Charity registration number 1128126
Company registration number 05115884 (England and Wales)
CORNERSTONE (NORTHWEST) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CORNERSTONE (NORTHWEST) LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M Pratt
D Adcock
J Cook
Secretary
M Pratt
Charity number
1128126
Company number
05115884
Registered office
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
Accountants
Mitchell Charlesworth
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
CORNERSTONE (NORTHWEST) LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 10
CORNERSTONE (NORTHWEST) LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 30 June 2024.

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 charity's [governing document], the Companies Act 2006 and "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).

Objectives and activities

To spread the Christian message to all people in Maghull, Lydiate, Merseyside, the North West and further afield for the advancement of Christianity through the printed word.

Fundraising disclosure

The Charity raises funds through sales in its shop located in Maghull and through outlets such as churches and sheltered housing.

 

Use of volunteers

The Charity is indebted to its volunteers without whom the organisation would not be able to function.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

During the year up to 30 June 2024, the charity was active and operating well.

 

The trustees are pleased with the results for the year up to 30 June 2024.

Financial review

As at balance sheet date the company had unrestricted funds of £22,137 (202330,544)

 

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks,

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a company limited by guarantee without a share capital.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

M Pratt
D Adcock
J Cook
CORNERSTONE (NORTHWEST) LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Recruitment and appointment of trustees

The process of recruiting and appointing new trustees is completed by the existing trustees.

 

None of the trustees 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.

J Cook
Trustee
8 May 2025
CORNERSTONE (NORTHWEST) LIMITED
ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CORNERSTONE (NORTHWEST) LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornerstone (NorthWest) Limited for the year ended 30 June 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 9 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Cornerstone (NorthWest) Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornerstone (NorthWest) Limited and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Cornerstone (NorthWest) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Cornerstone (NorthWest) Limited. You consider that Cornerstone (NorthWest) Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Cornerstone (NorthWest) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mitchell Charlesworth
8 May 2025
Accountants
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
England
CORNERSTONE (NORTHWEST) LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Other trading activities
2
7,937
6,264
Investments
3
286
171
Total income
8,223
6,435
Expenditure on:
Raising funds
4
5,359
4,860
Charitable activities
5
11,271
12,409
Total expenditure
16,630
17,269
Net expenditure and movement in funds
(8,407)
(10,834)
Reconciliation of funds:
Fund balances at 1 July 2023
30,544
41,378
Fund balances at 30 June 2024
22,137
30,544

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CORNERSTONE (NORTHWEST) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
10
9,000
9,000
Cash at bank and in hand
17,073
23,194
26,073
32,194
Creditors: amounts falling due within one year
11
(3,936)
(1,650)
Net current assets
22,137
30,544
The funds of the charity
Unrestricted funds
12
22,137
30,544
22,137
30,544

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 8 May 2025
J Cook
Trustee
Company registration number 05115884 (England and Wales)
CORNERSTONE (NORTHWEST) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
1
Accounting policies
Charity information

Cornerstone (NorthWest) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Suites C, D, E & F, 14th Floor, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ, England.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CORNERSTONE (NORTHWEST) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Trading activity income: other
7,937
6,264
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
286
171
CORNERSTONE (NORTHWEST) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
4
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Trading costs
Operating charity shops
5,359
4,860
5
Expenditure on charitable activities
Charitable activities
Charitable activities
2024
2023
£
£
Direct costs
Rent
5,400
5,400
Rates
298
467
Light, heat and power
1,800
1,772
Other charitable costs
1,380
1,943
Printing, postage and stationery
468
931
Telephone
427
312
Bank charges
420
425
10,193
11,250
Share of support and governance costs (see note 6)
Governance
1,078
1,159
11,271
12,409
Analysis by fund
Unrestricted funds
11,271
12,409
6
Support costs allocated to activities
2024
2023
£
£
Governance costs
1,078
1,159
Analysed between:
Charitable activities
1,078
1,159
CORNERSTONE (NORTHWEST) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Stocks
2024
2023
£
£
Stock of goods
9,000
9,000
11
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
3,936
1,650
12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 July 2023
Incoming resources
Resources expended
At 30 June 2024
£
£
£
£
General funds
30,544
8,223
(16,630)
22,137
CORNERSTONE (NORTHWEST) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Unrestricted funds
(Continued)
- 10 -
Previous year:
At 1 July 2022
Incoming resources
Resources expended
At 30 June 2023
£
£
£
£
General funds
41,378
6,435
(17,269)
30,544
13
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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