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# **CORNERSTONE FELLOWSHIP INTERNATIONAL(UK)**
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# **ANNUAL REPORT AND ACCOUNTS**
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**YEAR ENDING 31 MARCH 2024**
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## **CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **CONTENTS**
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|Charity Information|3|
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|Trustees’ Report|4|
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|Accountants' Report|6|
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|Income & Expenditure Statement|7|
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|Financial Position Statement
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|Notes to the Accounts
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## **CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024**
## **Trustees**
Sarita Chitapa Todd Nyamhunga Weavorce Marira Loveness Batwell
**Charity Number:** 1172892
## **Registered Office**
23 Callaghan Drive Tividale Oldbury B69 3NG
## **Accountants**
Fortune Tax Accountants Ltd Derwent House 42-46 Waterloo Road Wolverhampton WV1 4XB
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**CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **Trustees Annual report for the year ended 31 MARCH 2024**
The trustees present their Annual Report and financial statements for 2023/24
## **Structure, Governance and Management**
The charity is governed by an Approved Governing Document, commonly known as the constitution.
## **Relationships with Related Parties**
Cornerstone Fellowship International UK is part of a wider international network of churches under the Cornerstone Fellowship International banner.
## **Objectives and Activities**
The principal objective of Cornerstone Fellowship International UK is to advance the Christian faith for the public benefit in accordance with the statement of beliefs of the Church.
## **Main Activities**
To achieve our objectives, the Church provides a variety of activities both to its membership and to the wider community:
1. **Regular Worship Services:** Held every Sunday from 2:00 to 4:00 PM.
2. **Youth Programs:** Weekly sessions to build a safe and positive community for young people. 3. **Bible Studies and Prayer Meetings:** Conducted every Wednesday and Friday for corporate worship and education.
4. **Ladies’ Ministry:** Weekly Tuesday meetings for Bible study and prayer.
5. **Children’s Ministry:** Support during services and school holidays to nurture spiritual growth and civic responsibility.
6. **Teenage Mentorship:** Programs to assist in the transition from childhood to adolescence.
7. **House Groups:** For faith growth and discipleship in members’ homes.
8. **Conferences and Retreats:** Annual events such as RESET Prayer Retreat and WORD-FEST.
## **Achievements and Performance**
## **Spiritual Growth and Community Impact**
- Stable average attendance at worship services
- Exponential membership growth as of 31 March 2023
- Positive feedback on youth and children’s programs
- Successful implementation of mentorship programs for teenagers
## **Key Events**
- RESET Prayer Retreat 2023
- Easter Conference
- Family Christmas Conference
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**CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **Financial Review**
## **Financial Performance**
- The Church is primarily funded through contributions from its membership and congregation.
- No wider public appeal for funds was made during the year.
## **Income and Expenditure**
- **Major Income Sources:** Contribution by members and congregation
- **Significant Expenses:**
1. Hire of Sunday Service Church Hall
2. RESET Prayer Conference costs
3. Easter Meeting expenses
4. Family Conference expenses
## **Plans for Future Periods**
- Continuation and expansion of current programs
- Planning for WORD-FEST 2025 (8-11 August 2025)
- Further development of online presence and resources
## **Public Benefit Statement**
The trustees have referred to the Charity Commission’s guidance on public benefit when reviewing aims and objectives and planning future activities. The trustees are satisfied that the activities outlined in this report clearly demonstrate that the charity is providing a benefit to the public by advancing the Christian faith and providing various community services.
## **Declaration**
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees:
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Signature:
Full Name: Todd Nyamhunga Position: Trustees Chairman Date: 31/12/2024
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## **CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **Accountants Reports to the members of Cornerstone Fellowship International (UK)**
We have prepared the accounts for Cornerstone Fellowship International UK for the year ended 31 March 2024.
With regards to our examination, no matter has come to our attention which give us reasonable cause to believe that any material respect of the Companies Act 2006, or The Charities Commission have not been met.
In our opinion the books of accounts and records thereof have been kept in an acceptable manner, and the accounts presents a true record and result for the year ended 31 March 2024.
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**Fortune Chikonyora ACCA MSc BA** Fortune Tax Accountants Ltd Derwent House 42-46 Waterloo Road Wolverhampton WV1 4XB
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**CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **INCOME AND EXPENDITURE STATEMENT FOR THE YEAR TO 31 MARCH 2023**
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|**_Notes_**|**2024**
**£**|**2023**|
|---|---|---|
||**£**|**£**|
|Incoming Resources
**_2_**|21,588|13,322|
|Fund Raising Costs
**Gross Income**
Administrative Expenses
**_3_**
Administration: Salaries & Wages
Governance Costs|||
||-|-|
||**21,588**|**13,322**|
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||(24,486)|(18,430)|
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||-|-|
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|**Total Resources Expended**
Net Funds Movement
|**(24,486)**
(2,898)|**(18,430)**|
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|||(5,108)|
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## **CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **FINANCIAL POSITION AS AT 31 MARCH 2024**
|**_Notes_**
**CURRENT ASSETS**
Bank Current Account
Bank Savings Account
**CURRENT LIABILITIES**
Creditors
**_4_**
**Net Current Assets**
**RESERVES**
Unrestricted Income Funds
Retained Surplus B/F
Surplus for the year
**TOTAL CHARITY FUNDS**|**2024**|
|---|---|
|||
||281|
||2,144|
||**2,425**|
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||(1,000)|
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||**1,425**|
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||4,323|
||(2,898)|
||**1,425**|
Approved by the Board of Trustees
Signed…………… ……………… **Board of Trustees**
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**CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of accounting**
The accounts have been prepared under the historical cost convention and in accordance with Companies Act 2006 and with applicable accounting standards as required by The Charities Commission.
## **Cash flow statement**
The accounts do not include a cash flow statement because the church, as a small reporting entity, is exempt from the requirements to prepare such statement under Financial Reporting Standards 1 “Cash Flow Statement”.
## **Fund accounting**
General fund comprises the accumulated surplus or deficit on the income and expenditure account. It is available for use at the discretion of the management board in furtherance of the general objectives of the Charity.
## **Value added tax.**
Irrecoverable value added tax is charged to administration expenses.
## **Taxation**
The income of the Church is applied entirely for Church purposes and being a non-profit making organisation, no taxation arises on its income.
## **Income and other expenditure**
Interest income is considered when receivable and expenditure when incurred by the Church regardless of when payment is made.
## **2. ANALYSIS OF INCOMING RESOURCES**
|**INCOMING RESOURCES**|**2024**|**2023**|**2023**|
|---|---|---|---|
||**£**|**£**||
|Members VoluntaryContribution|21,588|13,322||
|**TOTAL**|**21,588**|**13,322**||
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**CORNERSTONE FELLOWSHIP INTERNATIONAL(UK) ANNUAL REPORT AND ACCOUNTS**
## **3. ANALYSIS OF RESOURCES EXPENDED**
||**2023**||**2022**|
|---|---|---|---|
||**£**||**£**|
|Accountancy fees
Allowances
Church Hall Hire
Conferences Expenses
Donations
General Expenses
Telephones
Bank Charges
Stationery and printing
Travel and subsistence
Youth Activities|300
3,230
4,140
12,108
3,035
220
200
60
-
1,194
-|
|300
3,680
3,110
4,381
4,284
100
120
60
-
2,395
-|
|**TOTAL**|**24,486**||**18,430**|
4. The creditors amount is the amount to be paid to the accountants.
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