Grand Unlon Wineyard Church Milton Keynes Charity No. lo*567 Company No. 04301421 Trnstees. Report and Unaudlted Accounts 31 March 2023 11111 •ACBOT8VU• 3010Pf2023 COMPANIES HOUSE A10
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Grand Union Vineyard Church Miltw Keynes Contents Pages 2to7 Trustees, Annual Report Independent Exarniner's Report Statement of Financial Activities 8t08 9t09 Summary Income and Expenditure Account Balance Sheet IOtolO Iltoll Statement of Cash flov 12to12 Notes to the Accounts 13to21 Detailed Siatement of Flnancial Attivities 22to23 Page I
Grand Unlon Vineyard Church Mlltoft Keynes Trustees Annual Rept)rt The trustees, who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the unaudited financial statements of the charty for the year ended 31 March 2023. RÉFERENCE AND ADMINISTRATIVE DETAIIS Company No. 04301421 Charfty No. 1090567 Reglstered Office Netherfield Chapel Broadlands NetherfId Milton Keynes MK6 4YP Dlrertor$ and Trusttss The Dbrectors of the charitable ujmpany are tts Trustees for the purposes of chèrtty law. The following Directors and Trustees 5eTved during the year- • Christopher Robert Oesmond Morley- Senior Pastor Oluwatuminu Omoniyi Balogun- Treasurer Nicholas Edwin Freer . David Cooper • David Nicholas Lee • Natalie-Louise Burnapp • Graham Edward Cwsoe Ovnn ICw>ptedl Account•nts Trackrecords Management SeThices Limited The Farthing Enterprise Unit 10, 39 Farthin8 Grove Netherfield Milton Keynes MK6 4JH OVERVIEW Grand Vnion Vineyard Church continued to operate in 2022123 out of Netherfield Chapel. Thls has been a year of rebuildin8 and reshaping after the Covid 19 pandemic. Chris Morley continued to lead the church through 2023 and set the dirertion of the church. building a leadership team that will lead the church into the future. This included the appointment of a self-supportinB Pastoral Assistant and also an Associate Pastor. This has expanded our capability in caring for people. Grand Union Vineyard has continued to Serve the people of Milton Keynes. AIMS AND PURPOSES The trustees of Grand Union Wineyard have the responsibility for the general control and management of the administration of Grand Union Vineyard Church and the achievement of its aims and purposes Iconnert, grow an(J seNel. To this end. the Trustees work with the Senior Pastor. pastoral staff, and leadership team. Page 2
1Sr•nd Unlon Vlney•rd Churth Mllton KeynE¥ Trustees Annual Report Additionally. within these responsibilities. trustees are also responsible for the upkeep and maintenance of the Netherfield Chapel buildi Broadlands, Milton Keynes. In the year under review. we expanded the kitchen to facilitate the seNing of the community more effectrvely. OBJEcfivES AND ACtiviriES We belleve that the calling of Jesus is to love those around us. and we have the privilege of serving the least, the last and the lost within Milton Keynes. We do not discriminate according to ethnicity, gender, Sexuality, or back8round. We have been privileged to work Close with local Mosque to support the Afghan Refugees. We are in the business of transformation. and seeing people come into a living relationship with Jesus. Our broad aims continue to be the following.. CONNEcf- sharing the good news of Jesus ChrisL GROW- equipping and discipling followers of Jesus Christ. SERVE . prarticalty showing the love of Jesus to those around us. Our vision statement is. "to be o worshippinq community where onyone can encounter God and become mo whole while serving other5". Achlevements and Perfomiance l. Sharing the good news ofjesus Christ We welcome those of all faiths or none. and from every background who wish to visit us or make use of, or engage in, the actwities of the Church. These attivrties include worship serwlces, cell groLSPS. the MK Storehouse, Community Fridge, wellbeing mornings, HE Cafe and other public events. We continue to welcome people who have had little or no previous interaction with the church. During the year church members continued to share the transforming power of Jesus and his gospel with compassion and generosity through mtnistries including-. Giving out coffee & food on Sundav • Alpha courses • Small groups Wellbeing events • Coffee mornings Community Fridge MK Storehouse The aftereffects of Covid are still being felt in that we continue to rebuild. Part of this rebuilding is the realisation that we cannot go back to church as normal and ift the 2022123 year we have begun exploring different ways of doing cell groups, worship and other ministries. Our Worship services are now fully functional continuing to be held at Netherfield chapel. We continue to experiment wlth our 'exploring worship- services. This is a time to experiment with other hrms of worship. These prove popular and we will continue to experiment Union Groups continue to funrtion. We have begun a proces5 of looking at how they might become "life groups" where people explore life and discipleship together. We recognise the cructral nature of cell groups in that they create an environment for more personal support and discipleship. During the period we introduced the Vineyard Essentials course which is a two-year leadership development course designed by Vineyard Churches UK&I. One of our members has enrolled for the Vineyard Colle8e course. This is the first phase of trainin8 of fUre Pastors within the movement. Her fees were sponsored by members of the church. Page 3
Grand Union Wineyard Church Milton Keynes Trustees Anttual Report We have restarted a youth ministry. Currently it is small but with the current leadership resources it is manageable. The children's ministry, 3hOUgh small. has continued to be a ble55ing to those attending. During the year we provided support to the overseas projerts shown below, who share our aim to share the good new5 of Jesus Christ. through activities which range from running prayer groups to giving financial 5UPPOrt- • The Eagle Project lin Brazill • Hope lor Justice 2. Eq¥ipping and disciplingfollowers ofJesw Chnsl Each Sunday we have continued to run the morning seryice. which seeks to equip. teach. and disciple church members and those who visit. We continue with the ethos of an infom)al and relaxed atmosphere. We have had new members join both online and in person during this period. Baptism services have a150 been held durin8 this period. Children's church continues to be part of the Sunday services. Union groups are a place to discuss Sunday teachin& support each other in dtscipleship and equip each other. Therefore. members are encouraged to join a group. 3. Practict71fyshowing the love ofjesus to those around us We continue to seek ways to serve all sertions of the community creatNely. The range of compassion ministries we support is dNerse, and during the year included: MK Storehouse.. the MK storehouse exbsts to 8i¥e clothes to those who have little. and a place where they feel welcomed and loved. • Community Fridge: providing free. fresh food donated by the local supermarket to those that need it and reducing the amount of food wastage goin8 to the landfill. • Wellbeing Mornings: providing a safe and welcoming place for people over sixteen to get rest from the chaos of life and have time to be refreshed and pamped. • Wise Ones: this is a group that meets to provide Company for people who are i501ated. HE Café: we provide space for home-educatin8 parents and chtldren tg s0¢i4lise. This included Neuro-Diverse Children. MKStorehouse 202212023 continued to be very busy at MK Storehouse and included liaison wfth Milton Keynes Council and other local charities to provide emer8ency clothing packages. Our relationship with MK Council continues to grow and we continue to explore the building of the charity hub with other first-response organisations. If realised, this will house organisations in a purp05e-built building. 50 that we may work more effertively to serye those in need by providing a 'one-stOP Shop, for those needing seThices. MK Storehouse continues to be a crucial seNice to the peopte of Milton Keynes. Our annual unrform event in August provided clothing for over 400 local sthool children. We also responded to the needs of the Ukrainian refugees. There were about 200 who used our services in the period under review. In the year 202212023. 2295 guests were supported by MK Storehouse. This is an increase of 7% from the previous year. Page4
Grand UnloD Vlneyard Church Mllton Keynes Trustees Annual Report Community Fridge Community Fridge continued at our building in Netherfield. with food donated from local supermarkets. In the period under review, we had 5,280 families recerving food. We also gave 154 emergency food parcels where they were needed. We also provided the other comm¥Jnity fridges in Milton Keynes With 2.88 Tonnes of food. This ministry diverted 49 tonnes of food waste from landfills. Thi5 has had a positive impact on our local community by helping provide free food to those that are in need and reducing the amount of food waste going to landfills. It must be noted that wilh the current cost of INing crisis. we are seeing an increase in the number of guests to The Community Fridge. This increase includes many families who are in full-time employment as well as families on benefits. Choritoble Portners Vineyard Churches UK & Ireland connects churches wtth common values and practices. provides spirrftual guidance and oversight to Vineyard church leaders and facilitates new church planting. We use the name Vineyard with their permissbon and give it 5% of our voluntary income and trading profits. Hope for JLFslice is an anti-human trafficking or8anisation working to uncover and alIsh the hidden crime of modern-day slavery. As a non*overnmental organisatton INGOI they gather Intelligen and assist in the process of rem¢)vin8 victims from exploitation within the UK. Human traffKkin8 is not someone else's problem. It is happening in our communities. in our nei8hbourhoods. in our country. The Eagle Project.. after many years working WTth rtreet childn in Braiil. Geor8e and Cally founded the Eagle Project in 2006. Based on the principles of restorative justice. George. Callie. and their team use psychodrama. mentoring. coachin& and counselling to equip young offenders to reintegrate into families and communities upon their release and avoid reoffending. FINANCIAL REVIEW The management accounts show an overall Net Expenditure (Over Income) of £7.880 for the year lexcluding depreciation). This is against a budgeted net expenditure of £22.9K and against Prior yearfs £13.96K. The financial accounts show a Net expendTture of £14,273 because it takes depreciation Into account The total Income in the year. at £91K shows è 15% increase in income on last year. Against this, there is an pparent increase in expen(liture of 12%. The principal source of income was from unrestrirted 8r¥in& totslling £68.7K in the year against a bud8eted £50.2K. This was also higher than the prior year at £54.9K. The monthly income averaged at £5.7K. peaking at £10.8K in October 2022. Overall. Èncome surpassed what was a cautious budget by £32K. and prior year bv £15.8K. Central overheads were in line with budget. The main increase in expenditure. compared with budget and last financial year, was in Buildin8 Maintenance & Cleaning and in Garden & Grounds Maintenance, both of which were Projects covered by 8iftin8 in the previous years, thus resulting in an apparent inflated expense against no income in the year, ènd thus a net PenditUre in the year. There was significant drfFerence between actual and budget on Community Fridge and Storehouse spend. There was also unbudgeted leadership development spend. The net effert wa5 a £17K adverse varijnce on expenditure compared to budget, and 9.8K. compared to prior year. t has been a good year and despite the dUctIOn in cash balances. we have tontinLted to press forward with our outreach aciivities. Trustees a mindfvl of the impact on reserves and continue to monitor expenditure having regard to the impart on reserves. Page S
Grand Unlon Vlneyard Church Mllton Keynes Trustees Annual Report The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's memorandum and articles of aswciation, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Prartice applrcable to charities preparing their accounts in accordance wr¢h the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" las amended for accounting periods commencing from ljanuary 2016 RESERVES POUCY Rationale We maintain reserves to cover Iluttuations in intome and expenditure. to allow for any unexpected major expendtture requirement, or to mit48ate any decline in the overall financial environment. We also believe that maintaining the free reserves at levels around three months runnin8 Costs (where this is possible), combined with appropriate reviews of the controls over key financial systems. provide sufficient resources in the event of unexperted adverse conditions. Target Level and Review The Direttors and Trustees continue to keep under review an appropriate target level. The unrestricted reserves are considered adequate ai the end of the reporting period. Maintenance We review. on a bi-monthw b85iS, the level of reserves held. We continue to be encouraged that our church members, commitment ha5 not fattered during these challenging economic times. The church continues to fulfil its mission. as can be seen by its ongoing accomplishment of its goals, and in addition, we will continue to investl8ate more opportunities to serve those in the city and beyond and to ideftttfy additional potential sources of funding. Investment Power5 and Pollcy Our articles authorise us to invest our funds and cash balances a currently held with Lloyds TSB. We have operated a policy of keepin8 available funds within interest-bearinR deposit accounts havin8 regard to liquidtty requirements. The trustees have o55essed the major risks to which the thartty is exposed and are sat15f4 that 5Y5tems are in place to mitigate exposure to the major rTrsks. Rlsk Management The systems of internal control are desi8ned to provide reasonable. but not absolute, assurance against material mbsstatement or loss. They include: • an annual budget approved by the trustees: regular consideration by the trustees of financial reports". ' delegation of authority and segregation of duties: and • identification and management of risks. We aim to re8ularly review the main risks that the church faces. The trustees consider the key risks to church like ours to be finances, safeguardin& healrh & safety and human resources. We employ speclallst finance staff. are members of Thirtyone-ei8ht to assist wrth safeguardin& have trustees with health and safety experience and have specialist outsourced human resources competence to help manage these risks. We believe that the internal financial controls conform to 8uidelines issued by the Charty Commission. Page 6
Grand Unloft Vlneyard Church Milton Keynes TrUeeS Annual Report Structure* governance, and managernent Governing Document orgonisationo15trurture.' We a a registered charity, duly constituted by means of our Memorandum and Articles of Association and operating as a church. We are also • company limited by guarantee, in which the company dirertors form the board of trustees. The liability of each trustee in the event of a winding-up is limited. The trustees. who are also the directors for the purpose of company law, and who seNed during the year and up to the date of signature of the financial statements we- D ADEDAPO CRO MORLEY (SENIOR PASTORI T BALOGUN ITREASURERI N FREER ICHAIRI D COOPER DLEE G E C DUNN ICO-OPTEDI N BURNAPP ISAFEGUARDING) Appointment of Trustees New trustees are appointed when appropriate. Suitable candidates. who are selected from within the church membership, are consitlered based on their skills, experience and sympathy wfth the aims of the church. New trustees have the opportunty of reviewing appropriate documents, includin8 the management accounts, as part of their indurtion proce55. SertiorLeodership Team (SL T) The day to day running of the church is delegated to the employed pastorBI and operational staff. The staff are leil by the Senior Pastor, Chris Morley, and their Senior Leadership Team as follows: Chris Morley (Senior Pastor) Rachel Kleinsmith IDSL, Outreach and AdmInistratnI Rachael Inwood (Worshipl Rebecca Walters (Children's Church) Phil Cooling (Technical- Stepped Down Nov 20221 The Trustees are responsible for keeping proper accountTrng ordS that disclose with reasonable accuracy at any time the financial posltion of the charity and to enable them to ensure that the financial statements comply with the Companies Act 20J6. The Trustees are also responsible for safeguarding the assets of the charbty and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report ha5 been prepared in accordance wrih the provisions applKable to companies subject to the small companies regime as set out in Part 15 of the Companies Art 21x16 and in accordance with the Charities SORP IFRS 1021. The trustees declare that they have approved the trustees, report above. Signed on behalf of the board Nichola5 Edwin Freer Director & Trustee Date: 24 2023 Pa8e 7
Grand Union VlTreyard Church Mllton Keynes Independent Examiners Report Independent Examinerfs Report to the trustees of Grnnd Union Wineyard Church Milton Keyne5 I report to the charity trustees on my examination of the financial statemeftts of Grand Union Vineyard Church Milton Keynes for the year ended 31 Mèrch 2023 which comprise the Statement of Financial Attivities, the Summary Income and Expenditure Attount. the Balance Sheet. the Statement of Cash Fl¢)ws and the related notes. Responsibilities and basi5 of report As the trustees of the charity land a150 its directors for the purposes of company law} you a responsible for the preparation of the financial statements in accordance with the reouirements of the CoMpanS Act 21Y)6 I'the 2006 Act. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Att and are eligible for independent examination. I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Art 2011 Ilhe 2011 Act'l. In carrying out my examination I have followed the DIdiOnS 8i¥en by the Charity Commission under sertion 14515llbl of the 2011 Att. Independent exarniner's staternent I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examinatlon giving me cause to believe that: • accounting records were not kept in accordance with sectbon 386 of the 2)6 Act- or • the financial statements do not accord with those records- or the financial statements do not comply with the accounting requirements under settion 396 of the 2006 Act other than any requirement that the financtal statements gNe a 'true and fair. vlew which is not a matter considered as part of an independenl examination: or • the financial statements have not been prepared in accordance with the Chartties SORP IFRS 1021. I have no concerns and have come across no other matter5 in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statement5 to be reached. Ebenezer Nelson-Addy IFA Trackrecords Management Services Limited The Farthing Enterprise Unit 10, 39 Farthin8 Grove Netherfield Milton Keynes MK64JH 31 March 2023 Page 8
Grand Union Vineyard thurch Milton Keynes ststement of financial Activities for the year ended 31 March 2023 Unrestrfrted Restricted funds fun(ts Tota5 funds Total funds 2023 2023 2023 2022 Notes Income and endowments from: Donations and legacies Charitable artivities Other 68.708 3.624 11.192 68,708 4,686 17,668 54,908 8,961 15,339 1,062 6.476 Total 83.524 7.538 91,062 79,208 Expendlture on: Raising funds Charitable attivitie5 Other 4.603 18,878 72.522 4.090 4.368 874 8,693 23,246 73,396 4,473 20,487 69,522 Total 96,003 9,332 105.335 94,482 Net gains on investments Nel expendlture Transfers between funds io 112,4791 44.495 11.7941 144.4951 114,2731 115,2741 Net expenditure before other 8alnsl{losses) 32.016 146.2891 114.2731 IIS,2741 Other gains and losses Net movernent In fvnds 32.016 146.2891 114,2731 115,2741 Reconciliatlon of fitnds: Total funds brought forward 182.818 61,2CKI 244,018 259,292 Total fun(ts carrled lorward 214.834 14,911 229,745 244,018 Page 9
Grand Unlon Vlneyard Church Milton Keynes Summary Incorne and Expenditure Account for the year ended 31 March 2023 2023 2022 Income 91.062 79,208 Gross Income forthe year Expenditure 91,062 79,208 104,349 93,167 Depreciation and charges for impaimenl of fixed asset5 1,315 Total expendfture for the year Net expenditure before tax for the year 105.335 94,482 114,2731 115,2741 Net expendlture for the year 114,2731 115.2741 Page 10
Grand Unlon Vlneyard Church Mllton Keynes Balance Sheet at 31 March 2023 Company No. 04301421 Notes 2023 2022 Flxed asset$ Tan8ible assets 13 182.450 182.450 183,436 183,436 Current assets Debtors Cash at bank and in hand 14 2,812 46.722 49,534 12.2391 47.295 2,812 60.009 62,821 12,239} 60,582 Credltors: Amount falling due within one year Net current ass$ Total asset5 less current liabllities 229,745 244,018 Net assets excluding penslon asset or Ilablllty 229,745 244,018 Total net assets 229,745 244,018 The fvnds of the tharity Restrlcted funds Restritted rncome funds 16 14.911 14,911 61,200 61,200 Unrestrlcted funds General funds 16 214.834 182.818 214,834 182,818 Reserves 16 Total lunds 229,745 244,018 These accounts have been prepared ift accordance with the specol provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2023 the company was entitled to exemption under sertion 477 of ihe Companies Act 2(K)6 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Art 2CK)6. The directors acknowledge their responsibilities for comptying with the requirements of the Companies Act 2006 with respect to accounlTrng records and the preparation of accounts. Approved by the board on 31 March 2023 And siBned on its behalf by: Nicholas Edwin Freer Director & Trustee Date: ,[ 2023 Page 11
Grand Unloft Vlneyard Church Milton Keynes Statemefit of Cash flows the ye•r ended 31 March 2023 2023 2022 Cash Ilows from operatlng activitles Net expendlture per Statement ol Flnantlal Aciivltles 114,2731 115.274) Adjustments for: Depreciation of property, plant and equipment Dividends. interest and rents from investments 986 117,6681 1.315 115,3391 Net cash used in operatin8 actl¥ities 130,9551 129.2981 Cash flows frorn investlng activities Oividends. interest and rents from investmet)ts 17,668 15,339 Net cash from Investing aLtlvities 17,668 15,339 Net cash from financing artl¥ilie5 Net dettease ITh Cash and cash equl¥alents 113,2871 113,9591 Cash and cash equivalents at the beglnnlng of the year 73,968 Cash and Cash eqValertts at the end ol the year 46.722 60.009 Components of Cash and cash equivalents Cash and bank balances 46.722 60.CK19 46.722 60,009 Pa8e 12
Grand Unlon Vlneyard Church Milton Keynes Note5 to the Accounts ft*r the year ended 31 March 2023 l A¢¢ounting polldes Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Chèrities- Statement of Recommended Practice applicable to charities preparing their actounts in attordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20151- (Charities SORP IFRS 102)), the Financial Rew)rting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Art 26. Change In basls ot accountlng or to pre¥lous accounts There has been no change to the accounting policies (valuation rules and method of accountin81 since last year and no changes have been made to accounts for previous years. Fund accounllng Unrestricted funds These a available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Incorne Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to. and virtually certain to receive. the income and the amount of the income can be measured with sufficient re14abilsty. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and Voluntary income received by way of grants. donations and gifts is included in the the SOFA when receivable and only when the Charity ha5 unconditional entitlement to the income. Tax reclaim5 on Income from tax reclaims is included in the SOFA at the same time as the donations and gTfts gbftldonètion to whith it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This includes any 8ain or loss res1n8 from revaluing investments to market value revaluation of fixed at the end of the year. assets Gainslllossesl on investment assets legacies This includes any gain or loss on the Sa of investments. Pa8e 13
Grand Unlon Vlneyard Church Mllton Keynes Notes lo the Accounts Expendityre Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditu indudes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income. fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its attNlties and charitable activities services in the furtherance of its objects, includin8 the making ol grant5 and governance tosts. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory quirements of the Charity. including any auditlindependent examination fees, costs linked to the strategic management of the Charity. together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. Grants payable Governance costs Taxation The charity is exempt from corporation tax on its charitable attivities. Tan8lble flxed assets and depreciation Depreciation is provided at the following annual rates in orderto write off each asset over its estimated useful life- Freehold property Plant & machinery Fixtures, fittin85 & equipment 0% Straight Line 25% Straight Line 25% Strai8ht Line Freehold investrnent property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or105ses are tsken to the Statement of Financial Activities as they arise. Stocks Stock 15 included at the lower of cost or net reali5able value. Donated rtems of stock are re¢ognised at fair value which 15 the amount the charity would have been willing to pay for ihe items on the open market. Trade and other dèbtors Trade and other debtors are recogni5ed at the settlement amount dve after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Pa8e 14
Grand Union Wineyard Church Mlfton Keynes Notes to the Accounts Cash and cash equl¥alents Cosh and cash equivalents comprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid investments wrth original maturities of three months or less and bank overdrafts. In the staternent of financial position. bank overdrafts ère shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other cdItorS and provisions are recognised where the charity has a present obli8ation resultin8 from a past event that will probabty resu in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowin8 for any trade discounts due. Research and devel¢pment Expendtture on research and development 15 written off in the year in which it is incurred. Foreign curren¢ie5 Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailin8 at the end of the reporting period. Transactions in currenties other than the functional turreney of the tharity are recorded at the rate of exchange on the date that the transaction occuffed. All exchange differences are are taken into account in arriving at net incomelexpenditure. Leased assets Where the chartty enters into a lease which entails taking substantialty all the risks and rewards of ownership of an asset. the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases ère initialty cOgnIsed as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of intere# on the remaining balance of the liability- Finance expenses are recognised immediately, unless they are dirertly attributable to qU81ifying assets, in which case they are capitalised in accordance with the charity's policy on borrowin8 Costs. Assets held under finance Seases are depreciated in the same way as owned assets. Operatin8 lease payments a reco8nised as an expense on a stra4ght-line basis over the lease temi. In the event that lease incentNes are received to enter into operating leases. such incentives ore reco8nised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Pension costs The chartty operates a defined Contribution plan for its employees. A defined contribution plan is pension plan under which the company pays fixed contributions into a separate entity. Once the contributlQns have been paid the company has no fvrther payments obligations. The contribution5 are recoenised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the pEan are held separately from the company in independently administered funds. Page 15
Grand Unlon Vlneyard Church Mllton Keynes Notes to the Accounts Rtteipt of donated Bd$. facilities and services All donated goods, facilwties and services received are retognised within incomin8 resources and expenditure at an estimate of the value to the charty. 2 COmnY 514tus The company is a private company limited by guarantee and consequentty does not have share capital. 3 Statement of Financial Artl¥ltles- prior year Llnrestrirted fvnds 2022 Restrirted funds Total funds 2022 2022 Income and endowments from: Donations and legacies Charttable activities Other s4.8 54,908 8,961 15,339 79.208 5,913 5,878 11.791 9,461 67,417 Total Expenditure on: Ralsing funds Charitable activities 4,396 18.331 77 4,473 20,487 69,522 2,156 3.226 Other 66.296 Total 89,023 5,459 94,482 Net income {21,6061 6,332 115,2741 Net Income before other gainsl{1055e51 Other gains and losses: Net movement in fi•nds 121,6061 6.332 115,2741 121.606) 6,332 115.2741 Re£onciliatlon of fund&. Total fun(Is brought fon¥ard Total funds carrfed forward 204.424 54.868 259,292 182.818 61.21XJ 244,018 4 Income from donatlons and legade5 Unrestrfrted Totsl Total 2023 2022 Donations and Gifts 68.708 68.708 68,708 68,708 54.908 54.908 Pa8e 16
Grand Union Vineyard Church Mllton Keynes Note5 to the A¢¢ounts S Income from tharltable aCtltIeS Unrestrirted Restrlcted Totsl Total 2023 2022 5torehou5e Donations- Non Gift Aid 48 391 439 153 Storehouse Income 476 121 597 315 Donations and Gifts 3(M) 550 8,493 Rental Reteived 3.624 1,062 4,686 8,961 6 Other in¢ome Unrestricted Restricted Total Total 2023 2022 Bank Interest 70 70 other Income Gift Aid Claim 1.150 9,762 210 11,192 6.336 7.486 9,762 350 17,668 6.078 9.257 140 6,476 15.339 7 Expendlture on raislng fund5 Unrestrlrted Restflcted Totsl Total 2023 2022 Costs of 9eneroting voluntory income Gifts related to church artivities 4.603 8,693 4.473 4,603 4,090 8,693 4,473 8 Expenditure on tharitsble artl¥itie5 Unrestricted Restricted Totsl Total 2023 2022 Expenditure on charitable artivities storehouse Donations- Non Grft Aid 17.225 4.368 21.593 19,978 Governance costs Youth 1,653 18.878 1,653 23.246 509 4.368 20,487 Page 17
Grand Unlon Vineyard Churth Milton Keynes Notes to the Accounts 9 Other expenditurè Totsl Total 2023 2022 Conferences 11911 508 11911 711 660 Catering Entertaining Events 203 333 33 740 671 1.411 547 Employee costs Premises costs Amortisation, depreciation. imparrment, profitlloss on disposal of fixed assets General administrative costs Legal and professional costs 54.192 8.916 54,192 8.916 47,669 8.311 1.315 5,206 2.156 72.522 5,206 2,156 73.396 5.239 5.415 69.522 874 10 Net expenditure beft)re transfers 2023 2022 This is stated after chafgin8- Depreciation of owned fixed assets 11 Trustee remuneration and eJKpen5es 1.315 2023 Number 2022 Number The nature of the reimbursed expen Consultancy Costs- Grant application 12 stsff costs 2023 2022 43,566 4,103 47.669 Salaries and wa8es Pension Costs 50.899 3.293 54.192 No employee received emoluments in ex$$ of £60.IXKI. The average monthly number of f¥Jll time equwalent employees during the year was asfollows: 2023 Number 2022 Number Page 18
Grand Union Wineyard Church Milton Keyne5 Notes to the Accounts 13 Taniible fixed assets Land ?Trd buildings Mant & machlnery Fixtures. fittings& equipment Totsl Cost or revaluatioTr At l April 2022 At 31 March 2023 179,492 179,492 7.793 7.793 69,098 69,098 256,383 256,383 Depreciation and lrnpalrnient At l April 2022 Depreciation charge for the year At31 Marth 2023 7.249 65.698 72,947 136 850 986 7.385 66.548 73,933 Net book values At 31 March 2023 179.492 179.492 408 2,550 3,4CK) 182,450 183,436 At 31 March 2022 14 Debtors 544 2023 2022 Trade debtors Other debtors Pfepayments and accrued income 373 373 2.432 2.432 2,812 2,812 IS Credltors: amounts falling due within one year 2023 2022 othercdOrs 2,238 2.238 Accruals 2,239 2.239 Page 19
Grand Union Vlneyard Church Mllton Keynes Notes to the Accounts 16 Movement ITh lunds Incoming resources At31 R¢sour expended Gross transfers (includin March 2023 At i Apru 2022 gaifis11055es) Re5trlcted funds: Restrlcted income funds: Donations and Legacies 61,200 7.538 19.3321 144,4951 14.911 Totol 61,200 7.538 19.3321 144.4951 14,911 Unrestrfrted funds: General lunds 182,818 83.524 196.1)031 44,495 214.834 Tolal funds 244,018 91,062 {105.3351 229,745 Purposes and restrirtions in relation to the funds- Restrirted funds- Donation5 and Le8acies 17 Analysls of net assets between fvnds Unrestrfrted funds Restrirted funds Total Fixed assets 182.450 32,516 214.966 182,450 47,295 229,745 Net current assets 14,779 14.779 18 Recon¢ili*ion of net debt At31 Marth 2023 At l April 2022 C•sh flo Cash and cash equivalents 113.2871 113,2871 46.722 46,722 60.1X)9 Net debt 60,LX)9 113.2871 46,722 Pa8e 20
Grand Union Vineyard Churth Miltan Keyne5 Notes to the Aecounts 19 Commitments Operatlng leose commitments Annual commitments under non-cancellable operating leases are as follows- 2023 Land and bulldlngs 2023 2022 land and bulldlngs 2022 Other Other Operatin8 leases with expiry date: Pension commitments 2023 2022 The pension cost charge to the company amounted to- 3.293 4.103 20 Related party d15dosures Controlling porty The company is limited by guarantee and has no share capital- thus no sin8le party contro15 the company. Page 21
Grand Unlon Vlneyard Church Milton Keyms Detailed Statement of Financial Activities lor the year ended 31 March 2023 Unrestrirte d funds 2023 Restricted funds Total fvnds Total funds 2023 2013 2022 Income and endowrnÈnts from: Donations and legacies Donations and Gifts 68.708 68,708 68,708 68,708 54.908 54,908 Charitable activittes Storehouse Donations- Non Gift Aid Storehouse Income Donations and Gifts Rental Received 391 439 153 476 121 550 597 315 8,493 2,800 3.624 2.8 4,686 1,062 8,961 Other Bank Interest Other Income Gift Aid Claim 70 1.150 9.762 210 11.192 70 7,486 9.762 350 17.668 6,336 6.078 9,257 140 6.476 15,339 Total Income and endowmen 83,524 7.538 91.062 79.208 Expenditure ¢)n: Costs of 8eneratin8 donations and legacies Gifts related to church artbvities 4.603 4.603 4.090 8,693 8,693 4,473 4,473 Totsl ot expenditure on raislr funds 4.603 8,693 4,473 Charitable activities Storehouse Donations- Non Gift Aid 17,225 4,368 21,593 19,978 17.225 4,368 21.593 19.978 Governance costs Youth 1.653 1.653 1,653 1,653 509 509 Total of expenditure charitable activitles 18.878 4.368 23.246 20.487 Other expenditure Conferences Catering Entertainiftg Events 11911 508 11911 711 660 333 33 547 203 740 671 1,411 Page 22
Grand Unlon Vlneyard Church Mllton Keynes Detsiled Statement of FIncial Arti¥ities 1.066 874 I,S73 Employee costs Salarieslwages Pension costs 50.899 3.293 54.192 50,899 3.293 54.192 43,566 4.103 47,669 Premises costs Light, heat and power Premises repairs and maintenance 6.706 6,706 3,975 2.210 2,210 4,336 8.916 8,916 8,311 General administrative costs, including depre¢iatroft and amortisation Depreciation of Plant & machinery Depreclation of Fixtures. frttings & equipment Bank charges General insurances software. IT support and related costs 136 136 181 850 1.134 163 1.725 163 1.725 143 1.542 1.156 1.156 1,086 Stationery and printin8 Subscriptions Sundry expenses Telephone, fax and broadband 116 116 485 757 32 1,257 6,192 757 622 112 1,249 6,554 32 1.257 6,192 Legal and professional costs Other legal and professional costs 2.156 2,156 5,415 2.156 2,156 5,415 Total of expenditure of other costs Totsl expenditure 72.522 874 73,396 69.522 96.003 9,332 105,335 94.482 Net gains on investments Net expendlture Transfers between funds 112.4791 11.7941 114,2731 115.2741 44.495 144.4951 Net expenditure before other gainslllossesl Other Gains 32,016 146.2891 114,2731 115,2741 Net movement In fvnds 32.016 146,2891 114,2731 115,2741 Recon¢lllatl¢n of funds.. Total funds brought forward 182.818 61.2 244,018 259,292 Totsl fvnds carried forward 214.834 14.911 229,745 244.018 Page 23