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 coriiiilli￿inS 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 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) Guar*ntee 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.omp*ny 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 fU￿1¢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 trainiiillowing 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 tlllSState￿en(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 InC￿lIded 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 Col￿panIcS 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 $11< tLtncnt% are noi iii k)green)eni will) tlie accoiinting Ircords and returns- or ¢ertaiD dis¢losuics ol'tru5tee's rcmiiii¢i-Ulion sp¢¢ilied b), law IL re i)01 made.. or w¢ have not r¢ceived all the infoi'iniltion and explanations w¢ r¢(iuir¢ for our audit; or the trustees were iivl Lnlitled to prepare the fiiiaiicial sialeinenls iii accoi(lan¢¢ iviih Ihe small companies re8iine and rake advatjtage of Ili¢ sirtall compJnies' exen)piioii fTOllI the reqiiiremeiil lo prepai'e a Strnsibilities for the audit of the financial statemcnls is located on the Financial Reporting Council's website at www.frc.org.uklaudiforsresponsibilities. This description fomis part of our Report of the Auditors. U$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 .'.}1￿￿11￿11r¥ oh C'ha*ii4bltr.-l¢fivi11¢5 1.2X7.84V 95¥.f)40 2X7.8?IP 98? 77 j rl lnowtmeiil ith fundy fiTrr 111¢ VL*r 124.?471 192.95.; I rattilcr Bot)v￿on l.'un41.s 145.8721 5.lJ7.67CI i.5i2.¥32 441J.64y 5.64i.785 01*1 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 Fin*n¢i*l S¢at¢ment for ihe Y￿r Ended 31 De¢eThber 2024- Continued I.IABILITILS FOR Ho￿lE 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¢ ablt for Ihe s'ear are shom'n withiii Il)e staicment ol Iinancial iiclivities. DEPREC.IATION Fixed asseis costsng niore Iliaji £250 liave beeii capitalised at cost. Ilie depreciaiioii lias beeii reviewed ￿Trnd is calculated so as lo write off the cosi of fixcd asseis tsii tlie folloiving basis.. ?OO/d- rediiLing lanLe Equipment ?O°/o- r¢dii¢ing balaiire New Biiildiiig Aiidio & Visual Eqiiiptn¢nl ?O°/o Ncw Building Fixiurts and fitliii85 ?O¢/p- Buildings Land ilie lan(1 value lia5 not been depreciaied. N¢w building as5elS Lonsisling of fixtures and fittings and audio equipinenl have been depreciated fi'om the date that the property was occupied. DEBTORS Debt015 are I'ecognised al ilie seitl¢meni amouiit owed to the ChaTlty 01 pr¢paid. CREDI"IORS Cyediiors and provi5i0115 are recognised ivhere tlie c.liii rity has a present oblig*iL tioii rtquliints from l) 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$tricttd 2024 2023 5.5 Coremiiiis Salaries INote 31 Colin IVebsi¢r Expenses John Russell Expense5 Roo Miller Expenses Other Employees Expenses Employment Allowan¢¢ Staff Development Staff Travel Pastoial Team Discretionary Gifts Visiting Speakers Schools Siudents Evangelism Children Youih M¢inb¢rs Training l Teaching Website fvlaintenance Flowets Pastoral Flowers Suoday Catering Music Sundry Expen5¢5 M&ni5try )67,109 909 2,140 307 7,696 15.0001 5,765 67 4.155 4,056 240 427 1,522 2,366 ,32 8,462 319 1.289 63 14.624 2,539 100,)55 467.464 909 2.140 i07 18,740 {5,0001 5,765 67 4.155 4.056 240 427 1,522 2.i66 I,j?O 8,46? 319 1,289 )99,490 219 2,853 911 16,464 15,000} 7,133 24) 1,500 2.689 200 ,453 1,347 2,i48 1,086 7,145 240 1,822 75 l j.2?7 2,592 11.044 14.624 2,539 424,311 111 399 535.710 465 780 5.2 Overseas Ministr Support for Missionaries and their Families 175,992 175.992 175,992 175 992 149.975 149.975 sio Htsm¢ Mission CotLtingetLCy C U MissioJ15 EaTl¢sfi¢ld Community Church Friends Inlemational Friends International Admin Returning Students Ministry COCM GTa¢e Lee Cr05s Teach Cornerstojie Money Advice EnhuloLopier i40 277 3.640 6.629 7.t)09 6.97) EvaiigtliLiil Now 14rfink Chdi'gus Chtld I'ri)ILciion Rep()ris General Siib's Di)i)Jlion.s ALLOIII)lancy l--LLS Aiidtt fecs 2.833 102 8.16) 1.594 873 2.070 9.752 300 1.749 ?19.443 9.070 ),7)2 300 1.749 21l).441 4.670 300 LL'gal l.. xp-ns¢s 8.497 8.497 8.1x7 i.7X2 ?11.1)64 37(? 6.li2 2X.451) 37fy 6.li2 ?8.4 )(? j?2 5.77Q 5.5114 l}.8 i.>84 l).B80 6.247 10.(124 Profil on sale ol. lixixl JssLIs i.7 EvLlil% r.x Book&iall LndilLire 1.693 21.563 1.693 21.563 267 23,868 Tapes aiid Ct)'s 24,135 5.8 IlesiriLlcd Co preLlJllI)n- PropLrt>' DiprLLiaiiun l)rigyinmc 1111.(A3 'Ap¢ndjl￿re 'I'r4n&fcr 5.¥Ji 3.!1 ¢1 Chri¥ltnas Applal l)LLLinbcr •024 2).163 2).163 5.137.676 Unrt$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 admitti5te￿d 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