VALLEY LIFE TRUST (LIMITED BY GUARANTEE)
Company Number: 05648030 (England and Wales) Charity Number : 1113359
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
VALLEY LIFE TRUST
Reference and Administrative Information as at 31 December 2020
Charity name: Valley Life Trust Charity registration number: 1113359 Company Registration Number: 05648030 Registered Office The Old Vicarage Church Close Boston PE21 6NA Operational address Mission 24, LifeLink24 PO Box 160 Bourne PE10 1EP Trustee Board/Company Directors Mr S Pailthorpe Chair Mr P L Lawrence (Resigned 10.12.2019) Mr J Plummer (Resigned 31.3.2020) Mr R Turner Dr W Zbrzezniak (Appointed 30.1.2020) Mr A Whitmoor-Pryer (Appointed 4.8.2020) Mrs H Whitmoor-Pryer (Appointed 4.8.2020) Company Secretary Mr P Lawrence Independent Examiner Mrs Nicola Lenton FCCA Dexter & Sharpe The Old Vicarage Church Close Boston PE21 6 NA Bankers National Westminster Bank plc St Nicholas Centre St Nicholas Way Sutton SM1 1NW
VALLEY LIFE TRUST
Contents
| Page | |
|---|---|
| Trustees’ Annual Report | 1 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 11 |
VALLEY LIFE TRUST
Report of the Trustee Board for the year ended 31 December 2020
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 December 2020. 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 Standard applicable in the UK.
Governance
The Trust 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. It is also subject to its corporate articles of association, Charities Act 2011, FRS102 SORP and the requirements of the Charities Commission in England and Wales.
The Trustees also constitute the Board of Directors and seek to meet at least once every calendar quarter to review the organisations performance and to make executive decisions on its future direction.
The Trustees are appointed based on their skills, experience and business acumen and are all considered to be reputable individuals with a good track record.
Volunteers
The charity has benefited from the services provided by over 60 volunteers during the course of the year. Volunteering plays a vital and important role to fulfil our mission. Our volunteers receive full training and are supported by our paid staff team to deliver the objectives of the Trust.
Objectives of the Charity
The objectives of the charity are:
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promoting the Christian faith through missions and outreach work
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teaching and leadership development through church-based seminars
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relief of poverty, care & education of orphans and widows.
The Trustees have considered the Charity’s Commission guidance on public benefit when taking any decision that is relevant to it.
Review of the activities of the charity
Valley Life Trust has carried out the aims of our charity under the trading names of Mission24 and Lifelink24 throughout the year.
Like most organisations, the global pandemic has affected our ability to conduct in-person events throughout the year. However, we have successfully managed to continue our activities where possible using Zoom. In addition, the charity has stepped up our efforts in providing necessary international aid and relief through our existing network of partners and through awarding grants and conducting missions and outreach projects.
The activities were carried out in the ways outlined below.
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Supporting local churches: During the year we worked with 23 different churches around the UK and ran 3 in-person training seminars.
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Missions and Outreach projects: During the year we conducted 3 UK missions and 3 overseas missions.
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Training and education: During the year we held 3 UK conferences. We trained 170 leaders by Zoom in the USA, 200 leaders in Argentina and ran online seminars in India, Slovakia, South Africa. In addition we trained 68 emerging leaders in the UK through our training school.
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VALLEY LIFE TRUST
Report of the Trustee Board for the year ended 31 December 2020 cont
Review of the activities of the charity cont
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Aid & Relief: We have educated, clothed and fed 63 nursery children, 10 primary school children and 1 secondary school student. We have also provided sustainable business training and grant funding to 30 individuals to start their own businesses. We maintained support for 6 widows and their families throughout the year. In additional we have provided grants for food aid during the pandemic for all families connected to the programmes we have run.
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Grant Funding: We awarded several grants to both UK and overseas projects. This included supporting families in need whilst helping to provide essential food and education for orphan children in Uganda. We also supported communities to get essential Covid-19 PPE equipment to some of the hardest hit areas of East Africa.
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Media Projects: We have increased our broadcasting through radio, TV and streaming services. We have created programmes for UCB, God TV, plus monthly radio programmes streaming across Uganda, Rwanda and the Democratic Republic of Congo.
Strategy and future developments
We have examined the expansion of our training program and decided to establish it in Leicester, for ease of access to students from across the UK.
We also regularly review the possibility of regional centres to make courses more readily available to local communities. As part of this expansion, we have decided to regionalise many of our mission teams to encourage the development of these communities.
Furthermore, we have created a new website and app that provides free access to many of our training materials. The impact of online training during the pandemic has convinced us to invest more time and resources in our online presence than in previous years.
We have sharpened our vision and commitment to multiplication for the fulfilment of the charity’s aims. This is expressed in the training of more leaders, greater focus in our mission programmes and the development of strategic partnerships for wider impact.
To facilitate this growth we continue to employ a full time Operations Manager and Finance Manager and have also taken the step of expanding our board of Trustees.
Safeguarding policies and procedures
The trust maintains the highest standards of due diligence when it comes to the safeguarding of children and vulnerable adults. This is also reflected through the breadth of policies and procedures maintained by the charity. In addition, the charity seeks to ensure that these policies and procedures are incorporated into our supply chain, to maintain the highest standards of care for individuals.
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VALLEY LIFE TRUST
Report of the Trustee Board for the year ended 31 December 2020 cont
Financial review
The Statement of Financial Activities shows a surplus of £28,335, which has reduced from £30,064 in 2019. Reserves stand at £118,917, of which £11,777 is restricted and £107,140 is unrestricted.
Reserves policy
The trust sets aside 10% of its monthly income to provide a means of smoothing cash flow. This is because income from donations can fluctuate throughout the year.
The principal risks and uncertainties facing the charity
The charity is reliant on donations to fund its operations. The vast majority of this is from individuals who are supportive of the aims of the charity. Throughout the Covid-19 pandemic, we have been careful to ensure that the Trust’s committed expenditure does not exceed our income. We have been very grateful for the commitment of our existing donors to maintain support for our projects throughout the year.
There are far fewer organisations who give on a regular basis, however there are one-off contributions, especially when a mission or training seminar has been completed in their geographical locality. This can make income difficult to predict and gives some uncertainties when planning events. The Trust continues to work in partnership with a wide range of organisations to help further our aims and objectives.
Responsibilities of the Trustee Board
We are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company. In preparing these financial statements the Trustee Board should follow best practice and:
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Select suitable accounting policies and then apply them consistently,
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Make judgements and estimates that are reasonable and prudent and
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Prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustee Board is 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.
Members of the Trustee Board
Trustee Board members (who are directors for the purpose of company law and trustees for the purposes of charity law) who served during the year and up to the date of this report are set out earlier.
In accordance with Company Law, as the company’s directors, we certify that:
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So far as we are aware, there is no relevant examination information of which the company’s examiners are unaware and
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As the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant examination information and to establish that the charity’s examiners are aware of that information.
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VALLEY LIFE TRUST
Report of the Trustee Board for the year ended 31 December 2020 cont
Accountants
Dexter & Sharpe were appointed as the charitable company’s accountants during the year and have expressed their willingness to continue in that capacity.
This report has been prepared in accordance with the Statement of Recommended Practice; 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 (FRS102) (effective 1 January 2015).
Approved by the Trustee Board on 14 September 2021 and signed on its behalf by:
Stephen Pailthorpe Chair of Trustee Board
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VALLEY LIFE TRUST
Independent Examiner’s Report To The Trustees of Valley Life Trust
I report on the accounts of the company for the year ended 31 December 2020 set out on pages 6 to 11.
Responsibilities and basis of report
As the charity’s trustees of the Company (who are also the directors of the company 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 for this year 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
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
Mrs Nicola Lenton FCCA Independent Examiner Dexter & Sharpe Chartered Certified Accountants The Old Vicarage Church Close Boston Lincolnshire PE21 6NA
15 September 2021
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VALLEY LIFE TRUST
Statement of Financial Activities For the year ended 31 December 2020
| Notes Incoming Resources Voluntary Income Sales of resources Interest receivable Total Expenditure on: 4/5 Charitable activities 4 Other costs 5 Total Net (outgoing) resources for the year Transfers between Funds Net Movement in Funds For the year Balances brought forward at 1 January 2020 Balances carried forward At 31 December 2020 |
Unrestricted Restricted Total Funds Funds Funds 2020 2020 2020 £ £ £ 166,084 20,451 186,535 3,503 - 3,503 13 - 13 169,600 20,451 190,051 139,809 20,647 160,456 1,260 - 1,260 141,069 20,647 161,716 28,531 (196) 28,335 (9,888) 9,888 - 18,643 9,692 28,335 88,497 2,085 90,582 107,140 11,777 118,917 |
Total Funds 2019 £ 204,067 17,270 40 221,377 190,053 1,260 191,313 30,064 - 30,064 60,518 90,582 |
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The notes on pages 8 to 11 form part of these financial statements
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VALLEY LIFE TRUST
Company Number 05648030
Balance Sheet as at 31 December 2020
| Notes Tangible Fixed Assets 6 Office equipment Current Assets 7 Debtors Cash at bank and in hand Creditors 8 Amounts falling due within one year Net Current Assets Total Assets Less Current Liabilities 9 Funds Unrestricted Restricted |
453 120,499 120,952 2,591 |
2020 £ 556 447 95,551 95,998 5,416 118,361 118,917 107,140 11,777 118,917 |
2019 £ - 90,582 |
|---|---|---|---|
| 90,582 | |||
| 88,497 2,085 90,582 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for:
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(a) ensuring that the charitable company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 : and
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(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.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.
The financial statements were approved by the Board of Directors on 14 September 2021 and were signed on its behalf by:
S Pailthorpe Chairman
The notes on pages 8 to 11 form part of these financial statements
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VALLEY LIFE TRUST
Notes to the Financial Statements for the year ended 31 December 2020
1. STATUTORY INFORMATION
Valley Life Trust is a private limited company, limited by guarantee, registered in England and Wales. The company’s registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with 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 (FRS102) effective January 2015 – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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 attributable to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is a registered charity and the accounts are prepared on the basis that its activities are not liable to income tax or corporation tax.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
3. TRUSTEES’ REMUNERATION AND BENEFITS
During the year a total of £2,750 was paid to Mr R Turner, a Trustee, for his work as Head of the School of Ministry, there were no other payments made in respect of any other trustees’ remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
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VALLEY LIFE TRUST
Notes to the Financial Statements for the year ended 31 December 2020 (cont)
4. EXPENDITURE - UNRESTRICTED
| Charitable Other Total Activities Costs Funds 2020 2020 2020 £ £ £ Office rent - - - Insurance 823 - 823 Telephone 1,365 - 1,365 Advertising 3,698 - 3,698 Stationery 680 - 680 Travel and motor expenses 3,617 - 3,617 Books and CDs 308 - 308 Computer costs 3,847 - 3,847 Gifts and sundries 1,213 - 1,213 Ministry costs 84,847 - 84,847 Salaries and wages 37,000 - 37,000 Pension 737 - 737 Independent examiner’s fees - 1,260 1,260 Professional fees 1,489 - 1,489 Depreciation 185 - 185 139,809 1,260 141,069 Staff costs consist of: Wages and salaries 37,000 Pension contributions 737 No employee earned £60,000 per annum or more. No The average weekly number of employees was 2 No trustee received remuneration. EXPENDITURE- RESTRICTED Charitable Other Total Activities Costs Funds 2020 2020 2020 £ £ £ £ Widows and orphans 13,428 - 13,428 Kings Kids 1,319 - 1,319 Crisis and Hardship 5,900 - 5,900 Sewing Machines - - - 20,647 - 20,647 |
Total Funds 2019 £ 420 875 749 2,527 1,170 17,234 4,714 385 10,039 100,677 35,434 722 1,260 - - 176,206 35,434 722 No 2 2019 5,324 9,393 - 390 15,107 |
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4. EXPENDITURE - RESTRICTED
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VALLEY LIFE TRUST
Notes to the Financial Statements for the year ended 31 December 2020 (cont)
5. TOTAL RESOURCES EXPENDED
| 2020 Staff Costs Depreciation Other Costs Total £ £ £ £ Charitable activities 37,737 185 122,534 160,456 Other costs - - 1,260 1,260 37,737 185 123,794 161,716 |
2019 Total £ 190,053 1,260 191,313 |
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6. TANGIBLE FIXED ASSETS
| 7. DEBTORS Sundry debtors and prepayments Cost At 1 January 2020 Additions Disposals At 31 December 2020 Depreciation At 1 January 2020 Charge for the year Released on disposals At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
2020 £ 453 Office Equipment £ - 741 - 741 - 185 - 185 556 - |
2019 £ 447 Total £ - 741 - 741 - 185 - 185 556 - |
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VALLEY LIFE TRUST
Notes to the Financial Statements for the year ended 31 December 2020 (cont)
8. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
9.
| Other creditors Accrued expenses FUNDS Restricted funds Unrestricted funds |
Balance at 01.01.20 £ 2,085 88,497 90,582 |
1,331 4,156 1,260 1,260 2,591 5,416 Movement in Resources Balance at Incoming Outgoing Transfers 31.12.20 £ £ £ £ 20,451 (20,647) 9,888 11,777 169,600 (141,069) (9,888) 107,140 190,051 (161,716) - 118,917 |
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10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted £ Fund balances at 31 December 2020 are represented by: Fixed assets 556 Debtors 453 Cash at bank 108,722 Creditors (2,591) Total Net Assets 107,140 |
Restricted £ - - 11,777 - 11,777 |
Total £ 556 453 120,499 (2,591) 118,917 |
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The restricted funds are kept in a separate bank account and consist of donations given for a specific purpose. The contributions are generally for the relief of poverty, care & education of orphans and widows currently focused on Mityana, Uganda and Kigali, Rwanda. Currently the whole balance is for this purpose. There are occasions when a donation may be made for some other specific project and these are held in this fund as well and managed through the accounting system until used on the project. If the project is no longer required, then the donor is asked whether the funds can be redirected elsewhere, moved to the general fund or returned. The trust has never had any occasion where funds have been returned even though we have asked.
11. RELATED PARTY DISCLOSURES
During the year there were no loans made from directors to the company.
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