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REGISTERED COMPANY NUMBER: NI630224 (Northern Ireland)
REGISTERED CHARITY NUMBER: NI00422











Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Cornerstone Church

Cornerstone Church

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 10

Cornerstone Church (Registered number: NI630224)

Report of the Trustees
for the 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 with 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

INCORPORATION
The charitable company was incorporated on 24 March 2015 .

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
NI630224 (Northern Ireland)

Registered Charity number
NI00422

Registered office
20 Main Street
Rathfriland
Co. Down
BT34 5PS

Trustees
A J Ervine
A J Murray
A D Murray
M C E Somerville

Company Secretary

Independent Examiner
Brian Magennis FCCA FCA
S.M. Vint & Company
Chartered Certified Accountants
8 Newry Road
Banbridge
Co. Down
BT32 3HN

Approved by order of the board of trustees on 11 October 2024 and signed on its behalf by:




Cornerstone Church (Registered number: NI630224)

Report of the Trustees
for the Year Ended 31 March 2024




A D Murray - Trustee

Independent Examiner's Report to the Trustees of
Cornerstone Church


Independent examiner's report to the trustees of Cornerstone Church ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its 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 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Brian Magennis FCCA FCA

S.M. Vint & Company
Chartered Certified Accountants
8 Newry Road
Banbridge
Co. Down
BT32 3HN

11 October 2024

Cornerstone Church

Statement of Financial Activities
for the Year Ended 31 March 2024

Unrestricted Restricted Total
fund fund funds
Notes £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 95,912 34,048 129,960

Charitable activities
Grant - 1,000 1,000

Investment income 2 95 98 193
Total 96,007 35,146 131,153

EXPENDITURE ON
Charitable activities
Other charitable activities 103,205 34,048 137,253

Other 1,200 - 1,200
Total 104,405 34,048 138,453

NET INCOME/(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

Cornerstone Church (Registered number: NI630224)

Balance Sheet
31 March 2024

Unrestricted Restricted Total
fund fund funds
Notes £    £    £   
FIXED ASSETS
Tangible assets 6 26,546 21,487 48,033

CURRENT ASSETS
Cash at bank and in hand 27,009 10,246 37,255

CREDITORS
Amounts falling due within one year 7 (2,367 ) - (2,367 )

NET CURRENT ASSETS 24,642 10,246 34,888

TOTAL ASSETS LESS CURRENT
LIABILITIES

51,188

31,733

82,921

NET ASSETS 51,188 31,733 82,921
FUNDS 9
Unrestricted funds 51,188
Restricted funds 31,733
TOTAL FUNDS 82,921

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Cornerstone Church (Registered number: NI630224)

Balance Sheet - continued
31 March 2024

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 11 October 2024 and were signed on its behalf by:





A J Murray - Trustee





M C E Somerville - Trustee

Cornerstone Church

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity 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 recognised 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 recognised 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 cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject 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 following annual rates in order to write off each asset over its estimated useful life.



Taxation
The charity is exempt from corporation tax on its 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 the notes to the financial statements.


Cornerstone Church

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. INVESTMENT INCOME
£   
Deposit account interest 193

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

£   
Depreciation - owned assets 6,636

4. TRUSTEES' REMUNERATION AND BENEFITS
£   
Trustees' salaries 33,957

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024.


5. STAFF COSTS

The average monthly number of employees during the year was as follows:

Pastoral 2

No employees received emoluments in excess of £60,000.


Cornerstone Church

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 April 2023 - 43,437 43,437
Additions 21,487 5,894 27,381
At 31 March 2024 21,487 49,331 70,818
DEPRECIATION
At 1 April 2023 - 16,149 16,149
Charge for year - 6,636 6,636
At 31 March 2024 - 22,785 22,785
NET BOOK VALUE
At 31 March 2024 21,487 26,546 48,033

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts (see note 8) 551
Social security and other taxes 616
Accrued expenses 1,200
2,367

8. LOANS

An analysis of the maturity of loans is given below:

£   
Amounts falling due within one year on demand:
Bank overdrafts 551


Cornerstone Church

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
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

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 ) (7,300 )

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.