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← Welcome Church

2025-03-31-accounts

Charity registration number 1115631 (England and Wales)

Company registration number 5664908

WELCOME CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

WELCOME CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Michael David Deavin (Chairman)
Lisa Marie Green
Michael William Reid
Nicholas Kenyon Hornzee
Melissa Clark
Adebowale Fletcher
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 Limited
Chartered Certified Accountants
4 Marigold Drive
Bisley
Surrey
GU24 9SF
Bankers Barclays Bank PLC
21-25 Commercial Way
Woking
Surrey
GU21 6XR
Bank (Mortgage) CAF Bank Ltd
25 Kings Hill Ave
Kings Hill
West Malling ME19 4JQ
Project Managers Michael Edwards Consultants Limited
Oak House
Tanshire Park
Elstead
Surrey GU8 6LB
Architects Plan A
Glen House
Glen Road
Grayshott
GU26 6NF

WELCOME CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors

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 - 30

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

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 2025

We are pleased to report that over this review period Welcome Church has continued to flourish and continued to grow in size for another year, with more and more people attending on Sundays and other events. This increased size has put pressure on all areas of the churches activities and has been a key factor in us purchasing a new building (Church Gate) this year, to enable continued growth and to also allow us to expand our community action projects.

Our key activities during the year have been:

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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 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

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

Attendance in all activities has grown by over 6% in the last year. This is a slow down from previous years that had exceptional growth levels. We believe that the capacity of our buildings is a factor in this slowing growth rate and we are taking steeps to increase this.

We use September as our benchmark month for annual growth (partly because it is consistent year on year with other events, and partly because it is the start of our activities calendar year). However, note that September usually starts with lower numbers (due to the end of the summer holidays) and increases during the month, so the total average doesn’t reflect a typical month at other times of the year.

In September 2024 we had an average weekly Sunday morning attendance of 632 adults and 250 children and youth – 882 people in total. In the previous year, September 2023, this was 589 adults and 240 children and youth - 829 people in total. This is an increase of 7.3% in adults, 4.2% in children and youth, and 6.4% overall.

Sunday mornings Sept 2022 Sept 2023 Growth % Sept 2024 Growth %
Adults 536 589 9.9% 632 7.3%
Children and youth 202 240 18.8% 250 4.2%
Total 738 829 12.3% 882 6.4%

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our youth group has continued to meet on Friday nights and has grown significantly again. Over the last year attendance has grown from between 80 to 120 each week to up to 150 each week. We have continued to split our youth into younger (years 7 to 9) and older (years 10 to 13) groups and continued to meet in our building and a borrowed building nearby (The Useful Wood Company). As we develop and open the Church Gate building this coming year, this will become the new home for youth on a Friday and will have space and facilities to accommodate them all and more. In August 24, 94 members of our youth group plus their leaders joined thousands of others at the Newday youth festival in Norwich.

In August 2024 we attended The Commission Festival again. This is a 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! This was well attended by people from Welcome Church, with most camping together at the showground. This was a great time for all that attended. The Commission Festival will not be running next year and instead we will be holding our own “Big Weekend Away” in the New Forest and are hoping to take about 500 people away.

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 between 30 and 40 screens watching. Our preaches are also uploaded to our website and streaming services after the Sunday, where they typically achieve between 100 and 200 views.

Over the last couple of years we have been aware that we are running out of space in our building and that this has had some impact on our growth. We have been taking steps to mitigate this, but most of these have been short term. In the last year we have taken the significant step of providing a long-term solution and have purchased an empty 3-story building next to our current buildings and will be expanding our campus.

This building is currently being renovated and redeveloped with a view to it being open and operating in the next year. The ground floor will be dedicated to community action and will house a permanent Community Grocery that we will run in partnership with The Message Trust. The other 2 floors will be used during the week for community classes and courses, and at other times for our children and youth groups. This will give these groups more space and a dedicated, safe area that they can grow into. A consequence of these changes will mean that we can make changes in our current building and enable more space for the adults to meet too.

Our Welcome Café and associated CAP Courses and support groups has been very successful during the year. It is completely run by volunteers and provides affordable meals each week for a large number of guests. The Café has been a great support for our CAP services and many people have benefitted from attending these during the year. “Get Online” was launched just over a year ago and has become established as a regular weekly feature of the café. During the last year we have launched the Kintsugi Hope course as part of the Café. This is a wellbeing course and provides support and training to help people develop their emotional and mental health.

As part of our Welcome Works activities, we have continued to build 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 in January 2023.

In December we held our annual “Carol Service for Woking”. Due to the popularity of this event we have increased capacity and held 4 Carol Services. Each one was full and a total of 2,400 people attended. 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 2025

Staff Changes

There have been three staff changes during this financial year.

In November a member of our staff team went on Maternity leave and we employed a part time role to cover life group administration and support for 2 days per week (plus another day per week to support the safe recruiting process for children and youth activities).

In January one of our Pastors reduced his hours from full time to 3 days per week.

In January we also created a new role of Executive Pastor and employed someone for 2 days per week (for 1 year) to help us review our organisational leadership, our policies, procedures and ways of working.

Church Gate

Probably the most significant thing we have done this year is raise funds and purchase Church Gate, the empty 3- story building next to our current buildings. Details about how we plan to use this building have already been mentioned, so we won’t repeat that here.

After a lengthy period of negotiation in 2023/24, we finally completed the purchase in May 2024, buying the building for £3m. This was partly funded by a mortgage from CAF bank and partly funded by funds raised during gift days in 2023 and 2024. The funds raised at our gift days were used to help buy the building but also to allow us to renovate and develop it into a usable building.

We have been working with MEA Consultants and Plan A Architects to refine our plans and designs so that we are ready to appoint contractors and prepare the building for use. Planning permission was granted for change of use and for the material uses that we need for these plans.

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.

Darren Forsdyke, Director of Operations, has continued to support Commission UK and lead the team that delivered The Commission Festival in August 2024. The festival gathered just over 4,000 people and was a great success. The Commission Festival will not be running next year and Darren’s role with Commission has come to an end.

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

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

Total income for the 12 months ending 31st March 2025 was £2,324,550 and income to the General (unrestricted fund) was £1,443,813.

Total mortgage repayments of £83,494 were made during the year against the bank loans leaving an outstanding balance of £3,617,881.

We gave away £136,271 of our total income throughout the year (with £97,225 coming from unrestricted funds) representing 6% of total income and 7% of gifts to the unrestricted fund.

We held a gift day in June 2024 towards our building requirements and this is held in a restricted building fund.

We finish the year with a general fund unallocated surplus of £593,715 before depreciation.

At the end of the financial year the church’s reserves totalled £7,300,165 of which £4,666,913 is in the building fund and £54,630 in the hardship fund. A significant portion of the financial value of the charity is held in the form of assets that the charity uses to be able to deliver its day to day activities.

Over the next year or two, the available cash in our building fund and much of our unrestricted fund will be spent on the new building (purchase and development).

During the last year the Trustees reviewed the reserves policy and agreed to update this to more accurately reflect our principle financial risks:

  1. A decrease in regular unrestricted donated income - set at 15% of annual budget plus,

d. An increase in mortgage interest rates - set at 2% on outstanding mortgage loans For the current year (2025-26) this equates to £300k.

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 monitor 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.

Policy Advisory Groups are being introduced 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 the Finance and Risk group held its first meetings during 2024. Groups for People and Operations will be constituted during 2025.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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, Darren and, from January 2025, Robin. Members of 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, Director of Operations and Executive Pastor) to the Trustees regularly and reports on progress, issues, finances and any other relevant items.

Trustee 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. A succession plan is in place for the Chair of Trustees.

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:

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.

WELCOME CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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) Michael David Deavin (Chairman) Trustee Trustee Date: ............................................. Date: CE Lescol! LOZS

WELCOME CHURCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

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 2025 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 requires 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 of fraud through management bias and override of controls, we:

•assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures 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.

Material misstatements that arise due to fraud can be harder to detect than those that arise 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://www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’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 Wilde Limited

10[th] December 2025 .........................

Chartered Certified Accountants Statutory Auditor

Warner Wilde Limited Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF

Warner Wilde Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WELCOME CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
1,360,612
874,934
Charitable activities
4
53,950
5,802
Investments
5
25,921
-
Other income
6
3,331
-
Total income
1,443,814
880,736
Expenditure on:
Charitable activities
7
979,329
245,303
Other expenditure
13
-
241,077
Total expenditure
979,329
486,380
Net income
464,485
394,356
Transfers between
funds
(19,799)
19,799
Net movement in
funds
10
444,686
414,155
Reconciliation of funds:
Fund balances at 1 April 2024
2,038,945
4,402,379
Fund balances at 31 March
2025
2,483,631
4,816,534		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
2,235,546
1,123,114
1,230,413
59,752
35,924
-
25,921
16,369
-
3,331
80,992
4,759
2,324,550
1,256,399
1,235,172
1,224,632
976,080
226,727
241,077
-
129,663
1,465,709
976,080
356,390
858,841
280,319
878,782
-
(23,148)
23,148
858,841
257,171
901,930
6,441,324
1,781,774
3,500,449
7,300,165
2,038,945
4,402,379		 Total
2024
£
2,353,527
35,924
16,369
85,751
2,491,571
1,202,807
129,663
1,332,470
1,159,101
-
1,159,101
5,282,223
6,441,324

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 AT 31 MARCH 2025

2025 2025 2024
Notes £ £ £ £
£
Fixed assets
Tangible assets 15 9,178,097 6,288,390
Current assets
Debtors 16 349,401 348,756 348,756
Cash at bank and in hand 1,449,259 1,520,365 1,520,365
1,798,660 1,869,121 1,869,121
Creditors: amounts falling due within 18
one year (161,992) (89,356)
Net current assets 1,636,668 1,779,765
Total assets less current liabilities 10,814,765 8,068,155
Creditors: amounts falling due after
more than one year 19 (3,514,600) (1,626,831)
Net assets 7,300,165 6,441,324
The funds of the charity
Restricted income funds 22 4,816,534 4,402,379
Unrestricted funds 23 2,483,631 2,038,945
7,300,165 6,441,324

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

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 statements.

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 statements were approved by the trustees on .........................

..............................

Michael David Deavin (Chairman)

Trustee

Company registration number 5664908 (England and Wales)

WELCOME CHURCH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
28
1,025,204
Investing activities
Purchase of tangible fixed assets
(3,038,736)
Investment income received
25,921
Net cash used in investing activities
(3,012,815)
Financing activities
Proceeds from new bank loans
2,000,000
Repayment of bank loans
(83,495)
Net cash generated from/(used in) financing
activities
1,916,505
Net (decrease)/increase in cash and cash
equivalents
(71,106)
Cash and cash equivalents at beginning of year
1,520,365
Cash and cash equivalents at end of year
1,449,259		 2024
£
£
1,267,282
(115,147)
16,369
(98,778)
-
(55,202)
(55,202)
1,113,302
407,063
1,520,365

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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. 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.

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.

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

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:

Land and Buildings 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 2025

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
funds
funds
2025
2025
£
£
Donations and gifts
1,360,612
794,934
Grants
-
80,000
1,360,612
874,934		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
2,155,546
1,123,114
1,230,413
80,000
-
-
2,235,546
1,123,114
1,230,413		 Total
2024
£
2,353,527
-
2,353,527

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
Offerings and Gifts
1,145,481
658,218
Missionary and Wider
Gifts (inc tax refund)
-
22,543
Tax Refunds
215,131
114,173
1,360,612
794,934
4
Charitable activities
Activities Income
Analysis by fund
Unrestricted funds - general
Restricted funds		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
(Continued)
1,803,699
946,414
1,001,036
1,947,450
22,543
-
47,783
47,783
329,304
176,700
181,594
358,294
2,155,546
1,123,114
1,230,413
2,353,527
Activities
Activities
2025
2024
£
£
59,752
35,924
53,950
35,924
5,802
-
59,752
35,924		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
(Continued)
1,803,699
946,414
1,001,036
1,947,450
22,543
-
47,783
47,783
329,304
176,700
181,594
358,294
2,155,546
1,123,114
1,230,413
2,353,527
Activities
Activities
2025
2024
£
£
59,752
35,924
53,950
35,924
5,802
-
59,752
35,924
2,353,527
Activities
2024
£
35,924
35,924
-
35,924
5 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 25,921 16,369

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Other income

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Other income 3,331 - 3,331 80,992 4,759 85,751

7 Expenditure on charitable activities

Charitable
Activities
Missionary
& Wider
Gifts
2025
2025
£
£
Direct costs
Staff costs
487,001
-
Depreciation and
impairment
149,029
-
Premises Costs
113,044
-
Equipment
8,239
-
Evangelism and Outreach
17,919
-
Training and Conferences
11,276
-
Refreshments and
Catering
23,093
-
Children's Work
2,294
-
YP and Impact
61,763
-
Deaf Ministry
11,355
-
Money Ministries
14,622
-
Professional Fees
48,181
-
Development
7,089
-
Sundries
66,724
-
1,021,629
-
Grant funding of activities
(see note 8)
-
136,271
Share of support and governance costs (see note 9)
Support
59,618
-
Governance
7,114
-
1,088,361
136,271
Analysis by fund
Unrestricted funds
882,104
97,225
Restricted funds
206,257
39,046
1,088,361
136,271		 Total
Charitable
Activities
Missionary
& Wider
Gifts
2025
2024
2024
£
£
£
487,001
479,956
-
149,029
114,480
-
113,044
129,811
-
8,239
8,947
-
17,919
12,388
-
11,276
12,046
-
23,093
24,740
-
2,294
2,796
-
61,763
47,281
-
11,355
13,217
-
14,622
15,092
-
48,181
72,777
-
7,089
12,710
-
66,724
52,993
-
1,021,629
999,234
-
136,271
-
149,197
59,618
47,438
-
7,114
6,938
-
1,224,632
1,053,610
149,197
979,329
889,040
87,040
245,303
164,570
62,157
1,224,632
1,053,610
149,197		 Total
2024
£
479,956
114,480
129,811
8,947
12,388
12,046
24,740
2,796
47,281
13,217
15,092
72,777
12,710
52,993
999,234
149,197
47,438
6,938
1,202,807
976,080
226,727
1,202,807

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

8 Grants payable
Missionary Missionary
& Wider & Wider
Gifts Gifts
2025 2024
£ £
Grants to institutions:
Commission Apostolic Trust Ltd 69,815 68,228
Zimbabwe Project 4,525 7,191
Dwaar Church - Delhi 1,050 2,125
Compassion UK 9,840 -
Your Sanctuary - 5,037
Brazil Church Project 15,516 27,133
The Useful Wood Company - 5,000
Lebanon Church Project 17,853 5,254
Other small gifts 980 1,709
119,579 121,677
Grants to individuals 16,692 27,520
136,271 149,197

9 Support costs allocated to activities

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		 2025
£
4,209
8,792
4,068
2,630
26
39,893
7,114
66,732
66,732		 2024
£
3,720
8,115
5,066
2,383
349
27,805
6,938
54,376
54,376

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 7,114 6,938
Depreciation of owned tangible fixed assets 149,029 114,480

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		 2025
Number
10
2025
£
415,143
40,598
31,260
487,001		 2024
Number
10
2024
£
406,974
39,195
33,787
479,956

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

2025 2024
Number Number
60,001 - 70,000 3 2
70,001 - 80,000 - 1
80,001 - 90,000 1 -

Contributions totalling £19,023 (2024: £14,204) 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 2025

12 Employees (Continued)

Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2024
£ £
Aggregate compensation 293,476 343,129

For the purposes of this note, Key Management Personnel has been defined as the Executive Team. 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
2025 2024
Financing costs 241,077 129,663
241,077 129,663

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 2025

15
Tangible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
16
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
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		 Land and
Buildings
£
6,667,412
3,038,736
9,706,148
452,429
127,367
579,796
9,126,352
6,214,982		 Plant and
machinery
£
73,640
-
73,640
31,459
14,728
46,187
27,453
42,182

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Loans and overdrafts

(Continued)

Loan 1

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 2.25% above Bank of England base rate. The loan is repaid in instalments monthly.

Loan 2

The charity has a long-term loan of £2,000,000 from CAF Bank Ltd towards the purchase of Church Gate. The term of the loan is 25 years from the date of the first drawdown and interest is charged at 2.25% over Bank of England base rate. The loan is repaid in instalments monthly.

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

The loans are secured by first legal charges over the land and buildings, The Welcome Centre, Church Street West, Woking, Surrey, GU21 6DJ and Church Gate House, Church Street West, Woking, Surrey, GU21 6DJ.

18 Creditors: amounts falling due within one year

Notes
Bank loans
17
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals
19
Creditors: amounts falling due after more than one year
Notes
Bank loans
17
20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:		 2025
£
103,281
9,184
13,663
2,165
3,103
30,596
161,992
2025
£
3,514,600
2025
£
13,663
2025
£
13,663		 2024
£
74,545
-
-
5,960
-
8,851
89,356
2024
£
1,626,831
2024
£
-
2024
£
-

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20
Deferred income
Deferred income at 1 April 2024
Resources deferred in the year
Deferred income at 31 March 2025
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 (Continued)
-
-
13,663
-
13,663
-
2025
2024
£
£
31,260
33,787		 (Continued)
-
-
13,663
-
13,663
-
2025
2024
£
£
31,260
33,787
-
2024
£
33,787

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.

22 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 Works
Hardship fund
Previous year:
Missionary and Wider Gifts
Buildings Fund
Welcome Church Buildings
Welcome Works
Hardship fund		 At 1 April
2024
Incoming
resources
Resources
expended
Transfers
At 31 March
2025
£
£
£
£
£
16,756
22,543
(24,308)
-
14,991
4,320,095
843,663
(416,845)
-
4,746,913
-
10,667
(30,466)
19,799
-
65,528
3,863
(14,761)
-
54,630
4,402,379
880,736
(486,380)
19,799
4,816,534
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
2024
Incoming
resources
Resources
expended
Transfers
At 31 March
2025
£
£
£
£
£
16,756
22,543
(24,308)
-
14,991
4,320,095
843,663
(416,845)
-
4,746,913
-
10,667
(30,466)
19,799
-
65,528
3,863
(14,761)
-
54,630
4,402,379
880,736
(486,380)
19,799
4,816,534
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
4,402,379

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

22 Restricted funds

(Continued)

Missionary and Wider Gifts

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

Buildings fund

The Buildings Fund balance is mostly represented by the cost of buildings purchased for the benefit of delivering the charity’s objects. Much of the value is held as physical buildings and is not cash available to be spent.

Hardship Fund

To support people in short term situations of need.

23 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
2024
Incoming
resources
Resources
expended
£
£
£
2,038,945
1,443,814
(979,329)
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
1,781,774
1,256,399
(976,080)		 Transfers
At 31 March
2025
£
£
(19,799)
2,483,631
Transfers
At 31 March
2024
£
£
(23,148)
2,038,945

24 Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At 31 March 2025:
Tangible assets 6,139,361 3,038,736 9,178,097
Current assets/(liabilities) (141,130) 1,777,798 1,636,668
Long term liabilities (3,514,600) - (3,514,600)
2,483,631 4,816,534 7,300,165

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 Analysis of net assets between funds (Continued)
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

25 Operating lease commitments

Lessee

The operating leases comprise a photocopier lease for a period of 5 years from October 2024.

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
1,296
2,916
4,212		 2024
£
-
-
-

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Related party transactions

The father-in-law of trustee N Hornzee is employed by the charity.

Trustee M Deavin is also a trustee of The Really Useful Wood Company which received £nil (2024: £5,000) from the church during the year, and the use free of charge of property to operate from.

Trustee L Green is employed by Moore Barlow and is a Trustee of Commission Apostolic Trust. Moore Barlow are the charity's solicitors and received payments of £37,620 during the year.

The charity donated £68,000 to Commission Apostolic Trust in the financial year. Other payments were made to the trust totalling £7,958 for training courses and Commission Festival tickets, and refunds were received totalling £1,301.

27 Contingent Assets

The charity was notified of a legacy in March 2025 however the amount was not known. The legacy was subsequently received in May 25 in the amount of £37,498.

28

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:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase in deferred income
Cash generated from operations		 2025
£
858,841
(25,921)
149,029
(645)
30,237
13,663
1,025,204		 2024
£
1,159,101
(16,369)
114,480
12,257
(2,187)
-
1,267,282

WELCOME CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

29 Analysis of changes in net (debt)/funds
At 1 April 2024 Cash flowsAt 31 March 2025
£ £ £
Cash at bank and in hand 1,520,365 (71,106) 1,449,259
Loans falling due within one year (74,545) (28,736) (103,281)
Loans falling due after more than one year (1,626,831) (1,887,769) (3,514,600)
(181,011) (1,987,611) (2,168,622)