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← Valley Life Trust

2024-12-31-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 2024

VALLEY LIFE TRUST

Reference and Administrative Information as at 31 December 2024

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 - 3
Report of the Independent Examiner 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 - 10

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2024

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 2024. 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 Mission24LIFE throughout the year 2024.

The activities were carried out in the ways outlined below:-

1.Training: During the year we worked within the UK and overseas running in-person training seminars for at least 5,000 people in the UK and in other parts of the world.

2. Outreach projects: During the year we held several conferences and setup schools in multiple venues across the UK.

3. Aid & Relief: We have educated, clothed, and fed school children and widows with families. Through training and grant funding many people have been able to start sustainable small businesses.

1

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2024 cont

Strategy and future developments

We are regularly looking at ways to increase our training provision. Strategic partnerships is a key way that we are exploring in the future to expand our reach.

An expected upgrade to our website will enable more people to access our resources.

With the increased reach we will need to consider employing additional team members.

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 £82,277 which has increased from £18,427 in 2023. Reserves stand at £305,366 of which £14,388 is restricted and £290,978 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. We have been very grateful for the commitment of our existing donors to maintain support for our projects throughout the year.

There are 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 / churches 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 situation 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.

2

VALLEY LIFE TRUST

Report of the Trustee Board for the year ended 31 December 2024 cont

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:

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 28 May 2025 and signed on its behalf by:

Stephen Pailthorpe

Chair of Trustee Board

3

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 2024 set out on pages 5 to 10.

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

28 May 2025

4

VALLEY LIFE TRUST

Statement of Financial Activities For the year ended 31 December 2024

Notes
Incoming Resources

Voluntary Income
Sales of resources
Gift Aid
Training workshops
Miscellaneous income
Argentina Mission
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 2024
Balances carried forward
At 31 December 2024		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
233,245
76,584
309,829
2,286
-
2,286
26,828
10
26,838
145,181
50
145,231
-
-
-
8,444
-
8,444
535
-
535
416,519
76,644
493,163
308,434
95,910
404,344
6,382
160
6,542
314,816
96,070
410,886
101,703
(19,426)
82,277
43,630
(43,630)
-
145,333
(63,056)
82,277
145,645
77,444
223,089
290,978
14,388
305,366		 Total
Funds
2023
£
235,458
1,972
881
80,971
-
-
345
319,627
296,881
4,319
301,200
18,427
-
18,427
204,662
223,089

The notes on pages 7 to 10 form part of these financial statements

5

VALLEY LIFE TRUST

Company Number 05648030

Balance Sheet as at 31 December 2024

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		 43,014
271,310
314,324
12,563		 2024
£
3,605
574
230,532
231,106
11,154
301,761
305,366
290,978
14,388
305,366		 2023
£
3,137
219,952
223,089

145,645
77,444
223,089

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2024 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 28 May 2025 and were signed on its behalf by:

S Pailthorpe Chairman

The notes on pages 7 to 10 form part of these financial statements

6

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2024

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 £2,185 (2023 - £2,655) 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 2024 nor for the year ended 31 December 2023.

7

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

4. EXPENDITURE - UNRESTRICTED

4. Charitable
Other
Activities
Costs
2024
2024
£
£
Rent
4,622
-
Insurance
1,030
-
Telephone
2,275
-
Advertising
3,437
-
Website costs
3,060
-
Stationery
3,175
-
Travel and motor expenses
19,909
-
Books and CDs
1,279
-
Computer costs
3,390
-
Gifts and sundries
5,122
-
Ministry costs
110,032
-
Salaries and wages
137,004
-
Pension
3,860
-
Independent examiner’s fees
-
1,800
Professional fees
735
-
Training course expenses
8,270
-
Bank charges
-
3,693
Administration
-
889
Depreciation
1,234
-
308,434
6,382
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
2024
2024
£
£
Widows and orphans
95,910
-
Kings Kids
-
-
Bank charges
-
160
Website Hosting
-
-
95,910
160		 Charitable
Other
Activities
Costs
2024
2024
£
£
4,622
-
1,030
-
2,275
-
3,437
-
3,060
-
3,175
-
19,909
-
1,279
-
3,390
-
5,122
-
110,032
-
137,004
-
3,860
-
-
1,800
735
-
8,270
-
-
3,693
-
889
1,234
-		 Charitable
Other
Activities
Costs
2024
2024
£
£
4,622
-
1,030
-
2,275
-
3,437
-
3,060
-
3,175
-
19,909
-
1,279
-
3,390
-
5,122
-
110,032
-
137,004
-
3,860
-
-
1,800
735
-
8,270
-
-
3,693
-
889
1,234
-		 Total
Funds
2024
£
4,622
1,030
2,275
3,437
3,060
3,175
19,909
1,279
3,390
5,122
110,032
137,004
3,860
1,800
735
8,270
3,693
889
1,234

314,816
137,004
3,860

No
4
Total
Funds
2024
£
95,910
-
160
-

96,070		 Total
Funds
2023
£
1,291
882
1,806
1,741
2,965
902
16,195
1,408
2,494
5,663
81,170
139,182
3,582
1,500
2,125
18,559
1,499
695
1,045
284,704
139,182
3,582
No
4
Total
Funds
2023
£
15,871
-
111
514
16,496

308,434
6,382

95,910
160

8

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

5. TOTAL RESOURCES EXPENDED

Charitable activities
Other costs

 2024
Staff Costs
Depreciation Other Costs
Total
£
£
£
£
140,864
1,234
262,246
404,344
-
-
6,542
6,542
140,864
1,234
268,788
410,886		 2023
Total
£
296,881
4,319
301,200

6. TANGIBLE FIXED ASSETS

7.
DEBTORS
Sundry debtors and prepayments
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Released on disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Office
Equipment
£
5,181
1,702
-
6,883
2,044
1,234
-
3,278
3,605
3,137		 2024
£
43,014		 Total
£
5,181
1,702
-
6,883
2,044
1,234
-
3,278
3,605
3,137
2023
£
574

9

VALLEY LIFE TRUST

Notes to the Financial Statements for the year ended 31 December 2024 (cont)

8.
9.		 CREDITORS– AMOUNTS FALLING DUE
2024
WITHIN ONE YEAR
£
Creditors
1,377
Other creditors
9,536
Accrued expenses
1,650
12,563
FUNDS
Balance at Movement in Resources
01.01.24
Incoming
Outgoing
Transfers
£ £
£ £
Restricted funds
77,444
76,644
(96,070)
(43,630)
Unrestricted funds
145,645
416,519
(314,816)
43,630
223,089
493,163
(410,886)
-		 CREDITORS– AMOUNTS FALLING DUE
2024
WITHIN ONE YEAR
£
Creditors
1,377
Other creditors
9,536
Accrued expenses
1,650
12,563
FUNDS
Balance at Movement in Resources
01.01.24
Incoming
Outgoing
Transfers
£ £
£ £
Restricted funds
77,444
76,644
(96,070)
(43,630)
Unrestricted funds
145,645
416,519
(314,816)
43,630
223,089
493,163
(410,886)
-		 CREDITORS– AMOUNTS FALLING DUE
2024
WITHIN ONE YEAR
£
Creditors
1,377
Other creditors
9,536
Accrued expenses
1,650
12,563
FUNDS
Balance at Movement in Resources
01.01.24
Incoming
Outgoing
Transfers
£ £
£ £
Restricted funds
77,444
76,644
(96,070)
(43,630)
Unrestricted funds
145,645
416,519
(314,816)
43,630
223,089
493,163
(410,886)
-		 2023
£
318
9,336
1,500
11,154
Balance at
31.12.24
£
14,388
290,978
305,366
WITHIN ONE YEAR
Creditors
Other creditors
Accrued expenses
FUNDS
Restricted funds
Unrestricted funds		 Balance at
01.01.24
£
77,444
145,645
223,089



493,163
(410,886)
-

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
£
Fund balances at 31 December 2024 are
represented by:
Fixed assets
3,605
Debtors
43,014
Cash at bank
256,922
Creditors
(12,563)
Total Net Assets
290,978		 Restricted
£
-
-
14,388
-
14,388		 Total
£
3,605
43,014
271,310
(12,563)
305,366

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 Byumba, Rwanda. These payments are as grants made to LIFE link Rwanda, the NGO that the charity has a relational partnership with. 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 related party transactions that require disclosure.

10