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← Welcome Church

2024-03-31-accounts

Charity registration number 1115631

Company registration number 5664908 (England and Wales)

WELCOME CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

WELCOME CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Michael David Deavin (Chairman)
Lisa Marie Green
Michael William Reid
Robin Bryan David Willison
Nicholas Kenyon Hornzee
Melissa Clark (Appointed 16 October 2023)
Adebowale Fletcher (Appointed 16 October 2023)
Eldership Team Steve Petch Lead Elder
Dean Guy Elder
David Everitt Elder
Mike Reid Elder
Christopher Hawes Elder
Eugene Engelbrecht Elder
Robin Willison Elder
Nnamdi Anyaegbunum Elder
Secretary Vacant
Charity number 1115631
Company number 5664908
Registered office Welcome Church
Church Street West
Woking
Surrey
GU21 6DJ
Auditor Frances Wilde FCCA DChA
Warner Wilde
Chartered Certified Accountants
4 Marigold Drive
Bisley
Surrey
GU24 9SF
Bankers Barclays Bank Plc
Town Gate House
Church Street East
Woking GU21 6AE
Bank (Mortgage) CAF Bank Ltd
25 Kings Hill Ave
Kings Hill
West Malling ME19 4JQ

WELCOME CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Project Managers

Chartered Surveyor

Solicitors

Michael Edwards Consultants Limited Oak House Tanshire Park Elstead Surrey GU8 6LB Perry Hill Chartered Surveyors 2 Beaufort Parklands Rialton Road Guidlford Surrey GU2 9JX Moore Barlow LLP Concord House 165 Church Street East Woking GU21 6HJ

WELCOME CHURCH

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 28

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects as set out in the governing document are:

There has been no change in these during the Period.

Welcome Church continues to primarily fulfils these objectives by:

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Over this review period Welcome Church has continued to flourish and continued to grow in size with more and more people attending on Sundays and other events. Growth has been seen in all areas but has particularly been felt in all children and youth groups.

Our key activities during the year have been:

The above list of activities is just a snapshot of the church’s principal activities. The full list of the church’s activities would be too long to list in full and would almost certainly miss out some activities. This is particularly the case because almost all that the church does is resourced, managed and led by large teams of volunteers.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The trustees have considered the guidance published by the Charity Commission regarding public benefit and the work of the charity.

Gifts to external organisations and individuals are considered by the Elders on the basis of need and fulfilment of the charitable objectives. There are no upper or lower limits of support. The Elders and Trustees generally aim to give away approximately 10% of received general fund income, although due to a significant focus on buying a new building for our Social Action and kids and youth work this year, this has been less this year.

Welcome Church is very grateful to the countless volunteers who give their time and resources regularly to serve the church and to enable us to do all that we do. Without the regular committed involvement of hundreds of volunteers, we would not be able to function or achieve our objectives.

As well as the church’s organised teams of volunteers many of those who are part of Welcome Church are also involved in helping and supporting each other on a pastoral level, and/or are involved in supporting other social ministries connected with Welcome Church (eg, helping at Foodbank or Street Angels).

Achievements and performance

With Covid 19 well behind us, this year has operated far more normally with an emphasis on helping new people to come and join the church.

Whereas last year began with a social (to mark the end of lockdown and the return to normality) for those who were part of the church, this year began with a guest service on Easter Sunday and almost 1,100 people attending across our two meetings. This was a step up of around 250 over a normal Sunday and reflects everyone’s approach to invite friends to come along.

Over the last year we have seen attendance gradually increase and average attendance on a Sunday is now around 1,000 people and higher on guest Sundays.

At the end of April, our Welcome Kids group held their second weekend away. Having moved to a larger venue from last year, the weekend reached capacity with 60 children in school years 3 to 6 attending. This was a great weekend with the children building friendships and growing in their knowledge and relationship with Jesus. This is now established as an annual event in the children’s calendar and is looked forward to with great excitement by many!

Our youth group has continued to meet on Friday nights with between 80 and 120 young people in attendance. To help with space, the youth group now splits into younger (years 7 to 9) and older (years 10 to 13) groups and meet in our building and a borrowed building nearby (The Useful Wood Company). In August they joined thousands of others at the Newday youth festival in Norwich.

Due to lack of space in our building, our Friday youth, and on a Sunday, the youth and our oldest kids’ group, all use borrowed rooms in the nearby Useful Wood Building.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In August 2023 we attended The Commission Festival. This is a new festival, run by our group of churches and held at the Bath and West Showground, that allows us to gather all our UK based (and some international) churches together for 5 days of teaching, worship, kids and youth activities, building friendships and relationships, and generally having fun! Over 400 people from Welcome Church attended, with most camping together at the showground. This was a great time for all that attended, and we plan to do the same next year.

Attendance and involvement in all activities has grown by over 12% in the last year. This follows a year of substantial growth the previous year. In September 2021 we had an average weekly Sunday morning attendance of 374 adults and 166 children and youth – 540 people in total. In September 2022 this had risen to 536 adults and 202 children and youth - 738 people in total. By September 2023 this had continued to increase and had risen to 589 adults and 240children and youth (829 total).

Sunday mornings Sept 2021 Sept 2022 Growth % Sept 2023 Growth %
Adults 374 536 43.3% 589 9.9%
Children and youth 166 202 21.2% 240 18.8%
Total 540 738 36.7% 829 12.3%

This is an increase of 53.5% in the total number involved on a Sunday morning over a two-year period. We appreciate that many churches have seen a drop in numbers in recent years and we are not following the trend with this. We continue to put a lot of effort into inviting and welcoming new people and helping them to belong and be integrated with us and hope that we will continue to see growth.

Over this report period we have continued to livestream our Sunday morning meetings (primarily for the benefit of people who would normally attend but are unable due to health or other reasons) and each meeting has remained steady with about 40 screens watching.

We reported last year that due to the limited space we have in our building; in January 2023 we split our year 1 to 6 kid’s group and launched a new group for years 5 & 6 called Welcome Kids Seniors. This group, and our Sunday youth group meet in another building. Since then, we have seen numbers growing and the groups are now filling their rooms again!

Our new “Welcome Kids Plus” team of specialist children’s workers has settled well and are now supporting several children each week. The Welcome Kids Plus team work alongside and support our children’s groups in integrating and supporting children with additional needs.

Our Welcome Café and associated CAP Courses and support groups has been very successful during the year. It is completely run by volunteers and during the last year provided approximately 3,600 meals. The Café has been a great support for our CAP services and many people have benefitted from attending these during the year. We launched “Get Online” this year, a service to help those who are disadvantaged not to miss out on digital inclusion.

As part of our Welcome Works activities, we have actively built many links with other agencies and with Woking Borough Council and provided support and hosted activities with these groups. The importance of our social action activities continues to be significant in Woking with the impact of financial cutbacks being felt by many other services across the town since Woking Borough Council issued a section 114 notice with a deficit of £1.2bn in January 2023.

In December we held our annual “Carol Service for Woking”. Over 3 services, we gathered just under 2,000 people. The Carol Service featured street buskers performing by Christmas trees outside the building, children’s parties inside the building, a wonderful carol service with the Welcome Church band in the Chapel building; with mulled wine, mince pies and other treats served afterwards.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Staff Changes

There have been three staff changes during this financial year.

Having joined us in April 22, our Comms Manager moved on in August 23 to fulfil a longstanding desire to visit Brazil and spend 6 months working alongside the church outreach project that we support there. In October 23, a replacement Comms Officer was appointed.

December 2023 saw the end of our first India Trainee Leaders year with us, and they returned to India to be involved with the Commission India churches. Reports back since they returned have all been very favourable.

In February 2024, two new trainee Church Leaders have joined us for a year. They are newly married (they joined us from their honeymoon!) with one from India and one from America. Like last year one is employed on a 1 year under a Certificate of Sponsorship: Minister of Religion visa, and the other is volunteering full time alongside. They have started getting involved in all areas of our church’s activities with a particular focus on social action, children, youth and media.

Building Project

We are now fully settled into our new building and feeling at home here. However, as mentioned above, growth over the last couple of years has been putting pressure on space and we have been looking at alternatives for growth.

We started the year by investigating installing an extension and mezzanine, as well as possible additional meetings or another site. However, in July 2023 we were presented with a unique opportunity to begin negotiations on the purchase of Churchgate, the 3-story building directly next door to our building. These negotiations continued through the year alongside us making plans to raise the finance needed. In October 2023 after extensive negotiations, we agreed a price of £3m for Churchgate, this figure was validated by an independent Chartered Surveyor.

We held three gift days in November 2023 – raising a total of £1.3m of gifts and pledges over that period, and secured a further mortgage with CAF bank for the remaining £2m that was needed.

Other Activities

The church continues to be part of the Commission family of churches. Welcome Church has supported Commission financially and practically by providing leadership input to support Commission's Churches locally and overseas.

Steve Petch, our Lead Elder, continued to have a significant role with Commission UK and served as part of the UK Leadership Team until Sept 2023, at that point he stepped down to focus on leading the team at Welcome Church for this period.

Darren Forsdyke, Director of Operations, has continued to support Commission UK and lead the team that delivered The Commission Festival in August 2023. The festival gathered just over 3,500 people and was a success. Darren has agreed to continue leading the team to deliver the 2024 Commission Festival.

We have continued to operate our Hardship Fund to support people in short term situations of need.

Two new Trustees were appointed in the period as we seek to refresh the team, both the new appointees have specialist skills in areas that need strengthening.

The Trustees have been focusing on reviewing and updating all our policies over this year. We have employed the help of two consultants - an HR company that are working with us continually, and a consultant who helped review our situation and provide a gap analysis of our policies. We have set up a Safeguarding Policy Advisory Group that have proved very effective in helping us review and update all our safeguarding policy and procedures.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The Trustees and Elders set a budget (income and expenditure) at the start of the year, and this is monitored through the year with the Trustees and Elders receiving written reports as well as verbal reports during Trustee meetings.

As we are all aware, the UK economy has continued to struggle during this period and costs and interest rates have increased.

Total income for the 12 months ending 31st March 2024 was £2,491,571 and income to the General (unrestricted fund) was £1,256,399.

Total mortgage repayments of £55,202 was made during the year against the bank loan leaving an outstanding balance of £1,701,376.

We gave away £149,197 of our total income throughout the year (with £87,040 coming from unrestricted funds) representing 6% of total income and 7% of gifts to the unrestricted fund.

We held our first gift day in November 2023 towards our new building purchase and this is held in a restricted building fund.

We finish the year with a general fund unallocated surplus of £270,546 before depreciation.

At the end of the financial year the church’s reserves totalled £6,441,324; £3,201,589 is in building fund, £65,528 is the hardship fund and £16,047 in the Commission India Fund.

Over the next year or two most of this will be spent on the new building (purchase and development).

It is the aim of the charity to keep a minimum of £100,000 in reserves to cover approximately 3 months employment needs and to act as operating capital.

The principal source of funds is the gifts and offerings that are given by those that attend and are part of Welcome Church.

The Board of Trustees holds responsibility for ensuring the charity has effective systems of internal control and risk management in place. We continue to develop our approach to risk management and have constructed a 'universe' of key higher impact risks to the fulfilment of the objectives and activities of Welcome Church. These include, but not limited to: safeguarding, financial management, data management and security, regulatory compliance and health and safety.

A number of Policy Advisory Groups are being formed to support the Trustees in these responsibilities; membership consists of individuals with current expertise in areas of key risk who are able to advise on policy and help test its implementation and effectiveness. The Safeguarding Group has been in operation since mid-2023 and further groups are planned for Finance and Risk , People, and Operations. Outputs from these groups inform the regular risk and governance discussions at Trustee meetings.

All activities of the church are covered by risk assessments and actions are taken to minimise all operating risks to an acceptable level.

The largest individual risks to the church at the current time is the return of the Covid pandemic and the ongoing risk of anything that would cause loss of reputation.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

Welcome Church is an incorporated company limited by guarantee under the memorandum and articles dated 3rd January 2006, which began to operate on 1st October 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Michael David Deavin (Chairman) John Allan Flewitt (Resigned 17 July 2023) Lisa Marie Green Michael William Reid Robin Bryan David Willison Nicholas Kenyon Hornzee Melissa Clark (Appointed 16 October 2023) Adebowale Fletcher (Appointed 16 October 2023)

Decision making structure

The church is led by a team of Elders who set the vision, doctrine and oversight of the church.

The day-to-day work of the charity is managed by a small staff leadership team (called our Executive Team) and all decision-making authority is delegated to this team. This teams consisting of Steve, Christopher, Dub and Darren. This team also meets regularly with a Strategic Leadership Team (consisting of a wider group of volunteer men and women from across the church). The Executive Team reports (via the Lead Elder and Director of Operations) to the Trustees regularly and reports on progress, issues, finances and any other relevant items.

Vacancies are filled from within the church. The Church Elders and Trustees will nominate, discuss and approve any candidates for the role of Trustee. The individual is then consulted / interviewed by at least one member of the Eldership and Trustee team. After feedback to the rest of the Eldership and Trustees, if everyone is in agreement the individual will be appointed.

To ensure that the skills and competencies of the Trustees are kept up to the required standards, training is undertaken as required. All new Trustees are given appropriate briefing and induction training by the Chair of Trustees. They will also be made aware of relevant Charity Commission publications that they can access via the Charity Commission’s website. Updates on charity law and other Trustee matters are circulated and discussed as appropriate.

Welcome Church has membership and/or relationship with several wider organisations. These organisations include:

Welcome Church works in partnership with Christians Against Poverty to provide courses and services to help those in need in Woking.

WELCOME CHURCH TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Auditor In accordance with the company's articles. a resolution proposing that Frances Wilde FCCA DChA be reappointed as auditor of the company will be put at a General Meeting. Disclosure of Information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. Michael David Deavin (Chairman) Trustee Dale..

WELCOME CHURCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Welcome Church for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WELCOME CHURCH

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WELCOME CHURCH

Opinion

We have audited the financial statements of Welcome Church (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s 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 this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

WELCOME CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WELCOME CHURCH

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditor's 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity and faith sector;

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, the Charities Act 2011, taxation legislation, data protection, employment, environmental and health and safety legislation;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

•testing controls with walk through procedures and substantive transaction testing;

WELCOME CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WELCOME CHURCH To address the risk offraud through management bias and override of controls, we.. 'perfomied analytical procedures to identify any unusual or unexpected r8lationshlps', •tested joumal entries to identify unusual transactions., •assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias,. investigated the rationale behind significant or unusual transactions- and In response to the risk of irrègularities and non-compliance with laws and regulations, we dèsigned procedures which included, but were not limited to: •agreeing financial statement disclosures to underlying supporting documentation. •reading the minutes of meetings of those charged with governance. •enquiring of management as to actual and pot8ntial liligation and claims. •reviewing correspondence with HMRC and relevant regulators such as the Charity Commisison. There are inherent limitations in our audit proc8dures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. M8terial misstatemenls that arise due lo fraud can be harder to detect than those that arisé from error as they may Involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http'.Ilwww.frc.org.uklauditorsresponsibililies. This description forms part of our audilovs reporl. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charilles (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's truslees those matters we are required to state to them in an auditors, report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than tho charity and the charIt￿S trustees as a body, for our audit work, for this report, or for the opinions we have formed. FJ Wilde FCCA {Senior Statutory Auditor) for and on behalf of Warner Wllde Llmited Chartered Certified Accounlants Statutory Auditor Warner Wilde Limited Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF Wamer Wilde Lirnitèd is eligible for appointment as auditor of the charity by virtue of its eligibility for appoinlm8nt as audilor of a company under sèction 1212 of the Companies Act 2006. 12-

WELCOME CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
1,123,114
1,230,413
Charitable activities
4
35,924
-
Investments
5
16,369
-
Other income
6
80,992
4,759
Total income
1,256,399
1,235,172
Expenditure on:
Charitable activities
7
976,080
226,727
Other expenditure
13
-
129,663
Total expenditure
976,080
356,390
Net income
280,319
878,782
Transfers between
funds
(23,148)
23,148
Net movement in
funds
10
257,171
901,930
Reconciliation of funds:
Fund balances at 1 April 2023
1,781,774
3,500,449
Fund balances at 31 March
2024
2,038,945
4,402,379		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
2,353,527
1,074,751
140,478
35,924
45,990
8,945
16,369
660
-
85,751
16,940
4,056
2,491,571
1,138,341
153,479
1,202,807
899,305
201,715
129,663
-
83,908
1,332,470
899,305
285,623
1,159,101
239,036
(132,144)
-
(16,103)
16,103
1,159,101
222,933
(116,041)
5,282,223
1,558,841
3,616,490
6,441,324
1,781,774
3,500,449		 Total
2023
£
1,215,229
54,935
660
20,996
1,291,820
1,101,020
83,908
1,184,928
106,892
-
106,892
5,175,331
5,282,223

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WELCOME CHURCH BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 15 6,288,390 6,287,723 Current assets Debtors Cash at bank and in hand 16 348,756 1,520,365 361,013 407,063 1,869.121 768.076 Creditors: amounts falling due within one year 18 (89,356) (80,535) Net current assets 1,779,765 687,541 Total assets less current liabilities 8,068,155 6,975,264 Creditors: amounts falling due after more than one year 19 (1,626,831) (1,693,041) Net assets 6,441,324 5,282,223 The funds of the charity Restricted income funds Unreslricted funds 21 22 4.402,379 2,038,945 3,500,449 1,781,774 6.441,324 5,282,223 The company is entitled to the exemption from the audit requirement contained in section 477 of Ihe Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial ststements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial ststements were approved by the trustees on ........ Michael David Deavin (Chairman) Trustse Company registration number 5664908 {England and Wales) 14-

WELCOME CHURCH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
26
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash (used in)/generated from
investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
1,267,282
(115,147)
16,369
(98,778)
(55,202)
(55,202)
1,113,302
407,063
1,520,365		 2023
£
£
(59,026)
-
660
660
(69,360)
(69,360)
(127,726)
534,789
407,063

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Welcome Church is a private company limited by guarantee incorporated in England and Wales. The registered office is The Welcome Centre, Church Street West, Woking, Surrey, GU21 6DJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

A liability is recognised when either a legal or constructive obligation is identified. Irrecoverable VAT is allocated to the same expense heading as the cost to which it relates.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The Welcome Centre 2% (excluding land value) Plant and machinery 20% straight line Fixtures, fittings & equipment 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Tangible fixed assets acquired for below £1,000 are treated as an expense in the year of acquisition and not capitalised.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 1,123,114 1,230,413 2,353,527 1,074,751 140,478 1,215,229

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Income from donations and legacies
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
Offerings and Gifts
946,414
1,001,036
Missionary and Wider
Gifts (inc tax refund)
-
47,783
Tax Refunds
176,700
181,594
1,123,114
1,230,413		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
1,947,450
896,513
-
896,513
47,783
-
124,212
124,212
358,294
178,238
16,266
194,504
2,353,527
1,074,751
140,478
1,215,229		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
1,947,450
896,513
-
896,513
47,783
-
124,212
124,212
358,294
178,238
16,266
194,504
2,353,527
1,074,751
140,478
1,215,229
1,215,229

3 Income from donations and legacies

4 Charitable activities

Activities Income
Analysis by fund
Unrestricted funds - general
Restricted funds		 Activities
2024
£
35,924
35,924
-		 Activities
2023
£
54,935
45,990
8,945

5 Income from investments

Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 16,369 660
Other income
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Other income 80,992 4,759 85,751 16,940 4,056 20,996

6 Other income

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on charitable activities

Charitable
Activities
Missionary
& Wider
Gifts
2024
2024
£
£
Direct costs
Staff costs
479,956
-
Depreciation and
impairment
114,480
-
Premises Costs
129,811
-
Equipment
8,947
-
Evangelism and Outreach
12,388
-
Training and Conferences
12,046
-
Refreshments and
Catering
24,740
-
Children's Work
2,796
-
YP and Impact
47,281
-
Deaf Ministry
13,217
-
Money Ministries
15,092
-
Professional Fees
72,777
-
Development
12,710
-
Sundries
52,993
-
999,234
-
Grant funding of activities
(see note 8)
-
149,197
Share of support and governance costs (see note 9)
Support
47,438
-
Governance
6,938
-
1,053,610
149,197
Analysis by fund
Unrestricted funds
889,040
87,040
Restricted funds
164,570
62,157
1,053,610
149,197		 Total
Charitable
Activities
Missionary
& Wider
Gifts
2024
2023
2023
£
£
£
479,956
425,722
-
114,480
110,388
-
129,811
119,978
-
8,947
38,673
-
12,388
6,272
-
12,046
14,936
-
24,740
14,024
-
2,796
1,911
-
47,281
44,423
-
13,217
7,279
-
15,092
10,183
-
72,777
6,053
-
12,710
12,175
-
52,993
63,141
-
999,234
875,158
-
149,197
-
179,141
47,438
40,516
-
6,938
6,205
-
1,202,807
921,879
179,141
976,080
797,535
101,770
226,727
124,344
77,371
1,202,807
921,879
179,141		 Total
2023
£
425,722
110,388
119,978
38,673
6,272
14,936
14,024
1,911
44,423
7,279
10,183
6,053
12,175
63,141
875,158
179,141
40,516
6,205
1,101,020
899,305
201,715
1,101,020

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Grants payable

Grants payable
Missionary Missionary
& Wider & Wider
Gifts Gifts
2024 2023
£ £
Grants to institutions:
Commission Apostolic Trust Ltd 68,228 73,000
Zimbabwe Project 7,191 17,025
Dwaar Church - Delhi 2,125 3,375
Emergency Relief Ukraine - 7,454
Your Sanctuary 5,037 -
Turkey Earthquake - 28,719
Turkey Church - 2,000
Brazil Church Project 27,133 13,818
The Useful Wood Company 5,000 -
Lebanon Church Project 5,254 5,170
New Life Church - 10,000
Commission India - 3,565
Hope Church Guildford - 2,000
Shaftesbury Society - 1,200
Other small gifts 1,709 1,278
121,677 168,604
Grants to individuals 27,520 10,537
149,197 179,141

9 Support costs allocated to activities

Staff Travel
Office Expenses
Printing and Stationery
Telephone and Postage
ITC/PIC/Commisison
Other Staff Costs
Governance costs
Analysed between:
Charitable Activities		 2024
£
3,720
8,115
5,066
2,383
349
27,805
6,938
54,376
54,376		 2023
£
4,333
6,352
5,731
2,339
294
21,467
6,205
46,721
46,721

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

10 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 6,938 6,205
Depreciation of owned tangible fixed assets 114,480 110,388

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
10
2024
£
406,974
39,195
33,787
479,956		 2023
Number
8
2023
£
360,816
37,289
27,617
425,722

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
60,001 - 70,000 2 -
70,001 - 80,000 1 1

Contributions totalling £14,204 (2023: £5,028) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Employees (Continued)

Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024 2023
£ £
Aggregate compensation 343,129 325,628

For the purposes of this note, Key Management Personnel has been defined as the Elders. Compensation includes salary plus additional costs of employment such as employer's national insurance and employer's pension contributions.

13 Other

Restricted Restricted
funds funds
2024 2023
Financing costs 129,663 83,908
129,663 83,908

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15
Tangible fixed assets
The Welcome
Centre
£
Cost
At 1 April 2023
6,617,371
Additions
50,041
At 31 March 2024
6,667,412
Depreciation and impairment
At 1 April 2023
351,325
Depreciation charged in the year
101,105
At 31 March 2024
452,430
Carrying amount
At 31 March 2024
6,214,982
At 31 March 2023
6,266,046
16
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
17
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 Plant and
machinery
£
42,132
31,508
73,640
21,097
10,361
31,458
42,182
21,035

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Loans and overdrafts

(Continued)

The long-term loans are secured by first fixed charges over the land and buildings, The Welcome Centre, Church Street West, Woking, Surrey, GU21 6JD.

The charity has a long term loan of £2,000,000 from CAF Bank Ltd for the purpose of building the Auditorium. The term of the loan is 20 years from the date of the first drawdown and interest is charged at 2.5% above Bank of England base rate. The loan is repaid in instalments monthly.

There would be prepayment fees should the loan be repaid early and the charity must maintain a debt service ratio of 1:1.

18 Creditors: amounts falling due within one year

18
Creditors: amounts falling due within one year
Notes
Bank loans
17
Trade creditors
Other creditors
Accruals and deferred income
19
Creditors: amounts falling due after more than one year
Notes
Bank loans
17
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
74,545
5,960
-
8,851
89,356
2024
£
1,626,831
2024
£
33,787		 2023
£
63,537
7,042
610
9,346
80,535
2023
£
1,693,041
2023
£
27,617

The charity operates a defined contribution pension scheme for all qualifying employees in accordance with the requirement to provide a workplace pension scheme. The assets of the scheme would be held separately from those of the charity in an independently administered fund. However, all employees currently opt out of the workplace scheme and have chosen instead to have contributions made to other personal schemes of their choice as is permitted under workplace pensions legislation.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Missionary and Wider Gifts
Buildings Fund
Welcome Church Buildings
Welcome Works
Hardship fund
Previous year:
Missionary and Wider Gifts
Activities Income
Buildings Fund
Welcome Church Buildings
Welcome Works
Hardship fund		 At 1 April
2023
Incoming
resources
Resources
expended
Transfers
At 31 March
2024
£
£
£
£
£
17,340
38,467
(39,051)
-
16,756
2,275,351
1,191,870
(265,632)
1,118,506
4,320,095
1,118,506
-
-
(1,118,506)
-
10,000
(4,481)
(28,667)
23,148
-
79,252
9,316
(23,040)
-
65,528
3,500,449
1,235,172
(356,390)
23,148
4,402,379
At 1 April
2022
Incoming
resources
Resources
expended
Transfers
At 31 March
2023
£
£
£
£
£
511
90,475
(73,646)
-
17,340
(8,902)
8,902
-
-
-
2,440,870
18,567
(184,086)
-
2,275,351
1,118,506
-
-
-
1,118,506
-
18,059
(24,162)
16,103
10,000
65,505
17,476
(3,729)
-
79,252
3,616,490
153,479
285,623
16,103
3,500,449

Missionary and Wider Gifts

Income received and associated tax credits for missionary and wider gifts were paid out in the year as grants,

Activities Income

This relates to income generated from events/youth activities.

Buildings fund

The fund was established by the Trustees for the following purpose:

To provide for the redevelopment and maintenance of the current properties and site; the purchase, development and maintenance of a new building and site; and any ancillary costs. Preparatory costs of developing the site, including legal costs and the employment of a project manager, have been and are continuing to be paid form this fund.

Welcome Church Buildings and the Buildings Fund have been combined in the year. Welcome Church Buildings historically represented the original buildings in Goldsworth Road and Oak Road, the Buildings Fund represents the development of the original buildings into the current church buildings including the auditorium. As the Welcome Church Buildings have effectively been developed and replaced, the remaining Buildings Fund now represents the buildings going forwards.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
1,781,774
1,256,399
(976,080)
At 1 April
2022
Incoming
resources
Resources
expended
£
£
£
1,558,841
1,138,341
(899,305)		 Transfers
At 31 March
2024
£
£
(23,148)
2,038,945
Transfers
At 31 March
2023
£
£
(16,103)
1,781,774

23 Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 1,968,295 4,320,095 6,288,390
Current assets/(liabilities) 1,697,481 82,284 1,779,765
Long term liabilities (1,626,831) - (1,626,831)
2,038,945 4,402,379 6,441,324
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 March 2023:
Tangible assets 2,893,866 3,393,857 6,287,723
Current assets/(liabilities) 580,949 106,592 687,541
Long term liabilities (1,693,041) - (1,693,041)
1,781,774 3,500,449 5,282,223

24 Post Year End Non Adjusting Event

Subsequent to the year end, on 29[th] April 2024, Welcome Church purchased a 3-story building next door to the existing building for £3m. The building will be redeveloped to further support, expand, and increase capacity for, the objectives and activities of the charity, as discussed in the Trustee's Report. A mortgage with CAF bank has been secured for £2m, with the remaining cost being paid for through donations.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Related party transactions

Mr M Deavin, who is a trustee, is also a trustee of The Really Useful Wood Company which received £5,000 (2023: £nil) from the church during the year, and the use free of charge of property to operate from. Mr Deavin has declared his interest and does not vote on decisions regarding grants made to The Really Useful Wood Company.

26
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease) in creditors
(Decrease) in deferred income
Cash generated from/(absorbed by) operations
27
Analysis of changes in net (debt)/funds
At 1 April 2023
£
Cash at bank and in hand
407,063
Loans falling due within one year
(63,537)
Loans falling due after more than one year
(1,693,041)
(1,349,515)		 2024
2023
£
£
1,159,101
106,892
(16,369)
(660)
114,480
110,388
12,257
(188,946)
(2,187)
(73,038)
-
(13,662)
1,267,282
(59,026)
Cash flowsAt 31 March 2024
£
£
1,113,302
1,520,365
(11,008)
(74,545)
66,210
(1,626,831)
1,168,504
(181,011)