REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 JUNE 2024 |
FOR |
CARDIFF VINEYARD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 JUNE 2024 |
FOR |
CARDIFF VINEYARD |
CARDIFF VINEYARD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 6 |
Independent Examiner's Report | 7 |
Statement of Financial Activities | 8 |
Balance Sheet | 9 | to | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 | to | 21 |
CARDIFF VINEYARD |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 30 JUNE 2024 |
TRUSTEES |
COMPANY SECRETARY | B D Rankine |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Bevan Buckland LLP |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
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 Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. 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). |
REPORT OF THE TRUSTEES |
The Trustees of Cardiff Vineyard ("the Church") present their report and unaudited financial statements for the year ended 30 June 2024. |
The Trustees confirm that the Annual Report and financial statements of the Church comply with the current statutory requirements, the requirements of the Church's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 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 Report and Director's Report) Regulations 2013 is not required to be presented. |
Structure, Governance and Management |
Cardiff Vineyard is a registered charity, charity number 1125701, incorporated on 11 August 2008, duly constituted by means of its Memorandum and Articles of Association and operating as a Church. The Church operates in the United Kingdom of Great Britain and Northern Ireland and supports members overseas on a worldwide basis. |
Cardiff Vineyard is a company limited by guarantee as well as a registered charity, and under company law the Trustees of the Charity are the Directors of the charitable company. |
The liability of each Trustee in the event of a winding up is limited to £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 responsible 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. |
Appointment of Trustees |
New trustees are appointed when appropriate. Suitable candidates, who are generally (but not exclusively) selected from within the membership of Cardiff Vineyard, 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 with pastoral and administrative staff as part of their induction process. Current trustees are listed on page 3. |
Objectives & Activities |
The objectives of Cardiff Vineyard are: |
- The advancement of the Christian faith including 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 performance |
The advancement of the Christian faith including missionary activities in the United Kingdom and overseas and also including, but not limited to, the planting of new Churches and organisations of congregations. |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
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 multi-site church for Cardiff and the surrounding area. We have three different locations across the city for our four Sunday services. A morning and evening service runs at the Central site which meets at The Gate in Plasnewydd. Our North site meets at Hawthorn Primary School in Llandaff North and our West has relocated its Sunday services to Fitzalan 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 Vineyard. We now have in the region of 650 adults and 250 under 18s who connect with the church on a regular basis, attending Sunday services as well as joining a variety of other activities and events. |
Some of our growth in numbers has been as a result 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 to run Alpha courses in different locations across Cardiff. Alpha gives people an opportunity to explore the Christian faith in a relaxed and accessible setting and, of those who attend, a portion tend to become integrated into the church after 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 Pembs Vineyard which is based in Haverfordwest and that we planted in April 2021. We have also established a new Farsi-speaking community 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 retain our partnership with the Association of Vineyard Churches in Kenya, providing mentoring for pastors in the country. Closer to home, we continue to collaborate regularly with other Vineyard churches across the UK and Ireland (VCUKI) 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 run its 'Restore' ministries, with an array of different projects which are dedicated to providing practical support and relationship to those facing hardship in the city. |
We continue to operate the Ty Adfer House, in partnership with Green Pastures, which provides supported living for men who are recent prison leavers. The house can accommodate up to five residents and the project continues to fulfil the vision of being a home where the residents are able to take the next steps to turning their lives around in a safe environment which is underpinned by a holistic approach to the support offered. |
We also continue to run our Growbaby project, which runs two weekly stay-and-play sessions at St John's Church in Fairwater on Tuesdays and at The Gate in Plasnewydd on Fridays. These sessions are part of the project's wider aim of supporting vulnerable families and single parents in the early stages of parenting. We continue to provide practically with the collection and distribution of essential items to dozens of families who would otherwise go without. |
We also continue to operate The Gate Food Co-Op, which provides for families struggling financially 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 to offer more relational support to the shoppers who spend time in the Welcome Cafe that runs adjacent to the shopfloor. |
We are in the early stages of establishing a new Restore project with the introduction of a 'DIY Taskforce, with teams helping vulnerable families, known to us through the Growbaby and Food Co-op projects, with tasks such as redecorating, gardening and cleaning. |
The advancement of education. |
We continue to run a varied programme of small groups - gatherings of 8-20 people which meet usually in people's homes on a midweek evening - in multiple locations across Cardiff as well as several other local towns and villages. These small groups give attendees the opportunity to study the Bible together and learn together. Part of the small group programme includes courses such as those dedicated specifically 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 the numbers attending have grown again in the last twelve months. |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 JUNE 2024 |
We continue to act as a 'Leadership College' campus in conjunction with the VCUKI initiative. A new cohort of students started in September 2023 and completed their 10 month programme of leadership training. We also continue to run an intern programme for those in the church who wish to volunteer time to support pastoral staff and these interns receive ongoing training, including the regular staff CPD sessions. |
Such other charitable objects and for the benefit of such other charitable bodies and institutions as the committee shall at their absolute discretion see fit |
We are a church committed to working in partnership with other churches and charitable organisations. In the last year we have continued our long-standing connection with Oasis Cardiff with particular focus 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 to this cohort. We continue to 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 Food Co-op project. We also continue to provide financial support for charitable organisations 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 organisation offering outreach to young people in Wales through football, and Fusion, the organisation dedicated to supporting students in their university years. |
Financial performance |
The financial statements presented show a net deficit for the year of £15,420 (deficit in 2023: |
£17,614). Funds brought forward totalled £279,551 plus the surplus for the year result in total funds carried forward into the 2024/25 financial year of £264,131 of which £11,668 are restricted funds. |
Membership and attendance 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 year of £94,974 has been offset by a decrease in expenditure of £97,168 from the previous year and, along with changes to our assets and liabilities, contributes to a decrease in cash balances to £165,234 (2023: £230,991) |
Going concern |
After making appropriate enquiries, the Trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. |
The Trustees have also considered the risks to the going concern 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 which take place through standing orders or Give As You Earn donations. Further income is received via contributions to the wages of Church staff by Vineyard Churches UK & Ireland (VCUKI) for roles performed nationally. |
The church's cost base is predominantly composed of staffing costs, with smaller elements relating to mortgage payments and direct expenditure on its activities. Short-to-medium term cost pressures can be relieved by reductions in direct expenditure; in the longer-term, sustained falls in income may be mitigated ultimately by a reduction in staffing. |
As such, the Trustees have adopted the going concern basis in preparing the financial statements. 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 reduction in the Church membership giving rise to a reduction in income. |
The Trustees also reviewed the Reserves policy in light of a mortgage offer from Kingdom Bank with a view to purchasing The Gate, which required the total held in reserves to be no lower than £83,000. This total is less than the amount held in reserves at 30th June 2024. |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 JUNE 2024 |
At 30th June 2024 reserves amounted to £264,131 of which £11,668 are restricted funds, see note 7: (2023: £279,552, of which £27,708 were restricted funds). Total reserves are expected to 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 policy. The Trustees will continue to build cash balances to support adherence to the policy and expected activity for the following year. Cash balances held at 30th June 2024 totalled £165,234 (2023: £230,991). |
Risk Management |
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: |
(a) an annual budget approved by the Trustees; |
(b) regular consideration by the Trustees of financial reports; |
(c) delegation of authority and segregation of duties; |
(d) identification and management of risks. |
A strategic risk register is maintained, and the Trustees regularly review the main risks that the Churchfaces, 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 system., 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 significant matters arising from operational and business risks. |
Summary |
The Trustees consider that they have complied with section 4 of the Charities Ad 2006 and that the Church and its membership are meeting the charitable objectives that were determined when the Church was formed. As it grows, it is expected that the Church's community will have further opportunities to increase its activity and influence. |
Statement of Trustees' responsibilities |
The Trustees (who are also directors of Cardiff Vineyard for the purposes of company law) are responsible for preparing the Trustees' Annual Report 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 for that period. In preparing these financial statements, the Trustees are required to: |
- select suitable accounting policies and then apply them consistently; |
- observe the methods and principles in the Charities SORP (FRS 102); |
- make judgments and 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 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 JUNE 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
CARDIFF VINEYARD |
Independent examiner's report to the trustees of Cardiff Vineyard ('the Company') |
I report to 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 charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) 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 to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Michael Jones |
The Association of Chartered Certified Accountants |
Bevan Buckland LLP |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
26 March 2025 |
CARDIFF VINEYARD |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Charitable activities | 6 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 279,551 |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds | 251,843 |
Restricted funds | 27,708 |
TOTAL FUNDS | 279,551 |
The charitable company is entitled to exemption from audit 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 audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
CARDIFF VINEYARD (REGISTERED NUMBER: 06669648) |
BALANCE SHEET - continued |
30 JUNE 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
CARDIFF VINEYARD |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 21,212 | 106,914 |
Interest paid | (29,022 | ) | (25,431 | ) |
Interest element of hire purchase payments paid |
(1,267 |
) |
(423 |
) |
Net cash (used in)/provided by operating activities | (9,077 | ) | 81,060 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (32,460 | ) | (717,994 | ) |
Interest received | 3,640 | 1,391 |
Net cash used in investing activities | (28,820 | ) | (716,603 | ) |
Cash flows from financing activities |
New loans in year | - | 500,000 |
Loan repayments in year | (26,282 | ) | (19,058 | ) |
Capital repayments in year | (2,999 | ) | 18,416 |
Net cash (used in)/provided by financing activities | (29,281 | ) | 499,358 |
Change in cash and cash equivalents in the reporting period |
(67,178 |
) |
(136,185 |
) |
Cash and cash equivalents at the beginning of the reporting period |
230,991 |
367,176 |
Cash and cash equivalents at the end of the reporting period |
163,813 |
230,991 |
CARDIFF VINEYARD |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(15,420 |
) |
(17,614 |
) |
Adjustments for: |
Depreciation charges | 8,514 | 7,465 |
Interest received | (3,640 | ) | (1,391 | ) |
Interest paid | 29,022 | 25,431 |
Interest element of hire purchase and finance lease rental payments | 1,267 | 423 |
Decrease/(increase) in debtors | 2,592 | (1,732 | ) |
(Decrease)/increase in creditors | (1,123 | ) | 94,332 |
Net cash provided by operations | 21,212 | 106,914 |
2. | 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 | (13,999 | ) | 2,999 | (11,000 | ) |
Debts falling due within 1 year | (18,907 | ) | (1,747 | ) | (20,654 | ) |
Debts falling due after 1 year | (515,349 | ) | 28,029 | (487,320 | ) |
(548,255 | ) | 29,281 | (518,974 | ) |
Total | (317,264 | ) | (37,897 | ) | (355,161 | ) |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | 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. |
Income |
All incoming resources are included on the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. |
Income from room hire is recognised when the hire takes place. |
Office hire is recognised by reference to the period to which it relates. Rent is charged in accordance with the terms of the rental agreement. |
Donations and similar incoming resources represent monies received by the charity from charitable donations and gifts. Gift aid is also included within income which is claimed as a percentage of donations, HMRC then pays the charity monthly. These are recognised in the Statement of Financial Activities upon the period it is earned. |
Grant income is accounted for on an accruals basis and is shown in the financial statements when the Charity earns the unconditional right to the funds. Grants received for a specific purpose are treated as restricted funds. Revenue grants are credited directly to the Statement of Financial Activities 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 period in which it relates. |
Interest Receivable |
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. |
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. |
As the charity is partially exempt for VAT purposes. This means that we are only able to claim part of the VAT incurred on our purchases. Irrecoverable VAT is included within the expenditure categories to which it relates. |
Tangible fixed assets |
Tangible fixed assets are recorded at cost of purchase less accumulated depreciation. The Church generally capitalises assets which meet or exceed a de min value of £1,000 and will have a useful economic life of more than one year. |
The depreciation rates used are as follows: |
Computer Equipment | 25% |
Fixtures & Fittings | 25% |
Motor Vehicles | 10% |
Land & Buildings | 0% |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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. |
Financial instruments |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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 rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if 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 subsequently measured at amortised cost using the effective interest method. |
Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
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 party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives. |
The interest element of these obligations are charged to the SOFA over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the SOFA on a straight line basis over the period of the lease. |
Legal status of the charity |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | ACCOUNTING POLICIES - continued |
The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
Gift aid |
3. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Other Income |
Within Other Income are funds are allocated to VCUKI and Ty Adfer. |
4. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
5. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Grants | Charitable Activities | 2,500 | 18,500 |
Gate Income | Charitable Activities | 124,023 | 95,407 |
Events | Charitable Activities | 29,463 | 117,113 |
6. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 7) | Totals |
£ | £ | £ |
Charitable Activities | 806,984 | 13,218 | 820,202 |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | SUPPORT COSTS |
Support |
costs |
£ |
Charitable Activities | 13,218 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
None of the directors received any fees for their services as Trustees or Directors. J G Rankine is a Trustee and engaged in Ministry for the Church, for which he received remuneration of £47,007 (2022/23: £44,595). |
Trustees' expenses |
There were no trustees' 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 |
400,611 | 379,500 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Pastoral | 9 | 9 |
Administrative | 3 | 3 |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 177,001 | 120,164 |
TOTAL FUNDS CARRIED FORWARD | 251,843 | 27,708 | 279,551 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Included within other debtors are amounts owed to the charity related to Gift Aid. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase (see note 17) | 3,000 | 3,000 |
Trade creditors |
Social security and other taxes |
VAT | 3,274 | - |
Other creditors |
Accrued expenses |
Bank Loans comprise a Bounce 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 to facilitate the purchase of The Gate |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 16) |
Hire purchase (see note 17) | 8,000 | 10,999 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
17. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 3,000 | 3,000 |
Between one and five years | 8,000 | 10,999 |
11,000 | 13,999 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 11,000 | 13,999 |
518,974 | 548,255 |
Bank Loans & Overdrafts |
A floating charge over the property of the gates arts community centre dated 03/08/2022. |
Hire Purchase |
Balances are secured on the assets to which they relate. |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
19. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.7.23 | in funds | 30.6.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 251,843 | 620 | 252,463 |
Restricted funds |
Pembs | 8,408 | (560 | ) | 7,848 |
School St Anselm | 800 | 1,800 | 2,600 |
Solar Panels | 18,500 | (18,500 | ) | - |
Ty Adfer | - | 1,220 | 1,220 |
(16,040 | ) |
TOTAL FUNDS | (15,420 | ) | 264,131 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 799,852 | (799,232 | ) | 620 |
Restricted funds |
Pembs | 240 | (800 | ) | (560 | ) |
School St Anselm | 3,470 | (1,670 | ) | 1,800 |
Solar Panels | - | (18,500 | ) | (18,500 | ) |
Ty Adfer | 1,220 | - | 1,220 |
( |
) | (16,040 | ) |
TOTAL FUNDS | ( |
) | (15,420 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.7.22 | in funds | 30.6.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 177,001 | 74,842 | 251,843 |
Restricted funds |
Pembs | 8,096 | 312 | 8,408 |
School St Anselm | - | 800 | 800 |
Solar Panels | - | 18,500 | 18,500 |
Growbaby | 3,908 | (3,908 | ) | - |
Restore General | 1,778 | (1,778 | ) | - |
WCVA | 18,382 | (18,382 | ) | - |
The Gate | 88,000 | (88,000 | ) | - |
120,164 | (92,456 | ) | 27,708 |
TOTAL FUNDS | 297,165 | (17,614 | ) | 279,551 |
CARDIFF VINEYARD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
19. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 880,144 | (805,302 | ) | 74,842 |
Restricted funds |
Pembs | 312 | - | 312 |
School St Anselm | 800 | - | 800 |
Solar Panels | 18,500 | - | 18,500 |
Growbaby | - | (3,908 | ) | (3,908 | ) |
Restore General | - | (1,778 | ) | (1,778 | ) |
WCVA | - | (18,382 | ) | (18,382 | ) |
The Gate | - | (88,000 | ) | (88,000 | ) |
19,612 | (112,068 | ) | (92,456 | ) |
TOTAL FUNDS | 899,756 | (917,370 | ) | (17,614 | ) |
20. | RELATED PARTY DISCLOSURES |
During the year, the trustees and persons deemed related parties made donations to Cardiff Vineyard totalling £27,100 (2023: £28,179) not including any related gift aid income. |