GOLDEN VALLEY CHURCH GLOUCESTER TRUST
Accounts - 31st March 2024
GOLDEN VALLEY CHURCH GLOUCESTER TRUST
Charity No: 1092358
Accounts - 31st March 2024
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 2024
The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 31st March 2024.
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:
-
a) The advancement of the Christian faith.
-
b) Relief of persons in need or hardship.
-
c) The advancement of education in areas of personal morality and social responsibility.
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 2024 ( Continued)
Achievements and Performance (continued)
The Trust also provided a “Warm Space” for the Coney Hill Community during the winter months, which continued as a coffee morning throughout the summer. Added to this there was 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 £113,412 and total expenditure on charitable activities amounted to £101,282.
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 8th December 2024 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 2024.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 2024
GOLDEN VALLEY CHURCH GLOUCESTER TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31st March 2024
| 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 2024 £ £ £ 81,562 8,676 90,238 13 22,652 22,665 353 156 509 81,928 31,484 113,412 69,811 31,435 101,282 69,847 31,435 101,282 12,081 49 12,130 1,810 (1,810) - 13,891 (1,761) 12,130 24,927 14,844 39,771 £38,818 £13,083 £51,901 |
Total Funds 2023 £ 76,701 6,221 5 |
|---|---|---|
| 82,927 | ||
| 101,936 | ||
| 101,936 | ||
| (19,009) - |
||
| (19,009) 58,589 |
||
| £39,771 |
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 2024
| 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 |
2024 £ - - 14,268 38,833 53,101 1,200 51,901 51,901 - £51,901 13,083 38,818 - 38,818 £51,901 |
2023 £ - |
|---|---|---|
| - | ||
| 9,457 31,478 |
||
| 40,935 1,164 |
||
| 39,771 | ||
| 39,771 - |
||
| £39,771 | ||
| 14,844 | ||
| 24,927 - |
||
| 24,927 | ||
| £39,771 |
These accounts have been approved by the trustees on 8th December 2024 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 2024
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
-
The charity meets the definition of a public benefit entity under FRS 102.
-
c) Donated Services and Facilities
-
In accordance with the Charities SORP (FRS 102) the general time of volunteers is not recognised in the accounts.
d) Income Recognition Policies
Items of income are recognised and included in the accounts when all of the following criteria are met:
-
The charity has entitlement to the funds;
-
any performance conditions attached to the items of income have been met or are fully within the control of the charity;
-
there is sufficient certainty that receipt of the income is considered probable; and
-
the amount can be measured reliably.
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 2024 (continued)
-
g) Expenditure and Irrecoverable VAT
-
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
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.
- i) Tangible Fixed Assets
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.
- k) 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.
- l) Creditors
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.
- 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
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
3. Income from donations
| Donations Gift Aid tax refunds |
2024 £ 76,761 13,477 £90,238 |
2023 £ 67,894 8,807 |
|---|---|---|
| £76,701 |
Of the £90,238 received in 2024 (2023 £76,701) £8,676 (2023 £5,877) was restricted funds and £81,562 (2023 £70,824) unrestricted funds.
4. Income from charitable activities
| Events and functions Resources |
2024 £ 21,309 1,356 £22,665 |
2023 £ 6,068 153 |
|---|---|---|
| £6,221 |
Of the £22,665 received in 2024 (2023 £6,241), £22,652 (2023 £2,493) was restricted funds and £13 (2023 £3,748) 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 2024 Total £ £ £ 42,662 6,546 49,208 8,047 16,113 24,160 - 3,757 3,757 2,467 4,969 7,436 12,861 - 12,861 3,810 50 3,860 £69,847 £31,435£101,282 |
2023 Total £ 50,187 20,055 4,018 3,949 17,976 5,751 |
|---|---|---|
| £101,936 |
Net income/(expenditure) for the
- year
| This is stated after charging: Independent examiner's fee |
2024 £ 1,200 |
2023 £ 1,164 |
|---|---|---|
GOLDEN VALLEY CHURCH GLOUCESTER TRUST
9.
NOTES TO THE ACCOUNTS for the year ended 31st March 2024 (continued)
8. Analysis of staff costs and trustee remuneration and expenses
| Salaries and wages Employers National Insurance Employer contribution to defined contribution scheme |
2024 £ 38,922 4,357 2,833 £46,112 |
2023 £ 36,203 6,821 2,635 |
|---|---|---|
| £45,659 |
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 (2023: Nil).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £Nil) neither were they reimbursed expenses during the year (2023: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £Nil).
9. Staff numbers
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Mission and support | 3 | 3 |
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 £13,045 (2023: £13,250).
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 |
2024 £ 13,468 800 £14,268 |
2023 £ 8,657 800 |
|---|---|---|
| £9,457 |
GOLDEN VALLEY CHURCH GLOUCESTER TRUST
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (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 |
2024 £ 1,200 £1,200 General Designated Restricted Fund Funds Funds £ £ £ - - - 23,729 2,021 13,083 13,068 - - - - - |
2023 £ 1,164 |
|---|---|---|
| £1,164 | ||
Total £ - 38,833 13,068 - |
||
| £36,797 £2,021 £13,083 |
£51,901 |
14. Analysis of net assets between funds
15. Analysis of charitable funds
Analysis of movements in restricted funds
| Building fund GraceForGreece Israel Ministry Love Africa Missions Training & Conferences Traveller Ministry Ukraine Support Total |
Balance Incoming Resources Funds 31.03.2023 resources expended Transfers 31.03.2024 £ £ £ £ £ 8,020 156 - - 8,176 - 2,367 (2,080) (287) - - 1,502 (1,604) 102 - 5,003 3,673 (5,332) - 3,344 - - - - - (685) 20,478 (16,162) (3,631) - 1,152 2,882 (6,040) 2,006 - 1,354 426 (217) - 1,563 |
|---|---|
| £14,844 £31,484£(31,435) £(1,810) £13,083 |
Description, nature and purposes of the Name of restricted fund fund
Building Fund
Funds allocated to the purchase of a church building.
GraceForGreece
Funds to send ministry teams to Greece on occasion providing financial support via our trusted partners to individuals and projects of relieving hardship.
Israel
Funds to send ministry teams to Israel and hosting visiting ministry from Israel here in the UK. Also, on occasion
GOLDEN VALLEY CHURCH GLOUCESTER TRUST
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
15. Analysis of charitable funds (continued
providing financial support via our trusted partners to individuals and projects for purposes of relieving hardship.
Love Africa
Regular child sponsorship donations providing education, food and clothing to children at a school we support in Uganda.
Missions
Sending ministry teams to locations outside the UK.
Analysis of movements in unrestricted funds
| General fund Designated fund Total Name of unrestricted fund General fund |
Balance Incoming Resources Funds 31.03.2023 resources expended Transfers 31.03.2024 £ £ £ £ £ 23,264 79,692 (68,809) 2,650 36,797 1,663 2,236 (1,038) (840) 2,021 |
|---|---|
| £24,927 £81,928£(69,847) £1,810 £38,818 |
|
| 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 2024 £ INCOMING RESOURCES Tithes and offerings Gift Aid tax refund Interest received Books, tapes and resources Total Income EXPENDITURE - CHARITABLE ACTIVITIES RELATING TO CHURCH Events and Functions Income 21,309 Expenditure (3,757) (17,552) Ministry Pastoral support and salaries 46,112 Pastoral travel and expenses 3,096 Subscriptions 153 Church activities 6,663 Gifts and ministry support 24,160 Training and resources 620 80,804 Property Rent 8,140 Insurance 1,387 Light and heat 2,729 Repairs 605 12,861 Office and Support Costs Legal and professional 445 Telephone and internet 617 Printing, stationery and consumables 518 Equipment purchases 1,080 Sundry charges - Accountancy 1,200 3,860 Total Expenditure NET INCOME £ |
£ 76,761 13,477 509 1,356 92,103 79,973 12,130 |
|||
|---|---|---|---|---|
£ |
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 |
|---|---|