CHIEF CORNERSTONE HOUSE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
CHARITY NUMBER: 1181230
CHIEF CORNERSTONE HOUSE THE WAITLING CENTRE 145 ORANGE HILL ROAD EDGWARE HA8 0TR
INDEX Page Index 1 Trustee’s Report 2 - 3 Receipts and Payments Account 4 Statement of Assets and Liabilities 5 Notes on the financial Statements 6
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CHIEF CORNERSTONE HOUSE
TRUSTEES’ REPORT YEAR ENDED 31[ST] DECEMBER 2024
The trustees are pleased to present their report for the year ended 31[st] December 2024 for the charity, Chief Cornerstone House with charity number 1181230.
The Trustees of the charity are: Michael Nyamekye Davids Nicola Chioma Davids Erica Owusu Aduomi Elliot Mantey Ayiku
The principal address of the charity is : The Watling Centre 145 Orange Hill Road Edgware, HA8 0TR
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Association Constitution registered 17[TH] December 2018.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVMENTS AND PERFORMANCE
The Organisation held regular worship services in which members of the public who attended were educated on the principles of the Christian faith.
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FINANCIAL REVIEW
The income of the charity is above £7725. The organisation is still in a good position to manage its costs.
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RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011,the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 4[th] December 2025 and signed on their behalf by:
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CHIEF CORNERSTONE HOUSE
ACCOUNTS FOR THE YEAR ENDED 31st December 2024
1 Receipts & Payments Account (General Purpose Fund)
| Income Receipts Donations Total Receipts Direct Charitable Expenditure Rent Equipment hire Music Supplies Travel Priting & Stationery Event costs Hospitality Advertising costs Motor Expenses Office expenses Light & Heat Charity Donations Welfare Missions Other Expenditure Equipment Total Payments Net Receipts/(Payments) for the year Cash Funds brought forward Cash Funds at the end of the year |
£/ 2024 £/2023 7967 8725 |
|---|---|
| 7967 8725 |
|
| 5930 7303 0 100 0 0 450 100 260 100 150 522 44 0 0 0 250 850 423 |
|
| 8029 8453 0 0 0 |
|
| 0 0 8029 8453 -62 272 3423 3151 |
|
| 3361 3423 |
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CHIEF CORNERSTONE HOUSE
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2 Statements of Assets and Liabilities at 31st December 2024
Monetary Assets
Cash Funds Unrestricted Funds
£/2024 £/2023
£ £
Cash at hand and in bank 361 423
Total Cash Funds 361 673
Debtors 3000 3000
Assets Retained for the
Charity's Own use
Non-monetary Assets and Liabilities
Musical Instruments
Equipments
0 0
Liabilities
Bookkeeping services 250 250
NET ASSETS 3111 3423
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These accounts were approved by the trustees and signed on their behalf by:
Michael Davids ____________
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CHIEF CORNERSTONE HOUSE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st December 2024
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.
Funds
The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.
The CIO has no outstanding guarantees to third parties no any debts secured on the asstes of the CIO
Public Benefit
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit.Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
Depreciation
Depreciation is calculated at 20% reducing balance method.
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