Soar Valley Outreach Annual Report 2023
Soar Valley Outrexh Annual Report 2023 Soar Valley Outreach Statutt>ry Infom)atlon Reglstered AddTe5S 4 Meadow Road, Mountsorrel, Leics LE12 7HN Trustees inte Appointed 30 September 2020 Appointed 30 September 2020 Appointed 30 September 2020 Appointed 11 March 2021 Mr Tim Jackson Mrs Janet Jackson Rev Graham Dunn Mr Ken Arkley 8ankers Natwest Independent Ex¥mlDer Ask Accountancv Rothley Road, Mountsorrel Page l of 10
Soar Valley Outreach Annual Report 2023 Contents Trustees Report Independent Examinerfs Report Statement of Financial Attivitie5 Balance Sheet Notes to the Accounts 8-10 Page 2 of 10
Soar Valley Outreach Annual Report 2023 Trustees Report The trustees Psent their annual report and financial ststements for the year to 31st December 2023. Charltable object The Charity Incorporated Organisation ICIOI is governed by a Foundation Constitution approved on 30th September 2020. This states that the purpose of the CIO is"For the public benefit. the alleviation of poverty in Leicestershire through provision of a range of services including but not limited to food provision. personal support and debt advice." The main actNities of the charity are the development of church based social and community action especially in the field of Food Projects providing food parcels and personal support. Also the provision of completely free face to fa money advice to those in debt and budgeting and benefits advice. In planning the activities of the CIO the Trustees have considered the Charity commission's guidance on public benefrt. Organisation structtire and declsion making process Soar Valley Outreach is overseen by the Trustees who met regulady during the year. All trustees keep the composition of the board under review and will seek to appoint additional member5 With appropriate skills and expertise should the need arise. The trustee board aims to have a broad representation of trustees. The opportunity for new trustees is advertised across the Soar Valley Outreach network together with the outline of the type of person required. Generallv. trustees will have a knowledge of the sector, or a specific skill set, and need to be a Christian. Intested parties are given details of the background of the charity in order to make them aware of urrent actiVTties. Objertives and actl¥itle5 In order to achieve the Purpose the CIO provides a range of services. Soar Valley Communlty Food Projert The provision of fd parcels to those in n¢ed across the villages between Leicester and LA)ughborough through a network of 8 eentres. During the year we Provided 3,803 food parcels to families througb centres in Roth1, Birstall, mounts0e], Barrow, Sileby, Syston, Thunn&ston and Anstey. This was a 241J/o increas¢ on last year. As well as PToviding the food parcels ch centre ¢ncouTages those being supported to have a chat over a hot drink to understand how ¢ls¢ we can help than. This includes sign POStiDg to other services that are available. We have a team of18 volunteers who sort and check the food, store IL pick and distribute food parcels. We receive donations of food and money from a wide Tange of sources. We estimate that the value of the food we have given out is around £145,(KM). Page 3 of 10
Soar Valley Outreach Annual Report 2023 Soar Valley Community Money Adce The provision of debt advice to those who need help thTougb our 3 debt advisors. During the period we started working with 15 new clicnts with total debts of £234,000. kn addltion we continued working with 15 clients from previous years. Of these people I I completed a debt relief order, 13 are on rq)ayment plans and 6 are working towards a solution. We continued to received fvnding to employ the Financial Coach for 3 days per weeK last year 1.5 days. They have worked with around 35 people supporting them with benefits advice, benefits forn]s. supplier qu1¢8, budgeting and other issues as they arose. The response from those who have received the hdp h&$ been very positive. Other During the period we received funding to provide quarterly 8aslelectric top ups to support those struggling with their bills. Jn December 2022 we received a grant from Leicestershire County Council to suprrt)rt Wann Hubs in Churches Mountsorrel, Quorn, Sileby and Rothley. These would be warm. welcoming and safe spaces for people to meeL eciallY those struggling to heat their hom¢s. The period coveral by the grant bas been extended to March 2024. Finance report The total income in the year was £62,763 {2022: £57.7701. We are very grateful for the many indNiduals who support the work by both regular giving or one off donations. We are also grateful for the grants received from Mountsorrel Community Fund, Charnwood Borough Council. Leicestershire County Council Household Support Fund and Rotary Club of Loughborough. The total expenses in the period were £62.399 covering salaries. food, equipment. client support, debt advice costs and insurance. That resulted in an unrestricted surplus of £27.968 and a restricted surplus of £12,W3 that was carried forward. Inve5tmeDt policy The Trustees, having regard for the liquidity requirements of the charity and to the re5eryes policy, have kept all available funds in a bank current account with instant access to all funds at any time. Reser¥es policy The Trustees have estsblished a reserves poly. and are satisfied that they have sufficient reserves at the Balance Sheet date {31 December 2023}, together with ongoing income antipated, to enable the charity io fUn¢tn effective in the coming year. Pa8e 4 of 10
Soar Valley Outreach Annual Report 2023 The reserve5 policy states that the charity aims to have sufficient unrestrided funds available to cover at least 3 months of operations. Any expenditure that would reduce the reserves below this level, even tempornrlly, is Subject to agreement from the Trustees together with an agreed plan to address any deficit. Total bank balances at 31 December 2023 were £39,971. Plans forthe fvture The Charity plans to continue the attlvTties outlined above in the forthcoming year. When planning our activities for 2024. the trustees have conSered the Charity Commission's guidance on public benefii. ststement of rfsks The trustees confirm that they have gNen consideration to the major risks to which the charity IS exposed and that Systems have been designed and established to mitigate those risks. Trustee responsibllities lor the financlal statements Charity law requires the trustees of the charity to prepare ststements of account for each financial year which give a true ar fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to.. Select suitable accounting policies and apply them consistentty: Make judgements and estimates that are reasonable and prudent. Prepare the financial statements in accordance with the methods and principles set out in the Statement of Recommended Practice Accounting and Reporting by Charities and to slate whether or not the accounts have been prepared in accordan with that statement and applicable accounting standards- Prepare the financial statements on the going toncern basis unless it is inappropriate to presume that the charity will continue in operation. The trustee5 are responsible for keeping proper accountin£ records which are suffitient to Show and explain the charivs transactions and to disclose with reasonable accurary at any time the financial Position of the charity, and to enable them to ensure that any statements of account comply with the requirements of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the trustees Rev Graham Dunn 2024 Tim Jackson Page 5 oflo
r Valley Outreach Annual Report 20Z3 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF SOAR VALLEY OUTREACH I report on the accounts for the year ended 31 December 2023, whlch a set out on pages 8 to 14. Respertlve responslbllftles of trustees and eyamlner The charlty's trustees are responsible for the preparation of the account5. The charfvs trustee5 consider that an audit is not required for this year under settion 144 of the Charities Act 2011 (the Charities Act) and that an Independent examinatlon is needed. It is my responsibility to- . examine the accounts under sertion 145 of the Charities Att, - follow the procedures lald down in the general Diredion5 glven by the Charity Commlssion (under section 145ISI{bl of the Charities Act. and . state whether particular matters have come to my attention. Basls of Independent examlnerfs report My examlnatlon was carrled out in accordance with general Directions given by the Charity Commlssion. An exarnination includes a review of the accounting records kept by the charlty and a comparison of the accounts presented with those records. It also includes conslderatlon of anv unusual Items or dlsclosures in the accounts. and seeking explanatlons from the trustees concernlng any such matters. The procedures undertaken do not prowde all the evidence that would be requlred in an audit. and consequently no opinion is given as io whether the accounts present a 'true and falr" view and the report is limlted to those matter5 set out In the ststement below. Independent examiner's Statement In connection with my examination. no Matter has come to my attention-. lal which give5 me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the Charities Act; . to prepare accounts which accord with the accounting records and compty with the accounting requirements of the Charlties Act have not been met. or Ib) to which, in my opinion, attenlion should be drawn in order to enable a proper understandlng of the account5 to be reached. Ask Accountancy Limi Dated: 10 July 2024 Page 6 of 10
Soar Valley Outreach Annual Report 2023 STATEMENT OF FINANCIAL AcfiviTIE5 FOR THE PERIOD ENDED 3tst DECEMBER Z023 Total 2023 Total 2022 Note General Re5trirted Incoming resources Voluntary income 29.373 33.390 62,763 57,770 Donations 33,390 62,763 57,770 Totsl Incomlng resourte5 29.373 Resources expended Charitable actwities 33,617 62,398 48,485 Charitsble artivities 28,781 48,485 Totsl resourtrs expended 28.781 33,617 62,399 365 9,285 Net incoming resources for the year 592 (227) Reserves brought ford at 31st December 2022 27,376 12,230 39,606 30,321 Reserves carrfed fon¥ard * 3tst December 2023 27, 39,971 39,606 Pège 7 of 10
Soar Valley Outreath Annual Report 2023 BALANCE SHEEr AS AT 31st DECEMBER 2023 310ecember 2023 31 December 2022 Note Current assets Cash at bank 39,971 39,606 39,971 39,606 Funds 27,968 12,003 27,376 12,230 Unrestricted Restrided 39.971 39,606 Rev Graham Dunn Date rim Jackson Date Page 8 of 10
Soar Valley Outrexh Annuèl Report 2023 NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31st DKEMBER 2023 AountIng policies 1.1 Basis of preparntson The accounts have been prepared under the hrical cost convention. The accounts are prepared in accordance with the Accounting Regulation5 set out under the Charities Act 2011, and WTth the Charities Statement of Recommended Prattice 2CQ5. Total 2023 Total 2022 Z Donatlons General Restricted Donations from individuals Grants and donations from organisations 23.815 5.558 23.815 38,948 24,860 31,650 33.390 29373 33,390 62.763 57,770 Total Total 2023 Total 2022 3 Charitable actfviiles General Restricted 697 24,876 11,278 6,720 10,048 1,230 3.620 11,975 31,597 7,753 2,190 3.620 35 1,51X) 391 9,279 23,076 7,753 2,810 1,870 126 Salary & National Insurance Food purchases Client support Costs Debt advice costs Warm Hubs IT & equipment Premises cost Insurance Other expenses 960 35 391 323 302 1,769 721 33.617 62.399 48,485 T¢rtal 28,782 4 Employee5 and Trustees The Charity employs one part time Financial Coach. None of the Trustees reNed any remuneration during the per. Page 9 of 10
Soar Valley Outreach Annual Report 2023 Total 2023 Total 2022 5 Summary of reserves held General Restricted 27,376 264 General reserye Client support Financial Coach LCC Covid support Warm Hubs DRO Support 27,968 27,968 264 264 3,E6 6,623 1.510 6,623 1,510 3.791 5,130 45 27.968 12,003 39.971 39,606 Client support- covers funds received to support specific clients Financial coach- covers a specific grant received to cover the costs of the Financial Coach LCC Covid support- covers funds reNed to provide gaslelectric top ups and extra food Warm Hub- covers funds received to provide warm spaces in Churches DRO Support- covers fees received to pay clients debt relief order fees. 6 Penslons The Charity is an employer participating in a pension scheme known as the Nest Pension Scheme 1.the Scheme"). The cost in the year was £19512022 nill- Page 10 of 10