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