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 stat￿ents 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 As￿￿latiOn 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 di￿￿10n, 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 tn￿le¢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 Rllsht￿r 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 aC￿Unting 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 op￿te. 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 nOm￿lty 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 accOnkn￿e 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