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
Re￿Icted
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 Ilabl1￿11$
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 2￿6 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
respon￿bIlIt￿e5 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 Cha￿e5 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
In￿ase/{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 inCUr￿d 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 circUmstan￿S
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. EX￿pt 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 de￿lOPMent
4,215
23,955
Total eXPend￿Ure
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 raisIng￿ndS
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

WEL￿PRING 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

r4 m
rrio