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2023-03-31-accounts

C.OLDEN VALLEY CHURCH C.LOUCESTER TRUST Accounts - 31st March 2023

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

Charity No: 1092358

Accounts - 31st March 2023

INDEX

1-2. Report of the Trustees and General Information
3. Independent Examiner’s Report to the Trustees
4. Statement of Financial Activities
5. Balance Sheet
6-11. Notes to the Accounts
12. Income and Expenditure Account

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

REPORT OF THE TRUSTEES

for the year ended 31st March 2023

The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 31st March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Reference and Administration Details

The charity’s name is Golden Valley Church Gloucester Trust.

Charity Registration Number: 1092358

Principal Office: The Firehouse (Chapel), Newton Avenue, Coney Hill, Gloucester, GL4 4NT

Trustees and Pastors

The Trustees and Pastors who served during the year and since the year end were as follows:

Trustees

I Bull (Chairman) C Boucker Mrs R Wright A C Clennett D N Edgar C O’Toole

Pastor (non trustee)

W Boxall R Boucker S Boxall M Bull

Objectives and Activities

The main objects of the charity are:

In planning the activities of the charity the trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.

Achievements and Performance

The primary aims of the Trust have been the maintenance and continuing development of the local church providing Services for Christian worship and prayer, pastoral and social care, and training and instruction in the Christian faith and associated life skills. Additionally, we have aimed to maintain and develop our international projects and church ministry links.

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

REPORT OF THE TRUSTEES

for the year ended 31st March 2023 ( Continued)

Achievements and Performance (continued)

The Trust also initiated a “Warm Space” for the Coney Hill Community during the winter months, together with a Bereavement care program serving the wider community.

These goals have been achieved from our main venue in Coney Hill, Gloucester, and from hired premises within local hotels, where church meetings, training programmes, social groups, conferences and special events have taken place for the local community and the wider church community in the broader area. Sunday School ministry has been maintained and developed for primary age children. The Trust has also continued to provide spiritual and financial support for community projects in Uganda and Kenya; has assisted Churches and ministries or engaged in Christian outreach in Israel and parts of Europe. Additionally, we have provided assistance to some of our partner churches in Ukraine and Bulgaria. Golden Valley Church has continued to actively participate in the global family of churches based at “Catch the Fire”, Toronto, Canada.

During the forthcoming year, the Trust anticipates a continuation and further development of these activities and Christian ministries within Gloucestershire, and other parts of the world.

Financial Review

The total income for the year was £83,118 and total expenditure on charitable activities amounted to £101,936.

Reserves Policy

The trustees have examined the charity’s requirements for reserves taking account of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of expenditure. The trustees consider that this should be between £12,000 and £24,000 in general funds. The reserves are currently at this level and the trustees expect them to remain so given the current level of activity.

Structure, Governance and Management

Governing Document

Golden Valley Church Gloucester Trust is a charitable trust governed by its Trust Deed dated 18th February 2002. The charity is registered with the Charity Commission under registration number 1092358.

Appointment of Trustees

The trustees of the charity have ultimate responsibility for the financial and legal affairs of the Trust. The day to day running of the Church and spiritual activities are the responsibility of the Elders of the Church.

The trustees are kept fully informed of the activities and performance of the charity and are provided with regular management information. The trustees meet several times a year to review all aspects of the charity and the composition of the Board is kept under review. Additional members are appointed with appropriate skills and expertise should the need arise. Interested parties are given details of the background of the charity in order to make them aware of the current activities.

Approved by the Trustees on 10. 12. 2023 and signed on its behalf by:

I A Bull

…………………………….

I.A. Bull - Trustee (Chairman)

Gloucester

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of Golden Valley Church Gloucester Trust (the charity) for the year ended 31st March 2023.

Responsibilities and Basis of Report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

A P Williams BSc FCCA A J Carter & Co Chartered Accountants

22b High Street Witney Oxon OX28 6RB

13th December 2023

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31st March 2023

Note
Income from:
Donations and legacies
3
Charitable activites
4
Investments
5
Total incoming resources
Expenditure on:
Charitable activities
6
Total expenditure
Net income/(expenditure) and net
movement in funds for the year
Transfer between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
Total
Funds
Funds
Funds
2023
£
£
£
70,824
5,877
76,701
3,748
2,493
6,241
118
58
176
74,690
8,428
83,118
90,826
11,110
101,936
90,826
11,110
101,936
(16,136)
(2,682)
(18,818)
(6,972)
6,972
-
(23,108)
4,290
(18,818)
48,035
10,554
58,589
£24,927
£14,844
£39,771		 Total
Funds
2022
£
67,154
5,549
5
72,708
75,444
75,444
(2,736)
-
(2,736)
61,325
£58,589

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The notes on pages 6 to 11 form part of these financial statements.

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

BALANCE SHEET

31st March 2023

Note
Fixed assets
Tangible assets
Total fixed assets
Current assets
Debtors
12
Cash at bank and in hand
Total current assets
Liabilities
Creditors falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors:falling due after more than 1 year
Provisions for liabilities
Total net assets
14
The funds of the Charity
Restricted income funds
15
Unrestricted income funds
15
Revaluation reserve
Total unrestricted funds
Total charity funds		 2023
£
-
-
9,457
31,478
40,935
1,164
39,771
39,771
-
£39,771
14,844
24,927
-
24,927
£39,771		 2022
£
-
-
9,606
50,093
59,699
1,110
58,589
58,589
-
£58,589
10,554
48,035
-
48,035
£58,589

These accounts have been approved by the trustees on 10. 12. 2023 and signed on their behalf by:

I A Bull

……................................... I.A. Bull - Trustee

The notes on pages 6 to 11 form part of these financial statements

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st March 2023

1. Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of Preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (second edition) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

b) Public Benefit Entity

d) Income Recognition Policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

e) 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.

f) Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Charity’s work or for specific projects being undertaken by the Charity.

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st March 2023 (continued)

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of Support Costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities.

Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on the straight line basis as follows:

Asset Annual Category Rate Office Equipment 25%

j) Debtors

Debtors and prepayments are recognised at the settlement amounts due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

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 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 are normally recognised at their settlement amount.

m) Pensions

The Charity operates a defined contribution scheme, the assets of which are held outside the Charity. The contributions by the Charity in the year are detailed in note 7.

  1. Legal Status of the Charity

Golden Valley Church Gloucester Trust is a registered charity and was formed under a Deed of Trust dated 18th February 2002.

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

8.

NOTES TO THE ACCOUNTS

for the year ended 31st March 2023 (continued)

3. Income from donations

Donations
Gift Aid tax refunds		 2023
£
67,894
8,807
£76,701		 2022
£
58,353
8,801
£67,154

Of the £76,701 received in 2023 (2022 £67,154) £5,877 (2022 £4,690) was restricted funds and £70,824 (2022 £62,465) unrestricted funds.

4. Income from charitable activities

Events and functions
Resources		 2023
£
6,088
153
£6,241		 2022
£
5,549
-
£5,549

Of the £6,241 received in 2023 (2022 £5,549), £2,493 (2022 £3,267) was restricted funds and £3,748 (2022 £2,282) unrestricted funds.

5. Investment income

All of the Charity investment income arises from money held in CAF bank accounts.

6. Analysis of expenditure on charitable activities

Ministry support
Gifts and donations
Events and functions
Church Activities
Property costs
Office costs
Total		 Unrestricted
Restricted
2023
Total
£
£
£
49,588
599
50,187
14,298
5,757
20,055
-
4,018
4,018
3,213
736
3,949
17,976
17,976
5,751
5,751
£90,826
£11,110£101,936		 2022
Total
£
37,853
13,401
2,572
4,486
12,890
4,242
£75,444

7. Net income/(expenditure) for the year

This is stated after charging:
Independent examiner's fee		 2023
£
1,164		 2022
£
1,110

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st March 2023 (continued)

8. Analysis of staff costs and trustee remuneration and expenses

Salaries and wages
Employers National Insurance
Employer contribution to defined contribution scheme		 2023
£
36,203
6,821
2,635
£45,659		 2022
£
28,704
5,320
2,635
£36,659

Included in the above figures are payments to Mrs C R Boucker (wife of Mr C Boucker) for her self employed ministry work.

No employees had emoluments in excess of £60,000 (2022: Nil).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £Nil) neither were they reimbursed expenses during the year (2022: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £Nil).

9. Staff numbers

The average monthly number of employees during the year was as follows:

2023 2022
Number Number
Mission and support 3 2

10. Related party transactions

During the year, donations from trustees (and close relatives) that served during the year and after the financial year end, totalled £13,250 (2022: £10,591).

11. Corporation tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12. Debtors

Gift Aid debtor
Rent deposit		 2023
£
8,657
800
£9,457		 2022
£
8,806
800
£9,606

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st March 2023 (continued)

13. Creditors: amounts falling due within one year

Accruals
Analysis of net assets between funds
Tangible fixed assets
Cash at bank and in hand
Other net current assets/(liabilities)
Creditors of more than one year
Total		 General
Designated
Fund
Funds
£
£
-
-
14,971
1,663
8,293
-
-
-		 2023
£
1,164
£1,164
Restricted
Funds
£

-

14,844

-

-		 2022
£
1,110
£1,110
Total
£
-
31,478
8,293
-
£23,264
£1,663
£14,844		 £39,771

14. Analysis of net assets between funds

  1. Analysis of charitable funds

Analysis of movements in restricted funds

Building fund
GraceForGreece
Israel Ministry
Love Africa
Missions
Outreach & Evangelism
Training & Conferences
Traveller Ministry
Ukraine Support
Total		 Balance
Incoming
Resources
Funds
31.03.2022
resources
expended
Transfers
31.03.2023
£
£
£
£
£
11,237
178
-
(3,395)
8,020
(2,959)
753
(2,244)
4,450
-
241
956
(1,339)
142
-
3,402
5,040
(5,167)
1,728
5,003
(2,098)
-
-
2,098
-
347
-
-
(347)
-
1,437
-
(736)
(1,386)
(685)
(1,053)
1,404
(599)
1,400
1,152
-
97
(1,025)
2,282
1,354
£10,554
£8,428
£(11,110)
£6,972
£14,844

Name of restricted fund Description, nature and purposes of the fund

GraceForGreece

Israel

Love Africa

Funds allocated to the purchase of a church building.

Funds to send ministry teams to Greece on occasion providing financial support via our trusted partners to individuals and projects of relieving hardship.

Funds to send ministry teams to Israel and hosting visiting ministry from Israel here in the UK. Also, on occasion providing financial support via our trusted partners to individuals and projects for purposes of relieving hardship.

Regular child sponsorship donations providing education, food and clothing to children at a school we support in Uganda.

Sending ministry teams to locations outside the UK.

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st March 2023 (continued)

15. Analysis of charitable funds (continued

Analysis of movements in unrestricted funds

General fund
Designated fund
Total

Name of unrestricted fund
General fund
 Balance
Incoming Resources
Funds
31.03.2022
resources
expended
Transfers
31.03.2023
£
£
£
£
£
34,092
65,463
(77,873)
1,582
23,264
13,943
9,227
(12,953)
(8,554)
1,663
£48,035
£74,690£(90,826)
£(6,972)
£24,927
Description, nature and purposes of the fund
The 'free reserves' after allowing for all designated funds.
GOLDEN VALLEY CHURCH GLOUCESTER TRUST
INCOME AND EXPENDITURE ACCOUNT
for the year ended 31st March 2023
£
£
INCOMING RESOURCES
Tithes and offerings
67,894
Gift Aid tax refund
8,807
Interest received
176
Books, tapes and resources
153
Total Income
77,030
EXPENDITURE - CHARITABLE
ACTIVITIES RELATING TO CHURCH
Events and Functions
Income
6,088
Expenditure
(4,018)
(2,070)
Ministry
Pastoral support and salaries
45,659
Pastoral travel and expenses
4,528
Subscriptions
22
Church activities
2,069
Gifts and ministry support
20,055
Training and resources
1,858
74,191
Property
Rent
8,610
Insurance
912
Light and heat
2,339
Repairs
6,115
17,976
Office and Support Costs
Legal and professional
474
Telephone and internet
1,051
Printing, stationery and consumables
340
Equipment purchases
1,477
Sundry charges
1,245
Accountancy
1,164
5,751
Total Expenditure
95,848
NET INCOME
£(18,818)
 12.
2022
£
58,353
8,801
5
-
67,159
5,549
(2,572)
(2,977)
36,659
1,194
90
3,029
13,401
1,367
55,740
10,037
1,000
1,156
697
12,890
126
562
539
1,905
-
1,110
4,242
69,895
£(2,736)

GOLDEN VALLEY CHURCH GLOUCESTER TRUST

Journal Entry – 31st March 2023

Gift Aid debtor
Accruals
Reserves
£		 Dr
Cr
1,066.00
30.00
1,096.00
1,096.00
£1,096.00