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← The Parochial Church Council Of The Ecclesiastical Parish Of Leyton St Catherine And St Paul

2024-12-31-accounts

St Catherine and St Paul Leyton

Annual Re nts port and Accou

For the year ended 31st December 2024

Be joyful always, pray a t all times, be thankful in all circu m stances.

1 Thessalonians 5 16-17

Registered Charity No 1137601

ANNUAL REPORT 2024

ADMINISTRATIVE INFORMATION

St Catherine and St Paul, Leyton is a Church of England Church situated at 149 Canterbury Road, Leyton, London E10 6EH. It is part of the Deanery of Waltham Forest, within the Diocese of Chelmsford. The Parochial Church Council (“PCC”) is a registered charity (1137601).

PCC members who served during the 2024 reporting period and until the May AGM 2025

Chair: Reverend William Donoghue Secretary: Lesley Perkins Wardens: Rae Williams Sheena Colleen Merchant (until May 2024) Treasurer: Michael Henry Deanery Synod Rep: Heather Pinnell (from July 2024) Elected Members: Kovalan Paramanantham (until September 2024) Michael Henry Floyd Farquar Lesley Perkins Tanaka Choto (from February 2024 to April 2025) Heather Pinnell (from July 2024) Tania Harvey (from May 2025) Helen Miller (from May 2025)

Those charged to direct, control and run the charity’s operations during the reporting period were: Rev William Donoghue (Chair and Vicar); Joey Mitchell (Youth Worker); Michael Henry (Treasurer); Lindsey Donoghue (Community Hub Manager); Claudine Archer (Operations Manager); Ruby Marwat (Under5s Business Manager); Iva Juma (Under 5s Leader) and Harshini Wanasundera (Under5s Deputy Leader), Jayne Perridge (Parish Administrator).

PCC is responsible for co-operating with the Vicar, in promoting the ecclesiastical parish, the Church’s mission be it pastoral, evangelistic, social or ecumenical. The PCC is also responsible for maintaining church property situated within the parish. In planning the activities of the church, the PCC has applied the guidance on public benefit issued by the Charity Commission.

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Vicar’s Report

In this report as we reflect upon 2024 we have so much to give thanks to God for. It was a year where we knew God’s provision and faithfulness, where God led us through significant changes and where we tried to live out God’s call to build one another up based on Thessalonians 5:11:

Therefore encourage one another and build each other up, just as in fact you are doing.

Services & Discipleship

At the centre of our church life was our Sunday services which continue to be a place of encounter with God and fellowship with each other. During the spring term we studied the different encounters that women had with Jesus culminating on Easter Day with the female followers of Jesus were the first witnesses to Jesus’ resurrection. During the summer term we explored the different names of God found in the bible, then during the summer holiday all age services we had an Olympics theme, where each week we used sporting examples to explore faith. Over the Autumn term we taught about UP, IN, OUT discipleship based on the following the lifestyle of Jesus. We are so grateful for the many people who have taken part in our services especially Revd Maria, Sheena, Helen, Eddie and Amarh who have preached God’s word, as well as the many people who have done readings and led prayers. It was especially wonderful to welcome Damie into our church family to lead and grow our worship and music team. We were also grateful for Revd Maria in leading our monthly midweek communion which particularly engages the older members of our community.

As we seek to grow in following Jesus, spaces such as Cornerstone Connect continue to be really important where as a church we can study the bible and pray as we connect with God and each other. On these Wednesday evenings we have studied the book of Colossians and Max Lucado’s course In the footsteps of the saviour amongst other things. During Lent a number of other people joined us on Wednesdays for the Lent Course as we read together the thought-provoking book Tarry Awhile by Selina Stone.

Special Occasions

At Cornerstone we celebrated and marked the special occasions of the year. As we journeyed through Holy Week, we shared communion together on the Tuesday before joining together for a special evening of reflection and worship on Maundy Thursday where Dionne & Sunni led us in a wonderful encounter with Jesus. On Good Friday we joined other local churches for a joint service and our traditional walk of witness to Bakers Arms. Easter Sunday was wonderful as we began the day with an early communion service led by Revd Maria, before sharing breakfast and celebrating together with an All Age Service which featured an amazing sock puppet performance by our children and youth. Easter Sunday was one of our best attended services of the year.

Special Events such as Pentecost, Harvest and Mother’s Day and Father’s Day were well attended and featured excellent participation from the children. The Advent and Christmas season provided us with wonderful opportunities to connect with our community and share the gift of Christmas. The Christmas Fayre again proved popular and the Scratch Nativity was engaging and fun for all with Tania doing an excellent job narrating the story. Our Carol Service and Christingle Service were the best attended they’ve ever been.

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Over the year we were also able to many things aimed at strengthening our community. We continued to eat together at bring and share lunches over the year and we shared community breakfasts together at Mother’s Day and Easter Sunday. Over the summer we loved hosting our annual BBQ at the Vicarage and the yearly Volunteer Celebration which featured England in the Euros Semi Final was the best attended it has ever been.

In February we had the privilege of our Bishop Lynne coming to visit us. She was particularly interested in finding out more about our community projects. Bishop Lynne was able to see our Baby Bank in action, read a story to our preschool children and meet some of our volunteers and staff team. She was greatly encouraged by her time at Cornerstone and her visit has laid the groundwork for some really interesting developments on how we can further develop our mission and ministry in partnership with other churches.

During February myself and Joey were fortunate to be able to attend the New Wine leaders conference in Harrogate. This was a wonderful time of worship, teaching and refuelling for us as leaders and we are so grateful for the PCC for allowing us to attend.

Outreach

Although later there will be reports about some of the individual ministries, I would like to highlight here some of the ways that we continue to step up and step out as we love and serve our community. The Baby Bank continues to offer help and hope to so many local people who are struggling. Our referrals increased by 30% and we helped 26% more families over 2024 compared to the previous year. Our Tuesday After School Drop in continues to be a lifeline for many families providing a safe place for children to play and grow and we were so grateful for a generous grant from Near Neighbours that has supported this ministry during 2024. Our Friday Youth Club also continues to offer a weekly space for young people to meet, connect with the church and build positive relationships. Other ministries such as the Toddler Group, Tuesday Lunch Club and our Pre School continue to love and serve the people of this community. I am incredibly proud of the ways that we look outwards and continue to open the doors of our church to all.

Changes

Over 2024 we saw a number of significant changes. In September Joey Mitchell sadly moved on from his role overseeing our work with under 18s. At a special service we were able to celebrate Joey and Gabby, pray for them and send them on their way with some special locally sourced gifts. As a community we are so grateful for the four years where they ministered here, but we are also so thankful for Kokila and Sheena who have stepped up to lead the Sunday childrens work and Mark and Kovalan who have stepped up to lead our youth work. In February 2025 we will be welcoming Cisse who will be joining us as our new Youth Worker and College Chaplain.

September also saw Lindsey stepping down from her role as Community Hub Manager due to ill health. We were thrilled to be able to appoint Claudine as her replacement who has already made such a positive impact. Lindsey achieved an incredible amount whilst working here including overhauling our wifi network, HR systems, decorating the foyer space, decluttering the building and raising significant amounts of money through grants to support ministry here. At our APCM in May Sheena stepped down as one of our Church Wardens. We are so

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thankful for her time as Warden and truly grateful that she continues to be so involved in the life of the church.

Earlier this year we also welcomed back Chrissie our Baby Bank Coordinator from maternity leave. We were delighted that Helen who had worked maternity cover was able to stay in post with her and Chrissie sharing the Coordinator role as the project continues to grow. Helen during 2024 also took on the responsibilities of Parish Safeguarding Officer and has brought real wisdom and expertise to this role.

Deanery & Diocese

During 2024 Heather Pinnell was appointed by the PCC to be our new Deanery Rep. This role sees her attending Deanery Synod on our behalf and reporting any significant news or developments. The Deanery of Waltham Forest saw significant changes in 2024 as Revd Sue Lucas was appointed our interim Area Dean. Sue has been an excellent Area Dean and it was with sadness and joy when at the end of the year she was appointed as the new Archdeacon of Southend. She formally leaves the Deanery in February 2025. The Deanery met regularly throughout 2024 as both the wider synod and as a chapter of clergy. The past year have seen a number of useful discussions on the developments of Living in Love and Faith (LLF) and how as churches representing a wide variety of traditions and theologically viewpoints can continue to work and flourish together. At Deanery Synod both Bishop Guli and Bishop Lynne have made appearances with a particular focus on the developing situation with LLF.

This year has also seen significant future developments across the deanery regarding new strategic investment for mission and ministry. Cornerstone is likely going to be one of the lead churches as we consider afresh how we can see growing and sustainable ministry amongst children and young people in East London.

During 2024 Elwin Crockett the Archdeacon of West Ham retired to be replaced by Mike Power who moved across the diocese having previously been the Archdeacon of Southend. Elwin is well known at Cornerstone with this parish having been his sending parish.

Citizens UK & Community Organising

Much of the work we do is informed by the principles of community organising and through our membership of Citizens UK we are able to work in partnership with a number of other local organisations and institutions. It is through Citizens UK that we have such a strong relationship with Leyton Sixth Form college whereby we jointly employ a Youth Worker/College Chaplain. George Gaillet continues to the Waltham Forest Organiser and continues to support us regularly.

2024 saw some significant local campaigns including a well-attended action outside the Lea Bridge hotel when the Home Office contractor announced the hotels closure and the forced relocation of the asylum seeker housed there, including people from our church. The residents were given two days’ notice and not informed of where they would be relocated to. Members of Cornerstone joined together with around 100 other concerned local residents to protest and succeeded by having hotel’s closure slowed down to and the assurance that the residents would rehoused within London, allowing children to finish school years and appointments to be kept.

Other campaigns that Cornerstone members were involved in included a campaign aimed at securing free bus travel for asylum seekers who have to support themselves on £8.86 per

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week. Members of the church also attended the London Mayoral Assembly where Sadiq Khan was presented with the collective concerns of the different organisations that make up Citizens UK from across London.

And finally

None of what we do and have achieved in 2024 is possible without the dedication and commitment of so many people. Time and space doesn’t allow me to name all of the people that deserve to be mentioned here, but for everyone who serves, gives and is connected with Cornerstone, thank you. I am so privileged to be the Vicar of Cornerstone! But I would like to name a couple of people that I especially want to thank. Firstly, the PCC who oversee so much of what happens here at Cornerstone. During 2024 we had to make a number of difficult decisions, but each one you handled with prayerful diligence and trust in God. I especially want to thank Mike as Treasurer and Krassi as Finance Officer who diligently keep a handle on our finances and of course Rae and Sheena as Wardens who have provided so much support, help and encouragement to us all.

Our employed staff team of Claudine, Lindsey, Krassi, Jayne, Jane, Joey, Chrissie and Helen are a joy to work with and do so much behind the scenes in keeping the show on the road. Also, I am so grateful for everyone who helps to make our Sunday Services happen each week, especially our AV team of Mark, Kov and Peter, all those who lead at Cornerstone Kids and all those who welcome people and make the teas and coffees. Cornerstone is a special place that I know God has good plans for. I am so grateful that God has led you here and for the privilege to journey together as we love this community and seek to be a multicultural,

multigenerational church, growing in the way of Jesus, through word, spirit and action.

Revd Bill Donoghue

Community Hub Manager Update

During the first half of 2024 I continued to work on building strong foundations to enable Cornerstone to run more efficiently and effectively. During that time, the team and I were able to:

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I then focussed on a strategy and handover document for our incoming Operations Manager who has taken things forward since September 2024. It was a privilege to be involved in the recruitment of Claudine Archer, the new Operations Manager who has done a great job of taking things forward into 2025.

I continue to work 3 hours per week supporting the management and fundraising for Baby Bank and other Community Projects at the Centre. We look forward to 2025 with a very positive outlook, both financially and practically. Large numbers of people still visit the Centre every week for support. Cornerstone Baby Bank, Thursday morning mum and baby group and Tuesday after school drop in all continue to be fully funded externally, reducing the burden on Cornerstone’s finances.

Lindsey Donoghue

Fabric Report 2024

2024 saw a continuation of tasks that started in 2023 alongside new ones.

Actions progressed during the year included:

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Cornerstone’s external properties continue to offer accommodation to members and others. Early in the year there was a tenancy change in the church flat and with this, an overall redecoration was undertaken to welcome our new occupant.

At 114 Hainault Road, along with regular maintenance by our property management agent (CS Lets), a new central heating was installed (~£2700).

Minor repairs featured at 30 Nottingham Road and a new washing machine was fitted. Replacement of windows / doors etc., is expected to occur within the next 12-months; external funding likely given cost involved (£15-25k). Upgrades will improve the unit’s EPC rating and will probably reduce costs associated with the HMO licence renewal.

Quinquennial Update - last Inspection occurred in 2021. All major works recommended completed except for changes to external doors. Decorative state of timber doors and sills is poor and it will be necessary to undertake decorative work to guard against long-term decay.

Special thanks to Jayne, Modestas, Georgi and Jane our custodial engineer.

Thanks also to Liam for donating and installing cabling for the upgrading of our CCTV system. Additional cabling will be required to cover a wider scope of the building along with installing new cameras and monitor equipment; funding is being sought to support this.

The upkeep of the surrounding grounds was periodically done by volunteers.

Thanks to those that was able to contribute their time.

Blessing to All Rae Williams Fabric Coordinator

Building Usage

We are delighted to share that Cornerstone has continued to thrive as a hub of activity throughout 2024. This year, our building has served as a base for a diverse range of groups and events, showcasing its versatility and value to the community.

We are thrilled to share the wonderful variety of groups and activities that have chosen Cornerstone as their home. It’s truly inspiring to see our space being utilised to support and enrich our community.

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These diverse groups reflect the versatility and warmth of Cornerstone as a community hub. We are proud to provide a space where learning, creativity, health, and connection thrive. Additionally, Saturdays have remained an exceptionally popular day for the local community, with our hall frequently hired for birthdays, celebrations, and other life events. These gatherings highlight the special role Cornerstone plays in bringing people together for memorable moments.

Jayne Perridge Church Administrator

Youth Ministry January 2024 - January 2025

As you may know, I (Joey) work at Leyton Sixth Form College (LSC) as well as Cornerstone Church, so will be detailing the work I do at both organizations. I will use the abbreviation LSC when describing college work and will refer to all work at Cornerstone under the name Cornerstone Youth.

January – March; In January 2024, Cornerstone Youth continued to host the Friday youth club as a social and safe space with lots of new young people joining in. We also employed Janeeta, a former LSC student and benefactor of the youth club. In Children’s work we were

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learning lots about women in the Bible and had some amazing guest speakers and interactive sessions. At LSC, Joey and other members of staff, hosted an event for 40 sports students around men’s mental health.

April -June; Easter time at Cornerstone Youth is always a highlight, and the youth and Children put together a special puppet show for the Easter Sunday service. In Children’s Church had fun joining in the Church series on UP/IN/OUT. At LSC, we focused on Mental Health Awareness Month in May, hosting several events to help students explore wellbeing. We also marked the end of an era for young people who ‘graduated’ from Friday Youth Club and were heading off to university or work. We have stayed in touch with many of the young people and still get visits from some of them!

July – August; During July and August the team hosted a three-day holiday club for 30 children in August, which I will detail under Holiday Clubs. August was also spent prayerfully planning and preparing for September.

September: In September I left my role as Youth Worker at Cornerstone, after four years here, and feel sad to bring it to an end, but I felt it was time to pursue my dream of freelancing through writing & performing poetry, one to one coaching, and leading workshops in schools. I will still be living in East London, and working a couple of days at LSC, so I will keep connected with the community, popping in here and there!

Clubs in 2024.

In August, we held a holiday club for three days. We chose the theme of Olympics. Each day had a teaching point (and sketch) on a different theme, as well as the craft, sport, and dance options. Once again, every child who attended was incredibly impacted. The team was made up of 9 incredible volunteers aged 19-60!

We were delighted to provide the children with such a memorable time but also to have continued to build relationships with families that we originally met through other community projects. We look forward to future Holiday Clubs!

Joey Mitchell

Baby Bank

This year the work of the baby bank has continued to grow and develop as we served local families in need. Chrissie and Helen have been jointly working as Coordinators since April.

Who we have helped this year

In 2024 we supported 153 families with 326 parcels. This is a 26% increase in the number of families compared with 2023. We provided 1277 items in 2024, these included 245 clothes bundles, 303 packs of nappies and wipes, 24 prams or pushchairs and 81 books. We supported 50 families with newborn packs which include everything a new parent needs when their baby is born. For example, Moses baskets, clothing, nappies, wipes, and breastfeeding kits for mums. In many cases parents came into the baby bank and were able to choose these things for their baby.

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How people feel about our support

‘ Thank you so much, I really appreciate your help. I love everything and it will all go to good use .’ Baby Bank Recipient.

‘ I just wanted to thank you again for all the wonderful help and support you have given me and my partner with this experience of having our first child .’ Baby Bank Recipient.

How many referrals did we receive

We received 227 referrals from both families in need, self-referring, and professional referrals from midwives, social workers and other local professionals supporting vulnerable families. This is a 30% increase from 2023.

What our referrers/partners say about us

‘ A big thank you to you and your team at the Cornerstone Baby Bank. You are all doing such an amazing job. Every time a referral is sent by myself, the family are contacted promptly and I am always updated via email. I will continue to promote your service in the community as you are all doing a fantastic job! ’ Community Hub Worker.

‘I have really enjoyed working with you all. Your service is fantastic and really makes a difference to families, especially those in need of support .’ Community Outreach Worker.

Weekly Parent and Baby Drop-In

We have the privilege of supporting families facing challenges, not just by providing material items, but also providing emotional support, community connection and signposting to other organisations to ensure that they are accessing all of the support available to them.

Our weekly parent and baby play group has continued to flourish with 45 new families attending 38 sessions in 2024. We have provided social support, a safe space and healthy refreshments to these families. Alongside the parent and baby group, HENRY Waltham Forest Infant Feeding, run a feeding support group.

‘I just wanted to thank you all for the support and lovely welcome every week at the Cornerstone group. I have enjoyed running the group there so much and will miss you all. Cornerstone truly is a lovely welcoming oasis in Waltham Forest and all the work you and the baby bank does for the community is invaluable. I hope Cornerstone, the Baby Bank, Parent Drop-In and the HENRY group continue to flourish and get the recognition (and funding) they deserve .’ HENRY worker.

New Babies Matter Course

In addition to this, Chrissie has set up and run a peer support group for new and expectant mums using evidence-based materials from the Kids Matter charity. We invited mums who are entering parenthood with low income and low support. The group met for 6 weeks to discuss topics including self-care, bonding and helping baby develop. Four mums gathered together around food to chat about their experiences, hopes, and struggles.

‘I would highly recommend it. I enjoyed the small group interaction. It helps you to feel like you’re not alone.’ Babies Matter participant

‘I felt very comfortable in the group. That’s why I talked. ‘I learned that I’m not a bad mother’. Babies Matter participant

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Volunteers are Essential to This Project

Twenty volunteers have helped to make all this happen by sorting donations, assembling and delivering parcels, and connecting with parents and carers at our free weekly Parent & Baby Drop-In. Our volunteers come from diverse backgrounds, some of them baby bank recipients themselves, others are local parents and we have a group who volunteer regularly from GoodGym.

In 2025 we look forward to continuing this meaningful work and looking for ways to expand further the support we can offer.

Helen Fawbert & Chrissie Stead

Cornerstone Baby Bank Co-ordinators

Tuesday Lunchtime Club

Every Tuesday during term time a lovely group of older people from our local community meet together for lunch. This is a place of deep friendship, mutual support and of course tasty food. Whilst sadly some regulars are no longer able join us regularly due to ill health, new members have joined us, and we continue to have between 10-15 people joining each week. In the first half of 2024 we had Akia a local resident cooking each week and since September we are so grateful that Juliette and Althea have been cooking regularly with occasional Persian inspired dishes being cooked by Amir and at times the Vicar providing one of his ‘signature dishes’. We are really grateful for the people who have helped host and set up over the year including Helen, Ola, Amir, Jane and Ali, as well as Revd Maria in leading the monthly communion service that TLC members enjoy.

A particular highlight was the well-attended Christmas lunch where Juliette and Althea cooked up a feast which was generously paid for by a donation from Sky TV.

Safeguarding

In terms of the PCC's obligations to children & vulnerable adults, its (PCC) members confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

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Cornerstone Under 5s Preschool Report 2024

Committee

One new parent was appointed, and the remaining roles are unchanged.

Occupancy

Spring term levels were 81%, summer term was 89%. Autumn term was with 71% occupancy.

Finances

Finances are looking good. Treasurer continues to monitor them closely.

Salary

Wages were increased in April 2024 in line with the government’s requirements. The increase ranged from £0.25-£1.02.

Fees and Donations

There was nothing outstanding for September 2023-July 2024. Fees have been increased both age groups by £1 per session. Consumable fees (donations) were paid by 99% of parents.

Toddler Group

The toddler group continues to run on Tuesday and is thriving. It is led by Janine, Lynne & Helen.

Complaints

No complaints to report.

Safeguarding

No safeguarding concerns.

Training, training plan and funding for training

Staff continue to complete their continued professional development. All mandatory training is up to date.

The preschool Leader completed her level 5 – Sept 2024 The 1:1 SEND worker is due to complete her level 2.

Christian Ethos

The Christian ethos continues to be embedded in everyday practice. We have a rota that allows staff to participate in Christian songs, stories, and discussions.

Ruby Marwat Business Manager

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FINANCIAL REVIEW - 2024

Reporting format amended to comply with Charity SORP protocols.

Simplistically, this report now shows Cornerstone’s (“the charity”) financial statements as one legal entity, whereas prior to this reporting period (2024), reports were shown as the sum of the charity’s core elements, the ‘Parish’ (“St Paul and St Catherine, Leyton”) and the ‘PreSchool’ (“Under5s”). It is expected that these basic changes will provide greater transparency around the charity’s affairs.

Cornerstone’s primary purpose remains to serve as a community of Christian believers, while offering a safe space for worship, discipleship, evangelism and extend fellowship activities for those in need.

With that said, as a UK charity it is subject to a plethora of issues impacting the sector. Geopolitical events continue to influence global macroeconomic conditions and there remains an expectation that current cost of living challenges, could persist near-term. In this light, its income generation versus expenditure management will be essential to ensure its operations remain sustainable and the PCC / Trustees will continue to monitor matters closely and take both timely and prudent financial action(s).

Cornerstone ‘Charity’ Summary

Income*
Unrestricted:
Donations / Grant Funding
Charitable Activities
Investments (Property Rentals etc.)
Restricted:
Charitable Activities
Expenditure
Unrestricted:
Charitable Activities
-

Restricted:
Charitable Activities

Net Profit / (Loss)



£354,900
£354,900
- £ 86,900
 - £190,300
- £ 23,800
-£146,900
£361,000
-£ 90,800
£451,800
(£441,800)
£ 10,000*

*Rounding features for illustrative purposes

Consistent with recent trends its activities achieved ‘break-even’ broadly (small profit noted), which is deemed positive against an adverse macroeconomic backdrop. However, it is clear

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the Trustees will prayerfully explore all opportunities to strengthen the financial profile to further its Christian mission.

In this respect, an overview of the charity’s balance-sheet provides an illustration of its risk profile.

Cornerstone’s ‘Balance Sheet’ can be summarised as follows:

Bank and Cash Balances
Other Net Assets
Unrestricted Funds
Restricted Funds (Cash)
Less Current Obligations
(£25,498)
Freehold Assets
Total Assets / Funds		 £229,946
£ 14,731
£244,677
£ 45,268
£289,944
£360,900
 £625,346

Recent performances highlight break-even metrics and with that in mind, its balance-sheet strength tends to offer comfort around its trading sustainability in the medium-term. In terms of its outlook, the Parish prepares annual budgets using conservative or downside scenarios, whereas the Pre-School follows protocols to ensure trading veracity; cash reserves to cover six-months operating costs (min).

‘Reserves’ Outlook highlights:

Parish Budgeted Deficit £54,000 (2025 12-month forecast)
Under5s £92,000(Contingency Fund, minimum six-months operating
costs)
Reserved Required £146,000
Current Cash Reserve ~£186,000(Parish Funds plus U5s Reserve)**

Beyond unrestricted cash balances, freehold assets are held at cost, which probably carry significant hidden reserve value recognising their balance-sheet lodgement dates (£86k 1996 / £275k 2009).

Reserves offer an illustration re Cornerstone’s financial viability near-term (over next twoyears).

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Based upon above the Trustees (PCC) are confident the Charity remains a viable going concern.

Trustees last reviewed its reserves policies in February 2022.

**excludes £45,000 restricted cash

Parish / Pre-School Overview

As noted above, Cornerstone’s main activities centre on its Christian Ministry in the local community & surrounding areas alongside its related Pre-School, serving children (under-5) in the Leyton area.

Specific overviews of Parish activities are covered elsewhere in this report & accounts presentation although from a finance standpoint, its income and expenditure profile can be summarised as follows:

Parish Income*
Unrestricted:
Donations (regular / irregular giving etc.)
Properties x3 (Essex / Hainault / Nottingham Roads)
Community Centre (Canterbury Road, Leyton)
Other Incomes
Restricted:
Donations / Grant Funding (designated purposes)
Parish Expenditure
Unrestricted:
Tithes
Parish Share
Salaries (Excl. Restricted)
Operating Costs (Centre / Properties / Admin etc.)
Other Expenditure Items

Restricted:
Designated Purposes (including salaries)
-
Net Profit / (Loss)		 - £32,000
- £57,000
- £97,000
-£11,500
£197,500
-£ 63,000
*£260,500
- £18,600
- £46,075
- £57,714
- £ 72,621
-£ 9,703
£ 204,713
£ 59,500
(£264,200)
(£ 3,700)*

*** ‘Under-5s’ transferred £18,000 rental to ‘Parish’, so “contra-ed” in Charity’s consolidated figures; protocols mean payments Under5s makes to the Parish (£1,500 monthly) are excluded as both are divisions of the same charity, so practice is to contra these items or netting occurs between them.

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What this internal transfer does illustrate however, is the Parish’s underlying profile is experiencing a certain element of the wider external challenges surrounding UK charities sector. Were this transfer to be stripped from the figures, the loss highlighted (£3,700) increases to ~£22,000. The PCC is mindful of the position and it adopts a robust budgeting process (supported by control monthly) to ensure early mitigating action(s) are progressed, where & when are deemed necessary / appropriate.

Parish’s unrestricted income composition was unchanged, being derived from:

Percentage split between respective income buckets (donations / properties) was 40% vs. 60% historically but post pandemic and noting household cost challenges, this trend has skewed towards the properties.

Unrestricted income mix (%), now shows:

As indicated donation attrition is not uncommon for many UK charitable institutions but yearon-year decline has been evident recently. Rev. Holmden led a mini-series on ‘Giving’ early in 2024 and this is an issue that with the Lord’s guidance will remain to the fore and result in a reversal of this trend.

Conversely properties were again bolstered by the income derived from the Community Centre. On the back of the transformational work in 2023 to maximising facilities’ use / improve rentals, 2024 saw further improvement. Centre income rose 21.5% vs. 2023 (to £97,400), other properties were down slightly because of temporary void periods but agreed rental uplifts, should lead to growth in 2025.

Overall unrestricted income increased 6.6% (to ~£197k), due to the Centre’s performance primarily.

Put into context total Parish income was 92% of that received in 2019 or pre-pandemic (i.e. ~£215k).

Expenditure trends continue to reflect shifts in external conditions (cost inflation) but also changes in staffing mix. Community Hub Manager’s appointment being the most significant adjustment. Overall costs increased ~11% (to £205k) but looking ahead, the PCC will continue with its aim of ensuring prudence is exercised at every stage of financial decisioning processes. And again, as a contextual illustration, 2024 spend was ~106% of pre-COVID metrics (£193.4k), which highlights the challenge.

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Macroeconomic conditions are expected to remain challenging near-term and the Trustees focus is to build donations (via ‘Parish Giving Scheme’ primarily) and Centre income to levels that will help to sustain Cornerstone’s overall ‘Mission’ relative to the core expenditure / cost base.

Similarly, Pre-School activities from a finance perspective, can be summarised as follows:

Pre-School Income
Unrestricted:
Operations (Fees / irregular giving etc.)
Grant Funding (FEEE, SENIF , EHCP, DAF etc.)
Other Incomes
Restricted:
Grant Funding (designated purposes, Incl. SENIF salaries)
Pre-School Expenditure
Unrestricted:
Operating Costs (Salaries / Admin / Rentals etc.)
-

Restricted:
Designated Purposes (Salaries)
-
Net Profit / (Loss)






£168,200**
£168,200
£ 27,400

 - £ 23,400
- £156,000
-£ 2,600
£ 182,000
-£ 27,400
£ 209,400
(£195,600)
£ 13,800*

** see above re ‘Under-5s’ rental payment to ‘Parish’ (£18,000 contra)

RISK STATEMENT

In common with other churches and charities the PCC faces risks, be they operational, financial or reputational. The PCC continues to consider the major areas of risk to which it is exposed, measuring both the likelihood and impact of a particular event or action and will continue to manage any risks. This will involve regular reviews in identification, assessment and monitoring.

17

STATEMENT OF PAROCHIAL CHURCH COUNCIL RESPONSIBILITIES

Under the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008, the PCC is required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of affairs of the church. Cornerstone is required to

  1. Select suitable accounting policies and apply them consistently

  2. Make judgements and estimates that are reasonable and prudent

  3. State whether the policies adopted are in accordance with the Church Accounting Regulations and with the applicable accounting standards

  4. Prepare the financial statements on a going concern basis.

Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and to ensure that such accounts comply with applicable accounting standards and with the Statements of Recommended Practice and Regulations made under section 130 of the Charities Act 2011. Trustees have a responsibility to safeguard the church’s assets and to take reasonable steps to prevent fraud and other irregularities.

With regard to the PCC's obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

New members of the PCC (Trustees) are appointed by the church members and are given a copy of the Charity Commission booklet for Trustees and an explanation of their responsibilities as trustees.

APPROVAL

This report was approved by the Trustees and signed on their behalf by Rev William Donoghue, Chair of the Parochial Church Council.

W N Donoghue

W N Donoghue (Oct 22, 2025 11:59:58 GMT+1)

Rev. William Donoghue

Date: Oct 22, 2025

18

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF

ST CATHERINE AND ST PAUL, LEYTON ('the Charity')

I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2024 on pages 20 to 34 following, which have been prepared on the basis of the accounting policies set out on pages 22 to 24.

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

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

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

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

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

Archie McDowall

Archie McDowall (Oct 23, 2025 13:29:09 GMT+1)

Institute of Chartered Accountants of Scotland

Archie McDowall BA CA Stewardship 1 Lamb's Passage Oct 23, 2025 London EC1Y 8AB

19

St Catherine and St Paul Leyton (The Cornerstone)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Raising funds
Other
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
190,285
23,816
146,942
361,043
338,583
16,401
-
354,984
6,059
-
6,059
574,018
580,077		 Restricted
Funds
£
90,843
-
-
90,843
86,889
-
-
86,889
3,954
-
3,954
41,314
45,268		 Total
Funds
2024
£
281,128
23,816
146,942
451,886
425,472
16,401
-
441,873
10,013
-
10,013
615,333
625,346		 Total
Funds
2023
£
259,413
29,368
127,085
415,866
388,071
15,610
-
403,681
12,185
-
12,185
603,148
615,333

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 22-33 form part of these accounts.

Page 20

St Catherine and St Paul Leyton (The Cornerstone)

BALANCE SHEET

AS AT 31 DECEMBER 2024

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
360,900
360,900
14,731
229,946
244,676
(25,499)
219,178
580,078
580,078
94,525
485,552
580,078
-
580,078		 Restricted
Funds
£
-
-
-
45,268
45,268
-
45,268
45,268
45,268
-
-
-
45,268
45,268		 Total
Funds
2024
£
360,900
360,900
14,731
275,214
289,945
(25,499)
264,446
625,346
625,346
94,525
485,552
580,078
45,268
625,346		 Total
Funds
2023
£
360,900
360,900
16,860
253,440
270,300
(15,867)
254,433
615,333
615,333
102,276
471,743
574,019
41,314
615,333

The financial statements were approved by the members of the PCC and were signed on its behalf by:

W N Donoghue

W N Donoghue (Oct 22, 2025 11:59:58 GMT+1)

Rev. William Donoghue

Date: Oct 22, 2025

Charity number: 1137601

The notes on page 22-33 form part of these accounts.

Page 21

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Statutory Information

The Parochial Church Council of St Catherine and St Paul Leyton is a charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The PCC has assessed whether the use of the going concern basis is appropriate and it has considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC has made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC has considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC has concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities, particularly Christian mission based activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from Pre-School services.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity.

Investment income represents income generated by the charity's assets and includes income from letting the charity's property and bank interest.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Page 22

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The charity's overheads, being costs that have not been incurred directly on a charitable activity, have been have been disclosed separately in the notes under the heading 'Costs incurred on support and administration'. These costs have been allocated to the charity's various activities using an appropriate basis such as the relative use of space and / or personnel.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Tangible fixed assets

Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.

Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.

The church halls and certain clergy accommodation are held in trust by the Diocese on behalf of the PCC. These properties are essential for the mission of the church and have been in use for many years but they have not been included in these financial statements as there is insufficient cost information and their depreciated cost is unlikely to be material.

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £10,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Leasehold improvements Over the lease term or, if shorter, expected useful life Equipment Over 3 to 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Investments

Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet date. Investments, other than social investments (see below), are valued as follows: i) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date.

g) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees ("National Employment Savings Trust" or 'NEST'). Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

Page 23

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

i) Financial instruments

j) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

k) Critical accounting estimates and areas of judgement

The members of the PCC do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The members of the PCC consider the following to be significant:

3 Donations and legacies

Donations of cash and similar
Government grants (note 3b)
Other grants receivable
b
Grants FEEE, SENIF, EHCP, DAF
LBWF Baby Bank and Youth Work grants
4
Income from charitable activities
Community outreach programs
Pre-school fees, miscellaneous income, toddlers and snack contributions etc.
5
Investment income
Property letting (rental from three units / community centre).
Bank interest (Parish / Pre-School accounts)
Local Authority grants comprise:		 2024
£
34,285
188,058
58,785
281,128
2024
£
183,393
4,665
188,058
2024
£
1,527
22,290
23,816
2024
£
136,629
10,313
146,942		 2023
£
37,617
176,417
45,378
259,413
2023
£
168,649
7,768
176,417
2023
£
1,828
27,541
29,368
2023
£
121,988
5,097
127,085

Page 24

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Charitable expenditure

a
Costs incurred directly on specific activities
Ministry expenses:
Parish share
Clergy expenses
Upkeep of services
Training costs
Community Outreach
Discipleship
Property expenses:
Operational costs for church
Operational costs for other PCC properties
Restricted funds expenditure
Grants payable (note 8c). Tithes agreed by the PCC
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Staff employment costs
Printing, postage and stationery
Finance software
Computing charges
Bank charges
HR support charges
Subscriptions and professional fees
Consumables(cleaning materials etc.)
Furniture & Equipment(computers and other)
Insurance
Ministry expenses:
Parish share
Clergy expenses
Upkeep of services
Training costs
Community Outreach
Discipleship
Property expenses:
Operational costs for church
Operational costs for other PCC properties
Restricted funds expenditure
Grants payable (note 8c). Tithes agreed by the PCC
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Staff employment costs		 Parish
Activities
46,075
247
1,823
1,456
5,047
636
33,214
16,401
59,496
18,620
1,620
429
57,713
1,922
696
6,308
197
1,359
159
6,443
1,931
2,431
264,223
Parish
Activities
45,540
456
1,128
563
7,018
989
26,938
15,610
48,557
17,020
1,560
4,195
45,805		 Playgroup
Activities
494
453
27,393
600
184
138,252
589
475
819
216
117
582
2,640
3,834
1,004
177,651
Playgroup
Activities
491
742
19,148
600
426
142,026		 2024
£
46,075
247
1,823
1,950
5,047
636
33,667
16,401
86,889
18,620
2,220
613
195,965
2,510
1,172
7,127
412
1,476
741
9,083
5,764
3,435
441,873
2023
£
45,540
456
1,128
1,054
7,018
989
27,680
15,610
67,705
17,020
2,160
4,621
187,831

Page 25

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Printing, postage and stationery
Finance software
Computing charges
Bank charges
HR support charges
Subscriptions and professional fees
Consumables(cleaning materials etc.)
Furniture & Equipment(computers and other)
Insurance		 2,485
690
4,622
277
28
159
4,466
3,270
2,132
233,508		 698
452
111
204
104
459
1,907
1,850
955
170,173		 3,183
1,143
4,733
480
132
618
6,374
5,120
3,087
403,681

The fee payable to the independent examiner for examining the accounts was £2,220 (2023: £2,160)

c Grants payable

Grants for UK and overseas mission
Grants for the relief of poverty
Grants for various Youth work
Grants for other missions
Grants for education, including ministry training
Total Tithes
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
Grants for various Youth work
Grants for other missions
Grants for education, including ministry training
The charity's principal grants to institutions comprised:
Spark 2 Life
Forest Churches Emergency Night Shelter
Waltham Forest Youth for Christ
Dayspring Christian Ministries ("The Kings School")
My Child (see above Ruth Kirabo)
Christians Against Poverty (Walthamstow - St Mary's)
Through Unity
Grants to institutions for less than £1,000 each		 Institutions
£
2,500
3,000
5,550
6,950
620
18,620
Institutions
£
4,650
3,300
3,550
4,550
970
17,020		 Individuals
£
-
Individuals
£
-
2024
£
1,850
1,000
1,850
1,000
1,500
1,250
1,850
8,320
18,620		 2024
£
2,500
3,000
5,550
6,950
620
18,620
2023
£
4,650
3,300
3,550
4,550
970
17,020
2023
£
1,350
1,350
1,350
1,600
1,600
850
1,010
7,910
17,020

The charity has taken advantage of an exemption conferred by the Charities SORP and has not disclosed the names of some grant receiving institutions as they operate in territories where Christians are persecuted; the disclosure of this information would be prejudicial.

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration

Gross wages and salaries
Social security
Pension costs		 2024
£
246,749
7,756
6,390
260,895		 2023
£
231,933
446
5,949
238,328

The number of staff employed during 2024 was 22 on average, but this is equivalent to 11 full time employees during the year as most the staff works on a part-time basis. (2023: 11).

Page 26

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the members of the PCC and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:

During the year key management received employment benefits totalling £0 (2023: £0).

Rev. William Donoghue (clergy members of the PCC) received a stipend from the Diocese and so is not an employee; some of the Parish Share paid to the Diocese is used to help meet the cost of these stipends. Rev. William and Lindsey Donoghue were provided with accommodation (which is customary for clergy) and the cost of this accommodation to the PCC is disclosed in note 8 'Charitable Expenditure'. The charity also reimbursed expenses to Rev. William and Lindsey Donoghue; again these costs are disclosed in note 8 'Charitable Expenditure' under the heading 'Clergy expenses'.

No member of the PCC received employment benefits in either the current or preceding year.

8 Tangible fixed assets

Cost [or valuation]
At 1 January 2024
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
Property
£
360,900
360,900
-
360,900
360,900		 Leasehold
Improvements
£
-
-
-
-		 Fixtures,
fittings and
equipment
£
-
-
-
-		 Vehicles
£
-
-
-
-		 Total
2024
£
360,900
360,900
-
-
-
360,900
360,900

The PCC owns two freehold properties, the first is shown in the balance sheet at a value of £85,900 established in 1996. The second is shown at its market value of £275,000 when bequeathed in 2009. No annual depreciation is entered in respect of these properties which are considered to carry significant hidden value, beyond book values. No change from 2023 amounts. An inventory is kept of all large items of equipment.

9
Debtors
Falling due within one year:
Gift Aid Recoverable
Properties Rents
Creditors Payroll Account
HMRC Employment Allowance
Other Debtors
Total debtors
10
Cash at Bank and in Hand
Parish Community Account
Central board of Finance
Main Account
Reserve Account
Petty cash		 2024
£
314
2916
2404
3681
5416
14,731
2024
£
8,514
143,576
31,124
92,000
-
275,214		 2023
£
2,650
4,934
1,756
4,054
3,467
16,860
2023
£
8,119
136,339
16,769
92,000
213
253,440

Page 27

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11 Creditors: liabilities falling due within one year

Utilities Charges
Receipts in advance (Hall Hire Deposits etc.)
Barclaycard
Deposits
Other creditors
Independent Examination - Stewardship
Grant Obligations (Unpaid Tithes)		 2024
£
2,064
1,955
2,805
1,864
4,076
2,160
10,575
25,499		 2023
£
1,955
2,378
847
1,787
4,700
2,100
2,100
15,867

12 Pension commitments

During the year employer’s pension contributions totalling £6,174 (2023: £5,948) were payable to defined contribution personal pension schemes. No pension contributions were owing at the balance sheet date (2023: £21).

13 Funds

During the year the movements in the charity's funds were as follows:

Opening
Incoming
Outgoing
balance
resources
resources
2024
2024
2024
£
£
£
Designated Funds
Grant EYPP
-
2,197
(2,197)
Grant 2 Year olds FEEE
-
76,154
(76,154)
Grant 3-4 Year olds FEEE
-
77,650
(77,650)
Under 5s General
55,843
13,809
Under 5s Reserve
55,000
Parish Capital
360,900
Total Designated Finds
471,743
169,809
(156,000)
General Unrestricted Funds
Parish Fund Current
64,067
197,023
(204,774)
Replacement Fund
38,209
Total General Funds
102,276
197,023
(204,774)
Total Unrestricted Funds
574,019
366,832
(360,774)
Restricted Funds
Baby Bank Fund
15,274
4,099
(9,495)
25th Anniversery Building Appeal Fun
835
6,414
(3,124)
Energy Cost Grant
10
(10)
LBWF Baby Bank - Support for Vulner
284
(284)
Cornerstone Baby Bank
(828)
828
Near Neighbours Grant
-
3,997
(3,997)
Restricted income from supporter
5,062
(3,000)
Staff Farewell Fund
77
(77)
Burn Fund
1,649
(720)
Citizens UK Fund
813
Fellowship Fund
5,527
155
(74)
Holiday Hunger Fund
777
TNL Fund
(4,912)
17,107
(12,195)
Tesco Community Grant
246
(246)
LBWF Grant-Warm Spaces/Communi
426
(383)
LBWF Support for vulnerable families
(840)
840
Arnold Clark Fund
794		 Transfers
in the year
2024
£
-
(6,061)
6,061
-
-
(37,000)
37,000		 Gains and
losses
2024
£
-
-
-		 Closing
balance
2024
£
-
-
-
32,652
92,000
360,900
485,552
50,255
44,270
94,525
580,078
9,878
4,125
-
-
-
-
2,062
-
929
813
5,608
777
-
-
43
-
794

Page 28

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024
Friday Youth Club LBWF Grant
120
(120)
Howard Reid Memorial Fund
1,075
Kids Matter - Freshfields
2,360
(2,120)
LBWF BB Winter provision 2023
2,388
(2,388)
LBWF BB Winter provision 2024
3,000
(543)
LOB Baby Bank
5,123
(5,123)
LOB Grant to support Youth Work
-
9,812
(4,508)
LOB College Chaplain & Church Youth worker
10,000
My Child Fund
300
(300)
LBWF Cost of living grant
129
(129)
Night Shelter Fund
364
Upper Room Intercessory Fund
549
Youth Trips Fund
250
Youth Worker Fund LOB Grant
1,183
(1,183)
Youth Worker Fund 6th Form College
7,718
(7,718)
Youth Worker Fund General
1,261
(1,261)
Tuesday Lunch Club
-
501
(501)
SENIF notional budget from LBWF
2800
(2,800)
SENIF Funding
16700
(16,700)
SENIF Grant EDM
7,893
(7,893)
EHCP grant from LBWF
DAF grant from LBWF
XX ministry / fund
-
41,314
90,845
(86,891)
Aggregate of funds
615,333
457,678
(447,665)		 -
-		 -
-		 -
1,075
240
-
2,457
-
5,304
10,000
-
-
364
549
250
-
-
-
-
-
-
-
-
-
45,268
625,346

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Stock
Debtors
Investments held as current assets
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year
Provisions for liabilities
Defined benefit pension schemes liabilities		 General
Designated
funds
funds
£
£
360,900
-
14,731
-
105,293.43
124,652
(25,499)
-
-
-
94,525
485,552
Unrestricted Funds		 Restricted
funds
£
45,268
45,268		 2024
£
360,900
-
14,731
-
275,214
(25,499)
-
-
-
625,346

In the previous year the movements in the charity's funds were as follows:

Opening Incoming Outgoing Transfers Gains and Closing
balance resources resources in the year losses balance
2023 2023 2023 2023 2023 2023
£ £ £ £ £ £
Designated Funds
Grant EYPP 1,848 (1,848) -
Grant 2 Year olds FEEE 43,098 (43,098) -

Page 29

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Grant 3-4 Year olds FEEE
104,555
Under 5s General
48,188
7,655
Under 5s Reserve
55,000
Parish Capital
360,900
Total Designated Funds
464,088
157,156
General Funds
Parish Fund Current
70,186
184,891
Replacement Fund
32,148
Total General Funds
102,334
184,891
Total Unrestricted Funds
566,422
342,048
Restricted Funds
Baby Bank Fund
3,398
11959.03
25th Anniversery Building Appeal Fun
-
835
Energy Cost Grant
-
2090
LBWF Baby Bank - Support for Vulner
5,014
0
Cornerstone Baby Bank
91
0
Staff Farewell Fund
862.92
Burn Fund
1,111
538.15
Citizens UK Fund
813
Fellowship Fund
6,132
Financial Support personal
1,855
Holiday Hunger Fund
535
242.5
TNL Fund
Tesco Community Grant
1,125
375
LBWF Grant-Warm Spaces/Communi
3,368
180
LBWF Support for vulnerable families
837.5
Arnold Clark Fund
855
Friday Youth Club LBWF Grant
480
565.69
Howard Reid Memorial Fund
1,075
Kids Matter - Freshfields
2,360
LBWF BB Winter provision 2023
4000
LOB Baby Bank
5250
My Child Fund
300
LBWF Cost of living grant
2,185
Night Shelter Fund
364
Upper Room Intercessory Fund
549
Youth Trips Fund
250
Youth Worker Fund LOB Grant
9,812
Youth Worker Fund 6th Form College
7,350
11,576
Youth Worker Fund General
1,538
SENIF notional budget from LBWF
1,380
SENIF Grant EDM
15,412
EHCP grant from LBWF
1,528
DAF grant from LBWF
828
36,725
72,294
Aggregate of funds
603,148
414,342		 (104,555)
(149,501)
(184,950)
(184,950)
(334,451)
(83)
(2,080)
(4,730)
(918)
(863)
(605)
(1,855)
(4,912)
(1,254)
(3,122)
(1,677)
(61)
(926)
(1,612)
(127)
(300)
(2,056)
(8,629)
(11,209)
(1,538)
(1,380)
(15,412)
(1,528)
(828)
(67,705)
(402,157)		 -
(6,061)
6,061
-
-
-
-		 -
-
-
-
-		 -
55,843
55,000
360,900
471,743
64,067
38,209
102,276
574,019
15,274
835
10
284
(828)
-
1,649
813
5,527
-
777
(4,912)
246
426
(840)
794
120
1,075
2,360
2,388
5,123
-
129
364
549
250
1,183
7,718
-
-
-
-
-
41,314
615,333

Page 30

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
360,900
16,860
101,283
110,843
(15,867)
102,276
471,743
Unrestricted Funds		 Restricted
funds
£
41,314
41,314		 2023
£
360,900
16,860
253,440
(15,867)
615,333

Annually the members of the PCC set aside some of the charity's income for grant giving to institutions and individuals who undertake activities that further the charity's own objects. It is anticipated that all of the funds designated for this purpose will be distributed in the new financial year.

Grant EYPP- Early Years Pupil Premium

Additional funding provided by the Local Authority (LA) to support disadvantaged children. This funding helps us provide extra resources, equipment, and activities to enhance their early learning experience.

Grant 2 Year Olds FEEE-Free Early Education Entitlement

Government-funded early education entitlement for eligible 2-year-old children, allocated to us by the LA to cover part-time nursery provision.

Grant 3-4 Year Olds FEEE-Free Early Education Entitlement

Government-funded provision for 3- and 4-year-old children, offering up to 15 or 30 hours of free early education per week, depending on eligibility.

The Parish Capital fund holds the buildings owned by the parish.

The Parish Fund Current holds unrestricted funds belonging to the parish.

The Replacement Fund was established as a reserve to pay for larger capital items when they need replacing.

The Under 5s General fund holds unrestricted funds belonging to the Cornerstone Under5s group.

The Under 5s Reserve Fund is a contingency fund belonging to the Cornerstone Under 5s group.

The Baby Bank fund is a restricted fund for the purpose of operating the parish baby bank.

25th Anniversary Building Appeal Fund-Donations gathered from individual donors im order to carry out essential building repairs. Energy Cost Grant. The parish received a grant specifically for the purpose of offsetting church energy costs.

LBWF Baby Bank - Support for Vulnerable Residents- Funding from Waltham Forest Council to support vulnerable families living in the borough through our Baby Bank.

Cornerstone Baby Bank-This fund supports the work of our Baby Bank which provides baby essentials to families who are struggling to afford them.

Staff Farewell Fund-Donations collected from congregation as leaving gift to very longstanding member of staff (Barbara Pipe)

Burn Fund- This is a worship & prayer ministry that is based at Cornerstone that some people support financially that enables worship nights to happen and provide training for individuals.

Citizens UK Fund-This is money that was previously restricted for Community Organising/Citizens UK. This has allowed us to put on some events and training sessions with other local citizens uk partner organisations.

Fellowship Fund- This is a hardship fund that is used at times to support individual congregation members who are struggling.

Page 31

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Support personal. Funds held for the pupose of assistant local people in financial difficulties.

Holiday Hunger Fund-This fund provides food hampers during the school holidays to ensure vulnerable families have enough food to feed themselves.

TNL Fund-National Lottery grant that supported Baby Bank.

Tesco Community Grant-This funding came from Tesco via Groundwork, and was used to support the work of our Baby Bank.

LBWF Grant-Warm Spaces/Community Living Room- This funding came from Waltham Forest Council to help keep the building open for more hours and providing activities and food, so people could stay warm in winter.

LBWF Support for vulnerable families- This funding came from Waltham Forest Council and was used to support specific elements of our Baby Bank project.

Arnold Clark Fund – Small grant that was used to purchase important equipment for the Friday community youth club.

Friday Youth Club LBWF Grant –Watham Forest Council ward funding to support Friday Youth Club

Howard Reid Memorial Fund – Money that was left in the will of Howard Reid. PCC decided that this money should be used to support Youth Work and has been used to purchase new youth bibles etc.

Kids Matter - Freshfields-- This funding was donated to cover the cost of training staff to run Kids Matter courses and to cover the cost of running the course. (the course supports vulnerable parents)

LBWF BB Winter provision 2023- This funding came from Waltham Forest Council and helped expand the work of Cornerstone Baby Bank during a specific period in winter 2023.

LOB Baby Bank- This Funding was from ‘London over the Border’ fund and was used to fund specific elements of our Baby Bank workprimary our Baby Bank drop in sessions.

My Child Fund – My Child is one of our mission partners that we support each year with our annual tithe.

LBWF Cost of living grant– This was a London Borought of Waltham Forest council grant to support work with families struggling with cost of living and was used specifically for Tuesday drop in.

Night Shelter Fund. Funds received to assist with the costs of operating a winter night shelter for homeless people.

Upper Room Intercessory Fund – A previous congregation member used to run prayer/intercession ministry at CS. Some money was given by him to support this ministry. This ministry no longer happens so a decision needs to made on how this money is allocated. I propose that it is transferred to the Fellowship fund

Youth Trips Fund- – yearly budget line to help cover the cost of trips for young people as part of our youth ministry

Youth Worker Fund LOB Grant. Grants received to enable the parish to employ a youth worker

Youth Worker Fund 6th Form College. Grants received to enable the parish youth worker to work in a local 6th form college.

Youth Worker Fund General – Line item for general costs relating to the youth worker

Page 32

St Catherine and St Paul Leyton (The Cornerstone)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SENIF notional budget from LBWF-The Special Educational Needs Inclusion Fund (SENIF) notional budget is paid monthly by the LA. It supports children claiming up to 30 hours of FEEE by funding additional resources and support needed for their individual learning requirements.

SENIF Grant EDM-Additional SENIF funding specifically allocated to support a child identified by his initial.

EHCP grant from LBWF-Funding awarded to support a child with an Education, Health and Care Plan (EHCP), indicating high levels of need. This grant ensures tailored support is in place for the child’s developmental and educational goals.

DAF grant from LBWF-Disability Access Fund (LBWF)

Annual funding is provided for children in receipt of Disability Living Allowance (DLA). This grant is used to make reasonable adjustments and improve accessibility within the setting.

14 Operating lease commitments

The charity has an operating lease for photocopier Kyocera TA2553ci A3 colour MFD with cabinet. The minimum amount payable (until the next break clause and ignoring the potential effect of future rent reviews) in respect of this lease is as follows:

Within one year
Between one and five years
After five years
Payments falling due:		 2024
£
1,001
763
-
1,764		 2023
£
1,001
1,764
-
2,766

During the year the charity was charged £1,001 (2023: £1,001) for its operating lease.

15 Transactions with related parties

During the year the charity:

During the year the charity also made the following payments to, or for, related parties:

a) Lindsey Donoghue, who is closely related to William Donoghue, who is a member of the PCC, received employment benefits totalling £13,374 (2023: £4,971) for providing Centre Management services to the charity.

Except as disclosed in note 7 'Analysis of staff costs', there have been no other transactions with related parties during the year.

Page 33

St Catherine and St Paul Leyton (The Cornerstone)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
5
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Raising funds
Other
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed assets
12
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13
Actuarial gains/(losses) on defined benefit
pension schemes		 General
Designated
2024
2024
£
£
31,925
158,360
1,527
22,290
-
145,570
1,371
-
179,022
182,021
188,324
150,259
16,401
204,725
150,259
-
(25,703)
31,762
-
-
(25,703)
31,762
-
(25,703)
31,762
80,403
493,616
54,700
525,378
Unrestricted funds		 Restricted
2024
£
90,843
90,843
86,889
86,889
3,954
-
3,954
3,954
41,314
45,268		 Total
2024
£
281,128
23,816
-
146,942
-
451,886
425,472
16,401
-
441,873
-
10,013
-
10,013
-
-
-
10,013
615,333
625,346		 General
Designated
2023
2023
£
£
37,617
149,501
1,828
27,541
-
126,222
864
-
165,667
177,906
171,988
148,378
15,610
-
187,598
148,378
-
(21,932)
29,528
-
-
(21,932)
29,528
-
(21,932)
29,528
102,334
464,088
80,403
493,616
Unrestricted funds		 Restricted
2023
£
72,294
72,294
67,705
67,705
4,589
-
4,589
4,589
36,725
41,314		 Total
2023
£
259,413
29,368
-
127,085
-
415,866
388,071
15,610
-
403,681
-
12,185
-
12,185
-
-
-
12,185
603,148
615,333

Page 34