REGISTERED CHARITY NUMBER: 1169145 REPORT OF THETRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE CORNERSTONES FOUNDATION Rushtons Chartered Accountants Shornck HSe l Faraday Court FUTr00d Preston Lanc2shire PR2 9NB lJ7HqyI .
THE CORNERSTONES FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Rewt of the Tru8t8es Independent Examlnerfs Report Statement of Flnanclal Aetlvltle8 Balance Sheet Mot•s to the FinanGial Statoments 7 to 11
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report with the finsncial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Repcfting by Charities: Statement of Recommended Prac11 applicable to charities preparing Ihelr accounts in accordance wlth the Financial Reporting Stsndard applicable In the UK and Republic of Ireland {FRS 102) (effecti 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 overliew of Wrk that has been achieved over the past 12 monihs, and further work that is underway to progress the charity's objects and to provide an update on ils financlal position. OBJECTIVES AND ACTMTIES Objocllvas and aims The Cornerstones Foundation's tsrget cohort is children and young people looked after, those that are In the 'care' of the local authorty, with a specific focus on faalitating and supporting Ihelr transition from education to employmenL It also reaches out lo youThJ people leaving care. The charitls principal aclivities during the year continue lo be to relieve children and young people who have experience of the social care system by the provision of supporl, advice, resources, asslstance (financial or olherwlse), grants, programmes and other activities to advance educatlon, improve prospects for employment, pnimote the social inclusion amory these beneficiaries who are excluded from society, or parts of society, due to their social or economic position. Develop their capaaty and skills in such a way that they are better able to identify and help meet their needs. Public benefit The Trustees Work to develop the long term strategy, together with operating plans to athieve the aims. to provlde stralegic direction and to set out where it plans to carry out actk)ns and allocate resources to ad)leve Its vision and deliver Its strateglc goals, wlth due consideration to the general guidance on public benefit required by the Charity Commisslon. Page 1
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Review of current activlty During 2024r25, activity to dellver Ihe aims of the charity has continued and the fouJs of The Comerstones Foundation during the period 1 April 2024 to 31 Marth 2025 has been to o)nlinue Ihe partnership work with Liverpool Jthn Moores Untversity (LJMU) 10 5UPPOrt care experienced young people who wanted to study for a universlty degree. As an output of fts 2019 report, LJMU establishad a Care Leavers Covenant and Is working to facilitale and support care leavers progressing through LJMU, providing a bursary of £1,500 to help Iliing expenses etc. A key objective of thls is to provide opportunities for local care leavers to access HEIFE quallficalions by provldlng thls type of financlal supporL Without an establÈshed and managed funding stream, potentlal future students who are care leavers may be disincentivlsed to apply for a university pla. thus preventing 8 young care leaver from achieving this ambition. By enabling a Ca leaver to obtain an accredited qualificatlon(s), this coul(J provide a springboard to enable a care leaver lo secure long-terni employment which is proven to significantly reduce the risk tsctors for impaired Ilfe chences of care experienced young people (economic dependency on the state, poor physical and mental health outcomes and family breakdown when they beme parents thernselves). The charity Is now explorlng all and any fundralslngldonor opportunities in order to make adequate financial resources avallable to Ihe partnershlp. Given the charity does not employ people to deliver Seices, safeguarding protocols and access to care experienced young people by anolher agency other than the corporate parent - i.e.. The local authority, rneans our focus remains on those aged 18+ for the foreseeable fvture in the fomi of the 'Leslie Millar Scholarship Award, for care experienced undergraduates who are identified and supported by staff and student welfare officers at Llverpool John Moores University. The charity has very forlunate Ihat its Board of Truslees comprises individuals with strong links to a number of large companies and the wider business neiwork. However, there have been several TNstees who hav8 stepped down in the past years because of work and family commltments and relo(xting to other parts of the UK. The current Board of Trustees as at December 2025 numbers only four members. The Board is now seekSng to recruit new care experienced Trustees vtho will lead the ce[stones Foundation's work In the future and provlde a me 'age relatsble, face to the charity as it seeks to engage support and aclive volunteering from those ryth 8 care experIend background. Consultations are planned with colleges and other universities in the region and with undergraduates and post graduates to dlscem how the Comerstones Foundation best seN8s tha beneficiaries for who It was founded: young people transitionSng from the care system to independent living. fijrlher education, training, employment and active citizenship withln thelr communities. FINANCIAL REVIEW Financlal posltlon The results for the year are set out In the Statement of Financial Activiti8s. There were no donations recelved during the year end no fundraislng events took place. As a resull income for the year was nil. Consequently, expenditijre was kept to a minimum to cover support and governance costs and totalled £446. The overall results show a deficit of £446 for the year and a net asset position of £24,890 at the year end. Page 2
THE CORNERSTONES FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Resorve5 policy The Trustees regularly review the finanS, budgets and spend as part of the effective stewardship of the charity. The Trustees are comfortable with the fre8 reseNes position of the charity and adopt a pc4icy of matching expenditure with income lo ensure cash flow needs are met. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its goveming document, a deed of trust and constitutes a charitable incorporated organisalion as defined by the Charities Act 2011. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charfty number 1169145 Principal address 54 St James Street Liverpool Merseyside L1 OAB Trustees M Magee S R8ddy (resigned 20.12.25) E Carey (resigned 11.12.25) TLWd G Mllkr P T Hughes Registered C¢)mpany 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 slgned on its T Lloyd - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CORNERSTONES FOUNDATION Independent examlnerfs report to the trustees of The Comerstones Foundation I report to the charity trustees on my examination of the acUnts of The Comerstones Foundation (the Trust) for the year ended 31 Marth 2025. Responsibilities and basis of report As the charity trustees of Ihe Trust you are resporbsible for Ihe preparation of the accounts In accordance with the requirernents of Ihe Charities Act 2011 Cihe Act,). I report in respect of my examination of the Trust's acGounts carried out under Section 145 of the Act and in rryIng out my examination I have followed 811 applicable Directions given by th8 Charity Commission under Section 145(5)(b) of the Act. Independent examln8fs statoment I have completed my examination. I confimi that no mater181 matters have come to my attention in connectlon wlth the 8xamlnatM)n giving me cause to belleve that In any material respect: accounting records were not kepl in respect of the Trust as required by Section 130 of the the accounts do not accord with those records" or the a(unts do not comply with the applicable requirements conceming the forni 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 examinab'on. I have no concerns and have corne across no other matters in connection with Ihe examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. ftc• Adam Calvert ACA Rushtons Charter8d Accountants Shorrod( House 1 Faraday Court Fulwood Preston Lancashire PR2 9NB Date: .. Page 4
THE CORNERSTONES FOUNDATION STATEMENT OF FINANCIAL ACTNMES FOR THE YEAR ENDED 31 MARCH 2025 2025 Totsl funds 2024 Totsi funds Unrestrided Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 23,962 Other trading aclivities Total 43,962 EXPENDITURE ON Raislng funds 1,446 1,446 1,666 Charftable aclivitie8 ADHD Foundation Neurodlv8rC Training Academy Liverpool John Moore Liverpool City Coundl's Leaving Care Team (1,000) (1,000) 45,000 3.287 Total 49,953 NEf INCOMEI(EXPENDITURE) (446) (446) (5,991) RECONCIUATION OF FUNDS Total funds broughl forward 25,336 25,336 31,327 TOTAL FUNDS CARRIED FORWARD 24,890 24.890 25.336 The notes fonn part of these financial slatements Page 5
Tdal Cash atba 25.ra) 2&236 NEf CURRwfASSET8 24.890 24.890 24.890 25.336 FUNDS 24.890 25m6 IL
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basls of preparing th• financlal ststements The financial statements of th8 charity, whith is a public benefit entity under FRS 102, hav8 been prepared in ardance with the Charities SORP (FRS 102) '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),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charlties Act 2011. The financial statements have been prepared under the historical cost convention. Monetsry amounts In these financial statements are rounded to the nearest £. Income All income is recognised in the Statement of Financial Aclivilies once the charity has entillement to the funds, it is probable Ihat the income will be received and Ihe amount can be measured rèllably. Expenditure Liabilities are recognlsed as expenditure as soon as there is a legal or construdive obligatv committing the charity lo that expendlture, it is probable that a transf8r of economic beneffts 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. Where costs cannot be directly atmbuted to particular headings they have been allocated to activities on a basis consistent with the use of reSoUrs. Taxatlon The charlty is exempt from tsx on its tharitable actlvities. Fund accounting Unrestricted funds can be used in accordance with the charitable objedives at the discretion of the trustees. Restricted funds can only be used for particular restrlcted purposes wlthln the objects of the charity. Restrictions arise en specified by the dcmor 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 7 conlnued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 OTHER TRADING ACTIVITIES 2025 2024 Fundraising events 20,000 RAISING FUND8 Ralslng donatlons and legacias 2025 2024 Fundraising events Support costs (1) 1,667 1,445 1,446 1,666 INDEPENDENT EXAMINERS REMUNERATION 2025 2024 Independent examiners remuneration 1.120 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other benefits foT the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expensès There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted Restricted fund fund Tolal funds INCOME AND ENDOWMENTS FROM Donations and legad85 3,962 20,000 23.962 Other trading activities 20,000 20,000 Total 23,962 20,000 43,962 EXPENDITURE ON Ralslng funds 1,666 1,666 Charitable activities Liverpool John Moore Liverpool City Council's Leaving Care Team 45,000 45,000 3.287 3.287 Pag8 8 continued..
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unresth'cted Restricted fund fund Total funds Totsl 4,953 45,000 49,953 NET INCOMEI{EXPENDITURE) 19,009 (25,OOD) (5,991) RECONCILIATION OF FUNDS Total funds brought fomard 6.327 25,000 31,327 TOTAL FUNDS CARRIED FORWARD 25,336 25,336 CREDITORS.. AMOUNTS FALLING DUE WH1N ONE YEAR 2025 2024 other creditors 900 900 MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestrlcted funds General fund 25.336 (446) 24,890 TOTAL FUNDS 25,336 (446) 24,890 Net movement in funds, Induded in the above are as follows: Incomlng Resources Movement resour expended In funds Unrestrlcted fvnds General fund {446) (446) TOTAL FUNDS (446) (446) Page 9 contlnued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT IN FUNDS - continued C(xnparatlves for movement in fvnds 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 Universty Leslie Millar Fund 25,000 (25,000) TOTAL FUNDS 31,327 (5,991) 25,336 Comparative net movement in funds, included in the above are as follows.. Incoming Resources Movement Tesources expended in funds Unre8tri¢ied funds General fund 23,962 {4,953) 19,IX19 Restricted funds Liverpool John Moore University Leslie Millar Fund 20.000 (45,000) (25,000) TOTAL FUNDS 43,962 (49,953) (5,991) Unrnstrlcted fund3 The general fund is the free reserves of the charfty. Reslricted funds The Liverpool John Moore University Lesley Millar fund is monles received to support a project with Liverpool John Moore University for the Care Leavers Covenant project to support the transition to higherlfurther education. Page 10 continued...
THE CORNERSTONES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THEYEAR ENDED 31 MARCH 2025 RELATED PARTY DISCLOSURES There were no related party transactions for Ihe year ended 31 March 2025. Page11