## Cornerstone Church (St Albans)
Report and Accounts Year ended 30 September 2021
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **CORNERSTONE CHURCH (ST ALBANS)**
## **LEGAL & ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
ADDRESS FOR CORRESPONDENCE 153 Cell Barnes Lane St Albans Hertfordshire AL1 5PX GOVERNING DOCUMENT Charitable Incorporated Organisation (CIO) Constitution dated 18 March 2018 CHARITY REGISTRATION NUMBER 1178140 TRUSTEES RESPONSIBLE FOR Michelangelo Leto MANAGING THE CHARITY Ayodele Adekoya Rosario Leto Helen Page Philip Page INDEPENDENT EXAMINER Jacob Farley ACA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB
## **INDEX**
Page 1 Legal & Administrative Details Pages 2-4 Trustees' Report Page 5 Independent Examiner's Report Page 6 Receipts and Payments Account Page 7 Statement of Assets & Liabilities Page 8 Notes to the Accounts
Page 1
## **CORNERSTONE CHURCH (ST ALBANS)**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
The Trustees have pleasure in submitting the Report and Accounts for the year ended 30 September 2021.
## **Objects of the charity**
The charity, which is a church, is governed by a constitution and is constituted as a charitable incorporated organisation. The charity's principal object, as set out in its governing document, is the advancement of the Christian faith in accordance with the Statement of Faith:
## **Summary of the charity's main activities and achievements**
The following regular meetings and activities have all been run during the last year by the Church. As government guidance and Covid-19 restrictions have changed during the course of the year, these activities have been variously online and in-person.
All the activities have been advertised on the Church website, and members of the public have been invited to attend when the activities are mentioned at the Sunday Morning Service each week. Some of the activities have been advertised on notice boards inside and outside the church building, and some have been promoted on publicity material, put through local doors in the neighbourhood. No charge has been made for any of these activities (although voluntary donations were made by those attending some activities).
- The Church Members meet weekly for the Lord’s Supper on Sunday mornings. This is a time fo
- Christians to worship together and remember the life, death and resurrection of Jesus Christ.
• This is followed by the weekly Sunday Morning Service, which includes songs, prayers and a messag from the Bible. This provides opportunity for Christians to practise their Christian faith, and for those who are not Christians to find out more about the Bible and Christianity.
• Once a month on a Sunday afternoon there is a service called ‘Prospects’ for adults with learnin difficulties, and those who support them. This has a similar objective to the Morning Service, with songs, prayers and a message from the Bible.
• There are several Bible study groups that run during the week. The purpose of these is for peopl (whether Christians or not) to learn more about the Bible, and the Christian faith. There is a Bible Study for everyone held on Thursday evenings. There is also a ladies Bible study which runs on Saturday mornings.
• There are groups and activities for children and young people. On Sundays during the Morning Servic there is a ‘Godz-Own’ group for children (under 11s) where they are taught about the Bible. There is also a Children’s and Youth group on a Friday night, where young people join in with games, activities and hear teaching from the Bible.
To facilitate these meetings and events, the Church funds the upkeep of the Church building, in which most of the Church activities are held.
We have continued to provide public benefit with online accessibility as a permanent feature of our services.
Due to the Covid-19 pandemic, we have not been able to hold any special events in the church building. However, we have run a number of ‘one-off’ online events or courses online during the year. These have included:
Page 2
- Two Quiz Nights on Zoom. These have both included a short talk about the Christian faith.
- An online seminar advising Christians how to share their Christian faith effectively. This was a joint
- event with several other local churches in the town.
- A parenting course and some teaching/discussion sessions about helping families stay safe online."
As the Church has no paid members of staff, all the activities of the church are run by members of the Church, who are volunteers.
In 2020/21 all of the regular meetings and activities of the Church (described above) have continued when possible. We have approximately 50 adult church members. Attendance at our Sunday Morning Service, including those who access the service online, is usually around 70-80 people. Around 20 children attend our activities for children, and a further 10 teenagers attend the Friday night Youth Group.
Contributions of £15,672 were made to various missionaries and missionary organisations. These are all connected with promoting the Christian faith and/or the relief of poverty and hardship.
In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.
## **Financial Review including Reserves Policy**
The Trustees aim to maintain reserves equal to at least 6 months’ running costs.
During the year we spent £6,516 on Church Activities, £5,168 on the building and equipment and £540 on goverance fees, making a total of £12,224. From this information, and a comparison with the equivalent figures from the previous year, we assume that our normal annual running cost will be no more than £20,000 per year.
The end of year balance of unrestricted funds was £162,844. With assumed normal annual running costs of around £20,000, this is sufficient for 8 years of normal running. In addition there was £41,725 in restricted funds.
We are currently building up a large amount of reserves in anticipation of some major expenditure on the building in the next 5 years. The church building is in need of significant maintenance and improvement and near capacity for the current numbers attending services. If we anticipate any growth in the church, we may need to enlarge the building in some way. We are currently considering options around a rebuild. Even if we decide not to rebuild and to keep the building at the current size, we still anticipate considerable expenditure to improve the existing building.
Of the restricted funds, £22,337 is in a Church Growth Fund, reserved for meeting the costs of any major building redevelopment or upgrade.
The remaining restricted funds of £19,388 are in a Worker Fund, reserved for covering the costs of any paid Church workers. At present there are not any paid Church workers, and we want to direct financial saving arising from church members giving their time voluntarily to the expenditure on the church building. Therefore the Worker Fund is currently ‘frozen’ with no funds being added or removed. We anticipate that we may well have a paid Church worker at some point in the future and these funds will be used at that time.
For simplicity the Trustees have agreed to allocate all interest from the savings account to the General Fund. During this year this totalled £323.
The Church’s main source of income is from voluntary gifts from Church members. We do not do any fundraising from the general public.
Page 3
## **Governance**
All Charity Trustees must subscribe and adhere to, in belief and lifestyle, the Statement of Faith.
The spiritual government and leadership of the Church Fellowship for the purposes of which the CIO has been established shall remain with the Spiritual Leadership and to the extent to which the Charity Trustees are not synonymous with the Spiritual Leadership their powers shall be confined to the proper management and administration of the CIO in accordance with the provisions of the Constitution and in furtherance of the Objects and in so doing they shall have full and proper regard to the Spiritual Leadership provided always that they shall not act outside their powers as conferred by the Constitution and by general law.
Members of the Spiritual Leadership for the time being (“the office holders”) shall automatically be Charity Trustees for as long as they hold that office.
## **Responsibilities of trustees**
Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year.
We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011.
We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
## **Approval**
This report was approved by the trustees and signed on their behalf by:
Rosario Leto (Trustee)
Philip Page (Trustee)
Date: 20 February 2022
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **CORNERSTONE CHURCH (ST ALBANS)**
I report to the trustees on my examination of the accounts of Cornerstone Church (St Albans) ('the charity') for the year ended 30 September 2021 on pages 6 to 8 following.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 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 2011 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: 1. accounting records were not kept in accordance with section 130 of the 2011 Act; or 2. the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Jacob Farley ACA
Stewardship 1 Lamb's Passage LONDON EC1Y 8AB
Date: 23 February 2022
Page 5
## **CORNERSTONE CHURCH (ST ALBANS)**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|Notes
**_Income receipts_**
Donations - General Fund
Gift Aid Recovered
Donations (Church Growth Fund)
Interest
Other
**_Total receipts_**
**_Payments_**
2
3
**_Total payments_**
Transfers between funds
4
**Net movement in funds**
Cash funds as at last year end
**Cash funds at this year end**
A
Net of receipts / (payments) before
Grants
paid
in
relation
to
charitable
activities undertaken by others
Payments
in
relation
to
charitable
activities undertaken directly|General
Funds
£
45,996
4,069
-
323
100
50,488
12,224
15,672
27,896
22,592
-
22,592
140,253
162,844|Restricted
Funds
£
-
-
4,414
-
-
4,414
1,301
-
1,301
3,114
-
3,114
38,612
41,725|2021
£
45,996
4,069
4,414
323
100
54,902
13,525
15,672
29,197
25,705
-
25,705
178,864
204,570|2020
£|
|---|---|---|---|---|
|||||59,285
-
10,471
534
2,371|
|||||72,661|
|||||16,768
17,205|
|||||33,973|
|||||38,688
-|
|||||38,688
140,176|
|||||178,864|
The notes on page 8 form part of these accounts.
Page 6
## **CORNERSTONE CHURCH (ST ALBANS)**
## **STATEMENT OF ASSETS AND LIABILITIES**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|Notes
**A Cash funds**
Cash at bank with immediate access
Notice deposits
**B Other monetary assets**
Gift aid due to charity
**C Liabilities**
**Falling due within one year**
Trade creditors
Accrued expenses
**Total**
**D Assets retained for charity's own use**
Land and buildings (give brief details)
Contents in the church|General
funds
£
33,023
129,821
**162,845**
2,806
**2,806**
-
870
**870**|Restricted
funds
£
-
41,725
**41,725**
-
**-**
-
-
**-**|2021
£
33,023
171,546
**204,570**
2,806
**2,806**
-
870
**870**
Fund to
which asset
belongs
General
General|2020
£|
|---|---|---|---|---|
|||||27,641
151,224|
|||||**178,864**|
|||||4,069|
|||||**4,069**|
|||||133
540|
|||||**673**|
|||||Current
value
£|
|||||1,191,016
28,942|
|||||1,219,958|
The trustees have used insurance values as the trustees are unable to reliably estimate current values; insurance values may differ materially from current values.
## **E Guarantees and secured debts**
The charity has not given any guarantees and has not provided its assets as security for any liabilities.
The accounts were approved by the trustees and signed on their behalf by:
Rosario Leto (Trustee)
Philip Page (Trustee)
Date: 20 February 2022
The notes on page 8 form part of these accounts.
Page 7
## **CORNERSTONE CHURCH (ST ALBANS)**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **1 Accounting policies**
The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs.
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.
|**2**
**Payments in relation to charitable activities undertaken directly**
Building and Equipment
Church Activities
Church Growth Fund
Accounts Prep & Examination
**3**
**Grants paid in relation to charitable activities undertaken by others**
Grants for:
Grants to organisations
Grants to individuals
**4**
**Movement of funds**
General funds
Restricted funds
Worker Fund
Church Growth Fund
Total funds|Opening
balance
£
140,253
19,388
19,223
38,612
178,864|General
funds
£
5,168
6,516
-
540
-
12,224
2,082
13,590
15,672
Receipts
£
50,488
-
4,414
4,414
54,902|Restricted
Funds
£
-
-
1,301
-
-
1,301
-
-
-
Payments
£
(27,896)
-
(1,301)
(1,301)
(29,197)|Total
2021
£
5,168
6,516
1,301
540
-
13,525
2,082
13,590
15,672
Transfers
£
-
-
-
-
-|Total
2020
£|
|---|---|---|---|---|---|
||||||8,024
7,852
362
530
-|
||||||16,768|
||||||3,655
13,550|
||||||17,205|
||||||Closing
balance
£
162,844
19,388
22,337|
||||||41,725|
||||||204,570|
The 'Worker Fund' is for covering the costs of any future paid Church workers The Church Growth Fund is for meeting the costs of any future major building redevelopment or upgrade.
Page 8