ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 THE WELLSPRING FAMILY CHURCH DEREHAM (COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NUMBER 1096304 COMPANY REGISTRATION NUMBER 04538259 Independent Examiners Ltd The Grain Store Hills Barn Appledram Lane South Chichester Ff)20 7EG
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 Page Legal and Administrative Inforniation 3to4 Dirertors, Report 5t09 Independent Exam inees Report on the Accounts io statement of Financial Artivities li Balance Sheet 12 Notes to the Accounts 13to21
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION CHARITY NUMBER 1096304 COMPANY REGIsfRATION NUMBER 04538259 srART OF FINANCIAL YEAR 01 April 2024 END OF FINANCIAL YEAR 31 March 2025 DIRECTORS AT 31 MARCH 2025 Dr H Cdlinson Mr H Grigg Mr M Weatherill Mr D Johnson Mr H Bailey (appointed 28/01/2024) COM PANY SECREfARY Mr T Rouse GOVERNING INsfRUMENT Memorandum and Articles of Assc(iation 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 sched ule 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 trustee5') may from time to time think fit and to fu1 such other purpose5 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 cond itions of need or hardship or who are aged or sick and to relieve the d istress caused thereby in the said IcKation and in such other parts of the United Kingdom or the world as the trustees may from time to time thin k fit. c) To advance education in accordance wfth christian principles by such means as the Trustees may consider appropriate includ ing by mean5 of establishing and operating any ed ucational establishment or establishments in the said location and in such otherparts of the United Kingdom or the world as the Trustee5 may from time to time think fit. CORRESPONDENCE ADDRESS The Wellspring Family Centre 35 Neatherd Road Norfolk NR19 2AE PRIMARY BANKERS National Westminster Bank PIC 32 Market Hace Dereham Norfolk NR19 2AR INDEPENDENT EXAMINER G W Schulz FCMA Independent Examiners Ltd The Grain Store Hills Barn Appledram Lane 5th Chichester Ft)20 7EG
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION (continued) FOR THE YEAR ENDED 31ST MARCH 2025 Recruitment and appointment of new tNstees Trustees are recru ited from within the church membership. They are active, reliable members, of reasonably long standing within WFC. They are people who clearly demonstrate their understanding and commitment to the vision and value5 of the church, are deemed to be of gcth Christian character, and give financially to the work of Gcxi in accordance wfch Biblical beliefs. Furthermore, they are people who demonstrate a competence commensurate wf(h the fulfilment of the responsibilities of Trustees. New Trustees are proposed by existing Trustee5, in consultation wh the Church Leadership, which has a veto over the appointment of any Trustee. New Trustees are invited to attend regular Trustees, meetings for an initial probationary capacity. After this probationary peri, rf approved by the existing Trust and Church Leadership, they would normally be invfted by the existing Trustees to take up the permanent role of a Trustee. After this, specific roles may be, but not necessarily, assigned to the new trust. Induction and trnining of new trustees The formal invitation to become a Trustee 'on probation, would include a copy of the Charity Commissions publication outlin ing "Responsibilities of Charfcy Trustees" the latest of wh ich is 'The Essential Trustee.. What you need to know" (July 20 15). As nece55fcies arise, or responsibilities emerge, relevant training and resources will be provided for new trustees. An example may be safeguarding training as provided by 31.8.
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) DIREcfoRS' REPORT FOR THE YEAR ENDED 31ST MARCH 2025 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 3 1 March 2025 Wellspring Family Church had two Elders and five trustees. Day-to-day decisions on expenditure and activitie5 are decided by the leaders and volunteer5 in charge of defined areas of the church, with budgets set and monfcored 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 IcKal ch urches sharing the same vision, so that the Trustee body is wholehearted ly involved in seeing the mission of the ch urch worked out in practice. On being appointed, new Trustee5 spend time wlth 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 pr(Kedures under review to ensure goLKi practice in progressing the charity's objects. Wellspring Family Church, fts Trustees, Elders/Leaders and members are commfcted to the restoration of New Testament principles in the structure and operation of the Church. The church values the work of Pete Cdlinson who fu15 the role of Team Leader, and Phil Eggleton who is a co-equal member of the team. 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 communfcy, 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 throug h praying, vi5fcing and assisting the sick and others in need, and in pu blic teaching and worship. Very sig nificant levels of volunteer service are given by the members of the church in these areas, some of channelled through the important projects of our sister charlty Wellspring Family Centre. Wellspring Family Church operates primarily but not excluswely in Dereham and the surrounding local villages. Althoug h the Church is totally autonomous. self-supp(rting and is not part of a denomination, it does form part of a strong affiliation of about 75 evangelical churches and new chu rch plants across the UK and beyond called 'Relational M ission,. Wellspring Family Church is actively inVoed 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,. Life Church, BeCc. Gateway Church, Kings Lynn. River Church, Bath, along with some churches on the continent. The links with Relatnal M ission provides the leaders with friendship, mutual advice and support; gives the ch urch 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 Organisati( The Evangelical Alliance, that represents over a million Christians in mainstream evangelical churches. LCallY it has a g(*)d working relationship with many churches across the denominations. The leaders meet reg Ular as part of a "churches tcoether" group for fellowship and regular inter- ch urch activities are well supported. Particular close links are held with the local Baptist church. The Church works periodallY with a number of charities with complementary values, such as Christians Against Poverty, Compassion, and Hope into Action. Overseas ministry plays a very important part in the lrfe of Wellspring Family Church and particular links wth Serbia, su pporting Good News Church in Nis in the s(KJth of that c(xJntry and also Coeur de Grace, in Lille. France.
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) DIREcfoRS' REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2025 Public Benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general gu idance on public benefit when reviewing the charity's aims and objects and in plan ning future activfcies and setting policy for the year. Review of Charitable Activities In our efforts to advance the Christian faith in Dereham. we run a full programme of meetings, on Sundays and midweek wh go(Ki attendance and engagement including a substantial number of new members and others getting involved. A sig nificant step this year has been send ing Wellspring's found ing c(KJple= Jon and Nicky Beardon to plant a church in the west of England, which had led to others rising up to fill the space they have left. In addition to this, we continue to support the church plant= All Nations. Watton. Due to these, and other missional OpportUnles. we saw church attendance and membership reduce in September, but are pleased to see th is grow stead ily as the year has progressed. Pete Collinson regularly runs ou r Com mitment Course, to welcome new members in. One of the most significant ways that we engage with the comMunY to share the Gcyxi News of Christianity is using The Alpha Course. We have run a daytime course this year which was smaller than previou5 courses but no less successful. We anticipate runn ing a larger one in the autumn of 2025. An area of development has been the growth of our ywth ministry. The Illuminate youth project - of our sister charity - has dovetailed well with our young adults. group and our Sunday morning ministry, this year we saw young people baptised and run the Sunday morning service twice. All th is has resu ed in regular baptisms of those coming to faith in Christ. We continue to invest in various sorts of ed ucational training for our staff and members. This year, three of our members started out on LEAD, joining another three volunteers who are in their second year. They will be joined by others in the next year. Our staff leaders attend the twice yearly leaders Prayer and Fasting events hosted by Relational Mission as well as the Teams Day held I(ally. Pete Collinson is been employed as eership team leader, for 4 days per week, raised from 3 temporarily for 2025. He leads the team with a particular focus on the meeting of the chu rch each Sunday, reg ularly leading worsh ip meetings and preaching. Pete also oversees the youth provision and has pastoral responsibility across the church. Since 2023, Wellspring has taken responsibility for regional youth provisit)n: Peter and Hannah Collinson lead Youth Weekend Away along with a Coup from Christ Community Church Attleborough. We co-ordinate termly youth services and seek to provide support for youth leaders. Wellspring administers the financial side of the weekend. Wellspring facilitates the employment of Jon Beardon as a full-time as an elder of the church plant.. River Chu rch, Bath. Wellspring contributes I day per week towards this. from the funds raised to send him and Nicky to plant the ch urch. To make u p his remaining salary. contributions are given by Relational Mission for 2.5 days per week for his role as coordinator, and 1.5 day per w*k for his leadership of the Relational M ission Community. Since September 2021, Phil Egg leton is employed as a pastor-evangeli5t for two day5 a week. Phil continues to strengthen the ch urch's links with the local communlty throug h his work. With the rising needs surrou nd ing mental health, Phil has worked c105ely with Wellspring Farni Centres Well-come project ensuring a close link between this project and the work of the church.
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) DIREcfoRS' REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2025 Review of Charitable Activities (continued) The chu rch has been active in wider mission of advancing the Christian fafth in Norfolk and North Suffolk and also in Eu rope. This is possible through the work of Jon Beardon, who assists other Relational Mission chu rches in "our Relational Mission Community" and co-ordinates reg ional events and leadership support. Local chu rches who have joined in wth 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. one of these churches we are taking a lead in starting new churches in Watton and Bath, along with missional endeavour in Fakenham where a number of our members live. The church in Watton now meets weekly on a Sunday as well as midweek. New leaders are being trained and developed. The Communfcy also includes churches in Serbia and the Czech Republic. a I(al church we have focused energy, money and volunteer time given to support for these our network partners. Pete Collinson led a trip to support the flourishing work in Nis, Southern Serbia, along wfth the Roma churches surrounding the city. He twk a small team of church members to assist in this. We have sent a member to serve as an intern in Serbia for a year, which concluded in August 2024, successfu Ily. A signficant change for the church is the cessation of the employment of Toby Rouse as Centre Co-ordinator [employed jointly by Wellspring Church and Centre]. He completed a thorough handover to Denise Wells, who works 2.5 days per week, solely for the Centre charity. This has led to some increase in responsibility for Pete Collinson and Ph il Egg leton. The church is extremely grateful to Toby for his hard work in growing the systems and ministry- potential behind the scenes at the church. Toby remains a member of the church and company secretary. Our second charitable object is largely met through our partnership with Wellspring Family Centre charity. We have continued to make premises available for this. We continue to encourage church members to lead and support this work, contacting and hosting l(Kal children. y(xJth. and people with mental health problems and other long- term cond itions. We have continued to provide the local distribution centre for the M id-Norfolk Focxlbank, the demand for which sad ly 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. PUre Plans Wellspring continues to grow in depth and numbers as we s*k to further the Christian fath in Dereham and further afield. Projects centred on growing disciples and reaching non-christians are being planned. A particular area of development is to see growth in our leadership teams. We plan on developing our Life Group structure to draw members closer to the vision of the leadersh ip and to d raw midd le leaders closer to each other in their shared mission. We have an Alpha course planned, and intend on using a neurtral venue with a view to attracting people who have struggled to come into a church building. We plan on continuing our support for our friends in other churches= Phil plans on vistting Serbia to help refurbish their new building, and Pete will lead a team who will visit QEur de Grace in Lille. to provide some relief wh ile one of their leadership families takes a sabbatical break.
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) DIREcfoRS' REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2025 Financial Overview Between 1st April 2024 and 31st March 2025. the overall income was £283.119 and the expenditure was £278,042. The surplus of £5,077 will add to our reserves. We recognise that a large portion of our reserves (£32,342) is restricted fijnds we are holding for other parties as part of our intermediary work for intemational mission and specific events or purposes. We are encouraged by an consistancy in regular giving wrthin the church, and we continue to review the churches finance regularly. We give thanks to G(Ki and the congregation for their generosrty. The Church has continued to see g rowth in numbers attending and continues to raise its profile wfth and to serve the local community and beyond through the various examples mentKJned above. As of February 2025 we have started to put aside £1,000 a month into a desig nated Bu ild ing Fund. This is to act in faith and ensure we are in a position should a viable building become availab. Reserves policy The Trustee Board has 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 3 months of the expenditure. Budgeted expenditure for 2025126 is £133,152 and theref(e the target is £33,288 in general funds. The reserves are needed to meet the working capfcal requirements of the charity and the Trustees are confent that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The present level of reserves available to the charity of £54.84 1 therefore above this target level. We have sufficient reserves so that we can reasonably continue to plan an operating defic in order to increase ou r public beneft. Grant Making Policy Gifts to external organisations and ind Niduals are considered by the Trustees on the basis of need and fulfilment of the charitable objectives. There are no u pper or lower limits. Risk Statement The Trustees continue to review the major strategic, business and operational risks which the charlty 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 sig nificantly impact u pon the church's ability to fulfil its objectives.
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) DIREcfoRS' REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2025 Directors. Responsibilities statement of Directors, Responsibilities: The Charities Act 2022 and the Companies Act 2006 require the directors to prepare financial statements for each financial year which g ive a true and fair view of the state of affairs of the company as at the end of the financial year and of the su rplus or deficit of the charity. In preparing those financial statements the directors are req uired to a) select suitable accounting policies and then apply them consistently- b) make judgements and estimates that are reasonable and prudent; c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the will continue in business; 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 cOUntIng records whh d isclose with reasonable accuracy at any time the financial p0sf( 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 wf(h the Companies Act 2006 and comply with reg ulations made under the Charities Act 2022. They are also responsible for safeg uarding the assets of the company and hence taking reasonable steps for the prevention and detection of fraud and other irreg ularities. The Directors are also responsible for the of the Directors, rep(rt. and the responsibilty of the independent examiner in relation to the Directors, report is limed to examining the report and ensuring that on the face of the report there are no inconsistencies wrth 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 activtties for the year ended 3 1st March 2025 and balance sheet and confirm that I have made available all informati(M) necessary for its preparation. 2610912025 Approved by the Directors on the....................................................... Signed on their behalf by Direct H Grig.g................................................................ Print Name...
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT ON THE AccouKrs FOR THE YEAR ENDED 31ST MARCH 2025 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2025 which are set out on pages 10 to 20. Respective responsibilities of trustees and examiner As the charity's trustees of The Wellspring Family Church you are responsible for the preparation of the accou nts in accordance wth the requirements of the charleS Act 2022 (Ihe Act?- I report in respect of my examination of The Wellspring Fami Church's accounts carried out under section 145 of the 2022 Act and in carrying out my examinatiC I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independerrt exam inerfs statement Since The Wellspring Family Church's gross income exceeded £250.000 your examiner must be a member of a bY listed in section 145 of the 2022 Act. I confirm that l am qualfftd to undertake the examination because I am a member of the Chartered Institute of Management Accountants. which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination g iving me cause to believe that in any material respect.. accounting record5 were not kept in respect cé The Wellspring Family Chu rch as req uired by section 130 of the Act. or the accounts do not accord wtth those records: or the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any req uirement 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 c(M)nection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the acc(KJnts to be reached. G W Schulz FCMA Independent Examiners Ltd The Grain Store Hills Barn Appledram Lane South Ch ichester P020 7EG Date: 2610912025 io
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) STATEMEKf OF FINANCIAL AcfIvThIES FOR THE YEAR ENDED 31ST MARCH 2025 Incorporating Income & Expenditure Account Unrestricted Restricted Funds Funds Total 2024125 Total 2023124 Notes INCOMING RESOURCES Donations & Legacies 154,918 124,593 279,511 241,620 Investment Income 3b 540 540 288 Charitable Activities 3,000 3,000 23,705 Other Income 68 68 25 TOTAL INCOMING RESOURCES 124 593 283 119 265 637 RESOURCES EXPENDED Costs of Charitable Activitie5 146,209 132,232 278,441 241,529 TOTAL RESOURCES EXPENDED 13 232 241 529 NET INCOMING/(OUTGOING) RES)URCES 11317 (7,640) 4,678 24,108 TRANSFERS BEfwEEN FUNDS (6,852) 6,852 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Balances Brought Forward 251,462 33,130 284,592 260,484 BALANCES CARRIED FORWARD 256 927 342 289 269 All of the Charity's operations are classed as continuing operations. The notes form part of these financial statements, found on pages 13to21
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2025 Unrestricted Restricted Fund Fund Total Total 31-MaTr25 31-MaTr24 Fixed Assets Tang ible Asset5 Notes 172,000 172,000 172 000 172,000 172 000 Current Assets Debtors & Prepayments Cash at bank and in hand 5,870 110,942 5,870 143,285 32,342 150,144 Total Current Assets 116 812 342 149 155 Creditors: amounts falling due within one year NET CURRENT ASSETS 11,164 11,164 10,540 105,648 32,342 137,990 139,604 TOTAL ASSETS less current liabilities 277,648 31342 309,991 311,604 Creditors: amounts falling due in one year io 20,722 20,722 27,013 NET ASSETS 256 927 342 289 269 FUNDS OF THE CHARITY General Funds Restricted funds 256,927 256,927 32,342 251,462 33,130 32,342 TOTAL FUNDS 256 927 289 269 Dirertorfs responsibilities: For the Year ended 31st March 2025. 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 companie5. The members have not required the company to obtain an aud fc for the year in question in accordance with section 476 of the Compan ies Act. However, in accordance with section 145 of the charleS Act 2022, 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 wlth the requirements of the Companies Act 2006 with respect to accounting records and the preparation of aCCntS. The accounts have been prepared in accordance wfch the provisi5 in Part 15 of the Companies Act 2006 applicable to companies subject to the small compan5 regime and in accordance with FRS102 SORP. The directors acknowledge their responsibility for ensuring that the company kp5 proper accounting records wh ich com ply with sections 386 of the Act 2006 and for preparing financial statements wh ich g ive a true and fair view of the state of affairs of the company as at the end of the financial year and of rcs profit and loss for the financial year in accordance with the requ irement 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.2610912025 Signed on their behalf by Director. Print Name.. H Grigg Company RegistratK)n Number . 04538259 12
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) NOTES TO THE AccouNrs FOR THE YEAR ENDED 31ST MARCH 2025 I. ACCOUNTING POLICIES The principal accou nting policie5 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 wh 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 l January 2015) - (Charities SORP FRS102) and the Charities Act 2022. The Charity meets the definition of a public benefft entity under FR5102. Assets and liabilities are initially recogn ised at historical cost unless Otherwise stated in the relevant accounting policy note5. 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 Financwl Activities (SOFA) when.. . the charity becomes entitled to the resources; the trustees are virtually certain they will receive the resources; and the monetary value can be measu red with sufficient reliabiltty. 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. Grarrts and Donations Grants and donations are only included in the SOFA when the charY has uncond itHJnal entitlement to the resources. Tax Reclaims on Donations and Gifts Incoming resou rces from tax reclaims are included in the SOFA at the same time as the g ift to which they relate. Taxation The charity is exempt from tax (M) its charttable activttEs. 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 liabilty in respect of the guarantee is limited to £1 per member of the charity. Gifts in Kind Gifts in kind are accou nted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or d istribution are included in the accounts as glfts 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 account5 and is described in the Directors, annual report if applicable. Donated Services and Facilities These are only included in incoming resources (with an equivalent amcmjnt in resources expended ) where the benefit to the charity is reasonably q uantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. Investment Income Th is is included in the accounts when receivable. Investment Gains and Losses Th is 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. 13
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) NOTES TO THE AccouKrs FOR THE YEAR ENDED 31ST MARCH 2025 I. ACCOUNTING POLICIES (corrtinued) Expenditure and Liabilities Liability Recognition Liabilities are reccMJnised as soon as there is a legal or constructive obligation committing the charity to pay out resou rces. Govemance Costs Include costs of the preparatKsn and examinatiC of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters. Grants with PerfOrnIan Conditions Where the charity gives a grant with conditions for 5 payment being a specffic level of service or output to be provided, such grants are only recog nised in the SOFA once the recipient of the g rant has provided the specified service or output. Grarrts Payable without PerfOrnian Conditions These are only recognised in the accounts when a commrtment has been made and there are no conditions to be met relating to a g rant which remain in control of the chartty. Investments Investments quoted on a recognised st(Kk 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 Fu nds held by the charity are either.. Unrestricted funds These are funds which can be used in accordance wh the charitvs objectives. at the discretion of the trustees. Restrirted funds These are fu nds that can only be used for particular restricted purposes within the objects of the charity. Designated funds These funds are funds set aside by the trustees ¢xJt of unrestricted general funds for specific purposes or projects. Fu rther 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, ff 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 over their estimated usefu I live5. The rates applied are as follows: Land & Building 35 Neartherd Rd U nrestricted Equipment Property - Lisbon Road OU/0 25010 OU/0 There has been no change to the accounting polices (Variation rules and meth5 of accounting) since last year. 14
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) NOTES TO THE AccouKrs FOR THE YEAR ENDED 31ST MARCH 2025 2. FIXED As$s 2a. TANGIBLE FIXED ASSETS Land & Building 35 Neartherd Rd Unrestricted Equipment 2024125 Cost At l April 2024 Additions At 31 March 2025 150,000 3,360 153,360 150 000 153 360 Accum ulated DePCIatIOn At l April 2024 Charge for the Year 3,360 3,360 At 31 March 2025 3,360 3,360 Net Book Value At 31 March 2025 At l April 2024 150 000 150,000 150,000 The annual commitments under non-cancdling (4)erating leases and capital commitments are as follows.. 31st March 2025 . None 31st March 2024 . None 2b. FIXED ASSETS INVEsfMENTS Property - Lisbon Road 2024125 Cost At l April 2024 Additions At 31 March 2025 22,000 22,000 Accum ulated DePCIatIOn At l April 2024 Charge for the Year At 31 March 2025 Net Book Value At 31 March 2025 At l April 2024 22,000 22,000 The Church has £22,000 investment in a property used in partnership with Hope Into Action to house and support those in danger of homelessness. The rate of return is 20kn minus associated costs.. 15
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) NOTES TO THE AccouNrs FOR THE YEAR ENDED 31ST MARCH 2025 3. INCOMING RESOURCES Unrestricted Restricted Funds Funds Total 2024125 Total 2023124 Note a) Donations & Legacies Contributions from other charities for ministry Gift Aid Tax Recovered Misc Income Tithes, Gifts & offerings Donations-wellspring Fami Centre House purchase donation5 Youth weekend 69,459 27,028 1,795 113,937 3,780 23,317 2,303 21,662 6,189 27,851 133,256 118,404 251,660 124 593 279 511 241 620 b) Investment Income Interest Received 540 540 288 288 c) Incom ing from Charitable Activities Conference Income Relieving Local Need Relieving International Need Su pporting International M i55ions Train ing Support Restricted income Venue Lease 2,476 8,625 6,149 6,080 500 (125) 3,000 3,000 d) Activities for Generating Funds Books & Publications 68 68 25 68 25 16
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) NOTES TO THE AccouKrs FOR THE YEAR ENDED 31ST MARCH 2025 4. RESOURCES EXPENDED Unrestricted Restricted Funds Funds Total 2024/25 Total 2023124 Note Charitable Activities Charity Management & Administration: Ad ministrative Expenses Resources & Publications Train ing Costs Travel & Subsistence 1,335 1,892 1,633 942 5,803 203 1,538 1,892 3,333 1,923 9,447 8,373 1,700 591 2,494 8,297 22,212 Charity Running Costs: Equipment Costs Sundry Expenses Printing & Stationery Costs Room Hire Telephone & E-mail 1,384 467 80 1,384 989 104 2,799 20 5,297 2,932 19,039 522 24 2,799 20 1,952 3,345 21,971 Giving Out: Conference Costs - Christian Mission Contribution to churches/Relational Charitable contributions to Wellspring 3,363 9,030 73,260 2,310 76,623 11,340 13,817 6,750 38,453 83,773 122,226 46,060 Ministry Costs: Evangelism FOL Church CAP Debt Centre Mercy Ministry M inistry Costs Youth & Children's Work 421 500 1,050 1,866 216 637 500 3,285 2,208 3,239 2,235 342 3,409 4,852 12,056 16,908 7,925 other: Su pporting International M slon Relieving need (local) 13,711 21,864 staff Costs: Wages & Salaries Employer's National Insurance Costs Pension Contributions Non-Payroll Staff 62,446 15,847 8,873 18,677 6,092 5,772 81,123 21,939 14,645 76,436 23,249 14,087 88,705 30,541 119,246 113,772 Governance costs:_ Professional fees Independent Examiner Fee/fees Bank & Interest Charges Insurance Costs 601 1,260 4,301 1,948 2,915 1,948 2,939 23 6,444 23 6,467 7,726 13 232 241 529 17
THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE) NOTES TO THE AccouKrs FOR THE YEAR ENDED 31ST MARCH 2025 5. RESTRICTED FUNDS CURRENT FINANCIAL YEAR Balan 01-ApTr24 Gains & (Losses) Balance 31-MaTr25 Income Expenditure Transfer Relieving Local Need Need Su pporting International M ission 14.232 3,446 (14,232) (3,446) (o) (o) 11,616 (11,616) Conferences (Incl. Ch ristian Mission ) Accommate Fund CWA Café Restoration - Nepal Fakenham Food Cabin Go West GoodNews Church Local M ission Dereham Mercy Ministries Newday Serbia Building Serbia Emergency Fund Serbia Sponsorship Train ing Support Watton Funds YWA Balkans The Call Huegett Support May Gift Day 3,336 (3,336) 841 4,328 500 1,126 6,703 38 (31,931) 946 269 327 43,194 2,649 375 500 4,570 4,409 498 (36) (800) (6,438) 805 3,528 5,938 1,126 1,500 45,181 36,131 (8,203) (31,197) (3,600) (37) (235) (1,504) (62,894) (238) (1,263) (500) (4,307) (7,845) (498) (2,000) (641) 14,023 600 909 34 171 1,347 19,700 525 888 2,936 2,968 8,415 3,231 4,979 2,000 641 124 593 132 232 Du ring the year the trustees deemed it appropriate to better disclose the purpose of each restricted fund to give greater accuracy. Therefore the previously described funds were split into their ccfftponent parts. A further transfer was made to include the Watton Church Hant fund as a restrIctn to show that the wtshes of those who have donated to All Nations Church are being fulW respected. 18 THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARANTEE)
NOTES TO THE AccouKrs FOR THE YEAR ENDED 31ST MARCH 2025 5. REsfRICTED FUNDS (Continued) PREVIOUS FINANCIAL YEAR Balan 01-ApTr23 Gains & (Losses) Balance 31-MaTr24 Income Expenditure Transfer Relieving Local Need Relieving International Need 10.537 7.765 (4.070) 14,232 35,497 6,149 (38,199) 3,446 Su pporting International M ission Training Support Conferences (Incl. Ch ristian Mission ) Equipment Support House Purchase M iscellaneous 34.372 718 6.080 500 (28.836) (718) 11,616 500 1,678 (193) 2,476 (819) 193 {20,122) 125 3,336 20,122 (125) 81609 42,968 92.446 33,130 The Restricted Funds are whdly represented by the Charfty's cash reserves and are to be expended as specified above. 19 THE WELLSPRING FAMILY CHURCH (COMPANY LIMrrED BY GUARAKfEE)
NOTES TO THE AccouKfs (continued) FOR THE YEAR ENDED 31ST MARCH 2025 6. INVEsfMENTS The Church had no investments during this or the period financial period. However it made a Fixed asset investment in a property for £22,000 used in partnership with Hope Into Action to house and support those in danger of homelessness. The rate of return is 20kn minus associated costs. See Note 2b for Fixed asset investment. 7. CASH AT BANK AND IN HAND Unrestricted Restricted Funds Funds Total Total 31-MaTr25 31-MaTr24 Cash at bank and in hand 143 285 8. DEBTORS AND PREPAYMENTS Unrestricted Restricted Funds Funds Total Total 31-MaTr25 31-MaTr24 Su nd ry accounts receivable Prepayments Gift Aid 3,000 1,370 1,500 3,000 1,370 1,500 9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR Unrestricted Restricted Funds Funds Total Total 31-MaTr25 31-MaTr24 stewardship (mortgage) Pensions Independent Examiner's Fee 9,384 400 1,380 9,384 400 1,380 9,280 1,260 20 THE WELLSPRING FAMILY CHURCH (COMPANY LIMtrED BY GUARAKfEE)
NOTES TO THE AccouKfs (continued) FOR THE YEAR ENDED 31ST MARCH 2025 10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR unrestrict Restricted Funds Funds Total Total 31-MaTr25 31-MaTr24 Stewardship (mortgage) (Formerly Charity Bank) 20,722 20,722 27,013 Du ring the year ended 31st March 2009 financial peri(Kl Wellspring Family Church. Dereham acq uired 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 £IOO,000 over a 25 year term wth various monthly repayments in the current year totalling £9,280. The mortgage c(Mnmenced on the 1st October 2008, with maturity on the 1st October 2033. 11. STAFF COSTS AND NUMBERS TOTAL 2024/25 TOTAL 2023124 Gross Wages & Salaries Employer's National Insurance Costs Less= HMRC Employer Allowance Pension Contributions (£14245 less £7495 of salary sacrfic 108.205 10.132 (5.000) 6,751 104,407 9,608 (5,000) 14,084 Average number of employees who were engag in each of the following activities: TOTAL 2024/25 TOTAL 2023124 Charitable Activtties The Charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess of £60,000. (2023124- None) 12. DIRECTORS AND OTHER RELATED PARTIES M r P. Collinson (husband of Dr H. Collinson) received £24,081 {2023124: £ 18,188) in gross salary related payments and £963 (2023124.. £ 1,569) in Pension Contributions in his capacity as the lead Elder of the Wellspring Family Church in furthering the charity's objects. No other material payments were made to directors or any persons connected with them during this financial period. No material transaction t(M)k place between the charfty and a director or any person connected with them. (2023124- None) 21