mailes Goldie CHARIERED ACCOUNTANIS Charity Registration No. 1087771 Company Registration No.04255960 (England and Wales) Vineyard Music (UK) Limited Trustees, Report and Financial Statements For the year ended 31 December 2024 SD-0219091-1-6 108othgr. ICAEW CHARTERED ACCOUNTANTS
Vineyard Music (UK) Limited CONTENTS Tru5tMs' rnport 2-10 Indopend•nt oxamlner8 report 11 Statsmont ol Flnancl81 Actlvltlos 12 Balance Sheet 13 Notss to th• flnanclal stat•monts 14-21
Vineyard Music (UK) Limlted Trustees, Report For the year ended 31 December 2024 The Trustees submit herewith their ntieth Annual Report together with inspected flnancial statements for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of RecOmmejed Practice (SORP) "Accounting and Reporting by Charities. In preparing the annual report and flnancial ststements of the charity. The finanaal statements have been prepared in accordance with the aOntIng policies set out in notes to the accounts and comply with the charity's governlng document. the Charities Act 2011 and Accounting and Reporting by Charities: statennt of Recommended Practlce appllcable to charities preparing thelr accounts in accordance wlth the FSnanclal Reporting Standard applicable in the UK and Republic of Ireland publlshed In October 2019. When plannlng the activiti8s for the year, the Trustees have consldered the Charity Commission guldance on the publlc benefft, and, the Speclflc guldance on charities for the advancernent of religion to provlde publlc benefft. Objectlves and Actlvltlos The prlnclpal actlvlties of the Gompany are the promotion of knowledge of the Christian faith by sales of Christian Ilterature and audlo materfal by mail order, the productlon of Christian worship songs and delivery of training for the furtherance of the Chrlstian faSth. Vlneyard Music (UK) Limited Is a non-profit. church-based worshlp mlnistry. By imparting the heart and actlvity of worshlp through music, events atKI resources, we encourage people everywhere to pursue a deeper relationshlp with God. All our Income is dlrecuy r&invested in furthering the development of worshlp In the Church, alding in the 8stablishm8nt of new churches worldwlde and helplng to advance God's Klngdom. Public Benefit When planning the actlvltles for the year, the Trustees have consldered the Charlty Commlsslon guldance on publlc benefit, and, the spedfic guldance on charitles for the advancement of rellglon to provlde publlc benefit In the followlng areas: Donatlons from surpluses for the estsblishment of new churches nationwlde", 11. Donatlons from surpluses for the funding of mission vrfork both in the UK and abroad; 111. Involvement in tralnlng, rasourdng and worship withln the Christian church in the UK and further afield; Iv. During the year contact has been made wlth the Vlneyard Natlonal Directors around the world to giv8 away downloads of free music and chord Charts to churches and worshlp leaders In the churches wlthin their territorie8. Summary of Objectlves The Company is established for: l. The advancement of th8 Chrlstlan fatth by the docum8ntlng. recordlng and dlstribution by way of printed, audlo, video. dlgltal and electronic medla of Christian worship music written and composed prlmarlly, but not exclusively. within member churches of Vineyard Churches UK and Ireland and the encouragement of church planting in the Unlted Kingdom; 11. The furtherance of religlous education by way of semlnars and Conferen8.
Vineyard Music (UK) Limited Trustees, Report (continued) For the year anded 31 December 2024 Objectives and Actlvltles (Contlnued) Summary of OblectSves (continued) iii. The relief of those who are in conditions of need or hardship or who are aged or sick and 10 relieve distress caused thereby In the United Kingdom or the world as the Directors may from time to time think fit" iv. Such other charitable objects and for the benefit of such other charitabl8 bodies and instltutions as the Directors shall in thelr absolute dlscretion see fit. Strategles for achieving objectives All Income for the Charity is derived from the charitable oblectlves and aims using the following strategies: l. Sales Performance Sales of CDS and Books contlnues to be managed by CLC Wholesalers through thelr Vlney8rd Worship branded website, they send a portlon of these sales through each month. 11. Publlshlng Performance The Trustees are pl8ased to report that the revenue from publlshlng and Ilcenslng royaltles ontinues to form the majority 900h (2023 - 86.70/0) of the income of the company. Recelpts during the past y8ar have been steady for publishlng royalties, whllst Label royaltles have been slgnlflcantly higher. This year has been a good year, the new admlnistratlon of royaltles from Integrity seems to be bearfng fruit. The Trustees are pleased with the resutts and are encouraged that new partnershlp is working. With contlnual monitoring of the sltuatlon and new material being r8leased in 2025 and our partnershlp wlth Integrlty Music and thelr songwrlters. It is hoped that the publlshing Income remalns healthy, however with the nature of royalty reporting it takes time for Ihe flows of money to be recelved. We continue to work with Vln8yard Worship USA on our jolnt new song delivery website VlneyardSongs.com. ill. Events For the furtherance of rellglous educatlon of the wlder Church, events were held throughout the year as follows: Rather than one maln national worship leaders retreat this year, the event was spllt Into several regional events. for tSme of communty. minlsty and V4r)rshipping together.
Vineyard Music (UK) Limited Trustees. Report (continued) For the year endad 31 December 2024 Objactlves and Actlvltlas (Contlnuad) Grant Making No grants wer6 made In the year. Achlevemants and Performance Product Development 1. No One Llke You - written during the 'Come Holy Spirlf natlonal worship gathering In June 2023, No One Llke You Is a polgnant yet simple song of pralse, heartfelt and intlmate centring on the unparalleled person of Jesus. 2. Real Thlng - 8 Worshlp slngle tsk6n from the forthcomlng EP 'Chrlst in All Things.. Wrltten In the season of global lockdown by UK and Nordlc based songwriters. 3. Chrlst In All Things 6 song EP, made up of new materfal, wrltten jolntly by UK and Integrlty songwriters, featurlng vocals from renowned voices from the UK and Ireland. 4. Stand Flrm recorded Ilve at Dreamlng the Impossible festival for young people churches acrciss the nation, the sing was an anthem for the festival and as a mInder that God calls us to Stsnd Firm in him. S. All the above EPS or 81ngle tracks were released on streaming platforms. 6. The website. vlneyardsongs.com Sn partnershSp wlth VM US continues to grow and Is becoming an important r8source for worship leaders in the movement, the slte includes 'Song of the Month,, ch(yd and lyrlc videos to all Vineyard Songs with translations, mp3's and lead sheets. Plans for the Future Product Development i. Plan and develop up lo eight new songs and UK songwriters working in partnershlp with Integrity songwriters. 11. Plan and develop the worship capturlng the essence of Dreamlng the Imposslble and Vlneyard Leaders Gatherlng conferences. 111, To contlnue to grow the new Intsrnatlonal song wltlng venture wlth Integrlty. iv. To contlnue to grow and develop the Intematlonal webslte of Vineyard Songs partnerlng wlth Vlneyard Worship US and Canada. Continued commitment to release new songs on all platforms.
Vineyard Music (UK) Limited Trustees, Report (continued) For the year ended 31 December 2024 Achlevements and Performance (contlnued) Plans for the Future (continued) Events For the furtherance of r8llglous educatlon of the wider Church, further events are planned for 2025 as follows.. 1. Run a Song Summit (song wrltlng). 2. Run other Worship Retreats on a reglonal basis. Resource Distributlon i. CLC Wholesalers will u)ntinue to act as dlstrit)utor for Vineyard product in the UK. Investment Propety l. The Investment propety, 252 Cottlngham Road conunues to be fvlly occupled, and wlll continue into 2025. Contlnu8 to develop the partnership with a major Internatlonal Chrlstlan non-proflt organisation, the basics of which are.. l. Belng a flve-year. renewable, jolnt venture. now enterlng Into year four. 11. Productions to be co-funded and co-publlshed and marketed, 111. Exclusive rlghts for publishing and dlstributlon. To strangthen the board. To sign a Memorandum of undersrIng detalllng the appolntm8nt of trustees with three board m8mbers from VCUKI and three independent trustees, the chalr of VCUKI will also be the chair of VM UK Ltd. The Memorandum of Association wlll enable the transfer of the slzeable free reserves bullt up In Vlneyard Muslc over recent years to charitles with the same objectlves.
Vineyard Music (UK) Limited Trustees, Report (continuad) For the year ended 31 December 2024 Financial Review Reseries Pollcy The Trustees after due con51deration conslder that free resepdes of £150,000 should ideally b8 available. Thls sum equates to 6 months, worth of overhead expenses, the cost of major recording projects and thelr marketlng. and a general contingency. At the year-eI free reserv8s of £896,655 were available, excluding strIcted funds, unrestrlcted red assets and the investment property. 252 Cottingham Road. This has been arrived at after considering the followlng elements and contlngencies: 1. Fluctuations of Income verses expenses - tradlng losses and nature and tlmlng of capltal expenditure, historically Ihe Charty has had periods in any given year where losses may cumulate durlng certain perlods of the year. 2. A period of decline or delay in income- sales and royatties, 3. Restructuring of the Charlty in the event of consistent reduced Income flows. 4. To fvnd new Income generdting Inftlallves, where such need or opportunity exists. 5. To remove the risk of insolvency. 6. Long term planning and opportunlty taklng. 7. The efflclent running of the Charlty with medlum and long-term d¢)wntums i.e., avoidSng the need for short term declslons. Investment Pollcy i. The Trustees do not seek to hold other extemal Investments wlth surplus reseNaS. Golng Concem l. The trustees having consldered the charlty's reserves and bank balances have a reasonable expectation that the company has adequate resources to continue In operational exlstence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the flnanclal statements on a golng concem basls. Strudurn, Governance and Management Constltution i. Tha Cornpany is limited by guarantee without share capltsl and Is a registered Ch8rlty. The liability of the members is Ilmited to £1 each. Accumulated funds are not distrlbuted to the members. ii. The governing Instrument under which the Company operates Is Its Memorandum and Articles of Association, last amended in September 2005. lil. The Trustees are treated as dSrectors for Companles Act purposes. Trustees Introduction - the process of selectlon and inductlon of Trustees: This goes hand in hand. hen our Trustses would typically be Christian I Church leaders of some standing and repute. Additionally, they would have become familiar wlth the workings and business of Vlneyard Music (UK) Limited through attending recordings, conferences, and business meetings. Also, they would be checked to see that they are in good standing as follows: l. They are not an undischarged bankrupt. 11. They have not been convicted of any offence Involving dlshonesty or deception. iii. They have no criminal record. iv. They are not banned from the Charlty Commission in the UK.
Vineyard Music (UK) Limited Trustees, Report (continued) For the year ended 31 December 2024 Structure, Governance and Management (contlnued) v. They are not subject to a disqualificatlon order under the Company Directors Disqualification Act 1986, nor to an order made under section 429 {2)(b) of the Insolvency Act 1986. vi. They have not been removed from being concerned in the management or control of anybody under Sectlon 7 of the Law Reform (miscellaneous Provisions) (Scotland) Act 1990. vii. They have not been removed as a Trustee by the Charity Commission or the High Court. Induction process- all new Directors l Trustees are Supplied with the followlng: l. Recent financlal accounts. ii. Overview of the business. ill. Articles and Memorandum of Association. iv. Staff handbook. v. Health and safety I rlsk assessments. vl, I nduction talk and orientation covering the practical aspects of the Charlty's objectives: vll. By way of informatlon our current Trustees are mostly all Senlor Leaders of Churches wlthln the Vlneyard Churches UK & Ireland Denomination. In the selection of future Trustees, we will seek to flnd candidates of suitable professional ability addlOnallY combined with an empathy towards churchmanship and Christian worshlp. Role descrlption the prlmary descrlptSon of the role of Trustees is to dlscharge thelr duties in the fulfilment of the objects of the Charlty in a good and timely manner to the satisfaction of the Charlty Commission. They are required to: l. Attend the AGM. 11. Attend Board meetlngs. ill. Receive and comment on the Charlty8 quarterly report (including finances); iv. Be avallable to the management of the Company for ad hoc dlscussions as required from lime to tim8. v. To try and keep themselves up to date about governance of Charitles In the UK. vl. Periodically review and modlfy policles and procedures of Vlneyard Music (UK) Limited. vll. Execute the dutles of being the overall employer of Vingyard Muslc (UK) Llmlted. Organlsatlon81 structure l. The support staff report to the Chair, who reports to the Board of Trustees. The Director of Production and Publlshing report8 to the Director of Worship. Relatlonships l. The Trustees note the continued relationship between the Vlneyard Churchas UK & Ireland and Vlneyard Muslc (UK) Limited. ii. Communication continues to be a priorlty this year to churches and to the worship leaders In the movement through regular updates, newsletters and email notes, includlng working closer with the Communicatlons Dlrector of Vineyard Churches UK & Ireland. iii. It is noted the growing working relationship with the song writers In the UK and Integrity song writers continues to be a priority.
Vineyard Music (UK) Limited Trustees, Report (continued) For the year ended 31 December 2024 Structure, Governance and Management (contlnued) Relationshlps - others i. Vlneyard Music (UK) Ltd is commltted to forrning new and strengthenlng existing partnershlps with organisatlons that share slmllar values. We see th8s8 partnerships as being key In helplng the furtherance of religious education of the der Church and also In strengthening unSty within the Church. Industry wider relatlonships have been developed through attendance at th8 CMPA (Christian Music Publishers Association) meeting bwice a year. 11. Vlneyard Music (UK) Ltd contlnues to be committed to working with Vln8yard Churches UK & Ireland and will endeavour to strengthen relatlonshlps with Vineyard Churches throughout th8 UK. iii. Vlneyard Muslc (UK) Ltd continues to work dosely wlth Wineyard Worshlp US in developlng the best ways to connect in each otherfs markets. Iv. Working wlth Integrlty as 8 commerclal and artlstlc partner wlll only strengthen the scope of Vineyard Muslc UK Ltd reach. Rlsk Assessment Statement The Trustees have reviewed tho rl8k8 assoclated wlth the Charlty. The main rlsks Identified are Incapacity of staff. computer fallure. health and safety and fire Issues. The followlng steps are in place to mitlgate them.. 1. Incapaclty of the key slatr, In the short term the board wlll taka over the rnanagement of Vineyard Muslc (UK) Limlled whilst they seek and appolnt new staff. 2. Incapaclty of the Finance Manager, inltlally to be covered within the offlce by the Treasurer to the Hull Vineyard Trust, followirKJ procedures lald down in the gulde, whllst the board seek and appoint a new Flnance Manager. 3. Incapaclty of other staff members. inltialty covered wlthln the offlce untll new staff memb8r8 appolnted. 4. Computer fallure; cloud based stored off-site, finances backed up daily onllne, database backed up every week and using web-based storage facilitles. 5. Bullding failure; Insurance contents. The office5 are based at a Busln8ss Park off Clough Road, Hull. The stsff would work from home In the Interim until new premlses are found. 6. Cyber Protectlon - to protect systems against unauthorised access we have drafted a cyber protection pollcy that requlres all staff and volunte&rs to keep devSses passwords protected, protected by antl-virus sofhvare and updated with security updates and only used on secure network. Restricted Funds Restrlcted funds have arisen because restrickns have been placed on incomlng resources. The worship retreat offering is restrlcted to the establlshment of a Youth Worship Academy. Personnel i. There are no employees for Vlneyard Music (UK) Ltd.
Vineyard Music (UK) Limited Trustees, Report (continued) For the year ended 31 December 2024 Reference and Admlnlstratlve Details Reglstered name and other working name: l. Vineyard Music (UK) Limited Va Wineyard Worshlp UK & Ireland Offlclals and advisors Trustees J Cook D Wright T Blrd A Farrell C Slllito N Elliot Appolnted June 2024 C Whitelock Appolnted June 2024 K Hurst Appolnted June 2024 Resigned November 2024 Reslgned June 2024 Reslgn8d June 2024 Company Secretary P 8 Masters Reglst•rod Offlce Unlt 8, K3 Business Park 200 Clough Road Hull HU15SW Bankers Royal Bank of Scotland 10 Sllver Street Hull HU11JE HSBC 84 Hlgh Street Scunthorpe North Llncolnshire DN15 6HQ Flagstone Group Ltd 1 St Floor, Clarevllle House 26-27 Oxenden Street London SW1Y 4EL Sollcltors Forresters Ketley & Co Sherbourne House 119-121 Canon Street, London EC4N SAT Independent Examlners Smalles Goldie Chartered Accountsnts Regent's Court Princess street Hull HU2 8BA Reglstered Charlty Number 1087771 Companlas House Number 04255960 Country of Incorporation England and Wales
Vineyard Music (UK) Limited Trustees, Report (continued) For the year ended 31 December 2024 Statement of Truste•s' rosponslbllty Charity and company law requlres the Board of Trustees to prepare financial statements for each tlnanclal year, which give a true and falr vlew of the state of the affalrs of the Charity, and Its incAJming and outgoing resources for the period. In preparlng those financlal statements the Board of Trustees should follow best practlce and are required to. Select sultable accountlng pollcles and apply them consistently. - Mak8 judgements and estimates that are both reasonable and prudent. - Comply with relevant accounting Standards arKI glve clear explanation If they are departed from. - Prepare flnanclal ststements on a golng concem basis. Ttr Board of Trustees Is responslble for maintainlng proper accountlng rècords. whlch dlsclose wlth reasonab18 accuracy at any time th8 financial posltion of the Charity (sultable for publItion> and to enabl8 them to comply wilh relevant legislatlon current at that time. They must also see that the Charlty 18 operatlng effidently and effectlvety while safeguarding the assets against fraud or theft. Thls report has been prepared taking advantage of Ihe small company's ex8mptlon under the Companles Act 2006. y ordor of the Trustsos C Sllllto Trustee 14 May 2025 10
Vineyard Music (UK) Limited Independent Examiners, report To the trustees of Vineyard Music (UK) Limited I report to the charity trustees on my examinatv)n of the accounts of the comp8ny for the year ended 31 Dernber 2024 which are set out on pages twelve to twenty-one. Responsibilitles and basls of rèport As the charlty trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparatlon of the aGcounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not requlred to be audlted under Part 16 of the 2006 Act and a eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrylng out my examination I have followed the Dlrectlons glven by the Charity Commission under section 145(5)(b) of the 2011 Act. Indgpendent oxamlnerfs statement Since the company's gross income exceeded £250.000 your examiner must be a member of a body11sted In section 145 of the 2011 Act. I confirm that l am quallfied to undertake the examinatlon because l a member of the Instltute of Chartered Accountants In England and Wales, whlch Is one of the Ilsted bodles. I have completed my examination. I conflrm that no matters have cotne to my attentlon in connection wlth the examlnation giving me cause to believe that in any rnaterial respect: accountlng records were not kept In respect of the company as required by sectlon 386 of the 2006 Act; or the accounts do not accord wlth those records. or the accounts do not comply wlth th8 accountlng requirements of section 396 of th8 2006 Act other than any requirement that the accounts give a 'true and falr view, which is not a matter considered as part of an independent examination. or the accounts have not been prepared In accordance with the methods and principles of the Ststement of Recommended Practirx for accountlng and reporting by charitles applicable to charities preparing thelr accounts In acc(Ydance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other mattars In connection wSth the examlnatlon to whlch attentlon should be drawn in thls report In order to enable a proper understanding of the accounts to be reached. Signed: Stephen Bramall Bsc FCA for and on behalf of Smalles Goldie Chartered Accountants Regent's Court Princess Street Hull HU2 8BA Date: 14 May 2025 11
Vineyard Music (UK) Limited Statement of Financial Actlvlties Including Income and Expenditure Account For the year ended 31 December 2024 Total Restricted 2024 Total Unrestricted 2024 Total 2024 Not08 2023 owm Charltable activitles 379,132 379,132 357,275 Invèstsnents 42,664 42,664 40,425 0th8r 2,003 2,003 9,914 Total 423 799 423 799 407 614 Ex end ture on: Charltable actlviti8S 243,108 243,108 236,166 Total 243,108 243,108 236,166 Net Incorn (exp8ndlture) 180,691 180,891 171,448 Tran81er betwoen funds Not galn8 on Inve8tmonts 11 (41,600) (41,600) 16,876 New movoment In funds 139,091 139,091 188,324 Fund balances at 1 January 2024 14 6,302 1,204,762 1,211,064 1,022,740 Fund balances at 31 December 2024 14 6,302 1,343,853 1,350,155 1,211,064 The Statement of Flnanclal Actlvltles also complies wlth the requlrements for an income and expendlture account under the Companies Act 2006. All the company's activities are classed as continuing. The notes form part of these financial statements 12
Vineyard Music (UK) Limited (Charity Registration No. 1087771) (Company Registration No. 04255960) Balance Sheet As at 31 December 2024 Note8 2024 2023 Fixed assets Tangible assets 10 2,198 4,610 Investrnent Propety 11 445.000 447,1 g8 486.600 491,210 Curront a550ts Stock 7,245 7,322 Debtors 12 47,067 587.837 52,664 Investments- cash deposlts 100,000 Cash at bank and In hand 262.814 577,315 904,963 737,301 Credltors: amounts falllng due wlthln one year 13 Net current assets 902.957 Total as89ts less current Ilabllltles 1350155 1211064 Reserves Restricted funds Unrestricted funds 15 15 6,302 1,343.853 1350 155 6,302 1204 762 1211064 For the period ended 31 December 2024 the company was entitled to exemption under section 477 of the Companles Act 2006. The members have not requlred the company to obtaln an audlt In a¢¢ordance wlth sectlon 476 of the Companles Act 2006. The Trustees acknowledge their responslbllity for comptying wrth the requir8m8nts of the Act with respect for the preparation of accounts ensurlng: that the accounting records comply wlth Secllons 386 and 387 of the Companies Act 2006 and prepare financial ststements which glve a true and fair view of the state of affalrs of the company as at the end of each financial period and of Its surplus or deficit for each flnancial period in accordance wlth the requirements of Sections 394 and 395 and which comply with the requlrements of the Companies Act 2006 relaling to flnanclal ststements. so far as applicable to the company. The accounts were issued, authorlsed and approved by the Board on 14 May 2025 and slgned on ils behalf by: 1) 2) C Sillito Trustee The notes form part of these financial statements 13
Vineyard Music (UK) Limited Notes to the flnancial statements For the year ended 31 December 2024 1. Accounting policles a) Statement of compllance Vineyard Music (UK) Ltd is a company limited by guarantee and registered as a charity In Englandmlales. The address of the registered office is given in the charity infonnation on page 9 of these financial statements, The nature of the charity's operations and principal activities are set out in the Report of the Trustses on pages 2 to 10. The charity constltutes a public beneftt entty as defined by FRS 102. The financial ststem8nts have been prepared in accordance with Accounting and Reportlng by Charities.. Ststement of Recommended Practice applicable to charltles preparing their accounts In accordance with the Financlal Reporting Stsndard applicable in the UK and Republic of Ireland Issued in October 2019, the Flnancial Reportlng Standard applicable In the Unlted Kingdom aThJ Republic of Ir8land (FRS 102), the Charltl8s Act 2011 and UK Generally Accepted Accountlng Practice. The financlal statements are prepared on a golng concern basls under the historlcal cost convention. modified to indude certain items at falr value. The financial statements are presentsd in sterllng which Is the functlonal currency of the charlty and rounded to nearest £1. The slgnlflcant accountlng pollcles applled in the preparatlon of thes8 flnancial statements ar8 Set out below. These pollcies have been consistently applled to all years presented unless Otherwise stated. The financlal statements have been prepared on a golng concern basis as the trustses belleve that no material uncertainties exlst. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financlal statements. The budgeted Income and expendlture is sufficient wlth the level of reserves for the charity to be able to continue as a golng concern. b) Incomlng resource8 Charitable activities.. Royalties- income from royaltles 58 accounted for on an accruals b8SiS. S81e of goods - sales are accounled for on an accruals basis. Investment- Interest earned on bank depos5ts and rental income are recognlsed on an 8ccrual's basls. Other- Commission sales from CLC Wholesalers are recognised on an accruals basis. All Income Is recognised net of VAT. c) Resources expended All expenditure is shown gross and Is accounted for on an accrual's basis. For accounting purposes expendlture is allocated as follows: Charitable expendlture Charity. all direct charitable expenditure relates to the operallon of the activltles of the 14
Vineyard Music (UK) Limited Notes to the financial statements (continued) For the year ended 31 December 2024 1. Accounting pollclas (contlnued) c) Resources expended (contlnued) Govemance - costs relatlng to the general running of the Charity and governance Infrastructure. Costs connected with the property, which the Charity used for Its own occupatlon untll 181h August 2017 are included in designated funds, all other outgoing resources are included In unrestricted funds. Support costs are not apportioned as the Trustees are of the opinion that the Charitable company only has a slngle charitabl8 activity. d) Grant maklng pollcy Grants are made in accordance with th8 Memorandum of Assoclatlon to charftsble organlsations both In the UK and overseas for the furtherance of the kingdom, church plantlng and rellef of those In conditlons of need of hardshlp as the Trust8es from time to tlme thlnk fit. •) Tanglble flxed assets and depreclatlon Tanglble fixed assets cosling more than £500 are capitsllsed and Included at cost Including any incidental expenses of acquisition, other than donaled freehold land and bulldings whiGh is included at valuation at the date of the donatlon. The charitable Company carries out annual Impairment reviews where there is indlcatlon that the carrylng amount of an asset may not be recoverable. Depreclatlon Is provlded on all tangible flxed assets other than land at rates calculated to wrlts off the cost or revalued amount on a straight-line basis over thelr expected useful economlc Ilves as follows: Office equipment Flxtures and fittings Computer equipment 4 years 4 years 2 years Key accountlng •stlmates, Judgements and assumptlons Accountlng estimates, by d8finltlon. wlll often vary from the actual results. They are contlnually evaluated and are based on historlcal experience and other factors, including expectstlons of future events that are deemed to be reasonable under the clrcumstances. The nature of the estimates and assumptions that have slgnificant rlsk of causing a matsrlal adjustment to the carrying amounts of assets and liabilitles withln the next year are addressed below. The carrying amount of th8 estimates and assumptlons at the year-end are disclosed In the relevant note to the accounts. Useful economic lives of tanglble assets= The annual depreciation charge for tanglble assets Is sensitlve to changes in the estlmated useful economlc lives and residual values of the assets, which are re-assessed annually. They are amended when necessary to ret]ect cuent estimates, based on technological advancement, future Investments, ecoTK)mlc utlllsatlon and the physical condition of the assets. Valuation of investment property: The investment property is held in the balance sheet at its open market value. The trustees consider thelr valuation to fonn a critical judgement. Full details are provided in note 11. g) Stock Stock is valued at the lower of cost and net realisable value The closing stock figure relates to the value of stock held on conslgnment wlth CLC Wholesalers. Sales of this stock are reported on a monthly basis. h) Forelgn currencles translation Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabllities are retrans18ted at the rate of exchange ruling at the balance sheet date. All dlfferences are taken to the Statement of Financial Aclivitl8S. 15
Vineyard Music (UK) Limited Notes to the financlal statements (continued) For the year ended 31 December 2024 . Accountlng policies {contlnued} l) Accumulated funds Funds held by the Charity are either: Unrestrictsd gener31 funds - these ar6 funds which can be used In accordance with the charitable objectives at the dlscretion of the Trustees. Designated funds - these are funds s8t aside by the Trustees out of unr8Strictsd general funds for speclfic future purposes or projects. RestriGt8d funds - these are funds that have been recelved, wlth a restriction to thelr use, this is generally from an offering taken at the Natlonal Worship Retreat. Further explanatlon of th8 nature and purpose of each fund Is included In the notes to the finandal ststements. J) Flnanclal Instruments The Charity has adopted sectlon 11 of FRS 102 in respect of financial Instruments. Short term debtors are measured at transaction price, less any impalrment. Short term credltors are measured at transactlon price. k) Investments Investments are statsd at market valu8. Investments In property are revalued annually by the Trustees, arKI any gains or losses on investments are recognised in the Statement of Financlal Activities. Current asset investments comprlse term bank deposits reallsable withln 12 months and whlch are held to generate interest income. 2. Incomlng r•8ources from charltable actlvltl•s Incomlng resources from charltable acttvitles relats to sales and royalty income through the 5ale8 of Chrlstlan literature and audio materials as follows: Restrlcted Total 2024 Unr6strlcted Total 2024 Total 2024 Total 2023 Royalty income Retail sales Conference income Conference offerlng 377,545 377,545 355,959 1,587 1.587 1,316 379 132 379 132 357 275 The p8rcentage of retail sales attribulable to geographical markets outside the Unlted Klngdom was NIL% (2023 - Nil). Royalty income attrlbutable to geographical markets outslde the United Kingdom was 1 OOYO (2023 - 99.8%). 16
Vineyard Music (UK) Limited Notes to the flnancial statements (continued) For the year ended 31 December 2024 Investrnent Incoma Unrostricted Total 2024 Total 2023 Interest recelvable Rentsl income 7,923 34.741 1,425 4. Other Incomlng resources Unrostrlct•d Total 2024 Total 2023 Other Income 2,003 9,914 S. Total resources •xpended Staff costs Other costs Tolal 2024 Totsl 2023 Deproclatlon Direct charitable expenditure Governance Support costs Total resources expended 219,807 2,675 18,214 240,696 219,807 2,675 20,626 243,108 213.328 1,655 21,183 236,168 2,412 2,412 Governanc• costs 2024 2023 Independent Examlner's fee Sundry 1,560 1,115 1,475 180 17
Vineyard Music (UK) Limited Notes to the flnancial statements (continued) For the year ended 31 December 2024 6. Trustees and related partles The income and property of the Company shall be appliad solely towards the promotion of its objects as set forth in the Memorandum of Association. No portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otheiSe howsoever by way of profiL to members of the Company. Unless prior written authorlty of the Charfty Commisslon has been obtained no rnember of Its Board of Dlrectors shall be appointed to any office of the Company pald by salary or fees or receive any remuneration or other benefit in money or moneys worth from the Company. Vineyard Churches UK & Ireland is a related party due to bNO of the five Trustees of Vineyard Music (UK) Llmlted also belng a Trustee of Vlneyard Churches UK & Ireland. Vineyard Churches UK & Ireland reimbursed expenses totalling £332 (2023 - £120) to Vineyard Music (UK) Limlted. During the year the charlty recharged expenses to and passed on income due to Vlneyard Music (UK) Ltd totalling £10,705 (2023 - £4,296). At the year end the company owed Vineyard Churches UK & Ireland £NIL {2023- £NIL). Hull Vlneyard is a related paty due to one of the five Trustees of Vlneyard Muslc (UK) Llmlted al80 being a Trustee of Hull Vineyard. No transaction took place between the two charities. 7. Employoos There are no employe88, 8. Taxatlon The Company Is a registered Charty and under the provlslon of the Corporatlon Tax Act 2010 Is exempt from taxation. 9. Not movement In funds18 arrlved at after charglngl (credltlng): 2024 2023 Indep8nd8nt Examination f88 1,560 1,475 Foreign exchange losses Depreciation 18
Vineyard Music (UK) Limited Notes to the financial statements (continued) For the year ended 31 December 2024 10. Tangible fixed assets Cost Computers Office Flxtures Fittings Totsl Equlpment As at 1 st January 2024 Addltions 8,336 27,996 9,646 45,978 Disposals Adjustments as at 31st December 2024 27,996 Accumulated depreciation as at 1st January 2024 charge for period Elimlnated on disposal Adjustments 8,336 27,996 5,036 2,412 41,388 2,412 As 8t 318t December 2024 Net Book value As at 31 st December 2024 2,198 2,198 As at 31 st December 2023 4,610 4,610 19
Vineyard Music (UK) Limited Notes to the financial statements (continued) For the year ended 31 December 2024 11. Investmant Property Proporty Total Cost or valuatlon As at 1 st January 2024 486,600 486,600 Addltions Disposals Revaluation Falr value a8 at 311t Decernbgr 2024 41.600 445.000 445 000 All Investment assats are held to provide an inve8lment retum and all Investment assets are held within the UK. Investment propertles vRre valued by an independent evaluator on 111h November 2024, Garness Jones. The valuatlon was based on rentsl Income yields and comparlson to slmilar slze properties In the local area. Investment properties are Included at faSr value. Galnsl Losses are recognis8d In the statement of financlal activitie8. 12. Debtors 2024 2023 Trade debtors VAT Prepaymant 45,705 762 600 47.067 50,495 296 1,873 13. Cradltors: amounts falllng due wlthln one y•ar 2024 2023 Other creditors Accruals 17.447 2,006 20
Vineyard Music (UK) Limited Notes to the financlal statements (continued) For the year ended 31 December 2024 1& Net incomlngl{outgolng) resources for the year Balance at Incomlng RourCeS 1 January r•8ources expended 2024 Transfer botween funds Net galn on Investments Balance at 31 December 2024 Restrfcled fund Unrestrlcted fund 6,302 1,204,762 6,302 1,343.853 423,799 (243.108) (41,800) 1,211.064 423.799 (243,108) (41,600) 1,350,155 The unrestricted funds repres8nt the free funds of tha Charlty whlch are not designatsd for particular purposes. The restricted funds darlved from the offerlng tskan at the Natlonal Worship Leaders Retreat in March 2019 and re8trlcted to the establishment of a Youth Wor8hlp Academy. 15. Analysls of net assots botween funds Restrlct funds Unre8trlcted funds Total Fund balances at 31 December 2024 are represented by: Tangible ftxed assets Investment propety Current assets Creditors falling due wlthln on8 year 2,198 445,000 898.661 2,198 445.000 904,963 2.006 1350 155 6,302 1343 853 21