REGISTERED CHARITY NUMBER: 1052619 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for Wells rin Communi Church Daniel Sam Limited Chartered Accountants 61 Plodder Lane Farnworth Bolton BL4 OBX
Wells rin Communit Church Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 12 Detailed Statement of Financial Activities 13 to 14
Wells rin Communit Church ort of the Trustees for the Year Ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims As stated in our constitution the objects of the church are, for the benefit of the public,: to advance the Christian faith in accordan with the statement of faith of Assemblies of God in such ways and in such parts of the United Kingdom or the world as the church council from time to time think fit- to relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind including through the provision of counselling and support in such parts of the United Kingdom or the world as the church council from time to time think fit; and to advance education in such ways and in such parts of the United Kingdom or the world as the church council from time to time think fit. Public benefit The management team continue to be guided by the Commission's advice in relation to our obligations to be of benefit to the public and certainly the food pantries are a great benefit to our local communities as are our meetings. We are also keen to be a Sour of spiritual blessing to our community as our name implies and the management team and pastor always have this in mind. Page 1
Wells rin Communit Church ort of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Attendance and meetings All of the Sunday church services are now run live. We still use Zoom. As in the last report, we have seen steady and sustained growth. Pastoral Teams The pastoral oversight of the church is going from strength to strength. We are building on strengthening the pastoral team. We continue to reach out to our members and it is having a noticeable impact in the lives of many. Little Fish - Parent and Toddler Group Little Fish remains in hibernation. As we move into the next church year, we will start to look at what we will do, with this service. moving forwards. Sunday School The Sunday School is now back up and running. Again, as we move into the next year we will look at what we want to do, in order to move this to the next phase. The Feed The Feed remains suspended. However, works do continue with the youth and young people of the church. The Well of Hope Food Pantry The Well of Hope Food Pantry continues to be an incredible resource for the local community. We rely heavily on donations from local supermarkets, Fare-share and our own church members. Many give sacrificially. Economics has meant the increase of personal donations from £4.00 to £5.00. This has not met with any resistance. We have also initiated a scheme whereby church members can sponsor a family for as many weeks as they are able to. This is also growing in size. This has proven to be the major source of community outreach by Wellspring Community Church. As a result we also see clients of The Well of Hope Food Pantry attending Sunday services and mid-week services. The next year will see continued advance, of the community outreach, that WOHFP affords the church to be a part of. Missions Wellspring Community Church is committed to Mission. As we move into the next church year we will be assessing other support options for Mission outreaches. FINANCIAL REVIEW Principal funding sources The charity raises most of the general funds it needs to carry on its activities from within its own membership and congregation. Reserves policy The charity maintains a contingency fund of £5,000 which is considered appropriate to the charity's needs and activities. However, this is up for review as part of the ongoing financial review policies in place. Page 2
Wells rin Communit Church ort of the Trustees for the Year Ended 31 March 2024 FUTURE PLANS Building The leadership of the church are continuing their focus on improving and maintaining the church facilities, including the church building. Work has been done in the men's toilets and the ladies toilets, and also in the disabled toilets. However, these works have been minor repair works. The church needs major works, so we will look to complete a feasibility study and assess what the next steps required are. These initiatives will take place during the next church year. Moving Forward Spiritually, we, as a leadership team, remain committed to the growth and development of the church through the preaching and teaching of God's word. worship, prayer. relationships, and outreach. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust and constitution adopted on 16 March 2015 as an unincorporated charity. Organisational structure The management of the charity is by a church council. The minimum number of members of the church council is three. The premises that the charity owns and occupies is held in trust by Assemblies of God Property Trust. Wider network The charity remains in fellowship and relationship with the churches which form the Assemblies of God network whose National Ministry Centre is based in Manchester. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1052619 Principal address Brendon Avenue Manchester M40 9DN Trustees Rev A Taylor P S Cassidy RLKing P G Burdon W O Sanni (resigned 1.4.23) Independent Examiner Daniel Sam Limited Chartered Accountants 61 Plodder Lane Farnworth Bolton BL4 OBX Page 3
Wells rin Communit Church ort of the Trustees for the Year Ended 31 March 2024 Approved by order of the board of trustees on behalf by: 2110112025 and signed on its Rev A Taylor- Trustee Page 4
Inde Wells endent Examiner's Re ort to the Trustees of rin Communit Church Independent examiner's report to the trustees of Wellspring Community Church I report to the charity trustees on my examination of the accounts of Wellspring Community Church (the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect" accounting records were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Gracian Daniel-som (Jan 22, 2025 09..42 GMT) Gracian Daniel-sam ACA Daniel Sam Limited Chartered Accountants 61 Plodder Lane Farnworth Bolton BL4 OBX 2210112025 Page 5
Wells rin Communit Church Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 61,329 49,250 Investment income 411 Totsl 61,740 49,250 EXPENDITURE ON Charitable activities Ministry Mission Administration Upkeep of church premises 35,420 10,584 3,899 8,276 29,113 6,638 4,426 11,198 Other 637 463 Total 58,816 51,838 NET INCOMEI(EXPENDITURE) 2,924 (2,588) RECONCILIATION OF FUNDS Total funds brought forward 327,547 330,135 TOTAL FUNDS CARRIED FORWARD 330,471 327,547 The notes form part of these financial statements Page 6
Wells rin Communit Church Balance Sheet 31 March 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes FIXED ASSETS Tangible assets 251,045 250,623 CURRENT ASSETS Debtors Cash at bank and in hand 80,795 77,732 80,802 77,739 CREDITORS Amounts falling due within one year (1,376) (815) NET CURRENT ASSETS 79,426 76,924 TOTAL ASSETS LESS CURRENT LIABILITIES 330,471 327,547 NET ASSETS 330,471 327,547 FUNDS Unrestricted funds 330,471 327,547 TOTAL FUNDS 330,471 327,547 The financial statements were approved by the Board of Trustees and authorised for issue on 2110112025 and were signed on its behalf by" A Taylor- Trustee P G Burdon - Trustee The notes form part of these financial statements Page 7
Wells rin Communit Church Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be reiVed and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Motor vehicles Furniture and equipment not provided 20 % on cost 20 % on cost Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 8 continued...
Wells rin Communit Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 INVESTMENT INCOME 31.3.24 31.3.23 Rents received Deposit account interest 400 411 TRUSTEES. REMUNERATION AND BENEFITS 31.3.24 31.3.23 Trustees, salaries Trustees, pension contributions to money purchase schemes 25,000 563 20,833 469 25,563 21,302 The above remuneration is in respect of Rev A L Taylor in his role as minister (as permitted by the charity's constitution) and not in his role as a trustee. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS The average monthly number of employees during the year was as follows" 31.3.24 31.3.23 Ministry Cleaning No employees received emoluments in excess of £60,000. Page 9 continued...
Wells rin Communit Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 INDEPENDENT EXAMINER'S REMUNERATION The amount payable to the Independent Examiner for carrying out the final preparation and independent examination of these accounts is £385 (2023: £385). TANGIBLE FIXED ASSETS Furniture and equipment Freehold property Motor vehicles Totals COST At 1 April 2023 Additions 250,000 800 3,764 1,059 254, 564 1,059 At 31 March 2024 250,000 800 4,823 255,623 DEPRECIATION At 1 April 2023 Charge for year 480 160 3,461 477 3,941 637 At 31 March 2024 640 3,938 4,578 NET BOOK VALUE At 31 March 2024 250,000 160 885 251,045 At 31 March 2023 250,000 320 303 250,623 The charity is the beneficial owner of the land and buildings situated on Brendon Avenue, Manchester, M40 9DN, however the legal title is held by the charity's custodian trustee (Assemblies of God Property Trust). DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other debtors Page 10 continued...
Wells rin Communit Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other creditors 1,376 815 MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 327,547 2,924 330,471 TOTAL FUNDS 327,547 2,924 330,471 Net movement in funds, included in the above are as follows: Incoming resources Resources Movement expended in funds Unrestricted funds General fund 61.740 (58,816) 2,924 TOTAL FUNDS 61,740 (58,816) 2,924 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 330,135 (2,588) 327,547 TOTAL FUNDS 330,135 (2,588) 327,547 Page11 continued...
Wells rin Communit Church Notes to the Financial Statements - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS- continued Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources Movement expended in funds Unrestricted funds General fund 49,250 (51,838) (2,588) TOTAL FUNDS 49,250 (51,838) (2,588) 10. RELATED PARTY DISCLOSURES Rev A L Taylor (a trustee) received gross wages of £25,000 (2023.. £20,833) and employer pension contributions of £563 (2023: £469) for his employment as minister. Page 12
Wells rin Communit Church Detailed Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Subscriptions Miscellaneous income 56,172 37,188 7,054 4,608 400 4,835 322 61,329 49,250 Investment income Rents received Deposit account interest 400 411 Totsl incoming resources 61,740 49,250 EXPENDITURE Charitsble activities Trustees, salaries Trustees, pension contributions Wages Rates and water Insurance Light and heat Telephone Postage and stationery Sundries Supplies Training Subscriptions Gifts to other missions Repairs and maintenance Motor and travel Youth and children's work Outreach and evangelism 25,000 563 1,084 401 1,570 4,477 1,098 383 477 6,677 20,833 469 965 1,800 3,484 958 806 1,710 6,428 1,059 2,152 2,400 5,914 2,012 2,341 2,680 1,828 3,142 1,167 4,656 57,544 50,990 Other Depreciation of vehicles Carried forward 160 160 160 160 This page does not form part of the statutory financial statements Page 13
Wells rin Communit Church Detailed Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 31.3.23 Other Brought forward Depreciation of equipment 160 477 160 303 637 463 Support costs Governance costs Accountancy and legal fees 635 385 Total resources expended 58,816 51,838 Net incomel{expenditure) 2,924 (2,588) This page does not form part of the statutory financial statements Page 14