Wellspring Church (Watford) Report and Accounts Year ended 31 March 2025 A34 'AEHR?14G• 1911212025 COMPANIES HOUSE #229 WELLSPRING CHURCH IWATFORDI COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 Trustees Rev Dèvid Dodwell Alexander Lee Joanne Lee Nathan Siebu Ola Elegbe Michael Penrose Ifrom March 20251 Key stsff Rev David Dodwell: Senior Minister Gov•rnlnB Oocum•nt Memorandum and Artlcles of Associjtlon dated 29 March 2007 Company Reilstratlon Number 06208757 Charlty Reilstratlon Number 1119764 Rqlstered Offl¢e and Prlnclpal Address The Wellsprin8 Church I Wellsprin8 Wav Watford Herts WD17 2AH l•dep•ndent Ex•mln•r Sarah Cfi5pin ACA Stewafdship l Lamb's Passage London ECIY 8AB National Westminster Bank PIC Kin8dom 8ank Solldtors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham 83 2ES Conlents Page Company Informallon Trustees, Annual Report Independent Examiner's Report Statement of Flnincial ActSvStSes Balance Sheei Cashflow Statement Notes to the Account5 Detailed Statement of Finaficial Activities with Comparatives 2.17 18 19 20 21 22-33 34 Page 1 WELLSPRING CHURCH IWATFORD) Trustees, Annual Report (incorporating the Directors, Report) FOR THE YEAR ENDED 31 MARCH 2025 The trustees. who 3re the charity's directors for the purposes of company law. have pleasure in submittin8 the Report and Accounts for the year. Objects of the charity The charity is a charitsble 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 ond in such parts of the United Kin8dom or the world as the directors from time to time may think fit,. 2. To relieve sickness and financial hardship and to promote and preserve good heolth by provision of funds, goods or service5 of any kind including through the provision of counselling ond support in such parts of the United Kinsdom or the world as the directors from time to time think fit,. 3. To advance education in such ways and in such parts of the United Kingdom or the world as the directors 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 activities including the provision of support to various local charities, our care for and outreach in local communities and further afield overseas. Further and live information can also be found on our website. www.wells rin -church.or Page 2 Review of Activities - Chair's report - 2024-2025 It has been a year of redefining our vision and values now re-expressed as our 'Call, Culture and Commitments., A fresh take on discipleship has also helped re-establish our principles and practices, giving us new direction and steps to tske. These foundational changes have been received and embraced with the good will and support of the church family as we are all learning to grow to love like Jesus. Prayer continues to be the key to open doors for new gatherings and ministry opportunities. Weekly services have been well attended and have attracted more new people to church family membership. And there has been a larger number of people attending and participating in other church events and activitie5. Below are some examples of the progress we have experienced in three key areas; Prayer: New monthly prayer groups have formed. One praying for children and young people and one seeking more of God's Presence. A week of prayer and fasting was held in October 2024 to engage the whole church in deeper more meaningful prayer, with preaching and teaching beforehand and ending with an extra Sunday evening event of praise and prayer together. Services: Our two Sunday sep4ices averaged across the past year a combined weeklyattendance of c300 people. We have also seen an increase in our Family Membership Ic200 adults, up 11 people since 2024) experiencing more people joining the call. culture and commitments we hold and making Wellspring Church their spiritual home. Events: Significant church wide events at Christmas and Easter aimed to engage with and witness to our community were impactful for those who took part.'Walks of Carols, and 'Carolling around Watford Fields, in December and 'Walk of Witness, on Good Friday were a few of these events. Church members are becoming more confident with our events whether termly, monthly, or weekly and regularly invite people to attend and tske part. We give thanks to God for His continued grace over us as a church and as individuals. May we continue to be 3 church that shares the heart of God in word and deed. 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 2024-25 our aims have been as follows to: Support spiritual growth amongst all adults in Wellspring Church, providing Pastoral care ond exploring ways to inspire and encourage their personal development a5 agents of change in their own home5, workplaces. and communities. Continue to invest time and resources on a daily, weekly, ond seosonol 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. Continue through grant-making. mobilising volunteers. and supportive leadership to help 08encies ond partners to relieve hordship, odvonce the Christian faith and further education at home and internationally. Make a growing and lasting positive impact in the neighbourhoods closest to The Wellspring Church Centre. Continue to host portners. local groups, charities and centre hire customers including professional counselling. health and wellbeing troinin8 and support among other activities. What follows hereafter is a compiled report of our core activities and outcomes across our various and far-reachins ministries. Church Life Service & Events Team (SET) The SET oversees the Sunday services, weekday and weekend events, and equips church Family Members to start new ministries and events. This year Family Members have run events including.. Table for 6 and Open House where over 60 people met in homes for food and fellowship, a monthly Men's Meal where men meet at a restaurant to eat and spend time together, 2 Ladies 8runches where women were encouraged and built relationships. a prayer group praying for children and youth. and a BSL Course where members learned basic BSL to help communicate with people in their lives and community. In June the SET ran a Bring & Share meal where 150 people enjoyed a barbeque. time together, and heard church updates as Senior Minister David Dodwell shared glimpses of the future vision of Wellspring. This was followed by a Church Weekend Away where over 180 people of all ages spent a weekend at High Leigh together. With an emphasis on quality time as a church family of all ages, fun, and looking forward to the 'Call' of discipleship. These resulted in a growth in the church's sense of togetherness and unity. The SET also oversaw two funeral services for beloved members of our church. The team handled this well, with sensitivity and honour, to give our best to those we have lost as well as the loved ones who wanted to celebrate the life of those who had passed. At Christmas Time the SET organised and ran a series of gatherings declaring 'Christ the Soviour is bornl, This included a Walk of Carols where 25 Church Family Members gathered to sing carols up and down the High Street. and an'Evening Carols where 40 church members of all ages carolled in our local neighbourhood. We had neighbours not only sing along but join us for treats and hot drinks after. Finally we held Christmas Day services, Thanksgiving services thanking God for all he had done in 2024 and a New Year's Eve worship night where 70 people praised their way into 2025. Page 4 Belong, Grow & shaped In light of the new Call, Culture and Commitments introduced, Belong Session content was refined and 3 Belong Sessions Lunches were held. Through Belong Lunches, personal connections, our Sunday Care/Connect cards, and the Church Weekend Away we had 52 new connections. From this people become Church Family Members and were connected to a Sunday Team or Grow Group to continue to grow in relationship with Jesus and others. 22 others continued to attend Wellspring with opportunities to connect more in time. Care/Connect cards are on seats every Sunday and now include a chance for people to give us their contact details, to ask for more information on us as a church, Jesus and the events and ministries available. While the other side gives people a chance to ask for prayer, personal support, and financial or practical support. Through these cards we have responded to over 70 people via phone. email and in person. The creation of monthly sermon series graphics, reading plans and bookmarks, social media. posters and other media continued to provide visual and written sharing of Scripture and church vision. Weekly What's On emails accompanied by termly What's On leaflets were also made to encourage further connection for the church and to make sure everyone knows what's available for them to be part of. Our online engagement continued to grow with over 100,000 people reached on our YouTube channel throughout the year with 11,000 views consistently each rnonth on our Ilve feed service and posted sermon videos. Across social media we reached 18.000 people with over 15,000 profile views. Finally we had c40,000 visitors to our website with 1,672 filling out forms, signing up to events and contacting us online. 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 disCU5s, enjoy fellowship together and support one another pastorally. We currently have 12 groups 14 more than last year) with over 100 mernbers 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 continued to run 'Rai5ing Leaders, courses to practically equip group leaders. We 3150 run monthly Grow Leaders sessions for all. which include external input from key speakers who we have close relationship with. At the year end plans were in place to build on the above with new training, enhanced leaders, support, new groups and a development to use the concept of "Shaped. to build on the previous one of "Grow" Pastoral Care Team (PCT) Thi5 year a new Pastoral Care Team was set up to better care for our church family, and to grow in our understanding of Jesus, command 'as I have loved you, so you must love one another. By this everyone will know that you are my disciples. if you love one another, (John 13:34-35}. To prepare, two staff members took part in trainingwith the Association of Christian Counsellors IACCI and drew up Pastoral Guidelines, Prayer policies, and Confidentiality commitments with input from our Safeguarding Team. The PCT started in the summer of 2024 with 8 members, a mix of individuals and couples, who all share a heart for caring for others in prayerful and practical ways. This was launched with Page 5 the church in Winter 2024. The aim is help create a culture where pastoral care is overseen by the PCT but practiced by all Church Family Members. and to create a community where no one slips through the cracks unseen or unsupported. A new How Can You Help. initiative asked all church members how they might be able to help over a period of 6 months. Offering a variety of ways to help- giving lifts, making meals. prayer groups, connecting with those living on their own. support new parents, or someone new to the UK- we had 26 volunteers sign up to this new initiative and every area of help was covered. So far 12 people have been connected to volunteers and have received support. Alongside this the PCT provided personal, ongoing, and one-off support to those who attend Wellspring. The PCT members are currently supporting 35 people, working together to provide as much support as possible while maintaining respectful confidentiality. The PCT has also been able to administer over £5.000 in financial support through the Family Fund- a fund church members give into specifically to help others in need. This year these funds have helped others with things like groceries, other house hold costs, car repairs. etc. Young Adults Wellspring Church continues to serve our young adults. This has mainly been the young adult ladies hosting a Bible study group every fortnight, which continues to be led by some of our spiritually mature Christians to discipline and care for our young adults in the family and community. Students We have trialed meetings with students on their return from university in 2024. Students have met in the Summer of 2024 at our Church Weekend Away in October and met in December. We plan to meet during the 2025 summer break. The heart IS to make sure students are still connected to their home church at Wellspring and to offer support whilst they are away studying. There have been occasional outings and gatherings. A small number served as a5SiStant leaders with the under 18$ at Satellites Youth Festival. Wellness grant funding has continued to be used to further help those on the fringes participate in these activities. Men's Football Wellspring Church continues to host a Men's Football evening every Monday during term time. The aim is for both those from church and the wider community to enjoy time playing football together. This helps with fitness and wellness and is sought after each week. 10-16 men gather each week at St Helens school in Northwood to play and chat together. We take safeguarding seriously and all teams follow an active recruitment. DBS checkln8, training and onsoing supervlslon proces& We use www.thirtyoneeight.org to support this. Page 6 Kids & Youth Ministry Kids - Midweek activities: Acorns: We continued to serve our local community every week providing a baby and toddler group. We averaged 10 toddlers a week plus parents and carers. This space is accessible to the community and for the church family on a Tuesday morning. The toddlers take part in crafts, singing and imaginative play, plus various other age-appropriate activities. They have a story time which include5 passages from the Bible as part of their session. They enjoy a drink and snack, and the adults find a supportive listening welcome. The Acorns team has 3 volunteer team members who serve in this ministry led by our part time Early-years Children & Family support worker. Splash: Our primary-age outreach ministry has hosted 3 Splash parties/holiday clubs. They have included a Summer holiday club, a Christmas party and an Easter Holiday club. Splash is well attended with up to 60 children enjoying these events. Splash has been particularly popular with children from the local schools and has been a great opportunity for children to invite their friends who do not currently attend church. Some of these children have recently started to attend Wellspring on a Sunday regularly with their families. We plan to host a Summer club during the school holidays for our community and the Wellspring family. We average 20 adults and 20 young people voluntsrily serving these parties, while also having great fun. School's work: Fleld Junlors: We have led regular monthly assemblies for years 3-6. Over 270 children have learned about some of the parables that Jesus taught as recorded in the Bible. We responded to an opportunity to lead lessons with year 6 students in the autumn of 2024 covering PSHE and how the Church can play a part forming positive mental health. In the summer term of 2024, we helped the year 6 students with their secondary school transition. These lessons as in previous years used the "It's Your Move. book from Scripture Union. 60 Children received these books as part of the lessons. During the year our Youth & Children's Minister Rev Karl Mcclane served as the SMSC (Spiritual, Moral, Social and Culturall support partner for the school. Fleld Infants: We have continued our link leading assemblies for Easter and Harvest. Many Field Juniors and Field Infants students attend the termly Splash parties at Wellspring, thi5 ha5 been aided through relationships and assemblies with the schools. Croxley Danes: Wellspring helped facilitate a Christian Union for the school. This club meets every Friday at lunchtime. In addition to this we have helped lead a youth Alpha every Tuesday evening to encourage those who have questions about faith to ask them and find out more about following Jesus. There is an ongoing link with the school, and we have led Christmas and Easter celebrations in the school this year. Parmiters: We have continued our relationship with Parmiters. This year monthly Christian Unions have been facilitsted by We115pring Church including supporting the leadership development of young people from the youth group in this. Some subjects that have been covered include resilience, loving one another and the Christmas and Easter stories. This IS attended by around 20 students. Page 7 Kids Sunday Groups Springlets: We have been hosting Springlets (pre-school) sessions for our Wellspring and community families each Sunday at our 9 a.m. and 11 a.m. services. This team has been led by our Early Years Children & Family Support Worker. The sessions follow a well-thought-out and conscientlous curriculum including free play, crafts, singing, and Bible stories. We averaged 9 children a week in this age group. We have also developed a baby feeding room and helped build relationships with and offered support to new families. We are recruiting further volunteers to help with these groups. Champions: Our reception - year 2 group runs sessions at both our 9 a.m. and 11 a.m. services. The children followed the Splash CU curriculum and are now using The Biggest Story curriculum, which covers both the Old and New Testament in a way that is relatsble and age- appropriate for this group. Currently, we average 10 children a week on a Sunday. Allstars: Our year 3-6 group runs sessions at both our 9 a.m. and 11 a.m. services. The children followed the Splash CU curriculum and are now using The Biggest Story curriculum, which cover5 both the Old and New Testament in a way that is relatable and age-appropriate for this group. We average 20-25 children in this group a week. Youth Midweek 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 about contemporary issues and has empowered them to ask questions that they want to know the answers to. Sessions include different theme nights and games; these are geared to build relationships with each other and the team. The aim is to point to our Sunday Glow sessions, where church members can build relationships and feel confident to invite those who are non-churched on a Sunday into a safe and non-judgmental space. We average 30 young people each week. Glow: We run Glow sessions at the 11 a.m. services on a Sunday. As with UV numbers have been growing. We now have two streams Year 7-9 and Year IO+. The sessions follow an age- appropriate curriculum which covers both the Old Testament and New Testament in the Bible to ensure that they can have a broad spectrum of God's Word and how to think Biblically for themselves. On the 4th Sunday we have a testimony and Q+A space for youth to ask different leaders about how they met and continue to follow Jesus. Some of our youth from UV and Glow have taken part in a Generational Service on termly Sundays, where they have had the opportunity to prepare, run, host, and preach in the service. We currently average 40 young people each week. Youth Grow Groups: This year has seen the continuation and the launch of new Youth Grow Groups to help disciple and serve our young people. Members of UV and Glow have been placed into small groups of 4. which is facilitated by a youth team leader. These groups currently meet anywhere from once to twice a month. Currently. we have over 8 groups actively running. Satellites: In the summer of 2024 19 young people from our UV and Glow groups attended a 5-day Christian festival called Satellites. During this time. some youth recommitted their lives to Jesus. received healing and prayer. The plan is to return to Satellites in summer 2025. Volunteer Team: Our kids and youth teams are made up of 2 staff 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 and wider community to grow in faith-filled maturity. Page 8 Local Partnerships We continue to champion, as well as support financially and in other ways, the work of specialised agencies to alleviate hardship, advance education and provide counselling in Watford and wider local area. In the last year we have undertaken a review of all partners seeking to cover due diligence as well as identify financial, volunteer and prayer needs as a basis for considering future levels of partnership. We recognise and celebrate the specialist focus of these groups which is often a better way of seeing the Kingdom of God worked out across churches while connected to individual ones. It is a blessing to have a number of employees, Trustees and volunteers of these partners as part of Wellsprin8 Church. See links on the church website for more information as well as the Church Centre section of this report. Alternatives Continues to offer life-changing emotional and practical support for anyone facing a range of 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 Hernel Hempstead provide good quality toys and second-hand baby clothes as well as a listening ear and professional counselling. They also provide Brand New Baby baskets with a range of key items for new mums. 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. They offer support including Safety Advice, Health & Wellbeing, Outreach and Chaplaincy. This is an important ministry, and we continue to uphold them financially and in prayer a5 they deal with people at risk. Dignify Their Charter aims to: l. Champion healthy relationships, 2. Challenge the normalising of pornography, particularly its harmful effects on children and young people. 3. Call out sexual objectification and all its negative consequences. Three main strategy areas were a. Research a survey of nearly 8,000 children, exploring their experience of online safety, adult content, sexual harassment and mental health, b. Education extensive development of lesson plans, assemblies, parent resources and teacher support. plus the direct delivery of workshops with children. c. Creation of the 2024 Dignify report, highlighting the data trends, plus the development of a variety of relationships with media outlets, political figures and other YMCAS. The Dignify Charter also allows organisations to show their support and engagement with this vital topic. Dignify became part of OneYMCA from September 2024. One YMCA Inspired by, and faithful to, their Christian values, create supportive and energising communities that are open to all, where young people can truly belong. contribute and thrive. They aim to champion respect so everyone can belong. show compassion so everyone can contribute, and inspire growth so everyone can thrive. They sUPPOrt people across Hertfordshire. Bedfordshire and Buckinghamshire in many ways as can be seen on their website. Our previous Senior Minister Rev Tim Roberts is now employed as Head of Christian Mission and Culture and other Wellspring members work or volunteer with One YMCA. Page 9 New Hope Exists to seNe individuals who are homeless or vulnerably-housed through the provision of accommodation and opportunities to transform lives. Founded upon Christian values, which are at the core of their work, they support people regardless of background or identity. Their mission is encapsulated in the strapline: 'preventing homelessness, transforming lives, offering intervention, recovery and prevention services including day centre, night shelter and Watford Winter Shelter. Several of our church family members are on staff or serrfe as volunteers. We have continued our monthly financial support, upholding the work in prayer and making our facilities available for a number of meetings/thanksgiving services. Watford Foodbank Is part of a nationwide network of foodbanks, 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 Foodbank to use the space on weekdays as one of number of distribution points across the town. The Foodbank provide three days nutritionally balanced emergency food and support to local people who are referred to them in crisis. 90% of the food distributed by foodbanks in our network is donated by the public. There is a shopping list of food items needed on their website. Foodbank volunteers are specially trained to know about local services and offer practical guidance to provide access to the right support. They also a professionally registered counselling service {Watford Foodbank Talking Therapies). This counselling may include financial advice but is not limited to this. Sessions are hosted at the Wellspring Church Centre a number of days a week. Watford Town Centre Chaplaincy vtrcc's vision is to seple the heart of our own town, to see the church express Christ's love in public and personal ways through the appointment of a team of chaplains, the support of outreach initiatives and the encouragement of workers (and their families) in the workplace. Serving the community of Watford day and night - offering comfort. support and a listening ear. Chaplain5 volunteer in retail, business, GPS, surgeries, and as Street Angels. led by an employed Lean Chaplain. 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. Regular Leaders Breakfasts. monthly Unity Groups and collective prayer events are facilitated. Wellspring staff participate in various ways. Page 10 National Partnerships: Assemblies of God (AOG) We are glad to be part of this national land international) denomination. AOG is made up of over 650 churches in an expanding number of locations throughout Great Britain. 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 also participate in 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'S National Conference in Spring 2024. Magdy Tawfik, one of our Elders, is part of the national mission team. Evangelical Alliance (EA) We are a member church and Rev Tim Roberts continues to serye on the Board of Trustees. We have welcomed EA speakers to our Sunday services and have appreciated the support of the central team in several ways. Overseas Partnerships Europe: Spain (Love Catalonia: Barcelona and Matero) This work with the Arabic Ministries Spain team continued to develop in the year with our Youth & Kids Minister leading a mission trip in December 2024 with 8 young people. This included prayer walks, and seniing 2 outreach centres in which the team were able to speak about Jesus and the Christmas story to those who had no faith and had a different faith. The youth had an opportunity to teach their peers at an Arab Speaking Church in Hostafrancs about mission and Jesus, call to go and make disciples. We plan on taking 6 young people in the summer of 2025 for the AMS teams, end of year camp. We aim to plan future trips to SUPPOrt the work and to aid the development of our team. Africa: Burkina Faso {The Leegere Partnership) Moise and Elisabeth Oubda while still based at their church, Lafiabougou, in Bobo-Dioulasso, Moise has taken on a national role supporting church planting. We do not have plans to send teams to West Africa but remain open to working with them in raising funds to support their church planting efforts and hosting then in Autumn 2024 and remain in contact. East West Ministries We have a long partnership with Eastwest set up by long time church member Ron Hibbert. The charity provides an apostolic link between those who need support and those who can give it, be that financial or spiritual support. This is provided through estsblished relational links with church and ministry leader5 Wlthin the nations where they work. This includes leaders in many Balkans including Bosnia-Herzegovina. Bulgaria, Croatia, Kosovo. Serbia Slovenia. and Macedonia. They also work together with Kasr El Dobara Church in Cairo in providing support to missionary workers in several Middle Eastern nations. A new invitation responded to is to provide spiritual support to missionary workers in Mauretania. Wellspring Elder Magdy Tawfik serves as Field Director and Rev David Dodwell serves as a trustee. Page 11 The Wellspring Church Centre Over the last year, we have seen a sustained high level of centre use across the range of activities, thus facilitating and welcoming a wide range of core church use, community and partner provision and income from paying customers. Customers have included hosting elections, exercise classes for the elderly. acting and language classes for the community, family birthday parties, international nurse training. first aid training. a variety of counselling sessions. university exam sitting, local history group (previously at the now closed Museum) and many more. We have 31so hosted several local charities. schools and companies and other customers seeking smaller rooms for staff training, staff review and management team meetings. We continue to provide our partners at Watford Foodbank with 3 secure and well-maintained space as the central Watford Foodbank distribution point, as well as space for a weekly Citizen Advice money advice support person and an expanding linked Talk Therapies counselling service. They have reported the following: In the year 1732 foodbank vouchers were fulfilled i.e. food parcels given out (2024.1753) providing food for 2640 adults12024:2643) and 1069 children (2024.11451 totalling 3709 12024.37881 The parcels distributed at Wellspring represent 22% of those given out via all the local distribution centres the total was 7830 124..761}. The Wellspring figures show a very small decrease from the previous year. but it is still the second busiest centre after the main warehouse. The distribution is enabled by 2 volunteers five days a week trained and supported by Watford Foodbank, Trustees and an employed manager. Another community partner/customer is Watford Women'5 Centre who are using our equipped rooms to teach a range of classes from Beginner housekeeping, Level 1-3 Entry level of car/hospitality/kitchen staff, Awards in ESOL Skills for life Entry Levels 11213 in reading, writing, speaking and listening for over 800 people. This occurs in classes up to 5 days a week with 1- 3 classes a day, welcoming a diverse range of women and some men. The customer partnership with London School of Theology ILSTI Rerna professional counselling has also continued with 3 rooms in use on a Monday and into the evening, as well as at other times throughout the week. They have 61 clients {2024:321 receivlng, c600 12024:c440) unique counselling sessions with 16 counsellors supported by 2 employed staff onsite and others based at LST. We have also hosted various events and training for other partner organisations as listed in that section. We have an open reception Monday- Friday with members of the public. as well as customers and local public workers i.e. Police, PCSO, traffic wardens, and environmental staff welcomed. We offer toilets, a cold or hot drink, fruit, a flexible workspace with Wi-Fi and a refreshing space to pause. We have carried out regular safety and maintenance of the centre as well as supporting church activities with set up of themes creative displays. In the year an additional Centre Team member has been employed with a focus on technical areas and an existing member of staff has totslly renewed the centre hire and booking section of our website. As church attendance has increased, as covered 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 group5, leaders, music, worship. media and technical teams. Page 12 Staff Matters We continue to be served by a small number of dedicated stsff who continue to follow our call, culture and commitments. Key staff developments included: This year was the first full year under the Senior Leadership of the Rev David Dodwell. The part-time Early Years Children & Family Support Worker role concluded at the year's end and future staff options will be reviewed after a time of researching the changing needs in the community and day time volunteer availability. The Centre Team further expanded to support church ministry and the continuing growing customer base serving partners, local community, charity, nonprofit and commercial hire. Much of our work as a charity is undertaken by unpaid members of the diverse church family (volunteers). 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 stsff. 47% (2024: 43Y.l of the church expenditure is invested in payroll. This year's expenditure includes 21%12024:21%) for Ministry & Pastoral Staff and 26%12024..22Yol for Administration & Support staff. Ministerial costs included the full-time employment of Rev David Dodwell las Senior Minister) and Rev Karl Mcclane (Youth & Kids Minister) - (the previous year included 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 5tsff team continue to grow, develop and undertake their work in a healthy organisational environment, we continue to retain People in Focus Ltd (previously known as Personnel Consultants Ltd) as our external HR advisor, as well as subscribing to Stewardship Consultancy and Payroll Services. A renewed Personnel and Remuneration Committee has been set up by the Trustees with clear terms of reference including regularly reviewing staff objectives, wellbeing. pay, staff handbook and other areas. Page 13 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 pray, alongside the Elders as a Servant Leadership Team. Trustees also meet quarterly to monitor the activities of the charity alongside a range of new and renewed committees with clear terms of references and annual objectives. 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 or one of the committees for at least six months on a confidential, without prejudice ex-officio basis to see if the role fits. Our Conflict of Interest Policy aims to ensure that conflicts of interest are identified and addressed so that they do not influence decision making. As per our legal framework, Trustees are recruited and appointed with the consent of all existing Trustees and membership of the Board of Trustees is reviewed on an annual basis. During the year one new Trustee was appointed, and a range of other church members were added to the committees, including a skilled and experience Safeguarding Coordinator who now serves as Advisor to the Trustees. A healthy collaboration is maintained between the Servant Leadership Team with Elders141 focusing on pastoral and spiritual areas, and the Trustees161 on legal and financial responsibility with clear and frequent communication of decisions taken and actions required. Salary reviews are conducted on an annual basis after a thorough series of staff appraisals in accordance with our Staff Handbook and associated policies. 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 Assernblies of God GB who issue an annual report with recommendations for any changes to salary levels. We also subscribe to Stewardship Services for consultancy support, offering qualified advice on employment as well as handling payroll 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 accreditation, 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 650 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 2nd 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 Servant Leaders according to our specific call culture and commitments. Page 14 Financial review Total income was similar to the previous year at £663,100 (2024: £634,300, adjusted for interest on short term investments) this reflects the tremendous generosity of the church's members and other supporters including one-off gifts towards special offerings. In this current year restricted income reduced by £9,000 {2024: (£24,10011. offset by restricted interest income on short term investments of £12,39512024: £3,400). There was an increase in unrestricted donation income of £15,600 and an increase of £24,500 in income from charitable activities including payments for one off events including the Church Weekend away (£17,500) and also from increasing centre hire income1£4.2001. Funds raised during the year for restricted purposes amounted to £60,00012024: £63,500) of which £40,500 lor 67%) (2024: £34,000 or 54%) wa5 in respect of the Extend building project at The Wellspring Church Centre. Grant income in the year consisted of match funding from employers of a small number of Wellspring members. Total expenditure increased by £31,600 to £615,800 (2024: £584,200). The main areas of increase and offset reductions were: Our largest area of expenditure is staff costs, which this year increased by £38,400 to £289,60012024'. £251,200}. 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 and enhanced pension provision. Expenditure on utilities increased by £1,300 to £34,20012024: 32.900) which reflects ongoing high use of the Church Centre and the pressure on pricing. One off Expenditure of £44,900 was made for the cost of the Church Weekend Away which was offset by £10,000 designated funds from the prior year's surplus and £17,500 of attendee payrnents Expenditure on grant making remained similar at £57,400 {2024: £57.5001 with the church seeking to respond to needs within our church family, the local community and partner organisations engaged in mission. The church contributed towards the costs of the Celebration of Life Service for Helen Roberts and also paid out special offering income of £2,065 to Dignify (latterly part of OneYMCAI and £2,202 to Rennie Grove Peace Hospice Care The annual charge for depreciation reduced by £16,000 to £46.50012024: £62,500), with a lower level of a55et purchases. Net income was £59.40012024.. £53,500). which (after transfers between fund51 comprised a surplus of £26,90012024: £24,300) on unrestricted funds and a surplus of £32,50012024: £23,900) on restricted funds. Net assets increased by £59,400 to £2,204,900. This comprised tangible fixed assets with a carrying value of £2,057,000 plus cash of £197,400, current asset investments of £339,400 less a mortgage of £404,400 plus other net current assets of £15,500. The total cash balance was £197,400 of which £10,600 was held as restricted funds. £339,400, of the building fund is held in the 95 day notice savings account earning £12.100 interest in the year. Regular and one off giving to the Extend building project continued in this past year and income of £23.500 was received plus £4,600 gift aid claimed. In the year the charity spent £2.250 on the Extend building project on residual professional project fees. Overall, during the year, the funds held in the Extend restricted building fund increased by £38,100 to £341,200 (2024: £303,100.) The charity continues to raise funds for this purpose. Page 15 and trustees are committed to the principle of Extend and further reviewing the details, costings and funding options considering current needs and market conditions. Reserves policy There have been no changes to our Reserve Policy in this year. The church remains committed to holding free cash reserves equal to at least two times our monthly unrestricted operating expenditure, which amounts to about £98,00012024: £91,700). Actual cash reserves (being unrestricted cashl amounted to £186,80012024.. £117,600) and the charity is complying with its reserves 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 prirnary 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 continue to closely monitor the number of members, expenditure and income and no call on reserves was needed. Their availability aided 5hort-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. The church closely monitors attendance and participation in all activities, services and teams and continues to see new people, new members, increased serving with the developing new leadership. Post year end income continues to grow. Page 16 Responsibilities of Trustees under company law The Trustees are responsible for preparing the Annual Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial ststements 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 preparing these financial ststements, 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 standards 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 Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking 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 17, 2025 REV DAVID DotswELL- TRUSTEE DATE Page 17 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WELLSPRING CHURCH IWATFORDI I'the Companv.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025 on page5 19 to 34 following. which have been prepared on the basis of the accounting policies set out on pages 22 to 24. Responslbllltles and basls of report As the charity's trustees of the Company land also its directors for the purposes of company 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 satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charlty's accounts as carrled out under sectlon 145 of the CharStles Act 20111'the 2011 ACVI. In carrying out my examination I have followed the Directions 8iven by the Charity Commlssion under section 14SIS1 Ibl of the 2011 Act. Independent examlnerf$ Statement Since the Companvs gross Income exceeded £250,000 your examiner must be a member of a body listed In Section 145 of the 2011 Act. I conflrm that l am quallfied to undertake the examination because l am a member of the Institute of Chartered A¢¢ountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe.. l. accounting records were not kept in respect of the Company as requlred by section 386 of the 2006 Act., or 2. the accounts do not accord wSth those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other thafi any requirement that the accounts 8ive a 'true and fair. view which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparlng their accounts in accordance with the Financial ReportSng 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sarah Crispin ACA Institute of Chartered Accountants in England and Wale5 Stewardship l Lamb's Passage London ECIY 8AB Date: Dec 17, 2025 Page 18 WELLSPRING CHURCH IWATFORD) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Total Funds 2025 Total Funds 2024 Unrestrlcted Funds Restrlrtqd Funds Note INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities Investment income 497,032 117.249 658 47,914 544,946 117,249 13,053 538.397 92,776 6,577 12,395 Total Income and endowments 614,939 60,309 675.248 637,750 EXPENDITURE ON: Charitable activities Raisin8 funds Total expenditure 585,243 2,790 588,033 27,569 204 612,812 2,993 581,992 2,253 584,245 27,773 615,805 Net incomellexpendlture) 26,906 32,537 59.443 53.505 Transfers between funds 17 Net movement In fvnds 26,906 32,537 59.443 53,505 Reconclllatlon of funds: Total funds brought forward 1.832,271 313,207 2,145,478 2,091,974 Total funds carrled forward 17 1,859,177 345,744 2.204,921 2,145,478 The statement of financial activities includes all gains and losses recognised in the year. All Income and expenditure derive from continuin8 operations. The Statement of Financial Activitles also complies with the requlrements for an income and expendlture account required by the Companies Act 2006. The notes on poges 22 to 33form part of these occounts. Page 19 WÉLLSPRING OIURCH IWATFORDI 8ALANCE SHEET AS AT JI MARCH 2025 Tot•1 Funds Z025 Total Fundi 2024 Vnreslrlcted Funds Re5tricled Funds Note FIXEO ASSETS Tanglble assets 2,056,994 2,056,994 2,102,433 2,102,433 Z.056,994 2,056,994 (URRENT ASSETS Debtors Short tecm Investments Cash at bank and in hand 31,956 524 339.377 10,604 32,480 339.377 197,382 61.831 302,900 122,628 io li 186,779 2X8,7J4 350.505 569,239 487,359 CREOITORS: Amounts falllni due wlthln one ytar 12 128,9401 14.7611 133,7001 139,5911 Net current as3•ts 189.795 345.744 535,539 447.768 Total ¥is•ls1•1s curr•ni Il•bllltl•i 2.246.789 345.744 2.592,533 Z,550,201 CRfOlTORS.. Amoun1$ 1ollln¢ du• 4ft•r Mor• t￿￿ on• y••r 13 1387,6111 1387,6111 1404.7211 TOTAL NET ASSETS 1.859,177 34S.744 2,204,921 1,145.479 FUND BAL4NCES Unrestricted Funds Gene¥al funds De51Bnated funds 17 1.801.177 S8.(hJO 1,859.177 1,801,177 58.000 1,859,177 345.744 1,764,271 68,￿0 1,832,271 313,208 Restri¢ted Funds 34S.744 1.859,177 J45,744 2,204,921 2,145A79 Thè charltable company Is entltled to exernptlon from audit under 5ertion 477 of Ihe Companies Act 2CQ6 for the year ended 31 March 2025. The members hav¢ not fègulred the cornp•ny to obtaSn an audit ol Its Ananclal stateménis for thè year ended 31 March 2025 In accordance with Sectlon 476 of the Companies Att 2W6 howèver, In ac£ord•nce wlth Sectlon 145 01 the Charit1*$ Act 2011, the accounts ha¥* bttn examined by an 5ndepertdent ex•rnln*r and thelr reoort has been lThcluded ITh these nnantial statements. The directors (who are the charltable cornpany's trustees lor the purp05e5 of charlty lawl Icknowled8e ihelr iesponslbllltle5 for.. en5urlng that the charitable company leep5 accouniln8 records whlch comply with Sections 386 and 387 of the Companies Att Z006 and preparin8 linantial statements which 8ive a true and fair view of the state of affair5 of the charltable company as ai ihe end of each financial year and ol it5 net incorne or expenditure for each linancial year in accordance with the requirement5 01 Sections 394 and 395 and whi¢h otherwise comply wilh the requirernents of the Companies Aci 2006 relating to financial statements. so lar as applicable to the charilable companv. The financial statements have been piepared In accordance with the provisions of Part 15 of the Cornpanies Act 2￿6 relating to small Comparties. The financial Statements may Include differences of up to £1 owing to rounding. The financial ststement5 were approved by the Board of Director5 and were si8ned on its behalf by.. Dec 17, 2025 Rev Oavld Oodwell- trustee Oatè Company number.. 06208757 Charlty nurnber,, 1119764 The notes on po9e$ 22 ro 33fofm port ofthese occovnt Page 20 WELLSPRING CHURCH IWATFORDI FOR THE YEAR ENDED 31 MARCH 202$ CASH FLOW STATEMENT Note 2025 2024 Cash flows from Operati￿ activities: Netcosh provlded by Iu5edlnJ operotlnq artlvltles 118,348 70.253 ash Ilows Irom In￿$11n8 •rtl¥ltl•s'. Dividends, interest and rents from Investments Proceeds from ihe sale of property, plant and equipment Purchase of property, plant and equipment Pufchase OF investments Net cosh pm¥idedby/(usedlnJ In¥estlng tirtivlties 13,OS3 336 14.7131 136,4771 127,8011 6.577 135,4751 1302,9001 1331,798 Cash flows from financing activitie5: Aepaymenis of borrowin8 Net tosh providedby/lusedlnJllnundni artl¥ltles 115,7931 115,7931 165,828 165,828 Chanq• In cojh t7nd equI￿leftts In the reportlnqperlod 74.754 1327.3711 Cosh ¢Tndequl¥elents Qt ¢he beqlnnlng olthe yeor 122.628 449.999 Cash #ndcash equl¥olentsot the endolthe year 197.382 122,628 Analysls of Cha￿e$ In net de￿,. At start of Non-cash v*•r 2014 movements At end of year 2025 Cosfvflows Cash 122,628 74,754 197.382 8ank loans.. Fallln8 due wlthln one yeaf Fallln8 due after one yeai Total net fund51 Idebtl 115,4801 1404.7211 297.5741 117,1101 17,110 15,793 116,7971 1387,6111 90,S47 1207.027 Note a: Rtcon¢lll•tlon of n•¢ In¢orn•llexpendSturel to nrt cash Ilow from operatlni •rtlvltl 2025 2024 N•t Incom•lloMpendI￿1tb for th• reportln8 perlod l•1 ptf th• st•t•m•nt ol flnancl41 act1￿11*5) 59,443 53,505 Adjustments for: Depreciarion charge5 lfjainsl/losses on short term investments Lossllprohtl on the Sale of fixed 45sets Ilncreaselldecrease in 5tock5 1lncreasel/d￿rease in debtors Increaselldecreasel creditors 46,517 113,0531 3.299 62.534 16.5771 2.127 139.176 12.1581 29,351 17,2091 Netcosh provlded by lujedlnj opemtlnq ortlvltl•s 118,348 70,2S3 Note b: Analysls of ush wd Cash equlvalents 2025 2024 8ank Cuf￿nt account 8ank deposit account Ino noticel Petty tash 95,396 l(K),949 1,037 63.526 58.059 1,043 Toial Cash and ush equivalents 197.182 122,628 Page 21 WELLSPRING CHURCH IWATFORDI NOTE5 TO THE ACCOUNTS FOR THE YEAR ENOED 31 MARCH 2015 I Statutory Inlomiatlon The charity is a charitable company limited by 8uèraniee and is inc¢yporated in the United Kln8dom. The comp•ny's re8lStered number and reglstered office address can be found on the Company Information page. 2 Accountlni Pallclos These financial statements are prepared on a 8oin8 con￿rn basis. under the hlstorlcal cost convention. These financial statemenr5 have been prepared in accordance with the Statement of Recommended Practice.. Accountine and Reporting by Charitie5 preparlng their accounts in a¢cordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 I'the Chaiities SORP'I, with the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland I'FRS 102,1, with the Companies Art 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as Set out in FRS 102. The principles adopted in the preparation of the financial statemenis are set out below. al Goin concern The trustee5 Iwho are the charltable company's directors for the purposes of company lawl have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that Ini8ht casi si8nificant doubl on Ihe ability of the charity to continue as a going concern. The trusiees have made this assessment for a period of at least one vear from the date of approval of the financial statements. In partl¢ular the tfustees have considered the charity's forecasts and projertions and the possible impllcaiions shoyld projected income and / or expendlture vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue to operate for the foreseeable future. The charlty therefore contSnue5 to adopt the 8oin8 concern basis in preparing Its financial statements. Income Includln8 Investment Income Is reco8nlsed In the perlod In which the charlty becomes entllled to receipt, the amount receivable can be measufed wlth reasonable certainty, and receipt is probable. For the most part, income 1$ 8enerallv reco8nised when It Is received. Income is only deferred when the charity has lo lullll condStSons before becomin8 entitled to it or where the donor has speclfied that the Income is to be expended in a future perlod. Income from donatlons and le8acles Sncludes recoverable gift aid, which is reco8nised when the related donation is receSved. Gift aid that ha5 not been recovered by the balance sheet date is included as a debtor. The charity relies on volunteers to carry out many of Its activities, particularly lor chlldren's work, youth work. running small 8fQUPS. worship. AV, hospitality and outreach (both midweek and on Sundays). However, In a¢cordan¢e wilh the SOAP. the value of these servSces has not been included in these fifian¢ial statements a5 they cannot be reliably measured. Income from charitable activitie5 represents income receivable from 8oods. services and facililies supplied in furtherance of the charity's charitable objects. It includes income from events or8anised by the Charity and income from letting the charity's facilittes. The charity has taken the view that it ha5 only one charitable activity. namely the advancement of the Christiart faith. and all income ffom donations, legacies and charitable activities 15 in respect of this one activity. endilur Expenditure, including irrecoverable VAT, is ieco8nised when it is incurred or, if earlier, when a legal or ¢onStrL￿lvt obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliablv. The charity makes grants to othef institutions and Individuals to further its charitable obje¢lives. Grants payable are recognised as constructive obligations arise, whlch is generally when the charity expresses a commitment to the recipient that Can be measured reliably and then only to the extent that any conditions a550tiated wlth the grant are outside of the control ol the charity. ExpendilLrre on raisln8 funds comprises fundraising expenses. Page 22 WELLSPRING CHURCH {WATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 MARCH 2025 2 kcountinl Pollcies wntlnued enditure continued Governance costs, which are included in expendlture on charltable artlvltles but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial 5tatement5, compliance with constitutional and statutory requirements and any other expenditufe incurred on the strategic management of the charity. The CharltSes SORP requires charities with Sncome over É500,CW to allocate costs to the v•rlous a¢tivlties undertaken by the charlty. The nature ol the work of the church 15 considered to be so Integrated that the core charitable actlvlty costs are considered to be for the one activity. General funds are unrestricted fund5 which are available for use at the discretion of the trustee5 in furtherance of the general objective5 of the charity. Designated funds comprise unrestricted funds that have been Set aside by the trustees fow particular purposes. Restricted funds are donations whlch are to be used in accordance wSth specific restrirtions imposed by donors,. they include donations ieceived from appeals for specific activilies or projects. Items purchased or donated for the charity's own are capiialised when ihe cost of purchased items, or the fair value of donated Items, is more than £1,000 and the Item is expected to benelit the charity over more than one ac¢ounting period. Depreclatlon Is charBed on a straight line basls so as to write down the vilue of each asset to its estimated resldual value lif any) over Its expected useful economlc Ilfe. To achleve thls objective the followin8 rates of depreciatlon are char8ed.. Leasehold propenv Freehold buildings Equipment at 2% on c05t less resldual value at 2% on ¢osi less residual value at 20% on a straight line basis The carrylng values of iangible fixed assets are revlewed for impalrment In perlods when events or changes in circumstance5 indicate that the carrying value may not be recoverable. In the opinion of the twstees, the residual value of the charily'5 freehold bulldinB Iwhlch is a residential property In Stevenagel is very hi8h. They believe ihat the annual charge for depreciation, and the c¢Jmulative provision for depreciation, Is Immaterial and no depreclaiion has been char8ed In respect ol this buildin8 durlng the year. rm inv stm nt Current asset Investments includes cash on deposlt In a 95-day notice account whlch 15 held for Short term Investment purposes rather than io meet short-ierm cash Commitments as they fall due, The figures for 2024 have been restated to move the hxlAnr.• on th• 95.rtxv *rttir• Arrniint Ir¢)m rA¢h tn r.iirrpnt as*•t Invp%tmpnt8. ased ass Leases which do not transfer substant1311y all the rlsks and rewards of ownershlp to the charity are classified as operatin8 leases. Operatin8 lease payments are recognised as an expense on a straight-line basis over the lease term lunless another systemalic basis Is more ￿presentatIVe of usel. h) Pension scheme arran em The charity operates a group pension scheme, which is a defined contribution pension scheme, for its employees. Obligation5 lor coniribulions io this scheme are recognised as an expense when the liability arises. The assets of this scheme are held separately from those of the charity in independently administered fL*nds. The company is a registered charity,. it ha5 taken advant•8e of ihe various reliefs Irom taxation available to charities and no tax is payable on the charity's income. Page 23 WELLSPRING CHURCH IWATFORDI NOTE5 TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2015 2 Accountin8 Polldes contlnued l instruments The tharity's linancial as$ets and flnancial liabilities all qualify as b35ic financial Instiuments, as defined by FR5102. Except for loans, creditOF5 and debtors are measured at their expected seiilement value (normally the amoLtrnt of cash that the charity expects to pay or recelvel. The charity reco8nises liabilities for the principal of those loans that remain5 0ulStanding at the year end11.e. the liabilities exclLtde any interest char#eable on the loans In future yearsl. kl Critical countin estima and areas of ud ement In preparing financial statements certain judgements, estimates and assumption5 have to be made that affect the amounts reco8nised in the financial statements. The trustees note that the annual depreciation chaige for Property, plant and equipment is sensitive to chan8es in the estlmates for usefLtI economic life and residual value. These estimates are reassessed annually and, when necessary, adjusted to reflect current circumstance5. 3 Donatlons and l•8a¢l•s 2025 2024 Donations of cash and simllar Gift aid recoverable Government grants.. Access to Work 8rant Other small grants 453.446 83,744 447,213 81,777 5.243 4,163 538,397 7.756 544,946 4 Income from ch•rit•bl• •rtl¥Stl•s 202S 2024 Church activitie5 and events Lettin8 of facilities in the Wellsprin8 Church Centre Lettin8 of residential property in Stevenage Books and other sales Other income from ¢haritable activities Ichurch Weekend awavl 13.253 77,383 9.￿0 120 17.493 117.249 10,130 73,185 9,000 462 92,776 Slnce 2021 the residentlal property in Stevena8e has been let for a commercial rent (under an assured shorthold tenancvl to a couple who, as volunteers. contlnue to be engaged In church minlstry In Stevenage and wider area. Page 24 WELLSPRING CHURCH {WATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 S Charitsble expenditure 2025 2024 a Cost5 incurred directty on specific actbvlties ex Staff costs Outreach & ministries Church Weekend Awav P8stOf41 expense5 Sunday services and worship Visiting speakers Youth & children's work Mission trips Printing & stationery Training Cosl of resources pur¢hase*J for rtrsale 128,035 8.347 44,914 9.375 5,617 4.518 10,779 9.177 3,254 2,718 425 123.117 21,841 14.506 10,860 3,403 10,934 704 2,862 936 2.719 in nanc nd insurance costs Maintenance. re￿115 & repla¢ement 30.096 34,171 2,882 1,725 5,103 81 901 38.333 32,880 3,056 5,414 5,634 5,452 822 Equlpment leaslni Centre hlre costs Insurance Stevena8e House costs Storage hire Mo Mortgage interest Bank charges nk char es 25,967 2,250 28,068 2,077 Property and equipment depreciation 46,S17 62,534 Grants payable Inote 5dl 57,362 57.489 434.213 433.642 b Costs Incurred on support & idmlnlstritlon Staff costs IT Le8al and prolessional fees Office equipment Other adminisirative expenses Governance costs.. Independent examiner's fee 161.565 6,793 1.568 2,375 327 3.720 176.348 128.112 7,017 1.353 2,030 823 4.800 144.135 ¢ Property development 2,250 4,215 Total expendltur• 612.812 581.992 In the early part ol ihe year the charity undertook some lyrther prellmlnary work (professional feesl on a project that would exiend the charily's premises on Wellspring Way, which this year cost £2,25012024.. £4,215). The trustees are now reviewin8 the project before lakin8 a decision on how best to move forward The fee payable to the independent examiner for examining the accounts was £4.08012024.. E4,8001,' in addition the charity paid £1,715 12024: £1,562) to Stewardship for payroll bureau and consultancy services. Page 25 WELLSPRING CHURCH IWATFOROI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 sd Grants payable Institutions Individua15 2025 Grant5 to 511PPOrt UK and overseas mission Artion Europe Alternatives Assemblie5 of God Chari5 Tiwala East West Ministries Lofiobougtru Church. Lee8erÈ New Hope Trust OneYMCA Watford Town Centre Chaplaincy Other small grants Grant5 for education Watford schools Trust Dlgnifv Operation Steadlast Ilewels School, Sierra Leonel 3,400 3,400 1.440 12,000 1,440 10,280 4,308 3,240 1,440 1,440 910 1,440 12,000 1.440 10.280 4,308 3.240 1.440 1,440 410 500 250 3.505 150 2SO 3,505 Iso Grants for the relief of hardship Gifts from the Church Family FLtnd and from a special offering Youn8 Adults (Wellness Fund) 2,202 11,204 153 15,258 13,407 153 57,362 42.105 GrJnt$ p•yabl* tonilnued Institutlons Individuals 2024 Grants to support UK and overseas mission Action Europe Alternatives Assemblies of God Aiii Partnership, Lebanon Charis Tiwala East West MlnistrSes Lafiabougou Church, Leegere New Htspe Trust OneYMCA Teklu and Selam Wolde Iworkin8 in Ethloplal Watford Town Centre Chaplalncy Other small grants Grant5 for education Dignify Field School Operatlon Steadfast (Jewels School, Slerra Leonel Grants for the relief of hardship Gifts from the Church Family Fund and from a special offering 3,300 3,300 1,440 12,000 5,421 1,440 10,811 150 1,623 680 625 1,440 350 1,440 12,000 5,421 1.440 10,811 150 1,623 680 625 1,440 350 1.478 506 150 1.478 506 150 16.076 20.001 16,076 57.489 37,488 Page 26 WELLSPRING CHURCH {WATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ÉNDED 31 MARCH 2025 6 Cost of raising funds 2025 2024 Other- Stationary and card payment fees 2.993 2,993 2.253 2.253 Y Analysls of staff costs, the cosl of key m•fia8emeni personnel and trust•• remuner•ilon 2025 2024 Gross wages and salaries Soclal 5ecuritv PensSon costs Other employment benefits f UKVI Workersponsership Fees in prtor year? 2S2.652 15.037 17,855 921 286,46S 223,494 11,749 12.499 1,246 248,988 No siaff recelved salaries at a rate of more than £60.000 per annum. Much of the charity's artivities are carrled out by volunteers. Durln8 the yeaf the average monthly nLtmber of employees was.. 2025 Numbers 2024 Numbers Full tlme staff Part time staff Total avera#e monthly number of employees The charity's key management comprise the trustees and the key staff named on the Company Inlormation paBe. Total employment benefits payable to key management for the year were as follows.. Employer pension CCrt)tr¢butions Wales & salaries 2025 Rev Davld Dodwell 46,500 46.500 3,720 3,7ZO SO.220 50.220 The followin8 amounts were payable in the prevlous year.. Employer pension contributions Wa8es& salaries 2024 Rev Tim Robert5, (who was a trustee until September 20231 Rev Davld Dodwell 10,187 41,215 51,402 911 2,317 3.228 11.099 43,532 54.631 Rev TIM Roberts. stepped down as Senior Mlnister Sn September 2023 when he handed over this role to Rev Davld Dodwell who Rev Tim Roberts luntill Sept 20231 and Rev David Dodwell served as trustees. They were not remurterated for serving as trustees but for serving as church leader5; these payment5 are permitted by the charily'5 8overnin8 document. Pagè 27 WELLSPRING CHURCH IWATFORD) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 8 Tan8ible fixed assets Long Leasehold Propertv Fixtures, 2025 flttlngs and equipment Freehold Property Total 2025 Cost At l April 2024 Additions Disposals At 31 March 2025 251,105 2,042.048 244,721 4,713 16,0581 243.377 2,537,873 4.713 16,0581 2.536.528 251,105 2.042.048 Accumulated depreciation At l April 2024 Charge for the year Eliminated on dispcisal At 31 March 2025 1,256 259,324 20,420 174,862 26,097 12.4231 198.536 435.440 46.517 12,4231 479,535 1.256 279.744 Net book value At 31 March 2025 249.849 1.762.303 44.841 2.056,994 At 31 March 2024 249.849 1,782,724 69,858 1.102.433 9 Debtors 2025 2024 F•lllnB du• wlthln on• year,. Church centre hire debtors Gift aid re¢overable Prepayments and other debtors 6,357 11,981 14,142 32,480 13,078 17,488 31,265 61.831 10 Current ass•t- short t•rm Investments 2025 2024 Bank deposit account195 day notice) 339.377 339.377 302,900 302,900 11 Cash at 8¥nk arbd In Hand 2025 2024 8ank current account Bank deposit account Ino noticel Petty cash 95.396 100.949 1,037 197.382 63.526 S8,059 1,043 122.628 12 Credltors.. Ilabllltl•s falllni du* wlthin one year 2025 2024 Trade creditors Atcrued expenses Grant obli8ations Deferred income Mortgage capital 6,200 5,200 4,761 743 16,797 15,134 4,200 3,307 1,471 15,480 33,700 39.591 Page 28 WEl￿PRING CHURCH IWATFORD} NOTÉS TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 13 Creditors: amounts fallin8 due after more ihan one year 2025 2024 Deferred income Mort8a8e capital 387,611 387,611 404,721 404.721 14 Deferred Income Deferred income comprlses.. 2025 2024 èf rr in 8alance at the beginnin8 of the reporting period Amount released to income in year Amount deferred in year 8alance at the end of the reportine period 1,471 11,4711 743 743 2.137 12.1371 1,471 1,471 Deferred Sncome comprSses Sncome received durlng the year for church events that dld not take place untll aftei the end of the year when the receipts were reco8nised as income, 15 Morta8e The liability for the mortgage referred to in note5 13 and 14 fall due for repayment as follow5: Bank loans 8y instalment5 202S 2024 Repayable.. Within one year 8eiween one and five years After flve years 16,797 78,106 309.SOS 16,797 78,106 309,505 404.409 15,480 72.445 332,276 420.201 The mortga8e Is secured on the charity's leasehold property Ibeln8 the church buildin8 on Wellsprin8 Way). Interest Is payable at a variable rate, which at the bolance sheet date wa5 6.05%16.21)% al the beginnin8 of the year). The mort8a8e must be repaid in lull by 2040 and repayment5 are bein8 made monthly. During the year no over payments were made, but the opiion lo do $0 in the next yeaf is under review.12024.' to help reduce charges lor mortgage interest. the charity made an additional repayment of £50.(*)) from the charlty's desi8nated charity reserve fund.) Pa9e 29 WELLSPRING CHURCH {WATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 16 Penslon commitments Durln8 the year employer's pension contributions totallin# £17,855 12024.. £12,499) were payable to deflned contrlbutlon Dersonèl oension schemes. No Dension contributions were owlnq at the balance sheet date12024.. £nill. 17 Funds Durlng the year the movements in the charity's funds were as follows: Opening balance 2025 Incoming resources Outgoin resources 2025 Transfers in the year 2025 Closin8 balance 2025 2025 De51qnoted Funds Charity Reserves 68,000 li0,0￿) 58,0(N) Generol Unrestricted Funds 1.764.271 614.939 (588,0331 10,000 1,801,177 Totul Unrtstrirted Funds 1832 271 614 939 588 033 1859 177 Restricted funds Wellsprin8 euilding fund Church Family fund Wellness.. Youn8 Adults Easl Wesi Minlsirles Special Offerings New Hope Overseas Missions Lee8ere Operation Steadfast Di8nify 303,104 5,402 2,213 40,S27 3,970 12,4541 16.8631 IIS31 14.7001 IS,2801 11.8001 14,3081 11501 12,0651 341,177 2,509 2,059 4,700 5,280 1,800 1,818 150 2,065 2,490 313 208 60 309 Aqqregote oflunds 2,145,478 675,248 1615.4061 2.204,921 An•lysis of net assets by lund The assets and liabilities of the various funds were as follows: nr tricted Funds General Designated funds funds Restricted funds 2025 Tangible fixed assets Debtor5 Investments held as current assets Cash at bank and in hand Creditors fallinB due within one year Credilors falling due after one year 2.056,994 31,956 2,056.994 32.480 339,377 197,382 133.7001 1387,6111 2 204 922 524 339.377 10,604 14,7611 128.779 128,9401 1387,6111 1801 177 58,000 Page 30 WELLSPRING CHURCH IWATFOROI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 202S 17 Funds contlnued In the previous year li.e. in 20241 the movements in the charity's funds were as follows.. Opening balance 2024 Incoming resources 2024 Outgoin8 resources 2024 Transfers in the year 2024 Closing balance 2024 Desl8nated Funds Charlty Re5erve5 120,000 152,0001 68,000 General Unrestricted Funds 1,682,720 574.250 1549,9431 57,243 1.764.271 Total Unrestrlcled Funds 1802 720 549 943 1832 271 Restrlcted Funds Wellsprlng Building fund Church Family fund Wellness.. Youn8 Adults Staff Welfare Special Offerln8S East West Ministrles Overseas Misslons Di8nify 273.365 4,461 3,000 34,051 5,459 14,3121 14,5181 17871 303.104 5.402 2,213 S,243 10.699 s,Iso 2,860 38 15,2431 3.077 113.7761 15,1501 15.7211 1381 5,351 1,490 63500 313 208 Aggregate of funds 2.091.974 637.750 1584.245) 2,145,478 Analysls of nel a55ets by fund In the prevlous year li,e. 20241, the assets and1Sablllties of ihe various lunds were as follows.. nres Geneial funds Designated fund5 Aestrlcted fund5 2024 Tangible fixed a55ets Debtors Investments held as ¢urrent assets Cash at bank and in hand Creditors falling due within onè year Creditors falling due after one year 2.102,433 54.979 2,102.433 61.831 302,900 122.628 139.5911 1404,7211 6.852 302.900 5,078 11,6221 49,550 137.9691 1404,7211 68,000 1764 271 313 208 2 145 479 Page 31 WELLSPRING CHURCH IWATFORD) NOTES TO THE ACCOUNTS FOR ThE YEAR ENDED 31 MARCH 202S 17 Funds contlnued nat d Fun The Charfty Resebves fund represents monies set aside by the Trustees to help the charity comply wlth Its reserves policy. To provbde for an item of e¥ceptional planned expenditure in 2024-5, in the pievious year £10,000 was transferred lo this fund to provide for this exceptional expenditure. This was spent during the year. £10,000 was returned to general unrestricted funds. Restricted Funds The Wellsprlng Bu51ding fund represents donations received to help fund the constructlon of an extension to the Wellspring church building. The Olinwy fund wa5 created by grants an(J donations received to support a new local charity. This charity has now been taken on by OneYMCA and supportefs now giving directly to the new charity. In the year a one off collectlon was 8lven to the charity In memory of its founder and previously Wellspring Church Leader IRev Helen Roberts). IRev Tim Roberts was the husband of Helen Roberts and in the previous year moved Irom being Senior Minister - employed part time by Wellspring Church to being employed full time by OneYMCA as head of Christian Misslonl. The East West Mlnlitrl*s fund was created from donatlon$ received to support the Charltyl a Christian mlnistry working across Eastern Europe and the Mlddle East. In the year the key person supported by Eastwest was also reco8nised as an Elder lunpaldl ol We115prinB Church. Prevlously Rev TSM Roberts was a trustee of Eastwest Ministries and in the year Rev David Dodwell was appointed a trustee. The Spe¢l•l Offerin8s lund represents donations received from Special offerin85 taken mainly to help 5UPPOrt specific charilable projects and cau5e5 undertaken by oiher individuals and organisations. This ind last year it included special offerin85 given to help meet the cost of mission trips to Spain includin8 sending 8roups of young people,. last year It Includes a special offering taken to support someone facSn8 tremendous hardship. The Church Family fund (previously called the Compasslon fund) represents donations received to help individuals In times 01 ¢rlsis or hardship. The Wellness fund represents donations and a grant received to enhance mental health in the local community post COVID by providing SUPPOrt. guidance advice. Not all of the money recelved for this project could be used and, wlth the pefmi55ion of the donor, in the 2023 the unspent balance Iwhlch was £3,000) was transferred to a new Younq Adults wellne￿ lund,. the money held by this new fund is being used to help relleve lonellness, ald Incluslon and improve mental health among young adults. The Overseas Mlsslons funds represents donations received to help fund over5ea5 mi55ion5 work by indivlduals and other ofganisations in countries Such a5 Spain, Burkina Faso, ethiopia. Sierra Leone (Steadfastl and Kosovo. Page 32 WELLSPRING CHURCH IWATFORDI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED ai MARCH 2025 18 Operatlng lease commltments The charity has operating leases for. equipment and for the land on which the Wellspring church buildirb8 IS situated,. the lease for the land expires in 2135 3 review of the timing of the lease meant after the year end a prior year laibility of Eloi￿ was discovered and paid. In the year the copier lease was renewed includin8 the final year of the Current lease. The phone lease was renewed with new phones. The payments due under these leases are as follows.. Ground rent 2025 Equipment Payments falling due.. Within one year 8etween one and five years After five years 2.9S5 10,617 4,955 14,617 105,000 124,572 105,¢JJO iii,000 13,572 The charity's operatin8 lease commitments at the previous balance sheet date were as follows.. Ground rent 2024 Equipment Payments falllng due.. Wiihin one year Between one and five years After flve year5 1,000 4,000 106,000 iii,000 2.882 2,B82 3,882 6,882 106,000 116,764 5.764 Durlng the year the ¢harity was charged £2,88212024.. £2,882) for Its operatSng lease$. 19 Transactlons wlth related partles During the year the charity.. al recelved donations totallTrn8 £78,13012024'. £50,857> from felared parties Iwhrch Includes trustees. key management and anyone closely connerted to them). bl pald employment benefits totalling £l,88112024..£1,4191 to a person Closely related to 4 trustee. (Payment to Matthew Lee who is a relaied party of Trustees Jo Lee & Alex Lee) Except for the feimbursement ol expenses Sn¢urred when a¢tin8 as a8ent for the charity. r)0 expenses were paid to, or foi. the trustees. Except as disclosed in note 7 'Analysis of staff costs,, there have been no other transaction5 Wlth related parties during the year. 10 Members Each member of the c¢)mpany commlt$ to contribute up to £10 if the charlty Is wound up. Page 33 WILISPftIIIGCMUAC1IIWAT%O￿ DÉTAILED$TATI￿NfoFFIN￿NCIhLA(r￿￿*$WITH(omp￿￿ATbVEs FOR TNEVEAH ENDEOJI MARCH ZOIS R•strkt•d 1025 t5W•t 1024 Re5trio 2014 2025 1025 2024 &)1¢ COME AflDENoowMirirs FROhl.. Oon4tions4nd logKI•i 497,031 47.914 544.946 401.474 92.776 56.923 538.397 92.776 6,577 65 12.39$ 13.053 •XlgJ9 574.Z5Q ,5 637,75 EMpENoinipÉoN.. $4?.690 34,301 581.992 1,790 204 2.991 T•tilExp•ndllw• 514033 27,773 615JOS ,Joi 514,245 N•tlrrt•m•ll•*pthidttMt•l 26.906 59.443 Z4.3C4J 53.504 Trini1￿￿i￿••n lun i0,D iio,rmi 152,OWI IiO,fml 59.443 5J.5Q4 N•t mw•m•ntlThlynth iio,000 55.41J 151.WJl 13.153 53.501 1,761,171 514207 1,14$071 i?o.000 289.254 2.091.974 T•1•lfvndsuril￿l￿wlr 5,744 2,104,911 1,7•4,271 JIJ,107 1,145.47B P•9• 34