Charity reglstratlon number 1134688 Company reglstratlon numbor 06973220 (England and Wales) WACC COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WACC LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrA C Hancock Mr R Sellick Mr R Hartley Mr l Blake Mrs F Holmes Dr SR Gamble (Appointed 28 November 2024) Charlty number 1134688 Company number 06973220 Regl8tsred offlc• The 1Olell 48 East Green, WestAuckl8nd Bishop Auckland County Durham DL14 9HJ Independont axamlner Mr John Yarrow FCA Allen Sykes Limited 5 Henson Close South Church Entarprlse Park Bishop Auckland Co Durham DL14 6WA
WACC CONTENTS Pag• Trustees, report Independent examiners report statement of financial activities statement of financial position Notes to th8 flnancial statements 7-18
WACC TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The truste8s, vtho are also the directors for the purposes of company law, present their annual report and financial statements for the year end8d 31 Decemb8r 2024. The financial statements have been prepared in accordance with the accountlng policies set out in the notes to the financial statements and comply with the Companles Act 2008 8nd "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparfng their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Oblectlv08 and actlvltles The objects of the charity are, for the benefft of the public: 1. to advance the Christlan faith (in accordance with the Statement of Beliefs) in such ways and in such parts of the Unlted Kingdom or tha world, as the trustees from time to tim8 may think fft,. 2. to relieve sickness and financial hardship and to promote and preserve good health by the provision of fund8, goods or services of any kind, including through the provislon of counselllng and support in such parts of the United Kingdom or the worfd as the trustees from time to time may think fit., and 3. to advance education in such ways and in such parts of the United Kingdom or the world as the trustees from time to tim8 may think fit. The tru8tees have pald due regard to guidance issued by the Charity Commi8sion in deciding what activrties the charity should undertake. Achl•vements and performance Introductlon Much of what follow$ is, rightly, focussed on what we do, our mlnlstry and support actlvltles each of whlch come8 about because of who we are. Who we are is the reason for what we do arKI who we are is a group of people who have taken up the invitation to be followers of Jesus. As such we are strengthened and sustained through our lives together in wor8hip, prayer and fellowship which in turn are expressed in mission and service in line with Jesus words, Ilfe and exampl8. R•vlew of the year & Church overvlew As we moved into 2024 it actually felt like Covid was fulty b8hind us and we could look forward to some stability and opportunities for 'regrovéth' In terms of the church family and its Service and outreach. Regular attendance was growing but, atthough close. not yet back to pr&covid levels. New people joined us during the ye8r and the generoslty of people, as evidenced in general giving of time and money, was as buoyant as ever. Our cost, of cours6, continued to increase in many significant areas, particularly our mortgage and utilttles.
WACC TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reachlng beyond our walls The bulk of our outreach and support activities remain focused on local people and their local communitie5 or the use of the Vineyard Centre ft)r activiti8S to which people who are not 'members' of the church community are invited and welcomed. Monday Games Afternoon This continues to be a popular time for people to meet, drink tea or coffee, chat and play games- table tennis, pool or board games. The Well The Well, our community based café, is also a ministry and continues to spearhead our work of supporting local people and the community. It has been a year of change for The W811, and due to reduced volunleer nunb8rs, we decided to reduce our opening hours from 4 days a week ffuesday - Frid8y) to 3 days a week (Wednesday - Friday) to ensure sustainable operation. This 25010 reduction In our opening hours has had an understandable impact on our traded Income in the Café. At the end of July The Well Manager, Andy, left tha organisation to pursue other mlnlstry direclions and w8 are deeply grateful for hi$ service. In October we were pleased to appolnt a new Manag8r, Samantha. Despite all the change many of the seniices we provide remain the same a$ previous years. We enjoyed another great 'MacMillan Coffee Moming, In September at which £557.54 was raised for Macmillan. In October we were the last Stop on Victoria, Nicolas and Alexanders 31 mlles of Walklng to raise funds for Pancr8atlc Cancer. In total they raised over £2000 In their campaign. 14Ve are grateful to all our individual donors and organisations who have supported the Trussell Trust Foodbank which we host. This foodbank has operated throughout the year provlding crisis food support to 626 people in total. The hospitality of the Foodbank was further enhanced through the operation of our Community Grocers, and the generosity of The Well Café, which over the year donated 260 pots of tea, 305 Lattes, 277 Cappuccino's and 50 Americano8 to our foodbank clients, other people In need and the volunteers supporting them. We continue to offer our meeting room to organi8ation8 which offer free support to our community. This year we have hired that SP8ce to Mental Health Matters, Communlty Money Advice, Rape and Sexual Abuse Counselling Centre (RSACC) and INellbeing For Life {WBfL) and we have also welcomed other organisations to use our café to engage with the community. The88 Include. The local MP, the nelghbourhood policing team, Believe Hou5ing'8 Employability Team, Durham County Council's Employability Team, The Durham County Councll Rough Sleeping Team and County Durham Drug and Alcohol Recovery Servlce (Waythrough). We are grateful to all our volunteers who enable The Well to offer so much support to so many peoFJe. They go above and beyond to ensure that everyone who comes has the best experience they can, whether buying a coffee, using our food bank or accessing our community grocers. We continue to build a sense of community, where anyone can come and be treated with dignlty. As has always been the case our alm is to show the love of J8sus through our actions in the community. Our faith is central to everything we do. The Well In the Communlty (WITC) Now more established, The Well in the Community, a natural extension to the work of The Well. In short this service actively provides support for people with particular needs who have not or cannot come to The Well. We are regularly able to help people with varying requirements across a very diverse range of needs to those within our own networ*s and for those referred by numerous other agencies. The help we offer include making phone calls, filling in benefit forms, funding for needs in crisls situations from Acts435, referrals to Food bank, CAP (Christians Against Poverty) budgeting advice. shopping for the ill or housebound, befriending the lonely and isolated, simple DIY tasks and mowing lawns etc. And finalty..... Our senior leaders will be stepping down from leadership in July 2025 vthen their appointed SucSS0[ will take up the position of 'senior leader,. This major change will no doubt herald new opportunities along with refreshed vision, vitality, and growth.
WACC TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew The financial statements on page5 7 to 22 show the performance and current position of the company which the trustees consider to be satisfactory. The company has a formal reserves policy whereby tha trustees would ideally like to hold free reserves to cover three months core costs expenditure which Is currently estimated at approximately £10,000. The company currently has negative free reserves of £38,805, however, if long term liabilrties are exclud8d this figure would increase to positive free reserves of £102,167, which would be in excess of the level set in the reserves policy. The trustees believe the shortfall in unrestricted free reserves will b8 made up in the forthcoming years. Structure, governance and management WACC is 8 charitable company limited by guarantee, incorporated on 27th July 2009. The company wa8 established under a Memorandum of Association which established the objects and powers of the company and is govemed under its Articles of Assoclation. The trustees, who are also the directors for th8 purp08e of company law, and who served during the year and up to the date of signature of the financial statements were.. Mr A C Hancock Mr R Selllck Mr R Hartley Mr l Blake Mr G Wood Mrs F Holme8 Dr SR Gamble (Resigned 5 March 2025) (Appointed 28 November 2024) Trustee recrultment and appolntment I trustee appointment8 will be by joint decislon by the current trustees at the AGM. Inductlon and tralnlng of new tru8t••s The charity trustees a currently one of the sanior leaders of the church plus five othfrr church members. The trustees are familiar with the Charity Commission support material for trustees and they do not consider that further training will be required to be undertaken in the forthcoming year. Rlsk management The trustees have a duty to identify and review the risks to which the charlty is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The risks have been reviewed by the trustees and sy8t8ms established to mitigate those risks. Small company provlslons This report has teen prepared in accordance with th8 provisions applicable to companies entitled to the sm811 companies exemption. Th8 trustees. report was approved by the Board of Trustees. Dr SR Gamble Trustee Date..
WACC INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WACC I report to the trustees on my examination of the financial statements of IIVACC (the charity) for th8 year ended 31 December 2024. Respon8lbllltlos and basls of report As the trustees of the charity (and also Its directors for the purposes of company law) you are responsible for th8 preparation of the financial ststements in accordance with the requirements of th8 Companies Act 20(E (the 2006 Act). Having satisfied myself that the financial statements of the charlty 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 the charlty's financial ststements carri8d out under section 145 of the Charities Act 2011 (the 2011 Act). In carying out my 8xamlnation I have followed all the applicAble Directions given by the Charlty Commission under section 145{5)(bl of the 2011 Act. Independont examlnerfs ststement I have completed my examinatlon. I confimi that no matters have come to my atténtion In connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view whlch is not a matter considered a8 part of an independent ex8min8tlon; or the financial statements have not been ppared in accordance with the methods and princlples of the Statement of Recommended Practice for accountlng and reporting by charities applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ard Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connects'on with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Mr John P Yarrow FCA Independent Examiner Allen Sykes Llmlted 5 Henson Close South Church Enterprise Park Blshop Auckland Co Durham DL14 6VIA &LL Ipr,'i
WACC STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted R8Strlcted funds funds 2024 2024 Total Unrestrictad Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and18gacies Other trading activities Inv8Stments 88,752 28,958 1,590 19,878 108,630 28,958 1,590 93,408 33,339 905 19,653 113,061 33,339 905 Total Income 119,300 19,878 139,178 127,652 19,653 147,305 Expondlture on: Raising funds Charftable activitie8 11,431 103,985 11,431 107,556 15,459 135,799 15,459 143,483 3,591 7.684 Totsl expendlturo 115,396 3,591 118,987 151,258 7,684 158.942 Not Incomel(expendlturn) 3,904 16,287 20,191 (23,606) 11,969 (11,637) Tran8f8rs between funds 14 47 (47) 89 (89) Net movement In funds 10 3,951 18,240 20,191 {23,517) 11,880 111,637) Reconclllatlon of funds: Fund balances at 1 January 2024 488,302 101,537 589,839 511,819 89.857 601,476 Fund balances at 31 December 2024 492,253 117,777 610,030 488,302 101,537 589,839 Included in the comparatlve figures above is income totslling £11,581 and expenditure totslling £21,438 from discontinued activities.
WACC STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 15 591,552 601,861 Current assets Stocks Debtors Cash at bank and In hand 16 17 1,443 320 164,981 1,511 253 137,615 166,724 139,379 Credltor8: amounts falllng du8 wlthln one year (7,274) (7,412) Net currant a$80ts 159,450 131,967 Total a88ets1033 current Ilabllltles 751,002 733,828 Credftors: amounts falllng due after more than one year 20 (140,972) (143,989) Net assets excludlng penslon Ilablllty 610,030 589,839 Net assets 610,030 589,839 The funds of the charlty Restricted income funds Unrestricted funds 22 117,777 492,253 101,537 488,302 610,030 589,839 The company is 8ntltled to th8 exemptlon from tha audit requirement contained In section 477 of the Companies Act 2006, for the year ended 31 Dec8mber 2024. The directors acknow18dge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial Statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These tlnancial statements have been prepared in accordance wlth the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on DrSR Trustee amble Company registration number 06973220 (England and Wales)
WACC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charlty Information WACC is a private company limited by guarantee incorporated in England and Wales. The registered office Is The Well, 46 East Green, WestAuckland, BlshopAuckland, County Durham. DL14 9HJ. 1.1 Accountlng conv8ntlon The financial statements have been prepared in accordance with the Companies Act 2008, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102"> and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Publlc Benefit Entity as defined by FRS 102. The charity has taken advantage of th8 provlsions in the SORP for charities not to prepare a Statanent of Cash Flows. The financial statement8 are prepared In sterling, whlch is the functlonal currency of the charity. Monetary amounts In those financlal statemants are roundad to the nearest £. The finandal statements have bean prepared under the historlcal 8t conv8ntlon. The principal accounting policies adoptsd are set out below. 1.2 Golng concern At th8 time of approving the flnancial statements, the trustees have a reasonable expectation that the charity has adequate resourc8S to continue in operatlon81 existence for the foreseeable future. Thus the trustees continue to adopt the golng concern basis of accounting in preparing the financial statem8nls. 1.3 Charftable fund8 Unrestricted fund8 are available for use at the discretion of the trustees in furtherance of their charltable obj'ectives. Restricted funds are 8ubject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financlal statements. Endowment funds are subject to speclfic conditions by donor8 that the capltal must be maintained by the charity. 1.4 Income Income is recognised when the charlty is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on recelpt. Other donatlons are recognised once the charity has been notif18d of the donation, unles5 performance conditions require deferral of the amount. Income tax recoverable In relation to donatlons received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt Is expected. If the amount is not known, th8 legacy is treated as a contingent asset.
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructlve obligation to transfer economic benefit to a third party, it Is probable that a transfer of economic benefits will be required in settlement, and the amount of the obllgation can be measured reliably. Expenditure is cl8ssifi8d by actFvty. The costs of each activty are made up of the total of di1 costs and shared costs, includlng support costs involved in undertaking each activity. Direct costs attributable to a single activity ar8 allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basls consistent with the use of resources. Centr81 st8ff costs are allocated on th8 basis of tim& spent, and depreciation charges are allocat8d on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets ar8 Inltlally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets les8 Iheir residual values over thelr useful lives on the following bases: Freehold Propety Flxtures and fittings Equipment 1 % stralght line 20% straight line 25°h & 33% straight line The gain or loss arislng on the dlsposal of an asset is determined 88 the dlfference been the sale proceed8 and the carrying value of the asset, and is r6cognised in the statement of financial activities. 1.7 Impalrment of flxed a886ts At each reportlng end date, the charlty ravlaws the Carrying amounts of its tanglble assets to determine whethor Ihere is any indication that those assets have suffered an impairment Ios8. If any such indration exists, the recoverable amount of th8 asset is estimated in order to determine the extent of the impaiment loss (If any). 1.8 Stocks stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condltion. Net realisable valu8 Is the estimated selling price less all estimated costs of completlon and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equlvalents Cash and cash equivalents Include cash in hand, deposlts held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown vAthin borrowings in current liabilities. 1.10 Flnancial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balanc8 sheet when the charity becomes party to the contractual provisions of the instrument.
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng polici88 Icontlnued) Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, ar8 Initially measured transaction price including transaction costs and are subsequently carried at amortised cost Using the effectiv8 interest method unless the arrangem8nt constitutes a financing transaction, where the transaction is measured at the pr8sent value of the future receipts discounted at a market rate of interest. Financial a88ets classified as receivable within one year are not amortised. Baslc flnancl81 Ilabllltios Basic financial liabilities, including creditors and bank loans are initially recognised at transaction prfce unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present valu8 of the future payments discounted at a market rate of interest, Financial liabilities classified as payable wtthln one ygar are not amortised. Trade creditors are obligations to pay for goods or seprfices that have been acqulred in the ordlnary course of operations from suppliers. Amounls payabl8 are classified as current liabilit188 if payment is due within one year or less. If not, they are presented as non-current liabllitie8. Trade creditor8 are recognised initially at transaction price and subsequently measured at amortised cost using th8 effective interest method. 1.11 Employee benofft8 Termination b8nefits are recognised immediately as an expense when th8 charity is demonstrably committed to terminate the employment of an employe6 or to provide t8rminats.on benefits. 1.12 Retlrement boneflts Payments to defined contributlon retlrement benefft schemes are charged a8 an expense as they fall due. Crltlcal accountlng e8tlmat88 and Judgements In the appllcation of the charity'8 accounting policles, the trustees are required to make Judgements, estlmates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assoclated assumptions are based on historlcal experience and other factor8 that are consldered to be relevant. Actual results may differ from these estimate8. The estimates and underlying assumptions are reviewed on an ongoing basls. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in th8 period of the revision and future perlods where the revision affects both current and future periods. Llmlted by guarantee The charity Is a company limited by guarantee, thère being no Issued share capital, and as such is not under the direct control of any Individual but by the board of directors as a whole. At 31 December 2024 there were 7 members, each of whom had undertaken to contribute an amount not exceeding £5 in the event of a winding
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons and legacies Unrestrlcted Réstrlcted funds funds 2024 2024 Total Unra8trlcted Restrictad funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants Receivable 88,752 17,378 2,500 106,130 2,500 93,408 17.653 2,000 111,061 2,000 88,752 19.878 108,630 93,408 19,653 113,061 Grants recelvabl6 for core actlvltles Afflold Clark Belleve Housing Durham Community Action 2,500 2,500 1.000 1,000 1,CQO 1,000 2,500 2,500 2,000 2,000 Income from oth8r tradlng actlvltlos Unrestrlcted Unre8trlcted funds funds 2024 2023 Shop Income Trading activity income.. other 27,151 1,807 32,276 1,063 Other trading activities 28,958 33,339 Income from Investm•nts Unrestrlcted Unrestrlcted fund8 funds 2024 2023 Rental income Bank interest receivable 1.143 447 700 205 1,590 905 10-
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ralsing funds Unr88trlcted Unrestricted funds funds 2024 2023 Operating charity shops Other tradiro activltles 10,649 123 13,480 55 Trading costs 10,772 13,535 659 1,924 11,431 15,459 11
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WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to actlvities 2024 2023 Depreciation Premises costs General office costs Other costs Legal and professional Governance costs 10,309 30,818 4,060 2.294 35 16,043 10,690 24,000 7,263 2,991 35 15,564 63,559 60,543 Analysed between: Church Acttvities The W811 The Vineyard Centre IPleard8le Vln8yard 37,073 26,488 20,743 25,041 9,937 4,822 63,559 60,543 10 Net movement In fund8 2024 2023 The net movement in fund8 18 stated after charglngl{crediting).' Fees payable to the charity's indep8nd&nt examiner: for the independent examination of the charity's financlal 8tatement8 for other financial servic88 Depreciation of owned tangible fixed assets 2,840 474 10,309 2,400 540 10,690 11 Trustees Mr A C Hancock, trustee received remuneration totalllng £11,619 during the year in his role as the church pastor. This remuneration was considered allowable under the company's articles of associatlon which state that a trustee can be remunerated providing it is authorised by a resolutlon of the trustees and the trustees are satisfied they are the best Person for the job. No remuneration or other benefits from employment with the charity or a related entity were received by the other trustees. No trustee expenses have been incurred. 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 13-
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees {Contlnued Employment costs 2024 2023 Wages and salaries Other penslon costs 28,498 155 41,521 304 28,653 41,825 There were no employees whose annual remuneration was more than £60,000. Remuneratlon of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 22,145 21,505 13 Taxatlon The charity 18 exempt from tsxation on it8 activiti88 because all its income is applled for charitable purposes. 14 Transfers A transfer of £47 was made from rastri¢ted funds to unrestrlcted funds relatlng to unspent funds which are considered to not repayable. 16 Tanglble flxed assets Fr••hold FlJtlur•• and Propety flttlngs Equlpm•nt T¢)tal Cost At 1 January 2024 Dispos818 644,831 13.329 25,146 {2,325) 883.306 (2,325) At 31 December 2024 644,831 13,329 22,821 880,981 Doproclatlon and Impalrmont At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 51,584 8,448 12,910 182 16,951 3,679 (2.325) 81,445 10,309 (2,325) At 31 December 2024 58.032 13,092 18,305 89,429 Carrying amount At 310ecemb8r 2024 586,799 237 4,516 591,552 At 31 December 2023 593,247 419 8,195 601,861 14-
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Stock8 2024 2023 Raw mat8rials and consumables 1,443 1,511 17 Debtors 2024 2023 Amounts falllng due wlthln one year. Trade debtors Other debtors 120 200 253 320 253 18 Loans and overdrafts 2024 2023 Bank loans 144,582 147,387 Payable withln one year Payable after one year 3,610 140,972 3,398 143,989 Amounts Included above vthlch fall due after five years.. Payable by instalments 123,894 127,154 The remaining lerm of the bank loan as at 31 December 2024 was 19 years and 9 months. The loan is repayable by instalments and the interest rate as at 31 December 2024 was 8.25%. 19 Credltor8: amounts falllng due wlthln one year 2024 2023 Notes Bank loans Trade creditors Other creditors Accruals and deferred income 18 3,610 853 3,398 1,158 315 2,541 2,811 7,274 7,412 The bank loan is secured ag8inst the property held by the company. 15-
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Credltors: amounts falllng due after more than ono year 2024 2023 Notes Bank loans 18 140,972 143,989 The bank loan Is secured against the propety held by the company. 21 Rotlremant boneflt 8ch•me$ 2024 2023 Deflnad Contrlbutlon 8cheme8 Charge to profit or Ios8 In respect of defined contribution schemes 155 304 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of tho scheme 8r8 held separately from those of the charlty in an independently administer8d fund. 22 Re8tr1cted funds The restricted funds of the charlty ¢ompri8e the unexpended balances of donatlons and grants held on trust subject to speclfic condltlons by donors as to how they may be used. At 1 January 2024 Incomlng resources R080urces expended Transfern At31 December 2024 Garfield Weston Foundation Donations for specific use Durham County Councll All Churches Trust Foodbank Donations Gaunless Gateway Small Grants FurKJ Pastoral Ald Helping Hands Donations Amold Clark Succession Planning Well Minlstry Donations Believe Housing Food Project 23,000 21,093 10,625 6,440 6.398 {250) {229) (115) (70) (2,117) 22,750 20,864 10.510 6,370 8,051 3,770 47 2,035 13,693 (47) 600 <126) 2,509 13,693 2,425 22,961 2,500 8,541 4,467 (75) 14,420 3,286 500 (109) (500) 101,537 19,878 (3,591) (47) 117,777 16-
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Restrlcted funds Icontlnued) Prevlous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Garfleld Weston Foundatlon Donations for specific use Durham County Council All Churches Trust Foodbank Donations Gaunless Gateway Small Grants Fund Pastor81 Aid Family Youth Worker Donations Helping Hands Donations Family Fun Day Succession Planning Well Minlstry Donations Believe Housing Food Project 23,250 21,322 10,740 6,510 6,269 (250) {229) (115) (70) (3,439) 23,000 21,093 10,625 6,440 8,398 3,568 47 1.616 6,210 13,693 47 2,035 1,513 8,210 (1,094) (14,420) 13,693 1,500 (1,411) (89) 14,420 14,420 3.286 500 4,362 500 (1,076) 89,657 19,653 (7,684) (89) 101,537 Purpose of restricted funds: Gaffield Weston Foundation - To fund the capital expenditure on the Vineyard Centre project. Donations for 8peclfic use- To fund specific church activlties and the Vineyard Centre project,. Durham County Council - To fund the capital expendlture on The Well project,. All Churches Tru8t- To fund the capital expenditure on the Vineyard Centre project., Foodbank Donations - To fund purchases for the focKlbank: Gaunless Gateway Sm811 Grants Fund - To fund the running of a holiday club; Pastoral Ald - To fund help to any church member in crisis. Family Youth Worker Donatlons- To fund the cost of providlng a family youth worker; Helping Hands Donations - To fund outreach work., Amold Clark - To fund activities undertaken at The Well; Family Fun Day - To fund a Family Fun Day; Succession Planning - To fund the cost of appointing a new pastor; 1Olell Ministry Donations - To fund the Well Ministry work,. Believe Houslng Food Project - To fund 8 food project at The Well. 23 Unrestrfctsd funds The unrestricted funds of the charity comprise ttr unexpended balances of donations and grants vthich are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have b88n set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng resources Resources expended Transfers At31 December 2024 General funds 488,302 119,300 (115.396) 47 492.253 17-
WACC NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Unrestrlcted funds (Continued) Prevlous year: At 1 January 2023 Incoming resourcés Resourcos expended Transfers At31 December 2023 General funds 511.819 127,652 (151,2581 89 488,302 24 Analy81s of net assets betwean funds Unrestrlcted funds 2024 Re8trlcted fund3 2024 Total 2024 At 31 December 2024: Tangible assets Current assetsl(liabilities) Long temi liabilitias 531,058 102,167 (140,972) 60,494 57,283 591,552 159,450 (140,972) 492,253 117,777 810,030 Unrestrlcted funds 2023 Restrlcted funds 2023 Totsl 2023 At 31 December 2023: Tangible assets Current assetsl(liabilitie8) Long term liabilities 540,703 91,588 (143,989) 61,158 40,379 801,861 131,967 {143,989) 488,302 101,537 589,839 26 Rolated party transactlons There were no dlsclosable relat8d paty transactions durlng the year (2023 - none). 18-