REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CATALYST VINEYARD CHURCH |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CATALYST VINEYARD CHURCH |
CATALYST VINEYARD CHURCH |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Report of the Trustees | 1 | to | 7 |
Report of the Independent Auditors | 8 | to | 11 |
Statement of Financial Activities | 12 |
Balance Sheet | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 | to | 27 |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Our core purpose is to follow and serve Jesus Christ and to contribute to the advancement of the Christian faith. Our objectives are to grow spiritually and numerically and to serve the communities that we live in and are summarised in our vision statement to be "a growing, worshipping community of Jesus-followers passionate about being and speaking Good News to the world". |
Over the years we have had a strong commitment to the relief of poverty in the communities local to our various sites through an extensive social outreach programme, significant volunteering and the support of other local charities. We also support overseas mission partners to advance the Christian faith and to relieve poverty. |
We aim to encourage our members to take an active part in the church through being part of Connect Groups (for fellowship, prayer, and practical care and support), by taking an active role in society in their everyday lives, and by serving in some practical way in the church or for the good of society. |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
ACHIEVEMENT AND PERFORMANCE |
The church has experienced a period of growth in the numbers of new people joining, with 1,374 adults and children recorded as members at the year-end, meeting in 7 sites of Aberdeen Central, Aberdeen North, Stonehaven, Mearns, Ellon, Inverurie, and Peterhead. 30 people were baptised over 12 months. |
We invest in developing a strong sense of community, encouraging as many people as possible in finding a role. 30 additional people stepped up to lead new connect groups, with around 60% of the members participating in these small groups meeting during the week. Community prayer continued at the core of our church, with the early morning Kingdom Come online prayer meetings launched. 123 adults served in children's ministry, with an average of 140 children attending Sunday services each week. Three successful family outreach events were held, an Easter Egg Hunt, a Messy Mile, and a Nativity Trail, which connected with 2,327 children and their families. Our Lego Club run out of the Stonehaven site had 59 families attend over 5 sessions. Our youth programme and young adults programme continued strongly, with the Sunday evening church service run by the young adults a huge success. We continued to run our online church service, Catalyst Live. We had 35 worship leaders across our church and 82 musicians, supported by 60 people on the tech team. |
Catalyst Transform's social outreach programme continued to provide fresh food, dairy, and bakery goods as well as ambient foods, toiletries and household essentials via its Storehouse Community Pantry service. The communities around all seven Catalyst Vineyard sites were catered for each week via a combination of fixed and mobile pantries. 32 tonnes of food, equivalent to 76,500 meals, was given away to 1,503 people of which 299 were children. The CAP Debt Centre worked with 43 clients to tackle unmanageable debt and its consequences, with 11 people becoming debt-free. The CAP Money Course taught budgeting skills to help people save, avoid debt and get in control of their finances. |
The Prison Chaplaincy service provided pastoral and practical support for prisoners and ex-offenders, helping individuals to realise their potential and avoid re-offending including running Prison Fellowship Scotland's Sycamore Tree Restorative Justice Course teaching the principles and application of restorative justice. They provided 396 sessions, working with 42 clients. Work placements from the Community Integration Unit of the prison continued, along with community payback order placements and asylum seeker referrals. |
The Lifestyle weekly gateway worship service served 140 people with 3,920 dinners, supported by 45 volunteers. The weekly Open Doors drop-in service provided a safe social space for community care at 5 of our locations where attendees complete a structured needs assessment which assesses health, financial, addiction, accommodation, social and spiritual needs, and each person is encouraged and supported to access help or opportunities offered by the church or statutory and third-sector organisations. |
The Parish Nurse, providing a fortnightly service in Aberdeen city centre, held 188 appointments with 70 individuals, helping those with complex issues to access statutory health care and promoting health via blood pressure clinics, smoking cessation classes, and healthy heart nights. |
Church members contributed a significant number of hours of voluntary service over the course of the year including pastoral care and investing in family life through marriage courses, marriage preparation courses and parenting courses. They ran 14 Alpha courses to introduce people to Christianity, services and activities in local schools, and chaplaincy services to several local secondary schools. |
They provided financial support to, and were actively involved in, the National Street Pastors initiative, providing teams of people to work in partnership with the police and the local authority to provide a calming influence on the city centre streets on Friday and Saturday nights. They supported a number of local charities and ministries including the Teen Challenge Sunny Brae drug rehabilitation centre. |
We provided financial support to 10 partners in 6 countries in a range of missions. These included the New Life children's home in Albania, a Bible school in south east Asia, humanitarian aid and ministry in Sri Lanka, the New Life Home Trust homeless children's charity in Kenya, children's work in Tanzania, the Kid's Club Kampala in Uganda and Mercy Ministries in the North of England. |
Overall, the trustees are satisfied that the activities of Catalyst Vineyard Church in the period were well aligned with its stated purposes |
Buildings |
A strategic objective is to acquire suitable buildings for our local church congregations to allow them to engage in their local communities throughout the week and not just on Sundays. |
A licence to occupy the Church of Scotland's South Church, Stonehaven was signed in September 2022 as a venue for our Stonehaven Site. |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
A contract was executed by our sister charity Catalyst Community Regeneration Company in June 2023 for the refurbishment of the former Laurencekirk Community Centre as a permanent home for our Mearns Site, with funds provided by Catalyst Vineyard Church under a loan agreement. |
Following receipt of planning consent for the change of use of the former Credo Centre building in Aberdeen city centre as a church and its ancillary activities, and the securing of a £250,000, 20 year term mortgage with RBS, purchase was completed in December 2022, as a venue for the North Site and for Catalyst Transform's social outreach activities. A contract for its refurbishment was awarded in July 2023. |
FINANCIAL REVIEW |
Financial position |
The annual accounts are subject to audit in line with the requirements of the Companies Act and the Articles of Association. The accounts show a surplus for the period of £284,380. The reserves of Catalyst Vineyard Church at 31st August 2023 were £1,450,671 and were allocated between restricted and unrestricted reserves as shown on page 12 of the accounts. |
It is the policy of the Trust to invest any surplus funds in interest bearing bank accounts. Catalyst Vineyard Church uses CAF (Charities Aid Foundation) Bank which provides benefits in terms of attractive interest rates on savings and an online banking service. |
Reserves policy |
The trustee's policy is to maintain reserves to meet one month of salaries and non-discretionary commitments (such as the mortgages). |
FUTURE PLANS |
The trustees look to see the church continue to grow and continue to work out its objectives. Our intention is that most of our growth should come by attracting those who have little or no connection with any existing church. |
It is expected to complete the refurbishment of the Laurencekirk and Credo buildings in 2024 to serve as permanent homes for the Mearns and North Sites respectively. The financing of these two refurbishment projects was made possible by the generosity of the church members in a giving campaign in 2023 and by the award of a grant towards the Laurencekirk building from the government's Communities Ownership Fund in 2023. |
Catalyst Transform is well placed to continue to deliver and build on its social outreach activities. The Credo building will serve as its base, providing increased space to introduce additional social outreach activities that support delivery of the primary purposes of the charity, including the operation of a small café staffed primarily by volunteers, with the purpose of promoting the church's outreach activities, a work placement and training programme to provide a pathway to employment for people, the letting of the church hall and meeting rooms to external organisations when they are not being used for our own church activities, and the leasing of furnished desk/office space to several local charities with whom we have close links. After careful consideration of various options, the trustees' preferred solution is to keep these additional activities within the existing charity to reduce the complexity of accounting and the administration of more than one charitable company. HMRC guidance has been sought on the tax implications. |
An assessment of the viability of purchasing the Stonehaven South Church will be carried out following it being put on the market for sale by the Church of Scotland in February 2024. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Charity constitution |
Catalyst Vineyard Church is a charitable company limited by guarantee. The trustees are also the directors for the purposes of company law. They meet regularly to monitor the activities of the charity, and to ensure the relevant financial and legal requirements are met. The trustees are all familiar with the work of the charity. One of the Lead Pastors leaders ensures a link between the trustees and the Church Council. New trustees are appointed by the unanimous decision of the existing trustees, selection being based on the character and skills possessed by the individuals, on a profession of Christian belief and on being a committed adherent of Catalyst Vineyard Church. |
The trustees who served during the year were: |
C Freeland |
S Glazier |
J Purdie |
I Ferguson |
N McKibben |
N Robinson | Appointed after the year end on 18th September 2023 |
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. |
The Church Council |
The Church Council provides spiritual direction and leadership of the church, its Christian ministry and pastoral care and oversight of the church members. The trustee directors and Church Council work in close cooperation to achieve the overall goals and missions of the charity. |
Pay Policy for Trustee Directors and Staff |
The trustee directors are volunteers and give their time freely except for Chuck Freeland whose remuneration and expenses are disclosed in notes 11 and 24 in the accounts. |
Staff pay is based on a salary ladder, with clearly specified salary bands encompassing all positions, which is reviewed annually by the board of trustee directors. |
Staff |
The staff team is line-managed by four Associate Pastors (Ministries; Sites; Preaching; Core Support) who in turn report to one of the Lead Pastors. At the period end the staff consisted of 11 full-time people and 23 (11.3 full-time equivalents) part-time people, a total of 22.3 FTE. Two staff sabbaticals took place during the period. Staff policies are reviewed periodically and supplemented when necessary. |
Affiliation to Vineyard |
Catalyst Vineyard Church is affiliated to Vineyard Churches UK & Ireland (VCUKI). The affiliation is by way of licensing the Vineyard trademark to Catalyst Vineyard Church's Lead Pastors, Chuck and Taryn Freeland, under which they are personally members of the Vineyard Association. In all other respects Catalyst Vineyard Church retains complete autonomy as a charitable organisation. |
Catalyst Vineyard Church has a strong focus on playing a part in the growth of the Christian church through the planting of new churches. In pursuit of the objective of contributing to the growth of the wider church at a national level, the 2-days per week secondment of Chuck and Taryn Freeland as Directors of Strategy for VCUKI was extended to 31st August 2024 and the secondment of Sarah Robertson as Leadership Academy Director for VCUKI was extended to 31st December 2024. |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The legal structure as a company limited by guarantee is seen by the trustees as a key element in managing the risks of the charity. The main strategic risk is to ensure that expenditures of the church remain within the financial means available. Catalyst Vineyard Church relies for its income on the financial contributions of its members. The financial position is carefully monitored, and control is exerted through detailed budgeting, monthly reporting and financial forecasting. Authority to spend money is carefully controlled. The church leaders are delegated with responsibility to manage the day-to-day expenditures of the church. A challenge is to encourage people to contribute financial support in a deliberate and identifiable way. |
The church uses a secure online banking service to facilitate its financial operations. It uses pre-paid credit cards to reduce exposure to misuse and remove the risk of fraudsters having direct access to the bank account, as well as removing the need for staff members to incur church expenses on their personal credit cards. Procedures for staff expenses are in place to ensure compliance with HMRC requirements. |
Insurance policies are in place to cover the main insurable risks, including buildings and content cover and civil liability. |
The safeguarding of children and vulnerable adults is taken seriously and is a standing agenda item at trustee meetings. A dedicated Safeguarding Coordinator oversees this critical area. During the period a new monthly report was put in place and improvements made to the safeguarding policy. Working with children (children's Sunday services and holiday activities) is carefully organised and monitored. The statutory requirements of Disclosure Scotland are implemented for all adults engaged in children's activities. Key workers exercise line management responsibility with regard to disclosures for areas of ministry for which they have oversight. Three Child Protection Officers are in place covering pre-school children, school-aged children, and youth respectively. A rota system of on-call responsible people for protection incidents is in place. After the end of the period a new trustee with professional safeguarding experience was appointed to act as a focal point in the trustee forum for safeguarding. |
An annual review of workplace safety is carried out and risk assessment updates are carried out. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Auditors |
Statutory Auditors |
Chartered Accountants |
4 West Craibstone Street |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Solicitors |
Raeburn Christie Clark & Wallace LLP |
12-16 Albyn Place |
Aberdeen |
AB10 1PS |
Bankers |
The Royal Bank of Scotland |
40 Albyn Place |
Aberdeen |
United Kingdom |
AB10 1YN |
CAF Bank Limited |
25 Kings Hills Avenue |
Kings Hill |
West Malling |
Kent |
United Kingdom |
ME19 4JQ |
Kingdom Bank |
Ruddington Fields Business Park |
Mere Way |
Ruddington |
Nottingham |
United Kingdom |
NG11 6JS |
The Charity Bank Limited |
Fosse House |
182 High Street |
Tonbridge |
TN9 1BE |
Bank of Scotland |
110 ST Vincent Street |
Glasgow |
G2 5ER |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Catalyst Vineyard Church for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Bain Henry Reid, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF |
CATALYST VINEYARD CHURCH |
Opinion |
We have audited the financial statements of Catalyst Vineyard Church (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' (who are also the directors of the company for company law purposes) use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF |
CATALYST VINEYARD CHURCH |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: |
- adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of trustees' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit; or |
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF |
CATALYST VINEYARD CHURCH |
Our responsibilities for the audit of the financial statements |
The firm has been appointed under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder. |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our knowledge and experience of the charity sector; |
- we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the company, including the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006, Statement of Recommended Practice - Accounting by Charities (FRS102), FRS 102 and Companies Act 2006. We also considered those with an indirect effect including employment law, health and safety, food safety, safeguarding regulations, AML regulations and general data protection regulations; and |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and inspecting correspondence from OSCR. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations; and |
- exercised professional judgement and maintained professional scepticism throughout the audit. |
To address the risk of fraud through management bias and override of controls, we: |
- conducted a review of large or unusual items, and transactions outwith the normal course of business; |
- tested journal entries to identify unusual transactions; |
- performed expenditure transaction testing of restricted fund expenditure and discussed in detail balances outstanding at the year end on restricted funds; |
- considered undisclosed related party transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
To address the risk of fraud through revenue recognition we: |
- performed sales transaction testing to ensure all income is correctly recognised in the financial statements; |
- conducted audit procedures to confirm that it was being recognised in line with the accounting policy; and |
- carried out substantive procedures to confirm the accuracy of completion and cut-off. |
To address the risks with restricted funds we: |
- made enquiries as to what restricted income related to; |
- ensured that any restricted funds are shown correctly in the financial statements; and |
- ensured that all expenditure had been offset correctly. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and relevant regulators, |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that are due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF |
CATALYST VINEYARD CHURCH |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |
CATALYST VINEYARD CHURCH |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Investment income | 4 |
Other income | 5 |
Total |
EXPENDITURE ON |
Charitable activities | 6 |
Administrative |
Other | 8 |
Total |
NET INCOME |
Transfers between funds | 22 | (56,951 | ) | 56,951 | - | - |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,166,291 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
The statement of financial activities includes all gains and losses recognised in the year. |
CATALYST VINEYARD CHURCH (REGISTERED NUMBER: SC366844) |
BALANCE SHEET |
31 AUGUST 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 14 |
Tangible assets | 15 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 18 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 22 |
Unrestricted funds | 1,051,835 |
Restricted funds | 114,456 |
TOTAL FUNDS | 1,166,291 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
CATALYST VINEYARD CHURCH |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 175,516 | 144,358 |
Interest paid | (30,357 | ) | (17,322 | ) |
Net cash provided by operating activities | 145,159 | 127,036 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (1,500 | ) | - |
Purchase of tangible fixed assets | (325,692 | ) | (256,762 | ) |
Sale of tangible fixed assets | 2,855 | 3,316 |
Interest received | 2,961 | 676 |
Net cash used in investing activities | (321,376 | ) | (252,770 | ) |
Cash flows from financing activities |
New loans in year | 250,000 | - |
Loan repayments in year | (20,499 | ) | (13,385 | ) |
Net cash provided by/(used in) financing activities | 229,501 | (13,385 | ) |
Change in cash and cash equivalents in the reporting period |
53,284 |
(139,119 |
) |
Cash and cash equivalents at the beginning of the reporting period |
596,438 |
735,557 |
Cash and cash equivalents at the end of the reporting period |
649,722 |
596,438 |
CATALYST VINEYARD CHURCH |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2023 | 2022 |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) |
284,380 |
107,663 |
Adjustments for: |
Depreciation charges | 56,505 | 52,851 |
Profit on disposal of fixed assets | (247 | ) | (251 | ) |
Interest received | (2,961 | ) | (676 | ) |
Interest paid | 30,357 | 17,322 |
Increase in debtors | (203,658 | ) | (31,067 | ) |
Increase/(decrease) in creditors | 11,140 | (1,484 | ) |
Net cash provided by operations | 175,516 | 144,358 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/9/22 | Cash flow | At 31/8/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 596,438 | 53,284 | 649,722 |
596,438 | 53,284 | 649,722 |
Debt |
Debts falling due within 1 year | (14,160 | ) | (7,458 | ) | (21,618 | ) |
Debts falling due after 1 year | (356,852 | ) | (222,044 | ) | (578,896 | ) |
(371,012 | ) | (229,502 | ) | (600,514 | ) |
Total | 225,426 | (176,218 | ) | 49,208 |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | CHARITY INFORMATION |
Catalyst Vineyard Church is a private company limited by guarantee incorporated in Scotland. The registered office is 49 Gilcomston Park, Aberdeen, AB25 1PN, United Kingdom. |
The principal activity of the charity is to follow and serve Jesus Christ and to contribute to the advancement of the Christian faith. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting 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. |
The financial statements also comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Memorandum and Articles of Association. |
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
Property valuation |
At each reporting end date, the company reviews the carrying amounts of its property to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
Donated goods and services valuation |
At each reporting end date, the company reviews the items donated through Transform. With the knowledge of the average items per bag and the average cost of a bag, the estimated value of goods received can be calculated. In addition, rent free accommodation is estimated based on prior experience and local knowledge. |
Income |
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. |
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Income |
Income from donated goods is measured at the fair value of the foods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor of the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. |
Income from government and other grants whether 'capital' grants or 'revenue' grants, is recognised when the charity is entitled to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less the estimated residual value of each asset over its estimated useful life. |
Freehold property | - 2% on cost |
Improvements to property | - 20% on cost and 5% on cost |
Office furniture & equipment | - 20% on reducing balance |
Computer equipment | - 33% on reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. |
Restricted funds are subject to specific conditions by donors as to how they may be used. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leases |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Payment's to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue its operations over the next 12 months. Thus the Trustees continue to adopt the going concern basis of accounting preparing the financial statements. |
Impairment of fixed assets |
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The Charity has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the Charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and these is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Employee benefits |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
Gift aid |
Grants |
Donated goods and services |
Donated goods and services |
Unrestricted donated goods and services relates to donated property rental. Restricted donated goods and services relates to food items donated to the food bank. |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
3. | DONATIONS AND LEGACIES - continued |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
Fyrish Foundation | 15,000 | - |
Aberdeen City Council | 11,575 | - |
Sainsbury's | 10,500 | 5,000 |
Baillie Gifford Foundation Scotland | 6,000 | - |
Health Improvement Fund | 4,388 | - |
CAP | 2,540 | 9,500 |
Aberdeen University Students | 3,126 | 2,785 |
Albert Hunt Trust | 2,000 | - |
Tesco | 1,000 | 1,000 |
Garioch Community Food Fund | 1,000 | - |
Lidl | 500 | - |
Macphie | 250 | - |
Stewardship Fund | 1,000 | - |
Arnold Clark | 2,500 | 2,500 |
Warm Space grant | 800 | - |
Covid Winter Hardship Fund | - | 8,000 |
Hugh Fraser Foundation | - | 5,000 |
Garfield Weston | - | 5,000 |
Hubbub Foundation | - | 3,000 |
Love Your Neighbour | - | 1,250 |
IFAN | - | 100 |
62,179 | 43,135 |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Letting & licencing arrangements | - | 120 |
Deposit account interest |
5. | OTHER INCOME |
2023 | 2022 |
£ | £ |
Gain on sale of tangible fixed assets | 247 | 251 |
Other income |
Leadership conference income | 26,477 | 13,412 |
Transform income | 31,893 | 31,113 |
Staff costs reimbursed | 83,502 | 64,003 |
Various other amounts | 64,431 | 36,522 |
206,303 | 145,050 |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
6. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 7) | Totals |
£ | £ | £ |
Pastoral | 1,019,639 | - | 1,019,639 |
Administrative |
382,817 | 17,730 | 400,547 |
1,402,456 | 17,730 | 1,420,186 |
7. | SUPPORT COSTS |
Governance |
costs |
£ |
Administrative |
17,730 |
8. | OTHER |
2023 | 2022 |
£ | £ |
Interest payable and similar charges | 30,357 | 17,322 |
9. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Other operating leases | 15,808 | 18,982 |
Surplus on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
10. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the charity's auditors for the audit of the charity's financial statements | 10,250 | 1,150 |
Other non-audit services | 7,480 | 6,110 |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
One or more trustees has been paid remuneration or received other benefits from employment with the charity or a related entity. |
Mr C Freeland; Employment as Church Leader |
Salary of £52,747 (2022: £53,168) and pension contributions of £7,912 (2022: £7,608). |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
12. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
822,168 | 803,785 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Pastoral | 25 | 25 |
Administrative | 7 | 8 |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Administrative |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | (147,813 | ) | 147,813 | - |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 973,666 | 84,962 |
TOTAL FUNDS CARRIED FORWARD | 1,051,835 | 114,456 | 1,166,291 |
14. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
AMORTISATION |
Charge for year |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
15. | TANGIBLE FIXED ASSETS |
Improvements | Office |
Freehold | to | furniture | Computer |
property | property | & equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Due from connected party | 158,661 | 32,195 |
Gift aid recoverable | 83,177 | 10,375 |
Prepayments |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 19) |
Social security and other taxes |
Accrued expenses |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 19) |
19. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-5 years |
Amounts falling due in more than five years: |
Repayable by instalments: |
Bank loans more 5 yr by instal | 485,377 | 293,355 |
The effective rate of interest of the long-term loans are: 4.58% for the loan which commenced in 2021 & 7.62% for the loan which commenced in 2022 . |
20. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In the period £15,808 was recognised as an expense towards operating lease commitments (2022: £18,982). |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank borrowings are secured by standard securities over the properties at 49 Gilcomston Park, Aberdeen and 14-20 John Street, Aberdeen. |
22. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1/9/22 | in funds | funds | 31/8/23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,051,835 | 29,593 | (56,951 | ) | 1,024,477 |
Restricted funds |
Transform | 104,998 | (84,958 | ) | 71,295 | 91,335 |
Vineyard | 8,832 | (10,519 | ) | 1,704 | 17 |
Bike Grant | 626 | - | - | 626 |
Compassion | - | (388 | ) | 388 | - |
India | - | 20,446 | (16,436 | ) | 4,010 |
Community Hub fund | - | 330,206 | - | 330,206 |
254,787 |
TOTAL FUNDS | 284,380 | 1,450,671 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,228,764 | (1,199,171 | ) | 29,593 |
Restricted funds |
Transform | 93,447 | (178,405 | ) | (84,958 | ) |
Vineyard | 11,800 | (22,319 | ) | (10,519 | ) |
Compassion | 248 | (636 | ) | (388 | ) |
India | 27,803 | (7,357 | ) | 20,446 |
Community Hub fund | 372,861 | (42,655 | ) | 330,206 |
( |
) | 254,787 |
TOTAL FUNDS | ( |
) | 284,380 |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
22. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1/9/21 | in funds | funds | 31/8/22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 973,666 | 225,982 | (147,813 | ) | 1,051,835 |
Restricted funds |
Transform | 76,835 | (119,103 | ) | 147,266 | 104,998 |
Vineyard | 7,501 | 1,331 | - | 8,832 |
Bike Grant | 626 | - | - | 626 |
Compassion | - | (547 | ) | 547 | - |
84,962 | (118,319 | ) | 147,813 | 114,456 |
TOTAL FUNDS | 1,058,628 | 107,663 | - | 1,166,291 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,409,790 | (1,183,808 | ) | 225,982 |
Restricted funds |
Transform | 98,724 | (217,827 | ) | (119,103 | ) |
Vineyard | 15,670 | (14,339 | ) | 1,331 |
Compassion | 89 | (636 | ) | (547 | ) |
Ukraine | 11,205 | (11,205 | ) | - |
Church planting fund | 39,528 | (39,528 | ) | - |
165,216 | (283,535 | ) | (118,319 | ) |
TOTAL FUNDS | 1,575,006 | (1,467,343 | ) | 107,663 |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
22. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1/9/21 | in funds | funds | 31/8/23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 973,666 | 255,575 | (204,764 | ) | 1,024,477 |
Restricted funds |
Transform | 76,835 | (204,061 | ) | 218,561 | 91,335 |
Vineyard | 7,501 | (9,188 | ) | 1,704 | 17 |
Bike Grant | 626 | - | - | 626 |
Compassion | - | (935 | ) | 935 | - |
India | - | 20,446 | (16,436 | ) | 4,010 |
Community Hub fund | - | 330,206 | - | 330,206 |
84,962 | 136,468 | 204,764 | 426,194 |
TOTAL FUNDS | 1,058,628 | 392,043 | - | 1,450,671 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,638,554 | (2,382,979 | ) | 255,575 |
Restricted funds |
Transform | 192,171 | (396,232 | ) | (204,061 | ) |
Vineyard | 27,470 | (36,658 | ) | (9,188 | ) |
Compassion | 337 | (1,272 | ) | (935 | ) |
Ukraine | 11,205 | (11,205 | ) | - |
Church planting fund | 39,528 | (39,528 | ) | - |
India | 27,803 | (7,357 | ) | 20,446 |
Community Hub fund | 372,861 | (42,655 | ) | 330,206 |
671,375 | (534,907 | ) | 136,468 |
TOTAL FUNDS | 3,309,929 | (2,917,886 | ) | 392,043 |
Restricted funds |
Transform - social transformation work focusing on responding to Covid19 pandemic through the provision of food parcel deliveries across all the charity's sites. |
Vineyard - to support church leaders within the UK Vineyard movement across Scotland. |
Church planting - To support the setup of new Vineyard churches in geographical areas outwith Aberdeen. |
Community Hub Fund - this was set up to purchase and refurbish buildings in the communities where our churches are based. (Our previous model was to rent schools, community buildings or church halls and we are now moving to a model where we own buildings in each of our locations so that we have more control over access for our community activities.) |
Compassion - This is a sponsorship fund for a girl in Kenya. We have been sponsoring her for 15 years. She will turn 21 this year and at that point the sponsorship will end |
Bike - This was a small fund set up to provide bike lights, helmets etc for people to use bikes to get to church activities |
India - This fund supports the work of Vineyard in India. We received contributions from various Vineyard churches in the UK and then channel the funds to support various needs in India. It is currently in the process of being wound up. |
Ukraine - This was a fund set up to support relief for people affected by the war in Ukraine |
CATALYST VINEYARD CHURCH |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
23. | EMPLOYEE BENEFIT OBLIGATIONS |
The Charity operated a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. |
The charge to profit or loss in respect of defined contribution schemes was £107,072 (2022: £102,116). |
There are no outstanding or prepaid contributions at the balance sheet date. |
24. | RELATED PARTY DISCLOSURES |
Remuneration of key management personnel |
The remuneration of key management personnel is as follows: |
2023 | 2022 |
£ | £ |
Aggregate compensation | 66,399 | 66,754 |
The wife of a trustee received a salary of £48,921 (2022 £47,630) and pension contributions of £7,071 (2022: £6,799) for provision of services to the Church. Travel and subsistence costs amounting to £2,037 were paid to one trustee and his wife in their role as employees during the year (2022: £1,292). |
Trustees and connected persons made donations to the charity amounting to £172,718 (2022; £93,194). |
The following amounts were outstanding at the reporting end date: |
Amounts owed by related parties | Amounts owed by related parties |
2023 | 2022 |
£ | £ |
Catalyst Community Regeneration Company Limited | 158,661 | 32,195 |
158,661 | 32,195 |
Catalyst Community Regeneration Company Limited is a connected company who share the same directors. The outstanding balance at 31 August 2023 was an inter-company loan. The loan is secured against Laurencekirk Community Centre, 148-152 High Street, Laurencekirk, AB30 1BL and an agreement is in place dated 20 June 2022 for a loan not exceeding £175,000. No interest is chargeable on the loan, and there are no set repayments terms. |