Registered number: 05031499 Charity number". 1103139 WELLSPRING SErrLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ? Bishop Fleming
WELLSPRING SETTLEMENT IA COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Chairnian's Statement Trustees, Report 3-12 Trustees. Responsibilities Statement 13 Independent Auditors. Report on the Financlal Statements 14-17 Statement of Financial Activities 18 Balance Sheet 19 Statement of Cash Flows 20 Notes to the Financial Statements 21-36
WELLSPRING SETTLEMENT {A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Abdi-salam Askar. Treasurer Abdullahi Farah Anne Joslin Gerry Monaghan Jenny Bodnarchuk (resigned 1610512024) Kerry Rowe, Vice Chair (restgned 2811112023) Sarah Jahfar Sandra Kelly (resigned 0110812024) Thomas Meacock. Vice Chair (resigned 1310312024) Will Bee. Chair Hollie Morgan {cwpted 1310312024) Steffi Calderbank (co-opted 1310312024) Company registered number 05031499 Charity registered number 1103139 Registered office 43 Ducie Road Barton Hill Bristol BS5 OAX Company secretary Paul Simpson (until 07112r2023) Beth Wilson (from 0711212023> Key management personnel Beth Wilson, CEO Anya Mulcahy-Bowman. Deputy CEO Paul Simpson, Deputy CEO Independent auditors Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Bankers Lloyds Bank PIC Regent street Kingswood Bristol BS15 8HT Solicltors Burges Salmon 1 Glass Wharf Bristol BS2 OZX Page 1
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTE CHAIR'S STATEMENT FOR THE YEAR ENDED 31 PAARCH 2024 The Chair presents his statement for the year. At the start of the year the Board hoped Ihat this might be a year of C(s011dati0n th the merger now some years behind us. recovery fr(¥n Covid well under way and a new CEO in post. Unfortunately, we have found ourselves grappling Vlith a difThcult financial posttion wilh a significant shortfall in our budget at the start of the year. Stsff worked hard to raise additional furrfjs and irKrease OUT income generatron so that we end the year with a small defiaL Despite this thallenging positson we have made substsntial progress in revieing our strategic plan this year. The original plan was developed during Covid in the immediate aftermath of the merger. tt has been a useftjl guide over the last 3 years but it needed updats'ng and a dear focus on our key priorittes. There have been continuing debates about how we balance our fovJs on Jr core communty in Lawrence Hift and the desire by funders to see us wr#rg in a wider area. No doubt the debates wtll continue for some years. but our commitment to our local (¥Jmmunty wiu aknys remain. A message thnjughout the development of the plan has been the need to improve our communicatsons," making sure that the loLzl communty know how we can support them, ljut also securing vAder recognltion auoss the uty and beyond for our Work. At the same time as an organisation now working on sites and running a wide range of services we also need to get our internal communications righL We've been pleased to be arded a substantial wt to develop the Swan FAJb as a ywth centre Vth office accommodatim for the Somai Resource Centre above .The grants indude fvnds for youth work during the perith of the building work so thal can indude their ideas in the final design and witinuing funding for a further 2 and a half years. It is gTeat to be able to get back to doing youth work. and timely too given the concerns about the rising levels ol knrfe crrne in the iity. We have conlinued to deliver a wbJe range of services despite the dFffKult financial position we find ourselves in. Demand for BOOST advice services is paTticularty high Ixrt fvnding remain5 piecemeal. So rnuch statutory funding at present is short-temi and it is increasingty drffIt to get funders to cover aSOnable ovetheads. There are clearly enoMi5 pressures on local authwities, some of whom are becoming insotvent and being forced to make catastrophic to local Community services. IMJt rf they vrant the voluntary sector to be part of their probrysion of local seT¥ices they do need to loc to prode consistent funding whith covers the true costs of delivwy. In that contexi it was pleasing that the Family Centre has been 5eleded as the Famity Hub for Bristol East and Inner City, the only such hub to be delivexed by the voluntary sector. Nevertheless there is a small but significant shortfall in the funding whidl puts yet more strain on the Settlement's finances. In November 2023 Barton House. one of the local tower blocks. had to be evacJJated and residents rehoused. We were delighted that staff stepFed up to provide a temporary refuge for residents while accommodation was found for them. Staff gtsyed on at the end of a long day and kept our premises (Ipen and provided refreshments until 1.00 am. In the days and weeks that followed we supported residents had been placed in lemporary accommodation and ccntinue to heEp since they have retumed to live in the blod(. OveraR, it has been another busy and demanding year. Our thanks go to all the staff and volunteers of ihe Settlement who have delivered for local residents in somelimes tying circumstances. My thanks go to the other members of the 8oard ¥tho have helped guide the Setuement throughout the year. Will Bee Chair of Trustees Date.. Page 2
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees. who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charty for the year ended 31 March 2024. The Annual Report serves the purposes of both a Truslees, report and a Directors. report under Company law. The Trustees confirm that the Annual Report and financial statements of the charitable company compty wth current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The company's name is Wellspring Settlement with effed from the date of transfer to the charity of the charitable undertaking of Wellspring Heatthy Living Centre (Charitable number 11345931 on 1st February 2020. Wellspring Settlement is a charitable company limited by guarantee, not having a share capital. It was previously known as Barton Hill Settlement which fomied as a company on 2 February 2004. Barton Hill Settlement was originally established in 1911 when it was known as University Settlement Bristol. Wellspring Settlement was fomied after a two-year merger feasibility process beeen Barton Hill Settlement and Wellspring Healthy Living Centre. Wellspring Setllement is controlled by its governing thument, the Memorandum and Articles of Association which were last updated on 6 February 2020. Recruitment and appointment of charity directors Governance of Wellspring Settlement is through a Board of Trustees elected at the AGM. The Board of Trustees has final legal authorty and is responsible for overseeing the operation of the entire charity and its activities. The Trustees are also Directors of the Company. The Memorandum and Articles of Association require that Directors who have completed a three-year term of appointment shall retire at the Annual General Meeting. They shall be eligible for reappointmenl subject to a maximum of three temis of office. Any Director who has completed three terms of appointment must step down from the board for a period of 12 months before they can be reappointed. Any Director serving as a Director on 18 December 2019 was taken to commence their first three-year tem from that date. All Trustees of the Board give their time voluntarity and receive no benefts from the charity. The Charitls area of benefrt is very diverse and therefore the Board of Trustees seek to ensure that the assets of the different communities are reflected through the diversty of the Trustee Board. Wellspring Settlement aims to recrurt Trustees who are local residents and are cUently, or have been, Service users so that they already have a good understanding of some of the organisation's work. Wellspring Settlement also aims to ensure a mix of skills on the Board of Trustees, seeking to address any gaps through targeted Trustee recruitmenL Wellspring Settlement can have a maximum of 15 Trustees. The Chair and Treasurer are elected annually at the AGM. Other officers are appointed by the Trustee Board. Trustee induction and training All new Trustees receive an induction and are given an induction pack containing key information such as the Articles of Association, Charity Commission guidance, audited accounts, previous board meeting agendas and minutes, and infomiation on the legal responsibilities of being a company Director. Trustees also receive regular briefings and training appropriate to their role. Organisational structure An Executive team, led by the Chief Executive offer (CEO), is responsible for overseeing the work of the charity and ensuring the charity delivers against contracts and implements strategic plans. The management team are responsible for the operation. review and development of the chariws financial information systems along with running the day-toaY finances; fundraising; strategic development of services and the day-to-day management of service delivery." the day to day running of the Centre and management of the assets. Page 3
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees meet monthly and are responsible for setting and overseeing the strategic direction and poli¢y of the charity and budget setting, including remuneration of staff. A scheme of delegation is in place and day to day responsibility for the provision of the sermces rests with the CEO along with the Wellspring Settlement Management Team. There were sub-groups operating during the year.. an assets group., and a policy review group. All sub-groups met regulaty in line with the workload of the group and submit reports for the Board's decision. Wider networks Wellspring Settlement is a member of Localty, a national umbrella body. and locally is a member of Voscur and of the Care Forum. Key partnerships Wellspring Settlement works in many partnerships including: Localty leads for NHS.. we work in partnership with other communty anchor organisations to be Locality leads for the NHS., BOOST.. we work wth Talking Money and Housing Matters to deliver BOOST - our flagship project focused on financial resilience., Our Family Hub works with St Philips Marsh nursery, Cashmore Early Years Centre and other Children's Centres- Our Youth project works with other local youth providers including LPW, Bristol Somali Youth Voice, Horn Youth Concern and Babbasa.. We work closely with other Communty Anchor Organisats'ons in Bristol and beyond" We work closely with the Universty of Bristol on research projects and as part of Bristol's Social Justice Network., We work closely with local partners and tenants to ensure the needs of the local communty are met and that gaps in services are addressed. Succession planning The Board are aware of the need to succession plan for key management personnel and Trustees and regularly review the risk associated with succession planning and the actions being taken to mitigate against the risk. Related parties We have had no related paty transactions during the financial year. Risk Management The Trustees have a duty to identify and review Ihe risks to which the charty is exposed and ensure appropriate contro15 are in place to provide reasonable assurance against those risks. The Trustees recognise the importance of identifying and putting in place effective arrangements for the management of risk. The Board of Trustees conducts at least Iwice-yearly reviews of the major risks to which the charty is exposed, and these are logged in the Risk Register. Where appropriate, systems or procedures are established to mitigate the risks the charity faces. Signrficant external risks to funding have led to the development of fundraising and unrestricted income generation strategies which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedufes for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of slaff, volunteers, clients and visitors to the Centres. These procedures are periodically reviewed to ensure that they continue to meet the needs of the chanty. OBJECTIVES AND ACTIVITIES Purposes and aims The objects of the charity are, for the public benefrt. the relief of poverty, the promotion of good health and the advancement of education in the counties of Bristol, South Gloucestershire, Bath and North East Somerset and North Somerset (°the Area of Benefrt.), but with a particular focus on the residents of Lawrence Hill and Easton and the surrounding neighbourhoods. whether alone or in partnership with local residents and statutory, Page 4
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 voluntary and other organisations in a common effort by. advancing awareness and education around the issues of good health (mental and physical) and adopting and maintaining healthy IrfeSte$ (which shall include promoting and encouraging public participation in healthy exercise and physical adivity) and through the provision of support, education and praclical advice reducing health inequalities, improving self-esteem and the health and wellbeing of the community so that conditions of lrfe may be improved., and 2. providing or assisting in the provision of facilrties in the Area of Benefit in the interest of social welfare for recreation or other leisure time o¢¢upation of individuals who have need of such facilities by reason of their youth, age, infirmty or disability, financial hardship of social circumstances with the object of improving their conditions of lrfe,. and maintaining and managing community assets in the Area of Benefit and co-operating with any partner organisation in the maintenance and management of such assets and to develop further communrty assets for activities promoted by the Charity in furtherance of its objects. Public Benefit The Trustees of Wellspring Settlement have regard to the Charity Commission's guidance on public benefit in the delivery of the charity's purpose and aims. Our goals". At Wellspring Settlement. our vislon is: Strong dJry)amic communities where everyone has a good quality lrfe. Our mission is.. Wellspring Settlement will achieve our vision by harnessing skills and resources locally to power community led change. We will promote communities that grow together, challenging inequalities and fighting for equtty in all forms. Our Values are.. Integrity of word and deed forms the basis of all relationships For us real leadership is serving the communty first Celebrating diversty.. this is our strength We will demand equity in all our work We will dedicate long-term stamina to achieve our goals Nobody is a stranger and everyone feels safe and welcome We will do eVehing we can in partnership In 2023124 we started a review of our Strategic Aims. We put in place 3 guiding principles for 2023124 to support us through the review.. Guiding Princlple 1: Maintaining a range of services, funding and a pipeline of new worf( which meets the need of the community and properly funds the core Gulding Principle 2: Our 3 core impacts should be used to help guide us, set our priorrties and judge whether to continue work I take on new work. Our impacts are: 1. Reducing isolation I building connections and communits'es 2. Creating confidence and opportuntties 3. Increasing local resource and support Guiding Principle 3: continue to be guided by our organisational values and the CO aims of our Strategic P5an and particularly focus on= Reconnecting with our communty and buikling Community voice in what we do and what our future priorities are (SP Aim 1). Rebuilding partnerships which are essential to our role as community anchor (SP Airn 2). Organisational sustainabilty- focusing on fundraising, finance and people (SP Aim 7). Page 5
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 At the end of the year. we agreed a new Strategic Plan which has 3 aims 1. Delivering person-centred, communty-focused servtces: 2. Putting community at the heart of everything we do" 3. Sustainabilty and resilience. It also Commits to four ways of working: Parthership: We re¢ognise that working in partnership can bring snIfIcant benefits for our community.. we work in partnership with orgarsisations and community members to achieve more and better impact. where appropriate we make space for partners to lead". we will embed partnership working and ensure it informs everything we do. Influence: We are independent of statutory organisations and we see and take opportunities throughout our work to influence change by others to the benefit of our community., and to address inequalities our community experiences. Communication: Sharing knowledge and infoTmakn'on internally and extemalty., consistent messages., telling stories of our work in an asset-based way" using language people understand. Inclus(on: Inclusion and diversity and challenging inequity runs through everyihing we do, how we do it and why we do it.. people feel connected and everyone in the organisation has an awareness of how to make people feel more included. Whilst the plan in some respects is ambitious, it also had a big focus on doing what we are doing really well and continuing that for the long term. In 2023124 Wellspring Settlement delivered a broad range of services under three core themes.. 1. Family and YoLrth 2. Economic resilience and health 3. Community Our services aim to address the folk)wing needs: social isolation, poor health and wellbeing, financial exclusion, digital exclusion, poverty, poor educationllack of recognised qualifications, trauma, lack of a sense of belonging, lack of agencylpurpose, cuttural deprivation. inequty. Our community also has many assets in its people and in the infrastructure and opportunities in the local area and we aim to build on these. All of our activities and services conlributed to our overall organisational impact and four outcome areas (these were developed in 2023124 through a Theory of Change process: Overall impact: Building a thriving, inclusive and socially connected community where people are able to choose and influence their future- Outcome area 1: People feel welcome. belonging. reduced isolation, build connections and resilience Outcome area 2: The impact of poverty and heah inequalities is alleviated Outcome area 3: Increased confidence, purpose and new opportunities for personal development and groW(h Outcome area 4: Sustainable communities We also act as landlord to 11 other organisations and rent out rooms for health, education and leisure purposes. Our community: Lawrence Hill ward, which represents the communty primarily served by Wellspring Settlement and where the organisation is based. ranks as the most deprived ward in Bristol., 7 of the 9 areas making up Lawrence Hill ward rank in the most deprived decile in England, including Barton Hill where Wellspring Settlement is located. The number per thousand claiming out of work beneffts in Lawrence Hill is double the Bristol average and Lawrence Hill has the highest rate of unemployment in Bristol. Page 6
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Lawrence Hill is the ward in Bristol with the most children living in child poverty - 55 %. Lawrence Hill ward also has the highest rates of benefrt claimants in Bristol (Universal Credit, Tax Credits, Housing Benefits). 44°/0 of residents live in socially rented accommodation,. 16.60/D experience overcrowding,. 750/• of these accommodations having 2 beds or less, compared with a 450/0 city average. The pandemic disproportionately affected Laence Hill. as it did other areas of deprivation. The cost-of living crisis has exacerbated the challenges people were already facing with an increasing number of people facing destitution. The additional pressure is impacting people's mental and physical health. Across Bristol, including in the local area, we have seen an increase in knrfe crime, particularly involving young people. Parents tell us they are more concerned than ever aboLrt gangs, drugs and criminal exploitation. The evacualion of the Barton House tower block in November 2023 sent shock waves through this already struggling community. Whilst many from the community came fOard to support their neighbours and friends. the impact was felt greatly by those required to live in a hotel for several months. The mental heatth impact, particularly on the children and young people evacuated, is still being felt. ACHIEVEMENT AND PERFORMANCE Some statlstics about the take-up of our services We welcomed 6984 people to our services which included our community hub, advice infomation and support", person centred community infomed services that tackle poverty and health inequalities and that provide opportunities for personal development: and activtiies which build a strong and sustainable community. We worked wrth more females than males: overall working wtth 630A Female,. 37% male. This was more apparent in some of areas of work for example in our Family Services. 67% of Servi users were female. The ethnic gTOUP of those using our services reflected the diversity of the local population.. Asianl British Asian, 8% Blackl Black British, 230 Mixedl Multiple Ethnic Background. 10Yo other Ethnic Background, 100 White, 49/0 The majority of people we worked with were in the age bracket 2549. 99A of attendees reported that they were disabled. We had 6549 room bookings of which 2805 were intemal, 1149 were tenants, 666 were local community organi5ation bookings and 1929 were other extemal room bookings. Room bookers included local authority, NHS,. universitieslcollegeslschoolsleducation providers., national charities; local VCSE and grassroots,. tenants- small businesses. and counselling. Issues they cover range from health and wellbeing, mental health support, support for disabled people; statutory support, education and employment opportuntiies; infomiation advice and guidance,. work with chIren and young people and support for parents,. support for asylum seekers and refugees., community groups; digital inclusion; and fc(rfJ. Family Youth Themed Work and Highlights: The Family Hub offers parenting programrnes. baby groups, support for parents and carers, and activities for chiEdren. The aim is to work with families of children from O-19 or 25 with SEND. Family Hub: we provide universal and targeted services for parents with pre-school aged children including parenting courses,. slay and play sessions. postnatal support and 1.1 family support. Support was also offered through outreach. Parenting programmes: these included delivering Strengthening families Strengthening Communities programme. Page 7
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Youth services: we work with secondary school age children on a 1..1 basis and in group settings to provide a safe. fun spa, build confidence and aspiration. We delivered a mixture of detached and centre based activities. trips and sports. 2018 people benefitted from our Famity and Youth services in 23r24. This includes 243 who benefrted from our youth services. Highlights: We provided regular stay and play sessions at St Phillips Nursery School. We provided antenatal support in partnership with midwives. We worked closely with heamh visitors to ensure families health and wellbeing is supported. We regularly ran a baby club to support families with new babies and delivered infant feeding support sessions. We supported the increase in the Family Hub menu of support for local families, by making our space available for actrvities such a5 Dads Rock We secured funding to complete the redevelopment of The Swan pub into a dedicated youth facility. Young people have been involved throughout the design process ensuring the building is frt for purpose whi15t also building skills and confidence. Work started on the building in January 2024 and will be Compleled in 24125. Working in partnership we delivered a 'World Book Day. event with a 15ft inflatable dinosaur worn by a Book Trust colleague and invited Cashmore nursery school to attend, the children benefitted from a free book and a positive introduction to story telling. Parents were referred or self-referred lo attend our Strengthening Families, Strengthening Communities parenting courses which enabled parents to expk)re relationships. positive communication and building skills and confidence. This year, parents expressed and were supported to explore topical concerns relating to knife crime, gangs and drugs. We delivered four youth sessions weekly since October. Coming in 24125: A new Children and Young People's Social Prescribing project and the opening of our new Youth facility. Economic Resilience and Heafth Themed Work: Our Economic Resilience and Health themed work focuses on addressing the wider determinants of health including economic challenges. Boost Community: aims to support people to build financial confidence and achieve their aspirations, offering advice information and support wtth issues such as housing, debt and money, whilst also building community relationships. Social Prescribing and Going Home: we receive ferra1$ from GP surgeries and hospita15 to support people to address wider issues that are affecting their health and to make use of support in the community Adult education: we offer a range of courses to support people who are interested in changing their job, or managing their lrfe better PhysScal activities: free actiwties to help people start on a joumey of becoming more activity. Unfortunately this project ended in June 2024 due to a lack of available funding. Musculoskeletal Clinic: Y offer a range of physical therapies including osteopathy, chiropractic and physiotherapy. Locality lead for Inner City and East: this involves working closely with the Integrated Care System and Sirona to ensure that the needs of community are reflected in the health system. Highlights= 702 were supported by Boost 2 Boost community workers were employed during the year to increase capacty to meet the ever increasing demand resulting from the cost of living crisis Page 8
WELLSPRING SETTLEMENT {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 730/0 of people supported by BOOST felt more confident in their economic circumstances 1000kn of Boost volunteers felt they were able to use their experience to support members of their community A survey of Boost service users was extremely positive highlighting the person-centred, values-based approach as integral to the impact of the service 21 were supported as part of a pilot Adult education programme 494 were supported by our Physical A¢tivtties project We were able to offer a range of activities to suit dffferent needs including chatty couch to Sk, stand up paddle boarding and gentle stretching. We maintained short wait list for our social prescribing work throughout the year We developed a person-centred approach to the "going home. project which supports people being discharged from hospital We continued to advocate for an Anti-Poverty strategy for Bristol. Coming in 24125.. We hope to offer an expanded adult education programme in 24125. Community themed work and Hlghlights: Our community work helps local people connect. share interests and make friends - putting in place the building blocks for a strong community. We also run activities that support people to get involved and make positive changes in the local area. Art: we offer art for people aged over 55; sessions offer an opportunity to meet new people, build confidence and be creative. Older People: we offer a calendar of activities from coffee and chat, walks in the local area to gardening. Food." we run a membership-based Food club for access to low cost food.. as well as opportunities for cooking together and growing together Community activities. communty space. community engagement and community development: we delivered a programme of activities, celebrating important dates for our community including Eid, Christmas and International Women's day" we 5UPPOrted people with ideas about how they could do something for their community to achieve their arnbition. We also support community led research and prcKlu¢ed a report in colEaboration wtth the University of Bristol. Highlights.. At least 1738 people benefrtted from our comrnunty projects (the number is probably much higher as it is hard to track) Our pay what you can afford cafe remained open throughout the year and at least 720 people benefited from this seM¢e. 131 were part of our Community Health Research Project We offered a broad range of actimties for older people including a trip to an alpaca farm, planting and growing. 56 people benefited from our older people'5 work 179 attended one of our arts programmes Participants Created a film about art at Wellspring Settlement and exhibited their work at our Annual General Meeting 402 people have benefrted from food prqects. Food Club continued to [* wtth the community to tackle food poverty challenges. Weekly cooking sessions gave communty volunteers an opportunty to use up food. eat together, socialize, learn about food from different cuttures and give back to their community. A collaboration with the Family Hub has ensured we are making good use of outdoor spaces to grow vegetables and herbs, support communty members to learn about growing their own and zero waste. Comlng soon: our new HeaRh Creation projec( building on our community research project last year. Page 9
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Challenges- As an organisation and community we faced a number of challenges during the year.. Impact of cost of living on residents, communities, staff, volunteers and organisation,. Recruitment and retention of front line and management staff.. Funding being harder to come by. not covering full costs. being short temi or being based on a payment by results model. Ever restricted and stretched public services- People increasingly presenting in crisis. Plans for the future Our plans for the future include.. Complete the redevelopment of The Swan. Complete work to connect the Micrtrsettlement to the main Ducie Road site. Take forward plans to improve employment opportunities in this area including with the new Temple Quarter area of redevelopment. Celebration of 20 years since the opening of Wellspring Heathy Living Centre. FINANCIAL REVIEW The Statement of Financial Activities (SOFA), set out on page 18 is designed to reflect all incoming resources receivable in the year. Gross income of £2,231,018 (2023.. £1,958,009) increased by £273,009, an increase of just over 14/v. Charitable expenditure decreased by just over 10'k to £1,959,148 for the year {2023: £2,180,458). Of the outgoing resources £1,489.871 relates to restricted projects and £469,277 to unrestricted projects. General reserve now stands at £4,287,932 and the restricted fund balances amount to £19,900. Investment policy The organisation does not hold any investments other than cash on deposit. Reserves policy Wellspring Settlement recognises the importance of maintaining an appropriate level of resetves to allow for contingency planning or action. Wellspring Settlemenl will aim to develop the appropriate level of reserves based on the real risk assessments agreed at the Trustee meeting in October 2022. This figure was agreed at £146,000. Reserves will be reviewed at meetings of the Board at least half yearly. or more frequently if required. There will be a fLtII review of the Reserves Risk Assessment at the October 25 Board meeting. Decisions regarding the use of reserves will be infomied by the Board. Principal Funding Sources In 23124 we had a range of funding agreement5 With: Adult Education Communty Learning Funding Age UK Alive Activtties Bristol City Council BIC PCN BITC Feeding Bristol l HSF Garfield Weston Grateful Society Go Fund Yourself Page 10
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 John James Bristol Foundation John Armitage Charitable Trust l New Philanthropy Capital National Lottery Community Fund NHS Nisbet Trust Quartet Community Foundation Sirona Social Investment Business (SIB) Sport England St Monica's Trust Thrive University of Bristol Youth Investment Fund {YIF) ICE locality Friends of the Earth WECA Postcode Gardener Go Fund Yourself and many others. STATEMENT OF TRUSTEES RESPONSIBILITIES Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the net income or expenditure. of the charitable company for the year. In preparing Ihose financial statements the trustees are required to: Select suttable accounting policies and then appty them consistently Observe the methods and principles in the applicable Charities SORP. Make judgements and estimates that are reasonable and prudent., State whether applicable accounting stsndards and statements of recommended practice have been followed, subject to any material departures discbsed 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 operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charty and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infom)ation of which the charrtable companYs auditors are unaware. the trustees have tsken all steps that they ought to have taken to make themselves aware of any relevant audit infomation and to establish that the auditors are aware of this infonnation. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdidions. Members of the charity guarantee to contribute an amount not exceeding £10 to the assels of the charity in the event of winding up. The trustees are members of the charity, but thi5 entitles them only to voting rights. The trustees have no beneficial interest in the charity. Page 11
WELLSPRING SErrLEMENT (A COMPANY UMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AUDITORS The audttors. Bishop Fleming. were appointed as the charitable cOMpanS auditors in respect of the year and have expressed their ry[lIngneSS to act in that capaO- Apwoved by order of the members of the board of Trustees and signed on trEr behalf by." Ill Bee Chair of Trustees Date. Page 12
WELLSPRING SErrLEMENT (A COMPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES, RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (vtho are also the dÈrectors of trte Chanty for the purposes of company law) are responsible for preparing the Trustees. Report induding the Strategic Report and the financial statements in accordance with applit2ble law and United K'tngdom Accounting Standards (United Kingdom Generalty Accepted Accounting Pracaice). Company law requires the Trustees to prepare finanual statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charty and of its incoming reSoUrS and application of resources, including its income and expenditure, for that period. In weparing these financiat statements. the Trustees are required to.. select suitable accounting policies arml then apply them consistenlly, obseNe the Methods and princAples of the Charibes SORP (FRS 102): make judgements and acco{ting estimates that are reasonable arffl prudenL slate vthether applicable UK AC¢ting Standards (FRS 102) have been ft)ll1ed, subjed to any material departures disdosed and explained in the financial ststements,. prepare the financial statements on the gn9 concem basis unless it is inappropriate to presume that Ihe Charity will conlinue in business. The Trustees are responsible for keeping adequate acwmtiThJ records that are suffiuent to show and explain the Charitys transactions and disdose wth reas¢)nable accuracy at any time the financial poS.0n of the Charity and enable them to ensure that the financaal ststements CoMY with the Companies Act 2006. They are also sP)nsie for safeguarding the assets of ihe Charity and hence for taking reasonable steps for the wevention and detectson of fraud and other irregulanties. Approved by order of the members of the board of Trustees and sied on its behalf by. 11800 Chair of Trustees Date". Page13
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WELLSPRING SErrLEMENT OPINION We have audited the financial staternents of Wellspring Settlement (the 'charty') for the year ended 31 March 2024 which comprise the Slatement of Financial Aclivilies, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financ¢al statements- give a true and fair view of the state of the charitable CoMpanS affairs as at 31 March 2024 and of its incoming resources and application of resources. tncluding its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with Intemational Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have futfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any material uncertainties relating to events or conditions that, individually or collectively, may cast signfficant doubt on the charitable company's ability to continue as a going concem for a period of at least fv1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibiliiies of the Trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other infomiation comprises the infomiation included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements dS not cover the other information and, except to the exlent otheise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materialty inconsistent wilh the financial statements or our knowledge obtained in the course of the audit, or otheMse appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfom)ed, VR conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 14
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WELLSPRING SETTLEMENT (CONTINUED) OPINION ON OTHER mAERs PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report and the Strategic Report have been prepared in accordance wtlh applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report including the Strategic Report. We have nolhing to report in respect of the follcwiing matters in relation to which Companies Act 2006 require5 us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us: or the financial ststements are not in agreement with the accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are not made. or we have not received all the infomiation and explanation5 we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. Responsibilities Statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitab company's ability to continue as a going concern, discbsing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Page 15
WELLSPRING SETTLEMENT (A COMPANY UMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WELLSPRING SETTLEMENT (CONTINUEDI AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectNes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered malerial if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wtlh laws and regulations. We design procedures in line with our responsibilities, OLrtlined above. to detect material misstatements in respect of irregularrties, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. We have considered the nature of the sector, control environment and financial performance of the entity., We have considered the results of enquiries wth management and Trustees in relation to their own identrfication and assessment of the risk of irregularrties within the entty., and We have reviewed the dtxumentation of key processes and Controls and performed walkthroughs of transactions to confirm that the systems are operating in line with dixumentation. As a result of these procedures, we have consKlered the opportunities and incentives that may exist within the organisation for fraud and identrried the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required to perform specffic procedures to respond to the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a dired effect on the detemiinalion of material amounls and disclosures in the financial ststements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102 and UK tax legislation. In addition, we considered the promsions of other laws and regulations that do not have a direct effect on the financial statements but compltance with which may be fundamental to the charitys abilty to operate or avoid a material penalty. Our procedures to respond to risks identrfied included the following: Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements: Performing analytical procedures to identrfy unusual or unexpected relationships that may indicate risks of material misstatement due to fraud-, Reviewing board meeting minutes.. Enquiring of management in relation to actual and potential claims or litigations- Performing detailed transactional testing in relatn to the recognition of revenue with a particular focus around year*nd CLrt off., and In addressing the risk of fraud through management override of Controls, testing the appropriateness of journal entries and other adjustments- assessing whether the judgments made in accounting estimates are indicative of potential bias,. and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identffied laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures yre designed to respond to rFsks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error. as fraud may invofve deliberate concealment by, for example, forgery, Page 16
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WELLSPRING SETTLEMENT (CONTINUED} misrepresenlalions or through collusion. There are inherent limrtations in the audit procedures performed and the further removed non-compliance with laws and regulalions is from the events and transactions reflected in the financial statements, the less likely we would become aware of IL A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description fomis part of our Auditors, Report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors. Report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work, for this report, or for the opinions we have formed. Davld Butler FCA DChA (Senior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS16FL Date.. ly Page 17
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted UnrestrFCted funds funds 2024 2024 Totsl funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities 625 625 2,224 1,955,785 1.489,871 740.522 2,230,393 Total income 1.489,871 741.147 2,231,018 1,958.009 Expenditure on: Charitable activities 1,489.871 469,277 1,959,148 2,180,458 Total expenditure 1,489,871 469.277 1,959,148 2,180,458 Net movement in funds 271,870 271,870 (222,449) Reconciliation of funds: Total funds brought forward 19.900 4.016,062 4,035,962 4,258,411 Total funds carried forward 19,900 4.287.932 4.307,832 4,035,962 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21 to 36 form part of these financial ststements. Page 18
WELLSPRING SETTLEMENT IA COMPANY LIMITED BY GUARANTEE) REGISTERED NUM8ER:05031499 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible a$$et$ 5,998.524 5.776,187 5,998.524 5.776.187 Current assets Debtors Cash at bank and in hand 12 112.917 160.366 238,221 3.269 273.283 241.490 Creditors". amounts falling due w¢thin one year 13 1847.897) (759,719) Net cuwent liabilities 1574.614) (518,2291 Total assèts less current liabilities 5.423.910 5.257,958 Creditors: amounts falling due after more than one year Provisions for liabilities 14 1S (1.097A21) (18,657) {1.203.339) (18,657> Total net assets 4307.832 4,035,962 Charity funds Restricted funds Unrestricted funds 16 16 19,91XI 4,287.932 19.900 4.016.062 Total funds 4.307.832 4,035.962 The Trustees a¢knOedge their responsibitslies for complyw with the requirements of the Aci th respect to acc¢)unting records and preparation of financial statements. The financial ststements were 3pproved and authorised for issue by the Trustees and signed on their behalf by. Will Bee Chair of Trustees Date". The notes on pages 21 to 36 fomi part of these financial statements. Page19
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 695,817 16.783 Cash flov from investing activities Disposal of tangible fixed assets Purchase of tangible fed assets 4.200 (54,161) 1398,156) Net cash used in investing activities 1398,1561 {49.961) Cash flows from financing activities Repayments of borrowing (95.218) Net cash used in financing activities 1128,111) (95.218) Change in cash and cash equivalents Sn the year Cash and cash equivalents at the beginning of the year 169,550 (128.396) 119,212 (9,184) Cash and cash equivalents at the end of the year 160,366 (9,184) The notes on pages 21 to 36 form part of these financial statements Page 20
WELLSPRING SETTLEMENT (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The company. formed on 2 February 2004, is limited by guarantee {No. 5034199) and is a registered charity {No. 1103139). The Charity is registered in England and Wales. The charitys registered office is 43 Ducie Road. Barton Hill, Bristol, BS5 OAX. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Chartties SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Wellspring Settlement meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the rdevant accounting policy. 2.2 GOING CONCERN The accounts have been prepared on the assumption that the charty is able to continue as a going concern, which the Trustees consider appropriate having regard to the current level of unrestricted Reserves. The Trustees have considered the Current challenging nature of our funding streams and increasing costs and have detemiined that they do not create material uncertainty that casts considerable doubt upon the Charitrfs ability to continue as a going concern. Our fundraising strategy and our work with an external expert to develop a sustainable financial mojel, have mitigated any anticipated losses in grant income. As a result, there are no material uncertainties about the Charits ability to continue as a going concern. 2.3 INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial ActivTrties on a receivable basis. The balan of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, rts recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Other income is recognised in the period in whh it is receivable and to the extent the goods have been provided or on completion of the service. Page 21
WELLSPRING SETTLEMENT (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits wll be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activtty. Direct costs attributable to a single activty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single aclivtty are apportioned ben those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portson of the asset's use. Expenditure on Charrtable activtties is incurred on directly undertaking the activrties which further the Charivs objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets Costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the ¢ost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fed asset into ils intended working condition should be included in the measurement of cost. Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight4ine method. Depreciation is provided on the following basis: Freehold propety Fixtures and frtings Motor vehicles Microsettlements Computer equipment Other fixed assets 2% Straight Line Method 100A Straight Line Method 200/. Straight Line Method 40/0 Straight Line Method 33 % Straight Line Method 100/0 Straight Line Method 2.6 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-temi high liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 22
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES (continued) 2.8 LIABILITIES Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, rt is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.9 OPERATING LEASES Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease temi. 2.10 PENSIONS The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.11 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and whtch have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstsnces. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition. seldom equal the related actual results. The estimales and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabiltties wthin the nexi financial year are discussed below. Page 23
WELLSPRING SETTLEMENT IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 625 625 2.224 INCOME FROM CHARITABLE ACTIVITIES Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Grants and contracts Room hire Rental income Other earned income Consultancy 1,487,T15 1,487,776 78,423 492,123 171.302 770 1,272,958 71,452 527,303 84.072 78.423 492,123 169.206 770 2.096 1,489.871 740,522 2.230,393 1,955.785 TOTAL 2023 1,091,358 864,427 1,955,785 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Charitable activities 1,489,871 469,277 1,959,148 2,180,458 TOTAL 2023 1.127.657 1,052,801 2,180,458 Page 24
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 1.095.722 863,426 1,959,148 2,180,458 TOTAL 2023 1,186.466 993,992 2,180,458 ANALYSIS OF DIRECT COSTS Total funds 2024 Total funds 2023 Staff Costs Calering & provision costs 1,089,684 6,038 1,184,892 1,574 1,095,722 1.186,466 Page 25
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS Total funds 2Q24 Total funds 2023 Depreciation Other staff costs Premises costs Computer and office supplies Governance and professional costs Markeling and subscriptions Insurance Bank and interest charges FOCUS External partners Vehicle costs Bad debts 175,819 26.212 280,755 82,299 43,497 4,639 42,588 59,884 17,677 129,937 4,015 (3,896) 189,073 21,051 269,406 134,691 57,450 1,848 29,559 55,178 13,907 220,842 2,485 (1,498) 863,426 993,992 AUDITORS. REMUNERATION 2024 2023 Fees payable to the Charitrfs auditor for the audit of the Charitys annual accounts 12,250 11,750 STAFF COSTS 2024 2023 Wages and salaries Social security costs Contribution to defined Contribution pension schemes 970,385 72,441 46,858 1,056,921 79,607 48,364 1,089,684 1,184,892 Page 26
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS (CONTINUED) The average number of persons employed by the Charty during the year was as follows.. 2024 No. 2023 No. Staff S7 74 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was.. 2024 2023 In the band £60,001- £70.000 The key management personnel of the charity comprise the Chief Executive Officer and both DepLrty Chief Exe¢Lrtive Officers. The total employee benefits of the key management personnel, comprising gross salary, employers, national insurance and employers. pension contribuiions was £194,886 (2023.. £211,488). 10. TRUSTEES, REMUNERATION AND EXPENSES During the year, no Trustees received any remuneration or other benefits (2023 - £NSL). During the year ended 31 March 2024. no Trustee expenses have been incurred (2023 - £NIL). Page 27
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS Flxtures, frttings & equipment Freehold Micro- property settlements Motor vehicles Total COST OR VALUATION At 1 April 2023 Additions 7.080,182 398,156 723.720 13,200 312,193 8,129,295 398.156 At 31 March 2024 7,478.338 723,720 13.200 312,193 8.527.451 DEPRECIATION At 1 April 2023 Charge forthe year 1.987.958 144.947 71,981 28,949 13,200 279,969 1,923 2,353.108 175,819 At 31 March 2024 2,132,905 100,930 13,200 281,892 2.528,927 NET BOOK VALUE At 31 March 2024 5,345,433 622,790 30,301 5,998,524 At 31 March 2023 5,092.224 651,739 32,224 5,776,187 12. DEBTORS 2024 2023 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 59,242 1,130 52,545 147,602 10,546 80,073 112,917 238,221 Page 28
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank overdrafts Bank loans Other loans Trade creditors other taxation and social securty other creditors 12,453 119,134 64,375 111,765 119,773 60.691 271,528 94,905 66,411 236,088 105,812 58,136 286,545 Accruals and deferred income 847,897 759.719 2024 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods 258,186 295,648 271,545 258,186 (258,186) (295,648> 271,546 258,186 Page 29
WELLSPRING SETTLEMENT {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans other loans 222,326 875,095 261,615 941,724 1.097,421 1,203,339 Included wthin the above are amounts falling due as follows.. 2024 2023 BETWEEN ONE ANDTWO YEARS Bank loans 99,382 65,161 97,595 63,360 Other loans BETWEEN TWO AND FIVE YEARS Bank loans Other loans 122,944 217,979 128,971 211,544 OVER FIVE YEARS Bank loans Other loans 35,049 666,820 591,955 The original loan with Lloyds bears interest at a rate of 6.95'fi and was taken out in November 2009. The charty took a second loan Lloyds with an interest rate of 7.205%, repayable over 10 years, in March 2011. The loans are secured by a legal charge over 22 - 28 Bright Street and 3 - 9 Morley Road. The Farmhouse Building rebuild was part funded by a loan from Futurebuilders England, repayable over 21 years, commencing on 1 March 2021. Interest was Charged at 0.50/0 until November 2019, then at 5 % for three years and is subject to an annual review. This loan is secured by a legal charge on the Famihouse building. During the year ended 2017 the bank overdraft was Converted to a third loan with Lloyds, repayable over 10 years with interest payable at bank rate plus 3.85 /9. Lloyds Loan 3 moved to a variable rate on 8th Sept 2022 and upon the advice of our relationship manager we have not fed the rate, as the Cost of this was prohibttive. The purchase of The Swan was funded by a ban with a charge over the property, repayable over 8 years with a fed interest rate of 4.5 /0. 15. PROVISIONS 2024 At 1 April 2023 18,657 18,657 A provision is recognised for the future maintenance of the freehold property at Beam Street. Page 30
WELLSPRING SETTLEMENT IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure UNRESTRICTED FUNDS General funds 4,016.062 741,147 (469,277) 4,287,932 RESTRICTED FUNDS Research Project Community Engagement Adutt Education Arts CASS Other restricted funds Physical activities Community development Central Services Family Centre Social Prescribing Hospital Discharge Café Food club MSK Older persons BOOST YIF & Lottery PDC (Formerly SPAN) Youth 37,103 77,637 8,996 3,956 33,230 4,310 29,638 20,971 84,609 157,119 100,110 61,124 4,949 38,386 110.176 24.807 86.305 462,510 44,994 98.942 (37,103 (77,637 (8,996> (3,9561 (33,2301 (4,3101 (29,638) (20,971) (84,609) {157,119) {100,110) 161,124) (4,949) (38,385) 1110,1761 (24,807 (86,3051 (462,510) (44,9941 (98,9421 19.900 19,900 19,900 1.489.871 {1.489,871) 19,900 TOTAL OF FUNDS 4.035,962 2.231,018 (1.959,148) 4,307,832 Page 31
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS (CONTINUED) Restricted Funds Freehold WHLC this balance flects the transfer of buildings to the newly fomied Wellspring Settlement, transferred from Wellspring Healthy Living Centre, following the merger on 1 February 2020. Famhouse development - balance reflects the amount funded by Futurebuilders England and NHS Building Fund, less non<apital spending on the project to redevelop the Famihouse and includes tenant specific requirements for the farmhouse development. George Wills Hall - the charity received funds from Bristol Cty Councils CIL fund, these fund5 will be Used for a new roof and the addition of accessible facilities at the venue. Microsettlement- these funds were used in the construction of the new building project as outlined in the Report from the Trustees. Family HUB - this fund includes the Family Centre from previous years together with our Strengthening Families, Strengthening Communities project {fomierly SPAN project) and our new Youth project. The Family Hub received funding from Bristol Cty Council {BCC}, Youth Investment Fund and National Lottery Community Fund. Development HUB encompasses BOOST Communty - funded by BCC, Adult Education funded by BCC. Thrive {formerly CASS), Funds from Sport England for Physical Activitie5, Social Prescribing (funded through the PCN), Hospital DischargelGoing Home and a Communty Health research project funded by the University of Bristol. Community First HUB - includes funding to provide a Warm Spaces Café, to help wth the cost of living crisis and compliment the Community Engagement Team which was funded by BCC, an Older Persons Project, Art Project and Food Club. Restricted income unspent balances will be spent in 2024 - 25. All funds are used to provide services across all our Impact areas. Page 32
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- POR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure UNRESTRICTED FUNDS General funds 4,202,212 866,651 (1,052,801> 4,016,062 RESTRICTED FUNDS Communty Engagement Arts CASS Other restricted funds Physical actiwties Central Services Family Centre Social Prescribing Hospital Discharge Café Food club 89,627 (89,627) (4,668) (207,7661 (51,210) (33,437> (68,478) (112,946) (161,856) (50,000) (12,528) {14,108) {30,000) (24,480) {74,176} (129,876) (62,501) 4,668 207,766 19.579 33,437 68.478 112,946 161.856 50,000 12,528 14,108 30,000 24,480 74,176 129,876 62.501 51,531 19,900 MSK Older persons BOOST YIF & Loltery PDC (Formerly SPAN) 56,199 1,091,358 (1,127,657) 19,900 TOTAL OF FUNDS 4.258,411 1,958,009 (2.180,458) 4,035,962 Page 33
WELLSPRING SErrLEMENT IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year Provisions for liabilities and charges 5,998,524 5,998,524 253,383 273,283 {847,897) (847.897) (1.097,4211 (1,097,421) (18,6571 118,657) 19.900 TOTAL 19,900 4,287,932 4,307,832 ANALYSIS OF NET ASSETS BEfwEEN FUNDS- PRIOR PERIOD Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and Charges 5,776,187 5,776,187 221,590 241,490 (759,719) (759,719) {1,203,339) (1,203,339) (18,657) (18,657) 19,900 TOTAL 19,900 4,016,062 4,035,962 Page 34
WELLSPRING SETTLEMENT (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 18. 2024 2023 Net incomelexpenditure for the pertcKI (as per Statement of Financial Activities) 271,870 (222.449) ADJUSTMENTS FOR: Depreciation charges Decreasellincrease) in debtors Increase in creditors 175,819 125,304 122,824 189,073 (18,460} 68,619 NET CASH PROVIDED BY OPERATING ACTIVITIES 695,817 16,783 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand Overdraft facility repayable on demand 160,368 3,269 (12,453) TOTAL CASH AND CASH EQUIVALENTS 160,366 (9.184) 20. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Bank overdrafts repayable on demand Debt due wthin 1 year Debt due after 1 year 3,269 (12,453) (183,509) (1.203,339) 157,097 12,453 22,193 (161,316) 105,918 {1,097,421) 160,366 11.396,032) 297,661 11.098,371) Page 35
WELLSPRING SErrLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. PENSION COMMITMENTS The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independentiy administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £46.858 {2023'. £48.364) with a balance ot £12,241 (2023: £12,238) payable at the balance sheet date which is included in creditors. 22. OPERATING LEASE COMMITMENTS At 31 March 2024 the Charity had commitrnents to make future minimum lease payments under non- ancellable operating leases as follows= 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 2,931 2,931 3,704 1,998 2,565 9,566 4,563 23. MEMBERS. LIABILITY Each member of the charitable company undertakes to Contribute to the assets of the company in the event of it being wound up while hdshe is a member, or wtthin one year after helshe ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before helshe ceases to be a member. RELATED PARTY TRANSACTIONS The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing been related parties and the Charty at 31 March 2024. Page 36