ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023
THE WELLSPRING FAMILY CHURCH DEREHAM
(COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NUMBER 1096304 COMPANY REGISTRATION NUMBER 04538259
Independent Examiners Ltd
Unit 2
The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Directors' Report | 4 to 6 |
| Independent Examiner's Report on the Accounts | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Accounts | 10 to 19 |
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1096304
COMPANY REGISTRATION NUMBER 04538259
START OF FINANCIAL YEAR 01 April 2022 END OF FINANCIAL YEAR 31 March 2023 DIRECTORS AT 31 MARCH 2023 Mr J Beardon Mrs L Clay Dr H Collinson Mr H Grigg Mr M Weatherill Mr D Johnson (appointed 14/6/2021)
COMPANY SECRETARY
Mr T Rouse
The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.
GOVERNING INSTRUMENT
Memorandum and Articles of Association dated 18th September 2002 Amended by a Resolution Dated 12th November 2002.
OBJECTS
a) To advance the Christian faith in accordance with the statement of beliefs appearing in the schedule hereto in the County of Norfolk and in such other parts of the United Kingdom or the world as the directors of the charity (herein called 'the trustees') may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the charity.
b) To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit.
(c) To advance education in accordance with christian principles by such means as the Trustees may consider appropriate including by means of establishing and operating any educational establishment or establishments in the said location and in such otherparts of the United Kingdom or the world as the Trustees may from time to time think fit.
CORRESPONDENCE ADDRESS
PRIMARY BANKERS
INDEPENDENT EXAMINER
The Wellspring Family Centre 35 Neatherd Road Norfolk NR19 2AE National Westminster Bank Plc 32 Market Place Dereham Norfolk NR19 2AR Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH 2023
Leadership and Links
Direction and decisions relating to the incorporated charity are made by the Trustees in consultation with the Elders/Leaders, who are responsible for governing the life and teaching of the church. On 31 March 2023 Wellspring Family Church had three Elders and five trustees.
Day-to-day decisions on expenditure and activities are decided by the leaders and volunteers in charge of defined areas of the church, with budgets set and monitored by the Trustees.
The powers of appointment or removal of Trustees rests with the members of the charity, who are at present the Trustees and Elders. New Trustees are selected from the members of the church or from the leaders of other local churches sharing the same vision, so that the Trustee body is wholeheartedly involved in seeing the mission of the church worked out in practice.
On being appointed, new Trustees spend time with the existing Trustees to ensure they understand the responsibilities and the legal and financial framework in which the church operates. The trustees continue to keep all of our policies and procedures under review to ensure good practice in progressing the charity’s objects.
Wellspring Family Church, its Trustees, Elders/Leaders and members are committed to the restoration of New Testament principles in the structure and operation of the Church.
The church values the work of Peter Collinson who fulfils the role of Team Leader. Together the team of Elders bring spiritual leadership to the church.
The achievement of the charity’s objects depends to a large extent on the commitment and work of church members in their day-to-day lives and in the wider community, and so a purpose of the leadership must be to train, encourage and support the rest of the church membership in this. This helps the church achieve its great commission through praying, visiting and assisting the sick and others in need, and in public teaching and worship. Very significant levels of volunteer service are given by the members of the church in these areas, some of it channelled through the important projects of our sister charity Wellspring Family Centre.
Wellspring Family Church operates primarily but not exclusively in Dereham and the surrounding local villages. Although the Church is totally autonomous, self-supporting and is not part of a denomination, it does form part of a strong affiliation of about 75 evangelical churches and new church plants across the UK and beyond called ‘Relational Mission’.
Wellspring Family Church is actively involved with a ‘Relational Mission Community’ which is led by Jon Beardon. This smaller sub-group of churches which includes Life Church Sheringham, New Life Community Church, North Walsham, Kings Community Church, Norwich, Aylsham Community Church, Christ Community Church, Attleborough, Kingsgate Church, Great Yarmouth, and New Life Christian Fellowship, Beccles.
The links with Relational Mission provides the leaders with friendship, mutual advice and support; it gives the church a broader perspective on developments in the Christian world and practice, and permits participation in broader projects such as conferences and overseas projects.
The Church belongs to the national organisation 'The Evangelical Alliance' that represents over a million Christians in mainstream evangelical churches.
Locally it has a good working relationship with many churches across the denominations. The leaders meet regularly for fellowship and regular inter-church activities are well supported.
Overseas ministry plays a very important part in the life of Wellspring Family Church and particular links with Serbia, supporting Good News Church in Nis in the south of that country and also the Oaks Community Church, in Pardubice, Czech Republic.
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (Continued) FOR THE YEAR ENDED 31ST MARCH 2023
The achievement of the charity’s objects depends to a large extent on the commitment and work of church members in their day-to-day lives and in the wider community, and so a purpose of the leadership must be to train, encourage and support the rest of the church membership in this. This helps the church achieve its great commission through praying, visiting and assisting the sick and others in need, and in public teaching and worship. Very significant levels of volunteer service are given by the members of the church in these areas, some of it channelled through the important projects of our sister charity Wellspring Family Centre.
Review of Charitable Activities
In our efforts to advance the Christian faith in Dereham, the church has been pleased to be able to return to more normal patterns of activity as the limitations cause by Covid have receded. A full programme of meetings, on Sundays and midweek and resumed with good attendance and engagement including a substantial number of new members and others getting involved.
One of the most significant ways that we engage with the community to share the Good News of Christianity is using The Alpha Course. Over the year we have run two courses, the larger one was run in conjunction with another evangelical church in the town for the first time and to great effect.
All this has resulted in regular baptisms of those coming to faith in Christ.
We continue to invest in various sorts of educational training of our staff and members. This year, 2 of our volunteers completed and 1 of our volunteers started out onthe 2-year long leadership training course LEAD; we have also identified a group of others who have signed up to start in the year that lies ahead. Our staff leaders attend the twice yearly leaders Prayer and Fasting events hosted by Relational Mission as well as the Teams Day held locally.
Peter Collinson is been employed as eldership team leader, for 3 days per week, leading the team with a particular focus on the meeting of the church each Sunday, regularly leading worship meetings and preaching. Peter has been mentored into this role by Jon Beardon who was formerly the team leader.
Jon Beardon has been employed full-time as an elder, mentoring Peter and leading prayer and doing local teaching and pastoral work 2 days per week. Contributions are given by Relational Mission for 2 days per week for his role as coordinator, and 1 day per week for his leadership of the Relational Mission Community. This is set to change to 2.5 days per week for Relational Mission and 1.5 days per week for the local church and 1 day supporting the churches in the Relational Mission community.
Since September 2021, Phil Eggleton is employed as a pastor-evangelist for two days a week. Phil continues to strengthen the church’s links with the local community through his work. With the rising needs surrounding mental health, Phil has worked closely with Wellspring Family Centre’s Well-come project ensuring a close link between this project and the work of the church.
The church has been active in wider mission of advancing the Christian faith in Norfolk and North Suffolk and also in Europe. This is possible through the work of Jon Beardon continues bringing leadership to the other Relational Mission churches who are in his ‘Relational Mission Community’. Local churches who have joined in with the ‘20/20’ mission to Norfolk and North Suffolk are aiming to reach twenty more places in the next twenty years whilst simultaneously caring for the existing ten. As one of these churches we are taking a lead in starting new churches in Watton and Fakenham where a number of our members live. The church in Watton now meets fortnightly on a Sunday as well as midweek. New leaders are being trained and developed.
The Community also includes churches in Serbia and the Czech Republic. As a local church we have focused energy, money and volunteer time given to support for these our network partners. Peter Collinson took part with Jon Beardon in running a support week for church leader from the Roma community in Southern Serbia. Phil Eggleton assisted Jon Beardon in taking a team from Dereham and Norfolk to Pardubice (Czech Republic) to run a conference to encourage the church there.
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2023
Our second charitable object is largely met through our partnership with Wellspring Family Centre charity. We have continued to make premises available for this, although initially in a limited capacity due to lockdown and social distancing measures. As lockdown eased and we were able to host more groups, we have worked hard monitor and adapt to infection levels and government guidelines. We continue to encourage church members to lead and support this work, contacting and hosting local children, youth, and people with mental health problems and other long- term conditions.
We have continued to provide the local distribution centre for the Mid-Norfolk Foodbank, the demand for which sadly continues to grow. We would like to express our thanks to the dozens of volunteers from amongst the church members, as well as the support we receive from other church groups in the Dereham area, and the partnership with other Relational Mission churches across East Anglia with which we have close friendship.
The Trustees continue to keep under review the various risks which may affect the operation of the Church, and to work with Wellspring Centre on specific areas of risk which affect their joint activities. The Trustees continue to regularly review and update policies and risk assessments.
In planning our activities, the Trustees have had regard to the guidance issued by the Charity Commission on 'Public Benefit'. The Trustees have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in December 2008.
Financial Overview
Between 1st April 2022 and 31st March 2023, the overall income was £219,569 and the expenditure was £170,539. The surplus of £49,030 will be added to our reserves. We recognise that a large portion of our reserves (£38,007) is restricted funds we are holding for other parties as part of our intermediary work for international mission, funds for the purchase of a building, and events. We are encouraged by an increase in regular giving within the church despite the pandemic, and we continue to review the churches finance regularly.
Where there are specific capital expenditure foreseen amounts are set aside into designated funds so the general reserves are available to meet the costs of normal running and expansion of the Church and to ensure the Church can meet the commitments that have been entered into. This includes our role as an employer.
The level of general reserves is not set as a specific formula, but are anticipated to be between one and three months of the level of fixed expenditure over committed income.
The Church has continued to see growth in numbers attending and continues to raise its profile with and to serve the local community and beyond through the various examples mentioned above.
Grant Making Policy
Gifts to external organisations and individuals are considered by the Trustees on the basis of need and fulfilment of the charitable objectives. There are no upper or lower limits.
Risk Statement
The Trustees continue to review the major strategic, business and operational risks which the charity faces to ensure that these risks are minimised or properly managed. All major insurable risks are subject to normal church and employers’ insurances. Contractual risks are reviewed before being entered into to assess that they could not significantly impact upon the church’s ability to fulfil its objectives.
6
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
Directors' Responsibilities
Statement of Directors' Responsibilities:
The Charities Act and the Companies Act require the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the directors are required to :-
-
a) select suitable accounting policies and then apply them consistently;
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b) make judgements and estimates that are reasonable and prudent;
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c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that will continue in business;
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d) state whether applicable accounting standards and statements of recommended practice have been subject to any material departures disclosed and explained in the financial statements.
The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and which are sufficient to show and explain the company's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for the of the Directors' report, and the responsibility of the independent examiner in relation to the Directors' report is limited to examining the report and ensuring that on the face of the report there are no inconsistencies with the figures disclosed in the financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
I approve the attached statement of financial activities and balance sheet for the year ended 31st March 2023, and confirm that I have made available all information necessary for its preparation.
Approved by the Directors on the…....................................................
Signed on their behalf by Director…....................................................
Print Name…............................................................................
7
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
I report to the Trustees on my examination of the financial statements of The Wellspring Family Church for the year ended 31st March 2023.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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I have completed my examination. I confirm that no matters have come to my attention in connection with the 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
D M P Leppitt
Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF Date:
8
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| Incorporating Income & Expenditure Account Notes INCOMING RESOURCES Donations & Legacies 3a Charitable Activities 3b Other Income 3c TOTAL INCOMING RESOURCES Costs of Charitable Activities 4 NET INCOMING/(OUTGOING) RESOURCES Total Funds Brought Forward Prior year adjustment 11 TOTAL FUNDS CARRIED FORWARD RESOURCES EXPENDED TOTAL RESOURCES EXPENDED TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: |
Unrestricted Restricted Total Total Funds Funds 2022/23 2021/22 £ £ £ £ 195,261 - 195,261 142,783 64 24,245 24,308 60,149 - - - 6,000 |
|---|---|
| 195,324 24,245 219,569 208,932 |
|
| 170,539 - 170,539 156,753 |
|
| 170,539 - 170,539 156,753 |
|
| 24,785 24,245 49,030 52,179 - - - - |
|
| 24,785 24,245 49,030 52,179 |
|
| 151,987 58,364 210,351 158,172 1,102 - 1,102 - |
|
| 177,875 82,609 260,484 210,351 |
All of the Charity's operations are classed as continuing operations.
The notes form part of these financial statements, found on pages 10 to 19
9
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) BALANCE SHEET
AS AT 31 MARCH 2023
| Fixed Assets Notes Tangible Assets 2 Investment Assets 6 Current Assets 8 7 Total Current Assets 9 10 5 Debtors & Prepayments Cash at bank and in hand Creditors:amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETSless current liabilities Creditors:amounts falling due in one year NET ASSETS FUNDS OF THE CHARITY General Funds Restricted funds TOTAL FUNDS |
Unrestricted Restricted Total Total Fund Fund 31-Mar-23 31-Mar-22 £ £ £ £ 150,000 - 150,000 150,000 - - - - |
|---|---|
| 150,000 - 150,000 150,000 |
|
| - - - - 71,756 82,609 154,364 110,480 |
|
| 71,756 82,609 154,364 110,480 |
|
| 9,615 - 9,615 9,252 62,141 82,609 144,750 101,228 |
|
| 212,141 82,609 294,750 251,228 34,266 - 34,266 40,877 |
|
| 177,875 82,609 260,484 210,351 |
|
| 177,875 - 177,875 151,987 - 82,609 82,609 58,364 |
|
| 177,875 82,609 260,484 210,351 |
Director’s responsibilities:
For the Year ended 31st March 2023.
The Directors are satisfied the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears after the Notes to the Financial Statements.
The Director(s) acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with FRS102 SORP.
The directors acknowledge their responsibility for ensuring that the company keeps proper accounting records which comply with sections 386 of the Act 2006 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirement of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
Approved by the Directors on the…..................................................................................................................
Signed on their behalf by Director....................................................................................................................
Print Name:
Company Registration Number :
04538259
10
THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of preparation:
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
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the charity becomes entitled to the resources;
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the trustees are virtually certain they will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Incoming Resources with Related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Taxation
The charity is exempt from tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts and is described in the Directors' annual report if applicable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Pensions
Pension contributions are charged to the Statement of Financial Activities as they become payable.
Fund Accounting
Funds held by the charity are either:
1. Unrestricted funds
These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.
2. Restricted funds
These are funds that can only be used for particular restricted purposes within the objects of the charity.
3. Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a reducing balance over their estimated useful lives. The rates applied per annum is 20%.
No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost.
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
2. TANGIBLE FIXED ASSETS
| Additions Cost At 1 April 2022 Disposals Gain/ (Loss) Realised Gain/ (Loss) Revaluation Gain/(Loss) At 31 March 2023 Accumulated Depreciation At 1 April 2022 Charge for the Year At 31 March 2023 Net Book Value At 31 March 2023 At 1 April 2022 |
Land & Building Unrestricted Equipment Restricted Equipment 2022/23 £ £ £ £ 150,000 3,360 - 153,360 - - - - - - - - - - - - - - - - |
|---|---|
| 150,000 3,360 - 153,360 |
|
| - 3,360 - 3,360 - - - - |
|
| - 3,360 - 3,360 |
|
| 150,000 - - 150,000 |
|
| 150,000 - - 150,000 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st March 2023 : None 31st March 2022 : None
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
3. INCOMING RESOURCES
| 3. INCOMING RESOURCES | |
|---|---|
| Note b) Incoming from Charitable Activities c) Activities for Generating Funds a) Donations & Legacies Contributions from other charities for Gift Aid Tax Recovered Misc Income Tithes, Gifts & offerings Conference Income Relieving Local Need Relieving International Need Supporting International Missions Training Support Wellspring Family Centre |
Unrestricted Restricted Total Total Funds Funds 2022/23 2021/22 £ £ £ £ - - - 39,484 25,648 - 25,648 18,868 62,087 - 62,087 - 107,525 - 107,525 84,432 |
| 195,261 - 195,261 142,783 |
|
| - 105 105 3,393 64 7,551 7,615 25,371 - 2,822 2,822 30,185 - 13,767 13,767 - - - - 1,200 |
|
| 64 24,245 24,308 60,149 |
|
| - - - 6,000 |
|
| - - - 6,000 |
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
4. RESOURCES EXPENDED
| Note Charitable Activities Administrative Expenses Conference Costs - Christian Mission Contribution to churches/Relational Evangelism Equipment Costs Relieving need (local) Relieving need (international) Staff Costs:- Ministry Costs Resources & Publications Supporting International Mission Sundry Expenses Training Costs Travel & Subsistence Youth & Children's Work Wages & Salaries Employer's National Insurance Costs Pension Contributions Professional fees Independent Examiner Fee/fees Bank & Interest Charges Governance costs:- Insurance Costs |
Unrestricted Restricted Total Total Funds Funds 2022/23 2021/22 £ £ £ £ 1,261 - 1,261 1,226 18,449 - 18,449 22,819 9,000 - 9,000 9,000 3,577 - 3,577 1,415 2,847 - 2,847 2,173 1,578 - 1,578 1,862 12,861 - 12,861 15,265 153 - 153 - 2,638 - 2,638 4,398 1,235 - 1,235 555 1,449 - 1,449 919 650 - 650 452 500 - 500 710 - - - 14,892 71,404 - 71,404 47,055 23,065 - 23,065 16,005 13,832 - 13,832 11,943 684 - 684 - 1,200 - 1,200 2,784 2,734 - 2,734 2,085 1,421 - 1,421 1,196 |
|---|---|
| 170,539 - 170,539 156,753 |
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Relieving Local Need Relieving International Supporting International Training Support Conferences (Incl. Equipment Support |
Balance Gains & Balance 01-Apr-22 Income Expenditure (Losses) Transfer 31-Mar-23 £ £ £ £ £ 2,986 7,551 - - - 10,537 32,675 2,822 - - - 35,497 20,606 13,767 - - - 34,372 718 - - - - 718 1,573 105 - - - 1,678 (193) - - - - (193) |
|---|---|
| 58,364 24,245 - - - 82,609 |
PREVIOUS FINANCIAL YEAR
| Relieving Local Need Relieving International Supporting International Training Support Conferences (Incl. Equipment Support |
Balance Gains & Balance 01-Apr-21 Income Expenditure (Losses) Transfer 31-Mar-22 £ £ £ £ £ (407) 3,393 - - - 2,986 9,539 23,136 - - - 32,675 1,400 19,206 - - - 20,606 718 - - - - 718 373 1,200 - - - 1,573 (193) - - - - (193) |
|---|---|
| 11,429 46,935 - - - 58,364 |
The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
6. INVESTMENTS
The Charity held no investment assets during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| Watton Account (All Nations Church) Current Account |
Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ 69,627 82,609 152,236 110,480 2,129 - 2,129 - |
|---|---|
| 71,756 82,609 154,364 110,480 |
8. DEBTORS AND PREPAYMENTS
The Charity held no Debtors during this or the previous financial period.
9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR
| Stewardship (mortgage) Independent Examiner's Fee |
Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ 8,415 - 8,415 8,112 1,200 - 1,200 1,140 |
|---|---|
| 9,615 - 9,615 9,252 |
10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
| Stewardship (mortgage) (Formerly | Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ 34,266 - 34,266 40,877 |
|---|---|
| 34,266 - 34,266 40,877 |
During the year ended 31st March 2009 financial period Wellspring Family Church, Dereham acquired Land & Building at 35 Neartherd Road, Dereham, Norfolk, NR19 2AE at a cost of £150,000. The Charity made a capital contribution of £50,000 and remaining funds were provided by a mortgage from Stewardship (formerly with The Charity Bank Ltd). Stewardship have provided the mortgage of £100,000 over a 25 year term with various monthly repayments in the current year totalling £8415. The mortgage commenced on the 1st October 2008, with maturity on the 1st October 2033.
11. PRIOR YEAR ADJUSTMENT
The funds brought forward have been adjusted by £1102 to reflect a true and fair view of the Charity's closing position as at 31st March 2023.
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
12. STAFF COSTS AND NUMBERS
| Gross Wages & Salaries Employer's National Insurance Costs Employer's Pension Contributions |
TOTAL 2022/23 £ 71,404 23,065 13,832 108,301 |
TOTAL 2021/22 £ 47,055 16,005 11,943 |
|---|---|---|
| 75,004 |
Average number of employees who were engaged in each of the following activities:
Charitable Activities
| TOTAL | TOTAL | ||
|---|---|---|---|
| 2022/23 | 2021/22 | ||
| 3 | 3 |
The Charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess of £60,000. (2021/22- None)
13. DIRECTORS AND OTHER RELATED PARTIES
During the financial year Directors Mr Jonathan Richard Beardon received £26,953 (2021/22: £25,369) in net salary related payments and £9895 (2021/22: £9,895) in Pension Contributions in his capacity as the Elder of the Wellspring Family Church in furthering the charity's objects.
Mr Peter Collinson (husband of Dr Hannah Collinson) received £13,461 (2021/22: £5,858) in net salary related payments and £1360 (2021/22:£604) in Pension Contributions in his capacity as the lead Elder of the Wellspring Family Church in furthering the charity's objects.
£1000 was donated to Mr and Mrs Johnson as a one off Mercy Ministry emergency gift within the scope of our Charitable Objective 'to relieve persons who are in conditions of need or hardship or who are aged or sick.' This in no way constituted remuneration for Mr Johnson's work as a trustee in the Charity, and Mr Johnson was not consulted or aware of the decision until payment was approved by the other trustees to be processed.
No other material payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the charity and a director or any person connected with them.
14. RECONCILATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee (04538259) and it is a charity registered with the Charity Commission (1096304).
It does not have a Share capital and has no income subject to Corporation Tax.
| Profit / Deficit for the financial year Other Recognised Gains Balance Brought Forward Closing Funds at 31-Mar-23 |
2022/23 £ 49,030 - 49,030 211,453 260,484 |
2021/22 £ 52,179 - |
|---|---|---|
| 52,179 | ||
| 158,172 | ||
| 210,351 |
This page does not form part of the statutory financial statements
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THE WELLSPRING FAMILY CHURCH (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
15. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
16. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily.
17. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors' report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
This page does not form part of the statutory financial statements
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