THE WELL OF LIFE FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 MARCH 2024 Registered Charity Iyumber 1107682 Company Number 5321301
Legal and Administrative Details Report of the Tn Independent Examiners Report Slat¢ment of Financial Activities Balance Sheet io Notes to the Financial Statements 11-18
Page3 of18 THE WELL OF LIFE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 LEGAL AND ADMINISTRATIVE DETAILS Charity Number. 1107682 Company Num. 5321301 Directors (.n,?: M Reilly (Chairper) M Chart S Stott R Dakin C Rennison D Raine H Owlett J Cook Secretary: B Southon Registered Office: The Well of Lift 51 Faimiile Fleet Hampshir¢ GU52 7UT Independent Examiner Stephen Hendy Data Developments First FI{r. The Chubb Building5. Fryer Street Wolverhampton West Midlands WVI l Frr Main Banker: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ
Page 4 of18 THE WELL OF LIFE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 USTEESIDIRECTORS ANNUAL REPORT The tnths, who are a150 dire¢tor8 prwnt their reFK)rt and financial statents for the year ended 31 March 2024. The trustees who served during the year and up to the date of this repK)rt are set out on page 3. The financial statements have been prepared in acujrdance with the accounting policies set out on pages I l and 12 and comply with thc requirements of the Companies Acts and the ChaTities SORP 2015. CONSTITUTION AND The Charitable Company is governed by Amend Memorandum and Articles of AslatiOn dated 16 July 2013. The Charity's objects are: {a) to advance the Christian faith in acLordance with the Statem¢nt of Faith in such parts of the United Kingdom or the world as the tsILStees may from time to time think fit and other such purposes which are exclusively tharitable according to the law of England and Wales and are connected with the charitable Work of the Charity" (b) to provide or assist in the provision of facilities in th¢ interests of social welfare or recreation or other leisure time o¢¢upation of individuals who have need of such facilities by reason of their age, race. infirniity or disability, financial hardship or social circumstances with the object of improving their conditions of life. GOVE AND MANA The trustees are responsible for the management and administrdtion of the Charity as required by The Articles of Ass(x1atio Charity and CompRny law. They ensure this is in agreement and hannony with the Charity's ststed vision and values. The trustees rccognisc spiritual authority within the ChurGh and work together with that authority. The trustees generally meet quarterly aThl at any extrnordinary time &8 required. They strive for UTwiimous decisions through open di10n, preferring to find agreement than settle for the consensus of opinion. The trusttts give resN)nsibility to the Secretary and the Accounts Manager. workins closely with the Chairperson, for the day to day running of the charity (in a¢cordance with the Financial Controls Policy). The trustses publish frequent finan¢e uptst&8 to keep members informed about savings, income and how money is used. Existin8 trustees are authorised to appoint new trustees. In selecting new tnle¢S they have regard to the skills, knowledge and experience required for the Charity's effective administration. New trustees are offered training from an external professional or8anisation and serve aperi(xl of induction which includes observing trustee meetings. The Charity employed I person during the year.
Page 5 of 18 THE WELL OF LIFE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEEStDIRECTORS ANNUAL REPORT vtSlON AND VALUES For many years we have been following the vision to see 'every man complete in Christ,. By this we mean: developing our character, defining our gifts and using them for the benefit of others. REVIEW OF ACTIVITIES MISSION Thc Well of Life seeks to serve OUT wmmunitics and present a way of living in line with the teaching of Jesus; to answer people's questions with regard to faith. and to meet the needs of people in line with the Way of Jesus. The trustees confimi that they have complied with the duty in Section 4 of the Charities Ad 2006 to have due regard to public benefit guidance published by the Charity Commission in delemiining the activities undertaken by the charity. The following activities are those especia]ty run for the Public BenefiL' Practical Help in the Community includin8 the provision of food, clothin& household goods for families and individuals in need We support and encourage our members to work as volunteers alongside others involved in our communitie& ¢.8.: People Care in the Community meeting people on Y4 regular basis where they are and helpin8 to bring order to some of the chaos in their lives. Members have continued to rneet with a number of people who are marginalAsa and lonely. providing th¢m with ¢ompanionship, encouragement and practical supporL Members have continued to work with ¢)ther groups and Rllshtr Borough Council to operate a Food Hub to help those in food poverty. NETWORK CHURCHE The Central Church is made up of two hubs, currently one in Aidershot and one in Farnborough. There is also one network churth governed by the chaTity." The Kings Church Godalming. FfNANCIAL REVIEW AND RESERVES POLICY The Charity is primarily fimded by individual giviTt& Tnuch of which qualifies for Gift Aid tax benefits in the Charity's hands. No fimd raising activities. grants or other sources of ndraISing related income were sought or received. There was a deficit of £21.614 (2023 deficit of £1408). which w8s met from existing unrestricted funds. Trustee5 and staff have continually wiewed and adjusted cnntrollable expenditure. We acknowledge our dependency on God for all our financial requirements. We find no merit in storing wealtK unless earnwked for anticipated future projects. The reserves FK)li¢y is reviewed by the
Page 6 of 18 THE WELL OF LIFE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEESIDIRECTORS ANNUAL REPORT annually and the current r&serv¢s level is sct at £20.000. At the year-end there are no net current unrestriGtd assets. The reserves level has been monitored closely through financial year 2023r2024. through the distribution of weekly bank balances atKI discussions at th¢ TnLStees meetings. RISK MANAGEMENr The trustees have establtshed policies and PT(K%dures to enable them to a&sess th¢ major risks faced by the Charity and to take mitigating action whue appropriate. This is revi¢wed annually. TRU TEE RESPONStBILTr The trustees are required under charity law to prepare financial statements for each financial ye8r which give a true and fair view of the financial a¢tivAties of the charity during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to.. select suitable aCUnting poli¢ies and then apply them Lx)nsistently' make rewnable and prudent judgements and estimates; prepare the financial ststements on a going concem basis unless it is inappropriate to presume that the charity will continue to opte. The trustees are also responsible for: keeping proper accounting records. whtch disclose with reasonable accuracy at any time. the financial position of the charity and enable it to ensure that the financial statements comply with the Charitie5 Act 2011 & the Cornpanies Acts 2006: safeguarding the charity's assets: taking reasonable sty for the prevention and detection of fraud: providing reasonable assurance that: the charity is operating effi¢iently and effectively. the assets are safeguarded against unauthorised use or disposal; proper records are maintsined and financial inforn)ation used within the charity or for publication is r¢liable; the charity complic5 with its Memorandum and Articl of knociation and relevant laws and regulations. the charity has actively pursued all of its objectives and policies throu8hout the year. b) d) FU PLAN We remain as a gTOUP of people from the Surrey and Hampshire atEa who follow the way of Jesus in our day-to4lay live& in our communities and through the various projects we support acr the world. Within the Central Church we nOmlty mect regularly in hubs for worship, prayer and teaching. We also meet in groups that in a variety of ways seek to make new cont&t% to meet their needs and to introduce them to Jesus. CLOSING The trustees would like to thank the employees and volunteers frir the (x)nsiderdble time and effort that is invested by everyone in ensuring that The Well of Life continues to move from Vision to Reality in a
Page 7 of 18 THE WELL OF LIFE FIIYANCIAL STATEMENIS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEESMIRECTORS A]uAL REPORT manner that is Goherent with the vision. values and objectives thal have been established for The Well of Life. DEPENDENf EXAMtNERS The trustees instTUCted Stephen Hendy to cany out an Independent ExamiDation for the finan¢iai statement year end 31. March 2024. This report has been prepared in accOnkne with the special provisions relating to LX)mpanies subject to the small companies regime within Part 15 of the Companies Ad 2006. It was approved by the Board of Directors and Tn on 10th October 2024 and signed on its behalf. Approved by the Trustees and signed on their behalf kfj<k Chairnian of Tnlec$- Mark Reilly
Page 8 of 18 THE WELL OF LIFE FINANCIAL STATEMElWts FOR YEAR ENDED 31 MARCH 2024 INDEPENDEIYT EXAMINER'S REPORT Accounts for the year ended 31" Mareh 2024 Respective responsibilities of the Trustees and the examiner The charity's t are resp)nsible for the preparation of the accounts. The ¢harity'$ tsi consider that an audit is not required for the year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent cxamination is need. It is my responsibility to: Examine the aUnts under section 145 of the Chariti&8 Act to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5Mb) of the Charities ACL and to slate whether particular matters have come to my attetion. Basis of the Independent Examiner's ststement My examination was carried out in accordance with t general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with these records. It also includes nsideratiOn of 8ny unusual items or disclosures in the aco)unts and seeking explanations from the tnLStees concerning such matters. The proCeduS undertaken do not provide all the evidence that would be required for an audiL and consequently no opinion is given as to whether the accounts prescnt a 'true and fair, view and the report is limited to those matters set out in the statement below. Independent examiner's statement In connedion with my examination. no material matter h&s wm¢ to my attention which gives me cause to believe that io any nterIal r•: Accountin8 records were not kept in accord with Section 386 of the Companies A¢t 2006 and with section 130 of the Charities ACL or the accounts do not with the accounting records I have come across no other matters in connection with the examinalion to which attention should be drawn in order to enable a proper und¢rstanding of the &m)unts to be rChed. Date: 20th September 2024 Signed: St¢phen Hendy
Page 9 of 18 THE WELL OF LIFE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMEiYf OF FINANCIAL AcfiviTIES SUMMARY INCOME AND EXPENDITURE ACCOUNT Total FmIS 2024 Totsl Funds 2023 Notes FuTh19 Tnco ourc Incoming R¢sources from (knrthl Volthiw IM)me InStment Incom¢- Interest 68245 1.771 707 69.952 1.771 84.459 515 Total Incomin Resowce 70.016 707 70.723 84.974 Resources Costs of Gettrting Ch&itable A¢tivilies 92J38 92.338 86.602 Total Resour¢cs 92 38 Net Outgoing R¢sowc¢s iKfore trmsf¢rs (22J21) £707 (21.614) (1.628) GaiTh8nosses on in*stmert assets Trartfers tetn furmts (22,321) £707 {21,614) {1.628) Balw¢s trou fonwd l Awil 2023 £170335 £5.863 £176.198 £177 606 BeleS carried fonwd & 31 Mw¢h 2024 £148.013 £6 70 £154J83 £175978 The statement of financial activities includes all gains and losses recognised in the year. All incoming Tesources and resour¢es expenda dexive from cnntinuing activities. The notes on pages I I to 18 fomi part of these financial statements.
Page 10 of 18 THE WELL OF LIFE FINANCIAL STATEMEKTS BALANCE SHEET AS AT 31 MARCH 2024 Com Number 5321301 Notes 2024 2023 TANGIBLE FtXED ASSETS 35,000 35,000 cURRAsSETs tkbtors C&8h at Bank 119584 140,978 119584 140,978 CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR io NETCURRENT ASSEIS 119,584 140,978 NET ASSE15 154584 177,606 Des]thted & General Fun(b 148 013 170,115 Restricted Fun(b 12 6,570 5,863 154583 175 978 The financial statements which have been prepared in aecordan¢e with the special provisions relating to companies subject to the small companies Tegime within Part 15 of the Companies Act 2006, were approved by th¢ Board of Trustees on l(V October 2024 and signed on its behalf. These accounts have been prepar&d in accordan¢e with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The Company w&$ entitled to cxemption from audit under section 477 of the Companies Act 2006 relating to small (X)mpani. The dlrectors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting r¢cord8 and the prwdtion of the accounts. Chairn]an of Tn- Mark Reilly The notes pages l I to 18 fomi a part of th&8e financial statements.
Page 11 of18 WELL OF LIFE FINANCIAL STATEMENTS FOR THE YKAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS AccouwfING POLICY a) B&sis of aration The financial statements hav¢ been PTyed under the historical cost convention, except for investments whlch are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of Recommendol Practice applicable to charities preparing their accounts in aordanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2015),. Financial Reporting Standard 102 the Financial Reporting StaT]dard appli¢able in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. Unrestricted funds relate to the income which is available to meet the general objectives of the charity. Genernl funds are unrestricted funds which are available for use at the disctrtion of the trustees in furtherdnce ofthe general objectivesofth¢ charity and which have notbeen designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each desi8nated fund is set out in the notes to the financial statements. Restricted funds are which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular pun)oses. The cost of raising and administering such fvnds is charged against the specific fund. The aim and use of each restri¢t¢d fund is set out in the not¢s to the financial statements. ible Fixed Assets and De reciation Depreciation of tangible fixed assets other than freehold land and buildings is caIculated to lte off the cost or valuation over their &stimatal useful liv48 &s follows: Motor Vehicles Fixtures and Fittings Equipment 250/0 written down value 2/0 straight line 250/0 straight line Only individual assets over £500 are witalised unless the trustees are of the opinion that the assets which have a value under £500 have a life in exce of five years when they would be written off over their expected useful life. d) Incomin Resources and Inv&stment Income All incoming rawurces are included in the SOFA when the charity is entitled to the in¢om¢ and the amount can be quantified with reasonable accuracy. Income from donations and similar incoming resources is accounted for in the period in which th¢y arc rrycivabl4 which is whcn thc charity becomes ¢ntitl¢d to the resource. Investment income is included in the SOFA in the year in which it is re£eivable.
Page 12 of 18 WELL OF LIFE FINANCIAL STATEMEiYrs R THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS e) Resources Ex nded All expenditure is includd on an accnAls b&8is and is regnised when there is a legal or constructive obligation to pay for expenditure. The majority of the costs are directly atiributable to sIfiC activities. Where costs cannot be directly attributed to artivitie8 they have been allocated to &tivitie8 on a b&sis consistent with the use of the resourc¢. Costs of generating funds comprise those costs incurred in trading activities that raise funds. Governance costs include those costs associated with meeting the constittrtional and statutory requirements of the charity. such as preparin8 and auditin8 slatutory accounts as well as the costs of strategi¢ plamiing for the futu Costs incurred on charitable activili¢s ¢omprise those costs incunyd by the charity in complying with its objectives and include the activities set out under Note 3. Rentsls appli¢able to operating leases on Icagehold propety where substantially all the benefits and risks of ownership ren1n with the lessor are charged to the Statement of Financial Adivities on a straight line basis over the teTm of the lease. g) Volunteers The valu¢ of services provided by volunteers is not included in these financial statements. h) Taxation The Well of Life by virtue of its charitsble slatus is ¢x¢mpt from CoTP)ration Tax on any surplus of income over expenditure. Monetary assets and liabtlities in foreign currencies are translated into sterling at the rates of exchange ruling at the balan sheet date. Transactions in foreign ¢urrencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profiL
Page 13 of 18 WELL OF LIFE FINANCIAL STATEMEKIS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMEIYTS VOLUNTARY INCOM Unrestricted Restricted Total Funds 2024 Totsl Funds 2023 Identifiable ()tio Gift Aid C&sh Offering Legacies Income Tax ReCorable 7.475 48.818 222 395 7,697 49213 3,834 64J91 127 11952 90 12,042 68245 707 68.952 84,459 ANALY HARITABLE A1vIT Direct Costs Totsi Fun(ts 2024 Total Funds 2023 Costs Gifts & DisEMwsements Training Conference Costs Youth Work Outreach rseas Missions Swrt Premises Costs WorshiplPA Office Costs Depreciation Other Staff Costs 71.792 71.792 66,411 3J81 3J81 4,164 8218 8218 6,400 3235 3235 3,899 5,712 Total Charitable Activities 80,885 86,602
Page 14 of18 WELL OF LIFE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS NET INCOMFJoirrGOTNG RESOURCE 2024 2023 This is stated after charging: Operating Lcase Rentsls. 1 Auditors, Remuneration Depreciation of Tangible Fixed owned by the charity Gains on disp)sal of Fixed Assets AFF COSTS AND TEES, REMUNERAT No employee received remuneration of more than £60,[ during the year. This is stated after ChgI Gross salaries 5,169 5,057 Employers Nt 5.169 5.057 The mllnirr of employees at the year end wag.. Administration
Page 15 of 18 WELL OF LIFE FINANCIAL STATEMEN13 FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMElYfS TANGIBLE FIXED ASSETS All fixed assets are held mainty for dired chaTitable use. Freeknkl &Fit Vehrks Cost * l Awil 2023 Additions 35,000 35,000 DisFosais 31 March 2023 35.000 35,000 Depreciion: l April 2023 Charg¢ for year Written i¢k on disFx)sals 31 March 2022 Net Book Val$ 31 Mawh 2023 35.000 35.000 31 March 2024 35.000 FreeFK)Id Properties at cost 2024 2023 I Share of freelx)Id residential woperty at 6 Wickham Close. ton (9.990/0 berKficial intcrest share) 35.000 35,000 35.000 35.000 The trustses ar¢ satisfied that the current value of the freehold property is not le&s than the book cosL
Page 16 of 18 WELL OF LIFE FINANCIAL STATEMEN13 FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMEIYTS DEBTORS 2024 2023 Due after one year: Other Debtors- lo m Due within one ycar.. IncoTne T&x ReCOrable Prepayments ANK AND N HAND Bank Current Account 4.537 5.000 Bank Dew)sit ACCO 115.047 135 978 84 140 978 Tax Social Security costs Accruals 10. UNRESTIUCTED FUND BalarKe iyought forw&d on l AFll'l 2023 172552 177,606 (Deficit}ISurplS income 0r expenthture (22J22) {1,628) Gainsllosses on investment ets Tran8fer to Restricted Fund At 31 March 2022 150230 175 978
Page 17 of 18 WELL OF LIFE FINANCIAL STATEMEN73 FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS io. The Unrestricted Funds consist of funds which the charity may 8¢ for its Charitable pur at its discretion and are made up as follows: 2024 2023 Gcneral Pwp)se Futxl 150,613 172.552 b) DesId FU19 150.613 172,552 RESTRICTED FUNDS 0110412022 311031202 Community Projects Missions & (knre&h 4.963 4.963 Restricted Offeri 900 707 5.443 707 The attumulated fimds of the charity includes restricted fun(Ls comprising the above mentioned headings. whereby specified conditions which are legally binding on the trustees as to how the funds should be used have been externally IM)8¢4 usually by th¢ r$On providing the funds. The restricted funds are for the following pUr8. Community Projects are those prOJts where money has been receiva for a need or work in a local ommunity. Misstons and Outreath is related to overseas missions WOTk and to l(d Outreach works and events. Restricted Offerings are particular offttings that have been tsken and r&8tricted for the purpose rnentioned at the time the offering was taken.
Pagc 18 of 18 WELL OF LIFE FIThAf4CIAL STATEMEiYrs FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assets Fixed Assets Totsl Unrestricted FwNLs 35,000 119.584 154584 Restricted F 6.570 6.570 35,000 126,154 161,154