2021-12-31-accounts - Valley Life Trust

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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 2021

VALLEY LIFE TRUST

Reference and Administrative Information as at 31 December 2021

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 R Turner
	Dr W Zbrzezniak
	Mr A Whitmoor-Pryer
	Mrs H Whitmoor-Pryer
Independent Examiner	Mrs Nicola Lenton FCCA
	Dexter & Sharpe
	The Old Vicarage
	Church Close
	Boston
	PE21 6NA
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 2021

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 2021. 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 160 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:

promoting the Christian faith through missions and outreach work
teaching and leadership development through church-based seminars
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.

Supporting local churches: During the year we worked with 37 different churches around the UK and ran 1 in-person training seminar.
Missions and Outreach projects: During the year we conducted 14 UK missions.
Training and education: During the year we held 3 UK conferences. We trained 170 leaders by Zoom in the USA. In addition we trained 58 emerging leaders in the UK through our training school.

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2021 cont

Review of the activities of the charity cont

Aid & Relief: We have educated, clothed and fed 63 nursery children, 35 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.
Grant Funding: We awarded several grants to both UK and overseas projects. We also supported communities to get essential Covid-19 PPE equipment to some of the hardest hit areas of East Africa.
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.

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2021 cont

Financial review

The Statement of Financial Activities shows a surplus of £82,158 which has increased from £28,335 in 2020. Reserves stand at £201,075, of which £35,934 is restricted and £165,141 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:

Select suitable accounting policies and then apply them consistently,
Make judgements and estimates that are reasonable and prudent and
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:

So far as we are aware, there is no relevant examination information of which the company’s examiners are unaware and
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.

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2021 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 2022 and signed on its behalf by:

Stephen Pailthorpe Chair of Trustee Board

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 2021 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:

accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or
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
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

14 September 2022

VALLEY LIFE TRUST Statement of Financial Activities For the year ended 31 December 2021

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 2021 Balances carried forward At 31 December 2021	Unrestricted Restricted Total Funds Funds Funds 2021 2021 2021 £ £ £ 199,162 41,806 240,968 4,799 - 4,799 2 - 2 203,963 41,806 245,769 135,265 26,543 161,808 1,320 483 1,803 136,585 27,026 163,611 67,378 14,780 82,158 (9,377) 9,377 - 58,001 24,157 82,158 107,140 11,777 118,917 165,141 35,934 201,075	Total Funds 2020 £ 186,535 3,503 13 190,051 160,456 1,260 161,716 28,335 - 28,335 90,582 118,917

The notes on pages 8 to 11 form part of these financial statements

VALLEY LIFE TRUST Company Number 05648030

Balance Sheet as at 31 December 2021

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	487 204,246 204,733 5,053	2021 £ 1,395 453 120,499 120,952 2,591 199,680 201,075 165,141 35,934 201,075	2020 £ 556 118,361
			118,917
			107,140 11,777 118,917

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2021 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 which comply with Section 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.

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 2022 and were signed on its behalf by:

S Pailthorpe Chairman

The notes on pages 8 to 11 form part of these financial statements

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2021

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 £4,503 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 2021 nor for the year ended 31 December 2020.

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2021 (cont)

4. EXPENDITURE - UNRESTRICTED

Charitable Other Activities Costs 2021 2021 £ £ Office rent 388 - Insurance 742 - Telephone 2,066 - Advertising 3,155 - Stationery 3,460 - Travel and motor expenses 12,555 - Books and CDs 771 - Computer costs 1,201 - Gifts and sundries 1,203 - Ministry costs 44,751 - Salaries and wages 62,469 - Pension 1,442 - Independent examiner’s fees - 1,320 Professional fees 597 - Depreciation 465 - 135,265 1,320 Staff costs consist of: Wages and salaries Pension contributions No employee earned £60,000 per annum or more. The average weekly number of employees was No trustee received remuneration.	Charitable Other Activities Costs 2021 2021 £ £ 388 - 742 - 2,066 - 3,155 - 3,460 - 12,555 - 771 - 1,201 - 1,203 - 44,751 - 62,469 - 1,442 - - 1,320 597 - 465 -	Total Funds 2021 £ 388 742 2,066 3,155 3,460 12,555 771 1,201 1,203 44,751 62,469 1,442 1,320 597 465 136,585 62,469 1,442 No 2	Total Funds 2021 £ 388 742 2,066 3,155 3,460 12,555 771 1,201 1,203 44,751 62,469 1,442 1,320 597 465 136,585 62,469 1,442 No 2	Total Funds 2020 £ - 823 1,365 3,698 680 3,617 308 3,847 1,213 84,847 37,000 737 1,260 1,489 185 141,069 37,000 737 No 2
	135,265 1,320

4. EXPENDITURE - RESTRICTED

Widows and orphans Kings Kids Crisis and Hardship Website Hosting	Charitable Other Total Activities Costs Funds 2021 2021 2021 £ £ £ 26,543 - 26,543 - - - - - - - 483 483 26,543 483 27,026	Total Funds 2020 £ 13,428 1,319 5,900 - 20,647

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2021 (cont)

5.	TOTAL RESOURCES EXPENDED 2021 Staff Costs Depreciation Other Costs Total £ £ £ £ Charitable activities 63,911 465 97,915 162,291 Other costs - - 1,320 1,320 63,911 465 99,235 163,611	2020 Total £ 160,456 1,260 161,716

6. TANGIBLE FIXED ASSETS

7. DEBTORS Sundry debtors and prepayments Cost At 1 January 2021 Additions Disposals At 31 December 2021 Depreciation At 1 January 2021 Charge for the year Released on disposals At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020	2021 £ 487 Office Equipment £ 741 1,304 - 2,045 185 465 - 650 1,395 556	Total £ 741 1,304 - 2,045 185 465 -
		650
		1,395
		556
		2020 £ 453

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2021 (cont)

8. 9.	CREDITORS– AMOUNTS FALLING DUE 2021 2020 WITHIN ONE YEAR £ £ Other creditors 3,733 1,331 Accrued expenses 1,320 1,260 5,053 2,591 FUNDS Balance at Movement in Resources Balance at 01.01.21 Incoming Outgoing Transfers 31.12.21 £ £ £ £ £ Restricted funds 11,777 41,806 (27,026) 9,377 35,934 Unrestricted funds 107,140 203,963 (136,585) (9,377) 165,141 118,917 245,769 (163,611) - 201,075	CREDITORS– AMOUNTS FALLING DUE 2021 2020 WITHIN ONE YEAR £ £ Other creditors 3,733 1,331 Accrued expenses 1,320 1,260 5,053 2,591 FUNDS Balance at Movement in Resources Balance at 01.01.21 Incoming Outgoing Transfers 31.12.21 £ £ £ £ £ Restricted funds 11,777 41,806 (27,026) 9,377 35,934 Unrestricted funds 107,140 203,963 (136,585) (9,377) 165,141 118,917 245,769 (163,611) - 201,075
	WITHIN ONE YEAR Other creditors Accrued expenses FUNDS Restricted funds Unrestricted funds	Balance at 01.01.21 £ 11,777 107,140 118,917

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted £ Fund balances at 31 December 2021 are represented by: Fixed assets 1,395 Debtors 487 Cash at bank 168,312 Creditors (5,053) Total Net Assets 165,141	Restricted £ - - 35,934 - 35,934	Total £ 1,395 487 204,246 (5,053) 201,075

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.