REGISTERED COMPANY NUMBER: N1630224 (Northern Ireland} REGISTERED CHARITY NUMBER.. N100422 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023 Cornerstone Church S.M. Vint & Company Chartered Certified Accountants 8 Newry Road Banbridge Co. Down BT32 3HN
Cornerstone Church Contents of the Financial Statements for the Year Endèd 31 March 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10 to 15 Detailed Statement of Financial Activities 16 to 17
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slatements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reparting by Charities: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a Memorandum of Association and Articles of Association. and constitutes a limited COTnpany: limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1630224 (Northern Ireland) Registered Charity number N100422 (Northern Ireland) Registered office Units 7-8 Rathfriland Enterprise Centre Downpatrick Street Rathfriland Co. Down BT34 5DQ Trustees A J Ervine A J Murray A D Murray M C E Somerville Independent Examiner S.M. Vint & Company Chartered Certified Accountants 8 Newry Road Banbridge Co. Down BT32 3HN
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2023 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Purposes The promotion and fijrtherance of the Christian religion through holding meetings for the promulgation of the Gospel and promotion of physical, mental and spiritual welfare of persons within Northern Ireland. The relief of poverty, financial and social hardship as need may arise worldwide by providing goods. services, medical care and other grants of money for providing or paying for infrastructure, items, services. facilities and otherwise meeling need and deprivation_ Developing the capacity and skills of Ihe members of socially and economically disadvantaged communities in such a way Ihat they are better able to identify and help meet their needs and lo participate more fully in society. The relief of sick and disabled persons and promolion of their physical and spiritual welfare. The relief of menlal and physical sickness of persons suffering as a result of bereavement. loss. family breakdown. redundancy or financial hardship by the provision of counselling and support for such persons. Providing a ntre open to all (without distinction of sex. sexual orientation or of race, political: religious or other opinions) in an effort to advance education and to provide facilities in the interests of social welfare for recreational leisure time occupation with the objective of improving conditions of life for residents in the viciniiy of the centre. Helping young people through: The provision of recreational and leisure time activities, including residential weeks or weekends. provided in the interest of social welfare: designed lo improve their conditions of life. Providing education. support and activilies which develop Iheir skills, capacities and capabilities to &nable them to participate in society as mature and responsible individuals. Providing financial support to evangelisls. missionaries and organisations promoting the Christian religion. Beneficiaries The beneficiaries are members, their families, those connected with the Church, the local community and Ihe general public. Public Benefit The facilitalion of regular public worship, training and biblelprayer gatherings, promoting the physical, mental and spiritual wellbeing of society. Relief of the needs of people suffering from social exclusion or other hardships bolh locally and abroad. This includes financial supportto partneragencies. locally and abroad. who work to alleviate poverty and hardship. Greater social inclusion for members of socially and economically disadvantaged commuriities and social integration via provision of opportunities to socialise in public worship gatherings, community meetings and opportunities to attend classes to develop skills necessary lo function and parlicipate more fully in society.
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2023 The provision of support on practical, physical and spiritual levels for those in our community who are sick. disables or infim and improved physical. efflolional and spiritual wellbeing. Alleviation and relief of those within our metnbership and community, in response to such issues as bereavement, loss, family breakdown, redundancy or financial hardship who receive practical, physical, emotional and spiritual support from Cornerstone Church including by pastoral care and counselling Provision of a centre which is open. available and accessible lo all from society regardless of sex, sexual orienlation, race. political or ieligious opinion or any other social background which can be used to enhance education. 5eisure. recreational. social and communily integration opportunities for local residents. Provide support to local young people related to educational, social and recreational development through provision of activities. training and advice both in group settings and individual contact. Promotion and advancemenl of the Christian faith through evangelists, missionaries and organisalions supported financially and otherwise by Cornerstone Church. Private Benefit A private benefit is to the financially supported members of staff. However, this is both incidental and necessary to ensure the objects of the charity are carried out to the required standards. Activities- Summary of Activities Weekly Sunday services Weekly Connect Group gatherings Children's meetings Monlhly prayer evenings Chrislians Against Poverty debt centre The Well foodbank Cornerstone youth meetings Supporting minislries abroad Main Achievements for the Year Vvorship services held each week throughout the year Prayer ministry available CAP debt centre operating - CAP money course Food Irolley in local supermarket Monthly prayer meetings Connect group meeting each week Christmas family service Fuel poverty appeal Food parcels Community BBQ and picnics throughout the year Easter programs - Eggsplorers and Hope Explored Youlh revision club Ukraine appeal- charity football match Year 8 '1t's Your Move workshop
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2023 Men's Bible study Ladies, Bible study 5 week course on 'eat well. spend less. Reftecl- baby loss awareness Youth outings Belfast Financial Review The congregation's Tnain source of income is memberfs contributions through weekly donations. Theie were 42 contributors during the year (40 in previous year, 2022) donating a total of £84.866 {£80,770 in previous year. 2022). The total income of the congregation during the year was £113.323. compared to £81,236 in the previous year. Tolal expenditure decreased from £100,856 in 2022 to £97.802 in 2023. Reserves Policy The trustees have considered the level of unrestricted reseNes thal it is appropriate lo hold, taking account of current and ongoing commitmenls. It is the policy of the trustees to hold belween three and six month.s nomial expendilure. At the year end, unrestricled reserves were £30.635. which represents a higher level of reserves. The trustees however, consider it prudent to hold reserves at this level as the funding of its present activities is dependent on the on-going financial support of members and lo allow the purchase of a building for the charity in the future. Approved by order of the board of trustees on 3 November 2023 and signed on its behalf by Muiray- Trustee
Independent Examiner's Report to the Trustees of Cornerstone Church I report on the accounts of the company for the year ended 31 March 2023, which are set out on pages seven to sevenleen. Respective responsibilities of charity trustees and examiner As the charitrfs trustees (and also the directors forthe purposes of company law) you are responsible for the preparalion oflhe accounts in accordance with the requirements of Ihe Companies Act 2006. Having satisfied myself that the charity is not subjecl to audit under company law and is eligible for independent examination. it Is my responsibility to. examine the accounts under Seclion 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9}Ib) of the Charities Act slate whether particular matters have come to my attention. Basis of the independent examinerfs report I have examined your charity accounts as required under Section 65 of the Charities Acl and my examination was carried oul in accordance with the general Directions given by the Charity Commission for Northem Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the acGounts presented with those records. It also included consideralion of any unusual items or disclosures in the accounls, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 That the accounls do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with Ihe methods an(J principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland That there is further information needed for a proper understanding of the accounts to be reached.
Independent Examiner's Report to the Trustees of Cornerstone Church Independent exaniinerfs statement I have completed my examination and have no COnrnS in respect of the matters (11 to {4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Brian Magennis FCCA FCA S.M. Vint & Company Chartered Cettified Accountants 8 Newry Road Banbridge Co. Down BT32 3HN Date: 3./::17?ZS
Cornerstonè Church Statement of Financial Activities for the Year Ended 31 March 2023 2023 Total funds 2022 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 101,534 101,534 80,771 Charitable activilies Other charitable activities 11.200 11,200 Investment income 95 494 589 465 Total 112.829 494 113,323 81.236 EXPENDITURE ON Charitable activities Other charilable activities 95,987 95,987 98,628 Other 1.815 1,815 2,228 Total 97,802 97,802 100,856 NET INCOMEI(EXPENDITURE) 15.027 494 15,521 (19.6201 RECONCILIATION OF FUNDS Total funds brought forward Transfer between funds 24.267 20.291 50,432 (20.291) 74,699 94,319 TOTAL FUNDS CARRIED FORWARD 59.585 74.699 The notes form parl of these financial statements
Cornerstone Church Balance Sheet 31 March 2023 2023 Total lunds 2022 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Tangible assets 27.288 27,288 10,051 CURRENT ASSETS Debtors Cash at bank and in hand 3,271 64,176 65.981 30,635 96,616 65,981 30.635 96.616 67,447 CREDITORS Amounts falling due within one year (3.684) (3,684) (2,799) NET CURRENT ASSETS 62.297 30,635 92,932 64,648 TOTAL ASSETS LESS CURRENT LIABILITIES 89,585 30,635 120,220 74,699 ACCRUALS AND DEFERRED INCOME 11 (30,000) (30.0001 NET ASSETS 59.585 30.635 90,220 74,699 FUNDS Unrestricled funds Restricted funds 12 59.585 30,635 24,267 50,432 TOTAL FUNDS 90,220 74,699 The charilable company is entitled to exemption from audit under Section 477 of the CompaNies Act 2006 for the year ended 31 March 2023. The members have not required the company to obtain an audit of ils financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for {a} ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenNise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Continued...
Cornerstone Church Balance Sheet- continued 31 March 2023 These financial statements have been prepared in accordance with the provisions applicable to charilable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and aLJthorised for issue on 3 November 2023 and were signed on its behalf by: A J Murray- ustee M C E Somerville - Trustee The notes form part of these financial statements
Cornerstone Church Notes to the Financial Statements for the Year Ended 31 March 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit enlity under FRS 102, have been prepared in accordance with Ihe Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effeclive 1 January 2019).. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognized in the Slatemenl of Financial Activities once the charity has entitlement to the funds. il is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannol be directly attributed to particular headings they have been allocated to aclivities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at Ihe following annual rates in order lo write off each asset over its estimated useful life. Taxation The charity is exempt from corporation tax on its charitable activitiès. Fund accounting Unreslricted funds can be used in accordance with the charitable objectives at the discretion of Ihe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 10 continued...
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2023 INVESTMENT INCOME 2023 2022 Deposit account interest 589 465 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)-. 2023 2022 Depreciation - owned assets 6.822 2,512 TRUSTEES, REMUNERATION AND BENEFITS 2023 2022 Trustees. salaries 31.442 30,233 Trustees. expenses There were no trustees. expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. STAFF COSTS The average monthly number of employees during the year was as follows: 2023 2022 Pastoral No employees received emoluments in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricte(J Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 80.771 80,771 Investment income 465 465 Total 80,771 465 81,236 EXPENDITURE ON Charitable activities Other charitable activities 98,628 98,628 11 continued...
CorneTStone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Total fund fund funds Other 360 2.228 Total 100496 360 100,856 NET INCOMEI{EXPENDITURE) (19,725) 105 119.6201 RECONCILIATION OF FUNDS Total funds brought forward 43,992 50.327 94,319 TOTAL FUNDS CARRIED FORWARD 24,267 50,432 74.699 TANGIBLE FIXED ASSETS Fixtures and fittings COST Al 1 April 2022 Additions 19,377 24,059 Al 31 March 2023 43,436 DEPRECIATION At 1 April 2022 Charge for year 9.326 6,822 At 31 March 2023 16,148 NET BOOK VALUE Al 31 March 2023 27,288 Al 31 March 2022 10,051 12 continued..
Comerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors 3.271 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdrafts {see note 10) Trade creditors Social security and other taxes Accrued expenses 1,470 501 513 1,200 275 501 823 1,200 3.684 2,799 10. LOANS An analysis of the maturity of loans is given below-. 2023 2022 Amounts falling due within one year on demand: Bank overdrafts 1,470 275 11. ACCRUALS AND DEFERRED INCOME 2023 2022 Accruals and deferred income 30.000 12. MOVEMENT IN FUNDS Net ovement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 24,267 35,318 59,585 Restricted funds Building Fund 50,432 (19,797) 30,635 TOTAL FUNDS 74,699 15,521 90,220 13 continued...
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2023 12. MOVEMENT IN FUNDS - continued Net movement in funds and transfers, included in the above are as follows: Incoming resources Resources Movement expended in funds Unrestricted funds General fund 112,829 (77,511} 35,318 Restricted funds Building Fund 494 (20.291) (19,797) TOTAL FUNDS 113.325 97.802) 15,521 Comparatives for movement in funds Net movement in funds At 31.3.22 At 1.4.21 Unrestricted funds General fund 43,992 (19,725) 24.267 Restricted funds Building Fund 50,327 105 50,432 TOTAL FUNDS 94,319 19,620) 74,699 Comparative net movement in funds, included in the above are as follows= Incoming resources Resources Movetllenl expended in fLJnds Unrestricted funds General fund 80,771 (100.496) (19,725) Restricted funds Building Fund 465 {360) 105 TOTAL FUNDS 81.236 14 continued...
Comerslone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2023 12. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.23 At 1.4.21 Unrestricted funds General fund 43,992 15,593 59.585 Restricted funds Building Fund 50.327 (19,692) 30,635 TOTAL FUNDS 94,319 4,099) 90,220 A current year 12 monlhs and prior year 12 months combined net movement in funds, included in the above are as follows= Incoming Resources Movemenl resources expended ill funds Unrestricted funds General lund 193,601 (178,0081 15,593 Restricted funds Building Fund 960 (20,652) (19,692) TOTAL FUNDS 194.561 198,660) 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2023. 15
Cornerstone Church Detailed Statement of Financial Activities for the Year Ended 31 March 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Gift aid 84,951 16,583 66,752 14,019 101,534 80,771 Investrnent incorne Deposil account interest 589 465 Charitable activities Grants 11.200 Total incoming resources 113,323 81,236 EXPENDITURE Charitable activities Trustees, salaries Wages Insurance Telephone Postage and stationery Sundries Rent Light and heat Christians Against Povety Travelling and entertainment Subsistence Repairs and maintenan Speaker fees Computer cosls Donations Resources Advertising Pensions Fixtures and fittings 31,442 16,151 756 920 258 169 13,742 2,344 3,000 2,140 5,890 2,769 750 2,664 1,781 2,983 475 931 30,233 23,868 717 871 463 1,800 13,898 2,905 3,000 3.065 4,780 540 1,300 2,648 3,490 1.380 100 1.057 95,987 98,628 This page does not form part of the statutory financial statements 16
Cornerstone Church Detailed Statement of Financial Activities for the Year Ended 31 March 2023 2023 2022 Support costs Governance costs Accounlancy and legal fees 1,815 2,228 Total resources expended 97,802 100,856 Net incomel(expenditure) 15.521 19,620) This page does not form part of the statutory financial statements