Cornerstone Collective of Churches Report and Accounts Year ended 31 July 2024 Stewardship Active generosity 1 Lamb's Passage, London EC1Y 8AB .slewardship.org.uk
CORNERSTONE COLLECTIVE OF CHURCHES COMPANY INFORMATION FOR THE YEAR ENDED 31 JULY 2024 Trnstees A Craig N Forsythe D Heyboum {resigned Dernber 20231 L Home M Ntherry S Robinson A TaOr J Walsh (resigned Dernber 20231 A Wood Key Stsff G Osbom C Simons P Elms Governing Document Memorandum and Artides dated 6 July 2012 as amended by Certtfic2te of In)rpOratIOn on change of name dated 10 September2018, as amended on 23 January 2023. Company Registration Number 08133846 Charity Registration Number 1152099 Registered Office Comerstone Church Dovedale Road Liverpool Merseyside L18 1DW Indgpgndent Examingr Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y8AB Bankers HSBC Bank plc Nat West Bank PIC Contents Company lnfomiab.on Tnjstees. Annual Report Independent Examinerfs Report Statement of Financial Ath"vilies Balan Sheet Cashflow Ststement Notes to the Accounts Detailed Statement of Finarrial Activities with Comparatives Page 10 11-19 20 Page 1
CORNERSTONE COLLEcfivE OF CHURCHES (FORMERLY CORNERSTONE CHURCH, LIVERPOOL) TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 The trustees, who are the chariws directors forthe purpose5 of company law, have pleasure in submitting the Report and Accounts for the year. Objects of the charity: The charity is a charitable company and is governed by its memorandum and articles of association. The objetts of the charity, as Set out in the governing document are: l. To advance the Christian faith through the public preaching of the gospel 2. To demonstrate the Christian faith through the training of men and women for Church leadership, parentlcarer and babyltoddler groups, teaching and training of children and young people, involvement in community activities- including the planting of local gospel communities and planting churches. 3. In accordance with the Statement of Beliefs in the areas of Liverpool, Merseyside and in such parts of the United Kingdom and the wider world as the trustees may from time to time see fit. Government: Responsibility for setting policy and for making operating decisions rests with the trustees who meet regularly to monitor the activities of the charity. New trustees are recruited and appointed by the existing trustees, by a majorityvote. Review of Activities: In planning the activities. the Trustees have considered the guidance on public benefit issued by the Charity Commission. In the last 12 months we have seen membership across the majority of our churches continue to increase overall, however. a period of leadership upheaval in Cornerstone Church Wirral has resulted in a small decrease in membership at that church. leading to the number of adult members decreasing across Cornerstone Collective as a total from 230 to 222. The partnership we formed with Orrell Park Baptist Church in 2022. where we sent a small team of members to support a revitalisation of the church in North Liverpool, has strengthened over the same period and although they are not run by Cornerstone Collettive at this time, we are delighted to witness a growth in their membership. This is a wonderful outworking of our charitable objectives continuing via our partnership with Orrell Park Baptist Church. We have continued to prioritise the work the churches have been doing with children and young people in our church communities throughout this financial year. Across the churches there are regularly around 100 children aged 11 and under who participate in 'Kids' Church, (time spent teaching children about God and the Bible. as well as building relationships with each other} on Sunday mornings, alongside the main church services. Older children and young people have a weekly group available to them at Cornerstone Liverpool (for young people across all Cornerstone Collective Liverpool based churches), Cornerstone Wirral and more recently established at Liberti Church, where they gather socially and to study the Bible, with extra social events on occasion as well. Attendance at these groups averages around 40-50 young people each week. Cornerstone Wirral additionally ran a 'weekend awaV for their youth and it was hugely encouraging to have the young people from that church enjoy the activities and study the Bible - helping develop their own understanding of God and the Bible. In addition to these Bible-based settings we also run parentlcarer and baby/pre-school sessions on a weekly basis which are designed to welcome people into the Liverpool, Wirral and Hope churches for a time of support for the adults, and stimulation and learning through play for the children. An average of around 150 people have been attending these various groups weekly this past year. which has been a real blessing to all involved. no including the attendees- this also contributes to the fulfilment of our 2 charitable objective. The Cornerstone Collective Training and Coaching area of our work continued to be worked on this past year, with a number of churches/leaders connerting with us for support and training, helping us fulfil the charitable Page 2
objectives further. We have run multiple'mini conferences. for leaders of Merseyside churches where Pastors can share and pray together and whole church leadership teams can gather for lunch and teaching afterwards. These have been received very positively by the church leaders who have attended. A significant source of ongoing partnership with churches not run by Cornerstone Collective has been seen through our work with Orrell Park Baptist Church, and also with another church in Southport who has been in receipt of support and advice on their future actions to revitalise their church. During the 2023-2024 financial year we continued to work on our partnership with Acts 29 GB functioning to support and catalyse church planting across the UK as well. as per objective 2. Remedial work has continued on the building used by Cornerstone Church Liverpool. but at a continued slower pace due to the complexity of the work required, especially when working to integrate the restrictions that are placed on a Grade 11 listed building. The main project has been the restoration of two large stained glass windows, and at the close of the financial year this work was well underway with an anticipated completion date in Autumn 2024. Further fundraising for the building is now required to address water ingress issues in the back hall sertion of the building (previously almost untouched by our workl as dry rot has set in in one area. This clearly requires immediate attention and a rapid plan for stopping the spread and having the funds in place to do so and this is being worked on as the new financial year begins. Cornerstone Church Wirral has benefitted from its previous investment in upgrading their building, but some structural concerns have been identified in the rear building of the church, so this work is a focus moving into the new financial year as well, with a fundraising strategy for this church building also required. Another point of note for Cornerstone Church Wirral is to acknowledge the leadership changes that have taken place at the church during 2023-2024. as this was unexpected for the church and the charity. The church members and congregation has felt the impact of the resignation of the Lead Pastor in (effective January 20241, and a small number of individuals/families left the church as a result. As the financial year ends however, we are greatly encouraged by the way others in leadership in the church, supported bythe wider leadership of the other Cornerstone Collettive churches. have managed this period of change, and it is wonderful to report new growth in the number of people coming to Cornerstone Church Wirral at the close of the financial year- we are grateful to God for his provision and protection during this period. On a hugely positively note, our churches and organisation ended the financial year on 31" July 2024 with a financial surplus in our 'General' fund lour operational finance stream. separate from restricted and designated funds) which is fantastic, and as a Christian organisation we thank God for this. This position enables us to reinvest in the charity and plan for the future in a healthy, stable financial position. Charity law requires us as Trustees in the role of the Directors of the Charity to prepare financial statements for the accounting year 2023-2024 which gives a true and fair view of the state of the Charity, specifically in terms of its income and expenditure for the year. This includes us: l. Seletting suitable accounting policies and applying them consistently 2. Making judgements and estimates that are reasonable and prudent 3. Stating whether the applicable accounting standards have been followed. subject to any material departures disclosed and explained in the accounts 4. Preparing the financial statements on a 'going concern, basis unless it is inappropriate to presume that the charity will continue in business 5. Being aware that we are responsible for keeping adequate accounting records which disc105e, with reasonable accuracy at any time. the financial position of the company and which enable us to ensure that the financial statements comply with the Companies Act 2006. We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud. Financial Review The Cornerstone Collective of Churches has spent the year securing running four churches and partnering with Orrell Park Baptist church as well. and we are pleased to report that the financial profile has remained stable, Page 3
thanks to the generous donations of people who attend the churches and the associated gift aid claimed on eligible donations, both of which are utilised to fund the general operational costs associated with the charity and churches le.g. salaries of staff and church running costs). allowing the funrtioning of the Collettive and its churches to continue to move forward in their work. The leadership change at Cornerstone Church Wirral has led to unexpected expenditure, but we have managed to complete the year without entering financial deficit as a result of this. The work on Cornerstone Church Liverpool's building has continued to focus on the restoration of the 'at high risk, stained glass windows this year, and the grants secured for the work have been retained in spite of significant delays in the work resulting from complications in the design, manufacture and installation of the stonework in this project. The kitchen at the church was another focus of financial investment this year, and with a large grant and some additional smaller donations. the kitchen has been transformed from being almost unusable into a facility to the serve the church and its community. Both of these aspects are greatly encouraging, but the financial year end for the building work is now in deficit- fundraising for the building is a high priority for the church. A further area in which the organisation has been financially blessed has been the support received for Hope Church's Food Pantry'Hope Fridge,. It launched the food pantry in January 2023, opening for 2 hours each Thursday and supplying around £25 of food for a £3.50 donation from clients. It has been a massive blessing to the local community and it was blessed with £47.730 (between l August 2023 and 31 July 20241 in grants and donation5 to keep it running each week. Linked to Hope Church is another ongoing financial blessing. this time in the form of the funding received from The Message Trust for the Eden Team Lead role linked with the church. This role is part funded byThe Message Trust over the course of a three-year arrangement with them. with the funding reducing each year as the individual employed seeks other avenues of funding for the role over time. In 2023-2024, £14,225 was received from The Message Trust for this role. with £3,902.51 in additional donations from other sources. alongside the remainder of a grant received in the previous financial year from the FIEC. This funding is incredibly helpful in securing the financial stability of the role and allows the work in the local community to continue. As we move into the 2024-2025 financial year. the funding from The Message Trust ends (August 20241 so the longevity and financial security of this role is being planned for in light of this shift. The final significant source of income worthy of note from 2023-2024 forthe charity is from Acts 29 GB, as the formalised secondment of three members of staff from Cornerstone Collective to Acts 29 GB started in September 2022. This has been for the Director of the Collective for 2 days per week, the Operations Director for I day per week, and the Lead Pastor of Cornerstone Wirral I day per week, but with the Lead Pastor of Cornerstone Wirral stepping down from that role in September 2023, and then the Dirertor and Operations Director also ending their roles in summer 2024 a5 Acts 29 decided to move their GB operations to their Europe office, the arrangement ended at the close of the financial year. During 2023-2024 however, the income received for these roles was a substantial £27,254. which has consequently enabled the finances of Cornerstone Collective to be used for more purposes across the Collettive and its churches, as less dirett income has been utilised for payroll. As we move into the 2024-2025 financial year there is an additional financial consideration for us to plan for. Cornerstone Collective has decided to partner with Grimké Seminary in the USA on a projett to set up a Bible seminary for church leaders and planters in Europe- Grimke Europe. To support the work taking place in this partnership project, Grimke Seminary is providing additional salary contributions in 2024-2025 for two of the Cornerstone Collective employees who are fulfilling roles in the project. The partnership is a really exciting opportunity for Cornerstone Collettive. churches in the regions and wider Europe as the training it provides will be invaluable for us achieving objective 2 further. Overall, the finances of the general functioning of the organisation have been managed well. The (general operating) expenditure of 2023-2024 was £525,739 with the income being £484,547, ending the financial year with a general operational deficit of £41.193. Looking at the broader income and expenditure of the charity. and including all restricted funds received and spent the charity has made a small surplus. Budgets have been Page 4
produced for the 2024-2025 financial year to ensure that all donations we receive are used in accordance with Charity Law and to aid the charity to meet its charttable objertives. Moving into 2024-2025, we are financially stable but are also acutely aware of the broader economic context of the U K. in which we function. Recent historic rising inflation and interest rates may well impact the level of donations received by Cornerstone Collettive of Churches. and the ongoing high price of gas and elettricity is hitting the running costs of the churches harder as fixed-term contracts for buildings owned by Cornerstone Collective have ended and higher costs are brought about as a result. Therefore, we must operate our planned budget with clear prudence to ensure that we can continue to function if our income decreases, or if our expenditure increases beyond what we have anticipated. As the organisation has increased its employed numbers over the past few years, we are also looking to increase the funds we hold in our contingency fund to provide longer term financial security for our operational costs. The trustees remain determined that none of the financial undertakings distrart us from the charitable aims and objectives of the charity- to spread the Gospel of Jesus Christ and the Salvation he offers across Merseyside, and we remain truly thankful to God for his financial provision and protertion of His churches. The unrestritted surplu5 the charity wa5 left with at the end of 2023-2024 will be reinvested in the charity to ensure that meeting the charitable aims and objectives continue to be our focus. We have committed to continuing in these endeavours and financially we will work hard to allow this to continue with growth of the existing churches, as well as planning to plant and revitalise new ones as opportunities to do 50 arise. Reserves Policy The charity recognises its responsibility to pursue a healthy financial position to help safeguard the aims of the charity and its staff. Finances are reviewed monthly. and the Cornerstone Collettive of Churches budget considers how we can protect, and potentially grow, our reserve to ensure our long-term financial health and sustainability. Due to the nature of the charity and its aim5, it 15 not unexpected that from time to time the Cornerstone Collertive of Churches might function with an operational deficit. However, at any given time, and whenever Possible, it will endeavour to hold three months of salary payments {equivalent to approximately £82,000 as of 31 July 2024 when including employer pension and Nl contributions} in the bank as a financial reserve as a means to comply with the Code of Governance for Charities and IPC'S IGuideline 6.3. 11. This is incorporated into our contingency and general fund, which is identified clearly and reviewed regularly. Restricted fund5 are not considered. except to the extentthat they are available to fund salary costs. The level of unrestricted general cash reserves as of 31" July 2024 was around £53,000. After analysing existing funds, cash flow Iwith income from regular givers remaining broadly stable) and forecasting expenditure based on planned attivities. Cornerstone Collective of Churches considered this to be an appropriate reserve at the end of the financial year. Although lower than the amount needed forthree months of salary payments, some of the restricted funds le.g. Hope Church Fund) can be utilised for salaries of individuals to offset the total unrestricted amount needed. This amount and approach is reviewed on an annual basis, as well as being adjusted when new staff are first employed to ensure that there is capacity to increase the cash reserves over time should this be required in order for the charity to comply with Guideline 6.3.1 mentioned earlier. As previously mentioned. the Trust Board have decided to aim to increase the level of funds held in the contingency fund over the course of the new financial year to ensure we remain financially prudent. When it is not possible to maintain our financial reserve to the agreed levels. Cornerstone Collective of Churches is committed to taking sensible steps with the Elders and staff to ensure that the Collettive of Churches continues with its charitable aims. whilst also demonstrating the appropriate financial restraint. In these instances. the regular income and regular expenditure is a key consideration, and the reserve would be used in the following ways: Fulfilling current obligations (bills and fixed operational costs) 2. Payment of Staff Salaries Page 5
Due to the nature of the Cornerstone Collective of Churches, activities it is possible to reduce other monthly expenditure quickly, but it must be noted that this would influence the ability of the churches to fulfil their vision and charitable aims. The Cornerstone Collertive of Churches is also committed to increasing its regular income on a consistent basis. particularly as the Collective of Churches grows (numerically in individual churches as well as in the total number of churches in or partnered with the Collectivel, but it also reseNes its right as a 'faith-based charity, to trust God for such financial provision. The demographic of the Cornerstone Collective of Churches membership and our various partnerships should also add another layer of confidence if the financial reserve was breached. Risk Statement The Directors have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify. monitor and review these risks on a regular basis. Approval This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees on (date): Feb 5, 2025 and signed on their behalf by: Matthew Newberry, Chair of Trustees Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNERSTONE COLLECTIVE OF CHURCHES {'the Company.) I report to the tharity trustee5 on my examination of the accounts of the Company for the year ended 31 July 2024 on pages 8 to 20 following, which have been prepared on the basis of the accounting policies set out on pages 11 and 12. Responsibilities and basis of report As the charity s trustees of the Company (and also its director5 for the purposes of company law) you are responsible for the preparation of Ihe accounls in accordan with the requirements of the Companies Act 20 {'the 20 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 20(E Act and are eligible for independent examination. I report in respect of Tny examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl')- In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51 Ib) of the 2011 Aol. Independent examinerfs statement Since the Company's gross income exceeded £250,OCK] your examiner must be a member of a body listed in section 145 of the 2011 A(A. I confimi that l am qualified to undertake the examination because I am a member of Ihe Institute of Charted Accountants of England and Wales, which is one of the listed bodies. I have completed my examination. I confimi that no matlers have come to my attention in connection the examination giving me cause to believe". accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do rbot accord with those records" or 3. the accounts do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view whith is not a matter considered as part of an independenl examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Finanual Reporling Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this rewrt in order to enable a proper understanding of the accounts to be reached. Sarah Crispin ACA Institute of Chartered Accountants in England and Wales stewardship 1 Lamb's Passage London EC1Y 8AB Date: Feb 6, 2025 Page 7
CORNERSTONE COLLECTIVE OF CHURCHES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Total Funds 2024 Total Funds 2023 Unrestricted Funds Restricted Funds Nole INCOME AND ENDOWMENTS FROM: Donations Charitable ath'vities Other Irading activities Other income 465.682 195 18.860 182.502 39.505 648.184 39,700 18,860 580.662 35,907 21.564 1,644 Total income and endowments 484,742 222.006 706,749 639.777 EXPENDITURE ON: Charitable activities 527,086 171,665 698,751 624,638 Totsl expenditure 527.086 171,665 698,751 624,638 Net incomellexpenditure) {42.344) 50,342 7,998 15,140 Transfers between funds 14 87.817 187.8171 Net movement in funds 45,473 137,4751 7,998 15,140 Reconciliation of funds: Total funds brought forward 814,893 147,530 2,423 947,283 Total funds carried forward 14 110.055 970,421 962.423 The statement of financial actiwties indudes all gains and loSS recognised in the year. l income and expenditure derive from continuing operab'ons. The statement of financial ath'vities also complies the requirements for an income and expenditure account required by the Companies Act 2006. The notes on pages 11-19 form part of these accounts. Page 8
CORNERSTONE COLLECTIVE OF CHURCHES BALANCE SHEET AS AT 31 JULY 2024 Total Funds 2024 Total Funds 2023 Unrestricled Funds Restricted Funds FIXED ASSETS Tangible assets 792.477 792.477 763.255 792.477 792.477 763.255 CURRENT ASSETS Debtors Cash at bank 8rKI in han(1 10 11 12.114 69.451 9.713 106.330 21.827 175.781 9.985 196.037 81.565 117.774 199,338 206.153 CREDITORS: Amounts falllng duè within onè year 12 {13,6761 17,7191 121,3951 {6,9841 N•t currènt assèts I Iliabilitièsl 67,889 110,055 177,944 199,168 Total ass•ts lèss eurr•nt liabilitiès 110,055 970,421 962.423 TOTAL NET ASSETS 860.366 110.055 970.421 962.423 FUND BALANCES Unrestricted Funds General lurKIs Designated funds 14 843.542 16.824 843.542 16.824 860,366 801.717 13.176 814.893 Restricted Funds 110.055 110,055 147.530 860,366 110,055 970,421 962.423 Ttr charitable company is entNled lo exemption from audTt under Section 477 of ihe Corryanies Act 20(h5 for the year ended 31 Juty 2024 The members have not required ihe company to obtain an aLhYil of ils finanual statements for the year ended 31 Juty 2024 in accordan vath Secbon 476 of the Companies Act 2006 hos%ever. in atcordance %%Yth Section 145 01 the Charities Act 2011, the acGounls have been exatnined by an indepetKlenl examiner and their report ha5 been induded in these finan(ial statement5. The directors I0 are the charitable compan15 Iruslees ft>r putpose5 of chartty law) acknovledge their iesponsibililies (al ensuring that the charitabk company keeps arrx)untiThJ reex>rds exbmrty wth Sections 386 and 387 of the Companies Act 2006 and Ibl preparing finanual statement5 thich give a true arKI tsii wew of the State of affairs of the charitable company as at the end ol each finanaal year and ol its net income or expendrture for each finanaal year in accordance wth the requirements of Sections 394 and 395 and ¥%hich otheTh%ise compty %%ith the reqU1MentS of the Companies Act 2006 relating to finanual statennts, so far as appli{b to the charttabk company. The finanryal stslemenls have been prepare(l in accoidan¢% 1th the provisions of Part 15 of Gornpanies Act 2006 relatiro to small companies. The finanryal statements Ere approved by the Board of Directors and %%ere sig1d on its behalf by.. Matthew Newberry Date". Feb 5, 2025 Company number.. 08133846 Charity number.. 1152099 The notes on pages 11-19 fomi part of these attounts. Page 9
CORNERSTONE COLLECTNE OF CHURCHES FOR THE YEAR ENDED 31 JULY 2024 CASH FLOW STATEMENT Note 2024 2023 Cash flows from operating activities.. Nel cash provided by/(used in) operating activilies 107.076 98.011 Cash flows from investing a[vitIes. Purchase of property, plant and equiprnent Net cash provided by/(used in) investing activities 127.332 1127.3321 81,606 181.6061 Change in cash and equivalents in the repong period Cash and equivalents at the beginning of the year 120,2561 196,037 16,405 179,632 Cash and cash equivalents at the end of the y&7r 175,781 196,037 Note a.. Reconciliation of net incomellexpenditure} to net flow from opernting activities 2024 2023 Net income/{expendityreJ for the reporting pwiod (as per the statement of financial activities) 7,998 15,140 Adjustments for: Depreciation chaiges and prowsions for impaimient Ilncreaseydecrease in stod(s Ilncreaselldecrease in debtors Increaselldecreasel in creditors Net cash provided by (used in) operating activities 98,110 11,6001 111.8421 14,411 73,600 (1301 10,098 16961 107.076 98.011 Note b.. Analysis of cash and cash equivalents 2024 2023 Cash al bank with immediate access Pety cash Total cash and cash equivalents 175,771 10 196,037 175,781 196,037 Page 10
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Statutory Inforniawon The charity is 8 charitable company lirnrt8d by guarantee and is in0xrated in th8 Unrted kn'ngdom. The cornpany's registered number and r8gister8d office address can b8 found on the Company Infomatson pag8. Accountlng Pollcle$ These financial statements are prepared on a gomg eTh)cÈm basis. under the historKa u)st nVention. These financial stalernent5 have LEen prepared ID accor£lance wilh the "Staternent of Recommended Pr3ctice. Accounting snd Reporting by Charities prepsring their accounts In ordanCe wrth the Financisl Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 I'the Chanties SORP'I with the Finanoal Reporting Standard applicable In the United Kingdom and Republic of Ireland l FRS 102 1, wrth ihe Compan$ Act 2006 and wth the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102. The principles adopted in Ihe pparation of the ffinanci4 ststements a set out bek)w. The trustees (who are the Charitab cmipanys dirlorS forthe purposes of company lawl have assessed whether the US8 of the going contsm basis is appropriate and have ndered rx)ssible events or conditions that might cast 9ntnt doubt on the ability of the charity to continue as a going crJncm. The tnjstees have made this assessment for a pemd of al kasl one year from the date of approval of the finanoal statements. In paCular the tru$tee$ have n$1ye the d)arity's fo($1$ and projections and the posgble implications Shou projected income and l or eXpendrfCU vary unexpethd. The trustees have ncluded that tt)ere is a asOnable expe¢tstion that the chanty has adequate resources to continue to operate for the fosee8b ftjfure. The charity theftsre continues to adopt the going con bas15 in preparing rt5 fillan0 staternents. bl Income Income Induding Investment income is recognised in Ihe pericmy in which the charity tÉo)mes entrfed to receipt. the amount retsivable can be me8sured with reasonable certainty. and reIpl is probable. For the most part, IncJme is gènerally recognised when It is re1ve. Income is only deferred when the charity has to conlon$ befo beMIng entrfled to it or Whe the donor ha$ speofied that the ino)me is to be expen¢Jed in a futu Kericrfl. Incorne from donations indudes.. Recoverable gitt aid. This is gnised when the donation is ree£l. Grft aid that has not been cove by the balance sheet date is Induéed as a deblor. ill Donated tscilitie5. serv15 and gooyJ5. Faultbes, ser¥eS and goods Lbnated for the chaTtty's own use are recognised a5 Income when receivable at Iheii value to the charity. When donated gOLyJs, servKes and faalities are d15tributed or consumed, an expense in respect of those items is induded in the Statetnent of Finanaal Acbwties. Donated fixed assets ale capitalised. The charity ielie5 on volunteer5 lo ¢2rry out many of rts actwth"es. Howevei. in accordanTr with the SORP. the value of these serVeS has not been induded in these finanaal 5tstetnents as they cannot iE rEliabty ffleasured. Income from charitaNe activities represents inrx)me receivable from gthls. serv$ and faralities supplied in fijrtherance of the charity's charitable objects. It indudes incx)me fiDm church retreats induding youth events and income received for seconded staff. Income from other trading a¢tiwtEs repSertts income recgvabk from athvities un¢Jertaken lo generate funds for the charity. It includes income from hire of thurch rooms. Other incorne indudes gains sri%ng from the disp)s81 ol tangitle fixed assets. The charity has taken the VEW that rt ha5 onty ove charitsble aLaiwty. namety the a4JvanTrtnent of the Chnstian farth, and all Income trom donatlOn5, legacies and charitaNe activrtie5 is in respect of th15 one activrty. Expenditure. Induding iTreCOveb1e VAT, is Fecogni5ed when it Is In()Jrrl OT, rf eatlier, when a legal or constructive obligation for a payment arises prowded that it 15 probable that setdement wll be requireLI and the arnount of the obligats.on can be measured reliably. The chgnty makes grants lo other institutsons and ind1idUa to further lis charitable objective5. Giants payabk are recognised as constructive obligations arise. which is generally when the charity expresses a commitrnent to the reapient that can be measured reliably and then only to the extent that any ndItionS associated wilh the grant are outside of the control of the charity. The Charitie5 SORP requires charities ¥th income over £500.000 to alknrate StS to Ihe various actNities undertaken by the charity. The n8ture of the work of the charity is consdered to be so integr8ted that the )re charitable actmty (x)sts are nsIdered to be for the one activity. Page 11
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Accounting PICieS Icont.) Govemance costs, which ar8 Induded In exp8ndrtur8 on charitable actiwb8s but ldenb.fied separately in th8 notes to tha accounts, includes costs sssociated wth the independent examination of the finanal statements, comlar? wth constitutional and ststutory r8quirements and any other expenditure incurred on the strateg rnanagement of the charity. dl Fund accounknn General funds are unrestricted fvnds which a availabk for use at the di$¢tIOn of the Injstees in fvrU)effjn of the general objectives of the charity. Designated fvnds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds a ¢Jonations which a to be used in accordan wth speuft re$lri¢tions Imposeé by donors". they indude donations received from appea15 for speofic activrtie5 or plect5. ible fixed assets Items purchased or donated for the charitls own use are GgPrt81ised when the cost of purchased item5. or the fair value of don8ted items. is more than £2.OQO and the Item is expected to benefit the charrty over more than one accounting period. Depreu8tion is charged on a straight line basis so as lo wrTte down the value of each asset to its estimated residual value Irf any) over rts expected useful economic life. To 8the this objective thÈ followng rates of deprlation are charged.. Freeho land Freeho buiklings Freeho impro¥em8nls Equipment & Fixtu$ Is not deprecaated Ibec3use it i8 not Ixnsumed by usel Over 50 years aftertaking arount of the bU11ng'S residual value Over 5 years Over 5 years The carrying values of tangible fixEd assets are revithved impairnienl in rEriods when ev8nts thanges in circumst8ntss indicAie th8t the c8rrying value may not be rerA)verable. Pension scheme arran ements The charity operates defined contribubon pension 5cherne5 for its ernpk>yees. Obligations fr)r contnbutions to these schetne5 are recognised as 3n expense when the liability ari5e5. The assets of these schernes are held separately frotn those of the charity in Independent administered fund5. gl Taxation The company is a gIste Chanty", tt has taken Jvantage of the varitsjs reliets trom taxation available to charities and no tax is payable on the thaity'5 Incorne. hl Financial instrumenis The charity's financial assets and financial liabilities all qualrfy as bag¢ finan(xal Instruments, 8$ defined by FRS102. Except for loans, creditors debtor5 ère rnea5ure¢J at iheir eypected 5ethernent ¥ae Inortn?Ily the atnount of cash that the charity expects to pay ( reTrivel. The chanty tecognises liabilitie5 for the pnnopal of those knan5 that tetnain5 Outstanding at the year end li.e. the liabilitie5 exdude any Interest chargeable on the kjans in future yeat51. Donations 2024 2023 Donation5 of cash and 5irnilar Donations In kind Inote 381 Govemment grants Other grants receivable Incom& tax recovÈratrAe 441,067 61,364 21.805 47.810 78.136 648,184 389,475 10,966 14.992 83.807 81.422 580,662 Donations in kind cornprise. 2024 2023 Goods donated for. For distribution by Food Pantry 26.545 26.545 34.819 61,364 10.966 10.966 Donated fixed assets 10,966 c)d$ donated for distribution by the Food Panby in the current financial year comprise focxl items and a valued using the Trussell Trust valuation of £2.371kg. tIonat fixed assets psents fh0&y improvement costs Ythe the ¢ontotkn was paKJ dire¢dy by the grant maker. Page 12
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Income from ¢harltstye o¢YvlWes 2024 2023 Church t¥t$, events and a¢tivit¢s Contribution for seconded staff costs 9.039 3D.66D 39.700 1.366 34.541 35,907 Income from other trading activrbes 2024 2023 Room hi 18.86D 18.860 21.564 21,564 Charitable expenditure 2024 2023 Costs Incurre(J dlTrctty on specinc acV¥Mles P35toral & Min15try expEn*5 Staff fvnding Tiainin9 and conferences Trav Property Room hire IT and equipment Other direct costs Depreuation Outre2ch Project costs lexduding slaffiTrgl'. Food Pantry linduding donated goods expen) Grimké Europe Project A¢is 29 Doved3k building project Church Planting Eden project Crosslands 25.316 364.810 17.854 22.145 27.881 6.159 3.470 7.802 98.11D 2.305 18.583 365.922 17.094 18.828 40.371 6.643 3.219 2.282 73.600 1.818 57.724 4.689 28.038 3.388 103 5.585 1.415 4.371 4,439 568,700 645,264 Grants payable Inote 6cl 22.937 16.143 668.202 602,842 C05t5 incurred on 5UPPOrt & administration Governance costs IndÈpendÈnl examiners fee 4.440 3.690 Ortce c051s Insuran Legal and Professional Fees 17.050 7.281 1.778 30.55D 9.598 6.508 1.999 21.795 Total expendiiure 698.751 624.638 The fee payab to the Independent ex3miner for prep3nng and examining the accounts was £4.200 12023. £3.6901", In addrtion the charty paid £1,50012023.. £1,247) lo Stewardship for payroll bjreau and consuliancy Servi Grants payable Instrtub'ons Indiwduals 2024 Grants for UK and overseas rnissn Grants for environmental & r£Thrnunty support 15.408 6.472 21.880 1.057 16.465 6.472 22.937 1.057 The comparatNes for the prewous year are as folknvs". Instrtutsons IndMdu4ls 2023 Grants for UK and overseas missvjn Grants for the relief of poverty 11.738 1.127 12.865 3,278 15,016 1,127 18.143 3.278 Page 13
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Charitable expenditure IconLI The chanty's principal grants to Instrtutions compnsed.. 2024 2023 Fellowship of Independent Evangelical Chuthes IFIECI Acts 29 The Message Trust OMF The Church in Sweden The Church Office Va18ncia commun85 Fund 2.40D 7.128 1.20D 1.900 1.200 1.500 6.472 2.400 5.658 1.450 UCCF 1,000 1,127 1.230 12.865 Community Voice Grants to institutions for less than £1.000 each 80 21.88D Analysis of Stsff costs, the cost of key management personnel and trustee remunerntion 2024 2023 Gross wages and salaries Soci81 security Pension costs Other employment benefrts 306.194 22.819 18.391 692 348,096 293.547 23.137 17.613 502 334,799 The average monthty nurnber of empknyee5 during the year w35 11.5 12023" 121. Most of the activities are carried out by volunteers. No staff received salaries 81 a rate of more than £60.000 per annum. The charty's key managernent eornprise the trustees and the key staff named on Ih8 Company Information page. Total ernployrnent benafits paysble to key rnanagemenl for the year were as follows". Employer Ex-gratia pension P3yments contributions Wages & sa[leS 2024 Trustees.. S Robinson A Wood J Walsh N Forsythe Other members of key rnanagement 42.058 35.343 17.451 31.134 33.201 2.523 2,121 1.047 1.868 1.992 44.581 37,464 30.380 33.002 35,193 180.620 11.882 The following atnounts were payabk in the pre*ious year Other Employer Wage5 & etnployment pension salaries benefits contnbutions 2023 Trustees. S Robinson A Wood J Walsh N For5ythe Other members of key management 39.270 31.750 33.660 28.343 32.550 2.356 1.905 2.02D 1.701 1.953 41.626 33.655 35.680 30,044 34.503 175.508 The above trustees served as church leaders and operational stsff and reTrNed the ale payment5 fcf Serving in that capacity, not fr)r setving as trustees. these payments are pennitted by the tharitls governing do(yJmenL Payroll ¢osts Included dUndan¢Y and temiination payments totall1r £16.907 12023". £nll aThJ ¢4)mprise ststutory payments and ex- gratia payments Whe this was considered appropriale. Redundancy and temiinalKX) payments a charged when the liability or obligation anses. Page 14
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Tan9lble fixed assets Fixtures, ffttings and equipment Fhold Fehd under Property Improvements (y)nsiru¢tion Total 2024 Cost At 1 August 2023 Additions At 31 July 2024 545.000 308.369 127.332 435.701 62.883 5.13D 921,382 127,332 1,048,714 545.000 62.883 5,13D Accumulated depreciation At 1 August 2Q23 Charge for the year At 31 July 2024 72.700 10.900 83.600 82.863 86.184 169.046 2.565 1.026 3.591 158.128 98.110 258.237 Net book value At 31 July 2024 461 400 266.855 62.883 1.539 792,477 At 31 July 2023 472.300 225.507 62.883 2.565 763,255 Assets under construetion represents expenditu spenl on the future devekjpment of Dovedale Road. Depreciation will not be ch8rged on this asset until the renovation work is comrAete. Stock 2024 2023 tlonata go$ For distnbulion lo benefioanes 1.73D 1.73D 130 130 10 Debtors= falling due within one year 2024 2023 Tax re(rJverable Prepayments and acuued income 6.116 15.712 21,827 5.661 4.324 9,985 11 Cash at Bank and in Hand 2024 2023 Cash at bank with immediate acxxs Petty cash 175.771 198.037 175.781 196,037 12 Creditors= liabilities falling due within one year 2024 2023 Other ueditors A¢cruats 5.074 16.321 21.395 8.984 6,984 13 Pension commitment5 During the year employerf5 penSn contriixJtlODS totalling £18.391 12023" £18,8191 were payable to deffined contribution personal pension schemes. No pension contritrrtjtions were owng at ban sheet dale. Page 15
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 14 Funds During the ye8rthe movements in the charivs fvn(ls We as folk)ws". Opening baLgn 2024 Incoming resources Ouigoing resour5 Transfers in the year C105ing balance 2024 2024 2024 2024 Desnate(l Funds SabbatKal Fund Contingency Fund Vveekend away Liverpool Building Maintenance Fund 3.091 10.000 2.400 5.491 10,000 84 1,248 195 11951 2.40D 13.176 195 11.3471 4.8OD 18.824 General Unrestrthd Funds 801.717 484.547 1525.7391 83.017 843.542 Total un$b)cted Funds 814.893 484.742 1527.0861 87.817 86D.366 RestJy¢ted Funds Staff Worker Funding Doved8le Building fund Church pbnt reswjency Wirral Building Repair Fund Hope Church Kensington Hope Church Kensington- Food Pantry Lath Lane Church rAant Comerslone Wirral Comerslone Liverpo Crosslands Fund Acts 29 Fund Room hire Deposits Littk Pebbks Liverw)ol Grimké Europe Project 1.250 45 052 28.191 3.125 58.282 905 14.3501 16.4721 18.1421 12.9901 138.6461 157.7241 38 4,349 20,954 10 33,924 21,355 15.597 2.171 1.841 192.5131 3,000 18,3041 46.534 4.803 9.238 11.002 34.340 74.275 7.377 5.533 7.289 114.3631 15.4261 27.254 127.2541 11001 14891 14.6891 1.200 248 1.100 220 3.406 21 10.000 8,717 147.530 222.006 1171.6651 187.8171 11 D.055 Agggate offvnds 962.423 706.749 1698.7511 970.421 The transfers ferred to afy)ve were made forthe folknwing 8$on$.. al From general funds to the designated Sabbatical Fund & the Liverpml Buik1ing maintenan fund lo set rnoney aside for thèse purposes. bl From Dovedale Buik1ing Fund to General Fund to recxjgnise cxpitalised eyndrture on the Dovedale buildino. cl From General to the Wirral Building Repairs and Grimké Europe Project $tricted tunds to contribute to expenditure In these areas. dl From Hope Churth Kensington to General to correu an error in prk)r year accounts. Page 16
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 14 Funds Icont.) Analysis ol net assets by lund The assets and liabilities of the variou$ funds We as lolow* UnStrided Funds General Designated fuw¥J5 fvnds Re5tncted funds 2024 Tangibl& fixed assets Stk Debtors Cash at bank and in hand Creditor5 falling due wthin one year 792.477 792.477 1.730 21.827 175.781 121.3951 1.73D 9.713 106.33D 17.7191 12.114 52.627 113.6761 16.824 843.542 16.824 110.055 97D.421 In the previous yearthe Tnovernents in the thariws funds wete a5 fDIIows." Opening balanc8 2023 Incoming resourcas 2023 Ouigoing resources 2023 Transf8rs in th8 yÈ8r 2023 C105ing balance 2023 Deswnated Funds Ssbbatul Fund Contingency Fund Weekend away 3.520 10.000 390 12.8281 2,400 3,091 10,000 84 1.366 11.6721 13.910 1.366 14.5001 2.40D 13.176 General Unrestncted Funds 785.361 426.898 1462.1231 51.781 801.717 Total Unr8Strict8d Funds 799.271 428,064 1466.6231 54.181 814,893 Reslricted Funds Staff Worker Funding DOved2 Building fund Church plant SencY Wirwl Building Repair Fund Hope Church Kensington Hope Church Kensington- F(KKI Pantry Lark Lane Church plant Cotner5tone Wirral Cotnerstone Liverpool Crosslands Fund Acts 29 Fund Room hire Deposits Little PebbS Liverpool Hokling Fund 16.250 61.734 23.612 10761 28 978 115.0001 11031 16.2941 126.8081 135.5441 128.0381 11.5621 12.5301 11.1401 14.4391 136.1791 1.250 45.052 28.191 65.028 1.706 12.486 44.796 32.841 10.800 7.139 1.140 181.6061 9.167 3.561 8.304 46.534 4.803 9.238 11,002 8.393 4.452 694 1.200 182 150 12 35.485 1,200 248 443 11501 13771 148.012 211.713 1158.0141 147.530 Agggate offunés 947.283 639.777 1624.6381 962.423 Page 17
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 14 Fund$ IconLI Anatysls of net assets by fund In the previous year. the assets and liabilites of the VarU$ funds We as follows". unstriCted Funds General Designated funds fijnds Restncted funds 2023 Tangible fixed assets Stock Debtors Cash at bank and in hand Creditor5 falling due wthin one year 763.255 763.255 130 9.985 198.037 16.9841 13D 536 147.283 14191 9.449 35.576 16.5651 13.176 801.717 13.176 147.530 962.423 Deswnaled Funds The Sabbatical Fund is an unrestnrted fund desbjnated by the Trustees to alh)w for fviure expendrture on a planned sabbaiical for the church aders. The Wirral Building Repair Fund was an unrestricted fvnd designated by the Trustees to albw for future expenditure on the Wirral property. 1 funds are now held in the restricted fun¢Y of Ihe same narne. The Giving Fund 15 an unrestncted fund designated by the Trustees to allowlDr futUTE chn5tian tha[ilab giwng to individuals and organi5ations. usualty wtth 8 focus on thurch pLgnting support The Contingency Fund Is 8n unrestncted fvnd degnated by the Trustees to alow for fijture unexpected expendrtur8. The Weekend away hjnd relates to incorne & expenditure for the Bolderyouth weekend away. Reslncted Funds The Staff Worker Fund Is a restncted fund hekl to re1ve lunds for saLqry and training paymÈnts. The Dovedale 8uilding Fund Is a restricted fund ueated to re and Tnan3ge the funds raised forthe future purchase and renovatson of a building for thurch use. In 2021 Ramilv&s Road Hall Trust dCated the proceeds from the Sa of their building to The Church Plant Resillency Fund is a $trUe fund 318{1 to hdp finance inéividuals to ttain as part of Comerstone Collective of Churches Church Plant Residency training Ptcurarntne. The Wiffal Building Repair Fund Is a restnded fund created to receive and manage fuThls raised for repairs & maintenance of the church buikling used by Cometstone WI1. The Hope Church Ken51ngton Fund Is made up of sevefal reslThXed fijnds ueated to hohy vaii)us donations for projects out of Hope Church. The Liberts Church Outreach Fund is a restricted fijnd created to fijnd evangelistirjoutreach work from Liberb Church. The Comerstone Wirral Fund 15 a restricted lund created to ho v3ri0us donations to Comerstone Wirral wrth SPefiC restridion5. The Comerstone Liverpool Fund Is a reSInct fund for donabons speufically to be used by Comerstone Liverwol church. The Crosslands Fund Is a restricted fund to support staft In Ihr croandS training. The Acts29 Fund 15 for funds donated by Acts 29 GB as a grant for Acts 29 reL9ted work undertaken by members of staff at Comerslone Collective. The Lrtde Pebbles LiverrKKI Fund is a $tricted fund made up of a grant r1Ve(l f¢ the baby and toddler group- funds stn¢te for purchasing itetns to improve the fiJndioning of the Lrtlle Pebbles group. The Grimké Europe Projeci 15 a restriLted fund for a partnet5hip wtih Grirnké 5erninary in US to prowde training. Page 18
CORNERSTONE COLLECTIVE OF CHURCHES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 15 Transactlons wlth related portles Dunng the year the charity". al received donations totalling £42.948 12023". £48.0051 from r*ted parties Iwhid) indudes trustees. any other members of key management and anyone cbsely ¢Thee{l to theml. bl No expenses 12023". £nill We palé to, or for. the trustees. Reimbursements for expenses incurd when acting as aoent for the charity or incurred when undertaking etnpbyrnent dLrties not connected wth serving as a trustee are not Induded in thi5 di5d05ure. During the year the Charity also made the folk)wing payments to. or for. relate(I parte$". al Sn Robinson, who is cjosety related to Steve Robinson. who Is a trustee, recV payrnents totalling £12812023.. £1,291) for provkling deaning services lo the charity. EKTrPt as disdosed in note 7'Anaty5is of staff c05t5'. there have been ty) othertransacbons wrth related parties during the year. 16 Membe Each MeMr of the company commits to contribute ifthe charity is wound up an amount of £10. Page 19
¢DO¢D <0 (TJ too (QO¢D *r) Ooifj