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2022-01-31-accounts

Charity registration number 1141112

Company registration number 07509401 (England and Wales)

CORNERSTONE CHRISTIAN FELLOWSHIP ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

CORNERSTONE CHRISTIAN FELLOWSHIP

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr Yves-Yannick Ford
Mr Jonathan Smith
Mr Stephen Balderston
Dr Theodore Balderston
Secretary Mr Jonathan Smith
Charity number 1141112
Company number 07509401
Principal address Tonbridge Gospel Hall
Bishops Oak Ride
Tonbridge
TN10 3NT
Registered office Tonbridge Gospel Hall
Bishops Oak Ride
Tonbridge
TN10 3NT
Independent examiner Nigel Hewson FCA DChA
Hewsons
Chartered Accountants
80 Woodhurst Avenue
Orpington
Kent
BR5 1AT
Bankers NatWest
130 High Street
Tonbridge
Kent
TN9 1DE

CORNERSTONE CHRISTIAN FELLOWSHIP

CONTENTS

Page
Trustees report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

CORNERSTONE CHRISTIAN FELLOWSHIP

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2022

The trustees present their annual report and financial statements for the year ended 31 January 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the church's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The church's object is the advancement of the Christian faith worldwide and in fulfilling that object it may, amongst other things, establish churches and community centres, carry out and direct discipleship evangelistic missionary and ecumenical activity, administer or support training, provide advice resources and services to those affected by social and economic circumstances and promote or organise programmes to engage young people in the community. In order to fulfil these objects the charity established a church fellowship in the Tonbridge, Kent area.

The trustees have paid due regard to guidance issued by the Charity Commission in relation to public benefit and have concluded that the activities carried out by the trustees are consistent with that guidance.

The activities of the charity during the year included the provision of a church building to permit Christian worship, Bible study, prayer and fellowship according to the guidance found in Acts 2:42. During the year these activities were consistently maintained. The trustees also provided support and guidance for community benefit activities and outreach to bring the Christian gospel to the local community and beyond. Due to the earlier cancellation of a number of summer camps for young people, the church arranged a local 'mini-camp' for young members of the church and other contacts in the wider community. This was well attended and greatly appreciated. Financial support has also been given to Christian mission work and urgent short-term relief.

Achievements and performance

Regular services are held for Christian worship, Bible study and prayer, along with a weekly Sunday School in term time. Adjustments to meeting arrangements were necessary during Covid lockdown periods through the provision of online and outdoor services. Local outreach events have been held whenever possible. There was also increased attendance at services online. In order to keep the hall in good and presentable condition, works to improve accessibility have been completed. Further works are planned at an advanced stage to enhance the kitchen area and plans are being formulated to extend and improve the inside spaces.

The trustees again give thanks to God for His blessing, and acknowledge His faithfulness in calling us into the fellowship of his Son, Jesus Christ our Lord (1 Corinthians 1:9).

The charity is grateful for the support provided by volunteers, who are members of the church, in providing help with open events, publicity, catering, minor maintenance and other similar activities.

Financial review

The trustees are pleased to report a surplus for the year on unrestricted funds of £2,864 (2021- £7,615).

It is the policy of the church that unrestricted funds which have not been designated for a specific use should be maintained at a minimum level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the church’s current activities while consideration is given to ways in which additional funds may be raised. The unrestricted reserves (including designated reserves) held as net current assets at the end of the year were £107,966 which represents more than the annual expenditure of the charity. However, the trustees are building reserves as they intend to improve and, in due course, expand the property to allow a greater range of charitable activities to be pursued.

CORNERSTONE CHRISTIAN FELLOWSHIP

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

The trustees have assessed and addressed the major risks to which the church is exposed. These risks primarily relate to the areas of (i) safeguarding of children (ii) security of the property and safety of the public when accessing it and (iii) financial risk. Further to this, an annual routine has been put in place to formally assess, identify, measure, review and address existing and newly identified risks. It is anticipated it will take two annual cycles for this process to fully bed in. The trustees are satisfied that actions have been taken to date and reserves are in place to mitigate exposure to the major risks. The trustees continue to monitor safeguarding policies and DRB checks, in consultation with experts in this field. The level of financial reserves and holding of funds in FSCS-protected bank accounts reduce the financial risk to a very low level.

Structure, governance and management

The church is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr Yves-Yannick Ford Mr Jonathan Smith Mr Stephen Balderston Dr Theodore Balderston

Trustees are appointed by existing trustees who familiarise new trustees with their responsibilities.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The church is administered by the trustees.

Reference and administrative information is provided on the page following the cover sheet.

The trustees report was approved by the Board of Trustees.

Mr Jonathan Smith Trustee

22 October 2022

CORNERSTONE CHRISTIAN FELLOWSHIP

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CORNERSTONE CHRISTIAN FELLOWSHIP

I report to the trustees on my examination of the financial statements of Cornerstone Christian Fellowship (the church) for the year ended 31 January 2022.

Responsibilities and basis of report

As the trustees of the church (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the church are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the church’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 that in any material respect:

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 financial statements to be reached.

Nigel Hewson FCA DChA

Hewsons Chartered Accountants 80 Woodhurst Avenue Orpington Kent BR5 1AT

Dated: 22 October 2022

CORNERSTONE CHRISTIAN FELLOWSHIP

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Income from:
Donations and legacies
3		 15,855 10,750 26,605 15,973 - 15,973
Charitable activities
4		 - 718 718 - - -
Investments
5		 478 - 478 681 - 681
Total income 16,333 11,468 27,801 16,654 - 16,654
Expenditure on:
Charitable activities
6		 13,469 8,678 22,147 9,039 4,601 13,640
Net incoming resources
before transfers		 7,615
2,864 2,790 5,654 (4,601) 3,014
Gross transfers between
funds
Net income/(expenditure) for
the year/		 179,111
(179,111)
181,975
(176,321)
(179,111) - - - -
7,615
Net movement in funds 5,654 (4,601) 3,014
Fund balances at 1 February
2021
106,731 182,571 289,302 99,116 187,172 286,288
Fund balances at 31 January
2022
288,706 6,250 294,956 106,731 182,571 289,302

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

CORNERSTONE CHRISTIAN FELLOWSHIP

BALANCE SHEET

AS AT 31 JANUARY 2022

Notes 2022 2021 £
180,044
112,258
292,302
£ £ £
Fixed assets
Tangible assets
12
Current assets		 4,332
112,034
116,366
(2,150)		 181,340
114,216
295,556
(600)
294,956
6,250
288,706
294,956		 7,713
105,545
113,258
(1,000)
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Provisions for liabilities
15
Net assets
(3,000)
289,302
182,571
106,731
289,302
Income funds
Restricted funds
16
Unrestricted funds

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2022.

The trustees acknowledge their responsibility for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

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

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

The financial statements were approved by the Trustees on 22 October 2022

Mr Jonathan Smith Trustee

Company Registration No. 07509401

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

Charity information

Cornerstone Christian Fellowship is a private company limited by guarantee incorporated in England and Wales. The registered office is Tonbridge Gospel Hall, Bishops Oak Ride, Tonbridge, TN10 3NT.

1.1 Accounting convention

The accounts have been prepared in accordance with the church's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The church is a Public Benefit Entity as defined by FRS 102.

The church has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin

1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have considered the charity's day to day cash flow requirements and have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least a further 12 months. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements. This assessment has been made taking into account the impact of the Covid 19 pandemic and that assessment of the trustees is that the pandemic has not had a significant impact on finances and is unlikely to for the 12 months from signing the accounts. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

No amount has been included for services donated by volunteers.

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure, including any VAT which cannot be recovered, is accounted for on an accruals basis and allocated to the appropriate heading in the accounts. Grants and donations payable are taken into account at the earlier of when they are paid or become legally enforceable.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings 2% straight line on cost of buildings Fixtures, fittings & equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The cost of freehold land, for the purposes of calculating depreciation, has been estimated at 50% of the cost of freehold land and buildings. Fixtures, fittings and equipment is only capitalised if the cost is in excess of £500.

1.7 Impairment of fixed assets

At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.9 Provisions

Provisions are recognised when the church has a legal or constructive present obligation as a result of a past event, it is probable that the church will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.10 Commitments for future expenditure

Other than the normal commitments under contracts of employment, operating leases and provisions made in the notes to the financial statements, there are no contractual or constructive obligations to future expenditure at the balance sheet date. Where the trustees authorise expenditure which is not yet legally enforceable or become constructive obligations amounts are set aside into funds designated for the purpose.

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

2 Critical accounting estimates and judgements

In the application of the church’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
£
£		 Total
Unrestricted		 Total
Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Donations and gifts 13,273 9,000 22,273 13,201
Tax recoverable 2,582 1,750 4,332 2,772
15,855 10,750 26,605 15,973

4 Charitable activities

2022 2021
£ £
Other church activities, clubs and events 718 -

5 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Interest receivable 478 681

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

6 Charitable activities

Church
activities
Church
activities
2022
2021
£
£
Depreciation and impairment
2,254
2,284
Youth and children's work costs
8,407
177
Local outreach
540
163
Insurance
450
408
Electricity and lighting
977
892
Repairs and maintenance
1,878
2,760
Sundries
61
57
Ministry and church activities
302
194
Communications
319
300
15,188
7,235
Grant funding of activities (see note 7)
4,850
5,252
Share of support costs (see note 8)
34
13
Share of governance costs (see note 8)
2,075
1,140
22,147
13,640
Analysis by fund
Unrestricted funds
13,469
9,039
Restricted funds
8,678
4,601
22,147
13,640		 Church
activities
Church
activities
2022
2021
£
£
Depreciation and impairment
2,254
2,284
Youth and children's work costs
8,407
177
Local outreach
540
163
Insurance
450
408
Electricity and lighting
977
892
Repairs and maintenance
1,878
2,760
Sundries
61
57
Ministry and church activities
302
194
Communications
319
300
15,188
7,235
Grant funding of activities (see note 7)
4,850
5,252
Share of support costs (see note 8)
34
13
Share of governance costs (see note 8)
2,075
1,140
22,147
13,640
Analysis by fund
Unrestricted funds
13,469
9,039
Restricted funds
8,678
4,601
22,147
13,640
2022
£
Depreciation and impairment 2,254
Youth and children's work costs 8,407
Local outreach 540
Insurance 450
Electricity and lighting 977
Repairs and maintenance 1,878
Sundries 61
Ministry and church activities 302
Communications 319
15,188
Grant funding of activities (see note 7) 4,850
Share of support costs (see note 8) 34
Share of governance costs (see note 8) 2,075
Analysis by fund
22,147
Unrestricted funds 13,469
Restricted funds 8,678
22,147

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

7 Grants payable

Grants to institutions: 2022 2021
Cross Teach Trust 1,200 1,200
Grants to individuals 3,650 4,052
4,850 5,252

8 Support costs

Support costs Support costs Support costs
Support
costs
Governance
costs
£
£		 2022 2021
£ £ £ £
Administration costs 34 - 34 13
Independent examination - 750 750 -
Accountancy - 1,325 1,325 1,140
34 2,075 2,109 1,153
Analysed between
Charitable activities 34 2,075 2,109 1,153

Governance costs includes amounts payable to the independent examiner charges of £750 (2021- £nil) for his report, £950 (2021- £1,000) for other services and an under provision in previous year of £375 (2021- over provision £140).

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursement of expenses during the year.

10 Employees

There were no employees during the year.

11 Taxation

The church is a charity and has no activities which are subject to corporation tax.

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

12
Tangible fixed assets
Cost
At 1 February 2021
Additions
At 31 January 2022
Depreciation and impairment
At 1 February 2021
Depreciation charged in the year
At 31 January 2022
Carrying amount
At 31 January 2022
At 31 January 2021
13
Debtors
Amounts falling due within one year:
Other debtors		 Land and
buildings
Fixtures,
fittings &
equipment		 Total
£ £ £
198,684 2,885 201,569
3,550 - 3,550
202,234 2,885 205,119
18,675 2,850 21,525
2,219 35 2,254
20,894 2,885 23,779
181,340 - 181,340
180,009 35 180,044
2022 2021
£ £
4,332 7,713
14
Creditors: amounts falling due within one year
Accruals and deferred income 2022 2021
£ £
2,150 1,000

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

15
Provisions for liabilities		 2022 2021
Grants made
Movements on provisions:
Additional provisions in the year		 £ £
600 3,000
Grants made
£
600

The grant provision arises from a commitment made to beneficiaries.

Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

Within the next 12 months £600 After 12 months £ nil

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 February
2020
Resources
expended
Balance at
1 February
2021
r
£
£
£
Building fund
185,922
(4,601)
181,321
Special
offerings fund
1,250
-
1,250		 Balance at
1 February
2020
Resources
expended
Balance at
1 February
2021
r
£
£
£
Building fund
185,922
(4,601)
181,321
Special
offerings fund
1,250
-
1,250		 Balance at
1 February
2020
Resources
expended
Balance at
1 February
2021
r
£
£
£
Building fund
185,922
(4,601)
181,321
Special
offerings fund
1,250
-
1,250		 Balance at
1 February
2020
Resources
expended
Balance at
1 February
2021
r
£
£
£
Building fund
185,922
(4,601)
181,321
Special
offerings fund
1,250
-
1,250		 Movement in funds Movement in funds Movement in funds Movement in funds
Incoming
esources
Resources
expended
Transfers
Balance at
31 January
2022
£ £ £ £ £
£		 £
185,922 -
11,468
11,468
Building fund (4,601) 181,321 (3,460)
(177,861)		 -
Special
offerings fund
1,250 - 1,250 (5,218) (1,250) 6,250
187,172
(4,601) 182,571 (8,678) (179,111) 6,250

The building fund is for the acquisition, development and furnishing of premises for the church fellowship. Since all funds given for this purpose have been spent, the trustees have transferred the balance to unrestricted funds.

The special offerings fund is for various monies raised from time to time for specific purposes.

CORNERSTONE CHRISTIAN FELLOWSHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2022

17 Analysis of net assets between funds

Analysis of net assets between funds Analysis of net assets between funds Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
£
£		 Total
£
181,340
114,216
£ £
Fund balances at 31 January 2022 are represented by:
Tangible assets 181,340 -
Current assets/(liabilities) 107,966 6,250
Provisions (600) - (600)
294,956
288,706 6,250

18 Related party transactions

During the year donations of £18,402 (2021- £12,029) were received from trustees and related parties.