2020-09-30-accounts - The Axe Valley Christian Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Axe Valley Christian Trust

Registered Charity Number 285783

Financial Statements For the year ended 30 September 2020

Overstream Tax and Accounting Parsons Street Porlock TA24 8QJ

Overstream Tax and Accounting is a trading name of Overstream Ltd Registered Office – Parsons Street, Porlock, Somerset TA24 8QJ Registration number - 6461627

Axe Valley Christian Trust Financial statements For the year ended 30 September 2020

Contents Report of the Trustees Independent Examiner’s report Receipts and expenditure account Balance sheet Notes to the Financial Statements Detailed income and expenditure Schedule of administrative expenses	Page
	1 – 2 3 4 5 6 – 8 9 10

Axe Valley Christian Trust Report of the Trustees with the accounts For the year ended 30 September 2020

The Trustees present their annual report for the year ended 30[th] September 2020

Charity Status

The Axe Valley Christian Trust is constituted by Trust Deed dated 1[st] October 1982 and is a registered charity, number 285783. Its address is The Beacon, Beacon Road, Minehead, Somerset, TA24 5SD

Trustees

The charity's trustees during the year to 30 September 2020 were:

J Randall – Chairperson A Wilson J Thorpe

Objects, organisation and activities

The charity is established to promote the Christian Gospel, and build up Christian people in their faith, through the Upcott Christian community and in accordance with the Basis of Belief, with particular reference to the property ‘Upcott’ and any other properties that may be acquired and used for all or any of the following:

training in Christian work and service
teaching Christianity to people of all ages
to minister to the needs of people as God directs
supporting the promotion of the Christian Gospel in the local area and anywhere else God directs
providing facilities whereby Christian meetings may take place.

In the event of the Upcott Christian Community ceasing to function, the above aims are to be carried out as the Trustees deem fit in accordance with the Basis of Belief.

Review of progress and achievements

As reported last year we have been in the process of selling the Beacon property in Minehead. An offer has been accepted and this is going through legal process, and it is expected to complete in the first quarter of 2021.

2020 has been an extremely challenging year for everyone, and it has had an adverse effect on the Trust and its work. Due to the Covid-19 pandemic we were unable to run any of the youth week activities that we were normally able to, in order to protect our team and the young people we minister to. Instead we were able to substitute with some limited online sessions. We are hopeful that we will be able to resume the face to face activities in 2021 when it is safe and when Government guidelines permit. Until that time we will continue to offer our activities online to the extent possible.

The main operations of the Trust have now relocated to Bristol, where Andrew and Fiona Palmer are now living. Our vision remains the same, to create an environment where young people can encounter Jesus, however we are making this now an all year round activity. Our work is now focused on providing this opportunity throughout the year via online media and contact, with face to face contact times interspersed when possible, including summer and other weeks, but at external locations as we will no longer have our own property. It is intended that the activities in external locations will be fully self funding by the attendees paying to attend. We continue to assess and shape the work of the Trust on an ongoing basis on this new form to ensure we achieve our vision in the best possible way.

The proceeds of the sale of the Beacon house will be invested with professional investment managers to generate annual income for the work of the Trust, in addition to the regular support and donations we receive. This total income is expected to be able to meet the costs of our work.

In this interim period we have been blessed by the generosity of some supporters who have made interest free loans to the Trust to cover its expenses which will be repaid out of the proceeds of the sale of the Beacon property, and we extend our warmest thanks to these and all our supporters for their continued support of our work.

Finances.

Our expenses exceeded our income by £12,081. Income declined by £12,352 from £47,395 to £35,043. Expenditure increased by £3223 from £43,901 to £47,124.

STATEMENT OF TRUSTEES RESPONSIBILITIES

We are required, under the Charities Act 2011, to prepare financial statements for each financial year, which give a true and fair view of the affairs of the charity, and of the net income or expenditure of the charity for that period. In preparing those financial statements, we are required to:

select suitable accounting policies and apply them;
make reasonable and prudent judgements and estimates;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

We are also responsible for:

keeping proper accounting records;
safeguarding the charity’s assets;
taking reasonable steps for the prevention and detection of fraud.

J Randall Chairman of the Trustees On behalf of the Board of Trustees.

Axe Valley Christian Trust Independent Examiner’s report

I report on the accounts for the year ended 30 September 2020, which are set out on pages 4 to 10.

Respective responsibilities of trustees and examiner

The Charity’s trustees are responsible for the preparation of the accounts. The Charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met, or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed………………………… Date…………………………

Nick Shattock Overstream Tax and Accounting Parsons Street Porlock Somerset TA24 8QJ

Axe Valley Christian Trust Receipts and expenditure account For the year ended 30 September 2020

*Receipts* Food and provisions *Income before administrative expenses* Administrative expenses *Net income*	*2020* £ *35,043* 1,483 *33,560* 45,641 *-12,081*	*2019* £ *47,395* 9,073
		*38,322* 34,828
		*3,494*

Axe Valley Christian Trust Balance Sheet As at 30 September 2020

*Fixed assets* Tangible Assets *Current Assets* Stocks Debtors and prepayments Cash in hand and at bank *Creditors* Amounts falling due within one year Creditors and Accruals *Net Current Assets* *Total Assets less current Liabilities* *Reserves* Share premium account Income and expenditure account	Note 2 3 4 5	1,532 12,889 14,421 15,850	*2020* 771,855 -1,429 770,426 1,000 769,426 770,426	450 1,745 10,618 12,813 3,350	*2019* 773,044 9,463 782,507
					1,000 781,507
					782,507

Approved by the Trustees for issue on…………………………….

…………………………..

Trustee

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2020

1 Accounting policies

a. Basis of accounting

The accounts have been prepared under the historical cost convention.

b. Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Generally Accepted Accounting Practice.

c. Receipts

Receipts represent amounts receivable from donations and accommodation contributions.

d. Tangible fixed assets

Tangible assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings freehold nil Fixtures, equipment and vehicles 20% reducing balance

e. Liabilities

All liabilities are recognised as they arise or on notification and are all due for settlement within one year unless stated otherwise.

f.. Taxation

The charity’s activities fall within its primary charitable objectives and are therefore exempt from taxation under Sections 521 to 536 Income Tax Act 2007.

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2020

2 Tangible fixed assets

*Land and* *Plant and* *buildings* *machinery* £ £ *Cost* At 1 October 2019 769,570 82,376 Additions 0 0 At 30 September 2020 769,570 82,376 *Depreciation* At 1 October 2019 0 78,902 Charge for year 1,189 At 30 September 2020 0 80,091 *Net book value* At 1 October 2019 769,570 3,474 At 30 September 2020 769,570 2,285 *3 Debtors and prepayments* *2020* *2019* Gift Aid reclaim 1,532 1,745 1,532 1,745	*Total* £ 851,946 0 851,946	*Total* £ 851,946 0 851,946
	78,902 1,189 80,091 773,044	78,902 1,189 80,091
	771,855

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2020

4 Creditors - amounts falling due within one year

Accruals Loans	*2020* 350 15,500 15,850	*2019* 350 3,000 3,350

5 Movements on reserves

	*Share*	*Income and*
	*Premium*	*expenditure*
	*account*	*account*
Balance at 1 October 2019	1,000	781,507
Net deficit in year		12,081
Balance at 30 September 2020	1,000	769,426

Axe Valley Christian Trust Detailed income and expenses For the year to 30 September 2020

*Receipts* Donations etc Accommodation Shop and merchandise Bank and other interest Gift Aid tax rebate Rent Government grant Sundry income *Direct expenses* Opening stock Food and provisions Closing stock *Income before administrative* *expenses* Administrative expenses *Net income*	450 1,033 1,483 0	*2020* £ 16,068 4,689 3 2,474 10,000 1,809 35,043 1,483 33,560 45,641 -12,081	450 9,073 9,523 450	*2019* £ 19,926 23,355 302 2 2,693 40 1,077 47,395 9,073 38,322 34,828	*2019* £ 19,926 23,355 302 2 2,693 40 1,077 47,395 9,073 38,322 34,828
					3,494

Axe Valley Christian Trust Schedule of administrative expenses For the year to 30 September 2020

*Administrative expenses* Salaries Youthwork Water Rates and Council Tax Insurance Light and Heat Cleaning Repairs, renewals and maintenance Pool maintenance Office costs and publicity Telephone Motor and travel Legal and professional fees Accountancy Sundry expenses Subscriptions and licences Depreciation	*2020* £ 23,655 4,323 599 1,770 2,574 4,359 106 963 1,503 615 2,528 309 350 54 744 1,189 45,641	*2019* £ 12,111 677 2,004 1,737 2,572 4,686 679 1,886 315 1,420 759 2,186 749 350 811 1,017 869 34,828