CHURCH Wellspring Church (Watford) Report and Accounts Year ended 31 March 2024 Iiiiiiuiill *ADIDIINU• 2011212024 COMPANIES HOUSE A51
WELLSPRING CHURCH IWATFOROI COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 Trustees Rev David Dodwell (Chair from September 20231 Ola Elegbe Joanne Lee Alexander Lee Rev Tlmothy Roberts IResi8ned September 20231 Nathan Siebu Key Staff Rev Davld Dodwell= Lead Pastor and then 5enlor Minlster from September 2023 Rev Tlmothy Roberts: Senlor Mln15ter unt11 he resl8ned In September 2023 Governlng Oocufflent Memorandum and Articles of Assoclation dated 29 March 2007 Cofflpany A•stratIOn Number 06208757 Ch•rlty Re815tr4tlon Number 1119764 R•qlst•r•d Office and Prlncipal Addreji The Wellsprln8 Church I We115prln8 Way WatFord Herts WD17 2AH Independent Examiner Alay Rajanl FCIE Stewardshlp l Lamb'5 Passage London ECIY BAB B•nkers National Westmlnster Bank PIC Kingdom Bank Sollcltors Anthony CollSns Sollcltors LLP 134 Edmund Street Blrmln8ham B3 2ES Cont•nts Page Company Informatlon Trustees. Annual Report Independent Examiner'5 Report Statement of Flnancial Attivitles Balano Sheet Cashflow Statement Notes to the Accounts Detailed Statement of Financial Activltle5 Wlth Comparative5 2-16 17 18 19 20 21-3Z 33 Page 1
CHURCH WELLSPRING CHURCH (WATFORD) Trustees, Annual Report (incorporating the Directors, Report) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are the charity's directors 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 charltable company and is governed by its Memorandum and Articles of Association. The objects of the charity, as set out in the governing document are: l. To advance the Christian faith in accordance with the Statement of Faith of Assemblies of God in such ways Gnd in such parts of the United Kingdom or the world as the directors from time to time may think fit,. 2. To relieve sickne55 and financial hardship and to promote and preserve good health by provision of funds, goods or services of any kind including through the provislon of counselling ond support in such parts of the United Klngdom or the world as the directors from time to time think fit," 3. To advance educotion in such ways and in such parts of the United Kingdorn or the world as the director5 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 we continue to achieve our aims and objectives through our core activitie5 including the provision of support to various local charities, our care for and outreach in local communities and further afield overseas. Page 2
Review of Activities - Chair's report - 2023-2024 For Wellspring Church, it h35 been a year of significant change as the Senior Leadership transitioned from Tim Roberts to David Dodwell. The change took place in September with celebration5 marking the occasions of the twenty five year leadership milestone for rim and Helen Robert5 and a baton passing ceremony for David, both of which were celebrated tremendou51y and showed the faith and goodwill of the church family and friends. Although change can be challenging and takes time to adjust to, we are grateful to have experienced a growing measure of people's love for following Jesus, We can see this in three key areas. Firstly, our prayer life as a church has increased and deepened, with more people engaging in prayer groups with more focuses like children, teens, care home residents, neighbourhoods and Watford town centre etc. Secondly, there has been an increase in numbers in attendance at our weekly services and events resulting in new additions to church family membership. And finally, there has been more participation in community outreach and engagement. Below are further examples of progression in three key areas; Prayer and Worship: There is a greater fervency in our gathered times of prayer and worship with more vocalisation of personal and corporate praise. Our termly evening worship events are increasing In attendance and there is a greater willingness to wait on God and pray for others, including the local community and neighbourhoods. When we have h05ted church wide community events, we have also rallied the church to pray before-hand for those we are Intendin8 to reach. Sunday Services & Events: Our two Sunday service5 averaged across the past year a combined average weekly attendance of 290 people which is an increase of just over 25% on last year's 230. This amounts on average to 190 adults and 100 under 185 compared to the previous year 170 adults and 60 under 18s. We have also seen an increase in our family membership {188 adults, up 18 people since March 2023} experiencing more people joining the vision, values and commitments we hold and making Wellspring Church their spiritual home. We continue to live stream the 11am service with an average 30 devices (usually more people) watching live and many more in the week which enables wider connection and more accessibility. Outreach and Engagement: We have continued to support our local charitsble partnerships by connecting church members to their events and ministries. We have also increased our financial support of many of our partnerships in the past year. A noteworthy progression in partnership, is our facilitation of Rema Counselling sessions and their administrative team being on our reception at the Wellspring midweek. They have increased their sessions to be present 9am to 8pm on Mondays weekly which contributes to our second charitsble objective of providing counselling to support people. Two Significant church-wide events aimed to engage with and witness to our community were the best attended in many years. We had the 'Great day of Joy, during Advent and our 'Walks of Witness, on Good Friday. Church members are becoming more intentional and bolder about their witnessing and Sharing Jesus with others as part of their continued discipleship. Page 3
Key activities and outcomes In planning the activities we undertake. the Trustees. Leadership and staff have applied the guidance on public benefit issued by the Charity Commission. We present with confidence the public benefit of all that is summarised in this report. In terms of our ongoing core activities in 2023-24 our aims have been as follows to: Continue to invest time ond resources on a daily, weekly, and seasonal basis to help volunteers serve local children and young people. Providing activities for them to encourage social cohesion, strong social/mental health and to help them explore Christian faith. Support spiritual growth amongst all adults in Wellspring Church, providing pastoral care and exploring woys to inspire and encourage theirpersonal development as agents of change iii Ilieii. owii hoiiies, workplaces, and communitieJ. Make a growing and lasting positive impact in the neighbourhood5 closest to The Wellspring Church Centre. Continue through grant-making, mobilising volunteers, and supportive leadership to help agencies and partners to relieve hardship, advance the Christian faith and further education at home and internationally. What follows hereafter Is a compiled report of our core activities and outcomes across our various and far-reaching ministrie5. Spiritual Formation ' Discipleship requires meeting regularly with other believers to do and share life together beyond a Sunday service. We provide mid-week groups in homes and on video calls we call 'Grow Groups, to pray, read the Bible and discuss, enjoy fellowship together and support one another pastorally. We currently have twelve group5 (four more than last year) with over 100 members participating. The leaders who facilitate these groups are Supported by being brought together with a monthly investment session called Grow Leaders,. To continue developing more leaders in anticipation of launching more Grow Groups we have hosted a course called 'Raisln8 Leaders, that has been revamped to better equip members to learn practically. The course also includes a one to one follow up and invitation to continue being invested into through participation in the Grow Leaders sessions. As part of discipleship the church encourages people tojoin a ministry team to grow In serving. We hosted a new event called 'Grow Your Gift,, to honour those serving on team and show those not yet on team what God is doing behind the scenes, to hopefully inspire them to join. Over 75 people came to this event and had a fantastic time enjoying a meal together, and hearing testimonie5 from each team about what God was doing. Specifically for the women involved in church life we have h05ted termly Brunches. They were attended by over 70 women of all ages and was really enjoyed by all who attended. To develop the church's prayer life. we have also provided opportunities for church members to meet and pray together in various Other events and contexts as well as called the church to fast a week in November. Weekly, we host an online prayer group. Every two week5 we have a children & young people prayer meeting for parents. Once a month we have a prayer group in a local care home to pray for the resident5. Monthly, the leadership team pray together. Termly. we have provided worship evenings where we have a150 experienced an increase in attendance. Developing disciples includes reaching out to the unchurched and witnessing aboutjesus. This past year we have hosted two church wide events in the town centre. both were well attended. Page 4
Community work and events In the last year we've served the local community by sharing the Gospel, facilitated events to make relational connections and provided various practical support opportunities. Chrlstmas - The Great day of Joy saw over 40 church members engage in a town centre outreach, giving out flyers, free drinks and treats, carolling. joining with our local partners New Hope to gift wrap and Watford Town Centre Chaplaincy to share about Jesus and listen to people's stories. Easter- The Walk of Witness enabled over a 120 of u5 to walk through the town centre with a cross to testify about the crucifixion of Jesus on two occasions. As we walked together some gave out leaflets and chocolates to passers-by. We paused for times of gathered worship and finished with communion taken together outside High Street ststion. Christmas & Easter Community Promotion helped invite and raise awarene55 Within the local community of our events and services. We had some church members go out into the local community gifting over 500 chocolates to neighbours in the homes around the church. Intsrest Gmups have also been a way we have facilitated other opportunities throughout the year to bring people together to connect over mutual interests and skills e.g. board games (Springcon), walking groups and Men's Monday Night Football continues during term time with 10-14 each week at St Helens school sports centre in Northwood. We w81come a wide age range of men both from church and community to enjoy playin8 football together and the associated banter. This helps wlth fitness and wellness and is sought after each week. Page 5
Kids & Youth Ministry Kids- Mldweek activities: Acoms: We are continuing to seNe our local community every Tuesday with our Acorns outreach. We are averaging around 15 toddlers a week with parents and carers. This space is accessible to the community and for the church family on a Tuesday morning from 09:30- 11.00. During this time the toddlers will take part in craft5. singing and imaginative play, plus various other age-appropriate activities. They will have a story time which includes Bible stories as part of their session. Currently, the Acorns team has 5 team members who serve in this ministry. In addition to this in September 2023 we employed a part time Early-years Children & Family support worker who has the responsibility of leading our under 5's ministry. Splash: Our primary-age outreach ministry has hosted 4 Splash parties/holiday clubs. They have included a Summer holiday club. a Light party, a Christmas party and an Easter Holiday club. Splash sees the centre full. with up to 72 children attending these events. Splash has been particularly popular with children from the local primary schools and has been a great opportunity for children to invite their friends who do not currently attend church. Some of these children have stsrted to attend Wellspring regularly with their families. We plan to host a Summer club during the school holidays for our community and the church family. We average around 20 adults and 20 youth serving on these parties to facilitate them well. School's work: Field Juniors. We have led regular monthly assemblies and often fortnightly for years 3-6. There was an opportunity to deliver lessons for year 6 students in the autumn 2023 on PSHE and how the Church can play a part in developing positive mentsl health. In the summer term, as part of their transition to secondary school, we led lessons using the °It's Your Move. book from Scripture Union. 60 children received these books as part of the lessons. Rev Karl Mcclane is the SMSC (Spiritual, Moral. Social and Cultural) support partner of the school. Fleld Infants Field infants have continued to invite us to lead assemblies for Easter, Harvest and Christmas. At the start of October, 60 year 2 students had a lesson on what it is like to live in a Christian home. We are building a relationship with this school and more opportunltles are becoming available over the year to support and champion our local school. Many Field Juniors and Field Infants students attend the termly Splash parties at Wellspring, this has been through relationships and a55emblies with the schools. We also see children move up to our youth group when they enter secondary School. Croxley Danes.. we are working with Croxley Danes School to partner in setting up 2nd facilitating a Christian Union for the school. Contact was made in February, and in March the school successfully ran their first CU with an Easter celebration which included some Easter Games, an Easter story object lesson and prayer. Pamiters: we have continued our relationship with Parmiters. This year, 3 Cu's have been facilitsted (Summer, Christmas and Easter) by Wellspring Church along with a lesson on the Easter story for a year 7 class as part of their RE curriculum. Rickmansworth: we took part in a multi-faith panel to help answer questions from year 10 2nd year 11 GCSE students a5 part of their RE program. This was a whole-day panel in which many faiths were represented including Christianity. Page 6
Kids - Sundays Springlets: We run under 5s sessions for our church and community families each Sunday at our 9 a.m. and 11 a.m. seniices. These sessions follow 2 well-thought-out and conscientious curriculum including, free play, crafts, singing, and Bible stories. We are averaging around 9 children a week in this age group. Since September this has been led by our newly employed Early Years and Family Support Worker. Champions: Our reception - year 2 group 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 Testament in a way that is relatable and age-appropriate for this group. Currently, we average around 14 children a week on a Sunday. Allstars: Our year 3-6 group runs sessions at both our 9 a.m. and 11 a.m. seniices. The children have followed What's in the Bible, which goes through all the Bible books (Old Testament and New Testament} in a year. We average around 23 children in this group a week. Youth Mldweek and Sundays: UV: serves our church and local young people 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 questions that they want to know the answers to using these se55ions. Se55ions include different theme nights and games; these are geared up to build relationships with each other and the team. The aim is to point to our Sunday Glow sessions, where churched members can build relationships and feel confident to invite those who are non-churched on a Sunday into a safe 2nd non-judgment21 space. We average 20 young people each week. Glow: We run Glow sessions at the 11 a.m. services on a Sunday. They have been following an age-appropriate curriculum which covers both the Old Testsment and New Testament in the Bible to ensure that they can have a broad spectrum of God'5 word and how to think Biblically for themselves. 5 young people were baptized this year. Some of the young people from UV and Glow have taken part in a generational service Sunday, where they have had the opportunity to prepare, run, host, and speak in the seniice. We currently average around 30 young people each week. Grow Groups: This year has seen the launch of grow groups to help disciple and serve our young people. Members of UV and Glow have been placed into small groups of 3 which is facilitated by a youth team leader. 6 groups were set up and met from fortnightlyto half termly. Llfe Questions: At the start of 2024 we facilitated a series of monthly evening gathering of life questions. This gave the young people an opportunity to ask and share the questions they have about God and the contemporary culture that we live in with a range of leaders offering biblical practical answers. This ha5 been well received with about 20 young people attending these 5e5sions. Limitless: In the summer of 2023 17 young people from our UV and Glow groups attended a 5-day Christian festival Elim Church led called Limitle55 at the Staffordshire County Show ground. During this time some young people recommitted their lives to Jesus and received prayer. Afterwards 3 number were baptised on Easter Sunday 2024. Summer 2024 a larger group has booked to attend the Youthscape led Satellites festival at the Bath & West County Show Ground in Somerset. Both festivals include a range of activities and a great time of community living under canvas and shared cooking. Page 7
Team: Our kids and youth teams is made up of 2 stsff and about 45 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 the children of the church 2nd wider community to grow in faith-filled maturity. We take sofeguarding seriously and all teams follow an active recruitment, DBS checking, training dnd ongoing supervision process. Young Adults This new ministry is developing with a mix of leadership facilitation and encouragement of young adults to take a lead. A key strength has been a new young adult ladies bible study group meeting twice a month. Some of our spiritually mature Christians give a lead. seeking to disciple and care for a mix of young ladies who have grown up in the church, students, those new to the church, new to the area and those new to the faith. There have been occasional outings and gatherings for all young adults. 6 attended the Limitless Summer Youth Festival specifically in the young adult's stream and some served as assistant leaders with the under 185. They are keen to find other future activities for the group. Wellness grant funding has been used to further help those on the fringes participate in these activities. Local partnerships We continue to recognise as well as support financially and in other ways, the work of specialised agencies to alleviate hardship and advance education here in the Watford area. Alternatives continues to offer life-changing emotional and practical support for anyone facing pregnancy-related challenges. In the last year they have grown the team and included a new role of operations manager. Their charity shop on Clarendon Road in Watford and Hemel Hempstead provide good quality toys and second-hand baby clothes as well as a listening ear. Charis Tiwala offers preventative work, regular outreach, and practical and emotional support to anyone in Hertfordshire who is affected by human trafficking or sexual exploitation within the sex industry. This is an important ministry, and we continue to uphold them financially and in prayer as they deal with people at risk. New Hope offers help and support to Watford's homeless and adults at risk through a range of support centres and initiatives. Our aim in partnering with them is to help prevent homele55ness and transform lives. Several of our church family members are on staff or serve as volunteers. We have continued our monthly financial support. upholding the work in prayer and making our facilities available for occasional meetingslthanksgiving services. One YMCA enables people to develop their full potential in mind, body and 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. Our previou5 Senior Minister Rev Tim Robert5 15 Head of Christian Mission and Culture on their stsff team. Our main support is encouraging staff and volunteers to be part of their thriving chaplaincy department. Page 8
Watford Food Bank is part of a nationwide network of food banks, supported by the Trussell Trust, working to combat poverty and hunger across the UK. WatFord Foodbank works closely with many organisations to support those in crisis and most in need in our area. The Mulberry Room in the Wellspring Garden continues to welcome the Food Bank to use the space on weekdays to distribute parcels. This is a fruitful partnership, and we are delighted that The Wellspring is the primary and busiest distribution point in Watford for those in need of parcels. 1753 vouchers were issued, 1539 food parcels given out, 2643 adult recipients, averaging 34 foodbank users a week. Watford Town Centre Chaplaincy instslled Geert Tap as their Lead Chaplain at the beginning of the year to oversee volunteer chaplains to provide support to people in a variety of work settings as well as another team called Street Angels to help those on Watford High- street on 2 Saturday night. Wellspring members give their time as chaplains tsking responsibility to care for those working on the lower high street, The Parade, The Moon under Water and Watford Market. Christians Across Watford is a local unity movement we have 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. Rev Tim Robert5 handed over the role of Chair of the Trustees to Nadya Dyett at the end of last year. Quarterly Leaders Breakfasts and Monthly Unity Groups continue to run. Wellsprlng staff member Stephanie Embree continues to a150 serve a5 one of the trustees. 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-increasing number of young people who are being harmfully exposed to pornography at an early age. Some of their team are from Wellspring and our Youth Minister supported Dignify to facilitate workshop sessions on healthy relationships in local schools. National Partnerships: Assemblies of God (AOG) We are glad to be part of thls national land internationall denomination. AOG is made up of over 500 churches in close to 600 locations throughout Great Britsin. We are a Pentecostal 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. Rev TIM Roberts completed his 3 year role as Head Coach for 'C.24' a class of 50 Ministers in Training that graduated at AoG'5 National Conference 2024. Evangelical Alliance (EA) We are a member church and Rev Tim Roberts continues to serve on the Board of Trustees. Page 9
Overseas partnerships Europe: Spain (Love Catalonia: Barcelona and Matero) Our Kids & Youth Minister has been in contact with the Arabic Missions to Spain team and set up 2 trips taking Wellspring volunteers to help assist with their children's and youth lessons and community work. This is an area which we are seeking to develop. Africa: Burkina Fa50 (The Leegere Partnership) Moise and Elisabeth Oubda continue to serve and lead at their church, Lafiabougou, In Bobo- Dioulasso. Moise came to visit in September as part of honouring Tim & Helen at their 25 years of leadership of Wellspring Church celebration. We do not have plans to send teams to West Africa but remain open to working with them in raising tunds to support thelr church planting efforts. Africa: Ethiopia With Teklu Wolde no longer on staff of Ten Forty Ministries we have brought this partnership to a close. We do not have plans to send teams but MagdyTawfik, one of our Ministry Leaders, will continue to keep relationship with Teklu to SUPPOrt him and his famlly. Middle East: Lebanon The Aziz Partnership with True Vine (Baptist) Church in Zahlé has ended due to financial and political instability in and around Beirut and the refocussing of the True Vine ministry. We have distributed funds raised to them and other trusted local partners to maximise ground level benefit. Page 10
The Wellspring Church Centre Over the last year. every aspect of The Wellspring Church Centre has shown growth. We have continued to see growth in free and internal bookings whilst also seeing a record income from community and commercial customers. Our customers have included: various elections. multiple dance classes for the elderly; acting and language classes for the community; family birthday parties. international nurse training. first aid training; counsell ing 5e5sions' university exam sitting and many more, We have hosted several customers seeking smaller rooms for staff training, stsff review and management team meetings for local charities, schools and companies. We have also continued to provide community work hub spaces free of charge, supported our partners at Watford Foodbank with a secure and well-maintained private space, and have plans to host foodbank linked CAB for money advice free of charge. The customer partnership with LST: Rema professional counselling has grown from I to 3 rooms in use on a Monday and into the evenlng with 443 unique counselling sesslons, between 16 counsellors and 32 cllents. To ensure staff, church and customers can access the allocated parking including deliveries, disabled and foodbank users, we have engaged an external parking management firm which has been successful in this aim with no financial benefit. We have also updated internal and external security including ccrv which ensure both a safe working environment, building security and safe acces5 for centre users. Staff have also received training from local partner organisations on safe working with challenging 51tuations which arise in open to the public focused organisations. We have carried out regular safety and maintenance of the centre including upgrading the auto accessibility of the main doors. As church attendance has increased as reported in other Sections of this report so has the flow of volunteers and the centre hosts training and practice sessions for children, youth and adult 8roups, leaders, music, worship, media and technical teams. Page 11
Staff Matters We continue to be senied by a small number of dedicated staff who continue to pursue our vision and work out our strategies and uphold our values with remarkable commitment and integrity. Key staff developments included: The most significant change was as already mentioned the passing the baton of Senior Leadership from Rev Tim Roberts to Rev David Dodwell. This followed a 9 month transition which was planned and communicated with external advice and ongoing upport. The official handinE ovpr cp.rp,mnny occurred in September 2023 and led to Tim leaving the staff team at the same time. A new part time Teams Administrator was employed to aid the recruitment. training. support 2nd organisation of church volunteers for regular church activities and one-off events. Thi5 was the second full time year for the Kid5 and Youth Minister and a part time Early Years Chlldren & Family Support worker was employed in September 2023. The Centre Team further expanded to support church mlnlstry and the continuing growing customer b25e serving partners, local community, charity, nonprofSt and commercial hire. Stsff who stsrted flexibly moved to regu12r and contracted employment. The staff annual review cycle was strengthened to aid clarity of purpose and activity in the new Season. Much of our work as a charity 15 undertaken unpaid by member5 of the diverse church family Ivolunteersl. To support this work, Wellspring Church is committed to investing in the employed staff required to achieve our objectives. This includes paying for trained and experienced Ministers and skilled support staff. 430A (2023: 43%) of the church expenditure is invested in payroll. This year's expenditure includes 21%12023:24%1 for Ministry & Pastoral Staff and 22%12023:19°A) for Administration & Support staff. Ministerial costs included the employment of Rev David Dodwell las Senior Minister from Sept. 2023, following a funded 3 month sabbaticall, Rev Karl Mcclane both full time and Rev Tim Roberts part time until Sept. 2023. We are satisfied that our staff 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 continue to grow, develop and undertake their work in a healthy organisational environment, we continue to retain Personnel Consultants Ltd as our external HR advisor, as well as subscribing to Stewardship Consultancy and Payroll Services. Trustees undertook a midyear pay review, including reviewing the Living Wage Foundation guidance and, after considering cost of living pressures, made one off payment5 to staff in Autumn 2023 and considered inflation and wage leve15 in planning the 2024-25 budget. Page 12
Structure, Governance and Management Responsibility for setting policy and for determining the parameters within which Wellspring Church operates rests with the Trustees who meet monthly to monitor the activities of the charity. New Trustees are recruited and appointed by the existing Trustees following a period of consultation and background checks and in agreement with the Senior Minister who serves as Chair of the board of Trustees. A prospective Trustee will join the Trustees for at least three months on a confidential. without prejudice ex-officio basls to See if the role fits. Our Conflict of Interest Policy aims to ensure that conflicts of interest are identified and addressed $0 that they do not influence decision making. As per our legal framework, Trustees are recruited and appointed with the consent of all existing Trustees and membership of the Board of Trustees is reviewed on an annual basis at our Annual General Meeting. During the year of leadership transition the wider leadership process was reviewed and is partway through change. A healthy collaboration is maintained between the Senior (now Servant) Leadership Team - Ministry Leaders {now Elders) - whose focus is pastoral and spiritual 2nd 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 tsken, and actions required. During the year the cycle of meetings moved to a 3 monthly bas1S Wlth an enhanced number of sub committees meetlng in-between and reporting to the main meetings. Salary reviews are conducted on an annual basis after a thorough series of Staff appraisals in accordance with our Staff Handbook and associated policies - and from 2024 the new Staff & Remuneration committee. We avoid any conflicts of interest by ensuring any beneficiaries are excluded by remaining Trustees from discussions regarding their lor any related party's) pay and conditions. Trustees take advice from Assemblies of God GB whose Salaries Committee issues an annual report with recommendation5 for any changes to salary levels. We also subscribe to Stewardship Services for consultsncy support, offering qualified advice on employment as well as handling payroll including payments to HMRC and issuing of appropriate payslips. 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 AOG GB and access resources and opportunities to serve as part of a national network of over 500 churches and an international family of thousands of churches. We are committed to complying with the bylaws and policy requirements that come with fellowship, and we are in Good Standing with AOG, making monthly financial Subscriptions and ensuring our Ministers and Missionaries remain in Good Standing also. We do this whilst recognising the constitutional provision for the autonomy of our fellowship to be led and governed by our own Senior Leaders according to our specific vision 2nd values. Page 13
Financial review Total income was £43,000 higher than the previous at £637,80012023: £594,700) this reflects the tremendous generosity of the church's members and other supporters including significant one-off gifts towards the cost off leadership transition events, sabbatical and compassionate gifts for Helen Roberts. In this current year restricted income reduced by £24,100 partly because, in the previous year, we received a large grant of £27,700 for the Mulberry Room. There was an increase in unrestricted donation income of £34,600 and an increase of £32,500 in income from charitable activities from one off events but mostly from an increase in centre hire income. Funds raised during the year for restricted purposes amounted to £63,500 (2023.. £87,600) of whlch £34,000 (ur 54%112023: £40.700 or 47%) was in respcct of thc Extend building project at The Wellspring Church Centre. Grant income in the year consisted of match funding from ernployers of a small number of Wellspring members and a one-off government DWP access to work grant to facilitate re350nable adjustments for a staff member. Total expenditure increased by £67,800 to £584,200 (2023: £516,500). The maln areas of increase were: Our largest area of expenditure is stsff costs, which thls year increased by £28,700 to £251,200 {2023: £222,500). This reflects changes in staffing in both the current and previous year and further pay awards to help staff with increases in the cost of living. The annual charge for depreciation increased by £22,300 to £62,50012023.' £40.2001, which is due to an increase in asset acquisitions including additional safety and security structures in the building. Expenditure on grant making increased by £6,500 to £57,500 {2023: £51,000) with the church seeking to respond to needs within our church family, the local community and partner organisations engaged in mission. Expenditure on utilities increased by £6,300 to £32,900 which was partly due to increased use of the Church Centre for extended hours in the day, evenings and weekends and the pressure on pricing. Expenditure in other areas increased by £23,700 as we expanded our activlties and found ourselves having to pay more for some items. This year we spent more on growing our work with young people and children, on an event to celebrate the 25 years that Tim and Helen have led the church, and the passing of the baton to David, on David's Sabbatical and an increase in mortgage interest due to higher interest rates. When we can, we are making additional loan repayments to try to reduce the interest cost. This year we repaid an additional £50,OCM) and continue to review the option of further repayments from the surplus after the year end. The above increases were offset by a reduction of in our expenditure on property development, which fell by £19.700 to £4.200 after a pause as we considered how best to move forward. Net income wa5 £53,50012023: £78,300), which (after transfers between funds) comprised a Surplus of £29,60012023', £65,400) on unrestricted funds and a surplus of £23,900 (2023.. £12,900) on restricted funds. Net assets increased by £53,500 to £2.145,500. This comprised tsngible fixed assets with a carrying value of £2,102.400 plus cash of £425,500 less a mortgage of £420,200 plus other net current asset5 of £37,800. The total cash balance was £425,500 of which £308,000 was held as restricted funds (mainly linked to the Building Fund which has restricted funds of £303,100). Page 14
The mortgage interest rate continued to increase during the year. It remains higher than the interest rate for our new 95 day notice savings account and the interest rate on our savings accounts fall more quickly when rates change. Regular and one off giving to the Extend building project continued in this p3St year and income of £34,100 was received. At the start of the year the charity spent £4,300 on the Extend building project on residual professional project fees. Since the Extend Project was launched in 2015, £768.700 has been given to/raised for the project and expenditure on preliminary items and fundraising 50 far is £412,100. Overall, during the year, the funds held in the Extend restricted building fund increased by £29,700 to £303,100 (2023: £273,400.) The charity is continuing to raise funds for this purpose. The new Servant Leadership Team including current Trustees continue to be committed to the principle of Extend and are reviewing the detai15, Costings and funding options considering current needs and market conditions. Reserves policy There have been no changes to our Reser4e Policy in this year. The church remains committed to holding free cash reserve5 equal to at least two times our monthly unrestricted operating expenditure, which amounts to about £91,700 (2023: £84,000). Actual cash reserves (being unrestricted cash) amounted to £117,60012023: £155,900) and the charity is complying with its resenies policy. Risk Statement The Trustees have reviewed the risks to which a small charity operating with few employees and a large volunteer team is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis. 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 ability 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 is received from members and the hire of its Church Centre in central Watford. A significant reduction in the contribution of members or 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 maintain an open-door policy whilst providing full disclosure on financial performance to members. All building regulations are adhered to ensure risks are reduced. The Trustees closely monitored the number of members. expenditure and income during a time of leadership change. As this was well planned. cofflmunicated and on good terms at r)0 point was a call on reserve5 needed. Their availability aided short-term decision making, including having the confidence to incur a significant one-off cost when we booked a church weekend away for the autumn of 2024. This took place successfully with 220 people attending and we were able to cover our costs. 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 activitie5, seNices and teams and continues to see new people, new members, increased serving before and during the leadership change over. Post year end income continues to grow. Page 15
Responsibilities of trustees under company law The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law 2nd United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparin8 these financial statements, the Trustees are required to: l. Select suitable accounting policies and apply them consistently; 2. Observe the methods and principles in the Charities SORP; 3. Make judgements and estimates that are reasonable and prudent; 4. State whether the applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements. and 5. Prepare the financial Statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee5 are responsible for keeping proper accountlng records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 2nd hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approval This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the Trustees and signed on their behalf by: Dec 19, 2024 REV DAVID DODWELL- TRUSTEE DATE Page 16
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WELLSPRING CHURCH {WATFORD} ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024 on page5 18 to 33 following, which have been prepared on the basis of the accounting policies set out on pages 21 to 23. Responslbllitles and basls of report As the charlty's trustees of the Company land also its directors for the purposes of cornpany lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having 5atlsfled myself that the accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are ellgible for independent examination, I report in respect of my examinatlon of your charity's accounts as carried out under section 145 of the Charities Act 20111.the 2011 ACVI, In carrying Osjt my examination I have followed the Dlrectlons given by the Charlty Commisslon under section 145151 Ibl of the 2011 Act. Independent examlnerfs staternent Slnce the CompanV5 gr055 Income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualifled to undertake the examlnation because l am a Fellow of the A55ociation of Charity Independent Examiners, whlch Is one of the Ilsted bodies. I have completed my examlnation. I conflrm that no matters have come to my attention in connectlon wlth the examination giving me cause to believe- l. accounting records were not kept In respect of the Company a5 required by Section 386 of the 2006 Act,. or 2. the accounts do not accord with those records,. or 3. the account5 do not comply with the accounting requirements of 5ectlon 396 of the 2006 Act other than any requlrement that the accounts give a 'true and falr, vlew whlch Is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reportlng by charltles applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no Concerns and have come across no other matters In connection with the examinatlon to whlch attentlon should be drawn in thls report in order to enable a proper understandlng of the accounts to be reached. Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiner5 Stewardship l Lamb's Passage London ECIY 8AB Date: Dec 19, 2024 Page 17
WELLSPRING CHURCH (WATFORD) STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Total Funds 2024 Total Funds 2023 Unrestrlcted Funds Restrirted Funds Note INCOME AND ENDOWMENTS FROM: Donatlnns and legacies Charitable activities Investments 481.474 92,776 56,923 538,397 92,776 6,577 533,077 60,274 1,360 6,577 Total Income and endowments 574,250 63,500 637,750 594,711 EXPENDITURE ON: Charitable activities Ralslng funds 547,690 2,253 34,302 581,992 2.253 514,074 2,387 Total expendlture 549.943 34,302 584,245 516.461 Net Incomellexpendlture) 24,308 29,197 53,505 78,250 Transfers between funds 17 5,243 {5.2431 Net movement in funds 29,551 23,954 53,505 78,250 Reconclllation of funds: Total funds brought forward 1,802,720 289,254 2,091,974 2,013,725 Total funds carrled forward 17 1.832,271 313,208 2,145,479 2.091,974 The ststement of flnancial activltles Include5 all galns and losses recognlsed in the year. All Income and expendSture derive from continuing operations. The Statement of Financial Activities also complies wlth the requirements for an income and expenditure account requlred by the Companies Act 2006. The notes on pages 21 to 33 form part ofthese accounts. Page 18
WELLSPRING CHURCH IWATFORDI AiANCE SHEET AS AT 31 MARCH 2024 Total Funds 2024 Tot•1 Funds Unrestrfcted Funds ReIcted Funds Note FIXED ASSETS TangitAe assets 2,102,433 2.102.433 2,102,433 2.102.433 Z,129,492 2.129,492 CURRENT ASSETS Stock Debtors Cash at bank and In hand 2,127 22,655 449.999 io li 54.979 117,SSO 6.852 307,978 314,830 61,831 425,528 487,359 172,529 474.781 CRÉOITORS: Am•unts l•lllni due thIn on• y•ar 12 137,9691 11,6221 139.5911 143.S741 Net cyrr•nt aM•ts 134,560 313,20B 447.768 431,207 Totsl as5•ts l•si Current Ilabl111$ 2,236.993 313.208 2,550,201 2,560,699 CREOITOR5.. Amounts falllni due after more than one year 13 1404,7211 1404,7211 1468,7251 TOTALNET A55ET5 1.832,Z71 313,ZO8 145A79 2.091.974 FUND BALANCES Unrestrlcted Funds General fund5 Desl8natEd funds 17 1,764,271 68,000 1,832,271 1,754,271 68,000 1,832,271 313,208 1,682,720 120,0(K) J,802,720 289,254 Restricted Fund5 313,208 1,832,271 313,208 1145,479 091,974 The chadtable company 15 entltled to exemptlon from audlt under Settlon 477 of the Companles kt 2006 for the year ended 31 March 2024. The members have not requlred the cornpany to obtiln an audlt of Its flnancial ststements lor the year ended 31 March 2024 In accordance with Sectlon 476 of the Companles Act 26 howevef, In accordance with Sectlon 145 01 the Charilles Act 2011. the attounts have been examined by an Independent examln•r and their report ha5 been 5ncluded In these flpancial 5taternents. The dlrector5 (who are the charltable CDrnpany's trustses lor the purpose5 of charlty lawl acknowled8e thelr responbIlIte5 for: lal ensurln8 that the charltablp company keeps accountlng records whlch comply wlth Settlons 386 and 387 of the Companiès Act 2006 and Ibl preparln8 financlal 5t3tements which glve a true and falr vlew of the State of affalrs of thè charltable ctsmpany as at the end of each financial year and of hs net income or expenditure for each Ilnancial year in accordance with the requirernents of Section5 394 and 395 and which otherwise comply with thE requlrements of the Cornpanie$ Act 2006 r*latln¥ to flnancial stat¥ments, $0 far as applSeable tothe charltable rompanv. The finanrJal statement5 havp been prepared in accordance wlth the provisions of Part 15 of the Cornpanle5 Act 2006 rElatin¥ to small companie5. The fSnanclal statement5 were approved bythe Board of Dlrettors and were 5i8ned on its behalf by.. Dec 19, 2024 Rev Davld Oodwell- trustee Date Campany number.. 06208757 Charity number.. 1119764 The notes on pages 21 to 33 form part otthese accounts. Pa99 19
WELLSPRING CHURCH IWATFORDI FOR THE YEAR ENDED 31 MARCH 2024 CASH FLOW STATEMENT 2024 2023 Cash flows from opÈratill8 actlvltles: Net¢osh provldedby Iu5edinJ operntlng ortlvitie5 76,831 121,807 Cash Ilows from Investln8 actlvltlès: Purchase of property. plani and equipment Netcash provlded by/(vsedlnJ Investlnq artlvltles 135.4751 13S.4751 151,6231 151.6231 Cash flows from flnanclw artlvltles: Repayments of borrowing Net cush provkledby/lusedlftlfinqndnq artlvltles IG:,D281 165,8281 168.5171 168,5171 Change In wsh ond equlvolents In the reportlnq perlod Cosh ondequlvalents ot the beqlnnlnq of the yeor 124,4711 1,667 449,999 448,332 Cosh andcosh equfvalents ot the endoAthe yeor 425,528 449,999 Analysls of Chae5 Sn n•t debt: At start of y•ar 2023 Non-cash mov•ments At end of ar 2024 Cash-flows Cash 449,999 124,4711 425,528 Bank loans.. Falling due wlthln one year Fallln8 due after one year Total net fund5 1 (debt) 117,3041 1468,7251 136,0311 164,CQ41 64,004 65.828 115,4801 1404,7211 5,326 41,357 Note •: Recondllatlon of n•t In¢ome/{expendlture) to net cash flow from operatln8 actmtles 1024 2023 Net Sncomellexpendlturel for thè reportlng p•rlod {as per the slatem•nt of financSal actlvltle51 Adjustments for. Depreclatlon Charges Ilncrea5elldecrease In stocks Iln¢rea5elldecrease In debtors Inase/{de¢re8se) credltors Net ¢osh pmvldedby (used Inj opemtlnq ortlvltles 53,505 78,250 62,534 2.127 139,1761 12.1581 40,196 499 111,9551 14.818 76,831 121,807 Note b: Anatys15 of cash and ¢a5h equlvalents 2024 2023 Bank current account Bank deposit account Ino notice) Bank dep051t account195 day notice) Petty ea5h 63,526 58,059 302,900 1,043 136,122 313,686 191 Total cash and cash equlvalents 425,528 449,999 Page 20
WELLSPRING CHURCH IWATFORO) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Statutory Informatlon The charity is a charitable company limited by guar3ntee and Is Incorporated in the United Kingdom. The company's registerÈd number and registered office address can be found on the Company Information page. AccountlnB Pollcles These financlal statements are prepared on a 8olng concern ba519, under the hlstoriral ¢05t convention. These financial statements have been prepared in accordan with the Statement of Recommended Practice-. Accountin8 and Reporting by Charities preparing their accounts Sn accordance wlth the Financlal Reporting Standard applicable In the UK and Republlc of Ireland IFRS 1021 I the Charities SORP"), with the Financial Reporting Standard applicable in the Unitèd Klngdom and Republic of Ireland I'FRS 102,1, wlth the Companles Act 2006 and wlth the Charities Act 2011. The charity meets the definltlon of a public benefit entity a5 Set out In FRS 102. The principles adopted Sn the preparatSon of the fSnanclal ststements are Set out below. oin nt The trustees Iwho are the charltable company's dlrectors for the purposes of company lawl have assessed whether the use of the going concem basi5 Is approprlate and have consldered posslble events or condltlons that might cast signiflcant doubt Dn the ablllty of the charlty to contlnue as a 8olng concern. The trustees have made thls assessment for a per5od of at least one year from the date of approval of the flnancSal statements. In particular the trustees have consldered the charbty's forecasts and projectlons and the p0551ble impllcations should projected income and l or expenditure vary unexpectedly. The trustees have concluded that there Is a reasonable eypectatlon that the charlty ha5 adequate resource5 to continue to operate fDr the foreseeable future. The charity therefore continue5 to adopt the going concern ba515 In preparln8 It5 flnanclal statements. bl Income Income Includin8 Investment income is recognlsed In the period in whlch the charlty becomes entltled to recelpt, the amount recelvable can be measured wlth reasonable certainty, and Yecelpt is probable. For the most part, income is 8enerallv recognlsed when It Is received. Incorne is only deferred when the charSty has to fulfll condltlon5 before becoming entitled to It or Whe the donor has speclfled that the income is to be expended in a future perlod. Income from donatSons and legacles include5 recoverable glft aid, whlch Is recogni5ed when the related donation Is recelved. Glft ald that ha5 not been recovered by the balance sheet date Is Included as a debtor. The charSty relies on volunteers to carry out many ol Its a¢tSvltles, partlcularly for chlldren's work, youth work, runnSn8 small groups, worshlp, PA, h05pltallty and outreach (both mSdweek and on Sundays). However, in accordance with the SORP, the value of these servlces has not been Sncluded in these flnancial statements as they Cannot be reliably measured. Income from charitable activitle5 represents Income fecelvable from 8ood5, seThices and facilities 5upplled in furtherance of the charity's ch3ritable objects. It include5 income frorn events organised by the charlty, the sale of books and $imllar item5, and income from lettlng the charlty's building. The charity ha5 taken the vlew that It has oniy one charltable activity, namely the advancement of the ChristSan falth, and all income from donations, legacie5 and charltable actlvitles Is in respect of this one activitv. enditur Expenditure, including Irrecoverable VAT, is recognised when it Is inCUrd or, If earlier, when a lega5 or constructive obligation for a payment arlses provided that it 15 probable that seltlement will be required and the amount of the obligation can be measured reliably. The charity makes grants to other SnstStutSons and Individuals to further Its charltable objectives. Grants payable are recognSsed as construrtive obligations ar15e, which 15 8enerally when the charity expre55es a commitment to the recipient that can be measured rellably and then only to the extent that any conditions associated with the grant are uutside of the control of the charitv. Expenditure on raising funds compri5e5 fundraising expen5e5. Page 21
WELLSPRING CHURCH IWATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 Pollcles contlnued cl Ex enditure continued Governance costs. whl¢h are Included In expenditure on charitable artlvities but are identified separately Sn the notes to the accounts. includES CUSt5 associated wlth the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expendSture incurred on the strategic management of the charity. The Charitles SORP require5 charitles wlth Income over £500,000 to allocate c05t5 to the varlous actlvlties undertaken by the charity. The nature of the work cf the church Is ¢on5idered to be 50 Integrated that the core charltable actlvlty ¢05t5 are cuiisid*r¥d to be for the one Fjctlvitv. dl Fund ac General fvnds are unrestricted funds which are avallable for use at the discretion of the trustee5 In furtherance of the 8eneral oblectlves of the charity. Desi8nated funds comprise unrestrlcted funds that have been set a51de by the trustee5 for particular purposes. Restrlcted funds are donations which are to be used In accordance with specific restrlctSons Imposed by donors- they include donatlons received from appeals for speciflc actlvitles or projects. d assets Items purchased or dtsnated for the charity's own use a capltallsed when the cost of purchased Items, or the lalr value of donated Item5, 15 rnore than £1,000 and the item Is experted to beneflt the charSty over more than one ac¢ountSng perlod. Depreciation Is char8ed on a stralght Ilne basis so as to write down the value of each asset to its estimated resldual value1Sf any) over Its expected useful economlc Ilfe. To achieve thSs objectlve the following Tate5 of depreclatlon are charged.. Le35ehold property Freehold bulldings Equlpment at 2% on cost less residual value at 2% on cost less residual value at 20% on a dUcIng balance basis The carrylng values of tari8lble fixed asset5 are reviewed for Impalrment In perlods when events or changes Sn circUmstanS Indicate that the carrylng value may not be recoverable. In the opinion of the trustees, the residual value of the charity's freehold building Iwhich is a resldential property in Stevenagel Is very hi8h. They believe that the annual charge for depreciation, and the cumulative provlsion for depreciation, Is Smmaterlal and no depreclatlon has been charged In respect of thls building durin8 the year. Stocks Stocks of 8oods purchased for re-sale are stated at the lower of cost and net realisable value. d a55ets Lease5 which do not transfer substantially all the rlsks and rewards of ownership to the charlty are cla55ified as operatln8 leases. Operating lease payment5 are recognised as an expense on a straight-line bas15 over the lease term lunle55 another Systematic basls is more repre5entatlve of usel. h) p sion scheme arran eme The charity operates a group penslon Scheme, which Is a deflned contribution pension scheme, for it5 employees. Obligation5 for contributions to thls scheme are recognised as an expense when the liability arlse5. The assets of thls scheme are held separately from those of the charity In independently administered fund5. The company 15 a registered charity,. it has taken advantage of the varlous reliefs from taxation available to charities and no tax 15 payable on the charSty's Income. Financial instruments The charity'5 financial 355et5 and financial liabllltles all qualify as basic financial instruments, as defined by FRS102. EXpt for loans. creditors and debtors are measured at their expected Settlement value (normally the amount of cash that the charlty expects to pay or receivEI. The charlty reco8nises liabllitie5 for the prlncipal of those loan5 that remain5 autstanding at the year end li.e. the liabilities exclude any Interest charReable on the loans in future years). Page 22
WELLSPRING CHURCH AlFoRD) NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 Pollcl•s contlnued kl Crltlcal accountln estimates nd areas of ud em nt In preparlng financial statements certaln Judgements, estlmates and as5umption5 have to be made that affect the amounts cognised in the financlal statement5. The trustees note that the annual depreciation charge for property, plant and equipment is sensitive to changes In the estimates for useful economic Ilfe and rèsldual value, These estirnates are reassessed annually and, when necessary, adjusted to reflect current clrcum5tances. Don*lons and legacl•s 2024 2023 Donatlon$ of cash and Similar Glft ald recoverable Grants recelvable.. Government grants.. Access to Work 8rant Grant from WatFord Foodbank for the Mulberry Room foodbank faulltv Other small grant5 447,213 81,777 415,479 84,020 5,243 27,736 5,841 533,077 4,163 538,397 Income fram charltable artlvltles 2024 2023 Church activltie5 and events Lettln8 of facllltSes In the WellspTSn8 Church Centre Lettlng of resldentlal property In Stevenage Books, music and other sales Other Income from charltable activltles 10,130 73,185 9,000 462 6,989 43,759 326 200 60,274 92,776 Since 2021 the re51dential property In Stevena8e has been let for a commercial rent lunder an assured shorthold tenancy) to a couple who, as volunteer5, continuè to be en8a8ed In church mlnistry in Stevenage. P8ge 23
WELLSPIUNG CHURCH IWATFOROI NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 31 MARCH 2024 Charltable expendlture 2024 2023 Costs Incurred dirertly on SPEcfflc acti¥iti¢$ en5es Staff £0st5 Outreach & mini5triE5 Pastoral expenses Sunday service5 and worship Youth & chlldren's work VisStSn8 speakers Pi'iiitiiig & stationery Cost of resources purchased for re-sale Tralnin8 Mission trips Wellsprlng Stevenage 123,117 21,841 14,506 10,860 10,934 3,403 2,862 2,719 936 704 126,223 19.448 13,466 9,305 6,545 3,983 1.743 501 547 650 ro er maintenance and Insurance Maintenance, repairs & replacement 38,333 32,880 5,452 5.414 5,634 3,056 822 36,640 26,558 1,680 2,733 5,357 2.711 798 Upkeep of house In Stevenage Centre hire costs Insurance Equipment leasln8 Storage hire Mort Interest and bank char Mortgage interest Bank charges 28,068 2,077 25,884 2,476 Property and equipment depreciatiorb 62,534 40,196 Grants payable (note 5dl 57,489 51,003 433,642 378,445 Costs Incurr•d on support & 8dmlnlstr•lSon Staff costs 128,112 7,017 1,353 2,030 823 4,800 144,135 96,311 5,383 3,257 2,096 557 4,070 111,674 Legal and professional fees Offlce equlpment Other admini5tratlve expenses Governan c05t5'. Independent examineT'5 fee Property delOPMent 4,215 23,955 Total eXPendUre 581992 514,074 In the early part of the year the charity undertook some furthef prelimlnary work Iprofe55ional fees) on a project that would extend the charity's premises on Wellspring Way, which this year cost £4,21512023'. £23,955). The trustees are now reviewing the project beforÈ taklng a decision on how best to move forward The fee payable to the independent examlner for examining and assistinB Wlth the preparatlon of the accounts wa5 £4.800 12023.. £4,070).. in additlon the charlty paid £1,562 12023: £1.3061 to Stewardship for payroll bureau and consultancy services. Page 24
WELLSPRING CHURCH IWATFOROI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 sd Grnnts payable Institution5 Indlviduals 2024 Grant5 to support UK and overseas misslon Action EurL)pe Alternatives Assemblle5 of God Aziz Partnershlpi Lebanon Charls Tlwala East West Mlnistrles Lafiabo¢Jgou Church, Leegere New Hope Trust OneYMCA Teklu and Selam Wolde Iworking In Ethiopia) Watford Town Centre Chaplaincy Other small grants Grants for education Dlgnlfy Fleld School Operation Steadfast (Jewels School, Slerra Leonel Grants for the rellef of hardshlp Glfts from the Church Family Fund and from a special offerlng 3,300 3,300 1,440 12,IXIO 5,421 1.440 10,811 150 1,623 680 625 1,440 12,000 5,421 1,440 10,811 150 1,623 680 625 350 350 1,478 506 150 1,478 506 150 16,076 20,001 16,076 57.489 37,488 The comparatlves for the prevlous year are as follows: Instltutlons Indivlduals 2023 Grants to support UK and overseas mlsslon Action Europe Alternatives Assemblie5 of God Charis Tlwala East West Mln15tries LafSabougou Church, Leegere New Hope Trust Teklu and Selam Wolde Iworklng in Ethloplal Watford Schclols Trust Watford TDwn Centre Chaplalncy Other small grants Grants for educatlon Dignlfy Operatlon Steadfast (Jewels School, SierTa Leonel Grants for the rellef of hardshlp Assemblie5 of God -Impact Turkeylsyria Earthquake Gifts from the Church Farnily Fund Watford Foodbank 3,000 1,900 11,351 2,380 6,607 3,026 S,041 1,900 11,351 2,380 6,607 3,026 5,041 3,462 300 2,380 751 3,462 300 2,380 751 2,958 150 2,958 150 1,421 209 500 38,974 1,421 5,776 500 51,003 5,567 12,029 Page 25
WELLSPRIt4G CHURCH IWATFORO) NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Cost of raisIngndS 2024 2023 Fundralsin8 expenses 2,253 2,253 2,387 2.387 Analysls of staff costs, the cost of key management persgnnel and trustee remuneratlon 2024 2023 tiross wagés and Sdldile5 Soclal 5ecuritv Penslon ¢05ts Visa sponsorship fee5 and other employment beneffts 223,494 11,749 12,499 1,246 248,988 ?nfl,?57 10.343 10,318 550 221,468 In the prevlous year gross wages and salarles includes redun(Jancy payments totalling £2.04212024.' £nlll. Rèdundancy costs are charged when the liablllty or obli8atlon arises. No staff recelved salaries at a rate of more than £60,OCY) per annum. Much of the charlty's actlvltles are carrled out by volunteers. Durlng the year the average monthly number of employees was: 2024 Numbers 2023 Numbers Full tlme staff Part tlme staff Total average monthly number of employees 12 io The charlty's key mana8ement comprlse the trustees and the key staff named on the Company Information pa8e. Total employment benefits payable to key rnanagement for the year were as follows.. Employer penslon contributions Wages & salarles 2024 Rev TIM Roberts, who was a trustee untll September 2023 Rev David Dodwell 10,187 41.21S 51,402 911 2,317 3,228 11.099 43.532 54,631 The following amounts were payable In tho previou5 year: Employer pension contrlbutlons Wage5 & Salaries 2023 Rev Tim Roberts Rev Helen Roberts Rev David Dodwell 24,275 8.710 34,118 67,103 1,137 523 2,002 3.662 25,412 9,233 36,120 70,765 Rev Helen Roberts served part tlme as a senior minister untll shè stepped done in May 2022 to devote her time fully to a the new charity Dl8nify. Rev TIM Roberts, her husband, stepped down as senior minlster in September 2023 when he handed over thls role to Rev Davld Dodwell who had previously served as lead pastor. Rev Ttm Roberts and Rev Davld Dodwell served as trustees. They were not remunerated for serviftg as trustees but for serving as church leaders- these payments are permitted by the charity's governing document. Page 26
WELLSPRING CHURCH IWATFORO) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Tansible flxéd a55ets Long Leasehold Propertv Flxtures, flttlngs and equipment Freehold Property Total 2024 Cost At l April 2023 Additions At 31 March 2024 251,105 2,04Z,048 209,246 35.475 244.721 2,502.399 35,475 2,537.873 251,105 2,042,048 Accumulated depreclation At l April 2023 Charge for the year At 31 March 2024 1,256 238,903 20,420 259,324 132,749 42,114 174,862 372.906 62,534 435,440 1,256 Net book value At 31 March 2024 249,849 1,782,724 69,858 2,102,433 At 31 March 2023 249,849 1,803.145 76,497 2,129,492 Stock 2024 2023 Materla15 purchased for re-sale, at cost The re-sale value of the stock of materlals owned by the charlty at the year end was re-asse55ed and, as It was not considered to be sl8nlflcant, the cost of these materlals has not been Included In these accounts. 2,127 10 Debtars 2024 2023 Church centre hlre debtor5 Gift aid recoverable Prepayments and other debtor5 13,078 17,488 31,265 61,831 9,098 6,685 6,873 22,655 11 C•sh at Bank and In Hand 2024 2023 8ank current account Bank dep051t account Ino notice) Bank dep051t account195 day notlcel Petty cash 63,526 58,059 302,900 1,043 425 528 136,122 313,686 191 12 Credltors: Ilabllltles falllng due wlthln one year 2024 2023 Trade creditors Accrued expenses Grant obllgation5 Oeferred incDme Mortgage capital 15,134 4,200 3,307 1,471 15,480 39,591 15,533 8,6CK) 2.137 17.304 43,574 Page 27
WELPRING CHURCH (WATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13 Creditors." amounts fallin8 due after more than one year 2024 2023 Mort838e capital 404,721 404,721 468,725 468,725 14 Deferred income Deferred income comprlse5'. 2024 2023 eferred evènt 'ncome 8alanEe at the beginnin8 of the reportln8 perlod Amount released to income In year Amount deferred In year 8alance at the End of the reportln8 perlod 2,137 12,1371 1,471 1.471 2,137 2,137 Deferred Income comprlses Income recelved during the year for thurch events that dld not take place untll after the end of the year when the recelpts wEre recogn5sed as Income, 15 Mortg• The Ilability for the mortga8e referred to In notes 13 and 14 fall due for repayment as follows.. Bank loan5 2024 Bv Instalments 2023 Repayable.. Within one year Between one and five years After flve years 15,480 72,445 332,276 420,201 15,480 72,445 332,276 420,201 17,304 79,646 389,079 486,029 The mortgage Is secured on the charltY'5 leasehold property (bein8 the church buildlng on Wellspring Way). Interest 15 payable at a variable rate, whlch at the balance sheet date was 6.20%15.30% at the beginning of the yearl. The mort8a8e must be repaid In full by 2040 and repayments are beln8 made monthly. Durln8 the year, to help reduce charges for mortgage Interest, the charity made an addltlonal repayrnent of £50,000 from the charity's desi8nated charity reserve fund. 16 P•nslon ¢ommltments Durln8 the year employerfs penslon contributlons totalling £12,499 12023; £10,318) were payable to deflned contrlbution personal penslon schemes. No pension contrlbutlons were owin8 at the balance sheet date12023.. £nill. Page 28
WELLSPRING CHURCH IWATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 Funds During the year the movements In the charity's funds were a5 follows.. Openin8 Incoming balance resources 2024 2024 Outgoin8 resources 2024 Transfers in the year 2024 C105ing balance 2024 Designated Funds Charity Reserves 120,000 152,0001 68,(KKI Generol Unrestrfrted Fund5 1,682,720 574,2SO 1549,9431 57,243 1,764,271 Total Unrestrirted Funds 1,802.720 574.250 1549.9431 5,243 1.832,271 Re5tTlcted Funds Wellsprin8 8ulldSng fund Dlgnlfy East West Mlnistrles Speclal Offerlng5 Church Famlly fund Wellne55.' Young Adults Overseas Mlssion5 Staff Welfare 273,365 34,051 38 5,150 10,699 5,459 14,3121 1381 15,1501 113,7761 14,5181 17871 15,7211 303,104 3,077 4,461 3,000 5,351 5,402 2.213 2.490 2,860 5,243 15,2431 289,254 63,5QU 134,3021 15,2431 313,208 Aggregote offunds 2,091,974 637,750 1584,2451 2,145,479 Analysls of net assets by fund The assets and liabilitle5 of the varlous funds We as follow5: nr General fund5 Fu Desl8nated funds Re5tritted funds 2024 Tangible fixed assets Oebtors Cash at bank and in hand Credltors falling due within one year Credltors fallln8 due after one year 2,102,433 54,979 49,550 137.9691 1404,7211 2,102.433 61,831 425,528 139,5911 1404,7211 6,852 307,978 11,6221 68,000 1.764,271 68,000 313,208 2.145,479 Page 29
WELLSPRING CHURCH IWATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 Funds continued In the previous year11.e. in 20231 the movements in the charlty's funds were as follows: Opening balan 2023 Incoming resources Outgolng resource5 Transfers in the year 2023 Closing balance 2023 2023 2023 Deslgnated Fund5 Charity ReseNe5 Geiieidl ViiresLI iLl¥d Fuiids 58,000 62,000 120,000 I,G79,3G8 J07,09J 14Gg,41101 lJ4,2641 1,682,720 Totsl Unre5tritted Funds 1.737,368 507,095 1469,4801 27,736 1,802,720 Restrfrted Funds Wellsprlng 8uildln8 fund Dignify Special Offerln85 Church Famlly fund Wellness Wellness.. Young Adults Overseas Mlssions Mulberry Room 257,249 40,744 1,158 9,967 4,515 26 124,6271 11,1581 17,0831 15,7751 14,5621 273,365 193 5,722 7.536 3,077 4,461 13,0001 3,000 5,351 5,657 3,470 27,736 13,7761 127,7361 276,357 87,615 146,9811 127,7361 289,254 Aggregate of funds 2,013,725 594,711 1516,4611 2,091,974 Analys15 of net assets by fund In the previou5 year li.e. In 20231. the asset5 and Ilabllitle5 of the variou5 funds were a5 follow5: Unrestrlct d Fund General Deslgnated funds funds Restrirted funds 2023 Tanglble flxed assets Stock Debtors Cash at bank and In hand Creditors falllng due within one year Creditor5 falllng due after one year 2,129,493 2,127 22,201 35,861 138,2361 1468,7251 2,129,493 2,127 22.655 449,999 143,5741 1468,7251 454 294,138 15,3381 120,000 1,682,720 120,WO 289,254 2.091,974 Page 30
WELLSPRING CHURCH IWATFOROI NOTES TO THE ACCOUNTS FOR IHE YEAR ENDED 31 MARCH 2024 17 Funds contlnued Desi The Charity Re5erve5 fund rppresent5 monie5 Set aside by the Trustees to help the charity Comply with Its reserves pollcy and to provlde for 50me exceptional Items of planned expendlture In 2023124. In the previous year £62,000 wa5 transferred to th15 fund to provide fDr thls exceptlonal expendlture. This wa5 all Spent during the year, and after retaining £10,000 for some planned exceptional expendlture in the new financial year. £52,1)00 was returned to general unrestrlcted funds. noted Funds Re5trlcted Funds The Wellsprlng 8ulldlni fund represent5 donations recelved to help fund the construrtion of an extenslon to the Wellspring church bullding. The D58nlfy fund was created by grants and donations received to support a newly-emergin8 local group, which Is workln8 to change the cultural normali5atlon of online pornography and champlon healthy relatlonships acr055 the whole communlty. This local group 15 now re81stered as a charlty and most supporters are now glvlng directly to the new charlty. The East W•st Mlnlstrles fund was created from donatlon5 received to support a Chrlstlan ministries across Eastern Europe and the Mlddle East. The Speclal Offerln8s fund represents donatlons received from $peclal Sunday offerlng5 taken mainly to help support specifsc charitable projert5 and causes undertaken by other Sndividuals and organlsatlons. Last year it also Included a 5peclal offering taken to help meet the cost of a minister'5 Sabbatical,. thls year it include5 a speclal offering taken to SUPPOrt someone facSng tremendou5 hardshSp. The Church Famlly fund Iprevlously cèlled the Compasslon fund) represents donation5 recelved to help Individuals In times of crisis or hardshlp. The Welllless fund represents donatlons recelved to enhance mental health in the local community by provlding support, guldance and advice. Thi5 prolect was led by the church's Wellness Coordinator (the role was made redundant In the yearl. Not all of the money recelved for thls project could be used and, with the permisslon of thE donor, In the prevlous year the unspent balance Iwhlch was £3,000) wa5 transferred to a new Youn8 Adults fund,. the money held by thls new fund wlll be Used to help relleve loneliness and Improve mental health amon8 young adults. The Overseas Mlsslons funds represents donations recelved to help fund overseas mi5slons work by indlvbduals and other orBanlsations In countrle5 such as Spain, 8urklna Faso, Eihiopla, E8yPt, Lebanon, Yemen, Sierra Leone and Slovakla. The Mulberry Room fund was Created from a grant received from Watford Foodbank and this was used fully during the previous year to purchase and make ready a portacabin that 15 being used as a dlstrlbution polnt by the Foodbank. This expenditure was capitali5ed in the previous year and, as It satisfied the restrictlon on the fund, In the PTevlous year a transfer for an amount equal to the grant wa5 made from restrlrted funds to general unre5trl¢ted fund5. The stsff Welfare fund was created from a grant from the government's Access to Work fund to help purchase equipmènt to help a membèr of staff with thelr work. This equipment was purchased and capltalised durlng the year. As this satisfied the restrictlon on the fund, an amount equal to the grant Iwhich had been spent fully) wa5 transferred to gener31 unrestrlcted funds. Page 31
WELLSPRING CHURCH IWATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 18 Operating lease tommitments The charlty has opEratin8 leases for equipment and for the land on which the Wellsprln8 church building 5s sltuated,. the lease for the land expires In 2135. The payments due under these leases are as follows.. Ground rent 2024 Equlprnent Payments falling due.. Withln one year Between one and five year5 After flve year5 1.000 4,000 106,000 iii,000 2,882 2,882 3,882 6,882 106,000 116,764 5,764 The charlty's operatlng lease commitments at the prevlous balance Sheet date were as follows., Ground rent 2023 Equlpment Payment5 falllng due.. Withln one year Between one and flve years After flve year5 1,000 4,000 107,000 112,000 2,711 4,278 3,711 8,278 107,000 118,989 6,989 Durlng the year the charlty was charged £2,88212023'. £2,711) for it5 operatln8 leases. 19 Transactlons wlth related partles During the year the charity.. al recelved donatlon5 totalllng £50,85712023'. £41,313) from related partles Iwhlch include5 tru5tee5, key management and anyone closely connected to them?. bl paid employment benefit5 totalllng £1,41912023:Enill to a person closely lated to a trustee. Except for the reimbursement of expense5 incurred when actin8 as agent for the ch3rlty* no expenses were pald to, or for, the trustees. Except as disclosed In note 7 'Analysis of staff costs,. there have been no other transa¢tlons wlth related pèrtles durln8 the year. 20 M•mbors Each member of the company commits to contrlbute up to £10 if the ¢harity1s wound up. Page 32
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