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2022-03-31-accounts

COMPANY INFORMATION COMPANY INFORMATION COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022
Trustees Ola Elegbe
Joanne Lee
Alexander
Lee
Rev Timothy Roberts
Nathan
Siebu
Chris Theobald
(resigned September 2021)
Rev David Dodwell (appointed September 2021)
Key Staff Rev Timothy Roberts —Senior Minister
Rev Helen Roberts - Senior Leader
Rev David Dodwell - Lead Pastor
Governing Document Memorandum and Articles of Association
dated 29 March 2007
Company Registration Number 6208757
Charity Registration Number 1119764
Registered Office and The Wellspdng
Church
Principal Address 1Wellspring Way
Watford
Herts
WD17 2AH
Independent
Examiner		 Ajay Rajani FCIE
Stewardship
1 Lamb's Passage
London
EC1YBAB
Bankers National
Westminster		 Bank Pic
Kingdom
Bank
Solicitors Anthony
Collins Solicitors LLP
134Edmund Street
Birmingham B32ES
Contents
Page
Company Information 1
Trustees' Annua I Report 2-19
Independent Examiner's Report 19
Statement of Financial Activities 20
Balance Sheet 21
Cashflow Statement 22
Notes tothe Accounts 23-34
Detailed Statement ofFinancial Activities with Comparatives 3S

Total Tote I
Unrestricted Restricted Funds Funds
Funds Funds 2022 2021
Note E E E E
INCOME AND ENDOWMENTS FROM:
Donations
and legacies		 3 538,587 183,328 721,915 480,895
Charitable
activities		 4 33,310 33,310 6,707
Investments 19 19 99
Total income and endowments 571,897 183,347 755,244 487,701
EXPENDITURE ON:
Charitable
activities		 5 381,775 57,821 439,596 533,112
Raising funds 6 636 1,188 1,824 25,487
Tata I expenditure 382,410 59,009 441,419 558,599
Net income/(expenditure) 189,487 124,338 313,825 (70,897)
Transfers between funds 18
Net movement
in funds		 189,487 124,338 313,825 (70,897)
Reconciliation offunds:
Total funds brought forward 1,547,881 152,019 1,699,900 1,770,796
Total funds carried forward 18 1,737,368 276,357 2,013,725 1,699,900

Note 2022 2021
E E
Cash flows from operating activities:
Iyet msh provided by (used In/ operating activities
Cash flaws from investing activities:
Purchase of property,
plant and		 equipment
Net cash provided by/(used in) investing amivi ties
Cash Rows from Rnancing activities:
Repayments
of borrowing
Net cash provided by/(used injfinancing activities (21,045) (20,597)
Change in cash and equivolents in the reporting period 148,457 (51,959)
Cash and equivalents at the beginning afthe year 299,875 351,834
Cash and cash equivalents
ot the end ofthe year		 448,332 299,875
Analysis ofchanges
in net debt:
At start of Non-cash At end of
year movements Cash-flows year
E E E
Cash 299,875 148,457 448,332
Bank loans:
Falling due within
one year		 (21,117) (20,993) 21,045 (21,065)
Falling due after one year (554,475) 20,993 (533,481)
Tote I net funds / (debt)
Note a: Reconciliation ofnet incame/(expenditure) ta net cash flow from operating activities
2022 2021
E E
Net income/(expenditure)
for the reporting pedod		 (as per the statement of
financial activities) 313,825 (70,897)
Adjustments
for:
Depreciation
charges		 31,583 31,118
(Increase)/decrease
in stocks		 538 1,217
(Increase)/decrease
in debtors		 (629) 9,124
increase/(decrease)
creditors
Release ofSunshine
grant		 (148,200) (3,800)
Movements
in other creditors		 (14,594) 16,869
Net cash provided
by (used in7 aperating		 activities 182524 (16,370)
Note b:Analysis ofcash and cash equivalents
2022 2021
E
Bank current account 141,896 99,581
Bank deposit account (no notice) 306355 199,802
Petty cash 80 492
Total cash and cash equivalents 448332 299,875

tions and legacies
2022 2021
f f
Donations ofcash and similar 427,921 355,244
Income tax recoverable 83,383 75,099
Grants receivable:
Government
grants,		 principally from the lob Retention Scheme 910 26,235
Release ofdeferred grant from Sunshine Children's Centre Charity 148,200 3,800
Other grants 61.500 20,517

me fro m charitable activities
2022 2021
f f
Church activities and events 11,442 1,250
Letting offacilities in the Wellspring Church Centre 16,993 5,090
Letting of residential
property		 in Stevenage 3,750
Books, music and media sales 485 368
Other income from charitable activities 639

5 Charitable
expenditure
2022 2021
f f
a Costs Incurred
directly		 on specific activities
Staff costs 119,578 162,312
Utilities 20,989 13,671
Outreach
&ministries		 12,516 6,046
Wellspring
North		 Bushey 2,770
Wellspring
Stevenage		 1,370
Costs for house
in		 Stevenage 1,727
Mission trips (870)
Centre hire costs 1,479 259
Pastoral expenses 12,105 5,045
Depreciation 31,583 31,119
Printing
&stationery		 1,647 2,062
Sunday services and worship 8,498 5,525
Youth &children's work 4,971 1,282
Visiting speakers 1,798 1,860
Maintenance,
repairs		 &replacements 17,253 14,762
Training 227 30
Insurance 5,117 4,252
Storage space 752 580
Lease costs 1,604 1,717
Mortgage interest
Bank charges		 21,238
839		 21,417
753
Cost ofresources purchased for re-sale 615 1,040
Dignify project:
Staff costs 13,753 10,902
Othercosts 1,020 572
Grants payable(note 5d) 37,800
1,1 1		 39,594
b Costs incurred on support &administration
Governance
costs
Independent
examiner's		 fee 3,610 4,240
Staff costs 79,792 87,654
Other administrative expenses 467 1,407
Legal and professional fees 4,119 240
Office equipment 1,137 1,484
IT 4,348 4,291
c Property development
Total expenditure

Grants payable
Institutions Individuals 2022
f
Grants to support
UK and		 overseas mission
Action Europe 3,017 3,017
Alternatives 1,200 1,200
Assemblies ofGod 9,405 9,405
Charis Tiwala 1,200 1,200
New Hope Trust 1,325 1,325
Wafford Schools Trust 1,200 1,200
Watford Town Centre Chaplaincy 1,200 1,200
East West Ministries 4,200 4,200
Lafiabougou
Church,		 Leegere 1,524 1,524
Soul Survivor Watford 1,000 1,000
Other grants 410 410
Grants for education
Operation
Steadfast		 (Jewels School, Sierra Leone) 150 150
Dignify 2,239 2,239
Other grants 50 100 150
Grants for the relief of hardship
Bridges of Hope 1,350 1,350
Assemblies of God 1,124 1,124
East West Ministries 2,860 2,860
Christ First Watford 1,395 1,395
Other help given to Afghan refugees 1,138 1,138
Aziz Partnership 485 485
Compassion
gifts		 1,229 1,229
27,631 10,169 37,800
The comparative
s for the		 previous year are asfollows:
Institutions Individuals 2021
f f f
Grants to support
UK and		 overseas mission
Action Europe 3,000 3,000
Alternatives 1,200 1,200
Assemblies ofGod 9,405 9,405
Charis Tiwala 1,200 1,200
New Hope Trust 2,614 2,614
Wafford Schools Trust 1,200 1,200
Watford Town Centre Chaplaincy 1,200 1,200
Aziz Partnership 8,500 8,500
East West Ministries 4,200 4,200
Lafiabougou
Church,		 Leegere 762 762
Other grants 350 2,472 2,821
Grants for education
Operation
Steadfast		 (Jewels School, Sierra Leone) 1,407 1,407
Grants for the relief of poverty 344 1,741 2,085
39,594
ofraising funds
2022 2021
E E
Staff costs 20,342
Other expenses 1,824 5,145
ysis ofstaff costs, the cost of key management personnel and trustee remuneration
2022 2021
E E
Gross wages and salaries 189,221 247,915
Social security 9,775 14,476
Pension costs 10,885 14,142
Border Agency Fee &NHS Surcharge 1,242 3,311
Other employment benefits 950 200
teers.
During		 the yea r the average
monthly
number ofemployees
(in		 cluding
furloughed
staff) was:
2022 2021
Numbers Numbers
Full time staff 5 7
Part time staff 5 7
Total average monthly number ofemployees
oyment
benefits payable to key management
for the year were as follow		 s:
Employer
Wages & pension 2022
salaries contributions E
Trustees and those closely related to trustees
Rev Tim Roberts (Senior Minister and a trustee) 17,869 1,072 18,941
Rev Helen Roberts (for her part time role as a senior Leader) 17,139 1,028 18,167
Rev Helen Roberts (for her role overseeing the Dignify initiative) 11,438 686 12,124
Rev David Dodweg (Lead Pastor and a trustee from September) 31,434 1,879
4,666		 33,313
82,546

11 Debtors
2022 2021
f f
Church centre hire debtors 2,414
Gift aid tax recoverable 6,413 7,401
Prepayments
and other		 debtors 1+73 2,670
12 Cash at Bank and in Hand
2022 2021
f f
Bank current account 141,896 99,581
Bank deposit account (no notice) 306,355 199,802
Petty cash 80 492
13 Creditors: liabigties falling due within one year
2022 2021
f f
Trade creditors 6,803 8,006
Accruals for normal operating expenses 3,610 3,600
Accruals for property development expenses 14,439
Grant obligations 1,039
Deferred income 3,800
Mortgage
capital		 21,065 21,117
14 Creditors: amounts
faglng due after more		 than one year
2022 2021
f f
Deferred income 144,400
Mortgage
capital		 533,481 554,475
15 Deferred income
Deferred
income comprises		 the following:
Sunshine 2022 2021
grant f f
Balance at the beginning of the reporting period 148,200 148,200 152,000
Amount
released to income		 in year (148,200) (148,200) (3,800)
Amount deferred
in year
Balance at the end ofthe reporting period 148,200
The income deferred at the end of the previous period was due to be released to income over the following
periods:
Within one year 3,800
After one year 144,400

The liability for the m ortgag e re ferred t o in not es 12 and 13 fall due fo r repaym ent as follaws:
Bank loans
By
instalments		 2022
f		 2021
f
Repayable:
Within one year		 21,065 21,065 21,117
Between one and five years 93,197 93,197 92,483
After five years 440,284 440,284 461,992
554,546 554,546 575,592
The mortgage
is secured on the		 charity's leasehold
property		 (being the church building
on Wellspring		 Way). Interest is payable
at a variable rate, which at the balance sheet date was 4ss (3.60ss at the beginning ofthe year). since the year end the rate of
interest has continued to increase and, by the beginning
of		 December 2022, it was 5,05ss. The mortgage must be repaid
in full
by 2D40 and repayments are being made monthly.
Since		 the year end, to help reduce charges far mortgage interest,
the
charity has made an additional repayment off50,000.
Pension commitments
During
the year employer's
pension
contributions
totalling f10,855 (2021:f14,142) were
payable
to defined
personal
pension schemes.
No pension
contributions
were owing at the balance sheet date (2021:fnil).		 contribution
Funds
During the year the movements in the charity's funds were as follows:
Opening Incoming Outgoing Transfers Closing
balance resources resources in the year balance
2022 2022 2022 2022 2022
f f f f f
Designated
Funds
Charity Reserves 58,D00 58,000
General Unrestricted Funds 1,489,881 571,897 (382,410) 1,679,368
Total Unrestricted
Funds		 1,547,881 571,897 (382,410) 1,737,368
Restricted Funds
Wellspring
Building fund		 126,032 161,418 (30,201) 257,249
Dignify 15,739 73 (15,812)
Special Offerings 1,350 7,459 (8,616) 193
Steadfast 150 (150)
compassion 5,940 1,393 (1,611) 5,722
Wellness 7,547 (11) 7,536
Overseas
Missions		 2,958 5,308 (2,609) 5,657
152,019 183,347 (59,009) 276,357
Aggregate affunds 1,699,900 755,244 (441,419) 2,013,725

The assets and liabiliti es of the various funds were as follows:
Unrestricted Funds
General Designated Restricted
funds funds funds 2022
f f f f
Tangible fixed assets
Stock		 2,118,066
2,626		 2,118,066
2,626
Debtors 10,105 594 10,699
Cash at bank and in hand 113,530 58,000 276,8D2 448,332
Creditors falling due within one year (31,478) (1,039) (32,517)
Creditors falling due after one year (533,481) (533,481)
1,679,368 SB,DOO 276,357 2,013,725
In the previous year (2021) the movements in the charity's funds were as follows:
Opening Incoming Outgoing Transfers Closing
balance resources resources in the year balance
2021
f		 2021
f		 2021
f		 2021
f		 2021
f
Deslgnoted
Funds
Charity Reserves 58,000 58,000
General Unrestricted Funds 1,473,977 413,534 (401,793) 4,163 1,489,881
Total Unrestricted
Funds		 1,531,977 413,534 (401,793) 4,163 1,547,881
Restricted Funds
Wellspring
Building fund		 221,111 38,516 (129,433) (4,163) 126,D32
Stevenage
Building fund
Dignify		 1,136
12,413		 14,800 (1,136)
(11,474)		 15,739
Special Offei'ings 1,944 (594) 1,350
Steadfast 245 1,183 (1,427)
Compassion 1,054 5,658 (772) 5,940
Local Missions 568 (568)
Overseas
Missions		 2,861 11,50D (11,403) 2,958
238,819 74,167 (156,805) (4,163) 152,019
Aggregate
offunds		 1,770,796 487,701 (558,599) 1,699,900

far the lan d expires in 2135. The payments due under the se leases are as follows:
Graund 2022
rent Equipment f
Payments falling due:
Within one year 1,000 2,711 3,711
Between one and five years 4,000 4,142 8,142
After five years 108,000 108,000
113,000 6,853 119,853
The charity's
operating		 lease commitments atthe previous balance sheet date were as follows.
Ground 2021
rent Equipment
Payments falling due:
Within ane year
Between one and		 five years 1,000
4,000		 1,604
4,291		 2,604
8,291
After five years 109,000 109,000
114,000 5,895 119,895

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