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2023-12-31-accounts

CORNERSTONE EVANGELICAL CHURCH

A Charitable Company Limited By Guarantee

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 December 2023

Charity Number 1128533 Company Number 06805205

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Report of the Trustees for the Year Ended 31 December 2023

The Trustees are pleased to present their annual report and financial statements for the year ending 31 December 2023 which also are prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102).

Elders’ Report

We are once again very thankful to the Lord for his kindness and provision to us throughout the year. The theme of ‘Our God Provides’ rang throughout autumn Week of Prayer & Giving and formed part of our Harvest celebrations. We spent considerable time in Psalm 145, praising God for his greatness and his goodness.

God so often provides in and through his people, and our gathered times of worship on Sundays continue to steadily grow. On a typical Sunday, around 800 people attend across the 9:15am, 11:15am and 7pm services. We estimate that this means over 1000 people would call Cornerstone their church and attend a service at least once per month. We continue to be blessed by the Lord as his people gathered to hear the word preached, and to sing God’s praise. We continue to learn how to be the intercultural, interethnic, and intergenerational church that the Lord has made us.

The multiplicity of ministries and groups happening throughout the week sees the Lord working in so many different ways, and we are so thankful for the many volunteers who give their time, care and love in the service of the Lord and others. Do read through the other sections of this document for a fuller list of much that happens in the life of the church.

Investing in new generations of church leaders is vital for the future of Cornerstone and churches in the UK and beyond. Our Ministry Development Scheme seeks to equip and train those who will serve in church leadership on staff teams in the future. In 2023 we were delighted to welcome Ailie Smallwood onto the MDS, joining David Upton. We were also thrilled to appoint Rupert Akhalu, who will commence his time on the MDS in early 2024. All of this represents a significant investment in people, and we are thankful for the Lord’s provision of people willing to serve, and those willing to support the MDS in finances. We recognise the MDS as a very significant part of the calling of God on us as a church and will be continuing to encourage giving and support to it in the years ahead.

The year also saw a number of people stepping down from roles after many years of service. We’re especially thankful to Bill Rettie for his time as an Elder, and Charlie Tyrrell for her time on the staff team. With other significant changes ahead on the staff team, we are praying and planning for recruitment for the future.

2023 saw us extend our support for New Whitemoor Baptist Church beyond providing service leaders and preachers, as we commissioned a team of 8 people, committed to attend and help the church for an initial period of 12 months.

We look back with thankfulness to the Lord and look ahead with anticipation of all the Lord is inviting us to be part of in the future. Our God Provides, and we can trust him for tomorrow, just as he has been faithful to us over many years past.

‘Great is the Lord and most worthy of praise; his greatness no one can fathom. One generation commends your works to another; they tell of your mighty acts.’ (Psalm 145:4-5)

John Russell

Lead Minister, on behalf of the Elders of Cornerstone Church

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1. Our Purposes and Activities

In working towards the objectives below, the Trustees have considered the Charity Commission’s guidance on public benefit and have worked towards making Cornerstone as accessible as possible to all the community. The Trustees confirm that they have complied with their duties under Section 17(5) of the 2011 Charities Act with regard to public benefit.

1.a Objectives

1.b Aims

Our Mission: To make disciples of Jesus Christ in Nottingham, all nations and the next generation.

Our Values: The word of God, mission of God, people of God, worship of God, and grace of God

Cornerstone relies on every member being actively involved in witness and service, to continue God’s work as a local Christian Church congregation:

  1. Providing for the spiritual, physical, emotional and social needs - of its members, the local community in and around Nottingham and by means of gifts and through the work of its representatives across the world.

  2. Supporting and equipping volunteers and paid staff - to work alongside those struggling locally, and the provision of funds and paid workers to various deprived areas of the world to provide education, training, medical services and the like.

  3. Encouraging Christian education - by supporting and equipping Christian leaders and ministers, production of books and other written or recorded material, holding and sponsoring conferences and courses.

1.c Strategies

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2. Achievements and Performance

2.a Significant Events during the Year

  1. Bill Rettie resigned as an Elder in April after serving for 12 years. The church gives thanks to the Lord for Bill and his wife Rosemary and for their contribution to the life of the church over many years.

  2. Ministry Development Scheme: Ailie Smallwood joined the MDS in the summer as Cornerstone’s 2nd participant on the ministry training programme.

2.b Significant Activities during the Year

  1. Provision of gathered worship services on Sunday with associated groups and activities.

  2. Connect Groups: Cornerstone gives great importance to encouraging attendees to meet in small groups during the week for bible teaching, prayer, pastoral support and mutual encouragement in the Christian faith. This year 23 Connect Groups met in different locations across Nottingham in pursuit of these aims.

  3. The Intern scheme (usually 1 year): A programme to help teach and develop the next generation of church leaders, providing experience and training in the church setting. The Interns year starts in August. 4 new Interns were appointed during the year.

  4. Emerging Leaders Group: Recognising the importance of raising new leaders for the life and growth of the church, the church continues its programme of training members in leading small groups & for roles in ministries.

  5. Holiday Lunch Club: Partnering with TLG Make Lunch the church started a programme in 2023 to provide a weekly meal for children during the school holidays along with fun activities.

  6. The Great Big MAF weekend 28,29 & 30th April. An event supporting the work of Mission Aviation Fellowship with flying themed fun activities and information on the work of MAF.

  7. Thanksgiving services for the life and faith of dear friends who have been promoted to glory:

Roger Marvin Marilyn Davies John Hopkin

  1. Wedding Services: Amy Nash and Joseph Warren Jae Won Phee and Ting Kwan Lau Laura Harrison and Andrew Mawhinney Laura Summerside and James Hayward Ruth Marshall and Jeffrey Monk

2.c Delivery of Public Benefit

  1. Acts of Christian worship: Available to the public in-person and on-line with Christian songs and hymns, praying and preaching.

  2. Beliefs of the church: Information is available to the public on the church website.

  3. Women of the Word: Meeting on Friday mornings during term time. This initiative is for women of all ages and cultures to study the Bible, pray together and enjoy each other’s company with refreshments.

  4. Student Ministry: The church supports and provides resources for the University Christian Unions in Nottingham. Approx. 50 Students regularly attend the church’s Sunday evening Preview sessions which include bible study and a meal before the 7pm service.

  5. Curious Course: A free 4-week course each term, exploring the Christian faith from Creation to Christ and providing the opportunity to consider the evidence and ask questions.

  6. Connect Central: A free six week ‘Introduction to Cornerstone’ course to help newcomers feel part of the church family, learn about our history, meet church leaders and members and understand our mission and values.

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  1. Overseas Mission: Jesus commands us to make disciples of all nations. Doing this is central to the vision of Cornerstone Church, and equipping, sending and supporting people for thus is a whole church activity. The elders delegate to our Mission Coordinators group responsibility for church members and other mission partners currently working in other countries.

  2. Friends International: The church is pleased to make a room available, one day a week, to help the FI team in the running of their organisation.

  3. English Language Class: For local people whose first language is not English, a Wednesday morning class with crèche. Run by trained volunteers, this is a popular class providing for a mixed range of abilities.

  4. New Whitemoor Baptist Church (NWBC): Cornerstone supports the Acts of Worship that takes place at NWBC including prayer, singing and preaching from the Bible. We also support NWBC with outreach events that seek to provide a faithful gospel witness to their local community. The Church has commissioned a team of 8 Cornerstone members to aid with this work for 1 year - with the prospect of committing to a Revitalisation in the future.

  5. Crossteach: Cornerstone is pleased to financially and prayerfully support Crossteach; a national charity, whose purpose is to ‘teach about the Christian faith in schools’. The team have enjoyed a year of growth and have started working in one new primary school and two new secondary schools. This year (2023) they delivered 432 different activities across 19 schools. They have seen their team increase, with their trainee graduating and joining Crossteach Nottingham as a full-time worker. We praise God for these opportunities and continue to pray for growth, for more volunteers, and for increased financial giving to sustain the ministry.

  6. Cornerstone School of Theology: For those wanting to study theology and be equipped for life and ministry. Members study online material from Crosslands and meet monthly to discuss and apply what they’ve been reading. The group studied modules on Pastoral Care, a Bible Overview, and the Christian doctrines of Salvation, the Church, and Eschatology.

  7. Crosslands training: Cornerstone partners with Crosslands to provide theological training to staff and attendees. In 2023, two staff members and one Overseas Worker were studying on the Crosslands Seminary course, whilst others were encouraged by attending various training seminars and book groups run by Crosslands. Crosslands Foundation material is used in the Cornerstone School of Theology.

  8. Globe Café: This ministry is run in partnership with Friends International on Monday nights during term time and meets in Core Lounge, Newark Hall, University’s Exchange building on University of Nottingham’s Jubilee campus. The café is popular with international students and scholars from many countries, cultures, and faiths. It’s an opportunity to make friends, meet local people, practice English and enjoy different cultural activities. Each evening includes a fun activity or theme, group discussions, and conversations about life topics and the Christian faith. It is supported by the University Residential Experience (ResX) team.

  9. Easter Eggstravaganza: A free event for families with act of worship, crafts, bible story, games, an Easter egg hunt, and chocolate eggs.

  10. Ignite the Light: An alternative to Halloween on Sunday afternoon this year. A free event including - crafts, games, a short talk and hot dogs open to all children in school years 3-6.

  11. International Women’s group: For women who have come from other countries to make their home in the UK. The group meets on Sundays for discipleship, and at other times for lunches, walks and picnics.

  12. Youth Groups: The church provides three Christian youth groups that meet on Friday nights for ages 7-11, 11-14 and 14-18, and Sunday mornings.

  13. The church building is a collection point for a local Food Bank run by Grace Church, Nottingham.

  14. Tots & Toys: A community group for babies and young children under 5, along with their carers (mums, dads, grandparents, child minders etc). The group meets on Thursday mornings in the main auditorium and offers; craft, Bible stories, singing, and refreshments.

  15. Twenties and Thirties: The group meets for an event or activity approximately once a month to build friendships and a sense of community, whilst encouraging each other to live for Christ in this season of life.

  16. Dad Club: Meeting on the 2nd Saturday of each month. This is a time for dads and their 0-5 year olds to meet up and play, to enjoy refreshments and an interactive bible story. In 2023 the programme only ran for the first half of the year as the leadership of the group is being reviewed.

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  1. Freedom Through Coffee: Saturday 4th November. An afternoon with Manumit, a coffee company combating modern slavery.

  2. Fruitful Faith in Later Life – This is a monthly group for anyone in retirement to attend and mutually encourage each another in their faith. We often have a live interview with one of our missionaries, or an interview or talk, and occasionally a local trip out.

  3. Holiday Club: A free week of activities during the summer holiday for primary aged children with Christian ethos. Includes games, bible talks, craft, small group time, snacks, and bouncy castle! An opportunity for lots of children to come and hear the gospel. Open to all children, with or without a church background. Places need to be booked in advance with a maximum of 150 children.

  4. Holiday Lunch Club: is a free activity for children and their parents/carers who attend local schools. A friendly team of volunteers from the church provide a weekly meal for all and fun activities for the children during the school holidays. This ministry has enjoyed steady growth with a core of regular families who have communicated how much they appreciate the hospitality.

  5. The Christmas Cracker Workshop: a discounted Christmas craft event explaining the Christmas message.

  6. The church supported the events and activities of a number of local, regional, and national Christian organisations during the year as follows:

  7. January Operation Mobilisation container despatched to Zambia containing materials to support the work there.

  8. Jericho Road Project annual volunteer event

  9. February University of Nottingham CU and Nottingham Trent CU events weeks March Next Generation Conference (MGP) Formation 3-day Conference Friends International Cluster Day Nottingham Youth Together

  10. April Safe Families meeting Crosslands Seminar Day

  11. May Keswick Band Rehearsal Safe Families 2-day conference

  12. June Scripture Union - Ka’zoo Christian Holiday Organisation’s Team Day Friends International Prayer & Praise Friends International Cluster day

  13. July Crosslands Seminar Day Midlands Youth Convention

  14. August Scripture Union Holidays (Ka'zoo) making day September Formation 3-day Conference October Midlands Women’s Convention NTCU vision and praise evening Friends International Training

  15. November Midlands Men’s Convention Friends International Cluster day Crosslands Seminar Day

  16. December Friends Intentional Christmas Event

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2.d Voluntary Help

The church depends on every member’s active involvement in the life of the church. Volunteers and staff, lead and contribute to the many ministries and activities of the church.

  1. On Sundays, around 110 people are needed to run church services (stewarding and welcoming, music and technical operators, crèche and Bible Workshop teachers, providing tea/coffee, and other responsibilities).

  2. Connect groups: During the week, around 60 volunteers lead 23 Connect Groups that usually meet at members’ homes for community, discipleship, pastoral care, and mission.

  3. English language: On Wednesday mornings, 25 people help as volunteers.

  4. Tots and Toys: On Thursday mornings, 7 people help as volunteers.

  5. Maintenance team: On Thursday mornings, 6 people help as volunteers.

  6. Youth Groups: On Friday nights around 50 people help as volunteers.

  7. Cleaning: On Wednesday or Thursday nights members of 2 rostered Connect groups clean the church building.

2.e Charitable activities - Material fund raising

Giving to Cornerstone is a matter for God and the believer. The leadership occasionally gives guidance on this issue. Leaflets are available at the church building and information on the website. New membership candidates are interviewed by a church Elder during which giving and tithing are discussed.

As well as giving to the General Fund, appeals are made for contributions to the Building Fund to pay for the outstanding mortgage (see note 12) and for the Ministry Development Fund (see note 13) to train people in ministry.

The church has an annual Christmas Appeal for funds to support external organisations (see note 13). All the money received is sent out, including the Gift Aided tax reclaimed. No funds are kept back to cover operating costs. No targets are set for the appeal.

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3. Financial Review

3.1 General Fund: Income – Unrestricted

Donations & Legacies: The church’s main source of sustainable income is in the form of Donations & Gifts (including Gift Aid tax) from members and other regular worshippers. This income increased by 6.3% compared with last year. We praise God for continued growth.

Income from Charitable Activities/Events: £25,918 This is income from events that have had a charge made on the participants e.g. tickets for entry, food etc. They are usually ministry events that have a cost associated with them that the church does not wish to fund, partially or in full. These activities are intended to be ministry-enabling and not a net source of income for the church. Consequently, the corresponding Events Expenditure is expected to be of similar amount.

3.2 General Fund: Expenditure – Unrestricted

The total expenditure on charitable activities (excluding events expenditure) of £912,768 is a 2.8% increase on 2022.

This increase was ameliorated by transfer from the Ministry Development Scheme of £45,872 paying for David Upton and Ailie Smallwood’s costs as Ministry Workers on the Ministry Development Scheme.

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le 46%
£149,975
16%
Expenditure on Charitable Activities
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3.3 General Fund: Net Resources – Unrestricted

Net resources (the difference between unrestricted income and outgoings) for the period are -£34,493 giving total general funds at the year-end of £415,156.

We thank God for 2023 and for His ongoing provision for the mission of Cornerstone Church; to make disciples of Jesus Christ in Nottingham, all nations, and the next generation.

3.4 Restricted Funds

Restricted funds are funds received by the church for specific purposes, formally adopted by the church Elders. They are usually for, but not restricted to, specific International or Home Mission workers, the annual Christmas Appeal, and the Building Fund. Gift Aided tax reclaimed on restricted funds is included in the total for that fund.

Building Fund

Since 2004, the church has been running a fund ‘for premises to house the ministries of the church; its outreach, its teaching and its fellowship’ with the stipulation that ‘Gifts made to this fund will be used for: acquiring, running, furnishing and maintaining a property to house the ministries and worship of Cornerstone Church and any other costs associated with building, renting, occupying and using such a property’ .

Many members and regular attendees of the church are committed to regular giving to the Building Fund as well as their tithe to the general fund. The church also receives one off gifts for the Building Fund.

The total income to the Building Fund was £97,009. This income is used to pay for the capital and interest on the mortgage which stood at £780,193 at the end of the year.

Christmas Appeal

Christmas 2022/2023: gifts and the recovered gift aid tax were disbursed in March 2023 as follows:

Christmas 2023/2024: gifts of £9,524 have been received up to 31[st] December 2023. The Fund will be open for further gifts until March 2024 when the total amount will be disbursed to:

Lead Minister John Russell registered a conflict of interest relating to Safe Families, as a close family member is employed by them. He removed himself from discussions and decisions concerning support for this charity.

Ministry Development Scheme Fund

A Fund to support training of church leaders for the future. This year the fund contributed £45,872 to the costs of 2 Ministry Workers with another joining the scheme at the beginning of 2024.

3.5 Policy on reserves

The church’s policy is to maintain 2-3 months’ cash reserves, equivalent to: £150,000 - £225,000. The unrestricted reserve cash assets at the year-end amount to £372,658.

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3.6 Material funds in deficit

There are no material funds in overall deficit.

3.7 Principal funding sources

By far the main source of income for the church is the gifts of its congregation representing 96.8% of total income including tax. The balance coming from investments, bank interest and activities.

3.8 Investments

The Elders/Trustees have no restriction on their investment powers subject to the approval of the church.

4. Plans for Future Periods

5. Reference and Administrative details (of the Charity, its Trustees and Advisors)

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5.d Elders (Trustees/Directors) at 31 December 2023

Mark Collins Roo Miller, Minister Paul Couchman John Russell, Lead Minister David Devadason Colin Webster, Minister Jonathan Gribbin

5.e Other Elders (Trustees/Directors) in office during the year

Bill Rettie (resigned 25[th] April 2023)

5.f Other Management of the Charity

Company Secretary & Director of Operations – Spencer Hampton

5.g Other relevant organisations or persons

Banks:

Senior Statutory Auditor:

Alex Butterfield, Haines Watts (East Midlands) Ltd, Chartered Accountants and Registered Auditor, 10 Stadium Business Court, Millennium Way, Pride Park, Derby, De24 8HP

Solicitor (General):

Ellis, Fermor and Negus, 2 Devonshire Avenue, Beeston, Nottingham NG9 1BS

6. Structure, Governance & Management

6.a Constitution

The church was constituted under the Fellowship of Independent Evangelical Churches (FIEC) Model Trust Deed No. 1 declared in 1984 with subsequent amendments at church members’ meetings in October 1987, March 1989, May 1991, October 1998, February 2002 and March 2006.

A Charitable Company Limited by Guarantee was adopted for Cornerstone Evangelical Church and incorporated at Companies House on 29 January 2009, Company Number 06805205. This was in place of the trust based structure and preserves the constitution wherever possible.

Cornerstone Evangelical Church - was entered in the Central Register of Charities on 12 March 2009, Registration number 1128533.

On 31 March 2009 the Assets of the Charitable Trust were transferred to the new company.

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6.b Method adopted for recruitment and appointment of new Trustees (Elders)

Proposals for the appointment of Members as Trustees may be made in writing to the Trustees and shall be signed by not less than two Full Members and the Trustees shall duly consider such proposals. All future Trustees are to be appointed following:

The Trustees (who are also directors for the purposes of Company Law) shall consist of not more than twelve Members and not less than six (these numbers include Minister/s and Assistant Minister/s) who are men of twenty-five years of age or over, each having been a Christian for not less than five years and having been baptised on profession of faith in Christ and having been a Member of the Church for not less than two years. [Total immersion is the preferred and usual method of baptism though exceptional circumstances may be taken into account]. All Trustees must be Members. All Trustees must subscribe and adhere to, in belief and lifestyle, the Trustees’ Confession of Faith.

6.c Policies & procedures for the induction and training of Trustees (Elders)

All new Trustees must be checked with the Disclosure Barring Service (DBS).

New Trustees will receive:

6.d Organisational Structure

Full and Associate Members: The church depends on every member’s active involvement in the life of the church. The church must hold at least 3 General Meetings in every year, to conduct the affairs of the church, which all Full and Associate Members are entitled to attend. One of these must be the AGM, which shall be held between 1st January and 30th April in every year. At an AGM the Members, receive and approve the accounts of the Church (which shall be independently audited) for the previous financial year, receive the Trustees’ report on the church’s activities during the preceding 12 months period, appoint auditors for the church (if necessary), discuss and determine any issues of policy or deal with any other business put before them.

Eldership (Acting Trustees and Directors): The church is led by the Elders, and those serving during the year are listed under Reference and Administrative Details. They are the only committee required under the Memorandum and Articles of Association and take strategic decisions concerning the organisation.

Ministry Staff and Operations Staff: They meet every Tuesday morning to review performance, to plan activities, and attend to the daily demands of the church. They report directly to the Eldership.

Mission Committee: Led by Elder Joff Gribbin, this committee has the responsibility, under the Eldership, to promote cross-cultural ministry interest in the church, propose people to work in cross-cultural environments, and oversee them when they are working. This will involve mobilising the church to pray and care for them and keeping the Elders and church up to date with their news and relevant local developments.

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Risk Management Committee: This committee has delegated responsibility from the Eldership for oversight of the management of risk across all aspects of the church’s ministry and operations. It comprises Elder Paul Couchman, the Director of Operations and 3 risk professionals from the membership. The committee submits a report to the Elders at least once per year.

Remuneration Committee: Chaired by Elder Paul Couchman and comprising all non-salaried elders. This committee has delegated responsibility from the Eldership to review and recommend the remuneration for all salaried members of staff. The committee presents its recommendations to the full eldership for approval on an annual basis.

Safeguarding Committee: This committee has responsibility under the Eldership for leading the church in all aspects of safeguarding policy, procedures, awareness and reporting. During the year Elder Bill Rettie stepped down and was replaced on the committee by Elder Mark Collins, also GP and Safeguarding Professional Dr Sarah Magowan joined the committee. Other committee members included Safeguarding Coordinator and church member Matt Storey, DBS Manager and church member Elisabeth Simpson, Director of Operations Spencer Hampton, Director of Ministry Amanda Smart-Gosrani, Children’s Ministry Worker Katrina Harper, Safeguarding Professional and church member Anne Batley, retired Safeguarding Professional and church member Chris McNee. The committee submits a report to the Elders at least once per year.

Lead Minister: John Russell. As well as responsibilities as Minister and Elder, he chairs the Eldership meetings and leads the Staff Team. He also has pastoral, preaching, and service-leading responsibilities. John also serves on the FIEC Trust Board and the MGP Steering Committee.

Minister: Colin Webster. As well as responsibilities as Minister and Elder, he has responsibility for the evangelistic outreach of the church. He also has pastoral, preaching, music and service-leading responsibilities.

Minister: Roo Miller. As well as responsibilities as Minister and Elder, he is a member of the Staff Team with responsibility for small group leaders and training within the church. He also has pastoral, preaching and service-leading responsibilities. Roo also serves as a Tutor for Crosslands and is seconded for 100 hours per annum for this purpose.

Director of Ministry: Amanda Smart-Gosrani is a member of the Staff Team with responsibility for pastoral coordination, small group leaders, mercy ministries and the Intern & Voluntary Associate Schemes. She also has pastoral, teaching/training and service-leading responsibilities.

Director of Ministry : Phil Moore is a member of the Staff Team with responsibility for Youth and Music. He also has pastoral, preaching and service-leading responsibilities.

Director of Ministry: Kathryn Jackson is a member of the Staff Team responsible for supporting and facilitating family ministry groups. She also has pastoral and service-leading responsibilities. Kathryn also chairs the MGP Children’s & Youth Ministry Group.

Children’s Ministry Worker: Katrina Harper is a member of the Staff Team with responsibility for Children’s work. She also has pastoral and service-leading responsibilities.

Pastoral Ministry Worker: Sara Girling works alongside Amanda Smart-Gosrani and Colin Webster, with a focus on developing and mobilising pastoral care within the life of the church. Sara is part of the ministry staff and gives her time in a voluntary capacity.

Ministry Worker on the Ministry Development Scheme: David Upton is training for future church leadership. He leads the student ministry and has pastoral, teaching and service-leading responsibilities. He is studying on the Crosslands training course.

Ministry Worker on the Ministry Development Scheme: Ailie Smallwood started on the scheme in 2023 and is training to be a children and youth ministry leader. She works in children’s ministry and has pastoral, teaching and service-leading responsibilities. She is studying on the Crosslands training course.

Director of Operations: Spencer Hampton is a member of the Staff Team with responsibility for the day-to-day running of the church, the finances, planning and administration. Spencer leads the Operations Team.

Event Operations Manager : Sarah Daniels, ensures all the events are planned, resourced and delivered in a way that meets Cornerstone’s ministry aims and purposes.

Church Secretary : Teresa Samuel provides administrative and office support to ministries of the church.

DBS Manager: Elisabeth Simpson, ensuring DBS (Disclosure and Barring Service) applications are properly processed and that renewals are dealt with in a timely manner. Elisabeth is part of the Operations Team and Safeguarding Team and gives her time in a voluntary capacity.

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Accounts Assistant : Mike Shouler, maintaining the financial systems, payments and records of the organisation.

Interns: Cornerstone’s internship (1 year from August to July) provides an opportunity to serve and gain experience as a member of the church staff with ministry and theological training. 4 Interns were on the scheme at the end of 2023.

6.e Charity Networks

Cornerstone Church is an independent organisation and is not part of any wider network.

6.f Associated Charities

The church is a member of the Fellowship of Independent Evangelical Churches (FIEC), the Evangelical Alliance (EA) and the Midlands Gospel Partnership (MGP).

6.2 Risk Management

6.2 Risk Management

The Elders have delegated risk management to the Risk Management Group, comprising Elder Paul Couchman, Director of Operations Spencer Hampton and 3 risk professionals from the membership. The group report to the elders on an annual basis and review the church's risk register containing risks, controls and mitigation plans periodically throughout the year.

The highest risks to which the church is exposed are considered to be:

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7. Statement of Trustees’ Responsibilities

Company Law requires the Elders to be responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Elders are required to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Elders should follow best practice and:

The Elders are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the applicable law, regulations and the trust deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the Elders are aware:

The Elders are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the Eldership

Members of the Eldership who are Directors for the purpose of the company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 9.

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The total number of such guarantees at 31 December 2022 was 8 (2021: 9).

A resolution to appoint Haines Watts as auditors of the company will be proposed at the Annual General Meeting.

This report has been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

Signed: ......................................................................................................... Date: ... ........................................................................... John Russell

Cornerstone Evangelical Church 90 Castle Boulevard Nottingham NG7 1FP

Page 15

Report of Independent Auditors to the Members of Cornerstone Evangelical Church A Charitable Company Limited by Guarantee

Opinion

We have audited the financial statements of Cornerstone Evangelical Church for the year ended 31 December 2023 on pages nineteen to thirtyone which comprise the Statement of Financial Activities, the summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note seventeen to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatements in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 16

Report of Independent Auditors to the Members of Cornerstone Evangelical Church

A Charitable Company Limited by Guarantee

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director’s report included within the Trustees report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities set out on page thirteen, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 17

Report of Independent Auditors to the Members of Cornerstone Evangelical Church A Charitable Company Limited by Guarantee

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

................................................................................................................. Alexander Butterfield (Senior Statutory Auditor) For and on behalf of Haines Watts Chartered Accountants & Statutory Auditors 10 Stadium Business Court Millennium Way Pride Park Derby DE24 8HP

Date:

Page 18

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Statement of Financial Activities (Incorporating Income and Expenditure Account) for the Year Ended 31 December 2023

Notes
Income
Donations and Legacies
1
Income from Charitable Activities
Events Income
2
Investment Income
Total Income
Expenditure
Expenditure on Charitable Activities
Operation of Cornerstone Church
and delivery of Mission Costs
Events Expenditure
Total Expenditure
5
Net Income (expenses) and
net movement in funds for the year
Transfer Between Funds
Reconciliation of funds – Total funds
brought forward
Total funds carried forward
14		 2023
2022
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
£
£
£
£
£
£
869,208
146,125
1,015,333
818,011
230,720
1,048,731
25,918
-
25,918
27,120
-
27,120
7,284
-
7,284
1,849
-
1,849
902,410
146,125
1,048,535
846,980
230,720
1,077,700
958,640
158,713
1,117,353
887,678
170,236
1,057,914
24,135
-
24,135
20,925
-
20,925
982,775
158,713
1,141,488
908,603
170,236
1,078,839
-
(80,365)
(12,588)
(92,953)
(61,623)
60,484
(1,139)
45,872
(45,872)
-
-
-
-
449,649
5,196,136
5,645,785
511,272
5,135,652
5,646,924
415,156
5,137,676
5,552,832
449,649
5,196,136
5,645,785

The Statement of Financial Activities includes all gains and losses in the year. All incoming resources, and resources expended derive from continuing activities.

Page 19

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Balance Sheet for the Year Ended 31 December 2023

Note
Fixed Assets
Tangible Assets
6
Current Assets
Cash at Bank and in Hand
7
Debtors
8
Total Current Assets
Current Liabilities
Creditors due within one year
9
Net Current Assets
Total Assets less Current Liabilities
Creditors
Amounts falling due after more than
one year
10
NET ASSETS
The Funds of the Charity
Unrestricted – General
13
- Designated
Restricted
13
Total Charity Funds		 £
740,524
57,956		 2023
£
5,576,698
677,408
6,254,106
(701,274)
5,552,832
415,156
-
5,137,676
5,552,832		 £
787,949
57,490		 2022
£
5,650,284
730,071
6,380,355
(734,570)
5,645,785
449,649
-
5,196,136
5,645,785		 2022
£
5,650,284
730,071
6,380,355
(734,570)
5,645,785
449,649
-
5,196,136
5,645,785
798,480 845,439
121,072 115,368
121,072 115,368
6,380,355
(734,570)
5,645,785
449,649
-
5,196,136
5,645,785

The accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The accounts were approved by the Elders:-

Signed: ......................................................................................... Dated: ................................................................ John Russell

The notes on pages 22 to 31 form part of these accounts

Page 20

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Cash Flow Statement as at 31 December 2023

Net Cash Flow from Operating Activities
Returns on Investments:
Interest Received
Interest Paid
Capital Expenditure and Financial Investments:
Purchase of Tangible Fixed Assets
Disposal of Fixed Assets
Financing:
Capital Element of Loan Repayments Made
Net Cash Inflow/(Outflow)
Increase/(Decrease) in Cash in the Year
Net Cash Resources at 1 January 2023
Net Cash Resources at 31 December 2023		 Notes
18		 2023
£
46,884
7,284
(49,628)
4,540
(18,669)
-
(14,129)
(33,296)
(47,425)
(47,425)
787,949
740,524		 2022
£
119,014
1,849
(42,147)
78,716
(27,812)
-
50,904
(36,697)
14,207
14,207
773,742
787,949

Page 21

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023

ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

BASIS OF PREPARATION

The financial statements have been in accordance with the 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 (FRS102) (effective 1[st] January 2019) – (Charities SORP (FRS102)), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

Cornerstone Evangelical Church meets the definition of a public benefit entity under FRS102.

The Trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern.

The financial statements are presented in sterling (£).

FUNDS

General Funds – are funds generated from activities of the church such as bookstalls, events, outside preaching, etc.

Unrestricted Funds – are general funds available for use at the discretion of the Elders to further the general objectives of the church and which have not been designated for specific purposes. They are usually gifts from members of the congregation and the tax recovered on those gifts.

Restricted Funds – are funds that can only be used in accordance with specific restrictions imposed by the donors or which have been raised for particular purposes with the objects of the church and the tax recovered on those funds. The aim and use of each restricted fund is set out in the Notes to the Financial Statements.

Designated Fund – this fund is set aside during the year by the Elders for the refurbishment of the building.

INCOMING RESOURCES

All incoming resources are included in the Statement of Financial Activities (SOFA) when the church is legally entitled to the income and the amount can be quantified with reasonable certainty.

Collections are recognised when received by or on behalf of the Elders. Planned giving is recognised only when received.

Income tax recoverable on Gift Aid donations is recognised when the donation has been received.

Legacies are recognised at the earlier of receipt or at the time the amount can be measured with reasonable certainty.

Donated services and facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt, where this can be quantified.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Page 22

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 - Continued

LIABILITIES FOR HOME AND INTERNATIONAL MISSION

The Church financially supported 13 missionaries or mission families during the period. Where a missionary has been supported by the Church for a number of years, strict compliance with the Charities Statement of Recommended Practice (SORP) may regard some arrangements as constituting constructive obligations such that future years’ support is accounted for in these accounts as a liability. The Trustees consider that to comply with the accounting requirements of SORP would not present a true and fair view because it does not communicate reality.

Further, accounting for these liabilities in this way would require the Trustees to build up unnecessary reserves that could not, in the meantime, be used to pursue the charity’s objectives.

The Trustees are confident that the missionaries supported would not view their support as an open ended obligation on the part of the Church.

RESOURCES EXPENDED

Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributable to one of the functional categories of resource used in the SOFA. The Church is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

PENSION POLICY

The charity operates a defined contribution pension scheme. Contributions to the scheme are recognised as resources expended upon payment. The assets of the scheme are held separately from those of the charity in an independently administered fund. Contributions payable for the year are shown within the statement of financial activities.

DEPRECIATION

Fixed assets costing more than £250 have been capitalised at cost, the depreciation has been reviewed and is calculated so as to write off the cost of fixed assets on the following basis:

Fixtures and Fittings 20% - reducing balance Equipment 20% - reducing balance New Building Audio & Visual Equipment 20% - reducing balance (charged to the general fund) New Building Fixtures and Fittings 20% - reducing balance (charged to the general fund) Buildings 2% - on cost (charged to restricted building fund)

Land – the land value has not been depreciated.

New building assets consisting of fixtures and fittings and audio equipment have been depreciated from the date that the property was occupied.

DEBTORS

Debtors are recognised at the settlement amount owed to the Charity or prepaid.

CREDITORS

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Page 23

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 - Continued

FINANCIAL INSTRUMENTS

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of accounts using generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period.

The key estimates and assumptions used in the Financial Statements are detailed in the accounting policies.

LEASE AGREEMENTS

Rentals applicable to operating lease agreements where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

LIMITED BY GUARANTEE

The charity is limited by guarantee and in the event of it being wound up, every member is liable to contribute a sum not exceeding £1. There are no shares of any class either authorised or allocated.

1. Donations, Gifts and Legacies (Unrestricted)
Gift Aid Giving
Gift Aid Tax Recoverable
General Giving
Tax Inclusive Giving
Legacies
Donations, Gifts and Legacies (Restricted)
Ministry Development Fund
Building Fund
Restricted Home Funds
Christmas Appeal
Christmas Appeal
Total Donations
2. Charitable Activities
Training Events
Youth/Children’s Events
Books, Tapes and CDs
Social Events
Tutoring
Donations		 2023
2022
£
£
540,222
531,608
141,623
144,422
160,284
121,477
27,079
18,830
-
1,674
869,208
818,011
17,410
28,462
97,009
165,826
750
750
21,432
25,658
9,524
10,024
146,125
230,720
1,015,333
1,048,731
-
2,555
15,882
14,861
972
2,663
1,454
90
2,050
2,788
5,560
4,163
25,918
27,120

Page 24

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 – Continued

3. Total Salaries & Staff Summary
3. Total Salaries & Staff Summary
Salaries
Employer’s NI
Pension
Child Care Vouchers
Average Weekly Number of Employees, calculated as full time equivalents
Pastoral Staff
Management and Support
(No employee received remuneration of more than £60,000)
The number of employees to whom retirement benefits were accruing was as follows:
Defined Contributions Scheme		 2023
2022
£
£
467,471
419,544
42,986
40,227
20,832
20,019
772
1,985
532,061
481,775
8
8
6
6
14
14
16
16

The key management personnel of the charity, comprise the elders and director of operations. The total employee benefits of key management personnel of the charity were £177,297 (2022: £169,582).

Elders giving in the financial year totalled £61,731 (2022: £44,186).

4. Trustee Remuneration

Some trustees and relatives of trustees are remunerated, as permitted in the Memorandum and Articles of Association – this includes salary, pension and expenses. The expenses are incurred as a direct result of their work and include office and travel expenses.

Colin Webster
Remuneration
Pension
Expenses
John Russell
Remuneration less child care vouchers
Pension
Expenses
Roo Miller
Remuneration less child care vouchers
Pension
Expenses		 2023
2022
£
£
41,495
40,212
2,075
2,011
219
556
43,789
42,779
44,895
43,612
2,275
2,211
2,853
2,258
50,023
48,081
37,141
33,763
1,863
1,751
911
988
39,915
36,502

Page 25

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 - Continued

5. Expenditure on Charitable Activities

5.1 Core ministry
Salaries (Note 3)
Colin Webster Expenses
John Russell Expenses
Roo Miller Expenses
Other Employees Expenses
Employment Allowance
Staff Development
Staff Travel
Pastoral Team Discretionary Gifts
Visiting Speakers
Schools
Students
Evangelism
Children
Youth
Members Training / Teaching
Website Maintenance
Flowers Pastoral
Flowers Sunday
Catering
Music
Sundry Expenses Ministry
Charitable Donations (see note 3)
5.2 Overseas Ministry
Support for Missionaries and their
Families
5.3 Home Mission
Home Mission Contingency
C U Missions
Earlesfield Community Church
Friends International
Friends International Admin
Returning Students Ministry
COCM
Cross Teach
Cornerstone Money Advice
English Language Class
International Student Expenses
Cornerstone School of Theology
Globe Cafe		 Unrestricted
Restricted
2023
2022
£
£
£
£
399,490
-
399,490
351,091
219
-
219
556
2,853
-
2,853
2,258
911
-
911
988
16,464
-
16,464
11,640
(5,000)
-
(5,000)
(5,000)
7,133
-
7,133
6,265
243
-
243
662
1,500
-
1,500
4,027
2,689
-
2,689
3,912
200
-
200
154
1,453
-
1,453
1,854
1,347
-
1,347
1,815
2,348
-
2,348
1,751
1,086
-
1,086
1,306
7,145
-
7,145
10,232
240
-
240
359
1,822
-
1,822
1,638
75
-
75
146
13,227
-
13,227
14,887
2,592
-
2,592
2,210
7,743
-
7,743
7,786
-
-
-
9,911
465,780
-
465,780
430,448
149,975
-
149,975
123,780
149,975
-
149,975
123,780
2,119
-
2,119
5,455
750
-
750
700
6,500
-
6,500
4,000
15,000
-
15,000
37,399
3,045
-
3,045
3,045
247
-
247
4,500
7,000
-
7,000
7,750
6,000
-
6,000
5,000
1,257
-
1,257
2,000
(608)
-
(608)
900
3,237
-
3,237
5,683
256
-
256
(486)
124
-
124
-
44,927
-
44,927
75,946

Page 26

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 – Continued

5.4 Administration and Support Costs
Salaries (note 3)
FIEC & MGP Affiliation
Evangelical Alliance Subscription
Postage
Printing and Advertising
Computer and Software
Photocopier
Office Stationery and Sundries
Evangelical Now
Bank Charges
Child Protection Reports
General Sub’s and Donations
Accountancy Fees
Audit Fees
Pension Fees
Legal Expenses
5.5 Building and Fabric Costs
Building Insurance
Car Parking
Church Utilities
Church Telephone
Church Cleaning and Waste
Church Maintenance
Internet and Computer Support
Security
Servicing
5.6 Equipment
Church Equipment Purchases
Office Equipment Purchases
Depreciation – Fixtures and Equipment
Technical Equipment Purchases
5.7 Events Expenditure
Bookstall
Events
Tapes and CD’s
5.8 Restricted Costs
Loan Interest Charges
Depreciation - Property
Depreciation – Original Assets
Christmas Appeal
Sundry Building Costs (replace car park)
TOTAL EXPENDITURE ON
CHARITABLE ACTIVITIES		 Unrestricted
Restricted
2023
2022
£
£
£
£
132,571
-
132,571
130,684
11,054
-
11,054
10,689
540
-
540
540
277
-
277
349
3,640
-
3,640
3,052
6,629
-
6,629
4,537
2,906
-
2,906
3,257
2,833
-
2,833
3,047
102
-
102
96
8,865
-
8,865
3,046
1,122
-
1,122
1,312
873
-
873
120
2,000
-
2,000
1,900
4,670
-
4,670
4,650
300
-
300
300
9,429
-
9,429
145
187,811
-
187,811
167,724
8,187
-
8,187
7,102
12,341
-
12,341
12,751
32,737
-
32,737
4,823
5,782
-
5,782
6,298
18,154
-
18,154
16,211
522
-
522
4,175
-
-
-
2,492
5,770
-
5,770
5,996
9,783
-
9,783
13,812
93,276
-
93,276
73,660
6,247
-
6,247
3,306
-
-
-
191
10,624
-
10,624
11,524
-
-
-
1,099
16,871
-
16,871
16,120
267
-
267
2,324
23,868
-
23,868
18,601
-
-
-
24,135
-
24,135
20,925
-
49,628
49,628
42,147
-
70,000
70,000
70,000
-
11,630
11,630
12,302
-
27,455
27,455
40,211
-
-
-
5,576
-
158,713
158,713
170,236
982,775
158,713
1,141,488
1,078,839

Page 27

Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 – Continued

Operating Profit/Loss

The operating profit (loss) is stated after charging:-

Auditors Remuneration
For other services
Depreciation
6. Tangible Assets and Depreciation
Cost
Freehold
Land and
Legal Costs
Building
Cost
Building
Audio &
Visual
Balance at Start of Year
2,750,920
3,504,056
144,787
Additions During Year
-
2,700
-
Disposals
-
-
-
Balance at End of Year
2,750,920
3,506,756
144,787
Depreciation
Balance at Start of Year
-
700,000
117,246
Depreciation
During Year
-
70,000
5,508
Disposals
-
-
-
Balance at End of Year
-
770,000
122,754
Net Book Value (NBV)
At Start of Year
2,750,920
2,804,056
27,541
At End of Year
2,750,920
2,736,756
22,033		 Auditors Remuneration
For other services
Depreciation
6. Tangible Assets and Depreciation
Cost
Freehold
Land and
Legal Costs
Building
Cost
Building
Audio &
Visual
Balance at Start of Year
2,750,920
3,504,056
144,787
Additions During Year
-
2,700
-
Disposals
-
-
-
Balance at End of Year
2,750,920
3,506,756
144,787
Depreciation
Balance at Start of Year
-
700,000
117,246
Depreciation
During Year
-
70,000
5,508
Disposals
-
-
-
Balance at End of Year
-
770,000
122,754
Net Book Value (NBV)
At Start of Year
2,750,920
2,804,056
27,541
At End of Year
2,750,920
2,736,756
22,033		 Building
Fixtures &
Fittings
128,448
8,944
-		 Fixtures
& Fittings
113,538
705
-		 Equipment
157,820
6,320
-		 2023
£
4,670
2,000
92,255		 2022
£
4,650
1,900
93,826
Total
6,799,569
18,669
-
2,750,920
3,506,756
144,787		 137,392 114,243 164,140 6,818,238
-
700,000
117,246
-
70,000
5,508
-
-
-		 106,779
6,123
-		 96,941
3,460
-		 128,319
7,164
-		 1,149,285
92,255
-
-
770,000
122,754		 112,902 100,401 135,483 1,241,540
2,750,920
2,804,056
27,541		 21,669 16,597 29,501 5,650,284
2,750,920
2,736,756
22,033		 24,490 13,842 28,657 5,576,698

As shown above the purchase of the land at 90 Castle Boulevard totalled £2,750,920. Other costs totalling £3,504,056 relate to the purchase and development of the land .

7. Cash at Bank and in Hand

7. Cash at Bank and in Hand
Deposit and Current Accounts
Catering Float
Petty Cash		 2023
2022
740,524
787,949
-
-
-
-
740,524
787,949

The current account balance is held with an automatic overdraft offset to the deposit account which ensures the account remains in credit.

8. Prepayments and Debtors
Tax Refundable on Gift Aid
Other Debtors and Prepayments
9. Creditors & Accruals: amounts falling due within one year
Creditors
Social Security and other taxes
Other Creditors
Bank Property Loan – falling due in 12 months
Bank Loan Interest
Accruals
Audit Fee		 2023
2022
46,264
48,710
11,692
8,780
57,956
57,490
2023
2022
10,789
10,857
25,823
19,439
78,919
78,919
941
1,653
4,600
4,500
121,072
115,368

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Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 – Continued

10. Creditors: Amounts falling due after more than 1 year

Amounts falling due after more than 1 year
Bank Property Loans 1 - 2 years
Bank Property Loans 3 -5 years
Bank Property Loans after 5 years		 2023
2022
78,919
78,919
236,756
236,756
385,599
418,895
701,274
734,570

11. Commitments under Operating Leases – 31 December 2023

The church had annual commitments under a non-cancellable operating lease as follows:-

2023 2022
1styear 1,252 2,506
1-5 years - 1,252
12. Secured Debts 2023 2022
Bank Loans 780,193 813,489

The Bank holds security in the form of a legal charge over the Cornerstone Evangelical Church, Castle Boulevard, Nottingham. During the year the mortgage was held with Barclays Bank Plc, following the year end the mortgage was transferred to Kingdom Bank Limited. The current rate of interest applying to the mortgage is 6.20%, the rate is variable.

13. Restricted Fund
For the Year Ended 31 December 2023
Details
a) Building Fund
b) Ministry Development Fund
c) Restricted Home Funds
d) Christmas Appeal
e) Christmas Appeal 11/12/22 – 31/12/22
Unrestricted Fund
f) General Fund
For the Year Ended 31 December 2022
Details
a) Building Fund
b) Ministry Development Fund
c) Restricted Home Funds
d) Christmas Appeal
e) Christmas Appeal 11/12/22 – 31/12/22
Unrestricted Fund
f) General Fund		 Balance b/f
Income
Expenditure
Transfer
Balance c/f
5,152,555
97,009
131,258
-
5,118,306
28,462
17,410
-
(45,872)
-
5,095
750
-
-
5,845
-
13,525
-
-
13,525
10,024
17,431
27,455
-
-
5,196,136
146,125
158,713
(45,872)
5,137,676
449,649
902,410
982,775
45,872
415,156
Balance b/f
Income
Expenditure
Transfer
Balance c/f
5,116,755
165,826
130,026
-
5,152,555
-
28,462
-
-
28,462
4,345
750
-
-
5,095
14,552
25,658
40,210
-
-
-
10,024
-
-
10,024
5,135,652
230,720
170,236
-
5,196,136
511,272
846,980
908,603
-
449,649

f) General Fund

a) Building Fund A fund for premises to house the ministries of the Church; its outreach, its teaching and its fellowship. Gifts made to this fund are used for acquiring, running, furnishing and maintaining property to house the ministries and worship of Cornerstone Church and any other costs associated with building, renting, occupying and using such a property (includes non-taxable giving, Gift Aided giving and tax allowable on gifts).

b) Ministry Development Fund

A fund to cover staff costs for Ministry Development and to look at possible new church plants in the local area.

c) Restricted Home Funds

Funds to support home mission (includes non-taxable giving, Gift Aided giving and tax allowable on gifts).

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Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 - Continued

d) 2023/24 Christmas Appeal

Funds raised in December 2023 for Safe Families, Hope into Action, Jericho Road and Together for the Family.

e) 2022/23 Christmas Appeal

Funds raised in December 2022 for Safe Families, Open House, Jericho Road and Together for the Family.

f) General Fund

This is the balance of unrestricted funds.

14. Analysis of Net Assets between funds
For the Year Ended 31 December 2023
Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Net Assets at 31.12.23
14. Analysis of Net Assets between funds
For the Year Ended 31 December 2022
Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Net Assets at 31.12.22		 General
Funds
Restricted
Funds
42,499
5,534,199
414,810
383,670
(42,153)
(78,919)
-
(701,274)
415,156
5,137,676
General
Funds
Restricted
Funds
46,098
5,604,186
440,000
405,439
(36,449)
(78,919)
-
(734,570)
449,649
5,196,136		 Total Funds
2023
Total Funds
2022
5,576,698
5,650,284
798,480
845,439
(121,072)
(115,368)
(701,274)
(734,570)
5,552,832
5,645,785
Total Funds
2022
Total Funds
2021
5,650,284
5,716,298
845,439
823,273
(115,368)
(121,380)
(734,570)
(771,267)
5,645,785
5,646,924

15. Taxation

The charitable company is exempt from Corporation Tax on its charitable activities. The Elders have reviewed Cornerstone Evangelical Church’s activities and are confident that they fulfil charitable aims and as such are considered to be for the primary purpose.

16. Pension Commitments

The charity contributes to a defined contribution pension scheme. The assets are held and administered by individually selected pension providers. The pension cost charge represents contributions payable by the charity to the pension scheme and amounts to £20,832 (2022: £20,019).

17. FRC Ethical Standard – Provisions Available for Small Entities

In common with many other entities of our size and nature, we use our auditors to assist with the preparation of the Financial Statements.

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Cornerstone Evangelical Church A Charitable Company Limited by Guarantee Company Number 06805205

Notes forming part of the Financial Statement for the Year Ended 31 December 2023 - Continued

18. Cash Flow Statement

Reconciliation of net movement in funds to net cash flow’s from operating activities:

Reconciliation of net movement in funds to net cash flow’s from operating activities:
Net incoming resources
Adjustments:
Interest Paid
Investment Income
Depreciation Charges
(Increase)/ Decrease in Debtors
Increase/ (Decrease) in Creditors		 2023
£
(92,953)
49,628
(7,284)
92,255
(466)
5,704
46,884		 2022
£
(1,139)
42,147
(1,849)
93,826
(7,959)
(6,012)
119,014

19. Redeemer Church – Contingent Liability

In 2017 Redeemer Church Nottingham was established using the money and people resources of Cornerstone Church. On 1 Jul 2019 Redeemer Church became a new charitable incorporated organisation, independent of Cornerstone Church. On 31st January 2020 Redeemer Church purchased the premises known as Beeston Town Hall for an amount of £425,000. At their meeting on 10th December 2020 the Cornerstone members agreed to underwrite development of the Town Hall by passing the following resolution with 100% agreement.

Resolution : In the light of their partnership in the Gospel it is resolved that Cornerstone Evangelical Church stand as Guarantor for the borrowing by Redeemer Church Nottingham of £875,000 from CAF Bank for the purpose of carrying out the redevelopment of Beeston Town Hall.

20. Related Party Transactions

There are no transactions to note other than those shown in note 3.

Page 31