VALLEY LIFE TRUST (LIMITED BY GUARANTEE) Company Number: 05648030 (England and Waleg) Charity Number . 1113359 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2023
VALLEY LIFE TRUST Reference and Administi'ative Inforniation as at 31 December 2023 Charity name Valley Life Trust CharAty regiytralion number 1113359 Company Regi8tr#tion Number 05648030 Registered Offl¢e St George's House (3, Floor) 6 St G¢orge's Way Leicestsr LEII IQZ Operntional addres5 St G¢orge's House (3rd Floor) 6 St Georg¢'s Way Leicester LEII IQZ Trustee Boardlcompony Directors Mr S Pailthorpe Mr R Twller Dr W Zbrzemiak Mr A Whitmoor-Pry¢r Mrs H Whitmoor-Pryer Chair Independent Ex8min¢r Mrs Ni¢ola L¢nton FCCA Dexter & Sharpe The Old Vicarage Church Close Boston PB216NA Bankers Nation&] Westtnin5ter Bank plc St Nicholas Centre St Nicholas Way Sulton SMI INW
VALLEY LIFE TRUST Contents Page Tnistees, Annual Report Report of the Independent Examin¢r Statement of Financial Activiti¢s Balance Sheet Notes to th¢ FitEallcial Statem¢nts 8-11
VALLEY LIFE TRUST Report of the Trustee Board for the year ended 31 December 2023 The trustees who ar¢ also directoi's of the charity for the purposes of the Companie8 Act 2006. pr¢s¢nt th¢ir report with th¢ financial statements of the charity for the year ended 31 December 2023. The trustees have adoptsd the provisions of Accounting And Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Standard applicable in the Governance The Trust 15 COntlled by its governing document, a deed of trust, and constitutes & limited company limited by guarantee a8 defined by the Companies Act 2006. It is also subj¢ct to its corpoi'ate articles of association, Charities Act 2011, FRSI 02 SORP and the iequirertlents of the Charities Commission in England and Wales. The Trustees also constitute the Board of Dirt01 and seek to meet at least once every calendai. quarter to review the organisations perforni&n¢e and to make executive decision8 on its future direction. The Tnlstees are appointed based on their skills, exp¢rien¢¢ and busin¢ss acumen and are all Considered to be reputable individuals with a good tra¢k record. Volunteers The charity has benefitsd from th¢ seryices provided by ov¢r 200 volunteeA% during the coui'se of the year. Volunteering plays a vital and important role to fllifil our mission. Our volunteers re¢¢ive full training and are supported by our paid staff t¢am to deliv¢r th¢ objectives of the Trust. Objectives of the Charity The objectives of th¢ Gharity are: l. Promoting the Christian faith through missions and outreach work 2. T¢achÈng and leaderqhip development tY)Ugh churcEL-based seminars 3. RelÈef of pov¢ty, c&re & education of orphans and widows. The Trnstees hav¢ wnsidered the Charity's Commission guidance on public ben¢fit when taking arky decision that is relevant to it. Review of the activities of the charity Valley Lif¢ TTUSt has cArried out the aims of our charity under the trading names of Missio4 arld Lifelink24 throughout th¢ y¢g1' 2023. The &ctivities were cai'ried out in the way8 Outlined below'.- l. Supporting l(Jcal ehurches: During the year we worked with 70 different churches arouiid the UK and overseas and ran in-p¢i'SDn ining seminars for at least 5,000 pPIe across the UK and in Rwanda Norway. Argentina, treland. South Africa, Slovakia & Canada 2. Missiong and Outreach projects: During the year we conducted 13 UK missions. 3. Training and educatAon: During the year we held 3 UK conferences. We trained many leaders by Zoom. In addition, we trained l 00 emerging leaders in the UK through our training school.Having expRnded our training program establishing training in Leicester for ease of acc¢ss to sthdenls fiDm across the UK & opened another opportunity for training in Wales.
VALLEY LIFE TRUST Report of the Trustee Board for the year ellded 31 December 2023 cont Review of the aetivltl¢s of Éhe charity eont 4. Aid & Relief: We h&ve educated, clothed, and fed whil¢ in school 80 nurs¢ry children, 3 primary school children. W¢ have also piY)vided sustainable farming oppoitunities and sewing training with grant funding to 30 individuals with potential to start their own busin¢sses. We maintained suppoit for 3 widows and their families throughout the year. 5. Grant Funding: We awarded sevetll grants to both UK and overseas Partnership projects. 6. Media Projects: We have increas¢d our broadcasting thi'ough radio. TV And streaming services. We h&ve ctEated programmes for UCB. God TV, plus monthly radio programmes streaming across Uganda, Rwanda. and the Democratic Republic of Congo and people now have th¢ option of downloading content througb th¢ MissAon24 website. SÉrn¢egy and future devek>pments We also regularly review the possibility of regional c¢ntres to make courses more readily available lo local communities. As part of this expansion, we havc d¢¢ided to r¢gionalise many of our mission teams to encourage the development of these communities. Furtherniore. we have created a new website that provides fre¢ acc¢ss to many of our ti'aining materials. The impact of online training during the pandemic has convinccd us to invest more time and resources in oui, online presence than in previous years. We havc sharpened our vision and commiknent to multiplication foi. the fi]Ifilment af the charity's aims. Thks is expressed in the training of more leaders, gr¢ater focus in our mission progratnmes and the d¢v¢lopment of strategic partnership8 for wider impact. To facilitat¢ this growt14 we continue to employ a full time OffJ¢e Manager and Finance Manager and have also taken the step of expanding our team to incorporate a part time Team Administrator. Volunteer stAff will facilitate check in at some training alongside paid staff. Safeguarding policies and proeedures The trust maintains the highest standards of due diligence wh¢n It comes to the safeguarding of ¢hildren And vulnerable adults. This is &lso reflected throu the biyadth of policies and procedures maintain¢d by the ¢harity. In addition, the charity 5geks to ensure thal these policies and proc¢dures are in¢orpor8frd into our supply chain, to maintain the highest standards of car¢ for individuals Financial review The Stat¢m¢nt of Finan¢ial Activiti¢s shows a surplus of £18,427 whi¢h has InCred from £3.587 in 2022. Reserves stand at £223,089. of which £77.444 is restrictsd and £145,645 is unr¢strictsd. Reserves poliey Th¢ trust sets aside IOO/o of its mollthly income to provide a means of smoothing cash flow. This is because income from di)nations can fluctuat¢ throughout th¢ year.
VALLEY LIFE TRUST Report of the Trustee Board for the year ended 31 December 2023 cojht The pylncipal risks uncertaillti fa¢ing the ehayity The Charity 18 Yeliant on donations to fund its operations. Th¢ vast majority of this is from individuals who are supportive of the aims of the charity. We have been very gr&tsful for the commitment of oui. ¢xisting donors to maintsin support for our projects thrOUOut the year. There are fay fewer organisations who give on a regular basis. however theit ttre one-off contributions. especially when a mission or training seminar has be¢n completed in their gcographtcal locality. This can make income dilcUlt to predi¢t and gives som¢ uno¢rtainties when plamiing ev¢nts. The Ti'ust continues to work in partnership with a wid¢ range of organisalions / churches to help further our aims and obj¢¢tives. Responsibilities the Trnstee Bo&rd We are rcquiiyd to prepare finan¢ial statements foi. eaoh financial yeai. which give a true and fail. view of the stato of affairs of the charitabl¢ company. In preparing th¢se financial statements the Trustee Board should follow best practiLe and.. Select suitable accounting poli¢i¢s and then apply them consistently. Mak¢ judgements and estimates that ar¢ reasonable and prud¢nt and Prepare the financial Statements on the going oon¢¢rn basis unless it is not appropriat¢ to assum¢ that th¢ ¢OllLpany will ¢ontÉnue on that basis The trustees are responsible for keeping proper 8¢¢ounting records which disclose with reasonable accuraoy at any tim¢ the tinancial posilion of the charity and to enable th¢m to ensure that the financial statements comply with the Companies Act 2006. Tlie Trustee Board is al80 r¢sponsible for s8f¢guarding the assets of the charitabl¢ company and hence for taking reasonable steps for the prev¢ntion and deteIOn of fraud and other irregularities. Member8 of the Trustee iloard Trustee Board members (who directors for the purpose of company law and trustees for the pui'pos¢s of charity law) who served during the year and up to the dats of this report are set out earlier. In accordanc¢ with Company Law, as the Company's dir¢¢tOl's. we certify that: So far as we are aware. there is no relevant examination inforniation of whi¢h the company's examinet3 aT¢ unaware and As the directors of th¢ company we have tsken a]1 the steps that we ought to hav¢ tak¢n in order to make ourselves aware of any rel¢vant cxamin&tion infomation and to ¢st&blish th&t the charity's examineis are aware ofthat intormation.
VALLEY LIFE TRUST Report of the Trustee Board for the year ended 31 De¢ember 2023 cont AeeoulltaDIs Dextei. & Sharpe were appointed as the charitable oompany's account8nls during the y¢ar and have expressed their willingness to continue in that ¢apa¢ity. This r¢port hag been prepared in a¢oordance with the Statement of R¢oommended Practi. Accounting and Reporting by Charities appli¢able to ¢harAti¢s piyjaring their accounts in accordance with the Financial Repoiting Standard applicable in the UK and Republic of Ireland {FRS102) (effective I January 2015). Approved by the TYu8lee Board on 11 Sep*ember 2024 and signed on Its behalf by: Stephen P&llthorpe Chair of Trust¢e Board
VALLEY LIFK TRUST Independent Examiner's Report To The TrnsÉees of Valley Life Trnst I report on the accounts of the company for tbe year ended 31 December 2023 set out on pages 6 to I l. Reyponsibilities and basis of report As the charity's trustees of the Company (who are also the dii'ectors of the ¢ompany for the purposes of cOpanY law). you are rcsponsible for the preparation of the accounts in accordance with the requirements of the Compatiies Aet 2006 ("the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to bc audited for this under Part 16 of th¢ 2006 Act and are eligible for indcpendent examination. I report in respect of my examination of yow 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 tbe Directions given by the Charity Conllnission (under section 145(5) (b) of the 2011 Act. Illdependent examiner's statement I have completed my examination. I confm that no material matters have com¢ to my attcntion which gives me cause lo believe that: accounting COrdS were not kept in accordance with section 386 of the Companics Act 2006. or the accounts do not accord with such records; or the accounls do not comply with relevant accounting requirements under section 396 of the Con]panies Act 2006 oth¢r than any requirement that the accounts give a 'truc and fair, view which is not a matl¢r considered part of an independent examination. oi. the accounts have not bcen prepared in accordance with the Charities SORP (FRS102). I hav¢ no concerns and have come across no other matters in conn¢¢tion with the examination to which attention should b¢ drawn in this report in order to enable a proper understanding of th¢ accounts to be reached. Mrs Nicola Lellton FCCA Independont Examiller Dexter & Sharpe Chartered Certified Ac¢ounlants The Old Viearage Church Close Boston Lincolnshire PE216NA 11 September 2024
VALLEY LIFE TRUST Statement of Financial Activities For the year ended 31 Dember 2023 Unre8trSe¢ed Restricted Funds Funds 2023 2023 Total Fund5 2023 Total Funds 2022 Notes Incoming Resources Voluntary Income Sal¢s of resources Gift Aid Training workshops Miscellaneous income Interest receivable 214,963 1,972 881 80,971 20,495 235,458 1,972 881 80,971 201.734 12,669 32,455 50,272 16 71 345 345 Total Expenditure on: Charitable activities Other costs 415 281.010 94 15,871 625 296081 19 286.354 Total Iyet Incoming l (outgoing) resources for the ye&r 14,428 3,999 18,427 3.587 Transfers between Funds Net Movement in Funds For the year 23,204 (4,777) 18,427 3,587 BalAnee8 brought fonvard at l January 2023 122 441 82 21 204 662 201075 Balallces earrffied fonvard At 31 De¢ember 2023 The notss on pages 8 to I I foLin part of these financial statements
VALLEY LIFE TRUST Company Number 05648030 Balanee Sheet as at 31 December 2023 2023 2022 Note8 Tangible Fixed Asset8 Offic¢ equipment 3,137 1.046 Current Assets Debtors Cash at bank and ill hand 574 524 208 447 231,106 208.971 Creditors Amounts falling du¢ within on¢ year Net Current Assets 219 952 203 616 Total Assets Less Current Li4bilities Funds Unr¢stricted R¢stricted 145,645 122,441 The ¢haritable company is entitled to exemption froni audit under Seotion 477 of the Companies Act 2006 for th¢ y¢ar ¢nded 31 December 2023. The trustses h&v¢ rtot required th¢ charitable Qompally to obtain an audit of its financial stst¢ments for the year ended 31 Decemb¢t 2023 in accordance with Section 476 of th¢ Companies Act 2006. The twstees acknowledge th¢ir respon9ibilities for: (a) ensurffing that the vharitable company keeps accounting records which comply with S¢otion 386 and 387 of the Companies Act 2006 . and preparing financial statements which give a tru¢ and fair view of the state of affairs of tELe chaiitable ci)mpany as at the end of each finarAcial year and of its surplus or deficit for ea¢h financial year in accordanc¢ with the requirements of Sections 394 and 395 and which otherwise eomply with th¢ requirements of the Companies Act 2006 lating to financial stat¢ments, so far as applicable to th¢ eharitable company. (b) The financial statements have be¢n prepared in accordance with the S¢1&1 provisions of Part 15 of the Companies Act 2006 lating to small charitable companies. The financial st8t¢ments were approved by th¢ Board of Directors on I I Sept¢mber 2024 and w¢r¢ signed on its behalf by: S Pailtborpe Chail'man The notes on pages 8 to I I forni part of these financial sthtements
VALLEY LIFE TRUST Notey to the Finanelal Statements for the year ended 31 December 2023 srATUTORY INFORMATION Valley Life Trust is a privat¢ limited company) limited by guarnnt¢e, registered in England and Wales. The company's regist¢red number and registered office address can be found on the Company Information pag¢. AccoifNTllYG POLICIES Basis of PreparotiDll of Financial Statements Th¢ fmanGial Slatementg have been prepared in aecordance with Accounting and Reporting by Ch8ritics'. 8thtement of Recomtllended Practice &pplicable to charities pyeparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ircland (FRS102) effective January 2015 (Charities SORP (FRS102)), the Financial Reporting Standa1 applicable in the UK and R¢public of Ireland {FRS102) and the Coinpanies Act 2006. Jneoming Yesource8 All incoming resources are included in the Stat¢m¢nt of Financial Activities when the charity is leg&lly entitled to the illcom¢ and the amount can be quantified with reasonable accuracy. Resources expended Expenditure is acwunted for on an accruals basis and has been classified under headings that aggr¢gate all cost related to th¢ catcgoiy. Where costs catmot be directly attributable to particular headings th¢y hav¢ been allo¢ai¢d to activities on a basis consistent with th¢ use of resources. TaxAtion The charity is a iY8iStered charity and th¢ accounts are prepaitd on th¢ basis that its activtties ar¢ not liable to income tax or corporation tax. Fund accounting Unr¢stricted funds can b¢ used in accordance with the charitable obje¢tives at th¢ discretion of th¢ trustees. Restricted funds can only be used for particular restriot¢d puryoses wkthin the objtiveS ofthe oharity. Restrictians 8rise when specified by the donor or when funds are raised for partlcular restricted purposes. TRUSTEES. IiKMUNERATION Af4D BENEFITS Dui'ing the yelr a totAI of £2,655 {2022 - £2.600) was paid to Mr R Tumer, a Trustee, for his work As Head of the School of Ministry. there wer¢ no other payments made in r¢spect of any oth¢r trnstees, remuneration or oth¢r benefits for the year ended 31 December 2023 llOT for the ye. ended 31 D¢c¢mber 2022.
VALLEY LIFII TRUST Notes to the Finaneial Statements for the year ended 31 December 2023 (¢ont) KXPENDITURE. UMiESTRICTED Chavitable Attivities Other Costs 2023 TotAI Funds 2023 Total Funds 2022 2023 Rent Insurance Tclephone Adv¢rtising Website costs Stationery Travel and motor exp¢nses Books and CDS Computsr costs Gifts and sundrie8 Ministy costs Saltwies and wages Pcnsion Ind¢pendent examiner's fees Prof¢ssional fees Trainittg courqe expenses Bank oharg¢s AdmAniStration Depreciation 1291 882 1,806 1,741 2P65 902 16,195 1,408 2,494 5,663 81,170 139,182 3,582 1,291 882 1,806 1,741 2,965 902 16.195 1,408 2,494 5,663 81,170 139,182 3582 iJoo 2,125 835 919 800 318 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 1500 2,125 18559 1,499 695 1,499 695 Staff costs consist of.. Wag¢s and salaries Pcn8ion contributions 139,182 66,025 No ¢mployee earned £60,000 pei. annujn or more. The average weekly numbei. of ¢mployees was No trustee etly¢d remuneration. EXPEM)rruRE . RESTIUCTED Charitable ActiYiti¢¥ 2023 Other C(vats Total Fulld8 2023 Totsl Funds 2022 2023 Widows and orphans Kings Kids Bank Charges W¢bsite Hosting 15071 15071 33,809 iii 514 iii 514 608
VALLEY LIFE TRUST Notes to tbe Fillatteial Statements for the yeAr ended 31 Deeember 2023 (cont) TOTAL RESOIJRCES EXPENDED 2023 Total 2022 Total Staff Costs Dépreelation Other Costs Charitable activities Other costs 142.764 1,045 153,072 19 296,881 286,354 TANGIBLE FIKED ASSETS Office Equipment Total Cost At l Januw 2023 Additions Disposals At 31 December 2023 2,045 3,136 2,045 3.136 S,181 5,181 Depreciation At l January 2023 Charge for th¢ year R¢leased on disposals At 31 Deeember 2023 999 999 1,04S 1.045 2,044 Net book value At 31 De¢ember 2013 3,137 3,137 At 31 D¢mber 2022 1,046 1,046 2023 2022 DEWfORS Sundry debtoi's attd prepaym¢nts io
VALLEY LIFE TRUST NOÉÈS lo the Fillancial Statements for the yewr ended 31 Deeember 2023 {¢ont) CREDITORS- AMOUNTS FALLING DUE WITIIIN ONE YEAR 2023 2022 Creditors Other creditors ACCed ¢xpense8 318 9,336 3,651 Baianee &t Movement In Resources Balance At Intomlng Outgoing Transfers 31.12.23 01.01.23 RestrA¢ted funds Unrestrictsd funds 82221 122 441 20,495 299 132 (16,496) {&776) 77,444 8 776 145 645 io. ANALYSIS OF NET AETs BETWEEN FUNDS UDre8tYieted RtrIcted TotAI Futtd balanc¢s at 31 December 2023 are reproscnted by.. Fix¢d asset8 Debtors Cash at bank Creditors 3,137 574 153.088 3,137 574 230,532 77,444 Totsl Net Assets The restricted funds are kept in a separdte bat& account and consist of donatiuns giv¢n foi. a specific pury>ose. Th¢ contributiuns ar¢ g¢nerally for the relief of povety, care & eduetttion of otyhans and widows cutT¢ntly focused on Mityanffj Uganda and Kigali, Rwallda. Cutr¢ntly the whole ba]ance is for this puose. There are occasions when a donation may b¢ made for some other specific proJt 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 requir¢d. th¢n the donor is asked whcthcr the funds can be r¢dir¢cted elsewheTe, Inov¢d to the general fund or returned. The 'ust has never had any occasion where funds have been returned even though we have asked. 11. RELATED PJIRTY DISCLOSURES During the year there were no loans made from the TrusteeslDiiectors to the company.