REGISTERED COMPANY NUMBER: 06669648 (England and Wales) REGISTERED CHARifi NUMBER: 1125701 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR CARDIFF VINEYARD Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA
CARDIFF VINEYARD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Page Reference and Administrative Details Report of the Trustees 2 to 6 Independent Examinerfs Report Statement of Financial Activilies Balance Sheet Cash Flow Statement 10 Notes to the Cash Flow Statement 11 Notes to the Financial Statements 12 to 20 Detailed Staternenl of Financial Activities 21 to 22
CARDIFF VINEYARD REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES B D Rankine J G Rankine J J B Hargreaves R W Kissick Mrs S J Boltman COMPANY SECRETARY B D Ranknne REGISTERED OFFICE The Gale Keppoch Street Cardtff CF24 3JW REGISTERED COMPANY NUMBER 06669648 (England and Wales) REGISTERED CHARrrY NUMBER 1125701 INDEPENDENT EXAMINER Bevan Bucand LLP Ground Flmr Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Page 1
CARDIFF VINEYARD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The trustees who are also directors of the charity for the purposes of the Companies Acl 2006, present their report with the financial statements of the thanty for the year ended 30 June 2024. The Iruslees have adopted the provisions of Accounting and Retjorting by Chariknes.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. REPORT OF THE TRUSTEES The Trustees of Cardiff Vineyard {"the Church.) present their report and unaudite(l finanual statements for the year ended 30 June 2024. The Trustees confimi that the Annual Report and financial statements of the Church comply with the current statutory requirements, the requiremenls of the Church's goveming document and the provisK>ns of the Statement of Recommended Practice {SORP), applicable to charities prepanng their accounts in ac(x)rdance wtlh the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2015)- Since the Church qualifies as small under section 382 of the Companies Act 2006. the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Rep£ and Directorfs Report) Regulations 2013 is not required to be presented. Structure Governance and Mana ement Cardiff Vineyard is a registered charity, charity number 1125701, incorpK)rated on 11 August 2008, duly consliluted by means of its Memorandurn and Artides of Association and operating as a Churth. The Church operates in the Untted Kingdom of Great Britain and Northem Ireland and supports members overseas on a woAdwide basis. Cardiff Vineyard is a company limited by guarantee as well as a registered charity. and under company law the Tnjslees of the Charity are the Directors of the charitable (xjmpany. The liability of each Trustee in the event of a winding up is limited tr) £10. The day to day running of the Church and operational decisions are delegated to the pastoral and administrative staff led by J.G. Rankine. J.G. Rankine is also a Trustee. The Trustees meet at least three times a year and are resp(sible for making the major decisions relating to the running of the Church. These decisions include approval of the annual budget and any agreements material to the financial position of the Church. intment of Trustees New trustees are appointed when appropriate. Suilable carKlidates. who are generally (but not exclusively) selected from within the membership of Cardiff Wineyard. are considered on the basis of their skills, experience and understanding of the aims of the Church. New trustees have the opportunity of reviewing appropriate documents including the accounts and meeting wilh pastoral and administrative stsff as part of their induction preSs. Currenl trustees are listed on page 3. Ob'ectives & Activities The objectives of Cardrff Vineyard are= The adVanment of the Christian fatth induding missionary activities in the United Kingdom and overseas and including, but not limited to, the planting of new Churches and organisations of congregations. - The relief of the poor and needy, and those who are aged or sick. Review of activities Achievements and perfomiance The advancement of the Christian faith induding missionary activities in the United Kingdom and overseas and also induding, but not limited to. the planting of new Churches and organisations of congregations. Page 2
CARDIFF VINEYARD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Over the last year Cardiff Vineyard has continued with its vision of being a mulb-site church for Cardiff 8nd the surrounding area. We have three different locations across the city for our four Sunday services. A moming and evening setvice runs at the Central site which meets al The Gate in Plasnewydd. Our North site meets at Hawlhom Primary School in Llandaff North and our West has relocated ils Sunday semces to Fttzalan High School in Leckwith. The church has continued to grow, and we have seen an increase in the number of people who would see themselves as members of Cardiff Wineyard. We now have in the region of 650 adutts and 250 under 18s who connect with the church on a regular basis, attending Sunday ServIS as well as joining a variety of other activities and events. Some of our growth in numbers has been as a resutt of Christians who have left other churches and found a home with us. whilst many others who have joined us have been those who are new to the Christian faith. We have continued lo run Apha courses in different locations across Cardiff. Apha gives people an opportunty to explore the Christian faith in a relaxed and accessible setting and, of those who attend, a porbon tend lo become integraled into the churth afler the course finishes. Over the last twelve months we have accelerated our planning towards the aim of planting a new expression of our Vineyard Church in Blackwood, on the back of discussions we have had with an existing church in the town who have proposed we use their building to host a congregation ourselves. We aim to launch this new community in early 2025. We have continued to SUPPOrt Pernbs Vineyard which is based in Haverfordwesl and that we planted in April 2021. We have also established a new Farsi-speaking (x)mmunity of believers who meet regularly to worship and pray together in their native tongue. Cardiff Vineyard continues to have strong ties to a range of different churches. We relain our partnership with the Association of Vineyard Churches in Kenya, providing mentoring for pastors in the country. Closer to home, we continue to collaborate regulady with other Vineyard thurches across the UK and Iland (VCUKII as well as other local churches in Cardiff, including the ecumenical group of volunteers we have assembled as part of the running of our Ty Adfer House project The relief of the poor and needy, and those who are aged or sick. The church continues to its 'Restore' ministries, with an array of different projects which are dedicated to providing practical supFK>rt and relationship lo those facing hardship in the city- We continue to operate the Ty Adfer House. in partnership wilh Green Pastures. which provides supported living for men who are recent prison leavers. The house can accommale up to five residents and Ihe project continues to fulfil Ihe vision of being a home where the residents are atAe to tske the nexl steps to tuming their lives around in a safe environment which is underpinned by a holistic approach to Ihe supwrt offered. We also continue lo run our Growbaby proiecL which runs Iwo weekly stay-and-play sessions at St John's Church in Fairwater on Tuesdays and at The Gate in Plasnevrydd ¢)n Fridays. These sessions a part of the project's wider aim of supporting vulnerable families and single parents in the early stages of parenting. We o)nlinue to provide practically with the collecb'on and distribution of essential items to dozens of families who would otheThvise go without. We also conlinue to operale The Gate Food CoQp, which provides for families struggling finanually and tackles food poverty with a subsided weekly food shop for the price of £4. Our team of volunteers has grown over the last twelve months and we are now able lo offer more relational support to the shoppers who spend time in the Welcome Cafe that runs adjacent lo the shopfloor. We are in the eady stages of establishing a new Restore project wilh the introduction of a 'DIY Taskft)rce, with teams helping vulnerable families, known to us through the Growbaby and Food c(0p projects, wtlh tasks such as redecorating, gardening and cleaning. The advancement of education. We continue to run a varied programme of small grp$ - gatherings of 8-20 people which meet usually in people's homes on a midweek evening in multiple loG8tions across Cardiff as well as several other kThl towns 8nd villages. These small groups give attendees the opportunity to study the Bible loJether and leam together. Part of the small group programme includes courses such as those dedicated spectfically to parenting, marriage preparation, discipleship and money management. Our Youth ministry continues to run small groups for children aged 11-18 during term times and Ihe numbers attending have grown again in the last twelve months. Page 3
CARDIFF VINEYARD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 We continue to 8Ct as a 'Leadership College. campus in conjunction wilh the VCUKI initiative. A new cohort of students started in September 2023 and completed their 10 month programme of leadership training. We also continue lo run an intem programme for those in the church who wish lo vOluntr time to support pasloral staff and these intems receive ongoing training, including the regular staff CPD sessions. Such other charitable objects and for Ihe benefit of such other charitable bodies and institutions as the committee sh811 at their absolute discretion see fit We are a church committed to working in partnership Trmth other thurches and charitable organisations. In the last year we have continued our long-standing connection with Oasis Cardrff wtlh particular f(uS on support and guidance for refugees and asylum seekers. We continue to support the charity Rainbow of Hope in their work with the homeless and vulnerably-housed community and work with them on our own outreach lo this cohort. We continue lo support Cardiff Foodbank, who have kindly provided our Growbaby project with some storage, and we collaborate with them, as well as the Dusty Forge project in Caerau Ely, for our Fo¢xl Co-op project. We also continue to provide finanual support for charitable organisab'ons such as the 'Love the One, project supporting street children in India, The Message Wales who work with young people from chaotic backgrounds. Ambassadors for Football which is an evangelistic organisalion offering outreach to young people in Wales through football. ar)d FuSic. the organisation dedated to supporting Students in their university years. Financial performance The financial statements presented show a nel deficit for the year of £15.420 (defiat in 2023.. £17,614). Funds brought forward lotalled £279,551 plus the surplus for the year result in total funds carried forward into the 2024125 financial year of £264,131 of whith £11,668 are restricted fvnds. Membership and attendan have remained stable and shown some signs of growth in some of our Sunday locations and congregations. The core membership has continued to provide financial support through regular, monthly giving as in previous years. The decrease in income during the ye8r of £94,974 has been offset by a decrease in expendtture of £97.168 from the previous year and ntrIbuteS to a decrease in cash balances to £165.23412023: £230.9911. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Church has adequate resources to continue in operational existen for Ihe foreseeable future. The Trustees have also considered the risks to the sKJing concem assertion and have modelled several potential scenarios where income falls for a temporary or sustained period. It largely maintained its membership and income during the pandemic period and has continued to grow throughout the year. Most of the Church's income is derived from regular donations vthich tske pla through stsnding orders or Give As You Earn donations. Further income is received via conlributions to the wages of Church staff by Vineyard Churches UK & Ireland (VCUKI) for roles perfomied natsonally. The church'5 Cost base is predominantly composed of staffing costs, wtth smaller elements relating to mortgage payments and direct expenditure on its activities. Short-trpmedium tem) cost pressures can be relieved by reductions in direct expenditure,. in the longer-temi. sustained falls in incx)me may be mitigated ultimately by a reduction in staffing. As such, Ihe Trustees have adopted the going concem basis in preparing the financial statemenls. Further details regarding the adoption of the going concern basis Can be found in the Accounting Policies. Reserves Policy The Trustees have examined the Church's requirements for free reserves in the light of the predominant risks to the Church. The main risk is identified as a reduclion in the Church membership giving rise to a reduction in income. Page 4
CARDIFF VINEYARD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees also reviewed the Reserves policy in ligm of 8 mortgage offer from Kingdom Bank with 8 view lo purchasing The Gate, which required the total held in reserves io no lower than £83,000. This total is less than the amount held in reserves al 30th June 2024. At 30th June 2024 reserves amounted to £264.131 of which £11,668 are restricted fvnds, see note 7.. {2023'. £279,552, of which £27.708 were restricted funds). Total reseNes are expected tr) vary in future periods in line with Church expenditure and membership levels. Total free reserves at 30th June 2024 are higher than the requirement of the reserves polity. The Trustees will continue to build cash balances to support adherence to the policy and expected activity for the folk)wing year. Cash balances held at 30th June 2024 totalled £165.234 (2023= £230.991). Rlsk Management The systems of inlemal control a designed to provide wsonable, bui rM)t absolute, assurance against material misstatement or loss. They include: la) an annual budget approved by the Trustees., Ib) regular (x)nsideration by the Tnjstees of finanaal reports" Icl delegation of authority and segregation of duties- Id} identification and management of risks. A strategic risk register is maintained. and the Trustees regularly review the main risks that the Church fas, with periodic 'deep dives. on individual risks. They believe that maintaining the free reserves at the levels noted on the statement of financial activities, combined with appropriate reviews of the controls over key financial systern., provides sufficient resources in the event of unexpected adverse conditions. The Trustees are also of the opinion that adequate systems are in place to mitigate any signific2nt matters arising from operational and business risks. Summary The Trustees consider that they have complied wilh section 4 of the Charities Ad 2006 and that the Church and its membership are meeling the charitable objectives that were detem)ined when the Church was fomied. As it grows, it is expected that the Church's community will have further oprK)rbJnities to increase ils activity and influence. ststement of Trustees. responsibilities The Trustees (who are also dior$ of Cardrff Vineyard for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generalty Accepted Accounting Practi1. Company law qUireS the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of $Our$ for thal period. In preparing these financial statements, the Trustees are required to: - selecl suitable accounling policies and then apply them consistenuy., - observe the meth(K15 and principles in the Charities SORP {FRS 102)- make judgments 2nd estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare tre financial statements on the going conrn basis unless li is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting recnrds that disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hen for taking reasonable steps for the pvention and detection of fraud and other irregulartties. Page 5
CARDIFF VINEYARD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees are responsible for the maintenance and integrity of the corporate and finanaal infom18tion included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and disseminats'on of finanaal statements may differ from legislats.on in other iunsdicts"ons. STRATEGIC REPORT STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documenl The charity is controlled by its goveming document, a deed of trust. and constitutes a limited CLJmpany. limited by guarantee, as defined by the Companies Act 2006. Report of the Iruslees, incorporating a strategic pOrt, approve(J by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalfby: R W Kissick - Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CARDIFF VINEYARD Independent examiner's report to the trustees of Cardiff Wineyard {Ihe Company.) I report lo the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responsibilities and basis of report As the charitys trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan vthh the requirements of the Companies Act 2006 Ilhe 2006 Acfl. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and 8re eligible for independent examination. I rewrt in respect of my examination of your charitys accounts as carried out under Section 145 of the Charities Act 2011 Ilhe 2011 Acl'l. In carying cmjt my examination I have followed the Directions given by Ihe Charity Commission under Section 145(5) Ib} of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified lo undertake the examinalion because l am a member of the Associab'on of Chartered Certified Accountants, which is one of the listed t#)Jies. I have completed my examination. I confim) that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not ac(x)rd wth those re(xirds,' or the accounts do not comply with the accounting requirements of Section of the 2006 Act other than any requirement that the accounts give a true and fair view lch is not a matter cx)nsidered as part of an independent examination., or the accounts have not been prepared in a(x¥)rdan with the methcmjs and principles of Ihe Slalement of Recommended Practice for aUnting and reporting by thatilies lappli¢able lo charities prepaiing their accounts in accordance with the Finanaal ReFX)rting Standard applic2ble in the UK and Republic of Ireland {FRS 102))- I have no COnmS and have come across no other matters in connection with the examinatTron to which attention should be drawn in Ihis report in order to enable a proper understanding of the acu)unts to be reached. Michael Jones The Association of Chartered Certtfied Accountants Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date.. Page 7
CARDIFF VINEYARD STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 JUNE 2024 2024 Total fvnds 2023 Total funds Unrestricled fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 580.444 4,930 585.374 552,250 Charitable activities Charitable Activities 155.986 155,986 231,020 Other trading activities Investment income 59,782 3,640 59,782 3,640 115,095 1,391 Totsl 799,852 4,930 804,782 899,756 EXPENDITURE ON Charitable activities Charitable Activities 799.232 20,970 820,202 917,370 NET INCOMEI{EXPENDITURE) 620 116,040) 115,4201 117,6141 RECONCILIATION OF FUNDS Total funds brought foTrord 251.843 27,708 279,551 297,165 TOTAL FUNDS CARRIED FORWARD 252.463 11,668 264,131 279,551 The noles form part of these financial statements Page 8
CARDIFF VINEYARD BALANCE SHEET 30 JUNE 2024 2024 Total fvnds 2023 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 12 737,265 737,265 713,319 CURRENT ASSETS Debtors Cash at bank 13 19,986 156.005 3,860 7,808 23.846 163,813 26.438 230,991 175.991 11,668 187,659 257,429 CREDITORS Amounts falling due within one year 14 (165.473) 1165,4731 1164,8491 NET CURRENT ASSETS 10.518 11.668 22.186 92.580 TOTAL ASSETS LESS CURRENT LIABILITIES 747,783 11,668 759,451 805,899 CREDITORS Amounts falling due after MO than one year 15 (495,320) 1495,3201 1526,3481 NET ASSETS 252.463 11.668 264,131 279,551 FUNDS Unrestricled funds Restricted funds 19 252.463 11,668 251,843 27,708 TOTAL FUNDS 264,131 279,551 The charitable company is entitled lo exemption from audtt under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. The members have not required the company to obtain an audtt of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2CrfJ6. The trustees acknowledge their reswnsibilities for la} ensuring that the charitable company keeps accounting rerx)rds that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the stste of affairs of the charitable company as at the end of each finanaal year and of tts surplus or deficit for each ffinancial year in accordance wtth the requirements of Sections 394 and 395 and which othemise comply with the requirements of the Companies Act 2006 relab'ng to financial statements. so far as applicable lo the tharitable o)mpany. Ib} The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by= R W Kissick - Trustee The noles form part of these financial statements Page 9
CARDIFF VINEYARD CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notes Cash flows from operatlng a¢tlvltles Cash generated from operations Interest paid Interest element of hire purchase payments paid 21,212 (29.022) 106,914 125,431) {1,267) {4231 Net cash {used inyprovided by operating activilies {9,077) 81,060 Cash flows from investing adivities Purchase of tangible fixed assets Interest received {32.4601 3,640 {717,994) 1,391 Net cash used in investing activities (28.820) {716,603) Cash flows from financing activities New loans in year Loan repayments in year Capital repayments in year 500,000 119,058) 18,416 (26,2821 {2,9991 Net cash {used inyprowded by fInanng activities (29,281) 499,358 Change in cash and cash equivalents in the reporting period Cash and ¢ash equivalents at the beginning of the reporting period (67,178) {136,185) 230,991 367,176 Cash and ¢ash equivalents at the end of the reporting period 163,813 230,991 The notes forn part of these financial statements Page 10
CARDIFF VINEYARD NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTMTIES 2024 2023 Net expenditUTe for the reporting period las per the Statement of Financial Activities) Adjustrnents for: Depreciation charges Interest received Interest paid Interest elemenl of hire purchase and finance lease rental payments Decreasellincreasel in debtors (Decreaseifincrease in creditors 115,420) 117,614) 8.514 13,640) 29,022 1.267 2.592 11,123) 7,465 11,391) 25,431 423 11.7321 94,332 Net cash provided by operations 21,212 106,914 ANALYSIS OF CHANGES IN NET DEBT At 1.7.23 Cash flow At 30.6.24 Net cash Cash at bank 230.991 {67.178} 163,813 230,991 {67,178} 163,813 Debt Finance leases Debts falling due wthin 1 year Debts falling due after 1 year 113.9991 (18.7) (515,3491 2,999 {1,747} 28,029 {11,0001 {20,6541 {487,320) 1548.2551 29,281 (518,974) Total (317.2641 {37,897} {355,161 } The notes forn part of these financial statements Page 11
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, vthich is a public benefft entity under FRS 102. have been prepared in accordan with the Charilies SORP {FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Repotting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All incoming $Ou5 are included on the Statement of Finanual Activities {SOFA) when the charity is legally entided lo the income and the amount can be quantified with reasonable accuracy. Income from room hire is recognised when the hire lakes place. Office hire is recognised by reference to the period to whith il lates. Renl is charged in accordan with the tems of the rental agreement. Donations and similar incoming reSoUrS represent monies received by the charrty from charitable donations and gifts. Gift aid is also included within in(x)me whith is daimed as a pentage of donations, HMRC then pays the charity monthly. These are recognised in the Statement of Finan(ial Aclivities upon the period it is eamed. Grant income is accounted for on an accalS basis and is shown in the financial statements when the Charity eams the uncondilional right to the funds. Grants reiVed for a specJfic purpose are treated as restricted funds. Revenue grants are credited direcuy to the Statement of Finaniial Aclivities and Capital grants are released over the life of the asset in line with the depreciation policy. Gate income is accounted for on an accrual basis. by reference to the pericd in which it relates. Interest Receivable Interest on funds held on deKK)Sit is induded when weNable 2nd the amount can be measured reliably by the charity., this is nomially upon notification of the interest paid or payable by the Bank. Expenditure Liabilities are recognised as expenditure as sLx)n a5 there is a legal or constructive obligation committing the charity to that expenditure, it is probable thal a transfer of e(x)nomic benefits wll be required in seltlement and the amount of the obligation can be measured reliably. Expenditure is a(xx)unted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be direcuy attributed to particular headings they have been allctated to activities on a basis consistent with the use of reSoUrs. As the charity is partially exempt for VAT purposes. This means that we are onty able to daim part of the VAT incurred on our purchases. Irrecoverable VAT is induded within the expenditure categories to which it relates. Tangible fixed assgts Tangible fixed assets are recorded at cost of purchase less accumulated depreciation. The Church generally capitalises assets which meet or exceed a de rnin value of £1.000 and wll have a useful economic lrfe of more than one year. The depreciation rates used are as follows: Computer Equipment Fixtures & Fittings Motor Vehicles Land & Buildings 25° 25Yo 10Yo 0% Taxation The charty is exempt from corporation tax on ils charitable activf(ies. Fund accounting Unrestricted funds can be used in aC0)rdan with the charitable objectives at the discretion of the trustees. Page 12 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEME1s - continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES - continued Fund accounting Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when speafied by the donor or when funds are raised for particular restricted purposes. Further explanalion of the nature and purpose of each fund is included in the notes to the finanaal statements. Pension costs and other post-retirement benefits The charitable cornpany operates a defined contribution pension scheme. Conlributions payable to the charitable company's pension scheme are charged to the Ststemenl of Financial Activities in the period lo which they relate. Financial instruments Basic financial assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured at transaction price including Iransaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Finanaal assets dassified as re1vable within one year are not amorbsed. Basic financial liabilities Basic financial liabilities. induding creditors and bank loans are inits.ally recognised at transaction price unless the arrangement conslilutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial liabilibes dassified as payable within one year are not amorbsed. Debt instruments are subsequently carried at amortised o)st. using the effective interest rate method. Trade creditors are obligations to pay for goods or seM(ts that have been acquired in the ordinary course of business from suppliers. Amounts payable are dassffied as current liabilities rf payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured at amortised cost using the effects.ve interest method. Debtors Trade and other debtors are rwnised at the setdement amount due after any trade discount offered. Prepayments are valued at Ihe amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes (3sh and short term highly liquid investments with a short malurity of three months or less from the date of acquisition or opening of the depostt or similar a(xx)unt. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or eslimated reliably. Creditors and provisions are nonnally recognised at their settlerllenl amount after allowing for any trade discounts due. Hire purchase and leasing comrnitments Assets obtained under hire purchase conlracts or finan leases are capiklised in the balance sheet. Those held under hire purchase conlracts are depreciated over their useful lives. Those held under finance leases are depwiated over their estimaled useful lives. The interest element of these obligations are charged to the SOFA over the relevant pericrfj. The capital element of the future payments is treated as a liabilty. Rentals paid under operating leases a charged to the SOFA on a straight line basis over the period of the lease. Legal status of the charity Page 13 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES - continued The chartty is a company limited by guarantee. In the evenl of the charity being wound up. the liability in respect of the guarantee is limited lo £10 per member of the charity. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid 478,475 106,899 460,526 91,724 585,374 552,250 OTHER TRADING ACTMTIES 2024 2023 Other Income 59,782 115,095 Within Other Income are funds are allated to VCUKI and Ty Adfer. INVESTMENT INCOME 2024 2023 Deposit a(oUnt interest 3.640 1.391 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Charitable Activities Charitable Acbvities Charitable Activities Grants Gate In¢ome Events 2,500 124,023 29,463 18,500 95,407 117,113 155,986 231,020 CHARITABLE AcnvmES COSTS Support costs (see note 71 Direct Costs Totals Charitable Activities 13,218 820,202 Page 14 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 SUPPORT COSTS Support costs Charitable Aclivities 13,218 NET INCOMEI{EXPENDITURE) Net incomel{expendilure) is slated after chargin(Crediting)= 2024 2023 Depreciation - owned assets 8.514 7.465 TRUSTEES. REMUNERATION AND BENEFITS None of the directors reiVed any fees for their ServIS as Trustees or Directors. J G Rankine is a Trustee and engaged in Ministry for the Church. for which he r1Ved remuneration of £47,007 {2022123.' £44,595). Trustees. expenses There were no Irustees. expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. 10. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 371,046 17,354 12,211 348,623 17,615 13,262 400,611 379,500 The average monthly numLEr of employees during the year was as follows.. 2024 2023 Pastoral Administrative 12 12 No employees received emoluments in excess of £60.000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcTlEs Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 552,250 552,250 Charitable activities Charitable Activities 212,520 18,500 231,020 Other trading activities Investment income 113,983 1.391 1.112 115,095 1,391 Total 880,144 19.612 899,756 Page 15 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES - conlinued Unrestricted fund Restncted funds Total funds EXPENDITURE ON Charitable activities Charitable Activities 805.302 112,068 917,370 NET 1NCOMEI{EXPENDuRE) 74,842 192,456) 117,614) RECONCILIATION OF FUNDS Total funds brought forward 177,001 120,164 297,165 TOTAL FUNDS CARRIED FORWARD 251.843 27,708 279,551 12. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold propety Plant and machinery COST At 1 July 2023 Additions 675,(KM) 1.455 32,460 30,455 At 30 June 2024 675.C 33,915 30,455 DEPRECIATION At 1 July 2023 Charge for year 1.455 11,705 6,250 At 30 June 2024 1,455 17,955 NET BOOK VALUE At 30 June 2024 675.0 32,460 12,500 At 30 June 2023 675.0(Kl 18,750 Page 16 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 12. TANGIBLE FIXED ASSETS - continued Motor vehicles Computer equipment Totals COST At 1 July 2023 Additions 22,644 3,237 732,791 32,460 At 30 June 2024 22,644 3.237 765,251 DEPRECIATION At 1 July 2023 Charge for year 3,075 2,264 3,237 19,472 8,514 At 30 June 2024 5.339 3.237 27,986 NET BOOK VALUE At 30 June 2024 17.305 737,265 At 30 June 2023 19,569 713,319 13. DEBTORS: AMOUNTS FALLING DUE WH1N ONE YEAR 2024 2023 Trade debtors Other debtors 15,669 8.177 19,589 6,849 23,846 26,438 Included within other debtors are arnounts Ov1 to the charity related to Grft Aid. 14. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see ni?te 16) Hire purchase (see note 171 Trade creditors Social security and other taxes 20,654 3,000 22,921 6.671 3.274 92,719 16,234 18,907 3,000 10,358 5.336 VAT Other creditors Accrued expenses 124,163 3,085 165,473 164,849 Bank Loans comprise a Boun Back Loan arranged under the Covid-19 financial assistance programme. Repayments began in May 2022. and a loan from Kingdom bank to facilitate the purchase of the Gate. Other creditors include a loan from Jen and James Rankine. in order lo facililale the purchase of The Gate Page 17 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 15. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans {see rle 16) Hire purchase {see note 17} 487,320 8,000 515,349 10,999 495,320 526,348 16. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand: Bank loans 20,654 18,907 Amounts falling between one and two years: Bank loans - 1-2 years 487,320 515,349 17. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as folh)ws: 2024 2023 Net obligations repayable.. Within one year Between one and five years 3,000 8,000 3,000 10,999 11,000 13,999 18. SECURED DEBTS The following secured debts are induded within creditors: 2024 2023 Bank loans Hire purchase contracts 507,974 11,000 534,256 13,999 518,974 548,255 Bank Loans & Overdrafts A floating charge over the property of the gales arts community ntre dated 0310812022. Hire Purchase BalancEs are secured on the assets to which they relate. Page 18 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 19. MOVEMENT IN FUNDS Net movement in funds At 30.6.24 At 1.7.23 Unrestricted funds General fund 251,843 620 252,463 Restricted fvnds Pembs SchcK)I St Anselm Solar Panels Ty Adfer 8,408 1560} 1,800 {18,500} 1,220 7.848 2,600 18,500 1.220 27.708 {16,040} 11,668 TOTAL FUNDS 279.551 {15,420} 264,131 Net movement in funds, induded in the at#)ve are as follows: Incoming resou$ Resources expended Movement in funds Unrestricted funds General fund 799.852 (799.232 } 620 Restricted funds Pembs Schwl St Anselm Solar Panels Ty Adfer 240 3,470 18001 11,6701 {18,500} (560) 1.800 {18,500) 1.220 1,220 4,930 {20,970} {16,040) TOTAL FUNDS 804,782 (820.202 } {15,420) Comparatives for movement in funds Net movement in funds Al 30.6.23 At 1.7.22 Unrestricted funds General ftjnd 177,(KJ1 74,842 251,843 Restricted fvnds Pembs Schwl St Anselm Solar Panels Growbaby Restore General WCVA The Gate 8.096 312 800 18,500 13,9081 11,7781 {18,3821 {88,0001 8.408 800 18,500 3,908 1,778 18,382 88,000 120.164 {92,456} 27,708 TOTAL FUNDS 297,165 {17,6141 279,551 Page 19 continued...
CARDIFF VINEYARD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 19. MOVEMENT IN FUNDS- continued Comparative net movement in fijnds, included in the atve are as follows.. Incoming resour$ Resources expended Movement in funds Unrestricted funds General fund 880.144 1805.302 } 74,842 Restricted funds Pembs School St Anselm Solar Panels Growbaby Restore General WCVA The Gate 312 312 800 18,500 13,908) 11,778) {18,382) {88,000} 18.KJo 13,908} 11,7781 {18,3821 {88,0001 19,612 (112.068 } {92,456) TOTAL FUNDS 899.756 1917.370 } {17,614) 20. RELATED PAR DISCLOSURES During the year. the trustees and persons deemed lated partres made donations lo Cardiff Vineyard totalling £27,10012023'. £28,179) not includirwJ any related gift aid inc¢)me. Page 20
CARDIFF VINEYARD DAlLED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 INCOME AND ENDOWMENTS t)onations and lega¢les Donations Gift aid 478,475 106.899 460.526 91,724 585.374 552.250 Other trading activities Other Income 59,782 115,095 Investment income Deposit account interest 3,640 1,391 Charitsble activities Grants Gate Income Events 2,500 124,023 29,463 18,500 95,407 117.113 155.986 231.020 Total incoming resources 804.782 899,756 EXPENDITURE Charitable activities Wages Social security Pensions Rates and water Insurance Light and heal Postage and stationery Sundries Refreshments Venue and Office Hire Staff Costs Equipment Repairs and MaintenancE Subscriptions Legal and Professional Charges & Inlerest The Gate Event Costs Transport & Travel Gifts Depn of fixtures and ffttings Motor vehicles Loan Interest Loan Interest Irrecoverable VAT 371.046 17,354 12,211 5,763 3,801 42,563 3,293 190 22,111 50,165 48,738 23,085 14,583 1,913 10,707 1,660 121.425 6,365 6,096 2,864 6,250 2,264 29,022 1,267 2,248 348.623 17,615 13,262 20,324 6,210 35,564 4,513 14,832 25,449 83,876 7,891 12,190 28,329 1,439 17,016 2,661 170,346 60.755 6,250 1,215 25,431 423 806.984 904,214 This page dS not fomi part of the statutory financial statements Page 21
CARDIFF VINEYARD DAlLED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Support costs Support costs Accountancy and legal fees 13.218 13,156 Total resources expended 820,202 917,370 Net expenditure (15,4201 {17,6141 This page dS not fomi part of the statutory financial slatements Page 22