CHURCH Wellspring Church (Watford) Report and Accounts Year ended 31 March 2023 •ACIUPMLT• 21112r2023 CON*ANIES HOUSE A19 #439 WEUSPRING CHURCH (WATFORDI COMPANY INFORMATION FOR ThÉ YEAR ENDED 31 MAIiCH 2023 Trt￿te$ Ola Eleebe Joahne lee Alexander Lee Rev fimothy Roberts IReggned Sep*mber 231 Nathan Siebu Re¥ David DDdwell Ichair from September 20231 Key Staff Rev Timothy Roberts. Senior MihistÈr- IRÈsiEned Sept 20231 Rev Helen Roberts- Senior Leader IResi8ned May 20221 Rev David Dodwell- Lead Pasior- I Senior Ministerfrom Sept 20231 Go¥ernlr¥ Dotument Memoondvrn and Articles of A550Ciation dated 29 March 2CK)7 Company Regostratlon Number [￿?08757 tharity R*#istratioffl 14umber 1119764 Registered Office and Printipal Address The Wellspring Church I Wellspring Way Watford .Herts W0172AH Independent Examiner Ajay Rajani FCIE Stewardship l Lamb's Passage London ECIY 8AB Bankers National Westminster Bank Pk Kingdom Bank 5)lidlOIS Anthony Collins Soliotors LLP 134 Edmund street rmingham 83 2ES Company Information Trustees, Annual Report Independent Exarniner's Report Statement of Financial Activitie5 Balance Sheet Ca5hflow Statement Notes ro the Accounts Detailed Statement of Finantial Activities with Comparatives 2-16 J7 18 19 20 21-32 33 Paw1 CHURCH WELLSPRING CHURCH (WATFORD) Trustees, Annual Report (incorporating the Directors, Report) 'FOR THE YEAR ENDED 31 MARCH 2023 The trustees. who are the charity's directh for the purposes of company law. have pleasure in submitting the Report and Accounts for the year. Objects of the charity The charity is a charitsble company and is gover￿ by its Memorandum and Articles of Association. The objects of the charity. as set out in the governing document are.. l. To adv¢7nce the Christi¢7n faith in accordonce with the 5t0ten￿nt of Faith of A55emblies of God in such way5 ond in such parts of the United Kingdom or the world os the director5 from time to time moy think fit.- 2. To relieve sickness and financial hordship ond to promote and preserve sood heolth by provision of funds, 8ood5' or setvices of any kind includins through the provision of counselling and support in such ports of the United Kingdom or the world as the directors from time to time think fit,. 3. fo advonce education in such woys ond in Such ports of the United Kingdom or the world os the diTertors from time to time may think fit. Most of the charity's activities are undertaken by volunteers, an expression of our experience as a church family lover and above our role as a charity). The trustees note that the Church is not a building, but a gathering of ordinary people of different ages and backgrounds, whose lives have been changed by Jesus Christ. the Son of God. This report illustrates how v4e continue to achieve our aims and objectives through our core activities including the provision of support to various local charities. our care for and outreach in local communities and further afield tsverseas. Pa8e 2 Review of Activities - Chair's report - 2022-23 For Wellspring Church it has been a year of increase. a catalyst to healthy change and ongoing and fvture momentum. Whilst we recoEnise the aftemiath of Covid-19 Pandemic has caused much delay, complications and difficulties to society. organisations and faith groups, we are grateful to have experienced a rallying of more people to Jesus and one another. We can see the evidence of this in the following three areas: Church Growth. Leadership Transition Planning and Community Outreach and EngagernenL Church Growth: This has been a full year of two in person Sunday services 9am and 11am. The church average monthly in person attendance across our services has grown 35% to 230 per Sunday1170 adults. 60 under 18sl from 1701120 adults. 50 under 1851 per Sund3y12021-221. We have also seen an increase in our family membership1170 adults. up 19 people since March 20211 experiencing more people joining the vision. values and commitments we hold and making We115pring Church their spiritual home. We continue to live stream the Ilarn service with an average 30 devices (usually more people) vAtching live and many more in the week which enables connection for those house bound, or with work or family commitments on a Sunday morning. Thi5 growth can be partly linked to this year's theme and teaching bringing More def inition and language to our refreshed values we have coined 'E55entia15'. These 'E55entiots' are- Spirit-filled Living. wI￿lehearted Worship and Authentic Relationship. The Compassion Fund was renamed the Church Family Fund and its profile raised in light of cost of living pressures and crisis need. Over £5k was given and then grants made to church members. family and linked people in need - following agreed principles - this was a threefold increase on the previou5 year. One of the areas of considerable growth and representstion within our church family has been with the young adults aged 18-30. Therefore. we have 3150 birthed a new ministry for young adults called 'YA' with new leaders Stepping up to facilitate speci31 events for this group. Leadership Transition Planning: We celebrate the acceptsnce and enthusiasm of our plans to transition Wellspring's senior leadership over to the current Lead Pastor for September 2023 as well as the twenty five years of church leadership of the senior minister and his wife as they step away from their roles. The forthcoming changes were shared in January 2023 wa5 met with much faith and goodwill for the new appointmen( the outgoing ministers and also for the continuity of the church's life arbd future direction. Community Outreach and EngagemenL. We have continued to SUPPOrt our local charitsble partnerships with connecting church volunteers as well as financially. A noteworthy progression in partnership. is our investment of time, effort and finance5 together with the food bank, to hdp purchase. instsll and run a funttional portacabin unit in our garden. We have called the space The Mulberry Room, and it is used as a distribution tentre for local people in need to pick up free food partels Monday to Friday. Page 3 Key activities and outcomes In planning the activities we undertake, the Tnjstees and staff have applied the guidance on public benefit issued by the Charity Cornmission. We present with confidence the public benefit of all that is summarised in this reporL In terms of our ongoing core activities in 2022. 23 our aims have been as follows to". Ctmtinue to invest time ond resources on a daily. weekly, ond 5ea50nal basis to help volunteers setrve locol children ond y¢yJng people. Providing activities for them to encourage social cohesion. strong 50cial/mentol health ond to help them explore Christian faith. Support spirituol growth omongst all adult5 in Wellspring Church. providing pastoral core andexplorin8 Ways to inspire ond encourage the1rpe￿on0Ideve1OPMent as agents ofchange in their own homes workpltices. and communitie& Make a8rowingand la5tingpositive impact in the neighbourhoo45 d05est to The Wellspring Church Centre. Continue through 8ront-makin8. mobilising volunteer& ond 5UPPQrtive leadership to help ogencie5 and partners to relieve hordship. advance the Chri5tion faith ond further education ot home and intem(rtionally. What follows hereafter is a compiled report of our core activities and outcomes across our various and far-reaching ministrie Spiritual Formation Key to our discipleship process is to have church members regularly meet within mid-week groups in homes and on video calls we have named 'Grow Groups. to pray. read the Bible. discuss and support one another. This year we had eight groups running with sixty members participatin& The leadefs who facilitate these groups are supported by being brought together with a monthly investment session called Grow Leoders,. To continue developing more leaders in anticipation of launching more Grow Groups we have hosted two six week courses called 'Raisin¥ Leader5. that give members the opportunity to learn personal and practical leadership skills and equip thern to facilitate their own bible studie5. Prayer is vital to the Christian walk and so other than Grow Gr¢JU￿ having prayer times we have also provided opportunitie5 for church members to meet and pray together in variou5 other events and contexts as well as called the church to fast Per1￿1CallY through the year. Weekly. we have facilitsted our video call 'Friday eartyprayer. group and our previous monthly prayer meeting 'Deeper Prayerf has become a temily worship event called 'Deeperf. We have ontinued our prayer walking and outreach group called 'Forward'. Making disciples includes reaching out to the unchurched and witnessing about Jesus. L35t year we hosted 3 weekend called 'Feorle55ly Forwttrd'where we had workshops on sharing your faith which was well attended. The church members got to immediately go into the local community to put what they had learnt into practice. YoungAduJt& We recognized the gap and a need for an 18-30 group and 5tsrted to host a new young adults, group early in the year. This consisted of meeting for an outing each month accessible to those within the Church family and the local community. This has been popular amongst young adults and is currently being helped by funding from the post-COVID re- inteEration wellness granL Some of the youngadult ladiesare hosting a Bible study group every fortnight, this 15 led by some of our spiritually mature Christians to discipline and care for our youn8 adults in the family and community. Page 4 Kids and youth ministry Kids - Midweek activities: Acorns: We continue to Serve our local community every Tuesday with our Acorns outreach. We are averaging around 20 3 week with parents and carers. This 5P3ce 15 accessible to the community and for the We115pring family on a Tuesday morning from 09=30-11..00. During this time the toddler5 will tske part in crafts. singing and imaginative play. plus variou5 Other age- appropriate activities. They will have a story time which includes Bible stories as part of their session. Currently. Acoms has 5 team members who serve in this ministry. Splash: Our primary-age outreach ministry has hosted four Splash partie5/holiday clubs. They have included a summer holiday club, a light party. a Christmas party and an Easter Holiday club. Splash 15 well intended with up to 60 children attending these events. Splash has been particularly popular with children from the local schools and has been a great opportunity for children to invite their friends who do not currently attend Church. Some of these children have recently started to attend Wdlspring regulady with their families. We plan to host a summer club during the school hdidays for our community and the Wellspring family. School's work Field Infants:_Field infants have continued to be forthcoming bwth the facilitstion of school trips and assemblies. At the start of 2023. 60 year 2 students came for a school trip to Wellspring to understand what it is like to belong to a Church. Thi5 wa5 their second trip to the Wellspring for the year 2.5 to learn about this subjert. Harvest. Christmas. and Easter assemblies have all been delivered. We a￿ building 3 relationship with this school and more opportunities will become available over the year to 5UPPOrt and champion our local school. Fidd Junlors-. Field Juniors have been provided with regular monthly assemblies for years 3- 6. We continued the regular annual lessons for year 6 students in the summer temi of 2022 as part of their transition to the secondary schcM)I proce5% These lessons were used in conjunction with the"It's Your Move. book from Scripture Unh)n. 90 Children received these books as part of the lessons. There have also been opportunities to serve the year 65 in PSHE le550ns and be part of their weekly lunchtime football club for years 5 and 6. St Mary's School-. We have been able to host a55emblies on several occasions in person. The latest 355embly wa5 assessed by one of the governor5 of the school who was thankful for Wellspring's involvement and gave fnuch positive feedback from what they had observed. Due to more opportunities at local schools in the Wellspring catchment area. St Mary's has had less input over the past year. We continue to have a strong relationship with the School and there are still plenty of opportunities to serve. Secondary Schools: We are able to offer input to secondary schools and in the year provided sessions at Parmiters school PHSE/REILunch club ourselves and in partnership with Dignify. Page 5 Kids - Sundays 5pringlets: We have been hosting Springlets Ipre-schooll session5 for our Wellspring and community families each Sunday at our 9 a.m. and 11 a.m. services. These sessions follow a well-thought-out and conscientious curriculum including, free play, crafts, singing. and Bible stories. We averaged arc4Jnd 14 children a week in this age group. with a range of 39 across the year12022: 271. Champions: Our Champions ministry Ireceptson - year 21 runs sessions at both our 9 a.m. and 11 a.m. services. The children are following the Splash curriculum by Scripture Union which covers both the Old and New Te5tsment in a way that is relatable and age-appropriate for thi5 group. We averaged around 16 thildren a week on a Sunday. with a range of 44 across the year12022: 271 A115tsr5: Our Allstsrs ministry (Year 3-61 runs sessions at both our 9 a.m. and 11 a.m. services. The Alstars group follow What's in the Bible by Buck Denver. Y¥hich covers the Bible cover to cover in a year. This means that each child will go through the Bible (Old New Testsmentl each year. We averaged around 25 children in thi5 group a week. with a range of 85 across the year12022= 491. Youth Midweek and Sunda UV: UV serves secondary aged young people from the church and local community meeting on a Friday evening. The sessions have been shaped in a way that allows our young people to talk more about contemporary issues and has empowered them to ask question5 Safely and respectfully. Sessions include different theme nights 2nd games; these are geared up to build relationships with each other and the team. The aim is to point to our Sunday Glow 5e55i0n5. where Churched members can build relationships and feel confident to invite school friends and others from the l¢xal community on a Sunday into a safe and non-judgmental space. Around 20 youth attend each week. Glow: We ￿5t our Glow sessions at our 9 a.rn. and 11 a.m. senrfices on a Sunday. The youth have been following an age-appropriate curriculum which covers both the Old Testament and New Testsment in the Bible to ensure that they can have a broad spectrum of God's word and how to think Biblically for themselve5. Several of this group have decided to be baptized this year. Some of our youth from UV and Glow have tsken part in a generational Service Sunday. where they have had the opportunity to prepa￿. run, host and preach in the seNice. We currently average ar¢JJnd 30 youths each week in this growing group. with a range of 89 across the year12022: 581. Team: Our Kid5 and youth teams currently include about 40 volunteers. We are so grateful for their hearts to serve and to grow in God. We are thankful for all their commitment and dedication to partnering with parents and enabling the youth and children of Wellsprin Church to grow in faith-filled maturity. Page 6 Community work and events In the last year we have served the I￿1 community by sharing the Gospel. facilitsted events to make relational connections and provided various practical support opportunities. Fearlessly Forward equipping event for Church members also had us provide two Skips to the Fields residence to help them get rrd of their rubbish and a way for us to have conversations and engage with them. Picnic and Party for the Queen's Jubilee we had I￿15 join with church members following our services on the Sunday to have lunch together. with some food prepared by the church and a local vender. There V￿re activities for children including a bouncy castle. The Christmas Market was visited by members of the community to take part in a variety of activities including stslls. crafts. games. competitions. f¢Jod and drink. musical performances. Ichoir, acoustic solo and rap), a gospel presentstion and gift wrapping facilitsted by a mixture of church volunteers and local businesses. Proceeds from the event and the December services went to New Hope Charity appeal - 'In from the cold, as well as sixty-six toys donated to Watford Field5 Juniors to be given to pupil prernium children. Easter Community Drop had some church members out in the local community gifting over 250 chocolates to residence in the homes around the church. Interest Groups have also been a way we have hosted other opportunities throughout the year for people to connect over mutual interests and skills e.& football. board games. walking groups etc. to bring people together. Wellsprin8 Men's Footboll: Wellspring Church continues to run a Men's football evening every Monday during term time. The aim is for both churched and non-churched to enjoy time playing football together. This helps with fitness and wellness and is sought after each week. Around 14 men gather each week at St Helens sch(Jol in Northwood to play and chat together about 40 different adults and older young people have taken part across the year. Work Hub& We have continued to provide free bookable vnrk hubs for regular or occasional use with hub drinks and free ultrafast libre Wi-Fi. desk or PC workspace. These are used bv those working from home wanting to get out and be a free mixed work environment as well as those needing a hot desk space when travelling between work points i.e. to write up report5 after a social work or business visit, or some afterschool homework before going home. We have h05ted about 20 this year12022=131 Wellspring Wellness The first half of the year focussed on running a twelve-session programme called 'Kintsugi Hope, for a wellbeing group for nine people led by two facilitstor5. All nine attendees completed the course aThJ have been equipped by the shared learning to help others as well as themselves. While investment into church members and Acorns. drop-in service Ifor parents and toddlers) has begun to show signs of engagement there has been very little return on the original main priority for the setting up of the externally focused befriending Service. There has not been one successful pairing with a service user from the community even after expanding the age scope of the service to reach a wider audience a5 well as working on different promotional projects like Wellness lunches, local residential and business leaflet drop5. and Wellspring Wellness website updates. Sadly. due to the befriending service not being operational for over Page 7 a year, the leadership team decided to discontinue the project as well as the role of the Wellness Coordinator. We are thankful for the contribution of the Wellne55 Coordinator on our stsff team and all their work in training and upskilling us with wellness support and pastoral care. The training and groundwork is being made good use of in other linked settings including the young adults and walking Eroups. The Wellspring Church Centre We have seen a growing retum of centre users -church, community and room hire both previous and new people and 8roups. By the year end we were open for longer hours and with a fuller capacity than pre-COVID close down. We have undertaken the delayed 5 year redecoration internally and extemally. Thi5 has included the instsllation and opening of the Mulberry room portacabin housing the food bank This. plus the adaption of the work hubs, has meant that the living room can be used for other customers. We have seen regular new customers hiring the building to run attivitie5 including accredited First Aid, Fire safety and international nurse training. Another key new customer post lock down is REMA counselling who offer sessions during the day and evening on a Monday each week and who are seeing this service grow in partnership with LST student ounsellors under professional supeThision. Returning regular uses apart from core church activit￿ have included professional youth and adult drama classes, Family Drama Therapy, ladies, cross-cultural boxercise. Parents of Special needs focus group, Watford Women's Centre language classes (for men and women}. various company staff interviews. children's birthday parties. church weddings. Watford Council Stsff Christmas social and two different older people5 exercise dasse5. We hosted various skills and job-related training from Nail skills. Bakery Staff meeting. Job centre course5. international university exams. local IT repair company 5tsff training. OneYMCA Coaching & development group and environmental STEM employment courses. A highlight was hosting a Father's Day linked dads and child hair care session as part of BBC Songs of Praise with Aled Jones. Income has increased above pre-lock down levels while we have held our hire rate unchanged. We have increased regular and flexible stsff to facilitate and welcome church, community and room hire customers from as eady as 8am to regularfy 516pm and several regular days into the evening 911(X)m. We have hosted several customers seeking smaller rooms for stsff training. stsff review and mana8ement team meetings for local charities, schools, companies and the council as well as hosting local elections. As church attendance has increased so ha5 the flow of volunteers and the centre hosts training and practice 5ession5 for children. youth and adult groups arKI leaders and. music, worship and media and techniGII teams. This included half day safe8uardin8 training for Children and Adults at risk. Page 8 Staff Matters We continue to be served by dedicated stsff members who continue to pursue our vision and work out our strategies and uphold our values with remarkable commitment and integrity. This was the first full year post COVID and stsff worked from the church centre while having options and experience of more flexible working. Key staff developments included.. Rev Tim Roberts continued to work part time as our Senior Minister and part-time as Head of Christian Mission with One YMCA In early 2023 it W35 agreed and announced that Tim would leave Wellspring employment and hand over the Seniof Minister role to Rev David Dodwell who seNed as Lead Pastor during the year. Rev Helen Roberts. while continuing as a volunteer Senior Leader. left Wellspring employment at the start of the year to fully focus on working for the Dignify charitv. The Kids and Youth Minister role became full time froffl April 2022 as previously planned. The event5 team grew as a cent￿ Team with Manager and 2 contracted stsff members and an exp3nding number of trained flexible assistsnts serving the growing range of church and community activities as well as overseeing and adding to ongoing maintenarKe and 5 yearly redecoration. The part time Media Producer role w35 filled by a new person for the first part of the year - the ongoing technical C¢)ordination role is under review. The role of part time Wellness Coordinator was made redundant as of Jan 2023. As the year ended a Sabbatical for Rev David Dodwell wa5 agreed for Summer 2023 in preparation for the leadership hand over planned for early Autumn 2023. Additional stsff roles were agreed and included in the 2023-24 budget with timin8S to be agreed for a Teams Coordin3tor. an Early Years Children & Family Support Worker and capacity for a further pastoral team member as and when agreed and identrfied. Much of our work as a charity is undertsken unpaid by members of the diverse church familv {volunteersl, day in, day out. To support this work. Wellspring Church is committed to investing in the employed staff required to achieve our objectives. Thi5 includes paying for trained and experienced Ministers and skilled support stsff. 43%12022.. 48%) of the church expenditure is invested in payroll. This year's expenditure include5 24%12022=27%1 for Ministry Staff, 19% 12022'.18%1 for Administration stsff. and 0% 12022: 3%) Dignify stsff (restricted funds). Ministerial costs included the employment of Rev David Dodwell, Rev Tim Roberts. Rev Helen Roberts. Rev Karl Mcclane and Stephanie Embree. We are satisfied that our stsff investment is good stewardship of resources. and it remains the long-term goal of Trustees to continue to invest in the pastoral care of the church membership as well as the wider community. As part of our commitment to ensure our staff team are able to grow, develop and undertake their work in a healthy organisational environmenL we continue to retain Personnel Consultsnts Ltd as our external HR advi50r. as w￿11 as subscribing to Stewardship Con5ultsncy and Payroll Services. Trustees undertook a midyear pay review. including reviewing the Living Wage Foundation guidance and. after tsking into account cost of living pressures, made one off payments to staff in Autumn 2022 and took into account inflation and wage levels in the 2023-24 budget. Page 9 Principles of partnership This section looks at our work in partnership with other individualslagencies. Our criteria for grant-making and social investment through wider partnerships are broadly based on the following principles: A comp3tible Christian basis in line with our charitable objectives A comrnitrnent to leader-to-leader relationships Open opportunities for Wellspring Church members to volunteer time expertise to assist their v40rk150 the partnership is not merely financial) Local partnerships We continue to recognise and support financially. and in other vtsys, the work of specialised agencies to alleviate hardship and advance education here in the Watford area. A number of additional one-off gifts were Eiven to some of our partners at the year-end as funds were available. Alternatives continues to offer life-changing emotional and practical suppcrt for anyone facing pregnancy-related challenges. Their charity shop on Clarendon Road in Watford and Hemel provide good quality toys and second hand baby clothes as well as a listening ear. Wellspring members continue to be encouraged to serve as volunteers there, as well as our ongoing financi313nd prayer support. Charis Tiwala offers preventstr¥e work. regular outreach, practical and emotional 5UPPQrt to anyone in Hertfordshire who is affected by human trafficking or sexual exploitstion within the sex industry. This is an important ministry, and we continue to uphokl them financially and n prayer as they deal with people at risk. Christians Across Watford 15 a IcKal unity movement we h3ve been part of for two decades. working in partnership to encourage unity. boldness and leadership as part of 'one church, in our town. and for our town. Tim Roberts has served as Chair of the Trustees and will be Stepping down next year. Stephanie Embree will continue to seThe as one of the Board members. Pastoral stsff meet with other leaders across the town in small Unity prayer support groups and also participate in leaders. breakfasts and annual retreat. Dignify focuses on changing the narrative around objectification, relationships, and the harmful effects of pornography. A key activity is research and education with a view to equipping an ever-incre35ing number of Watford's young people who are being harmfully exposed to pomography at an early age. The year has seen an increase in delivery of lessons in local primary and secondary schools. We supported this as a 5tsrt-up agency through prayer. stsff time and other Wellspring members, this year has seen the new Charity fully functioning and Rev Helen Roberts move from working for Wellspring to working fully for Dignify. New Hope offers help and suppcyt to Watford's homeless and adults at risk throu8h a range of support centres and initiatives. Our aim in partnering with them is to help prevent homelessness and transform lives. A number of our church family members are on staff or volunteer, and our Senior Minister Tim Roberts setved a5 one of three Patrons. We have continued our monthly financial 5upporL upholding the work in prayer and making our facilities available for occasional meetings/thanksgiving services. We also took up a special offerin8 at Christmas for the additional winter provision New Hope run in collaboration with OneYMCA and Watford Council. Wellspring hosted an annual celebration service. Page 10 One YMCA enables people to develop their full potential in mind. bcxyy arKI spirit Inspired by and faithful to their Christian values. they create supportive, inclusive. and energising communities where young people can truly belong. contribute. and thrive. As well as Tim Roberts working as head of Christian Mission, we encourage other church members who are staff and volunteers as part of the thriving chaplaincy department. We also partnered to host a proposed new open and detsched youthwork in the Watford Fields area. Wafftlrd Food Bank is part of a nationwide network of food banks. suprKfyrted by the Trussell Trust, working to combat poverty and hunger across the UIQ Watford Foodbank works closely with many organisations to support those in crisis and most in need in our area. The newly instslled Mulberry Room in the Wellspring Garden continues to y￿1cOme the Food Bank to use the space on a daily basis to distribute parcels. This is a fruitful partnership, and we are delighted that The We115pring is the primary and busiest distribution point in Watford for those in need of parcel& Wellspring hosted their annual celebration service. In 2022-23 across the area 15.107 people12022:11.4601 received emergency food supplies from Watford Food Bank. This has been the busiest year ever and the nurnbers continue to rise. From the Wellspring hosted central distribution point 1,539 12022..1,5141 Food 83nk vouchers were fulfilled, providing food for 2.129 adults12022.. 2.0591 and 870 children12022.. 8611. Totslling 3.(K)O people {2022:2.9201. When a client come5 With 3 voucher lor volunteers issue onel that voucher may be for one or more adults and children. Also. a client may well come with a voucher many times during a year. so the totsl number of individuals helped is fewer than the total figure. Each voucher is unique. on average, each voucher represents about 2 people for approximately 3 meals. Watford Schools Trust offers a Christian perspective to pupils in primary schools through assemblies and lessons. initiating prayer spaces within schoo15 and a5SlSting those moving onto secondary school with events and helpful information. They continued to provide these online and with lesson and a55embly resources. We reduced our financial support in the year as we increased our stsff commitment to schools work Watford Town Centre Chaplaincy saw change as the lead chaplain gave notice to move into a new area of ministry and at the year-end a new chaplain wa5 appointed. The night-time economy h35 changed and timing and focus of street angels has adapted to support this. Street Angels work and other chaplaincy contexts continue to develop post COVID lock down. New We115pring members give their time as chaplains. especially in the retsil area c105est to The Wellspring on Lower High Street. National Partnerships: Assemblies of God (AOG) We are glad to be part of this national land intemationall denomination. AOG is made up of over 500 churches in close to 6cKJ locations throughout Great Britain. We are a Pentecostsl movement who believes that every individual can and should have a personal relationship with Jesus Christ and have the opportunity to be part of a local. vibrant church. As well as investing a proportion of our income as part of our membership of AOG, our Ministers are encouraged and enabled to attend leadership conferences. Significantly. our Senior Minister 15 the Heèd Coach for 'C.24' _ a cl355 of fifty Ministers in Training who will graduate in the Spring of 2024. This involves overseeing a team of Coaches. coaching hi5 own small group, and attending residential Forums to help facilitate intensive teaching ministry and prayer. Page 11 Evangelical Alliance (EA) We have further strengthened our links this year with EA as a member church. with guest speakers (including from One People Cornmission - which we took up a special offering for) reinforcing our commitment to work with EA to 'make Jesus known, across the UK. Our Senior Minister continues on the Board of Trustees and our links with EA will rernain strong with leadership changes. Overseas partnerships We are very happy that the previous yearfs Covid restrittions are Th) longer in place so we have been able to send some key members of Wellspring church to our friend5 and partnerships abroad to offer personal support. fellowship and prayer. Europe: Love Catalonia At the end of the prior year our Lead Pastor and Magdy Tawfik travelled to investigate the potential of a partnership that can see our young people engage in cross-cultural international mission in a context that will expand their horizons and remain socially and economically sustainable. Thi5 involves partnering with well-established Egyptian leaders and their teams who are reaching out to refugee families, students and adults in and around the Barcelona region. In March 2023 the lead pastor, our kids and youth minister and volunteer worship coordinator visited again. The visit included the opportunity to lead English lessons in the two centres the partner church runs. This included use of object lessons, interactive games. sung worship and crafts. We left a range of resources for the team to Use in other children and youth activities. The strategy to take this forward with a vision to send multiple short-term Wellspring teams ministerin8 to kids and youth continues to be prayed about and options considered. Africa: Burkina Faso (The Leegere Partnership) Moise and Elisabeth Oubda continue to seThe and lead well at their church. Lafiabougou, in Bobo-Dioulasso within a context of unstsble governmenL We have undertaken a review of our work with them in West Africa but have yet to send an in-person delegation to visit them. We remain open to working with them in raising funds and SLJPPOrt for their church planting effort& We have passed on gifts raised for the Change to Change micro-finance initiative. Africa: Ethiopia Teklu Wolde has partially retired from leadership rninistry. This stepping back was catslysed by health challenges. community tensions in and around the capital. and the next generation growing in capacity- We sent Magdy Tawfik for a pastoral visit in the Spring of 2022. We also sent funds via Eastwest ministrbes to further support the family. Middle East: Lebanon The Aziz Partnership with True Vine IBapt15tl Church in Zahlé has come to a natural hiatus, mainly due to financial and political instability in and around Beirut and the ￿foCuSSIng of the True Vine ministry- this has encouraged a review on our side. No visits took place in this period but were planned for early in the following year and we have continued to ￿VIeW possible ministry in the area with Egyptian and other local church partner& Page 12 Structure, Governance and Management Responsibility for setting policy and for determining the parameters within which Wellspring Church operates rests with the Trustees vlho meet monthly to monitor the artivities of the charity. New Trustees are recruited and appointed by the existing Trustees following a period of consultation and background checks and in 3greement with the Senior Minister who Serves 35 Chair of the board of Trustee5. A prospective Trustee will join the Trustees for three months on a conf idential. without prejudice ex-officio basis to see if the role fits. New Trustees are in time appointed by a majority vote. Our Conflict of Interest Policy aims to ensure that conflicts of interest are identified and addressed so that they do not influence decision making. As per our legal framework. Trustees are recruited arA appointed with the consent of all existin8 Trustees and membership of the Board of Trustees is reviewed on an annual ba515 at our Annual General Meeting. A healthy collaboration is maintsined between the Senior Leadership Team - Ministry Leader5 (whose focus is pastoral and spiritual directionl and the Trustees (with their legal and financial responsibility) through a monthly cycle of meetings that include prayer together as well as clear and frequent communication of decisions taken, and actions required. Salary reviews are conducted on an annual basis after a thorough series of staff apprai5a15 in accordance with our Stsff Handbook and asS(Kiated policie5. We avoid any conflict5 Of interest by ensuring any beneficiaries are excluded by remaining Trustees from discussions regarding their (or any related party's) pay and conditions. Trustees tske advice from Assemblies of God GB whose Salaries Committee issues an annual report with recommendations for any changes to salary levels. We also subscribe to Stewardship Services for consultancy support, offering qualified advice on employment as well as handling payroll induding payments to HMRC and issuing of appropriate payslip Wellspring Church is in fellowship with Assemblies of God GB. This provides us with an important context for ministerial accreditstion. leadership training and connection with other local churches with a common aim. We willingly submit to the leadership offered by the National Leadership Team of AQG GB and access resources and opportunities to serve as part of a national network of over 5¢XI churches and an international family of thousands of churche5. We are committed to complying with the bylaws and policy requirements that corne with fellowship and we are in Good 5tsndinE With AOG, making monthly financial subscriptions and ensuring our Ministers and Missionaries remain in Good Stsnding also. We do this whilst recognising the constitutional provision for the autonomy of our fellowship to be led and gOVerr￿ by our own Senior Leaders according to our specific vision and values. In early 2023 Rev rim Roberts gave notice of resigning in ALrtumn 2023 as Senior Leader, Senior Minister and thus as Chair of Trustees. After the year end Rev David Dodwell was offered and accepted the Senior Leader Senior Minister role and was recognised as chair of Trustees in September 2023. We keep board makeup ur)der review and remain open to further enhancement to our Trustees with a strong induction process in place, seeking new members in the new year. Page 13 Financial review After excluding last yearf5 exceptional Sunshine grant income of £148,2W (see note 3 to the accounts), tot31 incorne was £12,3C(I lower at £594.7CKJ lin 2022 income increased by £119,3(X) to £607.OCKJI. Though there has been a sm311 reduction in income this year, it is still £107.¢XM) higher than in 2021 and this reflects the tremendous of the generosity of the church's members and other supporters. In this current year restricted income fell by £95.700 but this was largeiy offset by a increase of £56.400 in unrestricted donation income and an increase of É27,OCQ in income from charitable activities a5 PQ5t COVID the charity developed its activities. Funds raised during the year for restricted causes arn￿nted to £87,6CQ12022.. £183,3CM)l of which £40,700 lor 47%112022= £161.4CKJ or 88%) was in respect of the Extend building project at The Wellspring Church Centre. 12022 included a one off grant of £54.(XJ) from Allchurches Trust for the Extend ProjecLI. During the year the charity also received a grant of £27,700 from Watford Foodbank to help purchase a portacabin Ithe Mulberry Room). which on weekdays is mainly being used as a distribution point for the Foodbank. Total expenditure increased by £75,(KKI to £516.5CQ 12022: £441,4CQI. The main areas of increase were: Expenditure on repairs and repairs and maintenance increased by £19.400 to £36,6CX) as the church embarked on a program of refurbishing. upgrading and re-decorating Some parts of the church building. Expenditure on grant making increased by £13.2CM) to £51.CO) with the church seeking to respond to needs within our church family, the loc31 community and partner organisations engaged in mission. Our largest area of expenditure is staff costs. which thi5 year increased by £9,400 to £221.5IXI. This reflects change5 in staffing in both the current and previcrtjs year and small pay awards to help staff with increases in the cost of living. The annual charge for depreciation increased by £8.6CKI to £40.2CiI, which fflainly reflects a first time deprecation charge on the portacabin purchased this year using the grant from Watford Foodbank. Expenditure'on outreach and ministries increased by £6.9CiI to £19.41XI because we were able to eng3ge in more activities (including a Wellness project) following the easing of pandemic restriction5 in the previous year. Expenditure on utilities increased by £5.6(Kl to £26.600. which was partly due to increased use of the Church Centre particularly in the evenings. Mortgage interest increased by £4.600 to £25.9IX) following increases in interest rates. When we are able to do so. we are making alkliti(￿3l loan repayments to try to reduce the interest we are paying. This year we repaid an additional £50.Cth and a further additional £50.000 has been repaid since the year end. Net income w35 £78,30012022- £165,6(Kl before the exceptional Sunshine grant income), which (after transfers between funds) comprised a surplus of £65.4￿ on unrestrirted funds and a surplus of £12,9(K) on restricted fund5. Net assets increased by £78.3QJ to É2.092.(KKI. This comprised tsngible fixed assets with a carrying valve of £2,129.500 plus cash of £450,ThX) less a mortgage of £486,WO le55 Other net cUr￿nt liabilities of É1.5CMJ. Though cash of £450,1NX) would appear to be substantial. £294.100 is held by restricted funds (mainly the Building fund) and a much lower £155.9¢J) was available to help fund the charity's day to day activities. Page 14 Reserves policy There have been no changes to our Reserve Policy in thi5 year. The Church remains committed to holding free cash reserves equal to at least two times our monthly unrestricted operating expenditure. which amounts to about £84,CKXI12022.. £75.¢XL)l. Actual cash resetves (being unrestricted cashl amounted to £155.9CM)12022= £171,5CQI and the charity is complying with its reserves policy. The mortgage interest rate has continued to increase and, comparatively. the bank deposit interest rate 15 quite low. Therefore. since the year-end. to help reduce charges for mortga8e interest, the trustees have made an additional mortgage capital repayment of £50.OC() and this has reduced amount of unrestricted cash held by the charity {3lbeit it still remains above £IC(I,OCM) and the minirnum required by the reserves policy). Extend Regular and one off giving to the Extend building project continued in this past year and income of £40.7CI) was received. During the year the charity spent £24.6W on the Extend building project mainly on ref ining details of the design with the professional team . In the years since the Extend Project was13unched in 2015. £734.6CQ has been given to/raised for the project and expenditure on preliminary items and fundraising so far is £407.800. Overall during the year, the fund5 held in the Extend restricted building fund increased by £16,100 to £273,4fK)12022: £257,200.) The charity is continuing to raise funds forthis project and seek further grant funding and mortgage provision. Risk Statement The Trustees have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify. monitor and review these risks on a regular bass. Post COVID restriction5 these continue to be closely monitored. Principal Risk The primary source of funding of the Church is from the membership. A significant drop in Church membership will impact the Church's abilwty to achieve its goals and objectives. The Church continues to organize events and activities that welcome new members. Wellspring Church also actively pursues the integration of new members into the Church family. The principal revenue for the Church 15 received from members and the hire of its Church Centre in central Watford. A significant reduction in the contribution of member5 Qr the availability of the building for hire purposes will have an adverse impact on the goals and objectives of the Church. The Church continues to maintsin an open-door policy whi15t providing full disclosure on financial performance to members. Al building regulations are adhered to ensure risks are reduced. The Trustees closely monitored the unexpected impact of COVID on income and expenditure. At no point was a call on reserves needed but their availability aided short-term decision makinE. A change of leadership can have a destabilising effect and risk of lower members - but it can also bring fresh impetus. The church closely monitors attendance and participation in all activities. services and teams and continues to see new people. new members. increased serving before and during the leadership change over. Post year erMI income continues to grow. Page IS Responsibilities of trustees under company law The Trustees are responsible for preparing the Annual Report and the financial ststements in accordance with applicable13w and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Acc(MJnting Practicel. Company law requires the Trustee5 to prepare financial ststements for each financial year which give a true and fair view of the stste of the affairs of the charitsble company as at the balance sheetdate and of its incoming resources and application of resource5, including income and expenditure, for the financial year. In preparing these financial statements, the Trustees are required to= l. Select suitable accounting policies and apply them con51Stently. 2. Observe the methods and principles in the Charities SORP: 3. Make judgements and estimates that are reasonable and prudent.. 4. Stste whether the applicable accounting 5tsndards have been followed, subject to any material departures disclosed and explained in the financial st3tements' and 5. Prepare the financial statements on 3 goinE concern basis unless it is inappropriate to presume that the charity will continue in operatio The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are alw responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ulartties. Approval This report, which has been prepared in accordance with the provisions of the Companies Act 2Cx)6 relating to small companies. was approved by the Trustees and signed on their behalf by: REV DAVID DODWELL - TRUSTEE DATE.. 20 December 2023 Page 16 INOEPENDEPIT EXAMINER'S REPORT TO THE TRUSTEES OF WELLSPRING CHURCH IWATFORDI I'ihe Cornpany'l I report 10 the charity trusiees on my examinaiion of the accounts of the Company for the year ended 31 March 2023 on pages 18 to 33 followin& which have been Plepa￿d on the basis of the accounti policies set out on pages 21 to 23. Responsi￿11tieS and basis ol report As the charitvs tfusiees of the Company land also its thirecttys for the purposes of company lawl you are ￿sponsIble foi the preparation of the accounts in accordance with the requirements of the Companies Att 2(XJ61'the 2C<)6 AtVI. Hawn£ satisfied myself that the accounts of the CornpaAy are not requtred to be audited under Part 16 of the 2CrfJ6 Art and are eligible for independent examination, I report in respect of my examination Df vour charity's accounts a5 carrie¢J out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions gNen by the Charity Commission under seuion 145ISI Ibl of the 2011 Act. Independent examlnerfs statemernt Since the Compan¢s gross income ex￿eded É250.Cth your examiner must be a rnember of a body listed in section 145 of the 2011 Att. I confim that l am qualified to undertake the examination because l am a Fellow of the Association of Charity Independent Examiner5. which is one of the listed bodies. I have ¢omple¢ed my examination. l confirni that Th) matters have come to my attention tn connettion with the examination givint me tause to believe.. l. atcounting ￿(OrdS were not kept in ￿pect of the Company as requi￿￿ by section 386 of the 2W6 Act.. or 2. the actounts do not accord with those record5- or 3. the accounts do not tomply with the accovnting requirements of sertion 396 of the 2006 Att other than any requirement that the accounts give a 'true and fair. view which is not a matter considered a5 part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to £haritie5 preparing their accounts in accoréance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matter5 in conne￿10n with the exarnination to which attention should be drawn in this ￿pOrt in order to enable a proper understanding of the accounts to be reached. Ajay Rajani FCIE Fellow of the Assotiatson of Charity Independent Exarniner5 Stewardship l Lamb's Passage London ECIY 8AB Date.. 20 Oecember 2023 Page 17 WEILSPRING CHURCH (WATFORDI STATEMENT OF FINANCIAL AcfiviTIES INCLUOING INCOME AND EXPENDITURE ACCOUt4T FOR ThE YEAR Ef4DED 31 W4RCH 2023 Total Funds 2023 Total Funds 2022 U￿estriCted Resirlcted Funds Funds Note INCOME Af40 ENOOWMENTS FROM: Donation5 and legacies Charitable activities Investments 446.822 60.274 86,256 533,077 60,274 1.360 721,915 33.310 19 1.360 Total Income and endowments 507.095 87.615 594.712 755,244 EXPENDITURE ON: Charitable activitie5 Raising funds 467.092 2,387 46.981 514.074 2.387 439.596 1.824 Total expendi￿re 46.981 516,461 441.419 Net incomellexpendlturel 37.616 40.634 78.250 313.825 Transfer5 between funds 18 27.736 127.7361 Net movement in funds 65.352 12,898 78.250 313.825 Reconciliation of funds: Total funds brou8ht forward 1.737.368 276.357 2,013.725 1.699,900 Total fund5 carried fovward 18 IA02.720 289.254 2.091,974 2.013.725 The statement of financial artNitte5 include5 o118ains and losses recognised in the year. All income and expenditure derive from continuing operations. The Statement of Financial Activities also com￿leS with the requirements for an income and expenditu account required by the Companies Att 2C(J6. The notes on pages 21 to 33 form part of these accounts. Page 18 ASAT31 MAACM 2013 Toul Funds 2023 TDt¥l Jnd5 2022 Re51rkted Funds Tan•￿e a55ets 2,129.493 IJ29M93 2.129.493 2.IIB.(*6 2.129.493 I￿066 Sturk OebtDf5 Cash at bankand In io li 12 1127 2Z.ZOI 15S.861 2.127 22.655 449.999 626 10.699 44&332 454 294.138 294.591 474.781 46L657 otEDrroRS.. AMountslaMi JewltNn 13 IX2361 15.3381 143.5741 132.517) NEt¢wrYrt•55E15 14L95J 4312 429.140 149254 ?￿tr￿9 s4?.￿6 tAEDrnRS.. Athauntsfallity dts• aftermorethan ¢JnEyear 14 14647151 1468,7251 1533.48ll IW2.llO L013.715 FVND BALANCES Uhrestficied Funds Èral Desi8narEd lunds L682.710 120.0)J LWJ2.720 1.682.720 120.LW IM)2.720 1.679.368 58.iYJ) L737,368 Re5triEted Ful￿5 289.2Y 289.254 276.357 ImL974 1.013,715 The charitJUe cornpany 15 entit*d to e¥*mptiw *dit sect￿ 471 ol the CompaTr￿￿ kt for the ￿ar 31 Mar(h 2013. The members ha¥e not requyed Ihe cofflparry tv obtyn •n avdit of rts financ￿￿1 statements for the ve¥ eThded 31 March 1023 in accordarKew¢h 5ecMn 476 ofthp CwnpaM*S Art 21K6 hrr*ThY. in acwrdance vAth SertKffi 145 of the ChaririES *£t 2011. the account5 h•¥¢ bekn Èxamined Independent ewinEr I￿1 their report ha5 been included In thE5e finantial tt3teMents. The direaors Iwho we the t￿￿te¢S the wrposes ol charity lawl ackntywledie thwr respon5ibiliiiesfor.. lal ensuring that the charit3b* rompany keeps ac(wnM8 recwd5 whKh SectW5 386 and 387 of the C¢xMpaniesAct XA% and Ibl preparinK finafflcol siatemertls which we a true and laii OF ihe Sla￿ of offairs of Lhe th?ritab￿ company a5 at the end of txh ￿￿•￿tial Yeai and ol its net income or expEndi¢urE t•th finintial YEir in Jccord•n¢E ￿th the requirements of Se£thMS 394 and 395 and which vmth the reqvireft*nts oftheC•npaniesA¢t IC¥J6 relatingto financial 5t4terneni& 50fir as awicatyletothe charitable t¢)mpany. The fvancial 5t4terneTh15 h￿￿ teen prepartd in ¥ctsrdance *ith the ol Part 15 of the (￿anIeS Act IWS r¥atinÈtosmèll t(xnpanies. Thefinancial 5tatewt5 wertapwoved Poard rrf DYectwsandweresv￿d onits behalf ty. RevDa￿d ￿)I￿￿ell CofflparrynvTr*er. (*X4757 Chaiity number". 1119764 The note5 on pays 211033form partdItr•e3tt￿n P•Jp 19 WELL5￿ CHUAOI IWATFOROI FOR TrIE VEAA ENDED 31 MARCH 20ZJ CAS•1 FLOW ￿￿TEME11T Note 2023 2022 Cash lkn from oporndrvd acti¥itses'. J21,81)7 18Z514 Cashfiow51rom Invt5tlr¥ aetiwties.. Purchase of property. plant and equipment 51.623 151,623 13.0221 113,0221 C•5h flowsfrL¥ll aai¥itks: Repayrnefits ofborrowry 168,517 168,SL7 121,0451 121,0451 1.667 148.457 448.332 299.875 449.993 448.332 *maty5is of tharyesin netdEbt: At start of 2022 At end of year2023 Cash 448.332 1.667 449.999 ank loans. Fallin8 dUe￿lIttn orle year Falling due aftei one >tar Total netlund51 Idew 121.0651 1533.4811 IIC6.2141 164.7561 64.756 6B317 ii?.a041 1468.7251 136,0311 70.184 lkntsa.. ReconC￿lation of net ithtomelle*pendiiurelto nEtra5hllawfraffl operat4Tr8 actsv*iEs 2023 2022 Ner In¢offlelleApeNliturtl lor thÈ reblTh wiod las perthe#atefflerf Of 78.250 313.825 Oepreciation ¢harBes Ilncrea5elldecrea5e ￿ stotks Ilncrea5elldecrease in debto IncreasÈlldecreasel treditor5 Release of Sunshine #iartt Movefflents in other credituws 40.196 499 111,9$51 31.583 538 1148,2CKII 114.5941 14,818 121.807 182.514 1401* b: olush and (ash e(Bwvalents 2023 2022 Bank current ￿¢0￿1 Bank deposit actoufit Ino Petty cash 136.122 313.686 191 141.896 3(I5,355 T￿al <•5h and cash eqw¥alEnts 449,999 448,332 P•38 20 WELLSPRING CMURCN IWATFORDI PIOTES TO THE ACCOUNTS Fofft THE YEAR ENDED 31 PAARCH ZOZJ ststutory lthrmati The tharity 15 a charitable company limited by Euarantee and 15 incorpor*ed in United King￿rn. The comwy's rÈ8lStered numberand registered olfite add￿$ fan bE found on the Company Information page Attouhtin8 Pdicies These financial statemenis are prepared m a EoingcorKvn ba￿5. underthe hi#tYica c05tcorNentson. These financial 5tstemerbts hove bttn wepared in accordance with the Statoment of Recommenéed fvxtKe'. Accounting and Reportine by c￿arlI*S preparing their accounts in accordance ¥￿th the Financial Aer￿rtbn8 Stondard applicab￿ in the UK and Republlc of Ireland IFRS 1021 l-the Charrties SORfl. with rhe FinaKial Reporting Stand¥d applicable in the United Kinedom and Republic of Ireland I"FRS 102-1. wth the Companies Art 2rTh and With the Charities Att ZOII. The charity meets the definition of a Dublic benefrt entitya5 Set cAJt in 102. The principles adopted in the preparation ol ihefinawal statements¥e s* tyjt bebjw. t¥n concem The trustees (who we the tharrtable company'5 dirertrrfs for thè purkK)ses of company Iw*l ha¥e a5Stssed whether the ust of the Ecqne concem bays Lq aPWDpri•te èn¢J have Con￿dered possible events or ￿dI￿on5 that rni8ht c35t significaTrt dcubt on the ability of the tharity to continue as a RLYnE concefn_ The trustees have rrwde rhis assesynerbt for a period of at le35t Dne year from the date af approval of the financial statsmtnt& panicular the irustees have considered the charity's forecasts and projecrions and the PD5s1￿e Implicaii(bis should projected income and l or eX￿ndit￿re wary unexpectedly. The trustees have conduded ihot there is a reasona￿* eApettatK)n that the tharity has adequate re50urce5 to continue to opprate lor the loreseeat4etuture. The chaiity therefo￿ io adopt gtyngcancefn b&5i5in preparin8 ils finanoal st*ement5. bl Incame Incorne including inyesiment Incoff* is reco8nised in the period in whith the tharity becomes entitled io receipt. the amount receivab￿ can be measureé with reasonable ￿rtair*I¥. and receipt 15 probable. For ihe nwt part. incomè 15 8enerallv recc8nised %then it is received. Income 15 onty deferred when the tharity has to luffil conditions befere becominB eniitled to il or where the donor has Specified thai the wrr* is io be expen¢Jed in a f￿y￿e period. InCL￿e from donatK)ns and lega￿ include5 reco¥eratAe Bift aid. which 15 recognised when the related donation is recefved. Gift aid that ha5 not been recovered by the baL4nce sheet date s included as a debtor. The charity relies on ¥olunteer5 to carry out rnaThy of its a(tMties. partitylarfy lor Chi￿ren'5 worl youth worL vunninÈ Small 8royps. warship. PA, hospttality and outreach Iboih rn￿Week and OTh Sundaysl. Htr•Aever, in accordartce with the SORP. the ¥alue ofthese semces has not be￿ included in these financial siaiement5 a5 IhEy caThr￿t be reliabl¥ measu¥ed. Incorne fTorn charitaNe actryities represent5 income weNable froffl goods, Servi￿ and f3ti1ities suppl￿ in furtheiance ofthe charity's charitable objett5. It indude5 income events O(E¥ised ty the Ehèrity. the sale of books and similar irem5. and incorne from letting the charity's tyjildi The chariry has taken the view that li has onty one Charitab￿ KtNity, narnety the advancement of the Christian faith. and all income from donations. le￿CleS and Charitab￿ artfbilie5 is ¢n respect of this(Y* acriwty. E¥pendiiure. includin8 irre¢ to allocate costs io thÈ varirAJs actmties undertaktn by the charity. The nature ol the ¥vork ol the church Is IMsKlered to be $0 inte8rated that thE core tharitable artivlty cosis are considered to be far iho one acti￿1¥. Governance costs. vilwth are IDdLKled in expenditure on charitable acb¥ltios but are idefttified separatety In the note5 to the 4¢c•unts, include5 C05tS a550Clated thE independent examinatvjn of the ￿n￿claI statements, t(¥mpllance with nsiiiytional statutory requirements and anyothereyndrtwe irKurred on ihe stratryc marwment of the charity. dl Fund accountin General funds are Jntestricted funds which are available for use at Ihe discretlDn of the trustees in lurtherance ol the genpral objeaive5 of the charity. Designated funds comprise untestrirted lunds that have been set aside ty the tfU5tees for particular purpose$. Restricted fund5 are donations which are to be in accordarKe With 5pecih"c restrictions bmp05ed by donors." thev include donations receNeif from appea15 speofKacMiesor proiea% ible lixed a55et5 Items purchased or éona¢ed for the charity'5 own are rApitslisod 4th•7 the cost of purchased items, or tho fair valve of donated ite￿, is more than El.C(K) and the rtem s expetted io benefit the charity over ftwe thèn one accountin8 period. Depreciatloll 15 chaf8ed on a strai8hi line basis so as to wriTe down the value of each asset tD its estimated re>dual v*ue lif nyl over its expected useful ecoiK)mK lile. To 4thie¥ethi5 obje£tNe the lollowir8 rates of depreciat￿ are char8ed.. Leasehold property Freehold buildings Equipmeni at 2% on c05t less re5h4ual Ya at 2% on c05t less re5h4ual Trralue at 20% on a reduunR balance ba51$ The carrwng values of taniible assets aro ￿e¥rtd for impairrnent periods or chanÉe$ 6n circumstance5 indicate that thè carryin8vau* nwy noi be reCO￿a￿le. In the opinion of the trustees. the residual value of the charity's freehoKI building Iwhich ts a residential property in Stevena¥EI is VEry hi8h. They believe that the annual tharge for depreciation. and the cumulative pro¥isiM for depreciatp)n, is imm4tvial and no depreuatian has been char¥ed in respect of thi5 buildiry duriw theyear. fl Stock5 Ixks of 8aods purchased for r￿sale Jre stated at the lower olc05t and net realisable value. Leased 355ets Leases which do not tmsler all the risks and rewards of ownership to the chèrity are C￿5$&￿ed a5 opEratin8 Itases. Operatiog lease payments are recr*nised as an expense on a sttai8ht-line basis over the *ase temi lun*ss another system4tic basis is more representati%* of usel. hl ran The charity operates a 8roup PEThSiM scheme. which is a defir￿d contribuLM?n pension scheme. for its employees. Oblkgations lor contrib1tt￿Ths to this scheme are reco8Trised a5 an expense when ihe liability arws. The assets of this scheme are held separatetyf from thtsse of the tharityin independendy administered funds. il YaxatKJn The company is a telistered charity.. it has tsken a¢fv•)t8ee ol the varirwjs fdietsfrom tsxation available to charities and no t3¥ is payable on the charity'5 incomE. Fin ncial instrumen The tharity's finarKial assets and fI￿n0a1 liabdities al quahfy as basic finantial instruments. as defined by FRS102. Except for loans, creditors debtor5 are measurtd at thei¥ expected settlEment value Ino¥malty the amount of cash that the charity expects io pay or receivel. The tharity recwises liabilities for the principal of those loans thai remains outstanding at the year end li.e. the liab*litie5 exclu¢Je Inte￿$t ch¥8eai4e ￿ the loans in fvturEyearsl. WEIiSPRING CHUROI (WATFOROI NOTESTOThE ACCOU14TS FOR THE YEAR ENDEO 31 kqARCH 1023 Accountlng PolltlesMn1ir￿d ritical acceuniin estimates and area50f ud In preparing financial statemertts certain ju¢Jgements. estimates and assump￿r￿ ha%* to be made that affett the a￿￿Ut1ts recoEnised in the finanv31 5t4tements. The trustee5 noie that thp ainual depreciarion char8e for propErt¥, plant and eouipment is seftsilive to tharyes in rhe esiiniates fcK usefvl econtymic Irf¢ and residual value. These estimates are reassessed annualty and, when necessary. adjuMed to reflect current ¢ircum#ances. Doh*tlons *nd lep¢ies 2023 2022 Donations of tash and similar Income tsx I￿l￿erable Grants receivab￿.. Government grants.. Job RetentwM scheme Release of deferred grant frtKn 5vnshine Children's Centre Charitv Grant from NJlchurchesTru5t towards the tharity'sbvAdinE proiert'Extend' Grant from Warford Foodbank for the Mulberry Room foodbank laiilKv Other sm￿ler 8rants 415,479 84,020 427,921 83.383 910 148.200 27.736 5.B42 533.077 7.soo 721,915 nshin In 2009 the Church re£tNed a erant lor El90.c￿ from the Sunshine Childrers Centre Charity Iforrner Eharity number 112623Ql. This included lunding lor two y&ir5 lor a 5pEcifK projett the temainder of the 8rant Wa5 received to help support Ihe church'5 woik In the community for a further 48 ￿aT5. The s￿ShIne ChAdrens Cenrre Charity 5ubsequentlv teased to operate and was wound up in 2013.. as far as the trustees a￿ aw4re. ng succe550r charity was oamed. Until 31 March 2021 the church was re£tr#nwnE incorne from the Rrant e¥enty ￿r the 50 year term of thE grant and the income relarinE to the unexpired term of the grant wa5 sh￿n as a liability Idefprrtd inc£x))el in the accwnts. In the previous year the trustees rwewed the terrns of the 8r•it and condvt*d thar. essential￿1, it descfjbes the 8eneral on going work ol the thurth and the thurch will satisfy the terms of the Rrant pro￿￿ed ir conrin¥es LO werate for the next 38 years. The trvstee5 did not foresee any circumstarKES that rn￿ht requi¥e the Erant to be repo￿ and for this Tea50n thp remainder of the uant. which É148,ILX*, wa5 reco8n*5e4 a5 incorne in the previou5 year. Inttynefrom d￿rtable •divitles 2023 2022 Churth act￿lI1e$ and Letting of facilities in the Wellsprimg Church Centre Lettin8 of re$￿ential property in 51e¥ena8e ooks, muyc media sales Otherincome from tharitabie acri¥iiies 6,989 43,759 11.442 16.993 3.750 326 200 60.274 639 33.310 Since 2021 the residentk11 property in Ste￿￿n￿ has been let for a cryrffierual rent lunder ah assured shorthold tenantyl to a Coup￿ whts. as*)bJnteÈrs, (L￿tinue to be en84ed in minittry in Stevenaie. P8ge 23 ¥￿LISpRING CHUIiCH IWATFOROI 140TESTO ThEACCOUIITS FOR THE YEAR ENOED31 hlAPCH ZOZJ Charltstsletypendlturn 2023 2022 Costs i￿￿rTed dlvfdly on ¥peclfit ¥rti¥it*S StaFF costs 126,223 26,558 19.448 650 1.680 2.733 13.466 40.196 1.743 119,578 20,989 12.516 Outreach & ministrie5 We115prin8 Ste¥enA8e Costs for house in Steven Centre hire costs Pastoral expertses Oepreciation Printing & stationery S￿daY services and worship Youth & thI￿ren'$ work WisitinE speakers M3inienarKe. repairs & re￿Orements Tiainin Insurance Storage space Lease cost5 Mort8age interest Bènk charge5 C05t ol resources purthased for ￿sate Oienify proRu'. srafF cosis Other costs Grants payab￿ (note Sdl 1.727 1.479 12.105 31.583 1,647 8.498 4.971 1.798 17.253 227 5,117 752 1.604 21.238 839 615 6.545 3.983 36.640 547 5.357 2.711 25.884 2.476 501 13,7S3 1,020 37,800 317.111 S1,(M)3 378.445 Costs kncurre(l on wpport & a¢Trrr4n15tratson Go¥ernance costs Independent eAarninef'S fee 5t3ff costs Other administrative expenses Le8al and professional lee5 Office equipment 4.070 96.311 557 3.257 2.096 5.3B3 111.674 3.610 79,792 467 4.119 1.137 4.348 93,471 Propertyd¢¥dopfflent 23.955 29.013 Totsl expendfjl¥ 514.074 439.596 Durin8 the year the charity undertook some furrher preliminary wort1rn05tty profe55ional lees) on a proje(t that WDUKI emtend rhe charity's p￿rnISeS on We115priry Way, which ths year cost £23.95512022_. f 29.0131. The trusiees are 5eek*n8 to cost thi5 projett more prectsely and ¢Jetermlne Wir would be finan￿ before tr&in8 artyfinal de£i*ons. The fte pty1b￿ tD tht indepefidetht examinef for exarniThn8 and *￿sting with thÈ prepar¥ti¢)h of tho actouthts was E4,070 12022= £3.6101." in addirion the charity paid £1.3C612022.. £1.2901 to5tew3rdship for pa¥roil bureau and consultancy 5ervice5. Ptyo 24 WEiLSP11114G CIIURCH IWATFOROI 140TES TOThE ACCOUIITS FOR THE W ENDED JI MARC•1 1023 Sd Grants payab Irbstfftrt￿S Indi¥iduals 2023 Grants to support UK and oversea5 rnlSSIOI) Action Europe Alternative5 ASSernbliÈs of G£#J Charis Tiwala Easi West Ministrie5 New Hope Trust Lafiabw8ou Church, Leegere Teklu and Selam Wohle Iwor*in8 in Ethiwal Watlord Schoo15Tru5t Wattord Town Centie Chaplaincy Other small grants Grnntsfor education Oignify Operaiion Steadfast lJewels5chool. SiErra Ltcffjel Grants for the rel￿f of hardship AssemtAie5 of God-lmpact Turkeylsyria EarThquake Church Family Fund ICompassM)nl 8ift5 Watford FO￿jb8nl i.yo 11.351 2,380 6,607 S.041 3.026 3.462 300 2.38Q 751 11.351 6.607 S.041 3,026 3,462 751 2.958 Iso 2,958 150 1.421 209 5(M> 38,974 1.421 5,77S 500 51.003 5.567 12.029 The c&nparaiNes for the prewousyeararea5 folkn.. Institutiws IrKIMduals 2022 Grants to support iIKand ove￿e35 mission Artion Europe Alternatlves A55emblies ol God Charis fiw*a New Hope Trust Watford Sihools Tr￿51 Watford Town Centre Chaplaincv A)z Parrnership East West Ministries Lafiabougou Church. Lee8ere Soul Su￿￿orWat10rd Other 8rants Grants lor e¢Jucation Operation Steadf35t (Jewels Schc*J. Sieira Leonel Di￿ Other Èrants Grantsfor the relief of hardship 8ridges of Hope Assemblies of God East West MiThistries Christ First W3tl¢Jrd Otherhelp 8iYen toAf8han refugees Aiii Partnership compa￿Dn ¥ilts 3,017 3,Q17 1.200 9.405 1.200 1.325 1,200 1.200 1,2 9,405 1.2DJ 1.325 1.2 i.z(x) 4.2 1,524 4.200 1.5Z4 i.(K)o 410 410 iso 2.239 50 150 2,239 150 loo 1,350 1,124 1,350 1,124 2.860 1.395 1.138 1,395 1,138 1.229 5.969 1.229 37,800 31.831 WELISPRING OIURCM IWATFOIIOI NOTESTO THEACCOLINTS FOR TMEYEAR ENDED31 MAACH IOIJ Cost of raisfjnifvnds 2023 2022 FI￿draI￿nI expen5e5 2,387 Z.387 1.824 1.8Z4 knaty5i50f 5tsff ¢osts. thÈt¢Mtotk*y pttsthbhtl Ind tmstee remuneratl 2023 2022 Gros5 wa8e5 and salaries SoEial 5eeurrty Ptn5iorb 105ts BorderA¢ency Fee & NHS Surtharle her ernployment b￿nefft$ 2fy),257 10.343 10,318 189.221 9.775 10,885 1.242 950 212.073 550 221.468 Gross wa8e5 salaries indudes red￿dancY pa￿ents iotallry £2.04212022.. Énill. Redundan(v costs are tharged when the liabilir¥ or obligation arises. No staff receNed Sa￿TreS ai a raie of m(we ihan E60.(Krt) per anllum. of the charity's are Carried out by volunteers. DurirtE the yearthe averaEe numberof empltyees linrJudtn8 Z021 fwloughed staffj was.. 2023 Numbers 2022 Numbers Full time staff Part time staff Total average moniNynumter of empbyees io io At the Yery be￿nnIn8 01 the pre¥itws year two membèrs of staff were M41 on COWD (dated fvrfou8h 12023.. 01. Post CaVD staff roles and pay continued to be re￿eWed as actNities de¥eWd and plans adapted atyoss the year. ￿th the charity seeing intreèsed thurch actTrities rty)m hire. As plènned Helen Roberts left the staff te￿n shortly after the siart of rhe currenr year to work full time for the chafity Dignify. Temwary r￿e$ and short term contracts were reviEwed as èttiwties adjusted- some roles Carne to an end, other role5 were de¥doped and new contTarts athèrtisÈdlDffered A dr¥er5e mix of youn¥ peupl w￿￿ed fle¥ibty learning skills and bringing ener8y and ideas Some ol ihese people moved 10 contrarted roles, Others ffloved to quality external jobs others focused tyi sixth form exams and future applicatiori5. The charity's kev rnana¥ement comprise the trustees and the key siaff narned on the Company InformalKn pa8e. Total employmenr beneftts payable to key rnana8ement forthe year were asfollL)WS. Emptytr pension contri￿110￿$ Wa8ps & 2023 Trustees and those c105ety related totrustees RevTirn Robert5 (Senior Mini5terand a tru5teel Rev Hden Robert5 (for her wt tirne role a5 a seniL¥ Leaderl Rev Helen Roberts (for her role overseei￿the Dwify iThtKAiryel Rev Oavid Dodv4ell ILea¥ Pastor and a rrusteel 24.275 8.710 1.137 523 25,412 9,233 34.118 67.103 Z.l)J2 1.662 36.120 70.765 E4rly irs 2023 itwas artnounced ihat R￿TiM and Helen Rfthrts woukl be passing i)n the 5enM)r *adership of the chur£h to Rev Dawd DTh4well in thE Autumn 01 2023 when Tirn's employment wih the church WOV￿ also end. The new charity Di8nify employed Helen initially on a time ba51$ from April 2022 and for a short time she continued to be also employed by the church for her role as Sen1￿ Le•aef. Hei empltyment wth ￿ chJrch ended in May 2022 50 that she c¢Juld focus ful￿ on her work with Digffi￿- WELLSPRING QIURCH (WATFOROI 140TESToniE ACCOU14TS FOA ThE YEAR ENDED JI MARCH 1023 Anaty5i5 ofstallrosts. the ro¥t DI kty mlntyemert personnd and trLMee renwne1at￿Th£QnIIn￿d The arn¢yJnts werE payable pmiws year". E￿￿o¥er pension contriburions W