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2020-12-31-accounts

ANNUAL REPORT AND ACCOUNTS

CORNERSTONE COMMUNITY CHURCH (WALES) (A company limited by guarantee)

FOR THE YEAR

TO 31 DECEMBER 2020

Company Number 8137558 (England)

Charity Number 1149551

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Contents

Page
Reference Information 1
Trustees’ Report 2
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Reference Information

Charity Name: Cornerstone Community Church (Wales) Charity Number: 1149551 Company Number: 8137558

Registered Office and Operational Address:

Venture Court, Valley Way, Enterprise Park, Swansea, SA6 8QP Solicitors JCP Solicitors, Venture Court, Valley Way, Waterside Business Park, Swansea, SA6 8QP

Premises from which activities of the charity take place

Bible College of Wales Derwen Fawr Road Swansea, Wales SA2 8EB

Trustees and Directors from the date of incorporation to the date of this report:

Yang Tuck Yoong, Rev. Yang Swee Heng Daphne Chong Hsi Hsiung Timothy Richard James Elsip Corrine Koh Cheng Sim

Secretary JCP Solicitors Limited Independent Examiner RSM UK Tax and Accounting Limited Hartwell House 55-61 Victoria Street Bristol BS1 6AD UK Bankers HSBC, Portland Street Swansea SA1 3DF Barclays, 1 Churchill Place London E14 5HP

1

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Trustees’ Report

For the year from 1 January 2020 to 31 December 2020

Introduction

The T rustees are pleased to present their annual Trustees’ report together with the financial statements of the charity for the year ending 31 December 2020 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The Charity is registered with the Charity Commission and is also a Company limited by Guarantee.

The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Charity is governed by its Articles of Association which were dated on 19 November 2014.

Objectives of the Charity

The objectives of the Charity are for the advancement of the Christian religion, for the public benefit, through ecumenical Christian ministry, and the promotion of teaching on all aspects of Christian life and faith in accordance with Biblical principles. In particular, but without limitation, by facilitating prayer meetings, corporate worship, study groups, and the production and/or distribution of literature to enlighten others about the Christian religion. The Trustees have considered the Charity Commissioners’ guidance on public benefit.

History, Structure and Management

The Charity was formed as a result of the purchase of the Derwen Fawr Estate of the Bible College of Wales in Swansea by the Cornerstone Community Church in Singapore, after a visit to the site in 2011 by Reverend Yang and his wife Daphne. The Cornerstone Church in Singapore bought the whole site in 2012 for £3.0 million. A company was formed on 10 July 2012. A charity was registered on 31 October 2012.

The Trustees and other members of the Singapore Church make regular trips to Swansea to check on progress and report back to the parent Church.

In September 2019, the property “The Bible College of Wales” and its related assets were transferred to Cornerstone Community Church in Singapore after permission was obtained from the UK Charity Commission. The transfer includes all of its long-term assets since the inception of the Charity with the – exception of its leasehold asset Pisgah Chapel and less material assets acquired in 2019 before the transfer. The transfer therefore effects an elimination of the corresponding liability to Cornerstone Singapore reflected in previous years’ accounts and gain on disposal of fixed assets £339,425 in 2019.

The Cornerstone Community Church in Singapore has a controlling financial stake in the Cornerstone Community Church (Wales).

Cornerstone Community Church (Wales) is a charity registered in England & Wales (no. 1149551) and a private limited company by guarantee (no. 08137558).

The choosing and training of Trustees

The Trustees of the Charity were originally appointed as they were already Board members and Trustees of the Cornerstone Community Church in Singapore. It was considered that with such an important enterprise in an overseas country, senior members of the Church should be the Trustees. The Trustees are encouraged to attend appropriate training where necessary to facilitate the undertaking of their role.

2

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Overall Strategy

The Trustees have established the Bible College along the lines of the one that Rees Howells had established back in 1924, with the inaugural class in Autumn 2015. The Trustees have also started a prayer and intercession ministry. The Heritage Centre seeks to preserve the work, prayer life and testimonies of Mr Rees and Samuel Howells especially during the war years. Residential and hostel facilities are now open for individuals and teams’ retreats.

The Trustees also acquired the Pisgah Chapel on a 50-year lease to restore it for the purpose of prayer and worship.

Achievements and Performance during the year under review

Bible School

In 2020, the accredited Bible College of Wales had one-term of its School of Ministry instead of usual two-term annual intake due to Covid-19 which resulted in Wales lockdown since end March 2020. Lessons and assignments were done online with social distancing, daily temperature checking, mobility restrictions imposed, and quarantine facilities set up till the end of the school term in May 2020.

There were 30 students graduated from the Spring term. To-date, a total of 295 students from 42 different countries have since attended the course. The Trustees are thus pleased with the progress of the Bible School.

Going forward the Trustees plan to reach out more to the Churches in Wales and England to promote the Bible School regularly to ensure a sustainable impact on the Welsh and English community. In 2020, usual prayer breakfasts with local pastors could not be conducted. Therefore, the Bible College reached out to local pastors through limited visits and many calls to remain as a source of strength and encouragement to the Churches in Wales and England.

Residences

Our retreat centre, which hosted multiple groups during and off school term previously, was closed to public from the end of March 2020 which was the beginning of Covid-19 lockdown in Wales.

Pisgah Chapel

With its restoration and renovation in 2016, a house of prayer has since been established with weekly meetings with regular attendees. In 2020, prayer meetings could not be open to public. However, our full-time staff living on-site continued to pray on the premise.

Online Presence

To carry on the Bible College’s objective s, quarterly emails with Director’s exhortation were sent to our local and global partners to keep them apprised on the Bible College and prayers for the nations.

Zoom prayer meetings are conducted regularly with global participants.

We have also engaged more on social media platforms such as Facebook and Instagram to share testimonies of alumni, encouragements, and updates on the Bible College.

3

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Financial Review

The Charity had total unrestricted income for the year ended 31 December 2020 of £193,185 (2019: £672,528, £339,425 of which as gain on disposal of fixed assets from transfer of property). With the completion of most refurbishment and the transfer of property to Cornerstone Singapore in 2019, capital expenditure amounts in 2020 was £2,180 (2019: £82,871). Unrestricted fund expenditure totalled to £210,519 (2019: £419,023). Both operating income and expenditures were nearly halved as compared to 2019 as all on-site activities halted upon Covid-19 lockdown from the end of March 2020.

The operating deficit for the year ended 31 December 2020 including restricted funds is £17,334 (2019: surplus £253,505).

The Charity had tangible fixed assets of £109,493 (2019: £135,579) and no long-term creditor (2019: NIL) as at 31 December 2020 upon transfer of property to Cornerstone Singapore in September 2019.

Management & Staffing

In 2020, the charity had an average of five full-time staff employed. There was downsizing on staff strength as Covid-19 evolved. There were three full-time staff as at 31 December 2020.

Reserves Policy

The Trustees seek to maintain reserves at a level so as to cover three months running costs, i.e. an amount of around £84,000. The total available reserves at year end was £127,308 (2019: £144,642) with £109,493 as tangible fixed asset and £17,815 of free reserves.

The cash balance at the end of December 2020 was £21,709 (2019: £33,266). The level of the bank in the United Kingdom will be increased as and when required from Cornerstone Singapore. In effect, Cornerstone Singapore provides the reserves for the charity.

Major Risks

With much of the Bible College’s restor ed and properly furnished, the College can be vulnerable to vandalism and theft. Security measures such as CCTV monitoring of access points to the estate and building, the installation of an automated gate (kept closed outside of office hours) are put in place. Keys for access to buildings are kept and supervised by the staff.

Maintenance of the building including heating and fire alarm systems are regularly serviced and kept in proper working condition. The garden and woods are maintained and upkept, ensuring safety of visitors and users, too.

The Charity’s risk management procedures set out its approach to risk and management. It also covers the means for identifying, analysing and managing risk in order to minimise its frequency and impact. This provides a consistent process for the management of risks for the Charity ’s programmes.

The Charity recognises that the management of risk is vital to good management practice. The strategy adopted by the Trustees is to develop a consistent approach towards risk and outline processes for recognising, analysing and dealing with risks as well as assuring the effectiveness of the identified processes.

The Risk Management Framework

The aim of risk management is to improve the likelihood of the organisation, programme or project achieving its stated objectives and safeguarding assets and investments.

4

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

The Risk Management Strategy is designed to:

Covid-19

Covid-19, a pandemic, has posted unprecedented challenges on the world economy and international travel in 2020. The Bible College complied with the regulations set out as part of the lockdown in Wales. Like the rest of the world, the Bible College could not continue its operations as they were previously done. March 2020 saw the last intake of Bible College students. However, other means, such as online platforms, video calls, were adopted for the Charity to continue to establish its presence and achieve its objectives locally and globally. As a result, management did not feel the need to take advantage of any government grant schemes and the staff continued to work throughout the Covid-19 pandemic. The Bible College seeks to resume majority of operations as soon as situation permits.

Statement of Trustee responsibilities

The trustees (who are also directors of Cornerstone Community Church (Wales) for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity for the period and of its incoming resources and resources expended during the period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the Charity and enable them to ensure that the financial statements comply with the relevant Companies Act and Charities Act. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

5

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Fraud

The Trustees have a positive attitude to the prevention of fraud and have taken steps to ensure that governance arrangements are adequately strong enough to deter and detect fraud.

In so far as the trustees are aware:

This report was approved by the Trustees on 7 April 2021.

This annual report is prepared in accordance with the small company regime (Sections 419(2) of the Companies Act 2006).

By order of the board of Trustees

YANG TUCK YOONG (Trustee) Cornerstone Community Church (Wales)

6

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CORNERSTONE COMMUNITY CHURCH (WALES)

I report to the trustees on my examination of the financial statements of Cornerstone Community Church (Wales) (‘the company’) for the year ended 31 December 2020, which are set out on pages 8 to 18.

Responsibilities and basis of report

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

Having satisfied myself that the accounts of the company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act ’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘ true and fair view ’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

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

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102).

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.

Signed:

Name: Kerry Gallagher Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: Chartered Accountant

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Hartwell House 55-61 Victoria Street Bristol BS1 6AD

Date: 15 April 2021

7

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Statement of Financial Activities

For the year ended 31 December 2020

Income and Expenditure

Restricted
Fund Total Total
BCW Unrestricted Funds Funds
Notes Sponsorship Funds 31-Dec-20 31-Dec-19
£ £ £ £
Income from:
Donations and legacies 2 8,800 126,401 135,201 163,817
Charitable Activities 3 - 650 650 4,432
Other Trading Activities 4 - 66,134 66,134 180,054
Other Income 5 -
-
-
339,425
Total 8,800 193,185 201,985 687,728
Expenditure on:
Charitable Expenditure 6 8,800 210,519 219,319 434,223
Total 8,800 210,519 219,319 434,223
Net (Expenditure)/Income 7 - (17,334) (17,334) 253,505
Transfers between funds -
-
-
-
Net Movement in Funds - (17,334) (17,334) 253,505
Reconciliation of funds:
Total Funds Brought Forward 580 144,642 145,222 (108,283)
Total Funds Carried Forward 580 127,308 127,888 145,222

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

8

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Statement of Financial Position

At 31 December 2020

Notes
Fixed Assets
Tangible fixed assets
11
Total Fixed Assets
Current Assets
Debtors
12
Cash at Bank and in Hand
Total Current Assets
Liabilities
Creditors: amounts falling due within one
year
13
Net Current Assets
Total Assets less
Current Liabilities
Creditors: amounts falling due after
more than one year
Net Assets/ (Liabilities)
The Funds of the Charity
Unrestricted Funds
16
Restricted Funds
16
Total Charity Funds		 Dec 2020
£
109,493

109,493
5,722
21,709

27,431
(9,036)

18,395

127,888

-

127,888
127,308
580

127,888		 Dec 2019
£
135,579
135,579
6,826
33,266
40,092
(30,449)
9,643
145,222
-
145,222
144,642
580
145,222

Trustees’ statements required by Section 475 for the year ended 31 December 2020

In approving these financial statements as Trustees of the Charity, we hereby confirm: These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006. These are for circulation to members of the Company.

The notes on pages 10 to 18 form an integral part of these financial statements.

Approved by the Trustees on 7 April 2021.

YANG TUCK YOONG

On behalf of the Trustees Cornerstone Community Church (Wales) Company Number: 08137558

9

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

1 Accounting Policies

The principal accounting policies are set out below. These accounting policies have been applied consistently throughout the period.

Basis of Accounting

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. A) Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

B) Preparation of the accounts on a going concern basis

The financial statements have been prepared on the going concern basis.

Cornerstone Wales is an extension of the work of Cornerstone Singapore. Cornerstone Singapore will continue to support and finance the work of Cornerstone Wales and ensure that Cornerstone Wales would have sufficient funds and resources to continue its objectives. Cornerstone Singapore has sufficient reserves to fulfil this intention should the operating deficit continue.

The Trustees review the ongoing cash and operating performance till first half of 2022 and are comfortable that Cornerstone Wales is able to generate cash for core Bible College operations.

Income

Income is recognised by the Charity as follows: Voluntary income such as donations, gifts and legacies is included in full at the point of receipt as required by SORP when income meets entitlement, probability and measurability; income from fundraising activities is stated gross before any expenses.

Expenditure

Resources expended are recognised in the period in which they are incurred.

Charitable expenditure comprises those costs directly incurred by the Charity in the delivery of its charitable activities. It includes both costs that can be allocated directly to such activity and those costs of an indirect nature necessary to support them.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a specific activity are allocated directly; others are apportioned on an appropriate basis. The apportionment is based on the allocation of resources, manpower and finances.

Taxation

The Charity is exempt from taxation on its charitable activities.

Fund Accounting

Funds held by the Charity are either:

Unrestricted funds – these are funds which can be used in accordance with the charitable objective at the discretion of the Directors, or

Restricted funds – these are funds which can only be used for the particular restricted purposes within the objectives of the Charity. Restrictions arise when specified by the donor or when funds are raised for a particular purpose.

10

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

1 Accounting Policies (continued)

Fixed Assets policy

Expenditure on assets of more than £500 individually or incurred as a cohesive group are capitalised. Where there are a group of items which individually costs less than £500 but as a cohesive group amounts to more than £500, the expense group will be capitalised.

Depreciation policy

Assets will be depreciated across their useful life. These life periods are shown below.

Fixtures and fittings 5 years ● Office equipment 5 years ● Renovations 10 years ● Buildings (Leasehold) Over lease period

Buildings

Buildings are recorded at cost and depreciation is applied according to the above-mentioned policy.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

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

Financial instruments

The trust 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.

Recognition of liabilities

Liabilities are recognised as soon as there is legal or constructive obligation committing the charity to pay out resources.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.

11

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

2 Income from donations and legacies

Donations
Bible College Sponsorships		 Restricted
Funds
Unrestricted
Funds
Total
2020
Total
2019
- 126,401
126,401
148,617
8,800
-
8,800
15,200
8,800 126,401
135,201
163,817

3 Income from charitable activities

Trading income from sales Restricted
Funds
Unrestricted
Funds
Total
2020
Total
2019
-
650
650
4,432
-
650
650
4,432
Bible College fees
Hall of Residences		 Restricted
Funds
Unrestricted
Funds
Total
2020
Total
2019
- 41,854
41,854
99,933
-24,280
24,280
80,121
-66,134
66,134
180,054

5 Other Income

Gain on Disposal of Fixed Asset Restricted
Funds
Unrestricted
Funds
Total
2020
Total
2019
- -
-
339,425
- -
-
339,425
Grants and donations
Direct costs
Support costs
Governance		 Restricted
Funds
Unrestricted
Funds
Total
2020
Total
2019
8,800
297
9,097
18,191
- 69,551
69,551
57,362
- 132,229
132,229
324,436
-8,442
8,442
34,234
8,800 210,519
219,319
434,223

12

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

6 Analysis of expenditure on charitable activities (continued)

15%
Property Maintenance
40%
Bible College
5%
Heritage Resource Centre
40%
Hall of Residence
Total Charitable Expenditure		 Grants
Direct
costs
Support
costs
Governance
Total
2020
Total
2019
297
10,433
19,834
1,266
31,830
65,395
8,800
27,820
52,892
3,377
92,889
181,613
-
3,478
6,611
422
10,511
20,802
-
27,820
52,892
3,377
84,089
166,413
9,097
69,551
132,229
8,442
219,319
434,223

Some support costs have been allocated on the basis of Property Maintenance 15% (2019: Premises 15%), Bible College 40% (2019:40%), Heritage Centre 5% (2019:5%) and Hall of Residence 40% (2019:40%).

7 Summary analysis of charitable activities expenditure and related income

Property maintenance
Bible College
Heritage Resource Centre
Hall of Residence		 Cost
Donations
Voluntary
Income
Net Cost
Funded
from
Other
Income
(31,830)
-
-
(31,830)
(92,889)
135,201
41,854
84,166
(10,511)
-
650
(9,861)
(84,089)
-
24,280
(59,809)
(219,319)
135,201
66,784
(17,334)

13

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

8 Analysis of governance and support costs

Support costs
Property maintenance
Office expenses
Administrative costs
Other costs
Depreciation
Governance
Administrative costs
Audit fees
Legal fees
Secretarial fees
Total Governance and
Support Cost		 Property
Maintenance
Bible
College
Heritage
Resource
Centre
Hall of
Residence
Total
2020
Total
2019
10,260
27,358
3,420
27,359
68,397
133,557
1,158
3,089
386
3,089
7,722
4,202
527
1,404
176
1,404
3,511
7,680
4,998
13,329
1,666
13,329
33,322
97,567
2,892
7,711
964
7,710
19,277
81,430
160
427
53
427
1,067
2,605
915
2,441
305
2,441
6,102
13,951
-
-
-
-
-
17,238
191
509
64
509
1,273
440
21,101
56,268
7,034
56,268
140,671
358,670

While governance costs are not directly attributable, they have been allocated on the basis of Property Maintenance 15% (2019: Premises 15%), Bible College 40% (2019:40%), Heritage Centre 5% (2019:5%) and Hall of Residence 40% (2019:40%).

9 Net income/ (expenditure) for the year

This is stated after charging:

2020 2019
Depreciation 19,277 81,429
Independent Examiner's Remuneration 6,000 -
Auditors Remuneration - 13,860

10 Employees and remuneration

There were an average of 5 employees of the Charity during the year (2019: 3)

Employees and remuneration
There were an average of 5 employees of the Charity during the year (2019: 3)
Wages
National Insurance
Pension Cost
Total Employees Remuneration		 2020
2019
58,796
53,330
(865)
-
1,053
1,503
58,983
54,833

No employee received remuneration of more than £60,000 during the year (2019: NIL).

The Charity received £1,989 statutory payments/National Insurance compensation from HMRC in 2020, therefore there is a negative balance for National Insurance costs.

The Trustees are the only key management personnel and they were not remunerated or reimbursed for expenses during the period. No charity trustee received payment for professional or other services supplied to the charity.

14

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

11 Tangible Fixed Assets

In September 2019, includes all of the Charity’s long -term assets since its inception with the exception of its leasehold asset – Pisgah Chapel and less material assets acquired in 2019 were transferred to Cornerstone Community Church in Singapore.

12
13		 Buildings
Leasehold
Renovations
Office
Equipment
Assets at Cost:
As at 1-Jan-20
22,500
191,475
1,596
Additions
-
-
2,180
Disposals
-
-
(1,596)		 Fixtures &
Fittings
Total

7,393
222,964

-
2,180
(7,393)
(8,989)
As at 31-Dec-20
22,500
191,475
2,180
-
216,155
Accumulated Depreciation:
As at 1-Jan-20
2,250
84,415
292
Charge for the year
450
19,147
400
Disposals
-
-
(292)
428
87,385

-
19,997
(428)
(720)
As at 31-Dec-20
2,700
103,562
400		 -
106,662
Net Book Value
As at 1-Jan-20
20,250
107,060
1,304
6,965
135,579
As at 31-Dec-20
19,800
87,913
1,780
-
109,493
Debtors
Deposit Paid
Prepayments
Amount due from Group Undertakings
Creditors: amounts falling due within one year
Trade Creditors
Accruals
Advance Fees Received		 2020
2019
149
-
5,573
6,164
-
662
5,722
6,826
2020
2019
98
2,821
8,938
13,860
-
13,768
9,036
30,449

15

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

14 Movement in funds

BCW Scholarship
Restricted funds		 Fund
Balances
B/F 1-Jan-20
Incoming
Resources
Outgoing
Resources
Fund
Balances
C/F 31-Dec-20
580
8,800
(8,800)
580
580
8,800
(8,800)
580
BCW Scholarship
Restricted funds		 Fund
Balances
B/F 1-Jan-18
Incoming
Resources
Outgoing
Resources
Fund
Balances
C/F 31=Dec-19
580
15,200
(15,200)
580
580
15,200
(15,200)
580

Description of funds:

The Bible College of Wales Sponsorship fund reflects the restricted sponsorship of school fees received and utilised for the Bible College.

15 Analysis of net assets between funds

Fixed Assets
Net Current Assets
Current Liabilities < 1 year
Liabilities > 1 year
Fund Balances
Fixed Assets
Net Current Assets
Current Liabilities < 1 year
Liabilities > 1 year
Fund Balances		 Restricted
Funds
Unrestricted
Funds
Total 2020
Total 2019
-
109,493
109,493
135,579
580
26,851
27,431
40,092
- (9,036)
(9,036)
(30,449)
-
-
-
-
580
127,308
127,888
145,222
Restricted
Funds
Unrestricted
Funds
Total 2019
Total 2018
-
135,579
135,579
6,274,564
580
39,512
40,092
53,218
-
(30,449)
(30,449)
(31,998)
-
-
-
(6,404,067)
580
144,642
145,222
(108,283)

16

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

16 Total fund analysis

Unrestricted fund
BCW Scholarship fund
Unrestricted fund
BCW Scholarship fund		 Balance
at 31-Dec-19
Income
Expenditure
Balance
at 31-Dec-20
144,642
193,185
(210,519)
127,308
580
8,800 (8,800)
580
145,222
201,985
(219,319)
127,888
Balance
at 31-Dec-18
Income
Expenditure
Balance
at 31-Dec-19
(108,863)
672,528
(419,023)
144,642
580
15,200
(15,200)
580
(108,283)
687,728
(434,223)
145,222

17 Charity Status

The members of the Charity are the Trustees named in the Trustees’ Report. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

18 Related Party Transactions

Cornerstone Community Church (Singapore)
Assets paid on behalf
Bible School fees
Bless Wales (expenses paid on behalf)
Donation Income
Residences
Transfer of Property
Net of transactions between Cornerstone Singapore and Cornerstone Wales		 2020
2019
-
73,882
11,650
21,250
-
1,903
118,264
75,901
-
262
-(6,479,852)
129,914
(6,306,654)

There are no outstanding balances from Cornerstone Singapore to Cornerstone Wales at year end stands (2019: £262 for residences and £400 for Bless Wales expense).

Cornerstone Resources Pte Ltd
Cornerstone Resources Pte Ltd 2020 2019
Heritage Centre Purchases 304
 105

There are no outstanding balances between Cornerstone Resources Pte Ltd and Cornerstone Wales at year end (2019: NIL).

17

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2020

Notes to the Financial Statements

19 Statement of Financial Activities - 2019

Income from:
Donations and legacies
Charitable Activities
Other Trading Activities
Other Income
Expenditure on:
Charitable activities
Net Income/ (expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
Fund
BCW
Sponsorship
Unrestricted
Funds
Total
Funds
31-Dec-19
15,200
148,617
163,817
-
4,432
4,432
-
180,054
180,054
-
339,425
339,425
15,200
672,528
687,728
15,200
419,023
434,223
15,200
419,023
434,223
-
253,505
253,505
-
- -
-
253,505
253,505
580
(108,863)
(108,283)
580
144,642
145,222

18