2022-09-30-accounts - The Axe Valley Christian Trust

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Axe Valley Christian Trust

Registered Charity Number 285783

Financial Statements For the year ended 30 September 2022

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 2022

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 2022

The Trustees present their annual report for the year ended 30[th] September 2022

Charity Status

The Axe Valley Christian Trust is constituted by Trust Deed dated 1[st] October 1982 and is a registered charity, number 285783. It’s address is P.O. Box 908, Admirals Yard, Station Road, Patchway. Bristol, BS34 6LR

Trustees

The charity's trustees during the year to 30 September 2022 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

Last year saw our work significantly restricted due to the COVID pandemic, but in 2022 we have been able to move much more back to face-to-face work with our young people, pursuing our vision to create an environment where young people can encounter Jesus. After our move from the Beacon in 2021, we have now focused on making our work an all year round ministry to the young people, rather than predominantly in the summer as in the past. Also due to the lifting of COVID restrictions, we have been able to resume the summer weeks program this year, using the Woodcroft Centre in Chepstow. We ran 3 full weeks in the summer of 2022 which were well attended, and where we saw young people coming into encounter with Jesus. The weeks however were not at full capacity and already we are seeing encouraging signs of higher attendance in 2023 through church links we are developing.

The year round discipleship programs continue to run, but we are making more of these sessions in person. Also, the young leaders’ program is progressing well, as we equip our young people to become leaders in their own right, on our own weeks and courses as well as in other settings. The environment is still such that we are recovering our numbers after the COVID pandemic, but the signs are encouraging.

A significant part of our work is funded by the income/gains from our investment portfolio, managed by professional wealth managers. Financial markets have been hit severely this year and as a result our investment portfolio has lost £101,000 in market value. This is in contrast to 2021 where our portfolio gained during better markets. We continue to review the performance of our wealth managers and are satisfied that they are managing the performance of our investments in line with market performance.

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. We extend our warmest thanks to all our supporters, financial and otherwise, and volunteers for their continued support of our work.

Finances.

Our expenses exceeded our income by £65,144 and there were unrealised investment losses of £101,805. Income increased by £13,884 from £15,988 to £29,872. Expenditure increased by £33,294 from £34,386 to £67,680.

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.

Date:

Axe Valley Christian Trust Independent Examiner’s report

I report on the accounts for the year ended 30 September 2022, 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: 16 November 2022

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 2022

*Receipts* Food and provisions *Income before administrative expenses* Administrative expenses *Net income* Gains (losses) on investments *Net movement in funds*	*2022* *2021* 29,872 15,998 2,536 798 27,336 15,200 65,144 33,588 -37,808 -18,388 -101,805 48811 *-139,613* *30,423*	*2021* 15,998 798 15,200 33,588

Axe Valley Christian Trust Balance Sheet As at 30 September 2022

*Fixed assets* Tangible Assets *Current Assets* 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	1,265 1,023 2,288 1,640	*2022* 660,588 648 661,236 1,000 660,236 661,236	1,201 6,678 7,879 2,527	*2021* 795,497 5,352 800,849
					1,000 799,849
					800,849

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

…………………………..

Trustee

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2022

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 2022

2 Tangible fixed assets

*Investments* *Plant and* *machinery* £ *Cost* At 1 October 2021 793,493 82,596 Disposals 200 82,396 Additions 2,408 Withdrawals -28,000 Income 2,180 Management fees -8,649 Unrealised gains (losses) -101,805 At 30 September 2022 657,219 84,804 *Depreciation* At 1 October 2021 80,592 Charge for year 843 At 30 September 2022 81,435 *Net book value* At 1 October 2021 793,493 2,004 At 30 September 2022 657,219 3,369 *3 Debtors and prepayments* *2022* Gift Aid reclaim 1,265 1,265	*2021* 1,201 1,201	*Total* £ 876,089 200 875,889 2,408 -28,000 2,180 -8,649 -101,805	*Total* £ 876,089 200 875,889 2,408 -28,000 2,180 -8,649 -101,805	*Total* £ 876,089 200 875,889 2,408 -28,000 2,180 -8,649 -101,805
			742,023
			80,592 843 81,435 795,497	80,592 843 81,435
			660,588

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2022

4 Creditors - amounts falling due within one year

Accruals Loans	*2022* 350 1,290 1,640	*2021* 1,237 1,290
		2,527

5 Movements on reserves

	*Share*	*Income and*
	*Premium*	*expenditure*
	*account*	*account*
Balance at 1 October 2021	1,000	799,849
Net surplus (deficit) in year		-139,613
Balance at 30 September 2022	1,000	660,236

Axe Valley Christian Trust Detailed income and expenses For the year to 30 September 2022

*Receipts* Donations etc Grants Upcott Weeks Shop and merchandise Bank and other interest Gift Aid tax rebate Investment income *Direct expenses* Food and provisions *Income before administrative* *expenses* Administrative expenses *Net income*	*2022* 13,522 5,000 6,756 120 2,294 2,180 29,872 2,536 27,336 65,144 -37,808	*2021* 13,958 -822 21 1 2,268 572 15,998 798 15,200 33,588 -18,388	*2021* 13,958 -822 21 1 2,268 572 15,998 798 15,200 33,588

Axe Valley Christian Trust Schedule of administrative expenses For the year to 30 September 2022

*Administrative expenses* Salaries Youthwork Water Rates and Council Tax Insurance Light and Heat Cleaning Repairs, renewals and maintenance Training Office costs and publicity Telephone Motor and travel Legal and professional fees Accountancy Portfolio management fees Sundry expenses Subscriptions and licences Profit on disposal of property Depreciation	*2022* *2021* 40,382 37,367 9,885 -2,047 283 322 655 1,350 -130 3 795 183 279 920 911 120 261 2,368 1,516 47 171 350 350 8,649 4,390 219 129 523 801 -13,664 843 501 65,144 33,588