## **CORNERSTONE EVANGELICAL CHURCH**
# **ABERGAVENNY**
Charitable Incorporated Organisation Registered Charity number 1175258
**_____________________________________**
## **REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED 31[st] MARCH 2024**
**_____________________________________**
**CORNERSTONE EVANGELICAL CHURCH** For the Year Ending 31[st] March 2024
CIO Ref: 1175258
## **CONTENTS**
||Page|
|---|---|
|Charity Information|2|
|Trustees Report|3-8|
|Independent Examiners Report|9|
|Statement of Financial Activities|10|
|Statement of Assets and Liabilities|11|
|Notes to the Accounts|12-13|
Page 2
**CORNERSTONE EVANGELICAL CHURCH** For the Year Ending 31[st] March 2024
CIO Ref: 1175258
## **CHARITY INFORMATION**
**Trustees:** Martin Brown Tim Beckingsale (resigned 30.09.24) Andrew Cottom Jonathan Thomas (resigned 31.05.24) Sarah Kirkwood (resigned 05.06.24) Neil Holloman Daniel King (appointed May 2023) **Pastor:** Jonathan Thomas **Treasurer:** Phillip Kindred **Charitable position:** Charitable Incorporated Organisation Registered Charity number 1175258 **Governing Document:** Association CIO Constitution registered 20[th] October 2017 effective date 1[st] April 2018 **Address for correspondence:** Cornerstone Evangelical Church Office 2/3 Horsingtons Yard Abergavenny Monmouthshire NP7 5PN **Independent Examiner:** Nicola Lewis EasyBooks (Wales) Ltd Unit 4 Dragon 24 North Dock Llanelli SA15 2LF **Bankers:** HSBC 2 Frogmore Street ABERGAVENNY NP7 5AF
Page 3
**CORNERSTONE EVANGELICAL CHURCH**
CIO Ref: 1175258
For the Year Ending 31[st] March 2024
## **Annual Report of the Trustees**
## **Charity Details**
Name: CORNERSTONE EVANGELICAL CHURCH (Abergavenny) Registered: 20th October 2017 Organisation Type: Charitable Incorporated Organisation
## **Registered purposes**
The purposes of the Church are:
1. the advancement of the Christian faith in accordance with the Basis of Faith primarily but not exclusively within Abergavenny and the surrounding area; and
2. such other charitable purposes as shall, in the opinion of the members of the Church in general meeting, put into practice the Christian faith in accordance with the Basis of Faith, including but not limited to: the prevention and relief of need, hardship and sickness; and the advancement of education;
provided that the advancement of such purposes must be undertaken in a manner that is consistent with the Doctrinal Distinctives and Ethical Statements as may be adopted and amended by the Church from time to time in accordance with the provisions of the Church Handbook.
## **Structure, Governance and Management**
Cornerstone Evangelical Church is a CIO. Our governing document is the church constitution, which is approved by church members, and supported by further provisions in a church handbook, which specifies the percentage of the vote required to pass certain resolutions.
**T** he trustees are listed on page 3 and are elected by the membership of CEC and voted upon at formally constituted members meetings. Trustees meet six times a year, with a planned structure in place to ensure appropriate governance of the charity’s resources. These meetings ensure there are mechanisms in place to monitor all of our key areas of responsibility when it comes to overall management and administration of the charity, such as financial stewardship, risk management, safeguarding, data protection and health and safety.
**Membership** - at the end of the financial year in March 2024, there were 89 formal members of CEC. Our members form the backbone of our activities, voluntarily giving up their time to serve in a number of different areas, such as bible teaching, children’s work, catering, music and event planning. We hold 3-4 members meetings throughout the year, including an AGM, to keep members informed and up-to-date and to vote on relevant issues, according to the guidelines set out in our handbook.
In addition, the church continues to welcome and include a number of families and individuals in its activities who, while not formal members, continue to attend and benefit from the pastoral care and support offered by the church.
Page 4
CIO Ref: 1175258
## **CORNERSTONE EVANGELICAL CHURCH**
For the Year Ending 31[st] March 2024
**Staffing -** To enable the church/charity to meet its purposes, it employed the following members of staff for different periods during the year:-
- Pastor – employed for the whole of the year on a full-time basis
- Church Administrator – a part-time role, employed for the whole of the year.
- Children, Families and Youth Worker was on maternity leave from March 2023 - March 2024, during which time, the under 10s element of the role was covered by a fixed-term Children’s Worker.
- Following the Children Families and Youth Worker’s return to work in March 2024, the Children’s Worker remained in post, with both role-holders working together to provide fulltime cover for the children’s and youth work.
- Outreach and Engagement Co-ordinator, part-time role starting October 2023.
**Buildings –** CEC (Abergavenny) does not own a building. The mains centres it uses are:-
- Deri View Primary School, Abergavenny, now known as King Henry VIII 3-19 School (Primary Site) – used during 2023/24 for our Sunday activities when regulations permitted. It is occupied under licence.
- Cornerstone Centre, 2/3 Horsingtons Yard, Lion Street, Abergavenny, NP7 5PN. This building is in the centre of Abergavenny and during the week is our main base for teaching, pastoral and community activities. The building is on lease to CEC (Abergavenny).
## **Objectives, Activities and Achievements**
In 2023/24, the main activities through which we sought to pursue our purposes were:
o **Preaching and teaching of God’s word** – the Bible - to encouraging a deepening of our personal experience of God and a closer walk with Jesus. This included:-
- **Sunday morning congregational worship service** as the centre point of CEC’s ministry. Our gatherings of between 100-150 people provide a weekly opportunity to worship together, sit under God’s word for Bible teaching and preaching, and have times of informal fellowship though providing free refreshments following the service. There are also groups for children and young people from the ages of 0 – 16.
- **Sunday evening** – our evening services are a smaller, more informal gathering for prayer, worship, teaching and fellowship.
- **Community groups** – these groups provide an opportunity to study God’s word in small informal settings, and a chance to deepen friendships and create support networks. Many of these groups meet in people’s homes, while others use the Cornerstone Centre, or online.
- **Children’s Sunday groups** - We continue to provide age-appropriate teaching of the Bible to children aged 0 to 16 at Sunday services through our crèche, Sunday School, Narnians and CY group.
Page 5
CIO Ref: 1175258
## **CORNERSTONE EVANGELICAL CHURCH**
For the Year Ending 31[st] March 2024
- **Specific outreach events** - held throughout the year specifically designed around the needs of those who are new to the Christian faith wanting or want to find out more (such as the Christianity Explored course and Alpha Tots).
o **Caring for each other** – the approach of the church is to encourage networks of care within its membership and attendees. These either happen naturally in an ad-hoc way from the social contacts made through our events and services, or in a more structured way through our groups, meetings and events.
Specific ways we have worked to help care and support networks flourish within our fellowship included:
o **Community groups** - These groups cover all ages and stages of the church and have the dual purpose of teaching and supporting one another. Venues and schedules vary depending upon the needs and preferences of the group.
o **Pastoral visiting** - The Elders maintain an oversight of pastoral needs and they meet twice a month. Pastoral visiting remains a main stay of pastoral care, either by the church pastor, or through other elders and church members who visit one another and regularly provide hospitality. There is a particular focus on pastoral visits for those who are housebound or struggling through illness or bereavement.
- **Events for men** such as a summer BBQ, and meal out.
- **Events for women -** A regular programme of Saturday morning events to help encourage and build up the women in our congregation.
- **Fuel poverty fund** with rising fuel costs becoming an increasing issue, our fuel fund continued which church members could donate towards. This fund is then made available to their church members to apply for financial help to meet essential bills. During the year, £432 was given to church members through this fund, following a grant-making policy approved by trustees.
- **Afternoon teas and welcome lunches** – to welcome newcomers and encourage fellowship and friendship.
o **Serve our local community** - In 2023/24, this was carried out through:-
- **The Welcome on Friday** – this weekly meeting initially started out as a ‘Warm Bank’ to provide a warm and welcoming space for those struggling with rising fuel costs but has continued all-year round as a regular coffee morning to provide an opportunity for conversation and company.
- **The Welcome on Wednesday** – this group began in June 2023 due to an interest in craft from a number of church members. This is a weekly meeting for craft-lovers from inside and outside of the church to come together and enjoy each other’s company and swap tips and ideas.
Page 6
CIO Ref: 1175258
## **CORNERSTONE EVANGELICAL CHURCH**
For the Year Ending 31[st] March 2024
- **Go Wild!** – a monthly outdoor club for children aged 0-10, based in Castle Meadows, Abergavenny. Children from the church, along with friends and visitors, come along to the woods (accompanied by an adult), for a time of fun activities, followed by a short time of bible teaching related to the activity.
- **Christmas Light Trail** – This family light trail around a small wooded area in Castle Meadows was set-up, as a free, Bible-based alternative to similar expensively priced events elsewhere. The self-guided trail took participants around the woods, with decorated lit-up stars telling the Christmas story in amongst hundreds of twinkly fairy lights. A free pack, with chocolate, craft and a book, was available for every participant at the end of the trail.
- **Children and Youth Work** – During the year, our Monday after-school club ‘Cornerstone Kids’ continued to thrive, providing games, snacks and activities for primary-school aged children. There are two separate Friday evening meetings for youth in secondary school. We held occasional Sunday evening discussion sessions for young people aged 12 and above which helped teens to navigate some of the difficult issues they face today by looking at what the Bible has to say about them. Children aged 10+ were also able to take part in a fun organised overnight camp in September.
- **Baby & Toddlers** – We began a new baby and toddler group ‘Pebbles’ on a Monday morning in September 2023. This has been very well received by parents and carers in the area, with regular attendees of around 20 returning weekly. This is a free group with opportunities for unstructured play as well as organised songs, stories and crafts, with healthy snacks for the children, and a cuppa for the grown-ups.
In planning these activities, the Trustees have applied the guidance issued by the Charity Commission on public benefit.
## **Finance**
The Annual Accounts of CEC(Abergavenny) are included in this report together with the Independent Examiners Report of our accounts. The following table summarises our financial position:-
**----- Start of picture text -----**
2023/24 Previous Year
Income & Expenditure £000’s £000’s
Total Income 161 153
Total Spend 147 132
Surplus for year’ 14 21
Funds Available 31/03/24 31/03/23
£000’s £000’s
Fund Balances 173 159
**----- End of picture text -----**
Page 7
**CORNERSTONE EVANGELICAL CHURCH**
CIO Ref: 1175258
For the Year Ending 31[st] March 2024
Overall our ‘Fund Balance’ was up on last year which was mainly due to the staffing budget being under budget due to a member of staff being on maternity leave and their cover doing less hours. This culminated in a 14k increase in overall funds. Even with these changes the staffing budget was still over 50% of the church expenditure.
The graph below gives an analysis of the main areas of spend demonstrating that staffing and accommodation including equipment, represents the majority of our costs. This is consistent with our purpose with staffing and accommodation being the main enablers of our purpose. A further £432 was claimed from the fuel fund which now stands at just over £1000. The Mercy Ministry fund had £500 used out of the £1550 allocated. Giving to Mission partners was just over 17k which was 3k over budget but this was accounted for by the £3500 gift for the Bible Cow project in Tanzania.
The building fund had £450 taken out which covers fees for investigation into a proposed site.
Overall, our fund balance is well above our Reserve limit of 80k, which includes (3 months costs at 45k, 15k building fund + 20k agreed spend for finding a building)
There are no material liabilities recorded in the accounts.
**----- Start of picture text -----**
Expenditure 23-24
Ministry expenses Mercy Ministires Governance
5% 0% 3%
Mission Partners
12%
Outreach
Staffing
6%
53%
Premises
21%
Staffing Premises Outreach Mission Partners Ministry expenses Mercy Ministires Governence
**----- End of picture text -----**
This Report was approved by the Trustees on ………………… and is signed on their behalf by
………………………………………………………………………
Neil Holloman (Chair of Trustees)
Page 8
**CORNERSTONE EVANGELICAL CHURCH**
CIO Ref: 1175258
For the Year Ending 31[st] March 2024
## **INDEPENDENT EXAMINERS REPORT to the Trustees of CORNERSTONE EVANGELICAL CHURCH**
I report on the accounts of the Trust for the year ended 31 March 2024, which are set out on the following pages.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Nicola Lewis on 27[th] November, 2024
Page 9
**CORNERSTONE EVANGELICAL CHURCH**
CIO Ref: 1175258
For the Year Ending 31[st] March 2024
## **Receipts and Payments Account**
|Note
**INCOME**
Donations received
2
Grants Received
2
Bank Interest Received
4
Tax Rebate from Gift Aid
2
Other Income
4
**TOTAL INCOME**
**EXPENDITURE**
**Charitable Expenditure**
Management, Administration & Ministry
5
Accounting & Bookkeeping Fees
**TOTAL Expenditure**
NET INCOME Before transfers
Transfers Between Funds
NET INCOME After transfers
**NET MOVEMENT IN FUNDS**
Total Funds Brought Forward
Total Funds Carried Forward||**Unrestricted**
**Funds**
127,415
0
1,890
31,074
135|**Restricted**
**Funds**
0
0
0
0
0|**Restricted**
**Funds**
0
0
0
0
0|**Total**
**Funds**
127,415
0
1,890
31,074
135
160,514
144,230
2,507
146,737
13,777
0
13,777
**13,777**
158,838
172,615|**last year**
125,318
0
346
26,772
309|
|---|---|---|---|---|---|---|
||||||||
|||160,514||0||152,745|
|||143,797
2,507||433
0||130,066
1,627|
|||146,304||433||131,693|
||||||||
|||14,210||(433)||21,053|
|||(20,000)
(5,790)|20,000
19,567|||0
21,053|
|||**(5,790)**|**19,567**|||**21,053**|
|||141,647
135,857|17,191
36,758|||137,786
158,838|
Page 10
CIO Ref: 1175258
## **CORNERSTONE EVANGELICAL CHURCH**
For the Year Ending 31[st] March 2024
## **Statement of Assets and Liabilities**
As at 31st March 2024
## **1. Fixed Assets**
The Value of Assets owned by the charity at cost are as follows:
|Equipment
**2. Bank and Cash Balances**
Investment Accounts
Current & Deposit Accounts
**3. Other Assets and Liabilities**
Assets:
Gift Aid tax not yet received
Liabilities:
Fee for Independent Examination
PAYE due to HMRC
Pension Due to Pension Funds||**This Year**
92,691
**This Year**
70,499
102,117
172,616
**This Year**
7,328
792
0
0
792|**Last Year**
92,691
**Last Year**
69,590
89,248|
|---|---|---|---|
||||158,838|
||||**Last Year**
7,510|
||||756
1,597
0|
||||2,353|
The financial statements were approved by the Board and were signed on its behalf by:
Signed by………………………………………. ..........
Print Name………………………………………........... **On behalf of the board of Trustees**
Date........................................
Page 11
**CORNERSTONE EVANGELICAL CHURCH**
CIO Ref: 1175258
For the Year Ending 31[st] March 2024
## **Notes to the Accounts**
## **1. Accounting Policies**
The accounts have been prepared on a receipts and payments basis with a statement of assets and liabilities
## **2. Voluntary receipts**
|**2. Voluntary receipts**||||
|---|---|---|---|
|Regular gifts and Offerings
Other donations
Tax recovered|Unrestricted
Funds
Restricted
Funds|
Total This
Year|
Total Last
Year|
||124,532
0
2,883
0
31,074
0|124,532
2,883
31,074|121,997
3,321
26,772|
||158,489
0|158,489|152,090|
## **3. Receipts from charitable activities**
None in this year
|**4. Other Receipts**
Grant received
Investment income
Other sundry receipts|Unrestricted
Funds
Restricted
Funds|
Total This
Year|
Total Last
Year|
|---|---|---|---|
||0
0
1,890
0
135
0|0
1,890
135|0
346
309|
||2,025
0|2,025|655|
Page 12
CIO Ref: 1175258
## **CORNERSTONE EVANGELICAL CHURCH**
For the Year Ending 31[st] March 2024
|**5. Charitable activities**
Employee Costs
Outreach
Worship
Youth & Children
Pulpit supply
Postage, stationery & equipment
Conferences & Training
Rent and other premises costs
Catering
Insurance
Fees & subscriptions
Website & software
Miscellaneous
Grants to Organisations
Grants to Individuals|Unrestricted
Funds
Restricted
Funds|
Total This
Year|
Total Last
Year|
|---|---|---|---|
||75,995
0
7,897
0
373
0
1,166
0
500
0
1,435
0
738
31,248
0
614
0
2,210
0
1,108
0
4,027
0
171
0
3,043
0
13,272
433|75,995
7,897
373
1,166
500
1,435
738
31,248
614
2,210
1,108
4,027
171
3,043
13,705|65,033
3075
602
867
425
3,643
409
31,278
581
2,358
1,177
3,851
270
3,445
13,053|
||143,797
433|144,230|130,066|
## **6. Staff and Trustees**
The charity has three employed staff members during this year. Its activities are generally carried out by volunteers. No staff received salaries at a rate of more than £60,000 per annum.
One of the trustees, Jonathan Thomas received a salary of £42,184 in his capacity as pastor of the church.
£1694.79 worth of trustee expenses were paid out and reimbursed in the year to Jonathan Thomas. There were no other trustee expenses, nor to any person connected to them.
## **7. Funds**
The restricted funds represent amounts received for specific purposes and the movements in the year are as follows:
|Building
Fuel Poverty Fund
Close Encounters|Opening
Balance|
Receipts Payments Transfers|Closing
balance|
|---|---|---|---|
||15,274
1,531
386|0
0
20,000
0
433
0
0
0
0|35,274
1,098
386|
||17,191|0
433
20,000|36,758|
Page 13
## **Virtual Cabinet Portal Digital Signatures**
## **Digital Signature Verification**
You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page:
https://www.virtualcabinetportal.com/VerifySignedDocument
## **Signature Dates and Times**
All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page:
http://www.virtualcabinetportal.com/WhatIsUTC
## **Signature 1**
Signed by Neil Holloman using authentication code UGtDaipoMi5za0ok at IP address 31.49.234.104, on 2024/12/19 18:44:00 Z.
Neil Holloman's e-mail address is: neil.holloman@btinternet.com.