COMPANY REGISTRATION NUMBER: 7253471 CHARITY REGISTRATION NUMBER: 1136403
The Well Church London Company Limited by Guarantee Unaudited Financial Statements
31 May 2023
ROBINSONS CONSULTING LIMITED
Chartered accountants
5 Underwood Street
London N1 7LY
The Well Church London
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
The Well Church London
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2023.
Reference and administrative details
Registered charity name The Well Church London Charity registration number 1136403 Company registration number 7253471 Principal office and registered 36A Penton Street office N1 9QA London The trustees Clive Sharpe Sarah-Jane Elizabeth Pope Colin Wilkinson Independent examiner Robinsons Consulting Limited 5 Underwood Street London N1 7LY
Structure, governance and management
The Charity is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Articles of Association.
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The Well Church London
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2023
Objectives and activities
The primary aims of the Church are to provide support and teaching in the Christian faith to those within the Church, and locality and, where possible, to show practical care and bring the love of Christ to the community.
In planning the activities of the charity, the trustees have given consideration to the guidance on public benefit issued by the charity Commission in December 2008 in particular that:
a) There are identifiable benefits
b) Benefits are to the public or a section of the public
c) That the benefits relate closely to the charitable objectives
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. The New Testament reveals the Church as a community of people, properly taught and cared for who by loving and serving Jesus Christ, were also committed to love and care for each other and to bring a blessing to the area in which they live. The Well Church, it’s trustees, Leader and members are committed to the restoration of those New Testament principles. It is not alone in this, it is one of many churches in the area, country and all over the world that is re-discovering knowing Jesus Christ. The vision is to see the people of Islington come to know Jesus as their Lord and Savior.
Everyone in the Church is encouraged to be involved in helping the church achieve its great commission. This is done by “being salt and light” among the people they interact with every day: by praying for them or with them, by calling in on the sick or others in need, being involved in training others, in administration and in worship. The financial resources of the church are given by the members and also their private assets and equipment are regularly used in the work of the church, thou much of the work is done privately and without recognition, the hours and value of time cannot be quantified.
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The Well Church London
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2023
Achievements and performance
1) We meet in The Vue Cinema on Sundays and online for worship, guidance, support and Community 40 to 50 adults with a total membership over 60 in all have been attending.
2) We also do many after church activities, for all ages including Men & Ladies day with teaching, help, advice, encouragement and support.
3) The Well is committed to growing people in life skills, there are currently 4 life groups and a youth group that meet during the week, all groups are well attended.
4) We have now started a new sister Church in Basildon Essex that mirrors all the work we do in Islington. There are 25 people involved and attending all we do.
5) We ran two Alpha courses throughout the year, one in Islington and one in Basildon. Both courses saw people growing in life skills, making new friends with others in the community, learning life skills and growing in their ability to communicate and build relationships well. We run other ministry courses.
6) We are committed to growing people in leadership skills, with many one-to-one meetings. During the year we took leaders to various leadership Conferences held at different venues in the UK.
7) The Well Church was part of the Newday event for youth. Along with 7,000 other youth they learned life skills for todays world with an emphasis of growing leaders for tomorrow
8) The Well Church, is helping to grow a hub of Churches in London and beyond to help encourage, support and work together in all we do.
9) The Well Church has grown contacts in Odisha India with "The Well Minitries India" working among the poor and marginalised providing basic clothing, help and advice for a better life.
10) We have continued to help support Junction 42 a charity that works with getting employment for ex-offenders.
11) The Well Church, continue to minister to inmates in Pentonville Prison.
12) We continue to work with homeless people on the street providing clothing and hot food.
Financial review
Income for 2022/23 was £108,041.
Plans for future periods
The key strategies for the church remain the same.
Our focus for this forthcoming year is to develop our relationship with the community through the projects and activities mentioned above.
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The Well Church London
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 May 2023
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 27 December 2023 and signed on behalf of the board of trustees by:
SIGNED SECURELY
29/12/2023 at 1:38:47 PM UTC
Clive Sharpe Trustee
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The Well Church London Company Llmited by Guarantee Independent Examiner's Report to the Trustees of The Well Church London Year ended 31 May 2023 I report lo Ihe trustees on my examination of thè finanual stalements of Th8 Well Church London I'the charity'l for the year ended 31 May 2023. Re5ponslbllitie$ and basls of report As the Iruslees ol the company land also ils directors for the purposes of company 18wI you are responsible for the preparation of the financlal statements in accordance with the qUIre[ents of th8 Cornpanies Act 20061.the 2006 A¢t'l. Havin9 sali5fied tnys¢lf that the a¢counts of th8 company ar8 not requifed to be audiled under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my exarninglion ol the charity's accounts as carried out under section 145 of Ihe Charities Act 2011 1.the 2011 Act'l- In carrying out tny ex8minalion I have followed the DSre¢tion5 given by the Charfty Comrnission under section 14515llbl ol the 2011 Act. Independent examlnerfs statement I havè completed my examination. l Gonfirm that no m81ter5 have come to my attention in connectso with the examination giving tne Cause lo believe.. 8CCOUnting records wer8 not kept in r85pe¢t ol th8 charity as required by section 386 of the 2006 A¢l,' or the financial statements do not accord wllh those r8cords-, or the financial 51alemenls do not ¢omply with Ihe 8ccounting requirements (rf section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and falr. view which is not a matter consider8d as part of an independent ex8rninalion', or the financial slalements have not been pr8pared in accordance with the rnethods and principles of th8 Statement ol Recomfflended practi for accounting 8nd reporting by charilies applicable lo charities preparing their accounts in accordance bvith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no ¢oncerns an(5 hav8 come across no othèr m3tter$ in conneGtion with the exarnination to which atteniion should be drawn Sn this report in order to enable a proper understanding ol the accounts to be reached. Joseph Robin50n FCCA ROBINSONS CONSULTING LIMITED Chartered Accountanls 27 tloLa aba3 5 Und8rwood Street London N1 7LY
The Well Church London
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 May 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 104,723 | 104,723 | 68,544 |
| Other trading activities | 6 | – | – | 206 |
| Investment income | 7 | 3,318 | 3,318 | 10 |
| ───────── | ───────── | ──────── | ||
| Total income | 108,041 | 108,041 | 68,760 | |
| ═════════ | ═════════ | ════════ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 8,9 | 97,534 | 97,534 | 77,415 |
| Other expenditure | 11 | 1,204 | 1,204 | – |
| ───────── | ───────── | ──────── | ||
| Total expenditure | 98,738 | 98,738 | 77,415 | |
| ═════════ | ═════════ | ════════ | ||
| ───────── | ───────── | ──────── | ||
| Net income/(expenditure) and net movement in funds | 9,303 | 9,303 | (8,655) | |
| ═════════ | ═════════ | ════════ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 110,612 | 110,612 | 119,267 | |
| ───────── | ───────── | ───────── | ||
| Total funds carried forward | 119,915 | 119,915 | 110,612 | |
| ═════════ | ═════════ | ═════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 14 form part of these financial statements.
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The Well Church London
Company Limited by Guarantee
Statement of Financial Position
31 May 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 16 | 8,965 | 2,560 | |
| Investments | 63,685 | – | ||
| ──────── | ─────── | |||
| 72,650 | 2,560 | |||
| Current assets | ||||
| Debtors | 18 | 6,569 | 27,057 | |
| Cash at bank and in hand | 41,452 | 81,715 | ||
| ──────── | ───────── | |||
| 48,021 | 108,772 | |||
| Creditors: amounts falling due within one year | 19 | 756 | 720 | |
| ──────── | ───────── | |||
| Net current assets | 47,265 | 108,052 | ||
| ───────── | ───────── | |||
| Total assets less current liabilities | 119,915 | 110,612 | ||
| ───────── | ───────── | |||
| Net assets | 119,915 | 110,612 | ||
| ═════════ | ═════════ | |||
| Funds of the charity | ||||
| Unrestricted funds | 119,915 | 110,612 | ||
| ───────── | ───────── | |||
| Total charity funds | 20 | 119,915 ═════════ |
110,612 ═════════ |
For the year ending 31 May 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
-
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;
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 27 December 2023, and are signed on behalf of the board by:
SIGNED SECURELY
29/12/2023 at 1:38:47 PM UTC
Clive Sharpe Trustee
The notes on pages 8 to 14 form part of these financial statements.
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 36A Penton Street, N1 9QA, London.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
Fund accounting
Unrestricted funds are donations and other income received or generated for the objects of the charity without specified purpose and are available for the purposes as directed by the trustees.
Restricted funds are amounts received where the donor has specified the purpose for which they should be used.
Incoming resources
Donated income is taken into account when received by the charity. Income received in circumstances where a claim for repayment of tax has been made to HM revenue & Customs but not yet received is shown within charities debtors.
Other income is taken into account when receivable.
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2023
3. Accounting policies (continued)
Resources expended
Expenditure, including irrecoverable VAT, when incurred by the charity, regardless of when the payment was made.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles - 25% reducing balance Office Equipment - 25% reducing balance
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2023
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is a charitable company limited by guarantee.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 104,723 | 104,723 | 68,544 | 68,544 |
| ───────── | ───────── | ──────── | ──────── | |
| 104,723 | 104,723 | 68,544 | 68,544 | |
| ═════════ | ═════════ | ════════ | ════════ |
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2023
6. Other trading activities
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 |
Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Miscellaneous Income | – | – |
206 | 206 | |
| ════ | ════ |
════ | ════ | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2023 |
Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 2,000 | 2,000 |
– | – | |
| Bank interest receivable | 118 | 118 |
10 | 10 | |
| Other interest receivable | 1,200 | 1,200 |
– | – | |
| ─────── | ─────── |
──── | ──── | ||
| 3,318 | 3,318 |
10 | 10 | ||
| ═══════ | ═══════ |
════ | ════ | ||
| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2023 |
Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Direct charitable activities | 60,448 | 60,448 |
51,840 | 51,840 | |
| Support costs | 37,086 | 37,086 |
25,575 | 25,575 | |
| ──────── | ──────── |
──────── | ──────── | ||
| 97,534 | 97,534 |
77,415 | 77,415 | ||
| ════════ | ════════ |
════════ | ════════ | ||
| 9. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Direct charitable activities | 60,448 | – |
60,448 | 51,840 | |
| Governance costs | – | 37,086 |
37,086 | 25,575 | |
| ──────── | ──────── |
──────── | ──────── | ||
| 60,448 | 37,086 |
97,534 | 77,415 | ||
| ════════ | ════════ |
════════ | ════════ |
10. Analysis of support costs
Governance costs
| Total | 2023 | Total | 2022 |
|---|---|---|---|
| £ | £ | ||
| 756 | 720 | ||
| ════ | ════ |
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2023
11. Other expenditure
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Training | 1,204 | 1,204 | – | – | |
| ═══════ | ═══════ | ════ | ════ | ||
| 12. | Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 2,989 | 853 | |||
| ═══════ | ════ | ||||
| 13. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 756 ════ |
720 ════ |
14. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2023
| 16. | Tangible fixed assets | |||
|---|---|---|---|---|
| Motor | Office | |||
| vehicles | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 June 2022 | – | 7,175 | 7,175 | |
| Additions | 9,394 | – | 9,394 | |
| ─────── | ─────── | ──────── | ||
| At 31 May 2023 | 9,394 | 7,175 | 16,569 | |
| ═══════ | ═══════ | ════════ | ||
| Depreciation | ||||
| At 1 June 2022 | – | 4,615 | 4,615 | |
| Charge for the year | 2,349 | 640 | 2,989 | |
| ─────── | ─────── | ──────── | ||
| At 31 May 2023 | 2,349 | 5,255 | 7,604 | |
| ═══════ | ═══════ | ════════ | ||
| Carrying amount | ||||
| At 31 May 2023 | 7,045 | 1,920 | 8,965 | |
| ═══════ | ═══════ | ════════ | ||
| At 31 May 2022 | – | 2,560 | 2,560 | |
| ═══════ | ═══════ | ════════ | ||
| 17. | Investments | |||
| Investment | ||||
| properties | ||||
| £ | ||||
| Cost or valuation | ||||
| At 1 June 2022 | – | |||
| Additions | 63,685 | |||
| ──────── | ||||
| At 31 May 2023 | 63,685 | |||
| ════════ | ||||
| Impairment | ||||
| At 1 June 2022 and 31 May 2023 | ||||
| Carrying amount | ||||
| At 31 May 2023 | 63,685 | |||
| ════════ | ||||
| At 31 May 2022 | – | |||
| ════════ | ||||
| All investments shown above are held at valuation. | ||||
| 18. | Debtors | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Accrued income | 6,069 | 2,057 | ||
| Other debtors | 500 | 25,000 | ||
| ─────── | ──────── | |||
| 6,569 | 27,057 | |||
| ═══════ | ════════ |
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The Well Church London
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 May 2023
19. Creditors: amounts falling due within one year
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Accruals | 756 | 720 | ||
| ════ | ════ | |||
| Analysis of charitable funds | ||||
| Unrestricted funds | ||||
| At | At | |||
| 1 June 2022 | Income | Expenditure | 31 May 2023 | |
| £ | £ | £ | £ | |
| General funds | 110,612 | 108,041 | (98,738) | 119,915 |
| ═════════ | ═════════ | ════════ | ═════════ | |
| At | At | |||
| 1 June 2021 | Income | Expenditure | 31 May 2022 | |
| £ | £ | £ | £ | |
| General funds | 119,267 | 68,760 | (77,415) | 110,612 |
| ═════════ | ════════ | ════════ | ═════════ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2023 | |||
| £ | £ | |||
| Tangible fixed assets | 72,650 | 72,650 | ||
| Current assets | 48,021 | 48,021 | ||
| Creditors less than 1 year | (756) | (756) |
||
| ───────── | ───────── | |||
| Net assets | 119,915 | 119,915 | ||
| ═════════ | ═════════ | |||
| Unrestricted | Total Funds | |||
| Funds | 2022 | |||
| £ | £ | |||
| Tangible fixed assets | 2,560 | 2,560 | ||
| Current assets | 108,772 | 108,772 | ||
| Creditors less than 1 year | (720) | (720) |
||
| ───────── | ───────── | |||
| Net assets | 110,612 | 110,612 | ||
| ═════════ | ═════════ |
20. Analysis of charitable funds
21. Analysis of net assets between funds
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