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2022-12-31-accounts

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 2022

VALLEY LIFE TRUST

Reference and Administrative Information as at 31 December 2022

Charity name Valley Life Trust
Charity registration number 1113359
Company Registration Number 05648030
Registered Office St George’s House (3rdFloor)
6 St George’s Way
Leicester
LE11 1QZ
Operational address St George’s House (3rdFloor)
6 St George’s Way
Leicester
LE11 1QZ
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 2022

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 2022. 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 200 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:

  1. Promoting the Christian faith through missions and outreach work

  2. Teaching and leadership development through church-based seminars

  3. 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.

The activities were carried out in the ways outlined below.

  1. Supporting local churches: During the year we worked with 37 different churches around the UK and ran 1 in-person training seminar.

  2. Missions and Outreach projects: During the year we conducted 14 UK missions.

  3. Training and education: During the year we held 3 UK conferences. We trained many leaders by Zoom. In addition we trained 58 emerging leaders in the UK through our training school.

1

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2022 cont

Review of the activities of the charity cont

  1. Aid & Relief: We have educated, clothed, and fed 80 nursery children, 20 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.

  2. Grant Funding: We awarded several grants to both UK and overseas projects.

  3. 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 establishing 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 team.

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.

Financial review

The Statement of Financial Activities shows a surplus of £3,587 which has decreased from £82,158 in 2021. Reserves stand at £204,662, of which £82,221 is restricted and £122,441 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.

2

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2022 cont

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 were careful to ensure that the Trust’s committed expenditure did 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:

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:

3

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2022 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 11 September 2023 and signed on its behalf by:

Stephen Pailthorpe Chair of Trustee Board

4

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 2022 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:

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

11 September 2023

5

VALLEY LIFE TRUST Statement of Financial Activities For the year ended 31 December 2022

Notes
Incoming Resources

Voluntary Income
Sales of resources
Gift Aid
Training workshops
Miscellaneous income
Interest receivable
Total
Expenditure on:
4/5
Charitable activities
4
Other costs

5
Total
Net incoming / (outgoing)
resources for the year
Transfers between Funds

Net Movement in Funds
For the year
Balances brought forward at
1 January 2022
Balances carried forward
At 31 December 2022		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
121,163
80,571
201,734
12,669
-
12,669
32,455
-
32,455
50,139
133
50,272
16
-
16
71
-
71
216,513
80,704
297,217
252,545
33,809
286,354
6,668
608
7,276
259,213
34,417
293,630
(42,700)
46,287
3,587
-
-
-
(42,700)
46,287
3,587
165,141
35,934
201,075
122,441
82,221
204,662		 Total
Funds
2021
£
240,968
4,799
-
-
-
2
245,769
161,808
1,803
163,611
82,158
-
82,158
118,917
201,075

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

6

VALLEY LIFE TRUST

Company Number 05648030

Balance Sheet as at 31 December 2022

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		 524
208,447
208,971
5,355
 2022
£
1,046
487
204,246
204,733
5,053
203,616
204,662
122,441
82,221
204,662		 2021
£
1,395
199,680
201,075
165,141
35,934
201,075

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

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 11 September 2023 and were signed on its behalf by:

S Pailthorpe Chairman

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

7

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2022

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 £2,600 (2021 - £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 2022 nor for the year ended 31 December 2021.

8

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2022 (cont)

4. EXPENDITURE - UNRESTRICTED

Charitable
Other
Activities
Costs
2022
2022
£
£
Office rent
-
-
Insurance
835
-
Telephone
919
-
Advertising
1,118
-
Stationery
2,344
-
Travel and motor expenses
35,589
-
Books and CDs
2,469
-
Computer costs
2,262
-
Gifts and sundries
4,633
-
Ministry costs
126,254
-
Salaries and wages
66,025
-
Pension
1,392
-
Independent examiner’s fees
-
1,968
Professional fees
935
-
Training course expenses
7,421
-
Bank charges
-
960
Administration
-
3,740
Depreciation
349
-
252,545
6,668
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.
EXPENDITURE- RESTRICTED
Charitable
Other
Activities
Costs
2022
2022
£
£
Widows and orphans
33,809
-
Kings Kids
-
-
Crisis and Hardship
-
-
Website Hosting
-
608
33,809
608		 Charitable
Other
Activities
Costs
2022
2022
£
£
-
-
835
-
919
-
1,118
-
2,344
-
35,589
-
2,469
-
2,262
-
4,633
-
126,254
-
66,025
-
1,392
-
-
1,968
935
-
7,421
-
-
960
-
3,740
349
-		 Charitable
Other
Activities
Costs
2022
2022
£
£
-
-
835
-
919
-
1,118
-
2,344
-
35,589
-
2,469
-
2,262
-
4,633
-
126,254
-
66,025
-
1,392
-
-
1,968
935
-
7,421
-
-
960
-
3,740
349
-		 Total
Funds
2022
£
-
835
919
1,118
2,344
35,589
2,469
2,262
4,633
126,254
66,025
1,392
1,968
935
7,421
960
3,740
349
259,213
66,025
1,392

No
2
Total
Funds
2022
£
33,809
-
-
608

34,417		 Total
Funds
2021
£
388
742
2,066
3,155
3,460
12,555
771
1,201
920
44,751
62,469
1,442
1,320
597
-
283
-
465
136,585
62,469
1,442
No
2
Total
Funds
2021
£
26,543
-
-
483
27,026
252,545
6,668


33,809
608

4. EXPENDITURE - RESTRICTED

9

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2022 (cont)

5. TOTAL RESOURCES EXPENDED

2022
Staff Costs
Depreciation Other Costs
Total
£
£
£
£
Charitable activities
67,417
349
218,588
286,354
Other costs
-
-
7,276
7,276
67,417
349
225,864
293,630		 2021
Total
£
162,291
1,320
163,611

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 2022
At 31 December 2021		 2022
£
524
Office
Equipment
£
2,045
-
-
2,045
650
349
-
999
1,046
1,395		 Total
£
2,045
-
-
2,045
650
349
-
999
1,046
1,395
2021
£
487

10

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2022 (cont)

8.
9.		 CREDITORS– AMOUNTS FALLING DUE
2022
2021
WITHIN ONE YEAR
£
£
Other creditors
3,651
3,733
Accrued expenses
1,704
1,320
5,355
5,053
FUNDS
Balance at Movement in Resources
Balance at
01.01.22
Incoming
Outgoing
Transfers 31.12.22
£ £
£ £
£
Restricted funds
35,934
80,704
(34,417)
-
82,221
Unrestricted funds
165,141
216,513
(259,213)
-
122,441
201,075
297,217
(293,630)
-
204,662		 CREDITORS– AMOUNTS FALLING DUE
2022
2021
WITHIN ONE YEAR
£
£
Other creditors
3,651
3,733
Accrued expenses
1,704
1,320
5,355
5,053
FUNDS
Balance at Movement in Resources
Balance at
01.01.22
Incoming
Outgoing
Transfers 31.12.22
£ £
£ £
£
Restricted funds
35,934
80,704
(34,417)
-
82,221
Unrestricted funds
165,141
216,513
(259,213)
-
122,441
201,075
297,217
(293,630)
-
204,662
WITHIN ONE YEAR
Other creditors
Accrued expenses
FUNDS
Restricted funds
Unrestricted funds		 Balance at
01.01.22
£
35,934
165,141
201,075

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
£
Fund balances at 31 December 2022 are
represented by:
Fixed assets
1,046
Debtors
524
Cash at bank
126,226
Creditors
(5,355)
Total Net Assets
122,441		 Restricted
£
-
-
82,221
-
82,221		 Total
£
1,046
524
208,447
(5,355)
204,662

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 the Trustees/Directors to the company.

11