## ## ## |||||||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| ## ## |||||0|No
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