## _**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._
_1_
_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._
_2_
## _**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_
_3_
## _**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_**|
_4_
## _**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**_
_5_
## _**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._
_6_
## _**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_||
||||
_7_
## _**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_|
_8_
_**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_|
_9_
## _**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_|
|---|---|---|
_10_