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← Valley Church

2023-12-31-accounts

Charity registration number 1125080

Company registration number 06271275 (England and Wales)

VALLEY CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

VALLEY CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee's Reverend E J Carter
Mr J P Street
Mr R Sellars
Ms C Greaves
Mr A Moore
Secretary Mr J P Street
Charity number 1125080
Company number 06271275
Registered office Tenterhill Farm
Ashley Lane
Goosnargh
Preston
Lancashire
England
PR3 2EE
Independent examiner Jerroms
Lumaneri House
Blythe Gate
Blythe Valley Park
Solihull
West Midlands
B90 8AH

VALLEY CHURCH

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

VALLEY CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustee's present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

To advance the Christian faith in accordance with the Statement of Beliefs appearing in the Schedule hereto Lancashire and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity.

To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind, including through the provision of counselling and support in Lancashire and in such other parts of the United Kingdom or the world as the Trustees from time to time may think fit.

Charity Aims

Who Benefits?

How are their needs met and how do they influence the charity's developments?

Achievements and performance

Achieved through church services, events, community activities, and internet distribution of sermons. Achieved through designated giving and various community outreaches and initiatives. Joining with Compassion and Vision Rescue have helped us achieve this objective internationally.

Financial review

The Trustee's have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

VALLEY CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The charity 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.

The Trustee's, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Reverend E J Carter Mr J P Street Mr D A Scholes (Resigned 16 October 2023) Mr R Sellars Ms C Greaves Mr A Moore

Organisational structure

The board of Trustees of 6 members, who meet at least every 10 weeks, administers the charity.

The Trustees' report was approved by the Board of Trustee's.

Mr J P Street Mr R Sellars Trustee Trustee

24 September 2024

VALLEY CHURCH

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE'S OF VALLEY CHURCH

I report to the Trustee's on my examination of the financial statements of Valley Church (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustee's of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

Jerroms

Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH

Dated: 24 September 2024

VALLEY CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
364,936
80,379
Investments
3
2,786
-
Total income
367,722
80,379
Expenditure on:
Raising funds
4
3,884
52,282
Charitable activities
5
400,315
-
Total expenditure
404,199
52,282
Net income/(expenditure) and
movement in funds
(36,477)
28,097
Reconciliation of funds:
Fund balances at 1 January
2023
257,591
143,360
Fund balances at 31
December 2023
221,114
171,457		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
445,315
390,023
153,761
2,786
200
-
448,101
390,223
153,761
56,166
4,152
74,755
400,315
348,496
-
456,481
352,648
74,755
(8,380)
37,575
79,006
400,951
220,016
64,354
392,571
257,591
143,360		 Total
2022
£
543,784
200
543,984
78,907
348,496
427,403
116,581
284,370
400,951

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

VALLEY CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Restricted income funds
14
Unrestricted funds		 2023
£
72,764
224,886
297,650
(10,080)		 £
105,001
287,570
392,571
392,571
171,457
221,114
392,571		 2022
£
84,819
196,969
281,788
(5,838)		 £
125,001
275,950
400,951
400,951
143,360
257,591
400,951

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustee's on 24 September 2024

Mr J P Street Mr R Sellars Trustee Trustee

Company registration number 06271275 (England and Wales)

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Valley Church is a private company limited by guarantee incorporated in England and Wales. The registered office is Tenterhill Farm, Ashley Lane, Goosnargh, Preston, Lancashire, PR3 2EE, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustee's in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.3 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.4 Expenditure

Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category.

1.5 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
364,936
7,055
Heart for the House
-
68,352
People matter
-
4,972
364,936
80,379		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
371,991
368,008
18,640
68,352
22,015
134,496
4,972
-
625
445,315
390,023
153,761		 Total
2022
£
386,648
156,511
625
543,784

3 Income from investments

Interest receivable
Raising funds
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fundraising and publicity
Special events expenses
3,884
-
People matter expenses
-
1,008
Staff costs
-
3,109
Trading costs
-
52,282
3,884
52,282		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
2,786
200
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
3,884
4,152
-
4,152
1,008
-
14
14
3,109
-
27,772
27,772
52,282
-
74,755
74,755
56,166
4,152
74,755
78,907		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
2,786
200
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
3,884
4,152
-
4,152
1,008
-
14
14
3,109
-
27,772
27,772
52,282
-
74,755
74,755
56,166
4,152
74,755
78,907
Total
2022
£
4,152
14
27,772
74,755
78,907

4 Raising funds

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Expenditure on charitable activities

Heading Heading
#ac982 #ac982
2023 2022
£ £
Direct costs
Staff costs 185,322 148,177
Depreciation and impairment 20,000 15,000
Ministerial Costs 69,608 65,463
Technical equipment 8,419 18,450
Tithe giving 31,446 18,310
People Matters expenses 3,060 600
Gifts for visiting speakers 14,424 10,805
332,279 276,805
Share of support and governance costs (see note 6)
Support 60,000 60,000
Governance 8,036 11,691
400,315 348,496
Analysis by fund
Unrestricted funds 400,315 348,496
6 Support costs allocated to activities
2023 2022
£ £
Management Charge 60,000 60,000
Governance costs 8,036 11,691
68,036 71,691

7 Trustee's

2 of the Trustee's received remuneration during the year totalling £69,495 (2022: £89,440), 2 of them were reimbursed a total of £12,872 travelling expenses (2022 - 2 were reimbursed £4,724).

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
5 5

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8
Employees
Employment costs
Wages and salaries
Other pension costs		 (Continued)
2023
2022
£
£
181,104
169,987
7,327
5,962
188,431
175,949		 (Continued)
2023
2022
£
£
181,104
169,987
7,327
5,962
188,431
175,949
175,949

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Fixed asset investments

Other
investments
Cost or valuation
At 1 January 2023 & 31 December 2023 125,001
Impairment
At 1 January 2023 -
Impairment losses 20,000
At 31 December 2023 20,000
Carrying amount
At 31 December 2023 105,001
At 31 December 2022 125,001
2023 2022
Other investments comprise: Notes £ £
Investments in subsidiaries 18 105,001 125,001

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11
Debtors
Amounts falling due within one year:
Amounts owed by fellow group undertakings
Other debtors
12
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
13
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
69,000
3,764
72,764
2023
£
4,128
4,102
1,850
10,080
2023
£
7,327		 2022
£
77,000
7,819
84,819
2022
£
-
3,988
1,850
5,838
2022
£
5,962

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Heart of the house
People matter
Through money		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
145,369
68,352
(48,165)
165,556
1,611
4,972
(1,008)
5,575
(3,620)
7,055
(3,109)
326
143,360
80,379
(52,282)
171,457		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
145,369
68,352
(48,165)
165,556
1,611
4,972
(1,008)
5,575
(3,620)
7,055
(3,109)
326
143,360
80,379
(52,282)
171,457
171,457

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14
Restricted funds
Previous year:
At 1
Heart of the house
People matter
Through money		 (Continued)
January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
57,842
134,496
(46,969)
145,369
1,000
625
(14)
1,611
5,512
18,640
(27,772)
(3,620)
64,354
153,761
(74,755)
143,360

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds
Analysis of net assets between funds
At 31 December 2023:
Investments
Current assets/(liabilities)		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
257,591
367,722
(404,199)
221,114
January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
220,016
390,223
(352,648)
257,591
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
105,001
-
105,001
116,113
171,457
287,570
221,114
171,457
392,571

16 Analysis of net assets between funds

VALLEY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Analysis of net assets between funds

Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
At 31 December 2022:
Investments 125,001 - 125,001
Current assets/(liabilities) 132,590 143,360 275,950
257,591 143,360 400,951

17 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Valley Centre Developments Limited Rent
2023
£
60,000
60,000		 2022
£
60,000
60,000

There was 1 related party transaction during the year.

M Carter received remuneration for her services. She is the spouse of E Carter, a trustee.

18 Subsidiaries

Details of the charity's subsidiaries at 31 December 2023 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Valley Centre Developments Fourfields, Property Rental & Coffee ShopOrdinary 100.00
Bamber Bridge,
Preston