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