REGISTERED COMPANY NUMBER: N1630224 (Northern Ireland) REGISTERED CHARITY NUMBER: N100422 Report of the Trustees and Unaudlted Financial Statements for the Year Ended 31 March 2024 Cornerstone Church S.M. Vinl & Company Chartered Certified Accountants 8 Newry Road Banbridge Co. Down BT32 3HN
Cornerstone Church Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examinerfs 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 forthe Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report wilh the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming docurnent. a Memorandum of Association and Articles of Associalion, and constitules a limited company. 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 Certifiod Accountants 8 Newry Road Banbridge Co. Down BT32 3HN
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2024 This report has been prepared in accordance with the special provision5 of Part 15 of the Companies Act 2006 relating to small companies. Purposes The promotion and furtherance of the Christian religion through holding meetings for the promulgation ofthe 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 meeting need and deprivation. Developing the capacity and skills of the members of socially and economically disadvantaged communities in such a way that they are better able to identify and help meet their needs and to participate more fully in society. The relief of sick and disabled persons and promotion of their physical and spiritual welfare. The ielief of mental 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 cenlre open to all (without distinction of sex. sexual orientation or of ra. political. religious or other opinions) in an effort to advan 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 vicinity of the centre. Helping young people through: The provision of recreational and leisure time activittes, including residential weeks or weekends, provided in the interest of social welfaie, designed to improve their conditions of life. Providing education. support and activities which develop their skills. capacities and capabilities to enable them to participate in society as mature and responsible individuals. Providing financial support to evangelists. missionaries and organisations promoting the Christian religion. Beneficiaries The beneficiaries are members. their families, those connected with the Church, the local community and the general public. Publlc Benefit The facilitation 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 support to partner agencies, locally and abroad, who work to alleviate poverty and hardship. Greater social inclusion for members of socially and economically disadvantaged communities and social integration via provision of opportunities to socialise in public worship gatherings. community meetings and opportunities to attend classes to develop skills necessary to funclion and participate more fully in society.
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2024 The provision of support on practical. physical and spiritual levels for those in our communtty who are sick. disables or infirm and improved physical. emotional and spiritual wellbeing. Alleviation and relief of those within our membership 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 to all from society regardless of sex. sexual orientation. ra. political or religious opinion or any other social background which can be used to enhance education. leisure, recreational. social and community integration opportunities for local sIdents. Provide support to local young people lated to educational. social and recreational development through provision of activities. training and advice both in group settings and individual contact. Promotion and advancement of the Christian faith Ihrough evangelists, missionaries and organisations supported financially and otherwise by Cornerstone Church. Private Benefit A private benefit is to the financially supported membets 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 Monthly prayer evenings Christians Against Poverty debt ntre Link 55 ministry The Well foodbank Cornerstone youth meetings Supporting ministries abroad Main Achlevements for the Year Worship services held each week throughoLrt the year Prayer ministry available each week Weekly Link 55 ministry for over 55's Food trolley in local supermarket Monthly prayer meetings Connect groups meeting each week Monthly Crafty Coffee events Supporting Redeemer Church. Dublin Supporting Pastor Jacob, India Easter programs- Eggsplorers Easter Community Fun Day Health and Wellness events held Men and Ladies Bible study Summer Church fun day Year 8 '1t's your move, workshop
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2024 Reflect- baby loss awareness Light Party in October The Greatest Gift- 2 day Christmas event Christmas dinner Christmas family service Family quiz nights Youth Outings - Escape Rooms and weekend in Annalong In August 2023, we acquired a property in Rathfriland that currently requires significant repairs and investment to meet the necessary standards. Our vision for this building is to create dedicated spaces for our children and youth during Sunday worship, as well as to establish an office for daily church activities. Financial Review The congregation's main source of income is member's contributions through weekly donations. There were 44 contributors during the year (42 in previous year, 20231 donating a total of £80.088 {£84.866 in previous year. 2023). The total income ofthe Gongregation during the year was £131.153. compared to £113,323 in the previous year. Total expencliture increased to £138.453 in 2024 from £97.802 in 2023. Reserves Policy The Irustees have considered the level of unrestricted reserves that it is appropriate to hold, taking accounl of current and ongoing commitments. It is the policy of the trustees to hold between three and six month's normal expenditure. Al the year end. unrestricted reserves were £51,187, which represents a higher level of reserrfes. 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 tnetnbers and to allow for the purchase of a building for the charity in the future. Approved by order of the board of trustees on 11th October 2024 and signed on its behalf A D Murray - Trustee
Independent Examinerfs Report to the Trustees of Cornerstone Church I report on the accounts of the company for the year ended 31 March 2024. which are set out on pages seven to seventeen. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for the purposes of cx)mpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject lo audit under company law and is eligible for independent examination. it is my responsibility to.. examine the accounts under Section 65 of the Charilies Act follow the procedures laid down in the general Directions given by the Charity Comrnission for Northern Ireland under Section 65(9)(b) of the Charities Act state 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 Act and my examination was carried out 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 accounts presented with those records. It also included consideration of any unusual ilems or disclosures in the accounts, and seeking explanations from you as charty 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 wtth Section 386 of the Companies Act 2006 That the accounts do not accord wilh those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and 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 understsnding of the accounts to be reached.
Independent Examinerfs Report lo the Trustees of Cornerstone Church Independent examinerfs statement I have completed my examination and have no concerns tn respect of the matters (1) to (4) listed above and. in connection with following the Directions of the Charity Commission for Northem Ireland, I have found no matters that require diaviing to your attention. Brian Magennis FCCA FCA S.M. Vint & Company Chartered Certified Accountants 8 Newry Road Banbridge Co. Down BT32 3HN Date:
Cornerstone Church Statement of Financial Activities for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestrided Restricted fund fund Notes INCOMEAND ENDOWMENTS FROM Donations and legacies 95.912 34,048 129.960 101.534 Charitable activities Other charitable activities 1.000 1.000 11,200 Investment income 95 98 193 589 Total 96,007 35.146 131.153 113,323 EXPENDITURE ON Charitable activities Other charitable activities 103.205 34,048 137,253 95,987 Other 1,200 1,200 1.815 Total 104,405 34.048 138,453 97.802 NET INCOMEI(EXPENDITURE) (8.398) 1.098 {7,300) 15,521 RECONCILIATION OF FUNDS Total funds brought fofward Transfer between funds 59.585 30.635 90.220 74,699 TOTAL FUNDS CARRIED FORWARD 51.187
Cornerstone Church Balance Sheet 31 March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Tangible assets 26.545 21,487 48,032 27,288 CURRENT ASSETS Debtors Cash at bank and in hand 27.009 10,246 37.255 96,616 27.009 10,246 37,255 96,616 CREDITORS AmoLJnts falling due within one year (2.367) (2,367) {3.684) NET CURRENT ASss 24,642 10.246 34.888 92.932 TOTAL ASSETS LESS CURRENT LIABILITIES 51.187 10.246 82.920 120,220 ACCRUALS AND DEFERRED INCOME 11 (30,000) NET ASSETS 51.187 31.733 82,920 90.220 FUNDS Unrestricted funds Restricted funds 12 51.187 31,733 59,585 30.635 TOTAL FUNDS 82,920 90,220 The charitable company is entitled to exevnption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not qUired the company to obtain an audil of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Cotnpanies 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 otheJwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company.
Cornerstone Church Balance Sheet - continued 31 March 2024 These financial stalements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statemenls were approved by the Board of Trustees and aulhorised for issue on 11 October 2024 and were signed on its behalf by: A J Murray - Trust M C E Somerville - Trustee
Cornerstone Church Notes to the Financial Statements for the Year Ended 31 March 2024 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 the 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 (FRS 102) (effective 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 Statement of Financial Activities once the charity has entitlement to the funds, it 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 cx)sts cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order lo Vlte off each asset over its estimated useful life. Taxation The charity is exempt from corporation tax on tts charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the 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 Ihe notes to the financial statements. 10
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 INVESTMENT INCOME 2024 2023 Deposit account interest Cash back on credit card purchases 98 95 494 95 193 589 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Depreciation - owned assets 6.636 6,822 TRUSTEES, REMUNERATION AND BENEFITS 2024 2023 Trustees. salaries 33.957 31,442 Trustees. expenses There were no trustees. expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS The average monthly number of ernployees during the year was as follows: 2024 2023 Pastoral No employees received emoluments in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Grants 101,534 95 11.200 101.534 589 11,200 494 Total 112.829 494 113.323 EXPENDITURE ON Charitable activities Other charitable activities 95.987 95.987
Cornerstone Church Notes to the Flnancial Statement5 - continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund Total funds Other 1,815 1.815 Total 97.802 97.802 NET INCOMEI{EXPENDITURE) 15,027 494 15.521 RECONCILIATION OF FUNDS Total funds broLJght fornard Transfer between furlds 24.267 20.291 50,432 {20,291) 74,699 TOTAL FUNDS CARRIED FORWARD 59.585 30,635 90,220 TANGIBLE FIXED ASSETS Property Fixtures and fittings Total COST As at 1 April 2023 Additions 43.436 43,436 As at 31 March 2024 DEPRECIATION As at 1 April 2023 Charge for year 16.149 16.149 As at 31 March 2024 NET BOOK VALUE As at 31 March 2024 As at 31 March 2023 12
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 10) Trade creditors Social security and other taxes Accrued expenses 551 1.470 501 513 1.200 616 1.200 2,367 3.684 10. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand: Credit card 551 1.470 11. ACCRUALS AND DEFERRED INCOME 2024 2023 Accruals and deferred income 30.000 12. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 59,585 (8.398) 51.187 Restricted funds Building Fund 30.635 1.098 31.733 TOTAL FUNDS 90.220 7.300) 82,920 13
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 12. MOVEMENT IN FUNDS - continued Net movement in funds and transfers, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund 96.007 (104,405} {8,398) Restricted funds Building Fund 35.146 (34,048) 1,098 TOTAL FUNDS 131,153 Comparatives for movement in funds Net movement 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 Comparative net movement in funds. included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund 112.829 (77.511) 35,318 Restricted funds Building Fund 494 {20,291) (19,797) TOTAL FUNDS 113.323 97,802) 15,521 14
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 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 31.3.24 At 1.4.22 Unrestricted funds General fund 24.267 26.920 51,187 Reslri¢ted funds Building Fund 50.432 (18,699} 31,733 TOTAL FUNDS 74,699 8.221 82,920 A current year 12 fflonths and prioryear 12 months combined net movement in funds. included in the above are as follows: Incoming Resour$ Movement resources expended in funds Unrestricted funds General fund 208.836 (181,916) 26.920 Restricted funds Building Fund 35,640 {54.339) (18,699) TOTAL FUNDS 244 476 236 255 8,221 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 15
Cornerstone Church Detailed Statement of Financial Activities for the Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Gift aid 114.211 84,951 129.960 101,534 Investment income Deposit account interest 193 589 Charitable activities Grants 1,000 11,200 Total incoming resources 131,153 113,323 EXPENDITURE Charitable activities Trustees, salaries Wages Employer pension contributions Training Insurance Telephone Postage and stationery Sundries Rent Light and heat 33,957 11.915 1,002 450 1,126 1,113 1,505 291 15.568 1,597 31,442 16,151 931 756 920 258 169 13,742 2,344 F Ij Christians Against Poverty Tfavelling expenses Hospitality and events Repairs and maintenance Speaker fees Computer costs Donations Resources Advertising CCLI Depreciation 3,000 3,159 10.630 3,582 3,000 2,140 5,890 2,769 750 2,664 1,781 2,983 475 897 36,758 2.701 700 666 6,636 6,822 137,253 95.987 16
Cornerstone Church Detailed Statement of Financial Activities for the Year Ended 31 March 2024 2024 2023 Support costs Governance costs Accountancy and legal fees 1,200 1,815 Total resources expended 138.453 Net incomel(expenditure) 7,300> 15,521 17