REGISTERED COMPANY NUMBER: N1630224 (Northern Irelandl REGISTERED CHARITY NUMBER: N100422 Report of the Trustees and Unaudited Financial Ststements for the Year Ended 31 March 2025 for Comerstone Church S.M. Vint & Cofnpany Chartered Certified Accountants 8 Newry Road Banbridge Co. Down BT32 3HN
Cornerstone Church Contents of the Financial Statements for the Year Ended 31 March 2025 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statemenls 10 10 16 Detailed Statement of Financial Activities 17 10 18
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025 The trustees have adopted the provisions of Ac(x)unling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Purposes The promotion and furtherance of the Christian failh 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 infraslructure, 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 belter able lo identify, and help meet, their needs and to participate more fully in society. The relief of sick and disabled persons and promotion of Iheir physical and spiritual welfare. The ielief of mental and physical sickness of persons suffering as 2 result of bereavement, loss, family breakdown, redundancy or financial hardship by the provision of counselling and support for such persons. Providing a centre open to all (without distinction of sex. sexual orientation or of race, political, religious or other opinions) in an effort to advan education and to provide facilities in the interests of social welfaie for recrealional leisure time occupation with the objective of improving condilions of life for residents in the vicinity of the centre. Helping young people through= the provision of recrealional and leisure time aclivities. including residential weeks or weekends, provided in the interests of social welfare. designed to improve Iheir conditions of life. providing education, support and activities which develop Iheir skills, capacities and capabilities to enable them to participate in society as fflature and responsible individuals. Providing financial support to evangelistg, missionaries and organisations promoting the Christian faith. Beneficiaries The beneficiaries are members, their families. those connected with Ihe Church. the local community and the general public. Page 1
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIVITIES Public Benefit The facilrtation of regular public worship, training and biblelprayer galherings. promoting the physical. mental and spiritual wellbeing Df society. Relief of the needs of people suffering from social exclusion or other hardships both 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 inleg ralion via provision of opportunities to socialise in public worship gatherings, community meetings and opportunities to attend classes to develop skills necessary to function and participate more fully in society. The provision of support on practical, physical and spiritual levels for those in our community who are sick. disabled or infirm and improved physical, emolional and spirilual wellbeing. Alleviation and relief of those wilhin our membership and community, in response to such issues as bereavement, loss, farnily breakdown, redundancy or financial hardship who receive practical, physical, emotional and spiritual support froffl Cornerstone Church including by pastoral care and counselling. Provision of a ntre which is On, available and accessible to all from with society regardless of sex, sexual orientation, ra. political or religious opinion 01 any other social background which can be used to enhance education. leisure, recreational, social and community integration opportunities for local residents. Provide support to local young people related lo educational, social and recreational development through provision of activities, training and advice both in group settings and individual contact. Christian faith being promoted and advanced through evangelists, missionaries and organisations supported financially and otherwise by Cornerstone Church. Private Benefit A private benelil is to the financially supported members of staff. However, this is both incidental and necessary lo 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 Poveriy Debt Centre Link 55 ministry The Well - Foodbank Cornerstone Youth meetings Supporting ministries abroad Page 2
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIVITIES Main Achievements for the Year Worship services held each week throughout the year Prayer ministry available each week Weekly Link 55 ministry for over 55's with Irips throughout the year Connect groups meeting each week Food trolley in local supermarket Monthly prayer meetings Monthly Crafty Coffee events Supporting Redeemer Church, Dublin Supporting Pastor Jacob, India Easter programs - Eggsplorers Community breakfast Health and Wellness events held Men and Ladies Bible Study Summer Church Fun D2y Year 8 It's your move" workshop Light Party in October 2417 Prayer Newcomers lunch Eat Well, Spend Less evenings Christmas Café Christmas kids party Christmas Family Service Family Quiz nights Youth Weekend in Annalong Football camp and BBQ event during July 2024 In July 2024 we moved out of the premises in Rathfriland Enterprise Centre and moved into 20 Main Street, Rathfriland to have a more central presence in the town. We still own a property in Rathfriland purchased in 2023. however significant investment is required to meet Ihe neSSary standards to allow the building to be used. FINANCIAL REVIEW Financial Review The congregation's main Sour of income is members, contributions through the Weekly Donations. There were 45 contributors during the year (44 in previous year, 2024) donating a total of £83.376 (£80,372 in previous year, 2024) Total Income of the cnngregation during the year was £102.494 compared lo £131.153 in the previous year. Total expendtture decreased from £138,453 to £117.189. Reserves Policy The Trustee5 have considered the level of unrestricled reserves that it is appropriate to hold taking account of current and ongoing commitmer)ts_ It is the policy of the Trustees to hold between three and Six month's normal expenditure. At the year end unrestricled reserves were £ 42,712 which represents an appropriate level of reserves. Page 3
Cornerstone Church Report of the Trustees for the Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document. a deed of trust, 2nd constitutes 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 Registered office 20 Main Streel Rathffiland Co. Down BT34 5PS 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 Approved by order of Ihe board of trustees on 10 October 2025 and signed on its behalf by.. A D Murray- Trustee Page 4
Independent Examiner's Report to the Trustees of Cornerstone Church I report on the accounts of the company for the year ended 31 March 2025. which are set out on pages seven lo sixteen. Respective responslbilities of charity trustees and examiner As the charity's trustees (and also the directors for the purposes of company 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 subjecl to audil under company law and is eligible for independent examination, tt is my responsibilrty to.. examine the accounts under Section 65 of the Charilies AGt follow the procedures laid down in the general Direclions given by the Charity Commission 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 examiner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was c2rried out in accord2n with the general Directions given by the Charity Commission for Northern Ireland under Section 65{9)(b) of the Charilies 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 items or disclosures in the accounts, and seeking explanations from you as charrty trustees concerning any such matters. My role is to state whether any material matters have come lo my attenlion giving me cause to believe.. That accounting records were not kept in accordan with Section 386 of Ihe Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirernents 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 understanding of the accounts to be reached. Independent examiner's statement I have completed rny examination and have concerns in respect of the matters (1) to (41 listed above and, in connection wrth following the Directions of the Charity Commission for Northern Ireland, I have found no matters thal require drawing to your altention. Brian Magennis, FCCA FCA S.M. Vint & Company Chartered Certified AccL)untants 8 Newry Road Banbridge Page 5
Independent Examiner's Report to the Trustees of Cornerstone Church Co. Down BT32 3HN 10 October 2025 Page 6
Cornerstone Church Statement of Financial Activities for the Year Ended 31 March 2025 2025 Total funds 2024 Tolal funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 99.150 1,250 100,400 129,960 Charitable activities Grant 2.000 2,000 1,000 Investment income 94 193 Total 101.244 1.250 102,494 131,153 EXPENDITURE ON Charitable activities Other charitable activities 108,280 7,469 115.749 137,253 Other 1.440 1,440 1,200 Total 109.720 7.469 117.189 138,453 NET INCOMEI(EXPENDITURE) (8,476) (6.219) (14.695} (7,3001 RECONCILIATION OF FUNDS Total funds brought forward 51,188 31.733 82,921 90,221 TOTAL FUNDS CARRIED FORWARD 42,712 25,514 68,226 82,921 The notes form parl of these financial statements Page 7
Cornerstone Church Balance Sheet 31 March 2025 2025 Total funds 2024 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Tangible assets 21,237 22,671 43.908 48,033 CURRENT ASSETS Debtors Cash at bank and in hand 595 23,368 595 26,211 2.843 37,255 23.963 2.843 26,806 37,255 CREDITORS Amounts falling due within one year (2,488) (2.488) (2,367) NET CURRENT ASSETS 21,475 2.843 24.318 34.888 TOTAL ASSETS LESS CURRENT LIABILITIES 42,712 25.514 68.226 82,921 NET ASSETS 42.712 25,514 68,226 82,921 FUNDS Unrestricted funds Restricted funds 42,712 25.514 51,188 31,733 TOTAL FUNDS 68.226 82,921 The charitable cotnpany is entitled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial stateTnents for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilitie5 for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b} preparing financial slatements which give a true and fair view of Ihe state of affairs of the charitable company as at the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of Ihe Companies Acl 2006 relating to financial stalements. so far as applicable to the charitable company. The notes form part of these financial statements Page 8 continued...
Cornerstone Church Balance Sheet - continued 31 March 2025 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 10 October 2025 and were signed on its behalf by= A J Murray- Tr M C E Somerville - Trustee The notes form part of these financial statements Page 9
Cornerstone Church Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basi5 of preparing the financial stalements The financial statements of the charitable (x)mpany: which is a public benefit entity under FRS 102, have len 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 Slandard 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 recognised the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be reiVed and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing Ihe 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 cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent wrth the use of resources. Grants offered subjecl to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the folloviing annual rates in order to write off each asset over its estimated useful life. Taxation The charity is exempt from o)rporation tax on its charitable activtties. Fund accounting Unreslricled funds can be used in accordan with the charitable objectives at the discretion of the Irustees. Restricted funds can only be used for particular restiicted purposes within the objecls of the charity. Reslrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nalure and purpose of each fund is included in the notes to the financial statements Page 10 continued...
Comerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable CLimpany's pension scheme are charged to the Statement of Financial Activities in the period lo whtch they relate. INVESTMENT INCOME 2025 2024 Cash back on credtt card 94 193 NET INCOMEI{EXPENDITURE) Net incomel(expenditure) is stated after chargingl(credrting)'. 2025 2024 Depreciation - owned assets 5,518 6,636 TRUSTEES, REMUNERATION AND BENEFITS 2025 2024 Trustees, salaries 35,655 33,957 Trustees. expenses There were no trustees. expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS The average monthly number of emploYS during the year was as follows: 2025 2024 Pastoral No employees re(tived emoluments in eXsS of £60,000. Page11 continued...
Comerstone Church Notès to the Financial Statements - continued for the Year Ended 31 March 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricled Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 95,912 34,048 129.960 Charitable activities Grant 1,000 1,000 Investment income 95 98 193 Total 96.007 35,146 131.153 EXPENDITURE ON Charitable activities Other charilable activities 103,205 34,048 137,253 Other 1.200 1,200 Total 104,405 34,048 138,453 NET INCOMEI(EXPENDITURE) {8,398) 1.098 (7,300) RECONCILIATION OF FUNDS Total funds brought forward 59.586 30,635 90,221 TOTAL FUNDS CARRIED FORWARD 51,188 31,733 82.921 Page 12 continued...
Cornerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2025 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totals COST Al 1 April 2024 Additions 21,487 347 49,331 1,046 70,818 1,393 At 31 March 2025 21.834 50,377 72,211 DEPRECIATION At 1 April 2024 Charge for year 22.785 5,518 22.785 5,518 At 31 March 2025 28,303 28,303 NET BOOK VALUE At 31 March 2025 21,834 22,074 43,908 At 31 March 2024 21,487 26.546 48,033 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other debtors 595 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Bank loans and overdrafts (see note 10) Social security and other taxes Accrued expenses 570 598 1,320 551 616 1,200 2.488 2,367 Page 13 conlinued...
Comerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2025 10. LOANS An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due within one year on demand: Bank overdrafts 570 551 11. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestricted funds Geneial fund 51.188 (8,476) 42,712 Restricted funds Building Fund 31,733 (6.219) 25,514 TOTAL FUNDS 82,921 {14,695) 68,226 Net movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 101,244 (109,720> {8,476} Restricted funds Building Fund 1,250 (7,469) 16,219) TOTAL FUNDS 102.494 {117,189) {14,695} Page 14 continued.
Comerstone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2025 11. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 31.3.24 Al 1.4.23 Unrestricted funds General fund 59,586 {8,398) 51,188 Restricted funds Building Fund 30,635 1.098 31,733 TOTAL FUNDS 90,221 (7,300} 82,921 Comparattve net movement in funds, 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 {138,453) (7,3001 A current year 12 months and prior yeai 12 months combined position is as follows: Net movement in funds At 31.3.25 At 1.4.23 Unrestricted funds General fund 59.586 (16,874) 42,712 Restricted funds Building Fund 30,635 (5,121) 25,514 TOTAL FUNDS 90.221 {21,995) 68,226 Page 15 continued...
Cornerslone Church Notes to the Financial Statements - continued for the Year Ended 31 March 2025 11. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows.. Incoming Resources Movement resources expended in funds UnrestriGted funds General fund 197,251 (214.125) (16.874) Restricted funds Building Fund 36.396 (41,517) (5,121) TOTAL FUNDS 233,647 (255,642) (21.9951 12. RELATED PAR DISCLOSURES There were no related party Iransactions for the year ended 31 March 2025. Page 16
Comerstone Church Detailed Statement of Financial Activities for the Year Ended 31 March 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 84,671 15,729 114,211 15,749 100,400 129,960 Investment income Cash back on credit card 94 193 Charitable activities Grants 2,000 1,000 Total incoming resources 102.494 131,153 EXPENDITURE Charitable activities Trustees, salaries Wages Pensions Insurance Light and heat Telephone Postage and stationery Advertising Sundries Rent Travelling expenses Hospitality and events Repairs and maintenance Computer costs Staff training Resources Software licences Fixtures and fittings Grants to individuals 35,655 12,511 1,053 1,186 1,645 1,212 523 1,789 285 17,496 1,749 12,303 9,304 592 33,957 11,915 1,002 1,126 1.597 1,113 1.505 700 291 15,568 3,159 10,630 3.582 897 450 2.701 666 6.636 39,758 2.179 704 5,518 10,045 115,749 137,253 Support costs This page does not form part of the statutory financial statements Page 17
Cornerstone Church Detailed Statement of Financial Activities for the Year Ended 31 March 2025 2025 2024 Support costs Governance costs Accountancy and legal fees 1,440 1,200 Total reSoUrS expended 117,189 138,453 Net expenditure (14,695) (7,300) This page does not fomi part of the statutory financial statements Page 18