CORNERSTONE EVANGELICAL CHURCH A Chirit&ble Comp¥ny Limited By Guarantee TRUSTEES. REPORT AND FINANCIAL STATEMENTS For the Yeir Ended 31 Deetmber 2024 Charity Numb¢r 1128533 Company Number 06805205
Cornei'5tone Evangelic*l Church A Chgritable Company Limited by Guarantee Company Numb¢r 06805205 Report of the Tru$tees for the Ye4?r Ended 31 Detember 2024 The Trustees are pleased lo present their anrtual Irport and fiiiancial 5talemetit5 for the year endi11 31 De¢tiKbcr 2024 whicli also are PTepared 10 Ineet the I'equii-enieiils for a directors, rep011 and accouiiis for Compajiies Acl purposes. The fii)aiicial 5taten)enlS ¢omply wiih tlie Cliaiitics Act ?0 I I, th¢ Companits Act 2006. thc Mcmorandum and Articles of Association4 .Accouniing and Reporiin&T by Ch¢iritics'. Siateineni ot RecoJnJnend¢d Pi'aciii¢ applicable to charities preparing Ih¢ir 4lLcounts In accordan¢¢ with ihe Finan¢ial Reporting Standard applicable in th¢ UK and Republic of Ircland IFRS1021. Eld¢rs' Report As wc rcfleci 2024, we are thankful Iliat tlie Lord coiittiiue$ 10 give us a Pl£ rt lo play in iiiakiiig disviples of Jesus Christ iii Noiiiiigliain. cl11 iialioiis and Ili¢ iie.xi gei)eniion. Our Vision Soiiday in October lielped us Iu see liow God lias given us a body, God1147S giveii us beloiigiiig and God has s>iven us a buildiiig. Througli lin)c in I coriiiilliinS 12 iii th¢ Sunday pi¢achinuF. week of prayer and OLir prk)yei' & vision niglits. we Lominitted oiirs¢lves to s¢¢in8 Jcsiis Christ 81orifi¢d. We are tliankful foi. the way that God continues to orow Cornerstone as an intergeneraiional. inlerculiural aiid iniereihnic church. We weTe delighted to sliai'e aiid Lelebrate aspeLts of this a¢ross tlie year, iiicludiiig Ilie visit of Drjsrael Olofinjaiia IDiTCCtor of tliL One People Coniniissioji. Evangelical Alliancel as lic preached fi'om Psalm 67. Our Bible l¢achin& helps us 10 bc iTrrounded in Cjod's auihoriiaiive word as ive eiigka&Te witli contemporaiy issues. and over Ihc yeLlt ivc wcre encoiirAbJ¢d and chdll¢n(pcd throLigh teachinu includJn¥ l-ullaiving J¢'J'iiJ irt ihv EF'a c)fili-lificiol movtd 10 serve vvei'sLa5. aiid li'e Shared oilier fDnhconiin(T chicnges iÉ lid reiirenienls i%'iih Il)e iiiembLrs We <ire IhL?iikl'ul voluiiteers serve with ili¢ ojifis IhLit die Lord has gTiveJi We ¢irc pleÉ15ed to continiiL to grow and develop our partnershjps with others. It was good to be in a p051tion ro hosi B¢eslon Free Cliiii'LI) Siinday afrleriiL)ons ¥vhilsl their biLildiit&F was rLdL'v¢loped. Wliilsi oiir iiivolvLinenr willi Ni cw .Ipprtspri<ltc period. ie Miiiistry DLvelopmeiii Silieiiie 15 now esi£iblislied. aiid it lTras been woiidci'ful its see people s.8upport lor Ili15 111 prayer 3nd biiving. May thL Lord continiie 10 provide (ill that is need¢(I fvr rnoi'e men and wtsnieii to be trained to serve 111 churthes here and funh¢r afield in thc fL11rL'. May God be gracious to us aiid b1¢55 US and Inake his face 5hii)e on us- so tliat youi" ways may bc known on earth. Johii Russell Lead Miiiister. oil behalf ol the Elders ol'CorneI0The Church Page I
Cornerstone Evingelical ChMr¢h A Charitable Company Limited by Guarantee Company Number 0680i205 Report of tht Trwtets for the Ye%r Ended 31 Decernber 2024- continued l.OurPur se$ #nd Ac¢ivitie5 In workiii8 toward5 the objective5 below. the Trustees have considered the Cliariry Commission's guidance on public benefit and have worked towards making Comerstone as acce5$1ble a5 P05sibl¢ to all th¢ ¢ommullity. The Trust¢¢s confimi thai they have Complied with their duties under Seclion 17151 of the 2011 Charities Act with regard to public beDefLt. Objective5 To advance the Christian faith in ac¢ordan¢e wilh the Basis tsf Faith in such way5 and in such parts of the United Kingdom or rh¢ world as th¢ Trustees from titne to time may think flt.. To relieve sickness and financial hardship and to promote and pr¢serve good h¢alth by the provision of funds, goods OT Services olany kind. including through the provision of ¢ouns¢lling and support in such parts orth¢ Uniied Kingdtstn OT the world as Trustees from time to lime may th<nk fjl" and To advance education in such ways and in such part5 of the United Kingdom or the world as the Trustees from time to time may Ihtnk fit. l.b Airn5 Our Mission.. To make disciples of Jesus Christ in Nottinghatn. all natitsns and the next gen¢ratitsn. Our Values.. The word of God, mission of God, people of God. worship of God, and grace of God. Cornerstone relies on every m¢nib¢r being a¢tively involved in witness and s¢rYice. to continue God'5 work Is a local Christian Church congregatioii.. l. Pmviding for the spiritual, physical, emotional and social need5 of it5 member5, the local communiLy in and around Nottingham and by means of gifts and through the work of its reprcsentaiives acn)ss the world. 2. Supporting aThd ¢quipping volutlteers and paid staff - to work alongside those struggling locally, and th¢ provision of fund5 and paid workers to various deprived are&s of the world to provide education, training, medical services and the like. 3. Encouragiiig Christian education- by supporting and eqiiipping Christ58n leaders and tninisrers. production of books and other written or Te¢oid¢d material. holding and spon50ring conferences and courses. l.¢ Strategies Gathering.. We gather for Sunday worship at 9..15am, I1..15am, and 7pm, which equips and inspires us as we scatter throughout the city and beyond in Ihe week, worshipping God in our homes, communiries, workpla¢¢s, schools, clubs, and ¢very 2specl of our lives. Giving.. Our GThl Is a generous God and Calls us io be a generous petspl¢. We d¢sire to b¢ generou5 with our facilities as we h05t partner organi5alions and churches using our building for events that arc a blessing beyond CoTI)erstone. Growinip: We are experiencin8 numerical growth, and we pray for ongoing growth in spiritual depth and maturity- putting down deeper roots. for Stronger branches. Raising new leaders through our Ministry Development Seheme and other ioiiiattves is essential 10 sustain and support exLSting and fuiure growth. We want io continue to plant new ¢hurch¢s and revitalise existing chur¢he5 as the Lord lead5 US. Going.. We desire to equip everyone at Comerstone to faithfi]Ily follow Jesus in all Ihe opportunities attd cliallenges that living in our ciilture presents, and lo enable us to share the hope ihal is in Christ Jesus. We are supporting 13 missionaries or missioii families serving the Lord overseas, and r3ising up mor¢ p¢ople in the near futilT¢ who will go lo th¢ nations vlitli tlle good new5 of J¢su5. Page 2
Cornerstone EvAngelicRI Church A ChAritablc Cotnpwny IAmited by Guarantee Company Number 06805205 Report of the Trustees for the Yegr Ended 31 D¢¢ember 2024- continued 2. .4ehievetnents and Pcrforrnance Significant Events diiring ¢h¢ Year l. At Ilie AGNI on ?5, Api'jl #024 Beli Kennedy was appoinied an Elder of the church. This role incliides Ippoinimeni 2L s Triistee and Direeior of Ihe chiii-lh. 2. On 3 IV Jiily 2024 Millei. i'esJ¥ned as li111Ster. Tru5te¢ aiid Direcior of the church to lake up a teachii)g positioii iii a School Iii Souih Asia. He aiid liis laniily will be supported as overseas woi'kers by Cornerstone. 3. Ai lh¢ nienibers meeting 011 21, November 2024, Steplicii Miller aiid Tom Gribbiii w¢r¢ appninted as Eld¢T5 of tlie cliurcli. Tli15 role includes apwiiirmenl cls'frusiees and Dire¢tor5 of Ilie chiircli. 4. Al the Inembers meeting on 21 SL November 2024. it was resolved thai David Upton be appointed 2 Minister of the Cliurcl) witli effeLi froni I Augusi ?025 Miis role inLludes appoiiitnient a5 a Trusi¢e and Director of the 5. Of the £780,193 MoL1gage al the start of the year. £780.193 was paid orr in January and the balance of £500K movcd to Kiiigdom Bank on a iiew 30-year mortg41ge with f]exibl¢ r¢payiNenl options. 2.b Significgnt A¢tiYities during the Ye*r l. Provision of gathered worship seTvi¢es on Sunday with assocltited oroups aiid activities. 2. Coiiiiect Groups.. Coriiersttsiie ¥iv¢5 gi¢al irnportl¢ nce to tncoiiraging attendees 10 meet In small groups duriiig Ihe %v¢ek foi. Bible ieathiiiu appoiiilcd diiriniw Ihe ylar. and oiie stayed oli for a 4. The Ministry Developm¢nt Scli¢me IMDSI seeks io train inen (Trnd women who hope to gerve in ¢huF¢h l¢ad¢rship yeai.. l¢<ichinft 5. EmergLiig Leaders Group.- RecL)tsiiisin(T th¢ Inipoi-ianLe of raising new Icaders for rhe lite and groivtli of tlie cl)ureh, 6. West End lias Faitli. Discouiit¢d ii)atinee aiid ¢veniiig pertorinances of Inusical Iheatre. songs. aiid stories of fgitli willi a cast of profes5ionul Ilieati'e p¢rf01'mers. 7. 1"hanksgiving services foi. the life and f&ith of de friertds who hav¢ been promoted to 810ry.' Margaiei Brown Wedding Services.. Beka McBaiJi aiid Kane Blake Bctliaiiy Haniptoii aiid Joel Ciirraii Ei))ilJ' Williams aiid Satnuel MasieTS 2.t Delivery of Public Beneflt l. Acts of Chrisiian worsliip.. Available 10 the public in-person and un-linc witli ChTlStian 50nus lind hymns. praying aiid ? Beliefs of the chiirch.. Informaiion 15 availabl¢ lo the public on the chiircli website. 3. Womeii of Ihc Nl'ord-. Mceiiiio 011 friday iiiorniiigs diiring Icrni linie Th15 Iiiilialiv¢ 15 for wonieii of all ¢ibJ¢S iiid culiiires to siudy ihe Bible. priLy iogeiher and eiiiay each other 5 fOIIIP<llly Iviih relreslinitiils. 4 Siudetii 1111s[rY.- Tlie cliurcli supports aiid provides r¢s()urc¢s for Iht Uiiiversity Clirisiian Unions in Ni oirinoh47m. Appi'ox. 40 Siudeiit5 re&Triilarly aiieiid the ¢liiiiLh'5 Sunday eveniiig Preview scssioiis whieli includ¢ BiblL Sitjdy and 3 tneal befor¢ the 7pM service.
Corner5tODe Evangelical Church A Charitable Company Limited by Guar8ntee Company Number 06805205 Report of the Trustees for the Yegr Ended 31 December ZQ24- continu¢d 5. Curious Course.. A free 4-week Course each iem, eyploring ihe Christian faith from Creation Christ and providing the opportllnity to consider the evidenc¢ and ask questions. 6. Connect CentTal.. A free Six week 'liitroduclion to Cornerstone, Course to help newcomers feel part of the church family. learn about our history, mect chuTch leaders and metnbers and UDd¢rstand OUT tHj55ion and valu¢s. 7. English Language Class." For local peopl¢ whose first lansuaut is not English, a Wednesday morning clas5 With crèche. Run by irained volunieers. thi5 is a popular class providing for a mixed range of abilities. 8. New While00[ Bap115t Church INWBCI.. Durinu the year Cornerstone continued to explore working with NWBC to revilalise Christian ministry in the Whilemoor area of Nottingham. 9. Crossteach.. Cornerstone is pleased to financially 2nd prayerfully suppon Crosswch" a national charity whose purpose is to 'ieaeh about the Christian faitli ill 5rhool5' 10. CorneTStone S¢hool of I'h¢ology'. For those wanting to study theology and be equipped for life and Jninistry. Tliis prograrnm¢ was brouglit to a close in the surnrner when Roo Millcr left the church for new ministy in India. I l. Globe Cafe.. This ministry is run in partnership with Friends International on Monday nights during ierm time and eets in Core Lounge, Newark Hall, University'5 Exchange building on Univ¢rsity of Nottingham's Jllbilee Campus. The café is popular with Intern2tioiial stlldents and scholaTS fiotn many Countries, ¢uStuies, and faiths. It's an opportunity to make fTJends, meet local people, practice English and enjoy different cultui'al activities. Each evenin8 ineludes a fun activity or thetne, group di5cussion5, and conversations about lifc Iopjcs and the Christiaii faith. It is supported by the University Residential Experience IResXI team. 12. Easier ESIravagallZa.. A free event for fatnilies with act of worship. crafts, Bible story. games. an Easter egg hun¢ and cliocolate eggs. 13. Ignit¢ the Light.. An alternative to Halloween. A free event including.. crafts, games, a short talk and hot doBS open to all childrett in school years 3-6. 14. Jnternational Women's group". For women who have come fmm othcr countrie5 to tnake their home in the UK. The group meets once a month on Sundays for discipleship. and at other times for lunches, walks and picnics. 15. Youth Orollp$'. The chuT¢h provjdes three Christian youth groups that tneei on Friday nights for agt5 7-11. 11-14 and 14-18. The older gTOUP5 also tn¢et on Sunday moniings. 16. The ¢hur¢h building is a collection point for a local Food Bank run by Grace Church, Nottingham. 17. Tots & Toys.. A community group for babie5 and youn(p children under 5, along with their carers (mums, dads, grandparetlts. child Tninders etcl. The group meets on Tliursday mornings ill the main auditorium and offers. craft. Bible stories, singing, aE)d refreshments. 18. Tweiities and Thirties.. The group meets for an event or activity approximately once a month to build friendships and sense of community, whilst encour2ging each oth¢r to live for Christ in this season of life. 19.The Philip PToje¢t.- A Friends International piogramtne that aims to train Christian international 5tudent5 and professiollals to understand and share God's Word. The group meets on a Saturday, onc¢ a month. in the chiirch building. 20. B¢e5ton Free Church used Cornerstone for afternoon services from January to Easter whilst they had work done on their own buildiiig. 21. Fruitful Faith in Later Life.. This is a monthly group for anyotse in retirement lo attend and mutually encourage ea¢h other in their faith. We often have a live int¢tview with one of our Imissionaries, or an interview or talk. and occasionally a local rrip out. 22. Holiday Club.. A free week of a¢tfjvilies during the sumjner holiday for pritnary aged Children. Includes gaTnes. Bible talks, craft. small group titne. snacks. and bouncy castlet An opportllnity for lot5 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. 23. Holiday Lunch Club.. Partnering with TLG Make Lunch. during the school holidays a ¢eaTtL of church volunteer5 provide a frte weekly m¢al ivith fun activities for children and thcir par¢nlslcarers who attend local sch15. 24. Chrisimas Craft Event.. a discounted craft cvent witli a talk explaining the ChristiatJ tneaniiig of Christa$. Page 4
Cornerstone EvaThg¢li¢al Church A Chd?ritAble Comp#ffty Limited by Guarantee Company Number 0680520) Report of the Trustees for the Yegr End¢d 31 December 2024- conttnue 25. Meti's Ciirry Night.. a discounted ¢v¢iiing witli a talk ¢xplainiiig tlie Clirisiian faith and ¢iicouraThiiig tlien IE) their Christian joiiiney. 26. Friend5 International.. Thc chiirch is pleased to make a roorn a¥7 ilable. one day a week, to help the Fl t¢atn in 27.Tlie chuith supponed the events and a¢tivitit5 ora niitnber of local, regional. and i)arioi)al ChristTan orgaiiisaiioiis dtiriiig the year as follows-. Jaiiuary Jericho Road Proje¢r at)niial confereiice Febriiary Univeisity of Noitingham CU &nd Nottin&ham Trent Cb evetlts weeks CrossI7d5 Seininar Day March [ext Generation ConferenG¢ IMGPI Fomiation 3-day Conference l am Maik- drama production of ihe gospel ot Mark Friends lJilern4tivnal Easter Celebration April PLrformai)Les of 1ii115iL aiid faitli with siiiL>ers from Loiidon's W¢51 End pertorming soiig5 froin hil iiiusic3ls and sliaring stoi-ies dboLiI Ilieir car¢eT5. Kesivick Conveiilion volunlLer trclll)In¥ day Sale FJinilj¢s ?.day coiifci'ince baiid rehearsal Scripture lJiiion- Ka'700 Cliristl1cn Floliday Orgaiiisaiioi) s Team Day P IEC. Noiiiii&>li£im C.h15r¢h¢s elders, meal &. ptayei- Ci-c15sI:Iiid5 S¢min4ir Day Srripliire Lnion Holid1& ys IKa'7_001 planning tneeliiig Scripiiire Lnion- Ka'zoo Chrisliic n l.loliday Orgaiiis£itioii's plJiiJiiiiu day Septeinber Teeii Challen¥e Graduatioii Formdtivn 3-day Conference October Midlands Wotnen'5 Convention Nottiiighilm I'rent University vision and worship cvent Novenibei. Nottiiigliani Youth Togeiher Midlaiids Men's Coi)VenlJon D¢¢eiiiber Fi-itnds Inlei'niÉ tioiial Cluster Day Page 5
Cornerstone EvaDgelicg1 Church A Charitable Company Limited by Guarantee Company Yumber 06805205 Report Df the Trustee5 for the Yegr Ended 31 Deetmber 2024- ¢ontinued 2.d Voluntary Help Th¢ church depends on every memb¢i's active involv¢tnent in the life of ¢h¢ cl)urch. Voliint¢ers and staff lead and eontribute to the many ministries and activities of the church. On Sundays, around 110 people #re needed to rilll church services Istewardin(p and welcoming, musi¢ and ie¢hni¢al op¢iatOT5. crèche aiid Bible Workshop teachers. providing tealcoffee, and other responsibilities}. 2. Coniiectgroup5.' During the week, around 65 volunr¢¢rs l¢èd 23 Conn¢¢i Groups that usually meet al metnber5' homes for communi(y, discipleship, pastoral care. and mi9sion. English language". On Wednesday mornings, 25 people help as volunt¢er5. 4. Tots and Toys.. On Tliursday moming5, 14 people help as voluntcers. 5. Maintenance team.. On Thursday mornings. I I people help as volunteers. 6. Youth Groups.. On FTiday nights around 40 people h¢lp as volunteers. 7. Cleaning.. On Wednesday orThursday nights members of 2 TosieTed Connect groups Clean the church building. 2.e ChAritgblt attiviti¢s- M4teri*l fund raising Giving 10 Comerstone is a matter for God and the believer. Thc Icadcrship occasionally aives guidance on this issue. Leaflets are availabl¢ at the church building and it)fonnation on the website. New membership ¢andidaies 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 ¢ontribulitsn5 to the Building Fund to pay for the outstanding mort(paoe Isee note 121 and for Eh¢ Ministry D¢veltspment Fund Is¢e note 131 to train pcople in tninistry. The church has art aiitlual Christmas Appeal for funds to suppon external organisations {see note 131. All the money re¢eived Is sent OU¢, including the Gift Aided tax reclaimed. No funds are kept back lo cover operating cosrs. No tsrgets are set for the appeal. Page 6
Cvrner5tone Ei'14 ngelical Church A Charitable Compxnv Limited b) Guarntee Comp#thy NuTNber 0680420.S Report of the Trustees for the Year Ended 31 December 2024- eontinued 3. Financial Review 3.1 General FuNd: Income- Vnrtstricted Dona110115 & Legacic5-. The church's Inain suuree of stistainable iiicoine is in the forni of Doiiaiioiis & Gifis linLluding Gift Aid iaxl fioin tneinberÉ and other rcgiilar worshippers. This income increased to £984.4?? in 20?4, being 13D/o Increase over l)sl year. Tlie chiirch also received fiinds froin it5 congre&ation in sttpporl of rhe Ministry Devclopineni Scheme IMDSI ainounliiifr to £114.599. Wt prai5c God for Ili¢ provisioii toi. liis churcli. General Flind Donations & i egacies £1,200.000 £i.ioo.000 £IIAI.)99 £i.coo,000 K.J..¥l-) iiO.-.COQ ¢ 500.000 2020 zozi 2022 2023 2024 Income from Charitable Aclivitiesllv¢nts'. £32,584. This is income frorn ev¢iits ihat have had a charge made on the pariieipanls e.g. tickets for tiilry. food cic. They are usually niinisiry events Ihat have a cost 11SSOClated with them thLg the churcli does iiot wish to fiijid, partially or in full. These activities are intend¢d 10 be niinisiry-enabliiig and not a iiet Source of iiicoine lor tlie Lliurcli. Coi)sequenily. tlJe oorrespoiidiiig Eveiils Expeiidilure is eypecied to b¢ of5iniiltr atnount. 3.2 Gtnerxl Fund: Expenditure- Unrestricted Tile total expeiiditUTe oli cliarilable activities lexclLidiiity evwils e.xpenditurel of L 1.000.020 is a 9.80/0 increase on 2J?; iiicome to ilie Miiiislry Devclopmeiii Schcme ot £114.599.
Cornerstone Evangeliclll Church A ChAritablt Company Limited by Guaraniet Cotnpany Number 0680S205 Report of the Trustees for the YeAr Ended 31 De¢emb¢r 2024- continued General Fund - Expenditure £ i.Jw.wo f i. Ico,£ É4?.S EEIQ.iD) 2020 2012 2025 2ts24 2024 - Expenditure on Charitable Activities Eiiuipmeiil 14.313 Carn Mlnkny £424311 42% É17S991 Homp 11$5101) £39,770 Page 8
Cornerstone Evgngeli¢al Church A Ch4iritable C.ompny Limited by Guaratyiee Company.Number 06805205 Report ofthe Trustees lor the Year Ended 31 December 2O24- Coniinued 3.3 General Fund- Net Resource5- Unresiricted Nct resoui¢es (the ditTereii4¢ between unrestricted InLoine and outgoingsl for the period 47re £1.53612023. £-34.49il giviiig toial general funds at ihe year-end of £416.6921?023.. £415,156). Wt Ihai?k God for ?024 and for H15 01)¥oing provisioii for the mJ55ioI) of Coriieisioiie C.hur¢h.. to ii?Ike disciple5 of Jesus 3.4 Restricted Funds Resiri¢ied funds are fuiids received by tlie cliurch for specific PUTP05es. toriiially adopted by ihe church Elders. They are usually for. bui Iioi restricted to, specific IIiiEnidtjoiial or Hotne M1$5ion workers. tl)¢ aniiual ChTlStmas Appeal. tlie Buildiiig Fund and tlie MDS. Gift Aided lax reclaiined oil r¢slri¢ted fund5 IS IIILluded iji tlie ro¢al for Ihat fund. Building Fund Since 2004, the chiirch has been rlinning a fund 'for premi_%cs to house the JninistrÉes of lhe chiirch,. Èts outrL'llth, its tea¢hino And it5 ftllowship, witli the slipLildtiuii Ihar 'Gifis mAde to this fun(J will be u$e(I for: Acquiring furRishing and maiiit47ining i property to house the niinistrles worship ol Cornerstone Church and other costs ¥5SOtiated Ivith buildinu reThting o¢cupviiig ts5iiJg su¢li x property,. Mail). Jneiiibtrs aDd regular alleiidees of Ihe cliur¢li are Lon)Iniited lo ie¥ulai' giviiig lo the Building Fiind a5 well as Ilieii tithe lo Ihe gT¢iiei-Jl Iiind. The cliiir¢h a150 1-¢ceives one Dff gTrifts for the Biiildinb FLllI(I. The total inco1¢ to lh¢ BuildiJJ¥ Fund was £90,64.I. Thjs inioiiic is used lo pay for the capital and Inleresf t)n tlic 111()Tlgl< ge which stood (It £494.49S ai the eiid of tlie ycar. Chrislmxs Aibpeal Chi'151tnas 20?.)1?0?4.' in Mi Iirch ?0?4 ¥Tr5fis an(1 Ihe ieLovLreJ gyift aid tlc X tOlallin¥ £4i.166 ivere Ilisbuised ¥qiially to Ilic following or¥anisalions. Togcihcr for the Farnily- working willi Syrian refugees in Lebanon. Jericlio Road PruJeLI - Briiiuiiig liope and restoratioii to maruiiialiscd woiiieii tji Nortijigliam. Christmas 202412025.. gif15 of £25.163 have been I'¢ceived LIP tts 31. December 2024. Tlie Fuad will k open for fU1¢r gifts ijniil March 2025 when Ilje iolal amount will be dksburscd to.. TogEiher for the Fainily- W'orkin& witli SyTiciTr refugees iji L¢b%non. Safe Families- Ofteriiig liop¢, bclothgjing aiid SLtpport to cliildreti. fainiltes aiid earc lel£ vers. Jericho Road Proj¢ct- Briiigiiig hope aiid restoiation to marginalised woinen iii Noitijigham. Opett Homes- Slielieriiig l< nd supportin(p liomele5s youiig people FrTeiids of Mai)dri15ai'a - Supporiing the Good New5 Flospilal in Madagascar Lcad Miiiisi¢r lohii Russell regtsiered a Lonnici of iiiteresi Telaling lo Safe Faiiiilies, as a close family Ineniber Is einployed by tliem. He remoTr'ed lirmsclf trom discii.E5ions aiid decisions Loiiccriiiiig siippoi'l for this charity. Ministry Development Seheme Fund A Fuiid to SLlPPOrt Ininiiig ofchurch leaders fL)r the future. This yeJr the fund reL¢ived £114.59() wilh costs in supwrt of i 3.5 Politv oli rtsorve$ Tli¢ chiir¢h's policy 1.% to rnaiiitain ?.) months. ¢a5h reserves. eqiiivalent lo.. £150.000 - £?2i.OQO. Th¢ iinresirici¢d reseive cash assets ar ihe ye(Ir-end ainount to £i80,376. Page 9
Cornerstone EvAngelital Churth A Chariiable Company Limited by Guarintee Company Nurnber 06805205 Report of the Tru5ttes for the Yefir Ended JI December 2024- tontinued 3.6 Material funds in deficit There arc no matcrial funds in ovcrall defjejt. 3.7 Printip21 funding $ourt By fat the main source of income for the church is the gifts of its congregation representing 96.8¢/0 of total income in¢luding t&x. The balan¢e comiEJg from investm¢iits, bank interest and activities. 3.8 1nve$trnents The Eldersrrrustees have no restriction on their investment powers subject to the approval of the ehurch. 4. Plan5 for Future PeTiods The church's Strate for orowth anlicipales further increases in Congregation numbers. It is recognized tliat newcotner$ and new believers take lime to start financial givino and hence only limited response to increase tn coDgregation h2$ been reflected in the income forecast for the next 3 years. Cornerstone plans to train at least 6 new church leaders in this decade within it5 Ministy Development Scheme IMDSI. It is hoped Ihis initiative will involve J or 4 paid participants on tlje scheme, employed at any one time. The leadership en¢ollrages the church to give to this leadership building project with the same weight, importance, and coinmiimeni given to our previous building project and church plajiling project. Regular donation$ and gifts ar¢ forecast to incr¢ase by 3 % in 2025 with additional gifts for the MDS fuiid resulting in neutral Combined growih compared wth 20?4. Th¢ Church has signtficant financial resources at the yearend but expects to expend these during 2025. particularly supporting the MDS. It is expe¢ted thatthis will result in general fund net resources at ihe end of 20?5 coming into line with our policy of holding 2-3 months reserves. MiThi5ter Colin Webster expects to retire Summer 2025 and Director of Operations SpencerHampton in Spring 2026. The members of the church have agreed Il)ai David Upton, currently on the MDS trainiii<T scheme. will become a minister of the church from August 2025. Recrllitment plans for an additional minisier are in pla¢e which are hoped to com¢ to fruition itl 20?5. Elder Joff Gribbin will step down early in 2025 when he and his wife Clare will be moviiig to Nepal. At the tnember5 meetints j November. Edivard Lai and Robert Radcliffe were put forward as prospe¢tiv¢ ¢ld¢rs and are ¢xpe¢ted to be proposed at a future memb¢rg m¢¢ting. Reference And Admini et lof Ihe Charity. its Truste¢s and AdvisoTS) 5.4 NAmt (pf the Org#thb#tlon Corn¢rstone Evangelical Church 5.b Charity & Comp*ffjy registrition numbers Charity Number". 11285J3 Company Nutnber." 06805205 {Incorporated in England and Wales) 5.¢ Addres$ of priThtlP21 office 90 Castle Boulevard. Nottingharn NG7 IFP Pag¢ 10
Cornerstone EvAngelic?i I Cliureh A Chari12ble Compgny Limited by Guarantee Company 06805205 Report of the Trustee5 for the Yell r Ended 31 Decernber 2024- continued s.d Eldtr5 ITrustttslDirettor$l xt 31 Deeeinbor 2024 i ai-k Collins Paiil Couchinaii David Devadason Joiiathaii Gribbiji Benjamiii Keiinedy lappoiiiled April 20241 Torn Gribbin lappoinied November 20741 Steplieii Imiller (appointed November ?0241 Johii Riissell. Le7 d Mi Ini5ter Coliii Webster. Minister S.e Other Elders ITru$tib¢s/Direttorsl in o(fit¢ during the ytr Roo M&ller Iresign¢d )151 July ?0?41 5.r Oiher M#nigtmtnt of the Charity Coinpany SeLretaTy & Director of OpeTations- SpenceT Hamptoii S.g Other reltvfint orgHnislltion5 gr person$ Baiiks-. Co-opcrarive Bank. 4-5 Exch1ingc Walk. Nottingliam NG1 2NX. Bai"rlay5 Bank PLC. Leicester LL87 ?BB Loughboroii¥h Building SoLieiy Kiiigijoni BaIik E1115. Fei-nior aiid NefTllS, 2 Ekvviishire .4v¢iiLl¢. B¢estoii. Noltiiiuliani NCI9 1 BS 6..Structuro GovcrnAn¢e & 1%11 L'inent 6.a Constitutio The church wa5 ¢on5tituted under the Fellowship of Independent Evaiig¢lical Churches IPIECI Model Trust Deed N'o. I declared in 1984 willi subsequcnt #inendineDt9 at chur¢li It)emb¢rs' meeiiiigs in O¢tober 1987, Marcli 1989. May 1995, October 1998. Febi'uaiy 2002 and MaiLh ?006. A Chariiable Compttiiy Litt]it¢d by Giiaranl¢e was adgpted fvr Coi-nersioiie EvkrtbpeliLI ChiiiLh and incorpoiaicd at Co[npl nics Floiise on 29 JanLiary ?009. Company Number 06805705. This was in pl1¢c of tlic trusr-bascd 51riictur¢ nd preserves Ilie consiiiuiion wherever possible. C.ornerstoiie Evangelical Cliurch- was enrered in the Central Kegistcr of Cliarities on l ? Marcli 2009, Regisiralion nlitnber 1128533. On i l Nlarcli ?009 the Asseis of the Charitable Tru51 were traiisfcrrcd to the new compl ny.
Corn¢rstone Ev#ngelieal Church A charit.lble Company Limited by Guaranttt Cornp9ny iNllmber 06805205 Report of the Trustees for the YeY4r Ended 31 December 2024- continued 6.b Method adopttd for re¢ruitmeNt and appotntment of new Trustees {Eldersl Prowsals for the appointtneLII of Metnbers as Trustees Inay be made in iyriting 10 the TTUStees and shall be signed by not le55 than two Full Member5 and the frustCC5 shall duly consider such PTOIX)5als. All future Trustees are to be appointed following.. a resolulioll of the Tnistees Tecoinmending a member who meets the requirements below.. lh¢ approval of the proposed Trustee by a vote of two-lhirds of the Membeis in General Meeting present and voting,. and confirmation of the new Trustee's conseni w hold office and assent and consent to the Trustees, Confession of Faith aod the cornpletion by the new Tnjstee of th¢ ne¢essary Compani¢5 House paperwork. The Trustees (who are also dJociof5 for the purposes of Company Law) shall consist of not more than twelve fvlembers and not less thali six {these numbers include Ministerls and As515tant Mini5teT/sl who are men of twenty-fjve years of age or over, each having been a Christiatt for not less than five years 2nd having b¢en bap115ed on profession of faith in Chrsst and having been a Member of the Chiirch for not les5 than two years. ITotal immersion Is the preferred atld usual method of b3Ptlsm though exceptional Circumstances may be taken into accountl. All Trustees Jnust be Members. All Trustees Jnusi subscribe and adhere to, in belief and lifestyle, the Trusiees. Confession of Faith. 6.t Policies & procedures for the induction ind training Of TTllStees IElder$l All new Trustees must be checked with the Disclosure Barrii)g Service IDBS). New Trustees will receive.. A copy of the previous year's Trustees, Report and Financial Statetn¢n15 A copy of the Memorandum and Arti¢l¢s of Association Copies of previous TTUStees' Ine¢tinc Minutes A copy of the currenr year's financial fore¢ast or budge¢ Charity Commission CC3- The essential trustee.. What you need to know Charity Commission CC60- The hallrnarks of an Effective Charity Copies of all the current up-to-date policies All new Trus¢ees will be invited to attend the Cornerstone Safeguarding Training course. 6.d Organi5ational Structure ot yeAr tnd Fiill andAssociaie fvlembers.. The church depends on every member's active involvernent in the life of the church. The church must hold at least 3 General Meettngs in every year, to ¢ondu¢t tile atTair5 of tlie cliurch, which all Full and Associate Members are entirled to attend. One of these must be the AGM, which shall be lield betsveen I, January and 30, April in every year. At an AGM the Members, r¢ceive and Jpprove the account5 of tli¢ Cliurch (which shall be independently audited) for the previous fliianrial year. receive the Tru5tee5' report on the church's activities during the pieteding 12 months peTiod. appoint auditors for the church (if nece5saryl. discuss and determine any issues o(poli¢y or deal with any tsthei business Put befor¢ th¢m. EldeFship (who al'e also Triisiees andDireciors)'. The ¢hur¢h is led by (he Elders, and those serving during th¢ year are listed under Referenc¢ and Administrative Details. They are the only commiite¢ required uDder the Memorandum and Articles of Association and take stratC8ic decisions cojjterning th¢ organi5alion. linislry Srdff ttfrTd 0ra1105 Siaff. They meet every Tuesday mornin8 to review pcrfomiance, to plan activiti¢s, attd art¢nd to the daily demands of ihe church. They report directly to the Eldtrship. Mission Commififfe." LeLf by Elder Joff Gribbin, di15 committee lias responsibility, under the Eldership, to promote ¢ross-culiLTral ii)istry in ihe ¢hllr¢hy propose people to work in cr055-cultural environments, and oversee them when they are workin¥. This involves mobili5Lng the church to pray and care for them and keeping the Elders and ¢hur¢h up to dale with their news and relevant local developments. Risk .Wanogemen¢ Committee.. This committee has delegated respotlsibility fro(tL the Eldcrship for over5tght of the management of risk across all aspccts of th¢ ¢hur¢h's ministry and operations. It comprise5 Elder Paul Couchman, thc Director of Operations and 3 risk professionals from the Memb¢h1p. The committee submits a report to the Elders ar l¢ast On¢¢ P¢T y¢ar. Page 12
Cornerstone Ev#ngelitxl Church A ChArit#ble CompAlly Lirnited by Guarantee Compan) Triumber 068Ui205 R¢pori of ihe Trustees for tht Yegr Ended 31 December 2024- continued Reiniin¥i'aiioiJ C omniiiiL) Chaired by Eldtr Pdiil Couchiman aiid comprising all iioii-salaried elders. This comn)lilee l)as delegaied responsibility fron) the Eld¢rship 10 ieview and recoiiiniend the remuneratioii for all salaried Inembers of siaff. Tli¢ Lornmittee prt5eJit5 SuJ¥Apiiarding CowfrtyillL'e" Tlii.% commiiie¢ ha5 responsibility under tht Eldership for leadin the cliiircli in all aspects of safe8uardin8 policy. proLedures. ai¥arenes5 Ic nd reportiiig Ai the JearLnd the comniittee cornpriscd.. Senior Leadei. Led m5nisrcr John Russell. Depiily Senior Leiider- Elder Mark Collins. Head of Saf¢Byiiclrding IChildrenl- latt Storey, Head of SafegLiarding IAdultsl- Amcinda Smart-Gosrani, Seiiior Reci'usier- Elisab¢ili Simpson. Lead Traiii¢i' Chris fvlcN'ec, Dii-ecior ol'Op¢rations- Spencer Hli lllpton. Leader of Children's rninistiy - Katrina Harper. Safeguardiiig Professiot)al Dr Sarah Magowaii. SafegFuardin£7 Professional Anne Batley. The ¢oinmitiee submits a rewrl to tlie Eldcr5 at least once per year. Léiid Vlini)ILJI': John Russell. As well as responsibilities as tn11115t¢r iiiid elder, lie chairs tlie eldcrship meeiiiigs aiid leads the staf'f ieain. He also has pastoral. prcaching, and service-leading ItspoiisibilitS¢5. Johji also serves on Il)e FIEC Trust Bo?rd and the MGP Steering Coinniiltee. Iinisler.- Coliii W¢b51eT. As well as r¢sponsibilities as ii)iiiisler and elder. he lias responsibilily for the evaiigeli5tic ouirtach of the Church. Fl¢ 31so has pastoral. preaching. musiL and 5ervJL¢-leading i-¢sponsibilitie5. Direcloi. of,lJini.Iriy. ,Iman<la Smari-Gosi"ani is a rn¢tnb¢r of the staff team with I'esponsibiliiy For pastoral coordination. small groiip l¢ad¢rs, tnercy ministries ¢knd the Intern & Voliinlciry A55OCllc tc Schemes. She also has pasioral, te1£ chii)gJlraining and 5¢1vic¢-l¢ading l)iii'L'iOI- ol'.¥lini.Fli'i.: Phil kloore 15 a Inetnber of the staff telc m witli respoiisibility for youth and tn115tc. He also has pa510ral, piracliiiig ,Ill1.li.V DeveliipinL'KI.SLhL'me.' Vtd Vpton is ir)ining for futiire chlircli leadership. Fle leads thc slLidcnt Iniiiislry aiid hic 5 P<isloral. leaching and sei'viLe-leading respuiisibililies. He is 51iidying on ilie Crosslaiids rrnining Course. works in Lhildrcn's mini%iry and has pastoral. t¢a¢hing and 5eNice.lea(lin8 responsibilities. She is slLidying urt the C10551ands traiiiiii our5e. .,VliniJiiy Il'L)p-k¢•i' iJfr7 ihL' i¥liniJliJ' l)L'i'elopniL'ni SchLIIIL' Rupc11 Aklili lu joiiied the _sLhLnie Iii laiiii<lry 2024 and 15 Irainiiiu for I'iiiiii'c studying on tlie Crosslaiids iraiiiiiig course. Diiecloy ofOpei-ttlion3- Spencer Flampton is a Imernber of th¢ Sial'f Teain willi responsibility for tlie day-to-day runniiig of the chur¢h, the finances. pli£ nning nd administrcltioii. Spencer leads the Opei'ations Team. Se&7iofr' Opev&iions Muno£cr'. Sarah Daniels. ensures all the events pl¢inned. i"esoiirc¢d and delivered in a way that In¢ets Coriierstone's mintstry aims and purposcs. C)PEI'uIioftT.F fls.si.slufr71.. Ollie Watkins. supportiiig and assisiing Ihe Event Opcrations Manager in thc operational and JdininisiT&tive aspects of the chuTLII Iiiid enabliiig the miiiistries ol- Ihe ¢hurch. Chiil'tll.,CIg1a1y.. I'cresa Saiiiuel piovid¢s adiiiinislTaiivc aiid office suprM)n 10 rniiiisti-ies of the church. DBS. IllaagLtr.- Elisabeih Sinipsoii. en511riiiu DBS IDisclosiire aiid Bari'iiig ServiLel appli¢l£ tions are properly proccssed and tliat renewals are d¢alt witli ill timely Inanner. Elisabetli is part ol. Ilic Op¢iaiioiis Teaiii aiid SafeuardilIu Ttaiii and gives lier liine in a volui)iary capaiity. IAiei-n.i- Coi-ner51on¢ s intei'nsliip I l y¢¢ir froni AuLJiisi 10 July) provides Ill) oppurlunily tu 5ei-b¢ an(1 g71 experience as a rneinber or Paoe IJ
Cornerstone Evangelical Chureh A Charitllble Comp4ny LilIed by Gusrantee Company umber 06805205 Report of the Trustees for the Year Ended 31 Detember 2024- contillued 6.e Charity Networks Cornerston¢ Church is an independent organisation and is Dot part of any wider tletwork. 6.f A0£11t¢d Charities The chiirch is a memb¢r of the Fellowship of Indepcndent Evangelical Churches IFIEC}, lh¢ Evangeli¢al Allian¢¢ IEAI and thc Midlands Gospel Partnership IMGPI. 6.2 Risk ernent 6.2 Risk Man2g¢meni The Elders have dclegatcd risk majiagemcnt to the Risk Manag¢tDeDt Group, cornpri5ing Elder Paul Couchman, DLTector of Operations Spencer Hampton and J risk professionals from the membership. The group Tepoil to the elders on an annual basis and review the church's risk register containing risks, controls and mitigation plans periodically throuJu out the year. The highest risks io which ihe church is exposed are considered to be.. Havin8 insuff&cieiit finances to m¢et ¢xp¢Ddilure c0tnmitmtS Inadequate leadership capability to provide appropriate oversight of the church L05s of a key member of staff Buildjng being iinavailAble for use by the church Publi¢ s¢andal ¢atssing damage to effectiveness of the churcji's ministry Page 14
Coi'nerstone Evngelical Church A Charitable CornpAny Limited by Guhr#ntee CompAny Iyumber 06805205 R¢port of the I'rustees for the Year Ended 31 Detember 21124- tontinucd 7. St21ement o(Tru5tees' Res 0115ibilities Cortipaiiy Law requires the Elders 10 be respoiisible for preparing the Aiinual Repoi'i and the fjnancial slalem¢nis in ac¢ordan¢e witli applicable law aiid rcgula¢ions. The Ilders are requiied to prcpart finalicilI slalemenis for eacli finaneial year Jii ac¢ordaiir¢ witli Uiiiled Kiti4Jdom (tenerally Accepted Accoiiniing Pra¢tic¢ Iuiiiled IKin¥dotn klicoiinliao st1ndards) and applicable 11¢ w Tlie finaiicicil 5tc1tenients are fCqiLircd by law lo give a true and fair view of the siaie of affdir5 vf the rharity and of its incorning resources and appliLaiion of resources of the charity for thai p¢riod. Iii prepariiirr tlesC finai)iial ¥taiemeiiis, the Elders 5huuld follow besi practice aiid. select suitable accounting policie5 and Ih¢ii apply them coiisiste21rly. observe thc rnerhods ajid priiiciples in tlie Charities SORP. rnake jiidgcincnis and estimates that are ieason3bl¢ and prudent. slate whether applicabl¢ UK accouiiting staiidards have been followed. subje¢1 io any Tnatei'ial depa11ul.cs discloscd t)d prepare the financial statements on the goin¥ conc¢in ba515 unless it Is inappropriate 10 presume th¢il the charity will continue The Elders are responsible tOT keeping propel. accouniing records that di5rlos¢ with reasonabl¢ accui'aLy at any riine the fin&iiLial kX)51tion of the ¥hJriiable comp<1ny aii(I cniÉ ble tliejr lo eiisure thai Ihc finanLial Si£ileinenlS ininply witli Ihe applicablc law. regiilations iTrd the trust detd. ThLy are also respoiisible for safeguJrdiii& the asscis of rhc cliari18blt coirpany aiid heiio¢ for laking reasoiiablE Insofar k)5 tlic Eldtl's 11re £iivare'. the Elders have iaken all sieps that they oiight to have taken to niake Iheniselves aware of any rclcvant iTriidit informatioi) and Members of the F.Idership Mcmbers of rlie Fldership who arc Directors for the purpose of the company law and Trustees for th¢ purpos¢ of charit). law, who seived during tlie year aiid up io the dale of Ihis report are ser out on pagt I l. Me¥nb¢rs of tlie cliariiable conipaiiy guaraniee to contribute ttmount iiol exc¢edinu £ l io tlic assets ofdie cl)aritable ¢ompany in tlie cvciil of wiiiding up. Tlic tolal iiumber of such ¥uaraiite¢s at 31 Deceinbei. ?02? Ivas 91?023-. 71- A resoliiiion lo appoint TC Groiip 1< 5 aiidilors of thc company will be proposed ai the Aiiniial General Meetiiig. Tliis report has beeii prepared in ciLcordance with the Sialemenl of Rccornrnendtd Prciice Accoiiniiiig and l<cportiii¥ by Charitie5 ai)d iii accordai)ce wtIl the spe¢ial provisions olPart 15 ol-the Coiiipi£ Iiies Ail 2006 relaiiiits 10 siiiall enliiies. John Russell Conie¥sioi)e Evaiigelical Cliurcli 90 Castle Boulevard Nottiiigham NG7 IFP
Report of Indeptndent Auditors to the embers of Cornerstone Ewangelical Church A Charitable Company Limited by GuarAntte Opinion We have audited the financial statements of CorneTsione Evan(pelical Church for the year ended 31 December 2024 on pages nineteen to thirty- one which comprise the Slaiemellt of Fiiian¢ial A¢tivitleS, the summary In¢ome and Expendiiure A¢¢ounr, the Balan¢e Sheet. the Cash Flow Statement and die related notes. The finaiicial rewrtiiig framework that has been applied in their preparation is applicable law and United Kingdotn Accouiitiiig Standards. including Financial Reporting Siatldard 102 The Financial Reportitlg Standard applicable in the UK and Republic of Ireland. (United Kingdoin Gen¢rally Acc¢pled Accounting Practice). In our opinion the finan¢ial 5tatements'. give a true and fair view of the stste of the ¢hariiable company's affairs as at 31 December 2024 and of the incoming resources and appli¢aLion of r¢sour¢es foi the year then ended- have been prop¢rly prepared in a¢¢ordanc¢ with United Kingdom Generally Accepted Accountin8 Pra¢ti¢¢; and have been prepared in accordance witli tl)e requÈrements of tile Companies Aci 2006. Basis for opinion We conducted our audii in accordance with Internaiional StandaTds on Auditing IUKIISSAS IUKII and applicable law. Our responsibilities undeT those standards are further described in the Auditor5, responsibilities for the audit of th¢ fJnanci21 statements se¢tion of our Teport. We are independent of Ihe ¢haritable company in accordance with the ethical requirements thai are relevartt to our audii of the financial staletnents in the UK, including the FRC'S Ethical Standard, 2nd the provisions available foi small entities. and w¢ have fulfllled our oth¢r ethi¢al responsibilities in accordance i¥ith these requirements. We believe rh2t the audit evideii¢e we havc obtained 15 Sufficient and appropriate to provide a basis for our opinion. Conelusions reloting to goiog conc¢rn We have nothing to report in respect of the ft>llowing inatters in relation to which the ISAS IUKI require us to report ro you where.. th¢ dir¢ctor's u5¢ of the going concern basis ofaccounting in ihe preparation of the financial stattmenls is not appiopTiate: or the directors have not disclosed in the financial statem¢nts any identified mai¢ri81 un¢ertAinties that may cast significant doubt about Ihe chariiable company's ability ¢0 continue io adopt the going con¢ein basis of accouating for a period of at least twelve months from the dai¢ when Ihe financial 5tat¢m¢nts are auihorised for issue. Other informAtion The Trustccs are responsible for the other infomiation. The other information cornprises lh¢ information included in the annual report, other than th¢ fJnan¢ial sta¢m¢nis and our Auditors ieport ihereon. Our opinion o# the financial statements does not cover Ihe other infornialion and we do not express aoy fom) of assuranrt ¢onclus20n thereon. In connection with our audit of the financial statements, our responsibility is to read the other inftsrrnation and. in doino so. consider whether the other informatioji is maieri211y in¢oDsisi¢nt wilh Ihe financial stateit)enis or our knowl¢dge obtained in th¢ audit or otherwise appears io be materially misstated. Ifwe identify such material iiiconsisten¢ies or apparent material tlllSStateen(S. we are Tequired to determine whether there Js a tnaterial mi5Statements in th¢ financial Statements or a material misstatement of the other informztion. If, based on lh¢ work we haye perfornied, we concliide tliat tli¢r¢ is a material misslatemenl of this other Information, we are required lo report that fact. We have nothing io report in thi5 regard. Opinion on other matters prescribed by the CompAnies Act 2006 In our opinion, based on th¢ work undertaken in the course of the audit.. the Infomation given in the Trustees Report wliich includes the Director's report for the financial year for whi¢h the finartcial siaietnents are prepared is consistent with tlie financial siaiements. and the Report of the Directors InClIded within the Trustees report has been pr¢pared in accordance with applicable legal requirements. Page 16
Report Of Independent Audilor5 to ibe Memb¢r$ of Cornerstone Evangelical Church A Charitstble Company Limited by Guarantee Matlers on which we 47re required to report by exception In the Ii¥ht of the knowledge and understznding of tlie compaiiy and lis eiivironineiil obtaiiTred in the ¢ourse of the audit. we have iiot identified niaterial misstarenients in the Direcior's report includcd within the Trustees report. We have noiliing to T¢POrt in respect of tlie follo%ving matlcrs wlier¢ tlie ColpanIcS Act 2006 requires us lo report to you if. in our opitiion-. adequate aiid proper accouniiiig records liave noi beeii kept by ili¢ parent c113rilabl¢ eoinpaiiy, or relun)s adeqiiclte for OLlf audit have not b¢¢n receiv¢d FI[ brLinchcs not visited by kls.. OJ. Poi-ent rharilable company finaiicial $11< tLtncnt% are noi iii k)green)eni will) tlie accoiinting Ircords and returns- or ¢ertaiD dis¢losuics ol'tru5tee's rcmiiii¢i-Ulion sp¢¢ilied b), law IL re i)01 made.. or w¢ have not r¢ceived all the infoi'iniltion and explanations w¢ r¢(iuir¢ for our audit; or the trustees were iivl Lnlitled to prepare the fiiiaiicial sialeinenls iii accoi(lan¢¢ iviih Ihe small companies re8iine and rake advatjtage of Ili¢ sirtall compJnies' exen)piioii fTOllI the reqiiiremeiil lo prepai'e a Str<llegic Reptsrt 01- In preparing tli¢ Truste¢5 port. R¢sponsibilities of Trustees As explained Inore fully in the Siaiem¢ni of TrLisrees Responsibilities set out on page fifteen. Ihe Triisiees Iwho are also the direclols tsf the charitable coinpany for the piiiposes of coinpany lawl responsible for rhe piepciration of the financ11< I staleinenis for bein¥ Si& tisfied that they ¥I.e a IFue and fail view, aiid for such iiiiernal Lonlrol as the trustees determine is necessary ro enable Ilie preparation of finaD¢ial statements that ar¢ frt¢ froin mal¢rial Inisslaieinent. whether diie lo fraud or error. In preparinu rlie fiiiancial slaiemtnis. the trustees are responsible for a55e5sing the cliJritable compiL ny's ability to coiiliniie as <1 goinu ¢vii¢em, Auditors responsibilities for the Au(lit of the fiiianci4915tAternent5 Our objcctlvis arL 10 obtain 1-¢4s0nable assiiranL¢ boui wliLihcr tlic fiiiiillcil< I stal¢iMeiits as J whole are Iree trom maierial inisslal¢illenl. bui is not a &iliar(ll(ee Ihat ali audit coiiduLt¢d iii a¢Lord3iice tyiih ISAS Ibkl will always detect a rnai¢rial InisslLilemeiil wl)en li exists. responsibiliries. outline<l bov¢. 10 dcte¢t m)teri£il misstaiemenis in respeci of irregiilarilies. including [rll1d. The exieni 10 which oiir pi'ocedures Enquiriiig of Tnaiiagemenl of any kiiowii or suspected instances of fraud, us well a5 considcring ii)ai)41geineiit's assessrnent of th¢ SLI.%¢eptihility of tlie financi4LI stalemenis lo fraud. Performing subsiantive t¢Sfing over a seleciion ofjoiirnal eiiiries Jnade iii Ilie period, 10 address tlie Tisk of fraud due io iiiaiiagei))ent oveTride of contrvls. Witli a fo¢us on entries rnade by uJ)usual ttam Illefflbers or entries m£ide at ujiusual times or on unusual dates. We also coininiinicaied relevant Idcnlificd laws and regiilations and potentl<il fraiid iisks to )11 engageincnt team member5, and retnained alert to any indications of fraiid or noii-¢omplian¢¢ with laws and regulations throughout the audit. Reviewin¥ Ilie fiiiaiicial 51ateinent disclosures and 1¢51iiibT lo supportiiig dociimeiiialioii lo assess cornpliancc witli provisioiis of rcltvaiit laws and regiilations descL'ibed as having * dirtcl effect on the fjnic ncial statemcnts. Spccifirally ¢he¢king Compliance willi Thc Charity Commissioij as well 15 cmployrncnt law5 and regulations. Perlomiiiig analyiical proLediires to identify any uiiiisual or uiie.xpecred relatlollships that may iiJdiLaie an incrvdsed risk ot Inaterial niisstaierneiii as 4 i-esult of fr24 ud, OT rnaiiaueniciit ov¢rrid¢. A55essin(T accoilniinu estim4?tes which have a material impact of the year end I1c¢oiints. tv deiermiiie it- tliere is indication of In)¢ iiagemeni bias. Page 17
Report of Independent Auditors to the Members or Cornerstone Evangelical Church A ChAritAble Company Limitcd by Guarantee Despite th¢ audit being planned and condu¢i¢d in a¢cordan¢e with ISAS IUKI there remains an unavoidable risk that material missiatetnentS in the financial slaiemtnts may not be detected owing to illlierent lirnilations of the audit, and that by their very natur¢. any such instances of fraud or irregularity likely involve Collusion, forgery, intentional misr¢preseniaiions, or ihe ov¢rridt of internal controls. A hrther descriptjon of our respc>nsibilities for the audit of the financial statemcnls is located on the Financial Reporting Council's website at www.frc.org.uklaudiforsresponsibilities. This description fomis part of our Report of the Auditors. U$e of our report This report is made solely to the company's members. as a body, in ac¢oTdance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undcrlaken so that wc tnight 5tat¢ to the coinpany'5 m¢mb¢r5 tliose matters we are required 10 stale 10 them In a Report of the Auditors and for no other purpose. To the fullest extent pemiitted by law, wc do not accept or assutne Tespon51bility to anyone other than the company and the Company's m¢mber5 as a body, for our aiidit work, for this report. or for the opinions we have fomied. James Lipirott (Senior Statutory Au For and on behalf of TC Group, 5tattitory auditor l O Stadium Business Court illeniiium Way Prlde Park D¢rby DE24 8HP Date: Paoe 18
Cornerstone Ewangelithl Church A ChJrrtAble Company Limited by Gu47riiiitee Cotnpany liumber 06805205 Statement of FinAn£iRI A¢(ivities Ilnc¢JrpurAting Income Expenditure A¢count} for tht Year Ended JI December 2024 2024 Z02J Uiir¢s11-ictc otc Doiiaiiuny Jiid Lcgii CiL¥ 984.422 ?62.046 1.246.468 161).208 146.12) IpJconK Si Churiioblt lcii¥ifllJS Lvin15 IIIWTKL 32.584 i2.)84 25.918 25,918 InYesimLnl Iii¢offle 7.¥06 7.X06 7.2x4 7.284 Total Inc&mc 1.024.812 262.046 1,286.858 9t)2.41 Ll endilure .'.}11111r¥ oh C'haii4bltr.-l¢fivi11¢5 1.2X7.84V 95¥.f)40 2X7.8?IP 98? 77 j rl lnowtmeiil ith fundy fiTrr 111¢ VLr 124.?471 192.95.; I rattilcr Bot)von l.'un41.s 145.8721 5.lJ7.67CI i.5i2.¥32 441J.64y 5.64i.785 011 fiinds cairried forwar 5.5?8,58 j 5.137,676 5.i52.%i_ The Stalemciil ot Finaiici£il Activiti¢s includes all Liaiiis aiid losses in the year. All in¢onTring resources, aiid resourLe5 eipendcd derive (rom eonliiiuiiig aeliviiies. Pag¢ 19
Cornerstone Evangelical Church A Charitgbl¢ Company Limited by Guarantee CvThp#Ry kyumber 0680520S Balance Sheet for the Year Ended 31 De¢ember 2024 Note 2024 02 Fixed A$$et5 Tangible A55ets i,495.041 5,576,698 Current Assets Cash at Bank and in Haftd Debiors TotAI Current Assets 481 ?OJ 79.630 560.83J 740.524 57,956 798.480 Current Liabklities Creditors due ivsihin one year 3i.370 3).370 1?1072 121072 Net Current A 527,463 677,408 TotAI ni Li*bilitie5 6,022,504 6.254.106 Creditors Amounts falling due after more than one year 10 {493,9191 1701,2741 NET ASSETS 5,528.585 5 552,8)2 The FuDd5 of the hArit Unrestricted- General Designated 13 416,692 415.156 Restrieted Total Charit 5 Ill 893 5.528.585 5 137.676 5 552 8J2 The accounts are prepared in a¢cordanc¢ with the special provisions of Part 15 of the Companies Act 2006 r¢l2ting to sm311 companies and constitute the annual ac¢ounis required by the Companies Act 2006 and are for circulation to niembers of ihe Gotnpany. The a¢¢ounts wer¢ approved by the Elders'.- Signed.. Dated.. John Russell The notes on pages 22 to 31 form part of the accounts Page 20
Comerstone Evangtlieal Church A Charitable CompAny Limited by Guarnntee Company N'iimber 06805205 Cash Flow Statement As at 31 December 2024 Notes 2024 2023 Net CA5h Flow fro Opernting A¢tivitie5 71.063 46.884 Returns on Ivvestrnents: Iiiltresi Received Interest Paid 7.806 J5.9571 32,912 7.284 149.6281 Capit411 Expenditure lind Fttt.'IncL?i I Investments: Piirchase of Taiigible Fixed Assets Disposal of Fixed A55¢ts 18.4351 1.900 26.)77 118.6691 114.1291 Finan£ing-. Capital El¢ineiit of Loaii Repayiiienls fvlade 1285.098 133,2961 Ytt Casli lTrflowl{Outnowl l?j9.1?11 147,4251 147.4?)) Nel Cash Resoiirces ai l Jaiiuary 20?4 740.5)4 787.I)4fj Net CAslI RL.%ourCeS fit 31 De¢cmber 2024 4¥1 ?03 740.5?4 Pa8e?I
Corner$tone Evingelieil Church A Charitable Cornpony Lin]ited by GuArAntee Company Tr4umber 06805205 Note5 forming p2rt of th¢ Finan¢i¥l Stxternent for the Year Ended 31 December 2024 ACCOUNTING POLICIES The prtncipal ac¢outLting policies are summarised below. The accounting poli¢ies have been applied Co$15tent1Y throuuhout ihe period. BASIS OF PREPARATIOIY The financial siatemenis have been in accordance with the Accounting and Reportints by Charities; Stat¢tnent of Recomrneiided Practice applicable 10 charities preparing their accounts in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ir¢land IFRS1021 (effective l# January 2019}- (Charitie5 SORP IFRS10211, The Fillaiicial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS1021 and the Cotnpanies Act 2006. Assets ajid liabilities are initially recognised ai hisiori¢al ¢05t OT transaction value unless oth¢TWi5¢ 5t)ted in the relevant accounting policy noielsl. The financial stateTtLents liave been prepared on a goiog Contem basis. The Dire¢tOTS haye reviewed and considered relevant information, including the annual budget and futur¢ cash flows in making their assessment. Cornerstone Evangelical Church meets the definition of a public benefit entity under FRSIO2. The Trustees consider there are no material uncertainties about the ¢harity'$ ability to ¢ontinue as a going ronGern. The flnancial statemeTrts are presented in sterlittg 1£). FUNDS Gen¢ral Funds- are funds gen¢rated from activities of the church such ès bookstalls, events, outside pr¢a¢hing, efr. Unresiricted Funds- are general funds available for use ai the discretion of the Elders to further the general objectives of the church and whi¢h hav¢ not been d¢5ignat¢d for specific purposes. They are usually gifts from members of th¢ con¥Tregation and the recovered on thos¢ gitts. Restricted funds- are funds ihat can only bc uscd in accordance ivitli specific restrictions imposed by the donors or whith h2ve been raised for particular purposcs with the objects of the thur¢h and the tax re¢oveTed on those funds. The aim and use of each restricted fund Is set out in the Notes to the Financial Staiem¢nts. Designated Fund- this fllnd LS Set aside during th¢ year by the Elders for the refurbishm¢nt of the buildKng. JNCOMif4G RESOURCES All incomintr resources are included in tile Siatement of Financial Activities ISOFAI when tli¢ church is leually entitled to the income and ihe amount can be quantified with reasojiable ¢ertainty. Ci)Ilections ar¢ reGtsgnised when received by or on behalf of the Elders. Planned giving is ie¢ognJsed only wh¢n received. In¢ome tax recoveiable on Gift Aid donations is recognised when the donation has beert received. Legacies arc recognised at the earlier of receipt or at the time ihe aTtLount can b¢ measured with reasonable certainty. Donaied services 2nd facilities are recognised a5 incorne when the Charity has control over the item, any conditigtis aSSOClat¢d with tlie donared item have been met, the Teceipt of economic benefit from the use by the Charity of the iiem is proboble and that e¢onomic benefit ¢an be measured reliably. On receipt. donated services and facilities are re¢ognised on the basis of ihe value of the gift to the Charity which is the amount the charity would have been willing to pay io obtain servic¢s or faciliiies of equivalent economic benefit on the op¢n market., a corresponding amount is thett recognised itt expettditure in rhe period of receipt. where this can be quantified. Interest on funds held on deposit is included when receivable and tht amount can be measured liablY by the charity., this i5 norrnally upon noiificalion of the interest paid or payable by the bank. Pa8e 22
Cornerstone Eviingeli¢nl Churtli
A Ch2Tltable Company Liiiiited by Cuarantee
Company Number 0680520$
Notes forming pari of the Finn¢il S¢at¢ment for ihe Yr Ended 31 De¢eThber 2024- Continued
I.IABILITILS FOR HolE AND INI TERNATIONAL f¥llSSION
Tlie C.liiirch fiiJancially %iipwned I I n)issioi)arics or ii)issioii I'aiMiliLS dui-ing ilit period. Wliere a Inissionary lias beeii supported by tlie C.IILirch
for a nuynber of years. Sti'ici compliiinc¢ with the Chariti¢s Statement of Recominended Practice ISORI)I Inay i'cuard some irrangemenis as
onstitiiting consiruciive obligFaiions siich that futiire years siipport is accoiiiitcd for in Ihcsc accoiinis as liability. -l-hc l-I'LlSt¢c$ coiisider that
to cofftply wilh the accoLinting i'tquireintnts ot SORP WOLild not present a triie and fair view becaiise it does i)01 COLnmiinicate reality.
ruriher, aceoiiiiling for Iliese liabiliiies In Iliis way would require the Trustees to biiild up uiiiieLessary reserves thai could not. in the iiieaiitime.
be used to pursue Ilie cliariiy's objectIv¢s.
The Trustee5 are confidei)I tliai th¢ iiii5sioiiaries supported would iiot view tlieir support as ali opcn cnded obligatioii on the part of ilie Cliurch.
RESOURCES EXPENDED
Expenditiire is intludcd on an rficcriials basis and 15 recogn&sed when ili¢rc is a legal or coiistruciive obligation ro pay tor ¢.xp¢ndilurt. All c0515
havc been directly attribiitabl¢ lo one of the fui)clional categories of Irsource used in tlie SOFA. The Cliurch is noi registered for V A'F and
accordinoly expenditure is sliown gross of irrccoverablc VAT.
PENSION POLICY
lThe cliarily operates a detined coiitribiitioii pension scheme. Conti'iburioiis to the Scheme are recogniseil as resoiirces expended upon paynient.
The i< sseis of th¢ 5¢him¢
Cornerstone Evgngeliol Church A Ch#ritAbl¢ Compiny LiThited by Guarantee Compally Number 06805205 Note5 forrning part of the Financial Statement for the Year Ended 31 December 2024- Continued FINANCIAL INSTRUMENTS The Charity has financial asseis atld financial liabilities of a kind that qualify as basi¢ finan¢i31 instruments. Basic financial in5trument$ are initially r¢¢ognised at transaction value and 5ub5equently measured at tlieit settlement value. JUDCEMENT AI%D KEY SOURCES OF ESTIMATION UNCERTAINTY The pr¢paration of a¢¢ounts usitlg generally accepted accounting principles requires managementto make estitnates and assumptions thai affect rhe reported amounts of assets and liabilities at the dale of th¢ a¢¢ounts and ihe r¢ported amounts of revenues and expenses during th¢ reporting period. The key estiniates and assumptions used in the Financial Statements arc detailed in the accounting polictes. LEASE AGREEMENTS Rentals applicable lo operaling lease agieements where substantially all of the benefits and risks of ownership remain with ihe lessoT are charged against profits on a $1raight-lin¢ basis over the period of the leasc. LIMITED BY GUARANTEE 111¢ cliarity is lirnited by guarantee and in the event of it being vlound up, ev¢ry rnembcr 15 liable lo contribute a Sum not exce¢diDg £1. There are no shares of any class eirher authorised 01 allo¢at¢d. l. Donations. Gifts and Legacies {Unrtstricted) 2024 2023 Gift Aid Giving Gift Aid Tax Recoverable General Giviiig Tax Inclusivc Giving Legacies 619.685 164.053 149.371 51.313 540,222 141,623 16Q,284 27,079 984,42? 869,?08 Donations. Gifts Legacies {Restritted) Ministry Development Fund Building Fund R¢siricted Home Funds Christmas Appeal- Marth 2024 Christmas Appeal- tkceimber 2024 114,599 17,410 97.009 750 21.432 9,524 146.125 31.641 25.16) 262.046 Total Dontions 1,246.468 1,015.333 2. Charitable Activities Training Event5 Youih/Childr¢n's Eveiit5 Book5, Tapes and CDS Social Evellts Tutoring Donations Evwigelisti¢ Events 18 16,460 1,824 1,80? 15,882 972 1.454 2,050 5,560 9.57? 1.087 25,918 Page 24
Corn¢r$tone Evangeli¢81 Churtli A ChArit#ble CompAny Limited by Gu4rintee Compatsy Number 06805205 Note5 forrning Pllrt of the Financial Stxternent for the Year Ended 31 December 2024- Continued 3. Total Salaries & StAifstsmmary 2024 2023 Sxlaries Emplo)er s Nl Pension Child Care Voiichers 556,??0 Si,)04 24,063 300 63J,887 407.471 5 j?.061 Average Weekly Yi uinber of Einployees, calculated AS full tirne equiv#lev¢s Pastoral Staff .Yanagemeoi and Siippoil (No employee rcceivtd retnlaneration of more Ihaii £60.0001 Tlie key managerncni persoiiiiel of rh¢ cliarity, coniprise ili¢ elders and director of operations. The total employee beiicfils of key management personnel of the thcirity werc £172,6121?0?3.. £177 ?971. Elders giving in th¢ fiiiaiicial year iotL?Iled £lOO.762 1?0? )-. £61.7311. 4. Trustee Remunerxtion 2024 2023 Ctsliii IVLbstet Remiineimiion Pension E¥p¢nses 44,428 41,495 2.075 909 47,558 4 j.78() John RI1s5ell Retnuneraiion Pension Expenses 48,234 44.895 2.14(> 2.853 50,023 Roo Miller Reirutleration Pensioii Expeiises 24.091 1.208 3Q7 ?5,606 i7,141 Page ?5
Cornerston¢ Ev&ngelic#l Church A ChAritable Company Limited by Guarantee Cofftpany Umber 116805205 Note5 forming part of the FinanciAI Stxtement for the Ye*r Ended 31 December 2024- Continued 5. Expenditure on ChAritAble Activities Unrestricted RÈ$tricttd 2024 2023 5.5 Coremiiiis Salaries INote 31 Colin IVebsi¢r Expenses John Russell Expense5 Roo Miller Expenses Other Employees Expenses Employment Allowan¢¢ Staff Development Staff Travel Pastoial Team Discretionary Gifts Visiting Speakers Schools Siudents Evangelism Children Youih M¢inb¢rs Training l Teaching Website fvlaintenance Flowets Pastoral Flowers Suoday Catering Music Sundry Expen5¢5 M&ni5try )67,109 909 2,140 307 7,696 15.0001 5,765 67 4.155 4,056 240 427 1,522 2,366 ,32 8,462 319 1.289 63 14.624 2,539 100,)55 467.464 909 2.140 i07 18,740 {5,0001 5,765 67 4.155 4.056 240 427 1,522 2.i66 I,j?O 8,46? 319 1,289 )99,490 219 2,853 911 16,464 15,000} 7,133 24) 1,500 2.689 200 ,453 1,347 2,i48 1,086 7,145 240 1,822 75 l j.2?7 2,592 11.044 14.624 2,539 424,311 111 399 535.710 465 780 5.2 Overseas Ministr Support for Missionaries and their Families 175,992 175.992 175,992 175 992 149.975 149.975 sio Htsm¢ Mission CotLtingetLCy C U MissioJ15 EaTl¢sfi¢ld Community Church Friends Inlemational Friends International Admin Returning Students Ministry COCM GTa¢e Lee Cr05s Teach Cornerstojie Money Advice En<ylish Lan(puage Cl&ss International Student E.Kpenses Cornerstone School of Theology Glob¢ C2fe Howsons 6.542 750 6,542 750 2.119 750 6,500 15,000 3,045 247 7,000 6.000 1.257 1608) 3,237 256 124 13.000 13.000 44 7.000 6.000 7,000 6,000 (8741 1874) 7,3Q8 39,770 7.308 39,770 44,927 Page 26
Cornerstone Evangelical Church A Charitable Compknv Lin]ited by GuArantee Company TrIUber 06805205 T44ote5 forniing part of the Financial Stgtement for the Year Ended 31 December 2024- Continue nrestrirtt(I Restricted 2024 os15 202J FnipluyLL ¥XPL'IIqLS I-"IEC' & .M(iP Allilidlion 166.4?4 46 14.414 i40 147 7.909 6.97) 166.4?4 46 14.414 i40 Poslag¢ Priniing ii lid Advinisin8 Coiiipui¢r and SDIIMIL r l>huloLopier i40 277 3.640 6.629 7.t)09 6.97) EvaiigtliLiil Now 14rfink Chdi'gus Chtld I'ri)ILciion Rep()ris General Siib's Di)i)Jlion.s ALLOIII)lancy l--LLS Aiidtt fecs 2.833 102 8.16) 1.594 873 2.070 9.752 300 1.749 ?19.443 9.070 ),7)2 300 1.749 21l).441 4.670 300 LL'gal l.. xp-ns¢s 8.497 8.497 8.1x7 i.7X2 ?11.1)64 37(? 6.li2 2X.451) 37fy 6.li2 ?8.4 )(? j?2 5.77Q 5.5114 l}.8 i.>84 l).B80 6.247 10.(124 Profil on sale ol. lixixl JssLIs i.7 EvLlil% r.x Book&iall LndilLire 1.693 21.563 1.693 21.563 267 23,868 Tapes aiid Ct)'s 24,135 5.8 IlesiriLlcd Co preLlJllI)n- PropLrt>' DiprLLiaiiun l)rigyin<il A%s¥ts Chrisiiniis Ap. 45.9)7 70.000 9.462 45.9i7 70.000 9.462 4).166 5.84) 17().430 49.628 70,000 11,630 176.430 'I-OI'AL IXPENDITIIRE O CFlI¥RIT,IBLL ACI'lVI'fIES 1.023.27(1 2I7.¥2l) Pag¢ ?7
Cornerstone Evangtlic#l Church A Charitable Company Limited by Guarantee Company Nurnber 06805205 Notes forming part ofthe FinAllti•l StitemeNt for the Ytar Ended 31 December 2024- Continued eratin ProfitlLosS The operating profit Ilo$sl is staled after ¢harging:_ 2024 2023 Auditors RemutL¢ration For other services D¢preciation Gain on disposal 7,810 2.000 89.342 4,670 ?.000 92,?55 6. Tangible Assets xnd Deprttiatitsn C&$t FrtthDJd Land an Ltgil Costs 2.750.920 BuIldit Bknildimg Cost ).506.7i6 dio& Fixt¥re5 & Fittitsgs 114.243 506 EgUjPDIEDt Tvtwl 6,818.238 8,435 5.5901 6.821.083 Balartce ai Siart of Year Addiiion5 During Year Disposals Balan¢e ai End ofyear 144.787 137.392 164.140 6.856 506.756 144.787 134.291 114.749 169.580 Depr¢¢i&lion BalanLe ai Start olyear Depreciation During Year Disposals Balanc¢ al End ofY¢ar 770,000 122.754 112.902 100.401 13i,483 1,241.540 70.000 4,407 5.05) 3.8881 114,069 2,870 7.010 89,i42 14.840 1.326.042 840.wo 103271 Not Book INBTr) At Start ofyear 2.750.920 2.736.756 22,033 24,490 13,842 28,657 5 576.698 At End of Year 2.750.9?0 2.666.7i6 17.626 20,222 11.478 5.495.041 As shown above the purcliast of the land at 90 Castle Boulevard totalled £2,750,9?O. Other costs totalling £3.506,7i6 relaie to the purchase and d¢velopJnent of the land 7. Cash at B14 nk and in Hand 2024 2023 Deposit and Current Accounts Catering Float Petty Cash 481.203 740,524 481.20J 740 524 The current account balance is held with an automatic overdraft offset to the deposit account which ensures the account remains in credit. 8. Prepayments #nd Debtors 2024 2023 Tax Refundable on Gift Aid Other Debtors and Prepayments 65.788 13,842 46,264 11,692 57,956 9. Creditors & Accruals: Amounts falling due within one yegr 2024 2023 Creditors Social Secllrity and oiber tax¢s Other caitOrS Bank Propetry Loan- falling due iii 12 months Bank Loan Interest 12.Q39 11,383 576 10,789 25.823 78,919 941 AceruaLs Audit Fee 9,372 33.370 4.600 121.072 Page 28
Cornerstone Ev4ngelicid I Churth A Charit#bl¢ C.omp#ny Li1lled by Guarantee Compxny .Yumber 06805205 Notes forming rt of the FinnciiTrl Statement for the Year En(led 31 DLcember 2024- Coniinued l O. Creditors- Amounts falliiig due after mvre thAn l year BIL nk Prop¢tty l.oans 1 2 yel< rs Bank Property Loans .3 -5 years Baiik PrL)pein' Loaiis aftcr 5 years 2024 1.843 2023 2.i6.756 .38i,599 701 ?74 478.94? 493,919 I l. c.ommitments under OperAtittg Ide4?s¢s- J l De¢ember 2023 The Lhurch had 8iinual coinniilnieiils uiider a i)oii-eancellablc operaiiiig lease as follows-.- 2024 626 2023 1.252 1.5 years 12. Securtd Debts Bank Lo?L ns 2024 2023 494,495 780,193 The Bank holds seciirity in the fortn of& legal charge over Ihe Cornerstone Evangelical Church. Castle Boulevard. Nottingliam. Duriiig the year the mortgage H'as held witli ilie Kiiigdoin Baiik Liiiiiicd. The current rate ofiiiieresl applyiiig lo Ihe Inon¥Jge is 6.2001ts. the ral¢ is v&rtable. 13. Restri¢tcd Fvrid For the Tr'¢r EThded 31 D¢cembtr 2024 De¢47ils InLi>mc 1111.(A3 'Ap¢ndjlre 'I'r4n&fcr 5.¥Ji 3.!1 ¢1 Chri¥ltnas Applal l)LLLinbcr •024 2).163 2).163 5.137.676 Unrt$lricltd Tr'unil ?¥7,8? 41 ().69? Ftsr the Year Enile(131 Dtcernb¢J' 2023 DctAÈls ExpcDditure TansfL'r 5.152.iii 28.462 5.01) j bl fvlini>lry DcNL'lopinini l.liiid 1}7.(K>9 5.118.306 dl C.hri*ima% Ai)pial el Christmcls Appeal 11112122_ 31112122 14i.8721 750 13.)25 5.84) 13.5?5 10.024 i.196,136 27,4)) 146.125 Llnrestricted Fund 14i.8721 5.137.676 449,649 902.410 982.77) 45.872 al BuildiJ)¥ Fiind nttn-laxahlL giving. Gill Aidid givink? and tax alli)iYJbl¥ oli gilL%l. bl Mii)lSlry D¢velopinenl Fuiid cl Resiri¢ted Flonic Funds Page 29
Cornerstone EvAngelicAI Chllrch A Chiritable Comp#ny Limited by Guarantee CoNapany t+4urnber 06805205 Notes forrning part of the Financial Statement for the YeAr Ended 31 Deeember 2024- Contlnued dl Christtnas Appeal Funds raised until March 2024 for Safe Families, Hope into ActLOll, Jericho Road and Tog¢iher for tli¢ Farnily. ¢} Chrisimas App¢al 2024 Funds raised rtvm MaFch ?024 onm'ards for Saf¢ Farnilies, Open Hou5¢, Jericho Road and Together for the Family. B General Fund This 15 Ihe balance of unrcstricico tunds. 14. klnalysis of Net Assets between funds For the Year Ended 31 Detember 2024 Fixed Assets Current Assets Cuirent Liabilitje5 Long Terrn LiabilitL¢5 Net Assets al 31.12.24 General Fund$ i9,517 409,969 132,794} Re$tritt¢d Funds 5,455.524 150,864 15761 1493,919 5,111,893 Totwl Fund$ 2024 5.495.041 56Q,833 133,3701 1493,9191 5.528,585 Tot41 Funds 2023 5.576,698 798,480 1121.0721 1701274 i,552,832 416,692 14. Analysls of Yet Assets between fund5 For the Year Ended 31 December 2023 Fixed Assets Current Assets Current Liabilities Long Temi Liabilities Nei Assets at J1.12.23 General Funds 42,499 414,810 {42.1531 Restricted Funds 5.5i4.199 38i.670 178,9191 701.2741 5.1 i7,676 Total Funds 2023 5,576,698 798,480 1121,0721 1701,2741 5,552,832 Total Funds 2022 5,650 ?84 845.4i9 (115,3681 734,570) 5,645,785 415.156 15. Tax9tion The charitable company is exempt from Corporation Tax on its Cliariiable activities. The Elders hav¢ reviewed Cornerstone Evangelic21 Chui¢h's activities and are ronfident that they fulfLI charitable aim5 and as sucli are considered to be for the primary purpose. l& Pension ComrnitmeDts The charity contTibutC5 to a d¢fincd contribution pension scheme. The asseis ore held and admitti5ted by individually Selected pension providers. The pensjon Cost ¢harge repres¢nis cotLITibutions payable by th¢ charity to the pension 5rh¢mc and amounts to £24,06J {2023.. £20,8)21. Page JO
CorTLerstone Evanr*elicAI Church A Charit%ble Comp#ny LiTnited by Gu%rAnteè Company Number 06805205 Yotes forming part of the Ftnlln¢iAI Statement for tbt Year Ended 31 December 2024- Continued 17. C&sh Flow StAtement R¢con¢iliatioll of net imovcinelli In funds (o nei cash now's from operatin¥ activilies.. 2024 2023 Net iiicoming resources 1?4.2471 19? 95)) AdjustTDenls'. Pi'ofiilloss oil disposal 49.028 17,284) IIivcSlnien¢ Incon)e Depreciation Charges Ilnireasel D¢ciease in Debtors Iiicreasel (Decreasel Iii Creditor5 17,8061 89.342 1?1.6741 19,i591 71,06) 14661 5,7Q4 46.a¥4 18. Redeemer Church- Contin%ent l.i#bilÈty In ?017 Rcdeeiner ChiLrch Nottin¥ham wa5 esi¢?blished. tssin tli¢ moiiey and people re50iirccs of Comei'5tone Chuicli. On l Jul ?011) Redeeimer Church became a new cliaritable iiicorpoi<Tricd oruaiiisation, iiidependent of Coi'nerstone Church. .41 tlicir n)Letino oli l Otli DeLeiiib¢i- 2020 111¥ CDriiirsionc mciiib¢r5 agreed 10 uiiderwrile devtluptnLtii of ihe Town Fl(?11 as Giiai'aiilo¢- for tlie boi'rowiiig by R¢deeiiier Cliurcli Noitliioli1rn ul'£875.000 I'roni CAF. 14aiik. 19. RL.5ated P#rty Tran$2ctivths There are no Ir¢insactlOllS to Ix)te othcr Iliai) Ih05t shi)Ksm iii iiote 3. Page31