Reglstered number: 05031499 Charlty number: 1103139 WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Bishop Fleming
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Abdi-salam Askar. Treasurer Abdullahi Farah Anne Joslin Emily Purkhardt (appointed 1410112025) Ewan Cameron (appointed 0410612025) Gerry Monaghan Hollie Morgan, Interim Chalr Jacob Wilhington (appointed 05103120251 Jenny Bodnarchuk (reslgned 1610512024) Sandra Kelly (resigned 0110812024) Sarah Jahfar (resigned 0510312025) Steffi Calderbank Will Bee, Chair Company reglstered number 05031499 Charity reglstered number 1103139 Reglster8d office 43 Ducie Road Barton Hill Bristol BS5 OAX Company secretary Beth Wilson Key management personnel Beth Wllson, Chief Exgcutive Officer Anya Mulcahy-Bowman, Deputy Chief Executive Officer Paul Simpson, Deputy Chief Executive Officer Independent auditors Bishop Flemlng Audit Limited Chartered Accountants 10 Temple Back Bristol BSI 6FL Bankers Lloyds Bank PIC Regent Street Kingswood Bristol BS15 8HT Sollcitors Burges Salmon 1 Glass Wharf Bristol BS2 OZX Page 1
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Wellspring Settlement is a company limited by guarantee (number 05031499) registered as a charity (number 1103139). It is governed by its Mernorandum and Articles of Association and the Companies Act 2006. The Trustees, who are also Dlrectors of the charity for the purposes of the Companles Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The Annual Report serves the purposes of both a Trustees, report and a Directors, report under Company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with 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). Public Benefit In preparing this report, the Trustees of Wellspring Settlement have had due regard to the Charity Commisslon's guidance on publlc benefit in the delivery of the charitys purpose and aims. OBJECTIVES AND ACTIVITIES Purposes and aims Wellspring Settlement is a community anchor organisation embedded in the community of Barton Hill in Brlstol, providing a range of services, activities and facilities for the community. The objects of the charity are, for the publlc benefit, th8 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 Benefif.), 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, voluntary and olher organisations in a common effort by: advanclng awareness and education around the issues of good health (mental and physical} and adopting and maintaining healthy lifestyles (which shall Include promoting and encouraging publi participation in healthy exercise and physical activity) and through the provision of support. education and practical advice reducing health inequalities, improving self-esteem and the health and wellbeing of the community so that conditions of life may be improved: and providing or assisting in the provision of facilities in the Area of Benefit in the interest of social welfare for recreation or other lelsure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship of social circumstances with the object of improving their conditions of life., and maintaining and managing commLrnity assets in th& Area of Benefit and C(OperatIng with any partner organisation in the maintenance and management of such assets and to develop further community assets for activities promoted by the charity In furtheranc8 of its objects. Our goals". At Wellsprlng Settlement, our vlslon Is., Strong dynamic communities where everyone has a good quality Ilfe. Our mission is: Wellspring Settlement will achieve our vision by harnessing skills and resources locally to power community led change. We will promote communltles that grow together. challenging inequalities and fighting for equity in all forms. Our Values are: Integrity of word and deed forms the basis of all relationships For us, real leadership is serving the community first Celebrating diversity. this is our strength We will demand equity in all our work We will dedicate long-term stamlna to achieve our goals Nobody is a stranger and everyone feels safe and welcome Page 3
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In 2024125 Wellspring Settlement delivered a broad range of services under four core themes: Family and Youth Community Advice and Economic Resillence Health All of our activities and services contributed 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 inftuence their future; Outcome area 1: People feel welcome, belonging, reduced isolation, build connections and resilience,. Outcome area 2: The impact of poverty and health inequalities is alleviated., Outcome area 3: Increas8d confidence, purpose and new opportunities for personal development and growth. Outcome area 4: Sustainable communities. We also act as landlord to 11 other organisations and rent out roams for health. education and leisure purposes. Our community: Barton Hill, which represenls the community primarlly served by Wellspring Settlement and where the organisation is based. is in the heart of Bristol, a short distance East of the City Centre. in the ward of Lawrence Hill. It is an area that has undergone significant change in the last 100 years since there was first a Settlernent organisation in Barton Hill. There have been physical changes, including the replacement of factories and back to back housing with tower blocks. as well as changes in the people who live here as a vastly while community has become one of the most ethnically diverse in the city. On the doorstep of one of the biggest development5 in Europ8- Temple Quarter- Barton Hill faces many challenges but faces them together, as a community. Lawrence Hill ward ranks amongst the most depriv8d ward In Bristol. 7 of the 9 areas making up Lawrence Hlll 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 benefits In Lawrence Hill is double the Bristol average and Lawrence Hill has the highest rate of unemployment in Bristol. 550/0 of children in Lawrence Hill are living in child povety, not surprising considering that Lawrence Hill ward has the highest rates of benefit claimants in Bristol (Universal Credit, Tax Credits. Housing Benefits). 440/0 of residents live in socially rented accommodation; 16.69/0 experience overcrowding; 750/9 of accommodalion has 2 beds or less, compared with a 45014 city average, this despite a higher than average number of multi-generatlonal households in the local area. In the last 5 years alone, the communlty has faced many challenges. The Covld-19 pandemic disproportionately affected Lawrence Hill, as it did other areas of deprivation. The ¢ost-of living crisis has exacerbated the challenges people wer8 already faclng wlth an increasing number of people facing destitution. Across Bristol, there has been an increase In knlfe crime, particularly involvlng young people. The evacuation of one of the Barton Hill tower blocks. Barton House, in Novemb8r 2023, sent shockwaves through th& community as people watched frlends, family and communlty members forced out of thelr homes, at the same time as worrying what it mlght mean for their own home. Most recently, the introduction of the East Brlstol Llveable Neighbourhoods Scheme. has highlighted the additional challenges faced by this community when presented with traffic calming schemes supposed to improve neighbourhood health and wellbeing but which for many have manifested as maklng an already challenging life, seem impossible. High levels of mental health problems, exacerbated by the perpetual crises people face, ripple through the community, with many unable to get the help they need. Key partnerships and networks Wellsprlng Settlement aims to be embedded in th8 Barton Hill community, working with and for the local communlty. We work alongslde other local VCSE organisatlons to bring about the most benefit for the local community. W8 aim to work in partnership where we can see that this will add value to the work we do or bring Page 5
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 aged 16.24. 1611/0 were aged 50.64,. 80 were aged 64-74; and 4¥0 were 75+. This reflects our "cradle to grave" approach, with service users from all age groups accessing services. Around 500/0 of people who answered our question about disability told us they were dlsabled, however this represents around 130/0 of the people we worked with in total. This is an increase from 9 % in the previous year which r8flecls our goal to increase transparency and tolerance around disability and encouraglng people to feel able to report their needs and ask for the additional support that will help them make the most of our offer. 78 % of our service users told us they lived in the BS5 postcode area and 10 /0 live in the BS2 postcode area. This means that the vast majority of seNice users are local to Barton Hill. 680/0 had used our services before and 320/0 were new to Wellspring Settlement. We were joined by new tenants, Headway Bristol and Wild Dandelion CIC. Other tenanls include a GP surgery, Children and Adolescent Mental Health Services. local charities including Bristol Refugee Rights and Bristol Somali Resource Centre. We had 7041 room bookings of which 2809 were external, 2391 were Internal and 1841 w8re tenants. Room bookers included local authority., NHS,. universitieslcolleg8slschoolsleducatlon providers,. national ¢harities,' local VCSE and grassroots,. tenants; small buslnesses,. and counselling. Issues they cover range from health and wellbeing, mental health support, support for disabled people- statutory support, education and employment opportunities,. information advice and guidance., work with children and young people and support for parents., support for asylum seekers and refugees., community groups,. digital inclusion; and food. Al least 790/0 of external booking5 were for community benefit. Family and Youth themed work and Highlights: The Family Hub offers parenting programmes. baby groups, support for parents and carers, and activlties for children. We are the physical location of the East Central Campus approach to Famlly Hubs which aims to work with families of children from 0-19 or 25 with SEND. Our services in 24125 included.. Famlly Hub: we provide universal and target8d services for parents with pre-school aged chlldren including parenting courses,. stay and play s8ssions; postnatal support and 1,1 family support. Parentlng programmes: these included delivering Strengthening Familles Strengthening Communitles programme. a programme designed to help parents raise happy and successful children. Youth services: we work with children transitioning from primary to secondary school and of secondary school age children on a 1..1 basis and in group settings to provide a safe, fun space. bulld confidence and aspiration. We delivered a mixture of detached and centre-based aclivilies, trlps and sports. This year we delivered a mixture of universal and targeted activities includlng a glrls group and a junior youth session, 24125 Highllghts: / 1918 people benefltted from our Famlly and Youth services. This includes 359 who benefited from our youth services. O Our capltal redevelopment project, converting the fomier Swan Pub into a new Youth Faclllty was completed in August 2024 and opened in Autumn 2024. Now named "The Swannerv, following a consLkltation with young people, youth activities are running up to 4 nights a week from the cenlre. O Our Youth Project successfully completed the National Youth Agency (NYA) Practice Standards Framework. Young people were involved throughout the development of the cenlre and the project and this was recognised by the NYA in their assessment. O Youth attendance has grown and grown since the opening of The Swannery reflecting the needs and trust of young people in the local area. In our Strengthening Families, Strengthening Communities programme, we were successful in being re-commissioned to continue to deliver the service for a further up to three years followng competitive commissioning process. O Our youth project arranged trips to the Hippodrom8, Ic8 skating, local football matches. We hosted 11 young p80ple for work experience. / Small capital projects, funded through a mixture of funds and supported by staff and volunteers Page 7
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 concerts. Our gardening project created a community orchard on site at Wellspring Settlement and are working closely with Alive Activities to make our on site green spaces lovely whilst also offering opportunities for people to volunteer and get involved. Partnerships: We worked closely with other local organisations In Barton Hlll, particularly utilising the Big Up 8arton Hill network. our Gardening project is working closely with The Birch Collectlve and piloting a group with Child and Adolescent Mentsl Health Services. In 25126: We will be continuing to curate our entrance area as a space for community activity and events. We're planning to hold more events for the community and our gardening project has lots of plans for the community to get involved in outdoor spaces in and around Wellspring Settlement. Advlce and economic reslllence themed work: Our advlce and economic resilience themed work focuses on addressing the wider detemiinants of health includlng economic challenges. The goal of this work is to help people be mor8 resilient for the future. Our seNices In 24125 included.. Boost Communlty: aims to support people to build financial confidence and achieve thelr aspirations. offerlng advice information and support with issues such as houslng, debt and money, whilst also building community relationships. Food Project.. we run a membership-based Food Club for access to low-cost food: as well as opportunities for cooking together and growing together. Adult educatlon: we offered a range of opportunilies for people who want to leam or aspire. Highlights / 700 people benefitted from our advice and economic resillence services. This included.. 432 supported by Boost 239 supported by Food Club 29 engaged with Cooking Club O Our longstanding Boost partnership, whlch has become overwhelmed with need during the cost of living crisis. worked closely with our direct partner organisation's to develop the delivery model to sustainably respond to the ever growing and changing need in the community, utilizing a¢Jditional funds secured through the Household Support Fund to expand capacity / Boost supported people to tackle their immediate crises and become more financially resilient in the long term. 860/0 of Boost users reported that they felt more in control of their money and mo confident to make financial decisions. O Our servlces worked wilh volunteers to bring additional capacity and provide opportunities for people to learn, use skills and develop. 1 OOO/o of volunteers we asked felt that the work they were doing made a difference to the community. / The community cafe, which initially started as a warm space, became a staple part of Wellspring Settlement's food offer, popular with the community as a place of warmth and community as well as food. O We continue to progress our approach to food wlth a focus on resllience, sustainability and community. Food Club members were encouraged tojoin a cooklng club, cooking and eating together but also cooking food to be glven out in Food Club or for people to enjoy in the cafe. Our food projects adopted a "no waste approach" working with partners to ensure any leftover food was shared, replanting seeds from herbs and vegetables grown to ensure there would be futUTe crops. / The Shaplng Places for Healthier Lives project allowed community members to work together to build community strengths whilst addressing food insecurity. O Our Adult Education project worked wilh the community to understand their needs and what would work best for people to aspire and progress. This learning is being used to inform our future planning. / Partnerships: Talking Money and Housing Matters were key partners in our BOOST project., food partners included Food Cycle and cross-sector partners as part of the Shaping Places for Healthier Lives programme. Page 9
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 how we can be a community development organisation at the same time as being here for our community to support them through lifes challenges. ThSs exploratory work will continue into 25126. The East Brlstol Liveable Neighbourhood Scheme has been implemented over a number of months during the year, although it did not officially become live until June 2025. The scheme has created tension and cohesion in the community- driving apart those on different sides of the debate and driving together those who shared a common view. The goal of the scheme is to make the area safer to walk and cycle and to improve air quality. But, the scheme has and will make travel for those living in and around Barton Hill more challenging. On a practical level. the scheme has made it more Challenging for people to drtve to our buildings which may have an impact on our self-generated income as well as on community members ability to access services and support. 4. PLANS FOR THE FUTURE Our plans for the future include: A serfes of community events dellvered In partnership with other local organisations, building community resilience following the summer riots of 2024. Curating our spaces to feel more like they are owned by and reflect the local community; bringlng more activities which are open to all Into our spaces. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The company's name is Wellspring Settlement with effect from the date of transfer to the charity of the charitable undertaking of Wellspring Healthy Living Centre (charitable number 1134593) 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 formed 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 formed after a 0-year merger f8asibility process between Barton Hill Settlement and Wellspring Healthy Living Centre. Wellsprlng Settlement is controlled by Its governing document, the Memorandum and Articles of Association which were last updated on 6 February 2020. Recruitmenl appolntment and responsibilities of charity directors Governance of Wellsprlng Settlement is through a Board of Trustees elected at the AGM. The Board of Trustees has flnal legal authority and is responsible for overseeing the operation of the entire charity and its activities. The Trustees are also Dire¢tors of the Company. The Memorandum and Articles of Association requlre that Directors who have completed a three-year term of appointment shall retire at the Annual General Meeting. They shall be eligible for reappointment subject to a maximum of thr88 terms of offlce. Any Director who has completed three terms of appolntment must st8p down from the board for a period of 12 months before they can be reappointed. Any Director servlng as a Director on 18 December 2019 was taken to commence their first three-year term from that date. All Trustees of the Board glve their time voluntarily and receive no benefits from the Charlty. The Charlty's area of benefit is very diverse and therefore the Board of Trustees seek to ensure that the assets of the different communities are reflected through the diversity of the Trustee Board. Wellspring Settlement aims to recruit Trustees who are local residents and are currently. 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 recruitment. 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. Page11
WELLSPRING SETTLEMENT (A COIVIPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy Wellspring Settlement recognises the importance of maintaining an appropriate level of reserves to allow for contingency planning or action. Wellspring Settlement aims to develop an appropriate level of reserves based on real risk assessments. For 2024125 this was set at £146,00Q. In 2024125, Trustees approved the sale of an asset., a building known as The Dug Out, which was occupied by a tenant, to secure our reserves target of £146,000 and pay off a significant loan. In 9025, we are in the process of undertaking a full review of our reserves risk assessments and this figure may change as a result. Reserves are reviewed at meetings of the Board meeting at least half yearly, or more frequently if required. Decisions regarding the use of reserves will be informed by the Board. Principal funding sources In 24125 we had a range of funding agreements with.. Age UK Bristol City Council Bristol Inner City Primary Care Network Burges Salmon Business In The Community Household Support Fund Garfield Weston Go Fund Yourself Graft Community CIC Grateful Society ICE locality Inequalities Fund Jolin James Bristol Foundation John Armitage Charitable Trust National Lottery Community Fund NHS Nisbet Trust Quartet Community Foundation Sirona Care and Health Thrive 8ristol University of Bristol West of England Combined Authority IWECA) Youth Investment Fund {YIF) and many others. Approved by order Oi the members of the board of Trustees and signed on their behalf by.. Hollie Morgan Interim Chair of Trustees Date.. 3rd De mber 2025 Page 13
WELLSPRING SETTLEMENT {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WELLSPRING SETTLEMENT Opinlon We have audited the financial statements of Wellspring Settlement {the 'charitl) for the year ended 31 March 2025 which cornprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reportlng 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 financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of Its incoming resources and application of resources, including 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 oplnlon We conducted our audlt In accordance wlth International Standards 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 sectlon of our report. We are independent of the charitable company in accordanGe with the ethical requirements that are relevant to our audit of the financial statsments in the United Kingdom, including the Financial Reportlng Council's Ethical Standard, and we have fulfilled 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. Concluslons relating to golng ¢oncern In auditlng 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 identified any material uncertaintles relating to events or conditions that, individually or coll&ctlV81y, may cast significant doubt on the charitable companvs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of thls report. Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other informatlon contained within the Annual Report. Our opinion on the financial statements does not cover the other informatlon and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. OLJr responsibility is to read the other informatlon and, In doing so. consider whether the other information is materially inconsistent with the flnanclal statements or our knowledge obtalned in the course of the audit, or otherwise appears to be materially 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 performed, we 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 15
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WELLSPRING SErrLEMENT (CONTINUED) Auditors. responsibilities for the audit of the financlal statements Our objectives 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 it exists. Misstatements can arise from fraud or error and are considered material 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. Irregularlties, Including fraud. are Instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above. to detect material misstatements in respect of irregularities, 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 with management and Trustees in relalion lo their own identification and assessment of the risk of irregularities within the entity,. and We have revlewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation, As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified 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 wilh all audits under ISAS (UK). we are also requlred to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts 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 provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty, Our procedures to respond to risks identified 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: Performlng analytical procedures to identify any 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 potentlal clalms or Iltlgatlons; Performlng detailed transactional testing in relation to the recognition of revenue with a particular focus around year-end cut off", and In addressing the rlsk of fraud through management override of controls. testlng the appropriateness of Journal entries and other adjustments,. assessing whether the Judgements made in accounting estimates are indicative of a potential bias. and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also cornmunicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the Inherent limitations of an audit. there is a risk that we will not detect all irregularitie5, including Page 17
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities 5,264 820,737 5,264 2,456,079 625 2,230,393 1,635,342 Total income 1.635,342 826,001 2,461,343 2,231.018 Expenditure on: Charitable activitles 1,635,342 136,140 1,771,482 1,959.148 Total expenditure 1,635,342 136,140 1,771,482 1,959,148 Net movement in funds 689,861 689,861 271.870 Reconclllatlon of funds: Total funds brought forward Net movement in funds 19,900 4,287,932 689,861 4,307,832 689,861 4,035,962 271,870 Total funds carried forward 19,900 4,977,793 4.997,693 4,307,832 The Ststement of Financial Activities includes all gains and losses recognlsed In the year. The notes on pages 22 to 37 form part of these financial statements. Page 19
WELLSPRING SETTLEMENT {A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities 558,405 695,817 Cash flows from inv8Sting actlvltles Purchase of tangible fixed assets (675,826) (398,156) Net cash used In investlng actlvltles (675,826) {398.156) Cash flows from financlng activities Repayments of borrowing (50,7381 (128,111) Net cash used in flnanclng activities (50,738) (128.111) Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year {168,1 $9) 160,366 169,550 (9,184) Cash and cash equivalents at the end of the year (7,793) 160,366 The notes on pages 22 to 37 form part of thes8 financial statements Page 21
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles (continued) 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economlc benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct Gosts attributable to a single activity are allocated directly to that activity. Shared costs which contribute to mor8 than one activity and support costs which are not attrlbutable to a slngle activity are apportioned beeen those actlvities on a basis consistent with the use of resources. Central staff costs are allocated on the basls of lime spent, and depreciation charges allocat8d on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitys 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 ar8 capitalised and recognised when future economic benefits are probable and the cost or value of th8 asset can be measured reliably. Tanglble fixed assets are initlally recognlsed at cost. After recognitlon, 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 langlble flxed asset into its intended worklng condition should be included in the measurement of cost. Depreciation Is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Freehold property Fixtures and fitings Motor vehicles Mlcrosettlements Computer equipment other fixed assets 2V• Straight Line Method 1 00/0 Straight Line Method 20Vo Straight Line Method 40/0 Straight Llne Mgthod 33.fi Straight Llne 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 BANKAND IN HAND Cash at bank and in hand includes cash and short-term highly liquid Investments with a short maturity of three months or less from the date of acquisltion or opening of th8 deposit or similar account. Page 23
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Donations 5,264 5,264 625 Income from charltable activitles Restricted Unrestricted funds funds 2026 2025 Total funds 2025 Total funds 2024 Grants and contracts Room hire Rental income Other earned income Consultancy 1.633,285 125.000 77,700 544,779 65,133 8,125 1,758,285 77,700 544,779 67,190 8.125 1,487.775 78,423 492,123 171,302 770 2,057 1,635,342 820.737 2,456,079 2,230.393 TOTAL 2024 1,489,871 740.522 2,230,393 Analysls of expenditure on charitable a¢tlvltles Summary by fund type Restrlcted Unrestrlcted funds funds 2025 2025 Total 2025 Total 2024 Charitable activities 1,635,342 136,140 1,771,482 1,959.148 TOTAL 2024 1,489,871 469,277 1.959,148 Page 25
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2025 Total funds 2024 Depreciation Other staff costs Premises costs Computer and office supplies Governance and professional costs Marketing and subscriptions Insurance Bank and interest charges FOCUS External partners V&hicle costs Bad debts 175,910 12,940 285,894 95,740 28,088 34,568 33,062 36,123 17,265 122,212 537 1,033 175,819 26.212 280.755 79,562 43,497 4,639 42,588 59,884 17.677 129,937 4,015 (1,159) 843,372 863,426 Audltors, remuneratlon 2025 2024 Fees payable to the Charivs auditor for the audit of the Charivs annual accounts 12,980 12,250 Staff costs 2025 2024 Wages and salaries Soclal security costs Contribution to defined contribution pension schemes 825.981 58,730 38,432 970,385 72,441 46.858 923,143 1,089,684 Page 27
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Tangible fixed assets Fixtures, fittings & equipment Freehold Micro- property settlements Motor vehicles Total COST At 1 April 2024 Additions 7,478,338 628.505 723,720 13,200 312,193 47,321 8,527.4S1 675,826 At 31 March 2025 8,106,843 723,720 13,200 359,514 9,203,277 DEPRECIATION At 1 April 2024 Charge for the year 2.132.905 160,110 100,930 28,950 13,200 281,892 9,563 2,528,927 198.623 At 31 March 2025 2,293,015 129,880 13,200 291,455 2,727,550 NET BOOKVALUE At 31 March 2025 5,813,828 593,840 68,059 6,475.727 At 31 March 2024 5,345,433 622,790 30.301 5,998.524 12. Debtors 2025 2024 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 96,322 59.242 1,130 52,545 46,615 142,937 112,917 Page 29
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. cdItors. Amounts falling due after more than one year 2025 2024 Bank loans Other loans 211,652 856,697 222,326 875,095 1,068,349 1,097,421 Included within the above are amounts falling due as follows.. 2025 2024 BETWEEN ONE AND TWO YEARS Bank loans Other loans 114,725 117,197 99,382 65.161 BEfwEEN TWO AND FIVE YEARS Bank loans Other loans 96,927 224,659 122,944 217,979 OVER FIVE YEARS Other loans 514,841 591,955 15. Provlslons 2024 At 1 April 2024 Additions 18,657 32,179 50.836 The Charivs provisions relate entlrely to a sinking fund on one of their rental properties. This fund is made up of monies received from tenants above the agreed rental payments and Servi charge. It is used for larger capital works on the relevant properties. Page 31
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Slatement of funds {continued) Restricted Funds Freehold WHLC this balance reflects the transfer of buildings to the newly formed Wellspring Settlement, transferred from Wellspring Healthy Living Centre, following the merger on 1 February 2020. Farmhouse development - balance reflects the amount funded by Futurebuilders England and NHS Building Fund. less non-capitsl spending on the prolect to redevelop the Farmhouse and includes tenant specific requirements for Ihe farmhouse development. George Wllls Hall - the charity received funds from Bristol Clty Councils CIL fund, these funds will be used for a new roof and the addition of accesslble 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 hub includes the Family Centre from previous years together with our Strengthening Familles, Strengthening Communities project (SFSC), our new Youth project and a one year Children and Young Peoples Social Prescribing Project (CYP OCN). The Family Hub, SFSC and CYP PCN were all funded by Bristol City Council. whilst our Youth Services received funding from Youth Investment Fund, National Lottery Community Fund, University of Bristol and Quartet Community Foundation, Development HUB encompasses BOOST Community - funded by BCC and Th8 Housing Support Fund, Thrive {Formerly CASS). funds from WESPORT for Physical Activities, Social Prescribing (funded through the PCN), Hospital DischargelGolng Home funded by BCC and a Community Health Research Project funded by the University of Bristol. Our Adult Education Programme was funded by Community Learning Fund. Community First HUB - Community Engagement funded by BCC. and Older Persons and Art Project funded by The Grateful Society, a Food Club funded by the Housing Support Fund & Go Fund Yourself. a Gardening for Health project, funded by Friends of the Earth - Postcode Gardener fund Slrona Ice Inequalities and Quartet Community fund. Restricted income unspent balances will be spent in 2025 - 2026.. All funds are used to provide services across all our Impact areas. Page 33
WELLSPRING SETTLEMENT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 17. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 6,475.727 6,475,727 126,128 146,028 (504.877) (504,877) (1,068,349) 11,068,349) (50,8361 (50,836) 19,900 TOTAL 19.900 4.977.793 4,997,693 Analysls of net assets between funds - prlor year Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditars due within one year Creditors due in more than one year Provisions for liabilities and charges 5.998,524 5,998,524 253,383 273.283 (847,8971 (847,897) (1,097,421) {1,097,421) (18.657) (18.657) 19,900 TOTAL 19,900 4.287,932 4.307,832 18. Reconciliatlon of net movement In funds to net cash flow from operatlng actlvlties 2025 2024 Net income for the year (as per Statement of Financial Activities) 689,861 271,870 ADJUSTMENTS FOR: Depreciation charges Decreasel(increase) in debtors Increasel(decrease) in creditors 198,623 (30,0201 (300.059) 175,819 125,304 122.824 NET CASH PROVIDED BY OPERATING ACTIVITIES 558,405 695,817 Page 35
WELLSPRING SETTLEMENT (A COMPANY LIMITED B Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Members, liabillty Each member of the charitable company undertakes to contribute to the assels of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted before helshe ceases to be a member. 24. Related party transactions During the year, the Charity made sales totalling £3,353 (2024: £NIL) to entities which have Trustees in common with the Charity. No balances were outstanding at the year end. Page 37