Cornerstone City Church Statement of Financial Activities Year Ending 31 December 2024
| Note Income Voluntary Income (Tithes,Gifts,Special Offerings) 2 Other Income for Charitable Purposes 3 Interest receivable 4 Total income Expenditure Costs of raising funds Expenditure on charitable activities Staff Costs Gifts,Donations,Sponsorships 5 Admin Expenses 6 Total expenditure Net expenditure and net movement in funds for the year Net gains/losses on investments/asset revaluations Net movement in funds Total Funds brought forward Transfers (net) Total Funds carried forward |
Unrestricted Restricted Total Funds Prior Year Funds Funds 2024 2023 £ £ £ £ 277,570 0 277,570 191,773 123,638 2,918 126,556 116,198 187 0 187 0 |
|---|---|
| 401,395 2,918 404,313 307,971 |
|
| - - - - 86,332 - 86,332 111,731 138,248 0 138,248 74,692 54,029 21,720 75,749 56,898 |
|
| 278,609 21,720 300,329 243,321 |
|
| 122,786 -18,802 103,984 64,650 - 0 0 1,636,822 |
|
| 122,786 -18,802 103,984 1,701,472 |
|
| 65,016 2,379,439 2,444,455 742,983 -38,673 38,673 0 0 |
|
| 149,129 2,399,310 2,548,439 2,444,455 |
The statement of financial activities includes all gains and losses recognised in the year.
12
Cornerstone City Church Balance Sheet Year Ending 31 December 2024
| Note Fixed assets 7 Property Equipment and Vehicles Total Fixed Assets Current assets Debtors and accrued income Cash at bank and in hand 8 Total Current Assets Liabilities Creditors falling due within one year 9 Net Current assets Total assets less current liabilities Creditors falling due after one year 10 Net assets Restricted income funds 11 Unrestricted income funds Total Funds carried forward |
Unrestricted Restricted Total Funds Prior Year Funds Funds 2024 2023 £ £ £ £ - 2,500,000 2,500,000 2,500,000 61,866 - 61,866 61,866 |
|---|---|
| 61,866 2,500,000 2,561,866 2,561,866 |
|
| 0 4,815 4,815 0 91,556 1,564 93,120 12,510 |
|
| 91,556 6,379 97,935 12,510 |
|
| -4,293 0 -4,293 -7,766 |
|
| 87,263 6,379 93,642 4,744 |
|
| 149,129 2,506,379 2,655,508 2,566,610 0 -107,069 -107,069 -122,155 |
|
| 149,129 2,399,310 2,548,439 2,444,455 |
|
| 0 2,399,310 2,399,310 2,379,439 149,129 0 149,129 65,016 |
|
| 149,129 2,399,310 2,548,439 2,444,455 |
13
Cornerstone City Church Statement of Cashflows Year Ending 31 December 2024
| Note Net movement in funds Addback Loans Advanced Deduct Loans Repaid Addback Depreciation Deduct Fixed Asset Additions Decrease/(increase in debtors) Increase/(decrease in creditors) Net cash used in operating activities Cashflows from investing activities Interest and dividends Investments made Net cash provided by investing activities Change in cash equivalents in year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
Total Funds Prior Year 2024 2023 £ £ |
|---|---|
| 103,984 64,650 |
|
| 39,476 23,000 -54,562 -59,195 28,133 0 -28,133 -46,081 -4,815 0 -3,473 349 |
|
| -23,374 -81,927 |
|
| 0 0 - - |
|
| 0 0 |
|
| 80,610 -17,277 |
|
| 12,510 29,787 |
|
| 93,120 12,510 |
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Cornerstone City Church Notes Year Ending 31 December 2024
1 ACCOUNTING POLICIES
Statement of Compliance
The financial statements have been prepared on a going concern basis. The Trustees do not believe that there are any factors or material uncertainties which would impact on the assessment of this. The financial statements have been prepared in accordance with the Financial Reporting Standard 102 and the Statement of Recommended Practice (SORP - FRS102) “Accounting and Reporting by Charities” published in July 2014, as required by the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. These statements have been prepared on an accruals basis as required by the SORP. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. A summary of the more important accounting policies, which have been applied consistently, are set out below.
Incoming resources
Voluntary income
Voluntary income is received by way of donations, gifts and legacies (including any associated gift aid relief) and is included in full in the Statement of Financial Activities when received.
Other Incoming Resources
This income relates to amounts received as a result of the charitable status. The income comprises grants and miscellaneous income. These are accounted for in the period to which they relate (rather than the period when they are received).
Resources expended
All expenditure is accounted for in the period to which it relates (rather than when it is paid) and has been classified under headings that aggregate all costs related to the category. The costs in this category represent the running costs of the Church
Charitable activities
These are costs associated with the various ministries and activities of the Church and its’ contribution to Christian works within the UK and throughout the world. These costs are
accounted for based on the timing of the decision to allocate funds rather than when the payment is made.
Tangible fixed assets
Assets are stated at cost less accumulated depreciation plus any revaluations
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Cornerstone City Church Notes Year Ending 31 December 2024
| 2 VOLUNTARY INCOME Tithes Other Gifts,Grants and Donations Gift Aid 3 CHARITABLE ACTIVITIES Building Fund Hope Centre - Compassion CAP Income CSM Income ZOC Income I Heart Derry (incMissions) Youth/Children's Ministry Income Women's Ministry Income Men's Workshop Income Various Other Missions Income Income for Charitable Purposes 4 Investment Income TOTAL INCOME |
Unrestricted Funds £ |
Restricted Funds £ |
Total 2024 £ |
Total 2023 £ |
|---|---|---|---|---|
| 175,336 0 175,336 131,769 75,365 0 75,365 24,334 26,869 0 26,869 35,670 |
||||
| 277,570 0 277,570 191,773 |
||||
| Unrestricted Funds £ |
Restricted Funds £ |
Total 2024 £ |
Total 2023 £ |
|
| 0 2,918 2,918 47,148 18,762 0 18,762 30,728 2,262 0 2,262 2,304 0 0 0 2,002 950 0 950 900 62,501 0 62,501 30,685 286 0 286 5 122 0 122 0 25,264 0 25,264 0 13,491 0 13,491 2,426 |
||||
| 123,638 2,918 126,556 116,198 |
||||
| 187 0 187 0 |
||||
| 401,395 2,918 404,313 307,971 |
16
Cornerstone City Church Notes
Year Ending 31 December 2024
| GIFTS,DONATIONS,SPONSORSHIP Building Fund Hope Centre - Compassion CAP Youth/Children's Ministries CSM ZOC HOTS I Heart Derry Mens Workshop Other Missions Support |
Unrestricted Funds £ |
Restricted Funds £ |
Total 2024 £ |
Total 2023 £ |
|---|---|---|---|---|
| 0 0 0 1396 18271 0 18271 19778 1400 0 1400 3648 1237 0 1237 226 0 0 0 2463 1230 0 1230 1200 0 0 0 45 48295 0 48295 31095 40533 0 40533 0 27282 0 27282 14841 |
||||
| 138,248 0 138,248 74,692 |
- 5 GIFTS,DONATIONS,SPONSORSHIP
| ADMIN EXPENSES Vehicle Running Costs Repairs and Maintenance,Cleaning Travel Costs Insurance inc Health Light and Heat Office Costs Subscriptions inc CCI Telephone Costs Accountancy Fees Bank Charges Bank Interest Meals and Catering,Special Events Depreciation Sundry Expenses Total |
Unrestricted Funds £ |
Unrestricted Funds £ |
Restricted Funds £ |
Restricted Funds £ |
Total 2024 £ |
Total 2023 £ |
|
|---|---|---|---|---|---|---|---|
| 2386 9178 0 3908 14927 78 2784 1335 1140 280 0 2663 13098 2252 |
0 0 0 0 0 0 0 0 0 0 6685 0 15035 0 |
2386 3000 9178 5708 0 685 3908 3994 14927 15407 78 1185 2784 5093 1335 1298 1140 1020 280 426 6685 12447 2663 3765 28133 0 2252 2870 |
|||||
| 54,029 | 21,720 | 75,749 56,898 |
|||||
| 192,277 | 21,720 | 213,997 131,590 |
- 6 ADMIN EXPENSES
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Cornerstone City Church Notes Year Ending 31 December 2024
| Note 7 Fixed Assets Duke Street - Purchase Duke Street - Improvements less Dep Duke Street - Revaluation Motor Vehicles Equipment less Depreciation Total 8 Bank & Cash Bank Current Accounts Bank Savings Account Cash Total 9 Creditors within 1 year Trade Creditors PAYE/NIC Due Nest Pension Due Album Accrual Credit Card Other Accruals Total 10 Creditors after 1 year Bank Mortgage Interest Free Loan Total 11 Building Fund Balance b/f Increase for Year Decrease for Year Revaluations Transfer of Funds Balance c/f 12 Unrestricted Reserves Balance b/f Increase for Year Decrease for Year Transfer of Funds Balance c/f Total Reserves |
Unrestricted Restricted Total Funds Prior Year Funds Funds 2024 2023 £ £ £ £ 0 0 0 0 0 0 0 0 0 2,500,000 2,500,000 2,500,000 5,565 0 5,565 5,565 56,301 0 56,301 56,301 |
|---|---|
| 61,866 2,500,000 2,561,866 2,561,866 |
|
| 2024 2023 73,369 1,564 74,933 12,510 18,187 0 18,187 0 0 0 0 0 |
|
| 91,556 1,564 93,120 12,510 |
|
| 2024 2023 £189 £0 £189 £0 £723 £0 £723 £4,531 £847 £0 £847 £0 £625 £0 £625 £625 £1,069 £0 £1,069 £1,950 £840 £0 £840 £660 |
|
| £4,293 £0 £4,293 £7,766 |
|
| 2024 2023 0 44,593 44,593 99,155 0 62,476 62,476 23,000 |
|
| 0 107,069 107,069 122,155 |
|
| 2024 2023 0 2,379,439 2,379,439 704,538 0 2,918 2,918 47,148 0 -21,720 -21,720 -13,843 0 0 0 1,636,822 0 38,673 38,673 4,774 |
|
| 0 2,399,310 2,399,310 2,379,439 |
|
| 2024 2023 65,016 0 65,016 38,445 401,395 0 401,395 260,823 -278,609 0 -278,609 -229,478 -38,673 0 -38,673 -4,774 |
|
| 149,129 0 149,129 65,016 |
|
| 149,129 2,399,310 2,548,439 2,444,455 |
18