THE CORNERSTONE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2023 The trustees present their annual report and financial statements for the year ended 28 February 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the chartty's Memorandum and Articles of Associalion, the Companies Acl 2006 and "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 IFRS 102)" (effective 1 January 2019). Objectives and activities The Comerstone Trust {"Cornerstone'} was established. in its current fomiat. to support the Evangelical Church in the Canary Islands in spreading the Gospel. and in particular to assisl the Jinamar church in Gran Canaria. However due to the Pastor relocating, the charity's work was very limtled in the year and no support was provided to Jinamar church. The trustees are currently considering their options with regard to other workers or organisations they can support going fomiard. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and perfonnance The Board met a number oftimes during the year both fomialty and infomially. Discussions ntred around what the next sleps were for The Cornerstone Trust. Without any worker in the Canary Islands for us to support we contemplated supporting individual church projects. However, with the lack of oversight that we as a Board could provide from Northem Ireland to individual projects happening on the ground in the Islands, we felt that it would be too much of a risk to the funds provided by our donors. We also discussed the lack of experiencelskill set that we possess in temis of completing all of our HMRC I Companies House / CCNI annual retums. With the numerous reminders that legal action could be taken against us by the CCNI, it was agreed that we would dose the Comerstone Trust as both a Charity and a Company once we had completed any outstanding retums. Financial review It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The trustees consider that reseNes at this level will ensure that, in the event of a signtficant drop in funding. they will be able to continue the charity's current activities while consideration is given to ways in which addrtional funds may be raised. This level of reserves has been maintained throughout the year.
THE CORNERSTONE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 Slructure. governance and management The charity is a company limited by guarantee and govemed by tts Memorandum and Article5 ofAssoication. The trustees, who are also the directors for the purpose of company law. and who seNed during the year and up to the date of signature of the financial statements were.. Dr T Bennett Mr M Johnson Pastor W Murphy None of Ihe Iruslees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees. report was approved by the Board of Trustees. Dr T Bennett Trustee 29 November 2023