2023-09-30-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 2023

Overstream Tax and Accounting The Lighthouse Doverhay Porlock TA24 8LJ

Overstream Tax and Accounting is a trading name of Overstream Ltd Registered Office – The Lighthouse, Doverhay, Porlock, Somerset TA24 8LJ Registration number - 6461627

Axe Valley Christian Trust Financial statements For the year ended 30 September 2023

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 9

Axe Valley Christian Trust Report of the Trustees with the accounts For the year ended 30 September 2023

The Trustees present their annual report for the year ended 30[th] September 2023

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 2023 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

We continued to grow the work of the Trust based out of Bristol since the relocation from Minehead. We have seen the continued development of the mentoring and leadership programs, and we have been working on developing partnerships with other churches and organisations where we can establish long term mutually fruitful relationships.

The year round discipleship programs continue to run, 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.

A significant part of our work is funded by the income/gains from our investment portfolio, managed by professional wealth managers. Despite the financial markets being hit severely again this year and our investment portfolio did see a modest gain during the year of £15,962 in market value. This is in contrast to 2022 where our portfolio lost £101,805 in very difficult markets. Our investment policy is to invest in low to medium risk ethical investments. 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 £35,774 and there were unrealised investment gains of £15,962. Income declined by £10 from £29,872 to £29,862. Expenditure declined by £2,044 from £67,680 to £65,636.

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 2023, 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: 2 November 2023

Nick Shattock Overstream Tax and Accounting The Lighthouse, Doverhay Porlock Somerset TA24 8LJ

Axe Valley Christian Trust Receipts and expenditure account For the year ended 30 September 2023

*Receipts* Food and provisions *Income before administrative* *expenses* Administrative expenses *Net income* Gains (losses) on investments *Net movement in funds*	*2023* 29,862 2,118 27,744 63,518 -35,774 15,962 *-19,812*	*2022* 29,872 2,536 27,336 65,144 -37,808 -101,805 *-139,613*

Axe Valley Christian Trust Balance Sheet As at 30 September 2023

*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	1,142 2,509 3,651 1,640	*2023* 639,413 2,011 641,424 1,000 640,424 641,424	1,265 1,023 2,288 1,640	*2022* 660,588 648 661,236
					1,000 660,236
					661,236

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

…………………………..

Trustee

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2023

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 25% 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 2023

2 Tangible fixed assets

*Investments* *Plant and* *machinery* £ *Cost* At 1 October 2022 657,219 84,804 Withdrawals -36,000 Income 7,284 Management fees -7,579 Unrealised gains (losses) 15,962 At 30 September 2023 636,886 84,804 *Depreciation* At 1 October 2022 81,435 Charge for year 842 At 30 September 2023 82,277 *Net book value* At 1 October 2022 657,219 3,369 At 30 September 2023 636,886 2,527 *3 Debtors and prepayments* *2023* Gift Aid reclaim 1,142 1,142	*2022* 1,265 1,265	*Total* £ 742,023 -36,000 7,284 -7,579 15,962 721,690	*Total* £ 742,023 -36,000 7,284 -7,579 15,962 721,690
		81,435 842 82,277 660,588	81,435 842 82,277
		639,413

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2023

4 Creditors - amounts falling due within one year

	*2023*	*2022*
Accruals	350	350
Loans	1,290	1,290
	1,640	1,640
*5Movements on reserves*
	*Share*	*Income and*
	*Premium*	*expenditure*
	*account*	*account*
Balance at 1 October 2022	1,000	660,236
Net surplus (deficit) in year		-19,812
Balance at 30 September 2023	1,000	640,424

Axe Valley Christian Trust Notes to the financial statements For the year to 30 September 2023

*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*	*2023* 13,608 2,050 4,746 3 2,171 7,284 29,862 2,118 27,744 63,518 -35,774	*2022* 13,522 5,000 6,756 120 2,294 2,180 29,872 2,536 27,336 65,144 -37,808

*Administrative expenses* Salaries Youthwork Insurance Training Office costs and publicity Telephone Travel Legal and professional fees Accountancy Portfolio management fees Sundry expenses Subscriptions and licences Depreciation	*2023* 43,706 5,887 665 50 1,314 144 2,337 256 350 7,579 388 842 63,518	*2022* 40,382 9,885 655 183 920 120 2,368 47 350 8,649 219 523 843 65,144