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← Cornerstone Collective Of Churches

2025-07-31-accounts

Cornerstone Collective of Churches

Report and Accounts Year ended 31 July 2025

==> picture [105 x 35] intentionally omitted <==

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

CORNERSTONE COLLECTIVE OF CHURCHES

CHARITY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

Trustees A Craig
N Forsythe
L Horne
M Newberry
S Robinson
A Taylor
A Wood
Key Staff G Osborn
C Simons
P Elms
Governing Document
Constitution dated 15 April 2025
Charity Registration Number 1152099
Registered Office Cornerstone Church
Dovedale Road
Liverpool
Merseyside L18 1DW
Independent Examiner Sarah Crispin ACA
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Bankers HSBC Bank plc
Nat West Bank Plc
Contents Page
Company Information 1
Trustees' Annual Report 2 - 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cashflow Statement 11
Notes to the Accounts 12 - 20
Detailed Statement of Financial Activities with Comparatives 21

Page 1

CORNERSTONE COLLECTIVE OF CHURCHES (FORMERLY CORNERSTONE CHURCH, LIVERPOOL) TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 JULY 2025

The trustees, have pleasure in submitting the Report and Accounts for the year.

Objects of the charity:

The charity is a Charitable Incorporated Organisation (converted from a Charitable Company to a CIO on 15 April 2025) and is governed by its constitution. The objects of the charity, as set out in the governing document are:

  1. 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, parent/carer and baby/toddler 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.

Structure, Governance and Management:

Page 2

work of Cornerstone Collective beyond the local context and increase the impact the charity is able to have. Additionally, the relational and training support provided by the external relationships and organisations has enabled the work done by Cornerstone Collective to be more effective and impactful.

Review of Activities:

In planning the activities, the Trustees have considered the guidance on public benefit issued by the Charity Commission.

1. Church Activities

In the last 12 months we have seen membership across the churches of Cornerstone Collective increase, counteracting the small decline in member numbers in the previous financial year (resulting from leadership turbulence in one church). Member numbers in the 2022-2023 year were 230, in 2023-2024 they were 222 and in 2024-2025 they have increase to 238. 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 continued to strengthen and although they are not run by Cornerstone Collective 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), and at Cornerstone Wirral, 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. The leaders involved in the youth ministry are planning a Cornerstone Collective Youth Camp for October 2025 with all young people invited from across the churches and this is a real encouragement – to be in a position to run a camp ourselves is something to be celebrated as it shows a real growth in young people numbers. In addition to these Bible-based settings we also run parent/carer 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, including the attendees – this also contributes to the fulfilment of our 2[nd] charitable objective.

2. Food Pantry

The Hope Fridge Food Pantry has continued to be a valuable service in the Kensington community of Liverpool. With an average client number of 40-50 per week, and with around half of them also staying at Hope Church for a Hope Fridge Community Lunch afterwards, the impact on people who use the service is hugely tangible. There has been a noticeable increase in client numbers in recent months, attributed to two other local food banks ceasing their operations due to a lack of funding.

As a result of people attending Hope Fridge, there have also been a number of people who have attended church services and courses to find out more about Christianity as a result of their connection, further evidencing the need for this activity, as well as demonstrating how it contributes to meeting the charitable objects of Cornerstone Collective.

Hope Fridge continues to operate one morning per week as that is what is viable financially for us currently, but there are plans in motion for a separate CIO to be established for Hope Fridge to function as part of, with the new CIO (Love Liverpool) focusing on a range of social justice initiatives as it gets established over time. This will hopefully happen during the new financial year, increasing the possibility of Hope Fridge increasing its hours/days of operation. The new CIO will be set up to remain closely connected to Cornerstone Collective so the work of both organisations can be supportive and complementary.

Page 3

3. Theological Training

The main way in which the training aspect of the charitable objects has been executed over the past 12 months has been through the establishment of Grimké Europe as a Theological Training college operated as a project of Cornerstone Collective. This has been borne out through a partnership with an existing training provide called Grimké Seminary, which is based in the USA.

The first cohort of students in September 2024 numbered 8, with them embarking on a 3-year theological training journey to prepare them for pastoral ministry in a practical, local church context. The first year ran very smoothly, in part a result of the support and input from the US Grimké Seminary staff, and the number enrolled for the second academic year, beginning in September 2025, is now 13, indicating a positive trajectory for this project.

On a more relational level, Cornerstone Collective has also continued its gathering of leaders of churches from across Merseyside 3 times over the past year, offering time together for relational benefit, but also with time for lunch and teaching afterwards.

A larger scale training event took place in June 2025, with a ‘Pastor’s Gathering’ spanning three days that incorporated a range of teaching sessions, as well as significant time for support and building one another up in the ministry work being undertaken by those who attended. This was a joint event with a church from Newport in South Wales, but hosted in Liverpool, further establishing the importance Cornerstone Collective places on training people for Gospel work across the region and the UK.

Financial Review

On a hugely positively note, our churches and organisation ended the financial year on 31[st] July 2025 with a substantial financial surplus in our ‘General’ fund (our 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 the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. Select suitable accounting policies and applying them consistently

  2. Observe the methods and principles in the Charities SORP

  3. Make judgements and estimates that are reasonable and prudent

  4. State whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts

  5. Preparing the financial statements on a ‘going concern’ basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that 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 Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.

Financially, 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 operationally, with some areas of growth noted as well. All of this allows the functioning of the Collective and its churches to continue to move forward in their work.

Remedial work has continued on the building used by Cornerstone Church Liverpool, this past year focusing on tackling extensive dry rot in multiple locations of the building, rear hall roof areas repairs and upgrading of the toilets across the church. These remedial works have been slow, frustrating and expensive at times, but we are

Page 4

so blessed to be in a position financially to be able to undertake this next tranche of work. The majority of the funds we are working with now have come from internal fundraising from the Cornerstone Liverpool congregation, but we are also incredibly grateful to Veolia Environmental Trust for their generous grant for the toilets work.

Our other owned property, Cornerstone Church Wirral, has also had investment in its building this year, with a range of grants contributing towards the cost of structural repairs to the back wall of the rear hall of the building. The repairs were urgent in nature, and we are again so thankful for the funders who have supported the church activities in this practical way.

Both church buildings are in need of further remedial and renovation work in the coming years, so fundraising plans for both churches are in place and being worked out and extended as a priority area.

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 £22,960.89 (between 1 August 2024 and 31 July 2025) in grants and donations to keep it running each week.

Linked to Hope Church is a role established through a partnership with The Message Trust, who provided a diminishing contribution towards the employment costs of someone working at Hope Church to undertake work linked to the aims of both Cornerstone Collective and The Message Trust. The final contribution was received in August 2024, which meant that in February 2025 the role had to have its hours cut as we didn’t have the funds to support it, but by July we were delighted to have secured more funding to reinstate the role, this time on a full-time basis.

The launch of Grimké Europe has resulted in income restricted for use in the work of the theological training work, primarily as contributions towards salaries of two members of our staff who are leading on the project, alongside the costs involved in running two week-long ‘intensives’ of training at Cornerstone Liverpool, where all the students and staff gather for face to face training to supplement the online training undertaken throughout the rest of the year.

The final significant source of income worthy of note from 2024-2025 for the charity is from Frontline Church, Oklahoma. We have had a long-standing connection with this church, and as part of their twenty-year celebration as a church, they incredibly generously gave us $125,000. At their request, we have allocated £15,000 of this towards the role mentioned above that had been linked to The Message Trust historically, £20,000 towards the installation and upgrade of AV/Tech required at Cornerstone Liverpool (including, for example, the installation of functional Wi-Fi throughout the building) and the remainder into our Church Planting/Strengthening/Giving fund so that we have funds available to allocate to church planting, strengthening and training needs as they arise in the future.

As we move into the 2025-2026 financial year there are some additional financial considerations for us to plan for. Firstly, we have become visa sponsors for a family from the USA who have raised external financial support for us to employ them to work at Hope Church in a missionary context to support the work of the church there. We are therefore set to receive the funding to support their roles in 2025-2026 and this funding will be applied in our accounts as appropriate. Secondly, the building that Hope Church currently rents is being put up for sale by its current owners, so we are considering options available to us to enable an offer to purchase it to be made. And thirdly, we are planning a Collective-wide weekend festival in June 2026 which will incur significant costs, as well as ticket sales to support this. We have secured £20,000 from the Gospel Fruits Foundation to help with the start-up costs of this event, due to be received in March 2026, and with the various costs involved in an event such as this, we will need to ensure robust financial management of the event in our accounts.

Overall, the finances of the general functioning of the organisation have been managed well. The (general operating) expenditure of 2024-2025 was £606,503, with the income being £519,324, ending the financial year with a general operational surplus of £46,161 after fund transfers. Looking at the broader income and

Page 5

expenditure of the charity, and including all restricted funds received and expenditure from these, the income is significantly above expenditure, predominantly due to funds raised for the Cornerstone Liverpool building and the donation from Frontline OKC already mentioned. Budgets have been produced for the 2025-2026 financial year to ensure that all relevant donations we receive are used in accordance with Charity Law and to aid the charity to meet its charitable objectives.

Moving into 2025-2026, we are financially stable but are also acutely aware of the broader economic context of the UK, in which we function. Relatively recent historic rising inflation and interest rates may well impact the level of donations received by Cornerstone Collective of Churches, as well as the ongoing high price of gas and electricity is hitting the running costs of the churches. 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 actively increasing 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 distract 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 protection of His churches. The unrestricted surplus the charity was left with at the end of 2024-2025 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 so 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 Collective 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 aims, it is not unexpected that from time to time the Cornerstone Collective 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 £99,000 as of 31 July 2025 when including employer pension and NI contributions) in the bank as a financial reserve as a means to comply with the Code of Governance for Charities and IPC's (Guideline 6.3.1). This is incorporated into our contingency and general fund, which is identified clearly and reviewed regularly. Restricted funds are not considered, except to the extent that they are available to fund salary costs.

The level of unrestricted general cash reserves as of 31[st] July 2025 was around £100,000. After analysing existing funds, cash flow (with income from regular givers remaining broadly stable) and forecasting expenditure based on planned activities, Cornerstone Collective of Churches considered this to be an appropriate reserve at the end of the financial year. Although some of these funds are designated rather than unrestricted, some of the restricted funds (e.g. Hope Church Fund) are already, and can continue to 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 Collective 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:

  1. Fulfilling current obligations (bills and fixed operational costs)

Page 6

2. Payment of Staff Salaries

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 Collective 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 Collective), but it also reserves 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 Trustees 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 was approved by the trustees and signed on their behalf by:

M Newberry

M Newberry (Feb 1, 2026 22:16:12 GMT)

Matthew Newberry, Chair of Trustees

Date: Feb 1, 2026

Page 7

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

CORNERSTONE COLLECTIVE OF CHURCHES

('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 July 2025 on pages 9 to 21 following, which have been prepared on the basis of the accounting policies set out on pages 12 and 13.

Responsibilities and basis of report

As the charity’s trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

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

Independent examiner’s statement

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

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

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

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

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

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

Sarah Crispin Sarah Crispin (Feb 2, 2026 10:24:09 GMT)

Sarah Crispin ACA

Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Feb 2, 2026

Page 8

CORNERSTONE COLLECTIVE OF CHURCHES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Charitable activities
4
Other trading activities
5
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
501,612
1,250
17,992
-
520,854
606,820
606,820
(85,967)
134,558
48,592
860,366
908,958		 Restricted
Funds
£
451,201
12,315
1,000
-
464,516
165,936
165,936
298,580
(134,558)
164,021
108,324
272,346		 Total
Funds
2025
£
952,813
13,565
18,992
-
985,369
772,756
772,756
212,613
-
212,613
968,690
1,181,303		 Total
Funds
2024
£
621,638
39,700
18,860
5
680,203
673,936
673,936
6,267
-
6,267
962,423
968,690

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

All income and expenditure derive from continuing operations.

The notes on pages 12-20 form part of these accounts.

Page 9

CORNERSTONE COLLECTIVE OF CHURCHES

BALANCE SHEET

AS AT 31 JULY 2025

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
815,391
815,391
10,945
89,104
100,048
(6,481)
93,567
908,958
908,958
889,703
19,254
908,958
-
908,958		 Restricted
Funds
£
-
-
8,709
278,117
286,826
(14,481)
272,346
272,346
272,346
-
-
-
272,346
272,346		 Total
Funds
2025
£
815,391
815,391
19,654
367,221
386,875
(20,962)
365,912
1,181,303
1,181,303
889,703
19,254
908,957
272,346
1,181,303		 Total
Funds
2024
£
792,477
792,477
21,827
175,781
197,608
(21,395)
176,213
968,690
968,690
843,542
16,824
860,366
108,324
968,690

The financial statements were approved by the Board of Trustees and were signed on its behalf by: M Newberry M Newberry (Feb 1, 2026 22:16:12 GMT)

--------------------------------------Matthew Newberry

Feb 1, 2026 Date: _______

Charity number: 1152099

The notes on pages 12-20 form part of these accounts.

Page 10

CORNERSTONE COLLECTIVE OF CHURCHES

FOR THE YEAR ENDED 31 JULY 2025

CASH FLOW STATEMENT

Note
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
a
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
b
b
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and equivalents in the reporting period		 2025
£
343,915
(152,475)
(152,475)
191,440
175,781
367,221		 2024
£
107,076
(127,332)
(127,332)
(20,256)
196,037
175,781

Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities

Adjustments for:
Depreciation charges and provisions for impairment
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Note b: Analysis of cash and cash equivalents
Cash at bank with immediate access
Petty cash
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 2025
£
212,613
129,561
-
2,174
(433)
343,915
2025
£
367,211
10
367,221		 2024
£
6,267
98,110
130
(11,842)
14,411
107,076
2024
£
175,771
10
175,781

Page 11

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

1 Statutory Information

The charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

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

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

The previous year's results have been restated to reflect the correction of an error in a prior period. The results for 2024, which are comparatives quoted in these accounts, have been restated; details of the restatement are given in note 16.

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

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

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes:

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

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats including youth events and income received for seconded staff.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It includes income from hire of church rooms.

Other income includes gains arising from the disposal of tangible fixed assets.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

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

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

Page 12

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

2 Accounting Policies (cont.)

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

d) Fund accounting

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

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Freehold improvements Over 5 years Equipment & Fixtures Over 5 years

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

f) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are

recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation

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

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

3 Donations

ations
Donations of cash and similar
Donations in kind (note 3a)
Government grants
Other grants receivable
Income tax recoverable
ations in kind comprise:
Donated fixed assets		 Church
operations
557,036
-
23,389
203,488
109,381
893,294		 Food
pantry
21,833
-
-
883
245
22,961		 Theological
training
-
-
-
36,558
-
36,558		 2025
£
578,869
-
23,389
240,929
109,626
952,813
2025
£
-
-		 2024
£
441,067
34,819
21,805
47,810
76,136
621,638
2024
£
34,819
34,819

a Donations in kind comprise:

Donated fixed assets represents freehold improvement costs where the contractor was paid directly by the grant maker.

Page 13

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

4 Income from charitable activities

Church retreats, events and activities Contribution for seconded staff costs

5 Income from other trading activities

Room hire

2025
£
13,565
-
13,565
2025
£
18,992
18,992		 2024
£
9,039
30,660
39,700
2024
£
18,860
18,860

6 Charitable expenditure

Charitable expenditure
Incurred directly on activities
Staff costs
Premises costs
Pastoral & Ministry expenses
Training and conferences
Travel
Dovedale building project
Depreciation
Church planting
Other direct costs
Grants payable
Support costs
Office costs
Insurance
Governance		 Church
operations
353,655
58,866
16,415
39,042
29,965
5,611
129,561
6,096
5,467
14,080
21,102
8,139
4,940
692,940		 Food
pantry
6,813
3,250
-
-
-
-
-
-
25,229
-
25
-
123
35,439		 Theological
training
22,071
-
-
-
-
-
-
-
22,071
-
40
-
195
44,377		 Total
Charitable
Expenditure
2025
382,538
62,116
16,415
39,042
29,965
5,611
129,561
6,096
52,767
14,080
21,167
8,139
5,257
772,756
Incurred directly on activities
Staff costs
Premises costs
Pastoral & Ministry expenses
Training and conferences
Travel
Depreciation
Church planting
Other direct costs
Grants payable
Support costs
Office costs
Insurance
Legal and Professional Fees
Governance		 Church
operations
364,810
37,509
29,036
17,854
22,145
98,110
5,585
7,802
22,937
16,972
7,281
1,778
4,106
635,926		 Food
pantry
4,750
3,000
-
-
-
-
-
25,158
-
73
-
-
312
33,293		 Theological
training
-
-
-
-
-
-
-
4,689
-
5
-
-
22
4,717		 Total
Charitable
Expenditure
2024
369,560
40,509
29,036
17,854
22,145
98,110
5,585
37,649
22,937
17,050
7,281
1,778
4,440
673,936

Page 14

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

6 Charitable expenditure (cont.)

The fee payable to the independent examiner for preparing and examining the accounts was £5,184 (2024: £4,440); in addition the charity paid £1,756 (2024: £1,500) to Stewardship for payroll bureau and consultancy services.

c Grants payable

Institutions
£
Grants for UK and overseas mission
10,974
Grants for environmental & community support
557
11,531
The comparatives for the previous year are as follows:
Institutions
£
Grants for UK and overseas mission
15,408
Grants for the relief of poverty
6,472
21,880
The charity's principal grants to institutions comprised:
Fellowship of Independent Evangelical Churches (FIEC)
Acts 29
The Message Trust
OMF
The Church in Sweden
The Church Office
Valencia Communities Fund
Grants to institutions for less than £1,000 each
7
Gross wages and salaries
Social security
Pension costs
Other employment benefits
Analysis of staff costs, the cost of key management personnel and trustee remuneration		 Individuals
£
2,499
50
2,549
Individuals
£
1,057
-
1,057
2025
£
3,500
3,594
600
1,800
1,300
-
-
737
11,531
2025
£
329,418
23,369
19,765
1,229
373,782		 2025
£
13,473
607
14,080
2024
£
16,465
6,472
22,937
2024
£
2,400
7,128
1,200
1,900
1,200
1,500
6,472
80
21,880
2024
£
306,194
22,819
18,391
692
348,096

The average monthly number of employees during the year was 12 (2024: 11.5). Most of the charity's activities are carried out by volunteers

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

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

Employer
Wages &
Ex-gratia
pension
salaries
payments
contributions
Trustees:
S Robinson
55,947
-
3,357
A Wood
36,051
-
2,163
N Forsythe
38,040
-
2,282
Other members of key management
103,905
6,234		 2025
£
59,304
38,214
40,322
110,140
247,980

Page 15

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration (cont.)

The following amounts were payable in the previous year:

Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
S Robinson
42,058
-
2,523
A Wood
35,343
-
2,121
J Walsh
17,451
11,882
1,047
N Forsythe
31,134
-
1,868
Other members of key management
33,201
-
1,992		 2024
£
44,581
37,464
30,380
33,002
35,193
180,620

The above trustees served as church leaders and operational staff and received the above payments for serving in that capacity, not for serving as trustees; these payments are permitted by the charity's governing document.

Payroll costs included redundancy and termination payments totalling £nil (2024: £16,907) and comprise statutory payments and exgratia payments where this was considered appropriate. Redundancy and termination payments are charged when the liability or obligation arises.

8 Tangible fixed assets

Tangible fixed assets
Cost
At 1 August 2024
Additions
At 31 July 2025
Accumulated depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Freehold
Freehold
Property Improvements
£
£
545,000
435,701
-
142,297
545,000
577,999
83,600
169,046
10,900
115,600
94,500
284,646
450,500
293,352
461,400
266,655		 Assets
under
construction
£
62,883
-
62,883
-
-
-
62,883
62,883		 Fixtures,
fittings and
equipment
£
5,130
10,178
15,308
3,591
3,062
6,653
8,655
1,539		 Total
2025
£
1,048,714
152,475
1,201,189
256,237
129,561
385,799
815,391
792,477

Assets under construction represents expenditure spent on the future development of Dovedale Road. Depreciation will not be charged on this asset until the renovation work is complete. At the year end, £33,766 of work had been contracted for but not yet carried out.

9
Debtors: falling due within one year
Tax recoverable
Prepayments and accrued income
10
Cash at Bank and in Hand
Cash at bank with immediate access
Petty cash		 2025
£
8,422
11,232
19,654
2025
£
367,211
10
367,221		 2024
£
6,116
15,712
21,827
2024
£
175,771
10
175,781

Page 16

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

11 Creditors: liabilities falling due within one year

itors: liabilities falling due within one year
Trade creditors
Other creditors
Accruals		 2025
£
12,452
1,109
7,401
20,962		 2024
£
-
5,074
16,321
21,395

12 Pension commitments

During the year employer’s pension contributions totalling £19,765 (2024: £18,391) were payable to defined contribution personal pension schemes. No pension contributions were owing at the balance sheet date.

13 Funds

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

Designated Funds
Sabbatical Fund
Contingency Fund
Weekend away
Collective Youth Camp
Liverpool Building Maintenance Fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Staff Worker Funding
Dovedale Building fund
Church plant residency
Wirral Building Repair Fund
Hope Church Kensington
Hope Church Kensington - Food Pantry
Lark Lane Church plant
Cornerstone Wirral
Cornerstone Liverpool
Grimké Europe Project
Old Swan Church Plant
Collective Pastor's Network
Collective Festival
Room Hire Deposits
Aggregate of funds		 Opening
balance
2025
£
5,491
10,000
84
-
1,248
16,824
843,542
860,366
38
4,349
20,954
10
33,924
19,624
15,597
2,171
1,841
8,717
-
-
-
1,100
108,324
968,690		 Incoming
resources
2025
£
-
-
-
1,530
-
1,530
519,324
520,854
9,380
206,776
69,850
9,350
54,020
22,961
5,455
10,288
5,997
36,558
23,282
9,600
-
1,000
464,516
985,369		 Outgoing
resources
2025
£
(124)
-
-
(43)
(150)
(317)
(606,503)
(606,820)
(5,899)
(5,611)
(6,972)
(13,902)
(22,655)
(35,292)
(2,521)
(11,098)
(5,631)
(44,142)
(993)
(9,600)
(620)
(1,000)
(165,936)
(772,756)		 Transfers
in the year
2025
£
2,400
-
(84)
-
(1,098)
1,218
133,341
134,558
-
(148,077)
10,000
7,800
(4,365)
-
-
-
84
-
-
-
-
-
(134,558)
-		 Closing
balance
2025
£
7,768
10,000
-
1,487
-
19,254
889,703
908,958
3,519
57,436
93,831
3,258
60,924
7,294
18,531
1,361
2,291
1,132
22,288
-
(620)
1,100
272,346
1,181,303

The transfers referred to above were made for the following reasons:

a) From general funds to the designated Sabbatical Fund to set money aside for this purpose.

b) From Dovedale Building Fund to General Fund to recognise capitalised expenditure on the Dovedale building.

c) From General to the Wirral Building Repairs and Church Plant Residency restricted funds to contribute to expenditure in these areas. d) From Liverpool Building Maintenance designated fund to the Dovedale Building fund for work done on the Dovedale building project. e) From Hope Church Kensington to General funds to contributed to Hope Church Kensington costs paid from general funds.

Page 17

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

13 Funds (cont.)

Analysis of net assets by fund

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

ysis of net assets by fund
assets and liabilities of the various funds were as follows:
Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
815,391
-
10,945
-
69,725
19,378
(6,358)
(124)
889,703
19,254
Unrestricted Funds		 Restricted
funds
£
-
8,709
278,117
(14,481)
272,346		 2025
£
815,391
19,654
367,221
(20,962)
1,181,303

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

Designated Funds
Sabbatical Fund
Contingency Fund
Weekend away
Liverpool Building Maintenance Fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Staff Worker Funding
Dovedale Building fund
Church plant residency
Wirral Building Repair Fund
Hope Church Kensington
Hope Church Kensington - Food Pantry
Lark Lane Church plant
Cornerstone Wirral
Cornerstone Liverpool
Crosslands Fund
Acts 29 Fund
Room Hire Deposits
Little Pebbles Liverpool
Grimké Europe Project
Aggregate of funds		 Opening
balance
2024
£
3,091
10,000
84
-
13,176
801,717
814,893
1,250
45,052
28,191
-
46,534
4,803
9,238
11,002
-
12
-
1,200
248
-
147,530
962,423		 Incoming
resources
2024
£
-
-
195
-
195
484,547
484,742
3,125
58,282
905
-
34,340
47,730
7,377
5,533
7,289
-
27,254
-
220
3,406
195,461
680,203		 Outgoing
resources
2024
£
-
-
(195)
(1,152)
(1,347)
(525,739)
(527,086)
(4,350)
(6,472)
(8,142)
(2,990)
(38,646)
(32,908)
(1,018)
(14,363)
(5,426)
-
(27,254)
(100)
(489)
(4,689)
(146,850)
(673,936)		 Transfers
in the year
2024
£
2,400
-
-
2,400
4,800
83,017
87,817
13
(92,513)
(0)
3,000
(8,304)
-
-
-
(21)
(13)
-
-
21
10,000
(87,817)
-		 Closing
balance
2024
£
5,491
10,000
84
1,248
16,824
843,542
860,366
38
4,349
20,954
10
33,924
19,624
15,597
2,171
1,841
(0)
-
1,100
0
8,717
108,324
968,690

Page 18

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

13 Funds (cont.)

Analysis of net assets by fund

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

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
792,477
-
12,114
-
52,627
16,824
(13,676)
-
843,542
16,824
Unrestricted Funds		 Restricted
funds
£
-
9,713
106,330
(7,719)
108,324		 2024
£
792,477
21,827
175,781
(21,395)
968,690

Designated Funds

The Sabbatical Fund is an unrestricted fund designated by the Trustees to allow for future expenditure on a planned sabbatical for the church leaders.

The Contingency Fund is an unrestricted fund designated by the Trustees to allow for future unexpected expenditure. The Weekend away fund relates to income & expenditure for the Bolder youth weekend away. The Collective Youth Camp is a designated fund set up to handle the income and expenditure associated with running an annual youth camp for young people in the Cornerstone Collective churches.

Restricted Funds

The Staff Worker Fund is a restricted fund held to receive funds for salary and training payments.

The Dovedale Building Fund is a restricted fund created to receive and manage the funds raised for the future purchase and renovation of a building for church use. In 2021 Ramilies Road Hall Trust donated the proceeds from the sale of their building to the The Church Plant Residency Fund is a restricted fund created to help finance individuals to train as part of Cornerstone Collective of Churches Church Plant Residency training programme.

The Wirral Building Repair Fund is a restricted fund created to receive and manage funds raised for repairs & maintenance of the church building used by Cornerstone Wirral.

The Hope Church Kensington Fund is made up of several restricted funds created to hold various donations for projects out of Hope Church.

The Liberti Church Outreach Fund is a restricted fund created to fund evangelistic/outreach work from Liberti Church.

The Cornerstone Wirral Fund is a restricted fund created to hold various donations to Cornerstone Wirral with specific restrictions. The Cornerstone Liverpool Fund is a restricted fund for donations specifically to be used by Cornerstone Liverpool church. The Grimké Europe Project is a restricted fund for a partnership with Grimké seminary in US to provide training.

The Old Swan Church Plant is a restricted fund set up to facilitate the income and expenditure restricted for use in planting a church in the Old Swan area of Liverpool - at the time of reporting, this is still in the planning stage.

The Collective Pastor's Network is a fund to hold finances restricted for use in establishing a pastor's network where relational support and training is provided to pastor's involved in the group.

The Collective Festival is a fund set up to manage income and expenditure related to running a Collective festival weekend every

Page 19

CORNERSTONE COLLECTIVE OF CHURCHES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

14 Transactions with related parties During the year the charity:

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

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

15 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

16 Reconciliation with previously reported funds

During the year the charity identified a material error in the results reported previously relating to donations in kind. Stock purchased by the charity for the Hope Fridge had also been included as donations in kind using an estimated value based on weight. The comparatives presented in these accounts have been re-stated so that they reflect a correction of the error and a reconciliation with the reserves and results reported previously follows:

Reconciliation of reserves

onciliation of reserves
Previously reported reserves, at 31 December
Adjustments arising from correction of an error in the previous period:
Donations in kind stock written off
Re-stated reserves, at 31 December		 2024
£
970,421
(1,731)
-
-
968,690

Reconciliation of results

Previously reported results
Adjustments arising from the correction of an error in the previous period:
reduction in income - donations in kind
reduction in expenditure - donations in kind expensed
write off stock
Re-stated results		 2024
£
7,998
(26,545)
24,944
(130)
6,267

Page 20

CORNERSTONE COLLECTIVE OF CHURCHES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 JULY 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Charitable activities
4
Other trading activities
5
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
Designated
2025
2025
£
£
501,332
280
-
1,250
17,992
-
-
-
519,324
1,530
606,503
317
606,503
317
-
-
(87,179)
1,213
133,341
1,218
46,161
2,431
843,542
16,824
889,703
19,254
Unrestricted funds		 Restricted
2025
£
451,201
12,315
1,000
-
464,516
165,936
165,936
-
298,580
(134,558)
164,021
108,324
272,346		 Total
2025
£
952,813
13,565
18,992
-
985,369
772,756
772,756
-
212,613
-
212,613
968,690
1,181,303		 General
Designated
2024
2024
£
£
465,682
-
0
195
18,860
-
5
-
484,547
195
525,739
1,347
525,739
1,347
-
(41,192)
(1,152)
83,017
4,800
41,825
3,648
801,717
13,176
843,542
16,824
Unrestricted funds		 Restricted
2024
£
155,956
39,505
-
-
195,461
146,850
146,850
48,611
(87,817)
(39,206)
147,530
108,324		 Total
2024
£
621,638
39,700
18,860
5
680,203
673,936
673,936
-
6,267
-
6,267
962,423
968,690

Page 21