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2021-12-31-accounts

ANNUAL REPORT AND ACCOUNTS

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

FOR THE YEAR

TO 31 DECEMBER 2021

Company Number 8137558 (England)

Charity Number 1149551

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

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 2021

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 2021

Trustees’ Report

For the year from 1 January 2021 to 31 December 2021

Introduction

The Trustees are pleased to present their annual Trustees’ report together with the financial statements of the charity for the year ending 31 December 2021 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 2021

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 2021, the accredited Bible College of Wales resumed its two-terms of School of Ministry as per 2020 while keeping Covid restrictions for Wales, such as mask wearing, hand sanitizers made available on site, social distancing, etc. Lessons and assignments were performed both on premise and online in adaptation.

7 and 13 students graduated from the Spring term and Autumn term respectively. To-date, a total of 315 students from 43 different countries have since attended the course. The Trustees are pleased with the resumption and 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 2021, usual prayer breakfasts with local pastors could not be conducted. Instead, the College hosted National Day of Prayer in UK online. The directors met with some local pastors individually in the year.

Residences

Our retreat centre, which hosted multiple groups during and off school term previously, remained closed to public in 2021. The residences were used for self-isolation and extension stay of students from School of Ministry above. All restrictions required by Welsh government were compiled.

Pisgah Chapel

With its restoration and renovation in 2016, a house of prayer has since been established with weekly meetings with regular attendees. In 2021, prayer meetings resumed and were open to public after its closure in 2020.

Online Presence

We continued to send 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 were conducted regularly with global participants, especially for Day of Prayer for Christian Martyrs, Day of Pentecost, Festival of Booths.

We continued to engage on social media platforms such as Facebook and Instagram to share testimonies of alumni, encouragements, and updates on the Bible College.

Property Maintenance

In 2021, the Bible College had worked to keep facilities up-to-date. There were upscaling roofing, piping, boiler, electrical works, tree and gardening work performed.

3

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

Financial Review

The Charity had total unrestricted income for the year ended 31 December 2021 of £212,013 (2020: £193,185). With the completion of most refurbishment and the transfer of property to Cornerstone Singapore in 2019, capital expenditure in 2021 was £5,135 (2020: £2,180). Unrestricted fund expenditure totalled to £221,467 (2020: £210,519).

The operating deficit for the year ended 31 December 2021 including restricted funds is £9,454 (2020: surplus £17,334).

The Charity had tangible fixed assets of £94,107 (2020: £109,493) and no long-term creditor (2020: NIL) as at 31 December 2021.

Management & Staffing

In 2021, the charity had an average of four full-time staff employed. After downsizing in 2020, a member of staff was added to support reopened School of Ministry operations. There were four full-time staff as at 31 December 2021.

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 £55,400. The total available reserves at year end was £117,854 (2020: £127,308) with £94,107 as tangible fixed asset and £23,747 of free reserves.

The cash balance at the end of December 2021 was £34,640 (2020: £21,709). The level of bank balance 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 restored 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.

The Risk Management Strategy is designed to:

4

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

Covid-19

The Covid-19 pandemic has posted unprecedented challenges on the world economy and international travel in 2020. In 2021, Covid-19 continued to adversely impact the world. The Bible College continued to comply with the regulations set out by Welsh government, while continuing its operations as much as possible. School of Ministry resumed with less than half of its intake prior to Covid-19. Online platforms, video calls, zoom prayer meetings continued to be used for the Charity to continue to establish its presence and achieve its objectives locally and globally.

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.

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.

5

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

In so far as the trustees are aware:

07 April 2022

This report was approved by the Trustees on ______.

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 2021

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 2021, 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:

7

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

Statement of Financial Activities

For the year ended 31 December 2021

Income and Expenditure

Restricted
Fund Total Total
BCW Unrestricted Funds Funds
Notes Sponsorship Funds 31-Dec-21 31-Dec-20
£ £ £ £
Income from:
Donations and legacies 2 4,800 165,760 170,560 135,201
Charitable Activities 3 - 741 741 650
Other TradingActivities 4 - 45,512 45,512 66,134
Total 4,800 212,013 216,813 201,985
Expenditure on:
Charitable Expenditure 5 4,800 221,467 226,267 219,319
Total 4,800 221,467 226,267 219,319
Net Income/ (Expenditure) 6 -
(9,454)		 (9,454) (17,334)
Transfers between funds -
-		 - -
Net Movement in Funds -
(9,454)		 (9,454) (17,334)
Reconciliation of funds:
Total Funds Brought Forward 580 127,308 127,888 145,222
Total Funds Carried Forward 580 117,854 118,434 127,888

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 2021

Statement of Financial Position

At 31 December 2021

Notes
Fixed Assets
Tangible fixed assets
10
Total Fixed Assets
Current Assets
Debtors
11
Cash at Bank and in Hand
Total Current Assets
Liabilities
Creditors: amounts falling due within one
year
12
Net Current Assets
Total Assets less
Current Liabilities
Creditors: amounts falling due after more
than one year
Net Assets
The Funds of the Charity
Unrestricted Funds
15
Restricted Funds
15
Total Charity Funds		 Dec 2021
£
94,107

94,107
7,003
34,640

41,643
(17,316)

24,327

118,434

-

118,434
117,854
580

118,434		 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

Trustees’ statements required by Section 475 for the year ended 31 December 2021

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.

07 April 2022

Approved by the Trustees on ______.

YANG TUCK YOONG

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

9

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

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 2021

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 2021

Notes to the Financial Statements

2 Income from donations and legacies

Donations
Bible College Sponsorships		 Restricted
Funds
Unrestricted
Funds
Total
2021
Total
2020
- 165,760
165,760
126,401
4,800
-
4,800
8,800
4,800 165,760
170,560
135,201

3 Income from charitable activities

Trading income from sales Restricted
Funds
Unrestricted
Funds
Total
2021
Total
2020
-741
741
650
-741
741
650

4 Income from other trading activities

Bible College fees
Hall of Residences		 Restricted
Funds
Unrestricted
Funds
Total
2021
Total
2020
- 26,941
26,941
41,854
-18,571
18,571
24,280
-45,512
45,512
66,134

5 Analysis of expenditure on charitable activities

Grants and donations
Direct costs
Support costs
Governance		 Restricted
Funds
Unrestricted
Funds
Total
2021
Total
2020
4,800
1,462
6,262
9,097
- 75,938
75,938
69,551
- 136,320
136,320
132,229
-7,747
7,747
8,442
4,800 221,467
226,267
219,319

12

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021 Notes to the Financial Statements

5 Analysis of expenditure on charitable activities (continued)

35%
Property Maintenance
40%
Bible College
5%
Heritage Resource Centre
20%
Hall of Residence
Total Charitable Expenditure		 Grants
Direct
costs
1,462
26,578
4,800
30,375
-
3,797
-
15,188
Support
costs
Governance
Total
2021
Total
2020

47,712
2,712
78,464
31,830

54,528
3,099
92,802
92,889

6,816
387
11,000
10,511

27,264
1,549
44,001
84,089
6,262
75,938
136,320
7,747
226,267
219,319

Some support costs have been allocated on the basis of Property Maintenance 35% (2020:Premises 15%), Bible College 40% (2020:40%), Heritage Centre 5% (2020:5%) and Hall of Residence 20% (2020:40%).

6 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
(78,464)
- -
(78,464)
(92,802)
170,560
26,941
104,699
(11,000)
-
741
(10,259)
(44,001)
-
18,571
(25,430)
(226,267)
170,560
46,253
(9,454)

13

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

Notes to the Financial Statements

7 Analysis of governance and support costs

Support costs
Property maintenance
Office expenses
Administrative costs
Other costs
Depreciation
Governance
Administrative costs
Independent examination fees
Secretarial fees
Total Governance and
Support Cost		 Property
Maintenance
Bible
College
Heritage
Resource
Centre
Hall of
Residence
Total
2021
Total
2020
25,445
29,080
3,635
14,540
72,700
68,397
2,502
2,860
357
1,430
7,149
7,722
1,096
1,252
157
626
3,131
3,511
11,487
13,128
1,641
6,564
32,820
33,322
7,182
8,208
1,026
4,104
20,520
19,277
480
550
69
275
1,374
1,067
2,100
2,400
300
1,200
6,000
6,102
130
149
19
75
373
1,273
50,422
57,627
7,204
28,814
144,067
140,671

While governance costs are not directly attributable, they have been allocated on the basis of Property Maintenance 35% (2020: Premises 15%), Bible College 40% (2020:40%), Heritage Centre 5% (2020:5%) and Hall of Residence 20% (2020:40%).

8 Net income/ (expenditure) for the year

This is stated after charging:

This is stated after charging:
2021 2020
Depreciation 20,520 19,277
Independent Examiner's Remuneration 6,000 6,000

9 Employees and remuneration

There were an average of four employees of the Charity during the year (2020: 3)

Wages
National Insurance
Pension Cost
Total Employees Remuneration		 2021
2020
66,057
58,796
194
(865)
2,534
1,053
68,785
58,983

No employee received remuneration of more than £60,000 during the year (2020: NIL). 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 2021 Notes to the Financial Statements

10 Tangible Fixed Assets

In September 2019, 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.

11
12		 Buildings
Leasehold
Renovations
Assets at Cost:
As at 1-Jan-21
22,500
191,475
Additions
-
-
Disposals
-
-
Office
Equipment
Total

2,180
216,155

5,135
5,135
-
-
As at 31-Dec-21
22,500
191,475
7,315
221,290
Accumulated Depreciation:
As at 1-Jan-21
2,700
103,562
Charge for the year
450
19,148
Disposals
-
-
400
106,662

923
20,521
-
-
As at 31-Dec-21
3,150
122,710
1,323
127,183
Net Book Value
As at 1-Jan-21
19,800
87,913
1,780
109,493
As at 31-Dec-21
19,350
68,765
5,992
94,107
Debtors
Deposit Paid
Prepayments
Creditors: amounts falling due within one year
Trade Creditors
Accruals
Advance Fees Received		 2021
2020
1,067
149
5,936
5,573
7,003
5,722
2021
2020
785
98
6,131
8,938
10,400
-
17,316
9,036

15

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

Notes to the Financial Statements

13 Movement in funds

BCW Scholarship
Restricted funds		 Fund
Balances
B/F 1-Jan-21
Incoming
Resources
580
4,800
Outgoing
Resources
Fund
Balances
C/F 31-Dec-21

(4,800)
580
580
4,800
(4,800)
580
BCW Scholarship
Restricted funds		 Fund
Balances
B/F 1-Jan-20
Incoming
Resources
580
8,800
Outgoing
Resources
Fund
Balances
C/F 31-Dec-20

(8,800)
580
580
8,800
(8,800)
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.

14 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 2021
Total 2020
-
94,107
94,107
109,493
580
41,063
41,643
27,431
-
(17,316)
(17,316)
(9,036)
-
-
-
-
580
117,854
118,434
127,888
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

16

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021

Notes to the Financial Statements

15 Total fund analysis

Unrestricted fund
BCW Scholarship fund
Unrestricted fund
BCW Scholarship fund		 Balance
at 31-Dec-20
127,308
580		 Income
Expenditure
Balance
at 31-Dec-21

212,013
(221,467)
117,854

4,800
(4,800)
580
127,888
216,813
(226,267)
118,434
Balance
at 31-Dec-19
144,642
580		 Income
Expenditure
Balance
at 31-Dec-20

193,185
(210,519)
127,308

8,800
(8,800)
580
145,222
201,985
(219,319)
127,888

16 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.

17 Related Party Transactions

Cornerstone Community Church (Singapore) 2021 2020
Bible School fees 2,800
 11,650
Donation Income
 152,235
 118,264
Net of transactions between Cornerstone Singapore and Cornerstone Wales
 155,035
 129,914
There are no outstanding balances from Cornerstone Singapore to Cornerstone Wales at year end stands (2020:
NIL).
Cornerstone Resources Pte Ltd 2021 2020
Heritage Centre Purchases -
 304

There are no outstanding balances between Cornerstone Resources Pte Ltd and Cornerstone Wales at year end (2020: NIL).

17

CORNERSTONE COMMUNITY CHURCH (WALES) Year ending 31 December 2021 Notes to the Financial Statements

18 Statement of Financial Activities - 2020

Income from:
Donations and legacies
Charitable Activities
Other Trading Activities
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-20
8,800
126,401
135,201
-
650
650
-66,134
66,134
8,800
193,185
201,985
8,800
210,519
219,319
8,800
210,519
219,319
-
(17,334)
(17,334)
-
-
-
-
(17,334)
(17,334)
580
144,642
145,222
580
127,308
127,888

18