REGISTERED CHARITY NUMBER: 1169145 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE CORNERSTONES FOUNDATION Rushtons Chartered Accountants Shorrock House 1 Faraday Court Fulwood Preston Lancashire PR2 9NB
THE CORNERSTONES FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 12
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). Purpose of the report The purpose of this document is to set out the current position of the Cornerstones Foundation and to provide an overview of work that has been achieved over the past 12 months, and further work that is underway to progress the charity's objects and to provide an update on its financial position. OBJECTIVES AND ACTIVITIES Objectives and alm8 The Comerstones Foundation's target cohort is children and young people looked after, those that are in the 'care' of the local authority, with a specific focus on facilitating and supporting their transition from education to employment. It also reaches out to young people leaving care. The charity's principal activities during the year continue to be to relieve children and young people who have experience of the social care system by the provision of support, advice, resources, assistance (financial or otherwise), grants, programmes and other activities to advance education. improve prospects for employrnent, promote the social inclusion among these beneficiaries who are excluded from society, or parts of society, due to their social or economic position. Develop their capacity and skills in such a way that they are better able to identity and help meet their needs. Public benefil The Trustees work to develop the long term strategy, together with operatlng plans to achieve the aims, to provide strategic direction and to set out where it plans to carry out actions and allocate resources to achieve its vision and deliver ils strategic goals, with due consideration to the general guidance on public benefit required by the Charity Commission. Page 1
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Revlew of current activlty During 2023124. activity to deliver the aims of the charity has continued and the focus of The Comerstones Foundation during the period 1 April 2023 to 31 March 2024 has been to progress work with Liverpool John Moores University (LJMU). Having heard about the work of the Cornerstones Foundation, a member of the senior leadership at LJMU approached a trustee of The Cornerstones Foundation in Quarter 4 2022123 to explore the possibility of a partnership arrangement with the charity, that would build on the University's existing work with those who are care leavers or have at som8 Stage in lif8 hav& experienced th8 care system. As an output of its 2019 report, LJMU established a Care Leavers Covenant and is working to facilitate and support care leavers progressing through LJMU, providing a bursary of £1,500 to help with living expenses etG. A key objective of this work is to provide opportunities for local care leavers to acss HEIFE qualifications by providing this type of financial support. Without an established and managed funding stream, potential future students who are care leavers may be disincentivised to apply for a university place, thus preventing a young care leaver from achieving this ambition. By enabling a care leaver to obtain an accredited qualification(s), this could provide a springboard to enable a care leaver to secure long-terrn employment. Given the synergies between the objectives of The Cornerstones Foundation and whal the University is seeking to establish through thls project, the Board of Trustees approved this initiative in December 2022. Although it was not anticipated that the demand initially would be high, an initial and evaluated 'proof of concept, phase could provide evidence take-up, financial management of the bursary, the effectiveness of th8 project and the impact on the care leavers. Once approved by the Board of Trustees and agreed wlth LJMU, it became incumbent on the charily to quickly explore all and any fundraisingldonor opportunities in order to make adequate financlal resources available to the project. The charity is very fortunate that its Board of Trustees comprises individuals with strong links to a number of large companies and the wider business network. With the thanks of a number of key people, and the support of the Board, the General Manager of Hilton Liverpool (who is also a trustee of The Comerstones Foundation ) very generously offered the facilities of the hotel to host 'The Cornerstones Foundation Star Ball, in July 2023. This was supported by the wider Board of Trustees who also contributed in various ways to ensure the event went ahead. Approximately 250 guests from all sectors attended the event, hosted by The Cornerstones Foundation, The event was co-presented with another charity, the NSPCC, which has a similar focus to support children and young people who are at risk and in need. The Star Ball raised £20,000 for The Cornerstones Foundation. Al around the same time, a substantial legacy was bequ8athed to a member of the Board of Trustees by his brother, who had reGently passed away. The trustee proposed to the Board Ihat a donation of £45,000 is to be made to The Cornerstones Foundation to conlribute to the funding for Ihe LJMU project that would include a scholarship, 'The Cornerstones Foundation Leslie Millar Scholarship,. This too was approved by the Board of Trustees and subsequently with LJMU. Page 2
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Since the donation was made, LJMU is already putting this funding to work. In October 2024, at a LJMU care leavers event, the care leavers project was launched as a direct result of the financial support provided through The Cornerstones Foundation and the legacy donation, This work will continue and it is hoped that more students will benefit from the project, to enable the successful transition from care leaver to student in order for young local care leavers to realise th8ir educational aspirations. The effectiveness of this projecl will continue to be reviewed and evaluated in conjunction with The Comerstones Foundation and LJMU. Over the past six months or so, there have also been some changes to the Board of Trustees. One of the Trustees resigned from the Board earlier in the year. This was due to the increased demands of his full-time job role which requires him to travel extensively both nationally and internationally. and therefore made it very difficult for him to commit to attending Board meetings. He has, however, offered his continued support the charity in a more general capacity, by promoting the work of The Cornerstones Foundation and introducing CSRIDEI contacts in companles to the work of The Cornerstones Foundation. The Board will also continue to work to seGure new Truste8S to Joln the charity. FINANCIAL REVIEW Flnanclal position The results for the year are set out in the Statement of Financial Activities. As a result of fundraising activities and donations recelved, £43,962 was raised during 2023124. Work to secure further donations and to increase fundraising activity will continue in 2024. The overall results show a deficit of £5,992 and a net asset position of £25,336 at the year end. Reserves policy The Trustees regularly review the finances, budgets and spend as part of the effective stewardship of the charity. The Trustees are comfortable with the free reserves position of the charity and adopt a policy of matching expenditure with income to ensure cash flow needs are met. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust and constitutes a charitable Incorporated organisation as defined by the Charities Act 2011. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1169145 Principal address 54 St James Street Liverpool Merseyside L1 OAB Page 3
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees M Magee S Reddy R J Ross-williams (resigned 7.6.23) E Carey J Shaw (resigned 13.2.24} T Lloyd J Woodcock (resigned 19.5.23) G Millar P T Hughes Registered Company number CE008774 (England and Wales) Independent Examiner Rushtons Chartered Accountants Shorrock House 1 Faraday Court Fulwood Preston Lancashire PR2 9NB Approved by order of the board of trustees on behalf by: and signed on its T Lloyd - Trustee IpiLIN Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CORNERSTONES FOUNDATION Independent examiner's report to the trustees of The Cornerstones Foundation I report to the charity trustees on my examination of the accounts of The Cornerstones Foundation (the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of Ihe Trust you are responsible for the preparation of the accounts in accordanc8 Wlth the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination, I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or the accounts do not accord with those records., or 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. Adam Calvert ACA Rushtons Chartered Accountants Shorrock House 1 Faraday Court Fulwood Preston Lancashire PR2 9NB Date: .................. Page 5
THE CORNERSTONES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3,963 20.000 23,963 26,109 Other trading activities 20,000 20,000 Total 23,963 20,000 43,963 26,109 EXPENDITURE ON Raising funds 1,667 1,667 1.886 Charitable activities ADHD Foundation Neurodivercity Training Academy Liverpool John Moore Liverpool City Council's Leaving Care Team 7,500 45,000 45,000 3,287 3,287 Total 4,954 45,000 49,954 9,386 NET INCOMEI{EXPENDITURE) 19,009 (25,000) (5,991) 16,723 RECONCILIATION OF FUNDS Total funds brought foward 6,327 25,000 31,327 14,604 TOTAL FUNDS CARRIED FORWARD 25,336 25,336 31,327 The notes form part of these financial statements Page 6
THE CORNERSTONES FOUNDATION BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds UnrestriGted Restricted fund fund Notes CURRENT ASSETS Cash al bank 26,236 26,236 32,007 CREDITORS Amounts falling due within one year (900) (900) {680) NET CURRENT ASSETS 25,336 25,336 31.327 TOTAL ASSETS LESS CURRENT LIABILITIES 25,336 25,336 31,327 NET ASSETS 25,336 25,336 31,327 FUNDS Unrestricted funds Restricted funds 25,336 6,327 25,000 TOTAL FUNDS 25,336 31,327 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. T Lloyd - Trustee The notes form part of these financial stalements Page 7
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing th8 financial statements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Monetary amounts in these financial statements are rounded to the nearest £. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Cost related to the category. Wher8 Costs cannot be directly attributed to particular headings th8y have b8en allocated to activitles on a basis consistent with the use of resourc8S. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at th8 discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 8 continued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Fundraising events 20,000 RAISING FUNDS Raising donations and legacies 2024 2023 Fundraising events Support costs 665 1,221 1,667 1,667 1,886 INDEPENDENT EXAMINERS REMUNERATION 2024 2023 Independent examiners remuneration 1,120 674 TRUSTEES. REMUNERATION AND BENEFITS There wore no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023, Trustees, expenses There were no trustees, expenses pald for the year ended 31 March 2024 nor for the year 8nded 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1,109 25,000 26,109 EXPENDITURE ON Raising funds 1,886 1,886 Charitable activitles ADHD Foundation Neurodivercity Training Academy 7,500 7.500 Total 9.386 9,386 NET INCOMEI(EXPENDITURE) (8,277) 25,000 16,723 Page 9 continued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- conlinued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted fund fund Total funds RECONCILIATION OF FUNDS Total funds brought forward 14,604 14,604 TOTAL FUNDS CARRIED FORWARD 6,327 25,000 31,327 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 900 680 MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 6,327 19,009 25,336 Restricted funds Liverpool John Moore University Leslie Millar Fund 25,000 (25,000) TOTAL FUNDS 31,327 (5,991) 25,336 Net movement in funds, included in the above are as follows: Incoming resources Resources Movement expended in funds Unrestricted funds General fund 23,963 {4,954) 19,009 Restricted funds Liverpool John Moore University Leslie Millar Fund 20,000 (45,000} {25,000) TOTAL FUNDS 43,963 (49,954} {5,991) Page 10 continued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 14,604 (8,277) 6,327 Restricted funds Liverpool John Moore University Leslie Millar Fund 25,000 25,000 TOTAL FUNDS 14,604 16,723 31,327 Comparative net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 1,109 (9,386) (8,277) Restrlcted funds Liverpool John Moore University Leslie Millar Fund 25,000 25,000 TOTAL FUNDS 26,109 (9,386) 16,723 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestrlcted funds General fund 14,604 10,732 25,336 TOTAL FUNDS 14,604 10,732 25,336 Page 11 continued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 25,072 (14,340) 10,732 Restricted funds Liverpool John Moore Unlversity Leslie Millar Fund 45,000 (45,000) TOTAL FUNDS 70,072 (59,340) 10,732 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024, Page 12