The Cornerstone Trust, 5 Church Street, Whitehaven, Cumbria.
Financial Statements for year ended 31 March 2024
Charity Registration Number 507105

THE CORNERSTONE TRUST
Annual Accounts for the
ear ended 31 March 2024
Content5
Page
Trust Information
The Trustees, Report
Statements of Trustees, Responsibilities
Independent Examiners Report
Statement of Financial Actlvities
Statement of Financial Position
Notes to the Accounts
8-16

THE CORNERSTONE TRUST
Page I
Le
al and Administrative Information
Governin
Instrument
Declaration of Trust dated 11 November 1977
Charity Registration Number 507105
Name of Trustees
Rev. Gary Brown
Rev. Fergus Pearson
Mr Ken Frazer
Mrs Suzanne Cooper
Committee and Officers
Rev. Gary Brown
Rev. Fergus Pearson
Mrs Suzanne Cooper
Mr Ken Frazer
Mr Colin Campbell
Chairman
Secretary
Trustee
Treasurer
Business Manager
Address of Trust
5 Church Street
Whitehaven
Cumbria
CA28 7AY
Advlsors
Bankers
Barclays Bank PIC
30 Main Street
Cockermouth
Cumbria
CA139LQ
Solicitors
Brockbank, Curwen, Cain & Hall
44 Duke Street
Whitehaven
Cumbria
CA28 7RT
Independent Examiner
lan Scott BA (Honsl, FCA, DChA
Saint & Co
Chartered Accountants
12/13 Church Street
Whitehaven
Cumbria
CA28 7AY

THE CORNERSTONE TRUST
Page 2
The Trustees, Re
ort for the
ear ended 31 March 2024
The Trustees are pleased to present their report, together with the audited financial statements for the year
ended 31 March 2024. The financial Statements have been prepared on the accounting policies set out in note I
to the financial statements and comply with the Charity's constitution, applicable law and the requirements of
the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ICh3rities SORP IFRS
1021) and the Charities Act 2011 and administrative information Set out on the previous page, form5 part of this
report.
The principal activity of the Trust is to operate a Christian Bookshop in Whitehaven with the objective of
encouraging the advancement of the Christian faith in West Cumbria. The Trustees are appointed by a
resolution of the meeting of Trustees in accordance with the Declaration of Trust and shall not be less than four
nor more than six in number.
During the past year, the Trust has continued to make available through the Bookshop and website, a wide range
of Christian literature to both Cumbria and Nationwide. It provides a comprehensive range of bibles, bible study
aids, Christian teaching and devotional books, biography and fiction. Although the website has given us the
ability to reach a wider audience, the past year has been disappointing from a Sales point of view. The Business
Manager is currently being tasked with seeking improvements on the website, in the hope that it becomes more
appealing and easier to use. In addition, the shop stocks greetings cards, compact discs, DVD'S, children's books
and suitable giftware.
The staff of the shop provide help and advice on the literature and materials available to those seeking
information on the Christian faith, A conscious effort is made to provide a caring, personal service to all
customers. The Bookshop is now staffed purely by volunteers, and Margaret Frazer now manages the Bookshop
as a volunteer, and Caroline still volunteers one day each week in the Bookshop. The opening hours are 10am to
2pm Monday to Saturday, except Wednesday which is now 10am to Ipm,
The Trustees report that the distribution of Christian literature through the Bookshop and website has
continued, with a turnover of £28,315,00, a decrease of l.l% over the previous year. The gross profit was 35.1%
of turnover and administrative expenses 46% of turnover. The trading loss for the year of £3,065,00 is mainly
due to not achieving the turnover required to break even, which on our current cost base is approximatelv
£38,000.00 per annum.
We are still striving to achieve more business in the coming year from our website, together with a greater
response from our churches. The website represented 5.4% of turnover in 202212023 and increased to 8.1% in
2023/2024. We are looking to increase website sales in the future, to nearer 15% of turnover. Both website and
church response are imperative if the Bookshop is to survive.
There were unrealised investment losses of £133.00 lin 2023 this was a loss of £823.00).
Friends of Cornerstone continued to support the Bookshop with donations of £2,688.00 for the year. The Trust
account also benefitted from payment of Gift Aid claimed for the last year, which amounts to £465.00. We will
continue to promote Friends of Cornerstone and target increases during 202412025.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit
when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider
how planned activities will contribute to the aims and objectives they have set.
The Trustees consider the Board of the Trustees and the shop manager as comprising the key management
personnel of the charity in charge of directing and controlling the charity and running and operating the charity
on a day to day basis. All trustees give up their time freely and no trustee remuneration was paid in the year.
Details of trustee expenses and related party transactions are disclosed in Note 3 to the Accounts.
The pay of the charity's manager is reviewed annually and assessed in accordance with average earnings. The
remuneration is also bench-marked with charities of a similar size and activity to ensure that the remuneration
set is fair and not out of line with that generally paid for similar roles.

THE CORNERSTONE TRUST
Page 3
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level
which equates to about twelve months unrestricted expenditure plus an allowance for any forecast shortfall on
project expenditure. This provides sufficient funds to cover management and administration and support costs.
At 31. March 2024, the charity had reserves of £58,123.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the charity faces and
confirm that systems have been established to enable regular reports to be produced so that the necessary steps
can be taken to lessen the risks.

THE CORNERSTONE TRUST
Page 4
The Trustees, Re
ort for the
ear ended 31 March 2024
Ststement of Trustees, Responsibilities
The Charities Act 2011 together with the Trust Deed, require the Trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the Trust as at the balance sheet date
and of its financial activities for the year then ended. In preparing those financial statements, the Trustees are
required to
select suitable accounting policies and then apply them conslstently;
make judgements and estimates that are reasonable and prudent,.
state whether the policies adopted are in accordance with the appropriate SORP on accounting bv
Charities and the Accounting Regulations and with applicable accounting standards, subject to any
material departures disclosed and explained;
iv) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the
Trust will continue in business.
The Trustees are responsible for keeping proper books of account such as are necessary to give a true and fair
view of the Trust's state of affairs and to explain its financial transactions. The Trustees must also establish and
maintain a satisfactory system of control of its books of account, its cash holding5 and all its receipts and
remittances, and hence are responsible for safeguarding the assets and taking reasonable steps for the
prevention and detection of fraud and other irregularities.
In so far as the trustees are aware..
there is no relevant audit information of which the charity's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditors are aware of that information.
Gary Brown
Signed by the following on the
ayof
2025
Reverend Gary Brown, Chairman

THE CORNERSTONE TRUST
Page 5
INDEPENDENT EXAMINERS REPORT TO
THE TRUSTES OF THE CORNERSTONE TRUST
YEAR ENDED 31 MARCH 2024
I report on the accounts of the charity for the year ended 31 March 2024 set out on pages 6 to 16.
Respertive Responsiblllties of Trustees and Independent Examlner
The charity's trustees are responsible for the preparation of the accounts. The charities trustees consider that an
audit is not required for this year (under section 144 {21 of the Charities Act 2011 (the 2011 Act), and that an
independent exam is needed.
It is my responsibility to
examine the account5 (under section 145llllal of the 2011 Act);
to follow the procedures laid down in the General Directions given by the Charity Commission
(under section 14515) of the 2011 Act); and
to state whether particular matters have come to my attention.
Basis of Independent Examiners Statement
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 disclosure5 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 I do not express an audit opinion
on whether the accounts present a "true and fair view"
Independent Examinerfs Statement
In connection with my examination, no matter has come to my attention:
111 which gives me reasonable cause to believe that in any material respect the trustees have not met the
requirements to ensure that:
proper accounting records are kept (in accordance with sections 130 and 131 of the Act); and
accounts are prepared which agree with the accounting records and comply with the accounting
requirements of the Act,. or
121 to which, in my opinion,
accounts to be reached.
ttention should be drawn in order to enable a proper understanding of the
lan Scott BA {Hons) FCA DChA
Saint & Co Chartered Accountants
Independent Examiner
12/13 Church Street
Whitehaven
Cumbria
CA28 7AY

THE CORNERSTONE TRUST
Page 6
Statement of Financial Activities for the
ear ended 31 March 2024
Unrestrirted Restritted
Funds
Funds
Endowment
Funds
Total
2024
Total
2023
Notes
Incornin
Resources
Incoming resources from generated funds:
Voluntary income
3,153
3,153
3,442
Activities for generating funds:
Bookshop Rent Receivable
Income from Trading Activities 2
28,315
28,315
28,618
Investment Income & Interest..
Interest NIS Income Bond
Grants
7,000
Interest on Bank Account
Investment Re-distribution
Total Incoming Resources
624
624
624
596
Resources Ex
ended
Costs of generating f unds..
Expenditure from Trad.Activ.2
Building Maintenance
Depreciation
Insurance
Investment Re-distribution
Gifts
31,380
31,380
34,413
400
331
400
331
400
308
7,000
Total Resources Expended
731
31,380
32.111
42,121
Net Incomin
Resources before
other reco
nised
ains and losses
U nrealised Ga insll Losses)
Transfer between Funds:
Net movement in Funds:
2,422
13,065
624
133
1191 12,4651
133
823
2,422
13,0651
491
(1521 13,2881
Reconciliation of fund5:
Fund Balances brought forward
at l April 2023
Fund Balances carried forward
at 31 March 2024
22
27
There were no gains or losses in the year to 31 March 2024 other than those included above.
All incoming resources and resources expended derive from continuing activities.

THE CORNERSTONE TRUST
Page 7
Statement of Financial Position as at 31 March 2024
Total
2024
Total
2023
Notes
FIXED ASSETS
Tangible Fixed Assets
Investments
10,000
10,400
21,898
21,807
CURRENT ASSETS
Stocks
Debtors
Investments
Cash at Bank and in Hand
28,148
59,159
28,980
56,171
10
11
99,220
96,647
CREDITORS- amount5 falling due within one year
12
62,995
60,179
NET CURRENT ASSETS
36,225
36,468
NET ASSETS
CAPITAL FUNDS
Recoupment Fund
Endowment Fund
11,898
11,407
31,898
31,407
INCOME FUNDS
Restricted
Trust General Fund
69,022
66,600
Restricted
Bookshop Accumulated Fund
26,225
26,868
12
Approved by the Board of Trustees on the 18 day of J
and signed on its behalf by
202
Trustee
REV
D GARY BROWN
The note5 on pages 8 to 16 form part of these accounts.

THE CORNERSTONE TRUST
Page 8
Notes formin
art of the Accounts for the
ear ended 31 March 2024
GENERAL INFORMATION
The charity is registered in England and Wales and is unincorporated. The address of the principal office is
The Cornerstone Trust, 5 Church Street, Whitehaven, CA28 7AY.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102. The Financial Reporting
Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021 and the Charities Act
2011.
ACCOUNTING POLICIES
Basls of preparatlon
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of
certain financial assets and liabilities and investment properties measured at fair value through income or
expenditure. The financial statements are prepared in Sterling, which is the functional currency of the
entity. The trust meets the definition of a public benefit entity under FRS 102.
Golng concern
There are no material uncertainties about the charity's ability to continue.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayment5 are valued at the amount prepaid net of any trade discounts due.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements reqLJires management to make judgements, estimates and
assumptions that affect the amounts reported. These estimates and judgements are continually reviewed
and are based on experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances.
Cash at bank and In hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of
three months or less from the date of acquisition or opening of the deposit or similar account (other than
those held for investment purposes}.
Cred5tors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past
event that will probably result in the transfer of funds to a third party and the amount due to settle the
obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at
their settlement amount after allowing for any trade discounts due.
Fund Accounting:
General funds are unrestricted which are available for use at the discretion of the trustees in furtherance
of the general objectives of the charity and which have not been designated for other purposes.

THE CORNERSTONE TRUST
Page 9
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial statement5.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed bv
donors or which have been raised by the charity for particular purposes. The cost of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted fund is
set out in the notes to the financial statements.
Investment income and gains are allocated to the appropriate fund.
Incoming resources:
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the
amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity
being notified of an impending distribution or the legacy being received.
Donations in a form other than cash have been ignored in the accounts unless they are considered
significant when they would be introduced into the accounts at the estimated current value.
Resources expended:
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category, Where costs cannot be directly attributed to particular
headings they have been allocated to activities on a basis con51Stent with use of the resources.
Costs in respect of generating fund5 relate to those costs incurred to purchase goods for resale for the
bookshop and operating costs of the shop. Management and administration costs are those incurred in
connection with administration of the charity and compliance with constitutional and statutory
requirements.
Income Recognltlon:
Investment income, including notational dividends on accumulation shares and bank interest is i ncluded in
the Statement of Financial Activities when it is received.
Value Added Tax..
The Trust is not registered for VAT.
Turnover:
Turnover comprises the selling price of goods sold and after deducting any church, school or book agents,
discounts.
Bookshop Profit:
The profits of the bookshop shown in the accounts under Trading Activities are retained for the
development of the Bookshop. Currently, no rent is charged on the Bookshop. No taxation is payable as
profits are utilised for the objectives of the charity.
Fixed Assets and Depreciation:
Fixed Assets are stated at valuation or cost less depreciation.
Depreciation is calculated on the written down value each year at the following rates:_
Freehold Property
2% straight line
Bookshop Display Units and Bookshop
15%
Catering Equipment, Kitchen Equipment, Hardware
and Crockery, Bookshop Cassette Player and Office Equipment
Other Fixed Assets
Computer
20Y.
25%
33Yo

THE CORNERSTONE TRUST
Page 10
Building Valuation:
The building is stated at market value at 31 March 1981. The valuation was undertaken by Tiffen King
Nicholson, Chartered Surveyors. The property is depreciated at 2% per annum straight line.
Bookshop Stock Valuatlon..
The Bookshop stock has been valued at the lower of the cost and net realisable value.
21
NET INCOME FROM TRADING AcfiviTIES
Cornerstone Chrlstian Bookshop
Profit and L055 Account
2024
28,315
18,367
2023
28,618
18,967
Turnover
Cost of Sales
Gross Profit
35.1 % 12023 . 33.7%)
9,948
9,651
Administratlve Expendlture:
Salary
Website Charges
Pension Costs
Printing and Stationery
Postages and Return Carriage
Telephone
Repairs and Renewals
Xero Fees {Accountancy package)
Rates & Water Charges
Lighting and Heating
Cleaning
Depreciation
Insurance
Audit & Accountancy Fees
Bank Charges & Interest plus Credit Card
Training Costs
Travelling Expenses
EPOS System
Refreshments
Miscellaneous Expenses
5,760
1,140
8,101
1,018
37
17
326
1,009
347
293
704
778
59
15
308
1,806
390
97
373
768
196
315
649
778
47
331
1,806
570
60
576
147
576
189
73
16,046
600
13,613
600
Miscellaneous Income CAP rent
Furlough
Grants
Net Profit/Loss for the year
All incoming resources from operating activitie5 relate to activities in furtherance of the Charity's objects.

THE CORNERSTONE TRUST
Page 11
Notes formin
art of the Accounts for the
ear ended 31 March 2024
continued)
31
EMPLOYEE'S REMUNERATION
The Bookshop Manager's role is now on a voluntary basis, like all other staff and officers. There 15 no
remuneration except travelling expenses where this is warranted. A Christmas function was held for the
voluntary Bookshop staff in 2023 to thank them for their support during extremely difficult times.
The Business Manager continued to receive a salary based on 40 hours per month.
41
PURCHASE ANALYSIS
Cost Price
2023
Selling Price
2024
2023
2024
Books and Bibles
Recorded Stationery and Crafts
Cards and Posters
Stamps & Vouchers
12,541
2,441
3,328
57
12,210
2,929
3,623
205
19,292
3.580
5,386
57
17.838
4,666
5,909
205
5}
TANGIBLE FIXED ASSETS
Trust General and Endowment Funds:
Land and
Catering
Domestic
Buildings Equipment Equipment
Total
Cost:
Ba lance at l April 2023
Additions
20,000
I,oii
1,784
22,795
Balance at 31 March 2024
20,000
I,oii
1,784
22,795
Accumulated Depreciation:
Balance at l April 2023
Charge for year
9,600
400
I,oii
1,784
12,395
400
Balance at 31 March 2024
10,000
I,oii
1,784
12,795
Net Book Value 2024
10,000
10,000
Net Book Value 2023
10,400
10,400

THE CORNERSTONE TRUST
Page 12
Notes formin
art of the Accounts for the
ear ended 31 March 2024
continued
5)
TANGIBLE FIXED ASSETS (continued)
Bookshop Fund:
Display
Units
Off ice
Computer
Equipment Equipment
Total
Cost
Balance at l April 2023
Additions
1,217
1,417
552
3,186
Balance at 31 March 2024
1,217
1,417
552
3,186
Accumulated Depreclatlon:
Balance at l April 2023
Charge for year
1,217
1,417
552
3,186
Balance at 31 March 2024
1,217
1,417
552
3,186
Net Book Value 2024
Net Book Value 2023
Total Net Book Value 2024
Net Book Value 2023
FIXED ASSET INVESTMENT
Investment Share Dlvidends
The Notional Dividend on the Accumulated Shares has been used to increase the amount available for
investment in the portfolio thereby increasing the value of the Fund and Accumulation Shares.
The Notional Dividends received during the year were as follows..
2024
2023
Charinco Accumulation Shares
Charifund Accumulation Shares
&26

THE CORNERSTONE TRUST
Page 13
Notes formin
art of the Accounts for the
ear ended 31 March 2024
continued
61
FIXED ASSET INVESTMENT (continued)
Permanent Endowment Funds
A permanent endowment was established by the purchase of the original buildings of 5 and 6 Church
Street, Whitehaven on 11 November 1977.
When 6 Church Street was sold the remaining building was represented by a sum of £20,000 held as part
of the General Fund. This amount has now been transferred to a Permanent Endowment Fund so that the
amount can be properly identified as being a proportion of the Trust's funds which cannot be disposed of
and which are to be treated as a permanent endowment.
The arrangements made to presenie the funds represented by the sale of 6 Church Street are covered by
the Recoupment order described more fully below.
Terms of Recoupment Order
The Recoupment Fund relates to the capital sum which is required to Stand as a Capital Investment in
order to preserve the original endowment following the sale of No. 6 Church Street.
Statement of Investments re
resented b the Recou
ment Fund
Units
Cost
Market Value
Merrill Lynch:
Charinco Accumulation Shares
471.899
4,278
M & G Securities:
Charifund Accumulatlon Shares
175.000

THE CORNERSTONE TRUST
Page 14
Notes formin
art of the Accounts for the
ear ended 31 March 2024
continued
Statement of Fixed Asset Investments
2024
2023
Market Value l April 2023
11,407
18,634
Dividends Reinvested
Net Unrealised Investment
Gains/l Losses)
Funds Redistributed
Withdrawals
624
596
{1331
{8231
Market Value 31 March 2024
Historical Cost at 31 March 2024
71
ANALYSIS OF NET ASSETS BY FUNDS
Unrestricted
Funds
Restrlcted
Funds
Endowment
Funds
Total
Funds
Fund Balances at 31 March 2024
are represented by:
Tangible Fixed Assets
Investments
iio,0001
20,000
10,000
{10,0001
31,898
21,898
Current Assets
Stock
Debtors
Investments
Cash at Bank and in Hand
28,148
432
28,148
59,159
58,727
Current Liabilities
62,995
62,995
Transfers between Fund
Total Net Assets

THE CORNERSTONE TRUST
Page 15
Notes formln
art of the Accounts for the
ear ended 31 March 2024
continued
81
ENDOWMENT FUNDS ANALYSIS
Balance
31 March
2023
MOVEMENT OF FUNDS
Dlvldend5
Galnsl
Re415t.
Losses
Balance
31 March
2024
Wlth
draw•ls
Permanent Endowment Fund
Recoupment Fund
20,000
20,000
624
133
91 STOCK
2024
2023
Books and Blbles
Tapes, Videos and Compact Discs
Crafts
Cards
Stamps
17,323
323
4,818
5,684
18,064
540
4,117
6,259
101 DEBTORS
Trust Accounts
2024
2023
Due from HMRC
Due from the Bookshop
465
465
Bookshop Account
Trade Debtors
Prepayments
Accounts Receivable
218
444
214
432
444
Total

THE CORNERSTONE TRUST
Page 16
Notes formin
art of the Accounts for the
ear ended 31 March 2024
continued)
11) CASH AT BANK AND IN HAND
Bookshop
2024
2023
Cash at Bank
Cash Float
Cash in Hand
Petty Cash
5,315
60
4,681
60
ioi
150
Trust
Total
121 LIABILITIES- AMOUNTS FALLING DUE WITHIN ONE YEAR
Trust Account
2024
2023
Accruals
Bookshop Account
Trade Creditors
Sundry Creditors
Inland Revenue
Due to the Trust
Accruals
2,745
187
288
58,262
2,932
216
288
55,262
Total
131 COMMITMENTS
At 31 March 2024 there were no contracted commitments for capital expenditure.