## **LIVING WATERS CHURCH FINANCIAL STATEMENTS 31 DECEMBER 2024**
**Company Registration Number 03843080 Charity Registration Number 1080165**
## **LIVING WATERS CHURCH**
## **FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2024**
|**CONTENTS**|**PAGE**|
|---|---|
|Reference and Administration details|**1**|
|Trustees annual report|**2 - 4**|
|Independent Examiners Report to the Trustees|**5**|
|
Statement of Financial Activities|**6**|
|Balance Sheet|**7**|
|Notes to the Financial Statements|**8 - 11**|
## **LIVING WATERS CHURCH**
## **Reference and Administration**
## **Status**
Living Waters Church is a company limited by guarantee (registration number 03843080) incorporated on 16 September 1999 and granted charitable status by the Charity Commission under number 1080165.
## **Trustees**
As set out in the Memorandum and Articles of Association, the Board of Trustees must consist of no less than three Trustees.
At the first Annual General Meeting all the Trustees retired from office, and at every subsequent AGM one third of the Trustees retire from office. The Trustees to retire are those who have been in place the longest since the last appointment.
A retiring Trustee is eligible for re-election.
The Charitable company can from time to time by ordinary resolution increase or reduce the number of Trustees and determine in what rotation such increased or reduced numbers shall go out of office. The Board of Trustees shall have the power at any time to appoint any person to be a Trustee. The Charitable Company may by ordinary resolution, of which special notice has been given, remove any Trustee.
The Trustees (who are directors for the purpose of company law) who served during the period and since the period end were as follows:
Willem Aalbers Stephen Boyd (appointed 15 April 2024) Ruth Fingleton Russell Gregory (resigned 12 November 2024) Donna Littleton (appointed 25 March 2025) Katie Tremelling (appointed 25 March 2025)
## **Registered Office**
23 Coleridge Vale Road South, Clevedon, BS21 6PE
## **Independent Examiner**
John Panteli, FCA, Stablegrove, West Hay Road, Wrington, BS40 5NR
## **Bankers**
Lloyds TSB, 16 The Triangle, Clevedon, North Somerset, BS21 6NB
**- 1 -**
## **LIVING WATERS CHURCH**
## **Trustees Annual Report**
The Trustees present their report and the unaudited financial statements of the Charity for the year ended 31 December 2024.
## **Structure, Governance and Management**
The Management Team, Trustees and Elders agree on Objectives for the year as appropriate. This is implemented by the Management Team and volunteers from within the church.
## **Investment Powers**
The Company’s Memorandum & Articles of Association place no restrictions on the investment powers of the Trustees.
## **The Directors**
The Board of Directors, who are Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
## **Objectives and Activities**
## **Objects of the charity**
To advance the Christian faith anywhere and by any means, including the use of written literature, tapes etc.
The relief of persons who are in conditions of need, hardship or who are aged and sick.
Education of children and adults through, if appropriate, the formation of a school or other institution.
## **Statement of public benefit**
The Trustees have complied with their duty under section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the Charity Commission.
## **Year in review**
In 2024 the church continued to be ‘on a Journey with friends to Freedom’ with a view to building relationships and serving others in the church, town of Clevedon and across the world.
During the year the church hosted several worship evenings, as well as the “Souls” conference in March with visitors from churches across Europe coming together to spend time in the Lord’s presence together. The congregation was encouraged to pray for the children in the church, with congregants committing to pray for the needs of specific children. The management team and trustees also dedicated time towards reviewing the vision and mission of the church, updating internal policies and reassessing which charities and individuals to support with grants.
We continued to serve the community via The Foodbank.
**- 2 -**
## **Financial Review**
Incoming resources reduced by 13% year on year, however resources expended also reduced significantly, by 41%. This was mainly due to having no employee-related costs during the year; a £28,182 reduction versus 2023. The net surplus allowed the church to invest in new sound equipment for Sunday services and build up its reserves over the course of the year.
## **Grant Making Policy**
The Charity will consider all proposals for grants that fall within its defined areas of operation. Each grant would be for a defined period and will relate to a specific project that encompass specific objectives that can be readily defined and monitored.
## **Reserves & Investment Policy**
The Trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be targeted at between one and three months of fixed expenditure.
The Trustees estimate this targeted level to be between £5,000 and £15,000. Following the changes to the cost base as described above, the charity’s reserves met and exceeded this range and the Trustees will continue to monitor and manage this position in the future.
As income is utilised within a short time after receipt the Trustees consider that the most appropriate policy for investing surplus funds is to place them on short term deposit.
## **Responsibilities of the Trustees**
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Trustees are required to prepare financial statements for each financial year in accordance with UK GAAP (UK Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these financial statements the Trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
**- 3 -**
This report has been prepared in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (revised 2005).
Registered office: 23 Coleridge Vale Road South Clevedon BS21 6PE
Signed on behalf of the Trustees
Willem Aalbers Trustee
Approved by the Trustees on 23 September 2025.
**- 4 -**
**Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
|**Report to the trustees/**|**Report to the trustees/**|Living Waters Church||
|---|---|---|---|
|**members of**||||
|||||
|**On accounts for the year**
**ended**||31 December 2024
**Charity no**
**(if any)**|1080165|
|||||
|**Set out on pages**||1 to 11||
|||I report to the trustees on my examination of the accounts of the above||
|||charity (“the Trust”) for the year ended**31 / 12 / 2024**.||
|**Responsibilities and**||As the charity's trustees, you are responsible for the preparation of the||
|**basis of report**||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 2011 Act and in carrying out my examination, I||
|||have followed all the applicable Directions given by the Charity Commission|have followed all the applicable Directions given by the Charity Commission|
|||under section 145(5)(b) of the Act.||
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or the accounts did 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.
|**Signed:**||**Date:**
26 September 2025
~~|~~|**Date:**
26 September 2025
~~|~~|
|---|---|---|---|
|**Name:**|John Panteli|||
|||||
|**Relevant professional**
**qualification(s) or body**
**(if any):**|Chartered Accountant, ICAEW|||
|||||
|**Address:**|Stablegrove|||
||West Hay Road, Wrington|||
||BS40 5NR|||
5
## **LIVING WATERS CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)**
## **YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Incoming resources**
_Incoming resources from generated funds_
_- Voluntary income_
Donations
Tax Reclaimed|**Unrestricted Restricted Total Funds**
Total Funds
**Funds**
**Funds**
**Year to**
Year to
**31-Dec-24**
31-Dec-23
**£**
**£**
**£**
£
48,449
-
48,449
55,554
10,220
-
10,220
12,042|
|---|---|
|**Total incoming resources**|58,668
-
58,668
67,596|
|**Resources expended**
_Charitable activities_
Grants payable
**2**
Costs of activities
**3**|12,520
-
12,520
8,920
21,319
-
21,319
48,791|
|**Total resources expended**|33,839
-
33,839
57,711|
|**Net incoming/(outgoing) resources**
**- net income/(expenditure) for the period**
**4**
**Total funds at 1 January**|24,829
-
24,829
9,885
18,120
-
18,120
8,235|
|**Total funds at 31 December**|42,950
-
42,950
18,120|
The Charity has no recognised gains or losses other than the results for the period as set out above.
All of the activities of the charity are classed as continuing.
**The notes on pages 8 to 12 form part of these financial statements**
**- 6 -**
## **LIVING WATERS CHURCH**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2024**
|**Note**
**Fixed assets**
Tangible assets
**7**
**Current assets**
Debtors
**8**
Cash at bank|**2024**
2023
**£**
£
6,186
1,314
1,278
4,249
37,547
13,360|
|---|---|
|**Creditors : Amounts falling**
**due within one year**
**9**|38,825
17,609
(2,061)
(803)|
|Net current assets|36,764
16,806|
|**Net assets**|42,950
18,120|
|**Funds**
Unrestricted funds
Restricted funds|42,950
18,120
-
-|
||42,950
18,120|
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors responsibilities
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements were approved by the trustees on 23 September 2025 and are signed on their behalf by:
………………… Willem Aalbers Trustee
**The notes on pages 8 to 12 form part of these financial statements**
**- 7 -**
## **LIVING WATERS CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2024**
## **1 Accounting policies**
- a) The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006, applicable accounting standards and the Statement of Recommended Practice, Accounting and Reporting by Charities issued in March 2005.
- b) Income from donations is included in incoming resources when these are receivable, except as follows:
i) When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods.
- c) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
- d) Most expenditure is directly attributable to specific activities, and have been included in those cost categories. Support costs have been allocated 100% towards the charitable activities of the charity.
- e) Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at year end are noted as a commitment, but not accrued as expenditure.
- f) Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Office Equipment - 30% reducing balance PA Equipment - 30% reducing balance
- g) Rentals applicable to operating lease agreements where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.
- h) Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
- i) 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.
**- 8 -**
## **LIVING WATERS CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2024**
## **2 Grants payable**
|**Grants paid to institutions**
Christians Against Poverty
Changing Lives
Mission Aviation Fellowship
Bulgaria
Philippines
Others|**Total Funds**
Total Funds
**Unrestricted Restricted**
**Year to**
Year to
**Funds**
**Funds**
**31-Dec-24**
31-Dec-23
**£**
**£**
**£**
£
2,400
-
2,400
2,400
4,500
-
4,500
-
300
-
300
1,200
1,000
-
1,000
1,000
3,120
-
3,120
3,120
1,200
-
1,200
1,200|
|---|---|
||12,520
-
12,520
8,920|
|**Costs of activities**
Wages and salaries
Local and national
Events & Trips
Youth & Children
Sunday Teams|**Total Funds**
Total Funds
**Unrestricted Restricted**
**Year to**
Year to
**Funds**
**Funds**
**31-Dec-24**
31-Dec-23
**£**
**£**
**£**
£
-
-
-
28,182
300
-
300
281
1,933
-
1,933
2,736
427
-
427
224
983
-
983
759|
||3,643
-
3,643
32,181|
|**Support costs**
Resources
Admin items
Depreciation|13,533
-
13,533
14,586
2,686
-
2,686
1,701
1,457
-
1,457
322|
||17,676
-
17,676
16,609|
|||
||21,319
-
21,319
48,791|
## **3 Costs of activities**
**- 9 -**
## **LIVING WATERS CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024**
## **4 Net incoming resources for the year**
**----- Start of picture text -----**
||||
|---|---|---|
|This is stated after charging:|Year to|Year to|
|31-Dec-24|31-Dec-23|
|£|£|
|Depreciation|1,457|322|
|No trustees received out of pocket travel expenses.|
|Staff costs and numbers|
|The aggregate payroll costs were:|Year to|Year to|
|31-Dec-24|31-Dec-23|
|£|£|
|-|
|Salaries & Social Security Costs|28,182|
|-|
|28,182|
|No employee received emoluments of more than £60,000.|
**----- End of picture text -----**
## **5 Staff costs and numbers**
The average weekly number of employees during the year, calculated on the basis of full time equivalents, was as follows:
**----- Start of picture text -----**
|||
|---|---|
|Year to|Year to|
|31-Dec-24|31-Dec-23|
|No.|No.|
|-|1.7|
**----- End of picture text -----**
## **6 Taxation**
The charity is exempt from corporation tax on its charitable activities.
**- 10 -**
## **LIVING WATERS CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2024**
|**7**
**Tangible fixed assets**
**Net Book Value**
Opening Balance
**Additions**|**Year to**
**31-Dec-24**
**1,314**
6,329|**Year to**
**31-Dec-23**
**1,073**
563|
|---|---|---|
|Subtotal
Depreciation
Closing Net Book Value
**8**
**Debtors**
Accounts Receivable
Prepayments|**7,643**
1,457
**6,186**
**Year to**
**31-Dec-24**
**£**
-
1,278|**1,636**
322
**1,314**
Year to
31-Dec-23
£
3,783
466|
||1,278|4,249|
|**9**
**Creditors: amounts falling due within one year**
Accounts Payable
Accruals|**Year to**
**31-Dec-24**
**£**
790
1,272|Year to
31-Dec-23
£
298
506|
||2,061|803|
## **10 Commitments under operating leases**
At 31 December 2024 the charity had no annual aggregate commitments under non-cancellable operating leases.
## **11 Company limited by Guarantee**
The company is limited by guarantee and as such has no issued share capital.
In the event of the company being wound up the liability of the members is limited to £1 each.
**- 11 -**