornerstone Church Swansea Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable object. No tax charges have arisen in the Charity.

9 TANGIBLE FIXED ASSETS

Cost / Valuation
At 1 February 2025
Additions
At 31 January 2026
DEPRECIATION
At 1 February 2025
Charge for year
At 31 January 2026
NET BOOK VALUE
At 31 January 2026
At 31 January 2025		 Freehold
Property
£
1,090,313
-
1,090,313
231,998
9,586
241,584
848,729
858,315		 Leasehold
Property
£
219,800
-
219,800
63,944
4,396
68,340
151,460
155,856		 Motor
Vehicles
£
13,380
-
13,380
13,246
33
13,279
101
134		 Furniture &
Equipment
£
87,544
3,925
91,469
82,551
1,248
83,799
7,670
4,993		 Totals
£
1,411,037
3,925
1,414,962
391,739
15,263
407,002
1,007,960
1,019,298

33

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

10 DEBTORS: amount falling due within
one year
Tax Recoverable
Prepayments
11 INVESTMENTS
Cash on deposit		 2026
£
45,785
3,557
49,342
2026
£
78,296		 2025
£
22,423
3,450
25,873
2025
£
75,000

This relates to cash on deposit with a maturity of less than one year held for investment purposes rather than to meet short-term cash commitments as they fall due.

At the balance sheet date the average maturity of the deposits was 6 months. The average interest rate was 5.2%

12 CREDITORS: amounts falling
due within one year
Bank loan
Trade Creditors
Tax and Social Security
Credit Card
Other Creditors
Accruals		 2026
£
-
1,342
3,161
4,937
5,276
7,161
21,877		 2025
£
18,794
2,234
4,269
561
11,502
7,930
45,290

Included in other creditors is a balance of £3,903 (2025 £5,990) owed to Cymru Leadership Trust, a charity which A.Day and J.T.Pece are trustees.

34

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

13 MOVEMENT IN FUNDS

General
Designated
Restricted
TOTAL FUNDS		 At
1.2.2025
£
16,923
1,213,485
21,554		 Net
movement
in funds
£
11,547
(139)
28,704		 Transfer
between
funds
£
(10,080)
38,803
(28,723)		 At
31.1.2026
£
18,390
1,252,149
21,535
1,251,962 40,112 - 1,292,074

Detailed net movement in funds are included in note 14.

COMPARATIVE FOR MOVEMENT IN FUNDS

General
Designated
Restricted
TOTAL FUNDS		 At
1.2.2024
£
18,125
1,166,477
22,718		 Net
movement
in funds
£
18,986
123
25,533		 Transfer
between
funds
£
(20,188)
46,885
(26,697)		 At
31.1.2025
£
16,923
1,213,485
21,554
1,207,320 44,642 - 1,251,962

Comparative net movement in funds included in above are as follows;

General
Designated
Restricted		 incoming
resources
£
314,454
123
30,773		 resources
expended
£
(295,468)
-
(5,240)		 movement
in funds
£
18,986
123
25,533
345,350 (300,708) 44,642

A current 12 months and prior year 12 months combined position is as follows

General
Designated
Restricted
TOTAL FUNDS		 At
1.2.2024
£
18,125
1,166,477
22,718		 Net
movement
in funds
£
30,533
(16)
54,237		 Transfer
between
funds
£
(30,268)
85,688
(55,420)		 At
31.1.2026
£
18,390
1,252,149
21,535
1,207,320 84,754 - 1,292,074

35

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Transfer
**14 ** RESTRICTED FUNDS Brought Income Expenditure Between Carried
Forward Reserves Forward
£ £ £ £ £
Restricted Revenue
Building 12,645 - - - 12,645
Refurbishment/running costs
Café refurbishment
/ Café funds 8,833 - - - 8,833
Stewardship Mortgage Gift - 29,200 (543) (28,657) -
Foodshare donation - 540 (474) (66) -
Restricted Capital
GAP Capital Fund 76 - (19) - 57
21,554 29,740 (1,036) (28,723) 21,535
UNRESTRICTED FUNDS
Designated
Church Future Running
Costs 93,000 - - 1,250 94,250
Café refurbishment/costs - - - -
Planned strategic spend 50,000 - - 3,000 53,000
Community Project Funds 3,089 196 (335) 2,950
Reach project 976 - - - 976
Planned capital project 66,000 - - 16,000 82,000
Capital Asset Spend 1,000,420 - - 3,553 1,003,973
Planned maintenance - - - 15,000 15,000
1,213,485 196 (335) 38,803 1,252,149
General Funds 16,923 313,704 (302,157) (10,080) 18,390
Total Unrestricted Funds 1,230,408 313,900 (302,492) 28,723 1,270,539
Total Funds 1,251,962 343,640
(303,528)		 - 1,292,074

The designated Church future running costs represents seventeen weeks of future running costs for the Church.

The balance of the designated Capital Asset Fund has been set up in line with SORP 2019 to represent the value of reserves spent on tangible fixed assets.

The Reach and Community Project funds are to be used to finance future project costs.

36

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

14 RESTRICTED FUNDS continued

Planned strategic spend reserve represents funds to be able to meet the strategic plan in the medium term.

The restricted Church Building Refurbishment Fund is funds donated solely for the purpose of the refurbishment and any associated costs of a new property.

The GAP Capital Fund are grants received towards the purchase of equipment and are released in line with the depreciation rate of the assets the grant is related to.

Planned capital project reserve represents funds to be able to meet future capital spend.

The Café funds are to be used in relation to a café .

Foodshare donation represents funds used to provide food donations to the local food shares.

Stewardship mortgage gift fund was to contribute towards the property mortgage. The mortgage has been fully paid within the year. Therefore the funds has been designated for Planned Capital Project.

15 RECONCILIATION OF MOVEMENT IN FUNDS

Opening funds
Net Incoming Resources
Closing Funds		 £
1,251,962
40,112
1,292,074

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Current Assets
Current Liabilities		 Restricted
Funds
£
57
21,478
-		 Designated
Funds
£
1,003,973
248,176
-		 Unrestricted
General
Total
Funds
Funds
£
£
3,930
1,007,960
36,337
305,991
(21,877)
(21,877)
21,535 1,252,149 18,390
1,292,074

37

CORNERSTONE CHURCH SWANSEA

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

17 RELATED PARTY DISCLOSURES

A donation of £25,500 (2025 £25,500 ) has been made to Cymru Leadership Trust during the year, a charitable Trust of which A.Day and J.T.Pece are trustees.

Also trustees made donations to the charity amounting to £21,623 (2025 £21,600) and other key management made donations of £11,962 (2025 £11,732) for the year ended 31st January 2026.

18 FINANCIAL COMMITMENTS

Financial commitments under non cancellable operating leases will result in the following annual payments in respect of rent on the Penlan building:

payments in respect of rent on the Penlan building:
Total capital commitment over the life of the lease;
Penlan building lease		 2026
2025
£
£
1,850
1,850
1,850
1,850
LAND & BUILDINGS
1,850

38