Company Number: 04112629 Charity Number: 1085052 New Wine International Directors, Report and Consolidated Financial Statements For the Year ended 31 December 2023 Hilton Accountant5 Registered as Auditors in the United Kingdom by the Association of Chartered Certified Accountants
NEW WINE INTERNATIONAL ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Page Company information Dlrectors, report Auditors, Report 10-13 Consolidated and Charity Statement of Financial Activities 14 Consolidated and Charity Balance Sheet 15 Con501idated Cash Flow Statement 16 Notes to the accounts 17-25
NEW WINE INTERNATIONAL COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 TrusteeslDirectors Babajide Stephen Olaleye Elizabeth Adejoke Olusola Adeyeml Philip Olusegun Adeyi Akinlaja Emmanuel Odidi Olutoyin Oludamilola Aklnyemi Secretary Babajide Stephen Olaleye Company Number 04112629 (England and Wales) Charity Number 1085052 Bankers Barclays Bank PIC 41 Woolwich New Road Woolwich London SE18 6ET Auditors Hilton Accountants Unit 2, Fountayne Bu51ness Centre Broad Lane London N15 4AG Reglstered Office Gateway House John Wilson Street London 5E18 6QQ Business Address Gateway House John Wilson Street London 5E18 6QQ Website www.newwine.co.uk
NEW WINE INTERNATIONAL ICOMPANY NO: 04112629 ENGLAND AND WALES) DIRErfoRS' REPORT STRUCTURE, GOVERNANCE, AND MANAGEMENT Goveming document The charity is governed by its memorandum and articles of association, and con5titute5 a limited company, limited by guarantee, as defined by the Companies Act 2006. The charity is also known as 'New Wine Church,. The trustees are members of the charitable company and guarantee to contribute an amount not exceeding £10 to the assets of the charitable company in the event of winding up. The total number of such guarantees on 31st December 2023 was 4 {2022- 4). Recrultment and appolntment of new trustees The trustee5 are appointed by invitatlon as and when required depending on their expertise and the requirements of the charlty. Induction and tralnlng of new trustees The charity arranges appropriate training both internally and through other voluntary sector training providers. The trustees and al l involved in running the charity including volunteers are always encouraged to attain the necessary skills required to achieve the objectlves of the charity. Organi5ational structure The Trustees who Served during the period and up to the date of the report are set out above. The day-to-day operations of the charitable company are controlled by the chief executive officer appointed by Trustees, but the responsibility for all deci5ion5 rest with the Board of Trustees. The Trustee5 meet regularly to manage the affairs of the charity. There are 15 full time employees engaged In the administration and the organisation of the activities overseen by the chief executive off icer. In addition, the charity Is assisted by the ServIS of approximately 350 volunteers. For effectiveness, New Wlne International is administered through several structured portfoli05 Wlth specif ic responsibilities.
Risk management The trustees have a duty to identlfy and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees where appropriate, enlist the help of professional advisors to manage those risk5. Specia l attention is also focussed on non-financial risks arising frorn fire, health and safety a nd food hygiene. OBJECTIVES AND ACTIVITIES Objectlves and alms. New Wine Church is a mu Itl-cultural, multi-national assembly of believers in Christ with over 50 nationalities represented. Our unceasing passion is to honour God with our lives and be a blessing to humanity with our individual and collective gifts. Our worship seNices and other range of activitles are geared towards helplng all people experience God, have fun, and feel truly valued as the glorious expression of His image on earth. Our Vision Our dynamic vision is to help individuals discover, develop, and deploy the glfts that God has placed wlthin them, so that they can be very effective in what God has called them to do. Our Mission We have a mandate frorn God to build men and women up in the Christian faith, equipping them with the word of God and the power of the Holy Spirit, so they can be maximally effective in what God has called them to do. We are convinced that every person has a destiny to walk in - a destiny already concluded in the mind of God. We are therefore persuaded that the greatest fulfilment In life comes when we discover our destlny and walk in it. In line with this, we disciple people to discover, develop and deploy the gifts, treasures, and potentials that God has placed within them for His own glory. The charity's object and principal actlvity is to promote the advancement of the Christian faith, the relief of poverty, education and the promotion and fulfilment of various charitable causes within the local community and such other parts of the United Kingdom and the world as the trustees think fit. Public beneftt The trustee5 have considered the Charity Commission's general guidance on public benefit and have complled with the duty in section 17 of the Charities Act 2011.
Volunteers The Church benefits from the contribution of c105e to 350 volunteers, although it is extremely difficult to practicably quantify the commitment and dedication of the volunteers who provide an invaluable contribution to the services of the charity. The Trustee5 acknowledge and a ppreciate their immense contribution and would like to offertheir sincere thanks and gratitude to the volunteers. ACHIEVEMENT AND PERFORMANCE 2023 Annual Report 2023 was a momentous year in which New Wine Church marked our 30th anniversary, offering us the opportunity to celebrate God's faithfulness to us over 3 very eventful decade5. It was a year of celebration, innovation and transformation on many levels for the Church family, individually and collectively. several acttvities / event5 were specifically dedicated to the anniversary celebrations and our regular events took on added Importan in recognition of the achievement of this milestone. Here are some highlights of the year. Our flagship prayer program "Deeper and Higherf, comprising 21 day5 of Prayer, Fastlng, and Blble teachings was held in January 2023 under the theme, 'Taking Root and Bearin8 Fruit". The event served as a powerful tool to prepare the Church members for the rest of the year ahead. We also launched the Refresh Bathroom Facility for the homeless in January, which saw approxlmately 25 people use it during the year. In the rest of January and February, we held a number of Seminars including the Mlllennials, Forum, Within Reach Seminar and Financial Fresh Start Seminar aimed at empowering Church members for success in different areas of Ilfe. Over 150 participants benefitted from these events. We celebrated Mothers, Day in March and Fathers. Day in June, with themed, heartwarmlng Sunday services and gifts to quallfying members and visitor5. April witnessed our innovative display billboard parade wlthin our Royal Greenwich local communityi sharing the message of hope in Christ, leading up to our vibrant Good Friday and Easter Sunday celebrations. We took our message and our mandate into the nations of Canada (March}, Nigeria {Aprlll, Brazil (May) and Luxeml)ourg (November) hosting multiple day conferences that collectively touched the lives of over 350 people and lebrated the branch annlversaries in Montreal {Canadal, Ile-lfe and Lagos (both in Nigeria) and Luxembourg. The coronatlon of King Charles 111 took pSace in May and New Wine held a Joint Community Celebration picnic with two local Churches in Woolwich, St Mary's Magdalene Church & Deeper Life Church with over 200 attendees. The 4th edition of our Young Voices School Choir competÉtion held in June 2023 was a great success, bringin8 together 167 children and their familie5 from 4 local schools to participate In day of music, fun, inspiration and refreshments.
July was 8 power-packed month featuring our flasship event, the 3-day transformational, Maximise Life Convention, an Anniversary Worship Night, and ourAppreciation Night in which we gave award5 to 22 past and present contributors to the success of New Wine Church including posthumous awards to our Patriarchs, Dr Tayo Adeyemi & Pastor Michael Olawore. July also included our Family Reunion (Party-in-the-Park} Celebration that brought together about 1,500 past and present members of the Church Family spanning the 30 years of New Wine's existence as a ministry, It was indeed a wonderful celebration of God's goodne55 towards us for the last 30 years. As part of ourforward-lookingstrategy on developing ide35 on howtoserve our local communitles even better, we also undertook in July the "We are Here to Serve You" community suNey in Woolwich, Dartford, East London. Gravesend and Maidstone, reaching over 850 homes, The results form part of the input into plans we are developing forthe future. Serving our local communlty this year has included visits to Residential Homes encouraging the elderly and / or disabled residents. We also continued running the physical exercise classes for senior citizens on Tuesday5 heSping to improve their health and general wellbeing. In the second half of the year, we celebrated the anniversaries of several branches including Gravesend & Dartford branches in August, East London branch in October, Maidstone branch in November and, French Church in December. We hosted the 3-day Autumn Glory conference in October. We conducted 4 baptism ceremonies during the year involving 53 candidates. Our commitment to strengthening relationships included holding the Fireside Chat for Singles in April, the Couples, Fireside Chat in May, and the 9-week Marriage Preparation Programme empowering people for a healthy married Ilfe in September. 11 monthly community outreach ministration5 tothe local community were undertaken, reaching many people with the message of hope in Christ and winning souls into the Kingdom of God. Our Church Family participated in a broad range of prayer programmes including 11 prayer ViEiIs, 48 weekly Friday prayer meetlngs, Leaders, prayer and fasting in May and the Workers, 7-days prayer and fasting pro8ramme in November. We welcomed 52 new members to the Church from 4 cohorts of membership classes during the year. 2 people were ordained, one as a Pastor in the Luxembourg branch and the othef as a Minister In the Maldstone branch. We continued to provide hot full English Breakfast and spiritual enrichment to the homeless and marglnalised in our Royal Greenwich community through the weekly Saturday Breakfast Club,
serving approximately 1,122 meals during the year. including a Christmas party held for them in December. Ran two First Response Training AED and CPR Training Courses (April & December) as part of strengthening our health and safety framework. Children within our church and from within the local community enjoyed a range of programmes including weekly Children's Church services throughout the year, Summer Club in July l August, Hallelujah Nlght In October and Sing forjoy Children's Party in December. We undertook the Romans Tour and the 10-Week Rornans Course InvotnE a total of 393 Partlcipants. We strengthened our focus on youth development, hosting our Youth Convention in August, the Uni-Refresher seminar for new and returning university undergraduates in September and launching the Lumen Ministry for 17 to 25-year-olds in December. We held the Disability & Neurodiversity Awareness seminar in September and continue to focus on enhancing the Church's ability to seNe the neurodiverse members of our Church and wider community more effectively. Our Deaf Ministry also continued to actively serve our deaf community during the Sunday services and major conferences / events. As part of our year-long 30th anniversary celebration5, we produced a wide range of custom deslgned apparels that Church members have enjoyed wearing during the year. Our annual Christrnas Hamper Campaign saw us donate 1,020 hampers that benefitted approximately 4,500 beneficiaries in London, Kent, Essex and Environs and bringing the total hamper donations over the last 23 years to 34,790 benefitting over 167,950 beneficiaries. 2023 ha5 indeed been a remarkableyear of celebrating God's continued blessings and goodne55 in the lives of New Wine Church members overthe last 30 years. With the celebrations, we also renewed our commltment to the ongoingfulfilment of God's mandate to us to empower individuals across the globe to discover, develop and deploy their gifts and live5 to the glory of God. We are fully persuaded by the promise of God's Word that.the path of the just is like the shining sun, that shines ever brighter unto the perfect day"_ Proverbs 4.18. All 810ry be to God and the best Is yet to comel FINANCIAL REVIEW Reserves policy The charity has no endowment funding and is at present entirely dependent on income from donors from year to year wh ich inevitably is subject to fluctuation. It is therefore the policy of the charity to maintain unrestricted funds at a level which equates to at least 12 months, u nrestricted expend itu re. This provides sufficient funding to cover the charitable expenditure, management, administration, and support costs and to respond to emergencies which may arise from time to time.
The present level of funding is considered adequate to support the continuation of the charlty's programmes and the trustees considerthe financial position of the charity to be satisfactory. Principal fundlng sources and flnaF)ckl positlon The princlpal fu nding sou rce5 continue to be: Donations and Gift Aid £1.493,74912022: £1,493,749) Bookshop and School £43412022: £4341 Interest & Investment Income £19,969 (2022: £19,969) The Statement of Financial Activities shows Net Incoming /IOutgoing) Resources of1£301,7111 12022:1£301,711)l and Total Funds at the year-end of £6,596,52512022: £6,596,525) Investment policy and objectives Under the Memorandum and Articles of A550ciation, the charity has the power to make such investments as the trustees deem appropriate, In addition to the short-term bank deposits during the period, the charity has a IOOOA Interest in subsidiary companies namely Gateway Incorporated Limited, Vista Hospitality Limited, and New Wine Central Limited TRUSTEES RESPONSIBILITY STATEMENT The trustees Iwho are also the directors of New Wine International for the purpose5 of companv lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the of the charitable company and of the incomlng resources and application of resources, Including the income and expenditure of the charitable company for that period. In preparlng those financial statements, the trustees are required to: select suitable accounting policies and then apply them cons15tently - observe the methods and principles in the Charity SORP. make Judgements and estimates that are reasonable and prudent. prepare the flnanclal statements on the going concern basis unless it is inappropriate to assume that the charitable compa ny will continue in business. The trustees are responsible for keeping proper records which disclose with reasonable accuracy at any time the flnancial position of the charitable company and to enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55et5 of the charitable company and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 20061 of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit inforrnation and to establish that the charitable company's auditors are aware of that information, AUDITORS The auditors, Hilton Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Signed on behalf of the board: Akinlaja Emmanuel Odidi Trustee 18 October 2024
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEW WINE INTERNATIONAL Oplnlon We have audited the financlal statements of New Wine International, the charitable company for the year ended 31 December 2023, which comprise Statement of Financial Activity, the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation Is appllcable law and United Kingdom Accounting Standard, 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce), I n our oplnlon, the financial statements: give a true and falr view of the state of the group'5 and of the charitvs affairs as at 31 December 2023 and of Its IncominE resources and application of resources Including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice. have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) IISA5 (UKII and appllcable law. Our responsibilitie5 under those standards are further described in the Auditorfs responsibilities for the audit of the financial statement5 section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the a udit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern. In auditlng the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparatlon of the flnancial statement5 is approprlate. Based on the work we have performed, we have not identifled any material uncertainties relating to events or conditions that, individually or collectlvely, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this report. Other InfOrMaOn The other infom)ation comprise5 the infomiatlon included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does Tlot io
cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doinB 50, consider whether the other information is materially inconsistent with the financial statements, or our knowledEe obtained in the cou rse of the audit, or otherwise appears to be material Iv misstated. If we identify such material inconslstencies or apparent material misstatements, we are required to determine whether this glves rise to a material misstatement in the financial statements themselves. If, based on the work we have perforrned, we conclude that there is a material mi55tatement of thls other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information Eiven In the Trustees, report for the financlal year for which the fina ncial statements are prepared is consistent with the financial statement5. and the trustees, report has been prepared in accordance with applicable legal requirements Matters on which we are required to report by exception. In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material mi55tatements in the strategic report or the directors, report. We have nothing to report In respect of the following matters in relation to which the Companies Act 2006 requires us to report to you Éf, in our opinion: adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not vislted by us; or the financial statements are not in agreement with the accounting records and return5,' or certain disclosures of dlrectors, remuneration Specified by law are not made- or we have not receNed all the information and explanations we require for our audit. Respon5ibilltles of trustees As explained more fully in the trustees, responsibllities statement, the trustees who are also directors of the charitable company, forthe purposes of Company law are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for Such Internal control as the trustees detemiine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to contlnue as a going concern, disclosin& as applicable, matters related to going concern o nd li
using the going concern basis of accounting unless the directors either intend to liquidate the company orto cease operations, or have no realistic alternative but to do so. Audltoes Responsibilitie5 for the audlt of the financial statements Our objectives are to obtaln reasonable assurance about whether the financial stotements are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes ou r opinion. Reasonable assurance is a high level of assurance but is not a guarantee that a n audit conducted In accordance with ISAS (UK) will always detect a materla I misstatement when it exists. Misstaternents can arise from fraud orerror and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statement5. Irregularities, including fraud, are Instances of non-compliance with laws and regulations, We design procedure5 In line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud detailed below: Discussions were held with the trustees with a view to identifyingthose laws and regulations that could be expected to have material impact on the financial statements. During the engagement team briefingi the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulation5 were identified as being of significance to the entity: Those laws and regulation5 considered to have a direct effect on the financial statements include UK financial reporting standards, Cornpany Law, Charity Law, Tax and Pensions legislation and distributable profits legislation. It is considered that there are no law5 and regulations forwhich non -compliance may be fundamental to the operatinB aspects of the charity. Audit procedure5 undertaken in response to the potenti31 risk5 relating to irregula rities (which include fraud and non-compliance with laws and regulations) comprised of inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations,. enqu iries wlth the same concerning any actual or potential litigation or clalms; inspectlon of relevant legal correspondence. review of trustees mlnutes; testing the appropriatenes5 of entries in the nominal ledger, including journal entries- revlewing transactions arou nd the end of the reporting period- and the perfomiance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-complian were identified. However, the likelihood of detecting irregularities including fraud, 15 limited by inherent difficulty In detecting irregularitie5, the effectiveness of the entitvs controls and the nature, timing and extent of the audit procedures perfomied. Irregularities that result from fraud might be more difficult to detect than irregularities that resu It f rom error. As explained above, there is an unavoidable risk that m8terial m isstatements may not be detected even though the audit has been planned and performed in accordance with ISASIUK) 12
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: htt www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable compan¢s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have forrned. rtunatus quaye (Senior Statutory Auditor) For and on behalf of Hilton Accountants Statutory Auditors Unit 2, Fountayne Business Centre Broad Lane, London N15 4AG. I | C)acf6wr IL) I L+ 13
New Wine Intern&140nal Consolidigled Statement of Fln#ncial A¢tlYilie5 (lll¢ludlng Income & Expendllure Accoynls) for tlie ye#r ellded 31 December 21i23 Ullresl- rict¢d Fund Group 2023 Group 2022 Charity 2023 Charity 2022 Note Incolt and Kxpcnditure Inioming Resources InLoming resources fro generated funds: Voluiitary uicome: Dollations and legacies 1,442,167 1,442,167 1.442,167 1,442.l67 1,493,749 1,493,749 1.442,167 1,442,167 1,493,749 1,493,749 lllconiiiig resources frorn ch4rJtable actiYitie5: Book shoi) Ivestnient incoine Other iThcom¢ Ti'ading iiiconie 'rot&l Incoming ResourL'es 974 19,238 3,124 34,759 .500.262 974 19.23¥ 3.124 34,759 1.500.262 434 19,969 974 l9.238 3,124 434 19,969 8.641 1.522.793 1,465,503 1,514,152 Expendlturt Funds iiisitig Trading expenb¢$ 4.175 99.820 4,175 99,820 3,575 62.973 4,175 3.575 Charitable 4¢tlvltle5 1.855.071 1,855,071 .812.289 1,855,071 1.812,288 Total Expendliur¢ 1.959.066 L.959.066 ,878.837 1,859,246 1,815,863 Net Iuconiel{expendlture) and nel movemeMl8 lil fulld5 for the ye#r (458,804) (458.804) (356.044) (393,743) (301,711) ReeoncKllatlon of fund5 Total Fullds Brought Forward al 0110112023 6,078.600 6,078,600 6,434.644 6,596,525 6.898,236 Total Funds CarTi¢d r,onvai'd at 3111212023 5,619,796 5.619,796 6,078.600 6,202,782 6,596.525 The notes on pages 17 10 25 forin part of Ilics¢ financial statements 14
New Wine International Collsolldgted and Charity Statemcnt of Flnan¢ial Position as at 31 December 2023 Group 2023 Group 2022 Charity 2023 Chaiity 2022 Note Fixed Assets Taiigible Asset5 Inveslment8 13 14 5,700,824 5,826,402 4,588,905 300 4,589,205 4,677,338 300 4,677,638 5,700,824 5,826,402 Current Assets Inventory Trade receivables Cash at Bdiik and in H8nd 15 189,334 412,139 601,473 94,165 692,489 786.654 1,875,049 385,068 2,260,117 1,805,617 636,372 2.441,989 Creditor5: Amounts rl[lng due ithin one year 16 527.885 371,219 491,924 359,865 Net Current Assets 73,588 415,435 1,768,193 2,082,124 Total Assets Less Current Liabilitie5 5,774,4 l2 6,241,837 6,357,398 6,759,762 Creditors: Amounts falllng duc over one year 17 154,616 163,237 154.616 163,237 Nct Assets 5,619,796 6,078.600 6,202,782 6,596,525 RepresL'ntcd By: Non-cliaritable Trading Funds Uttiestricted Funds 20 (582,986) 18 6,202,782 5,619,796 (517.925) 6,596,525 6,078,600 6,202,782 6,202,782 6,596,525 6,596,525 Tlie fii)ancial staienients liave be¢n prepared in accordance with Ihe provisions applicable Lo coiiipanies subjcct to tlie slliall coinpanies Tegime. The financial statements wer¢ approv¢d by the board on,. on its b¢hallby .2024 and signed Mr Akiiilaja Elmmanuel Odidi Elizabcth A cjokc Olusola Adcycnii ('rrust¢e) (Trustee) Registration number:04112629 Tlie iiol¢s on pages 17 to 25 forn] part of these fiLi8ncial slatements. 15
Ncw Wine Intcrnatioiial Coiisolidated Cash Flow Statement Year ended 31 DLhcember 2023 2023 2022 Cash u$ed In operating activities Net Inovement in funds Add back d¢preciation Deduct plrit on disposals Deduct interest inconie in investing activities Add interest paid (Iiicrcase) decj'ease iii stock5 (Increase) Decrease in debtors Increasc (decrease) in CTeditors (458,804) 215.576 (356,044) 223,293 (3,238) 25,542 (821) 41,585 (95,l69) 171,045 (145,048) 68,209 (48,556) {72,334) Cash flows from investlng activlties Purc1Se of tangibl¢ fixed assets Inteiest incoiiie Int¢rest paid Cash provided by (vsed in) investing activities (89,998) 3,238 (25,542) (155,312) 821 (41,585) (112,302) (196,076) Cash flojys from financing activities New loans in year Repayiiient of boriowing Proceeds of sal¢ of fixed assets Cash used in financing activitles (23,000) (1,473,102) (23,000) (1,473,102) Inci'ease / {decrease) iii cash and cash equivalcnts ill the year (280,350) (1,741,512} Cash aiid cash equivalents at Lbe beginning of tbe year 692,489 2,434,001 Total cxsh and Cash equivalents at the end of the year 412,139 692,489 16
Ntw Ivliio Internntional Notci to Accounty foi. the.I'ear 31 De¢cmber 2023 I, A¢countlng Poll¢ie$ 1.1 Bftsls oCprepnriDg the finnneifil stAtcmtnt$ Th¢ fiui1rneial $18teinents lillve been prcptsrtd in #e¢0[dke willi A¢coulliing wi)d Repc>rtin&by Charitie5-. Ststem¢nt of RrGthiimcndcd PD)ciscc appiicob]e ro charitL¢5 preiTing thetr accoullts ill accordance iviilj )¢ financial ReptsTling StÈtJd4rd applicable in lh¢ UK and Ik¢ Repubb"c of treland (FRS102) eifcclive l Jaouary 2015 - Icliarilies SORP IfRS 102). Ihc Fi17 reporting smtyjard ayplicaW¢ in ihE UK0[ Ihc Rcpublic of kcLitJd IFRS IU2} hnd LonipJn5¢5 Acl 2¢ Tiic Chaiily meets the dcfinition of a publiG ¢ntity uwltrFRS 5U2. Thc fivlwial stalnents havc iKen on ili¥ hisLori¢al cost basis. 1.2 Con$alid2& ted flTriJnclal St#tcMets The 81aleniont of fiLIHnciAI activilies IsofA) and balance sheet consolida ihe fujancial of thecharity at)d Éts siibsÈdiaThc5. Thc rc%ii1¢5 of lh¢ $ubsidilliiL% arc collsoli(SaiLd on a Isn¢ by lÉnc busis. Inlcrcompany trnl15aLiiotss and balances beli¥eell gTOUP companies are therefore eliminated in full. .3 1n¢oniiiig Re50111-ces All iiiLome is treogwsed the StsilwKDI of Finsncial Aciivilies otK% the clwity has enlitlanent io Ibe funds, it is probdblc ihot thc inconK will br m'ei¥ed and the aThiuryt be Tnvdswed relixbty. 1.4 Tanglble fixed ssct5 D¢pweiatiDn 18 provided at ratcs tal¢ulated to ivritc off ih¢ cik< orvalu&tion, IL%% &%timaicd restdual value of ea¢h k15S¢t over the expected useful life as follows: Fr¢cliold prop¢rty PlÈnt and Machincry Fixiure$ FiltLllgs & Equipn]eni 2% on cosL 25% ot) cost 25'h oll ¢951 Il¢nTr5 ofexpendiliirc capilalis¢d Whe purchase prite eKetAls £500 1.5 ReBources Fxpended Liabilitics llr¢ re¢ogni8ed as eXpClItmr¢ as soon &8 there is a legal or Cl¢t1Ve obltgation ¢ornmittittg thc Chaiily lo the the expeiidiNre, it 15 probable that a iransfer of eu>ThotSLiC bencfits will be Fequkrd in th¢ Settlent and the amouni of the obli8alioii cali be measuyed reliably_ Expenditure is 8¢coullted for on ctUAl8 bwis atul has been Clalf Wer headings that aggregate all cost ielit lo th6 ¢Aiegory. Where Costs eAnnot be directly attributed lo particukr headings tlw have bcen alloc4d LO aclivilics on a basis Consistent Ivith the LiSe oftcsoutCES. 1.6. Stocks Stock5 Ste vlllued at the lower of cosl and n¢4 rvdlisable vah. after making due ¥411owanEe for obsolete al slow Inovin itct))s. 1.7 Fuiid accoulit1g Reslricled funds can only be used forpurticular rcstrictrAI pury)ow wsihin the obj¢¢ts of ihe charity. Rc51ri¢tions arÈse vhen spLYified by (h¥ donor or wh1 futjds are taiscd rot partlLular reslriLLd puryosys. UleStrIcted Funds be used in accrnlancc wilh charitable objec¢iv¢s at the discreli(m of the TTUSte¢s. l.¥ Ter15ion ¢osts aiid other ptsst- rtilrcmcnl b¢Defits Ili¢ clig1"itHbk ci)mpally operalc5 a (Icfujed cL¥ltiOn pejisioji scheEllc. c0nliibuli payablc to the Charilabl¢ CompanS paI8ion Schen arc chorg¢d io the Statemcot of PlnCI&l Aclivili¢s in the peri io which thcy Jrjalc. 17
New Wine Internatlonal Noles to Aeeomnts ror the yeAY ended 31 December 2023 1.9 Foreign CurrLncies Monctary assets aiid liabilili¢s Lll foreign c¢¢1¢S are translated into sterling at the rates of exchange Iwling at th¢ balancc shcci dal¢. Trdnsactions in forei currcncics aTC translaled into sterlilig al thc rate lllig on the date of the transactioii. Exchange differences are taken into account in rIVIl)g al th¢ pei'aling profit. Tlie fiLnclionlll currcncy is the Poiind Sterling (£). 1.10 Debtors Basic fancIal assets, including trade aiid other debtors, aiid debts from related parties are initially recoBnised at tractIOn price, ullLcss the atrattgcmenl constitutcs a financial traiisaction, where the ansacltOJ] 15 measured at tbe present value of fulurc rcceipls discoulltcd ot a market rdte of ilitcrest. Such assets Rre subsequently Cal¢d at ortISed costs using the effective interest method. les5 any irnpairnient. 1.11 Ca,81i aiid Cash E(iulTralenÉs Casli ]d c&sl) equivaleiits are i'epwented by cash in hlllld and deposits held ai call with ftnancial institutions. 1.12 Credltors Basic flliancial liabilities. includiiig trad¢, relaled parties and other creditors, loans from third parties aiid loans from related parties initially recogtkiscd at lrnnsaction price. unless the nge1neDt coiisliliiles a financi81 transaction, where the debi instruin¢nt ts measured at the prcsent valuc of the futu payknenis discoLltited al a market ra of interest. Such inStrUmlS a subsequently Calea at aniorlised co8L using the etTective interest method, less any iinp8irmenl. 1.13 Intei'est Income Interegt inconie is recognised in profit orloss using tlie effective inleKgt tii¢tl)od. 1.14 Going concern Ai the end of the year the group has net current &sscts oF£73,588 and iiet a55Cts of £5.774.412. 1.15 Cost ofiiving cr1818 During the yeai. there wa5 CO8I of living crisis. 'rhis lias resulted in rising inflation which is expected to affect the cost of living of church inenibei who niay iiol be able to inailllain their level of donations to the cliuych. Tlic tSteCS and senior manag¢mcnt teani arc ithing all cffort5 to niinllllisc the risks poscd by the crssis, cnsuring compliallce with salekeeping gutdelines. Resources dlt being tnuJ]aged effectively to ensiire the OrglIsa110t1'S objeclive is in focus and iiieiiibers, spiritual growth and needs are addressed and dclivered. The tr118tees prepare regvlar nianagemeiit reports and have consideicd revised forccasting for a pei'iod of12 months from the approval of these financial statements. Th¢ gi'oiip believes that il has sufficienl resources in place to n]eet IL% current obligations and Ilie board has a reasonablc expectation that Ihere arc adequate resources lo continue with t]ie group's operatioi)s in Ihe foreseeable ture. 'riicrefore the group coniinu&s lo adopt the going COttCEm basis in preparing its fiii&n¢ial stat¢m¢nls. 18
New Wine Internatlonal Notes tv Accounts for the year ended 31 December 2023 1.16 Government Grant Goveriiinellt grants are recognised in the profit and loss ac¢ouDI in all appropriate nmnner that matches thein with the ¢xpenditurc towards which they related to. All grants is the statetnent of financial activities ale recogniscd whai all conditions liave been complied with. 19
New Wine International Notes To Accounts for the year tildcd 31 December 2023 Group Charity 2023 2023 Unrestricted Unrestricted Group Charity 2022 2022 Unrestricted Umestricicd 2. Donations and Legacies Donations Clift Aid T4iisin&%s rates 30th at)niversary 1,223.797 191.125 1,223,797 191,125 1,286,028 207,721 1,286,028 207,72I 27,245 1,442,167 27.245 L,442,167 1,493,749 1,493,749 Group Charity 2023 2023 UnrestrictCAJ Unrcstricted Group Churily 2022 2022 Ui]rcstrictcd Unrcstrictcd 3. Shop income Shop iiicome Vendiiig inaehine 688 286 974 688 286 974 434 434 434 434 GIuP Charity 2023 2023 Unicsti'icled Unresliicted Group Cliarity 2022 2022 Unrestiicted Unrestricted 4. Investment Income Deposit accouiit interest Rent received 3.238 16,000 19,238 3.238 16,000 19,238 821 19,148 19,969 821 19.148 19.96Y 5. Other Income 2023 2023 2022 2022 tnsuraii¢e proceeds Donation flotn SLibsidiary 3,124 3,124 3,124 3,124 6. TradinLI Tnconie and Costs 2023 2023 2022 2022 Tradiiig IncomL 34,759 8,641 Adtninistriltioll UiiiEcovcred10.8s on baiik account {56,184} (43,636) (99,820) (62,973) (62.973) Opernting Profit/(IAl&S) (65,061) (54,332) PIDfitl(Loss) {65,061) (54,332) 20
NL'IV Wine Intcrnationydl Notes To Accounts for the year ended 31 Decembcr 2023 7. Cost of eharitable actlvlties Unreslricted DesIated Restricted Total Total 2023 2022 Staff costs (iiote 12) Volunteer co.sts Rent and rates Property & equipinent insuiance Staff medical aiid lift insurance Lighting and heating Cojnniunication & iiitetnet Printing, post and stationery Books and library Evangelisin & mission8 Christiati celebrations 30th annivfflB8iy celebration Chur¢b ministy TraiThing ¢xpenses IT and coniputei. expenscs Service cliai'g¢s Repaii's and Imaintenaiice TV and radto broadcast Welfar¢ & outtEach events Chri&lian convention Subsciiptions & licences Depreciation - fixtu5 & fittjll&8 Depreciation - freehold property Dcpreciatioii - plaiit & tnachinery Mortgage interest Advci'tiqing Gov¢i'nance cost (note 8) 566.334 16,370 3.335 16,896 30,391 27.537 11,576 26,082 3.357 148,634 49,585 49.295 252,511 83,168 26.184 22,671 48,266 67,721 40,206 88.240 12.539 25,157 131.069 22,205 25.542 4,759 55,441 1,855.071 566,334 5 6,370 3,335 16,896 30,39I 27,537 11,576 26.082 3,357 148,634 49.585 49,295 252.511 83,168 26.184 22,671 48,266 67,721 40,206 88,240 12,539 25.157 131,069 22,205 25,542 4.759 55,441 1,855,071 611,902 3,710 4,895 13,409 28,958 26,557 7.739 10.007 170,163 61,435 196,257 96,022 13,969 19.963 53,717 93,263 89,262 38.376 14,009 29,991 130,442 23,155 41,585 5,017 28,486 1,812,289 All the £1,855,071 ill 2023 was chEed to unrestricted fijnds. Unrc8tricted Dcsignatcd Rcstrictcd Total Total 2023 2022 8. Governance costs Auditoi's itmuneration Legal aiid professiollal Bank clialges 10,5(M) 35,743 9.[98 55,441 10,500 35.743 9,198 55,441 7,500 8,137 12.849 28,486 21
Neiv Winc International NotLb$ to Accounts for the year ended 31 Dec¢mber 2023 9. Cost of raising funds Unrestricted Designatcd Rcstricled Total Total 2023 2022 9. 1 Booli Shop Openii)g stock Piircliases Closiiig stoLk Total 4,175 4,175 3,575 4.175 4,175 3,575 All tlie £4,175 in 2023 was charged to unrestricted fimds. l O. Net incoTnel(expcnditure) Nct incoine/(¢xpenditui'c) is slated after chargIn(crediting). 2023 2022 Aiiditors, remulleralion Depreci<(tion 10,500 215,576 226.076 7,500 223,293 230,793 ii. 'rrustees' Remuneration and Benefits On¢ trustee was paid a salary of £60,000 in the year Gtoiip 2023 Group 2022 Chaiity 2023 Charity 2022 12. Staff Costs Salaries Employees national insurance Pension costs 487,572 44,465 34,297 566,334 522,938 52,805 36,159 611,902 487,572 44,465 34,297 566,334 522,938 52,805 36,159 611,902 llie averdg¢ nuinber of employ¢es analysed by function was: 2023 2022 18 Chai'ity Subsidiary undertakings 16 19 21 The number of employees whose elljployee benefits (excLuding cmployer pension costs) exceeded £60,000 was: 2023 2022 22
New Wlnc Intei'nutional Nol¢s to Ac£ouiits For tho Year Ended 31 Dccemher 2023 13 Flxcd Assets Gyoup Furnitur Fixiures Equipment Frcchold Property Machinery Total C(Jst Al l Jans]ary 2023 Addition Disposals Al 31 Deceinbcr 2023 221,531 59,530 8.057,478 30.468 123.763 8,402,772 89,998 281.061 8,087,946 123,763 8,492,77 Deprecigltioll: At l JaTruary 2023 Cliai'ge for th¢ year Disposals At 31 Decembw 2023 205,463 2S.157 2 J l2,774 168,214 58,lJJ 22,205 2.576,370 215,576 230.620 2,480,988 80,338 2,791.946 Net Ilook Vnlue: At 31 Decembcr2023 At 31 Deceniber 2022 50.441 16.068 5,606,958 5,744,704 43,425 65.630 5,700,824 5,826,402 Fixed Assets ChArity Fumiture FixLur¢s & Equipment Freehold Properly Mdchillery Total Cost Al l January 2023 Addition Disposals At 31 Decemb. 2023 212.049 59.530 6518.172 30.468 117,263 6.847,484 89.998 27l,579 6.548,640 117,263 6,937,482 DepreLlatlon: At l Jat)uary 2023 ChargFc for Ihc ycxr Disposals At 31 Dccember 2023 195.978 25.157 1.922,533 lJl.069 51,635 22,205 2,170,146 178,411 221.135 2.053,602 73,840 2,348,577 rqet BoDk Value: Al 31 D¢¢etnber 2023 Al 31 Decembcr 2022 50,4M 16.071 4.495,038 4.595.639 43,423 65,628 4.588,905 4,677.338 14 filxcd Assel Invcslmcnt Subsidiary UndLrLtki21g Sharcs Tolal Cost At 31 December 2023 At 31 DecemlKr 2022 300 Joo 300 300 Thcre were inveslmcnt assets outside tlic UK. Th¢ conipaiils invcslinents reprty'5CTlt IOO/o sharc holdings in Gatcw&y Incorporaicd Ltd, Vi8ta Hospitality Ltd and New Wine Ceiitral LAd all of wliicli are iiicorporalcd ii) Ihe United Kingdom. 23
Neiv Wine Internlltion41 Notc5 to Aceoun15 for the year en(led 31 De¢ernber 2023 15. Tr8d¢ Receiv8bloy Group 2023 Group 2022 Charity 2023 Charity 2022 Amounts OW by group undertakings Other debtors PrcpayLIIEIIts 1.716,2¥8 145,750 1,712,632 86,534 6,451 1,805.617 176.323 13,011 189,334 87.714 6.451 94,165 1.875,049 16. Creditors: falling due withlm one year Group 2023 Group 2022 Charity 2023 Charity 2022 Dank loans and ovcrd]afts Trade creditors Oihcr Taxcs & Social ScL'urity ot} creditors Crcditois de1)1]L ALLrued expeaise 218.219 68,482 72.845 91252 47,083 30.004 527,885 187.51hS 98.901 31.406 22.656 11,740 19,010 371,219 218,219 68.482 72.845 87,867 16,009 28,502 491.924 187 J06 89,047 31,406 22.656 11,740 17,510 359.865 17. Crcditors: Amouiits f8lling du¢ ov¢r ¥Jne year Group 2023 Group 2022 Charity 2023 Charity 2022 Bank Loans Lease 140.237 14,379 154,616 163.237 140.237 14.379 154.616 163,237 163,237 163,237 Tlie bank loans ar¢ se¢iired by way of a ch8r8e over iwo of chariWs freelLold ptoperties ar Galeway HOUK, Jahii WilsoTr Strvel, LoThJon SE18 6QQ re Clage at 146 WoDlwicl) High Street. LOdn. 18. MovemeTrt in Funds Bal8n¢e At 0110112023 IncoEDillg Rrsource5 Re5011rees Exp¢DdéJl Transfct5 Balance At 3111212021 UnreslrlLted funds GEneThl lund Micl)&el Oloivare Legacy tuiid Bllildii)g repairs fui)d Branche5 fund Tvtlll fndS 6,078,600 1500.262 1,959,066 5.619.796 6,Q78,61JO 1.500,262 E.959.066 5.619,796 19. AnAIysi5 of Net A$sct$ D¢hveell Funds R&%tricted Non Charitablc Trading Funds untricted Total Net Ciiryciit As4¢1s Fixed A&sets Ian and lease Invesiment .768.193 4.588.905 (154.616) (1.694,605) 1,111,919 73.588 5,70U,824 (154,616) 300 (582,986) 6.202.782 5,619,796 Unrostt'lclcd Imnd -rhe unrcstri¢l¢d fwid of £6,202.782 is made up of £1,768,193 in nei current #¥scls owl £4588,905 in fixeil as¥ets aid £300 in inv&%tment5. Tho £4,588,905 15 Flxcd and 001 teadily tEalssablc. 24
Neiv Winc Intcrnational Notes to Aeeoiints for the ycoy tmdcd December 2023 20 Subsidi4ry Companie5 Tlie company owns the whole of the issued ordinary share capital of Gateway Incorporated Lid, a coinpaJ)y iiieotyorated in UIC on 26 JuDe 2008. The subsidiary is used for comiiiercial activities. Il also owns Ilie whole of the issiied ordinry sha5 of 10t1}er company. Vista Hospithlity Ltd, a coiiipaiiy incorporated in UK 011 13 April 2009. Tliis subsidiary is also used for coiiiinercial activities. A thlrd company, New Wine Central Ltd incorporated on 20 August 2018 in the UK Is also wholly owned, The subsidiary is iised for cominercial activities. A suinmary of the resiilts of the sub%idiaries are shown below: G8teway Vista Incorporated Hospitality Ltd Ltd 2023 2023 New Wine Central Gateway Visl New Wine Incotyorated Hospitality Central Ltd Lid Lld 2022 2022 2022 2023 Trading Inconie 34.759 8,641 Administration Other operaling incoine (56.184) (62,973) (56.184) (62,973) Operaliiig Profill(Los5) Uni'ecovered Ios5 froin bai)k Sui'i)liis {21,425) (43,636) (65,061) (54,332) {54,332) The aEgregate of the assets, liabilities and fun(L8 were: Assets 1,169.062 Liabilities (1,752,248) I'otal Funds (583,1 86) 100 .205,861 (1,723.986) (518,125) 100 100 loo loo 21. Rclated party disclosures Ncw Wine Int¢mational is 2 100/0 holdin parent of Gatcway Incory)r8ted Limited a property holding company. At the end of the year Gaieway Incorporated limited owed New Wine International £1.716.288 (2022 . £1,712,632). Usc of Premise5. New Wine Inteinalional uscs a property owned by its subsidiary Gafrway Inc Ltd frec of charge. At the balance Sheet dale. Gateway Inc Ltd owed New Winc International £1,716,288 (2022 - £1.712,632) at no iiiter¢st. 22. 7'axAtion As a cliarity, New Win¢ Iiiternational 15 cxcmpt from tax oll incomc and gatns fallii)B within seclioii 505 of the Taxes Act 1988 or Sli0Th 252 of the Taxation of CharEcable Gains Act 1992 lo tlie extent that thesc are applied to its charitable objects. 23. General Informmtion New Wine Iiitei'national Registercd number 04112629 is limitcd by guaraiilee incoiyoraled iii ngland & Wulvs. The registered office is 4t Gatcway Hole, John Wilson Str¢¢L London SE18 6QQ. 25