## **THE WELL CHURCH LOUGHBOROUGH** ## **ACCOUNTS AND ANNUAL REPORT** **FOR THE YEAR ENDED** **31 DECEMBER 2024** ## **CHARITY NO: 1193827** **Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics, LE11 5XR** **Tel: 01509 214163** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **THE WELL CHURCH LOUGHBOROUGH REPORT AND FINANCIAL STATEMENTS** ## **CONTENTS** |Page|| |---|---| |1 - 5|Report of the Trustees| |6|Report of the Independent Examiner| |7 - 8|Statement of Financial Activities| |9|Balance Sheet| |10 - 13|Notes forming part of the Financial Statements| **- 1 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2024. ## **OBJECTIVES** The objectives of the Charity are to advance the Christian faith, to provide relief and support for those in need and the general education of adults and children on the values of Christian principles. ## **ACTIVITIES/ACHIEVEMENTS AND PERFORMANCE** 2024 has been a year of continued growth for The Well Church, as we have seen many new people connecting with us and joining in. It has been a joy to see our members meeting together regularly again on Sundays as well as during the week, allowing The Well Church to build strong and reach out. We continued to enjoy meeting together for our main Sunday meetings, with our average Sunday attendance increasing greatly from 87 to 97. We welcomed 8 new members and 2 babies during the year and had the great privilege of sending 6 members to be a strong influence on church life across the world, having helped them to grow, learn and mature through their time with us. Financial giving stayed consistent at £189,532 plus £3,732 bank interest (£186,534 plus £2,143 in 2023) which allowed us to allocate another £20,000 to our ‘venue fund’ for the eventual purchase of a ministry base for our church. Moving forward, the trustees consider the financial outlook to be very positive and having integrated new members into the church our income will be sufficient to meet all the needs of the church. In May we had our annual gift day for our ‘Future Opportunities Fund’, which is a fund for a building or other significant future opportunities. A total of £27,712 was given and 10% was given to ‘Hope for Communities’, a charity based in Iraq which seeks to see hope restored to communities where hope has been lost through war or poverty. It has been such a joy to see our children and young peoples’ work flourish this year. Our average number of children attending a Sunday meeting increased from 23 to 27, with children accounting for more than 25% of our Sunday attendance. This ongoing and noticeable increase means that the number of children attending has doubled in the last 3 years! The church now feels even more age diverse and family friendly. At Christmas, children joined with Samaritan’s Purse Appeal; ‘Operation Christmas Child’, filling shoeboxes with toys, gifts, personal care items and school supplies which were sent to bless children in need across the world. We also had a great Panto-Nativity performance from ‘4Front Theatre’ for our primary-school children to invite their friends to. We have continued ‘Friday Night Hangout’, a space for young people from the local area to hang out and have fun together fortnightly, with an average of 13 young people attending. Some young people also expressed an interest in reading the Bible together, so towards the end of the year we began a fortnightly Youth Bible Study for those wanting to dig into the Bible. One very exciting area of growth has been our student work. We had around 25 students involved in church life during 2024. We hugely value the life and energy that students bring to the church and still want to equip and encourage students in all that God has for them, so again a group of 12 students travelled together to ‘Project24’, a Conference run by the Catalyst Network of Churches for those in their 20s and 30s to be encouraged in faith and global mission. We continue to run fortnightly ‘Connect’ evenings for those aged 18-30s, for connecting with each other, God and church. Holly Jones, our intern for 2023-2024, had the opportunity to take a mission trip to the Philippines. The church contributed £608 towards her travel and living expenses and whilst in the Philippines, Holly spent time doing street evangelism and serving the church. During her time on the NewFrontiers ‘ID training programme’ Holly supported students, taught at the Language School and served with various other church activities. The church covers the financial cost of the training programme, as the benefit to Holly and the church much outweighs the cost! We’re very grateful to our interns for their hard work, commitment and willingness to serve The Well Church. Another great excitement in 2024 was growing our office staff team! We were so pleased to welcome Rosy D’Oyly-Watkins as our part-time Admin Assistant in May, and we can already see how employing Rosy has increased our capacity to build strong, reach out and see lives transformed. In October we celebrated The Well Church’s 20[th] birthday! It has been 20 years since The Well Church was recognised as a Newfrontiers church and elders were appointed. We looked back over the years to celebrate all that God has done through us and all the lives that have been touched and changed by the ministries we’ve run. **- 2 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **ACTIVITIES/ACHIEVEMENTS AND PERFORMANCE (continued)** We have continued with our variety of Community Groups, under the broad titles of Home, Interest and Equipping Communities; some meeting in people’s homes with a more ‘typical’ home group style, some centred around shared interests and some with the aim to equip people in their faith and beyond. We again ran the Alpha Course during the Autumn Term, which allowed people to explore faith in a relaxed setting. We continue to see the benefit of providing different levels of connection midweek, to meet the needs of our varied congregation. One of the biggest highlights of the year was the return of the Catalyst Festival, after 6 years of not meeting for a festival. 67 people from our church gathered with 1000s of others from across the Catalyst family of churches for a weekend of meeting with God, deepening friendships and fun! We particularly enjoyed sharing a hog roast with our friends from Chesterfield Community Church, Emmanuel Church in Sheffield and Valleys Family Church in Brynmawr. Many people commented afterwards how beneficial the time had been, both socially and for their faith. The church contributed £2,459 to subsidise the ticket cost for the festival, hire a marquee and other amenities. The Well Church English Language School continued to provide classes at differing ability levels, with groups of students each week. During the summer we provided a social activity each week, to allow families to join in whilst still giving opportunities to chat. Throughout the year we celebrated cultural events, such as Shrove Tuesday and Easter, using these as opportunities to build vocabulary and grow in understanding English culture. Our toddler church ‘Glow’ continues to meet at the Hut (Ashby Road Estates Community Centre) and we love being able to connect into the local community around our normal Sunday meeting venue. During 2024 we saw a total of 19 families and 27 children come along to enjoy singing, crafts, Bible stories and time to connect with other families and parents. Growing on the success of the ‘Hut Gathering’, we continue to meet once a month on Sunday afternoons to gather with people from the community for music, Bible stories, craft and tea together. Furthermore, we ran an Easter Holiday Bible Club for one morning in April: playing games, doing craft and teaching the children about Jesus. It’s a joy to build new friendships and introduce people to Jesus. The Hut is a great venue in the heart of the community, which we really value, so we hosted many other events here, including: an Easter hat parade and Christingle services. Alongside these events we reached out into the local community around the Hut; planting spring bulbs, leading community carol singing and giving away ’Bags of Light’ at Halloween. We were gladly able to send Martin, Saul and Simon to Malawi in June to visit Alec Mulalo. Whilst there they visited 3 churches which we had provided roofs for, in Campada, Thedze and Macho Kosha. Each of these visits included a powerful meeting with people who are directly benefitting from the church buildings. Martin, Saul and Simon all assisted with the Youth Conference at Holy Dwelling Church and enjoyed staying with Alec and his family to continue building relationships. During the year, we gave a total of £7,122 to our friends in Malawi which helped to: provide food for the Youth Conference, provide another Well Church Well (number 6), purchase Bibles for 42 new believers and well as new tyres for the vehicle Alec uses to reach churches out in rural villages. During the year, the Well Church gave a total of £2,200 to the Catalyst Network of Churches to support the development of Catalyst churches throughout the world and to assist in overcoming hardships caused by disease, famine, extreme weather and war in the areas where Catalyst churches are established. We also contributed £6,600 to Emmanuel Church Oxford to help finance the work of our ‘Hub’ (a subdivision of about 16 Catalyst churches), planting and supporting churches around the world. Through a connection with a Catalyst church, we also supported a couple who run a Charity in Iraq called ‘Hope for Communities.’ We gave £2,700 to cover 6 months of rent for the ‘Hope Hub’, a community centre in the heart of the city with the aim to train young people coming out of the care system whilst serving and meeting the needs of local people. Another connection that we have through Catalyst is with Valleys Family Church in Brynmawr. A group travelled to visit them in February to offer support and lead training around growing in Spiritual gifts. Over the year we also gave £1,800 to support Valleys Family Church as they reach into a deprived area of Wales, In addition, throughout the year we gave financially to support several other local charities: £2,440 to the SOAR Project (Schools Outreach and Resources) for ongoing activities, £660 to Friends International for their work with International Students, £200 to Loughborough Churches Partnership for ongoing work across the town and £1,000 to the Loughborough University Christian Union for their events week. More than 25 members of the church continue to sponsor children in Kenya through Compassion UK which we continue to encourage and promote. **- 3 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Public benefit** The purposes of the charity as outlined by our governing document can be summarised as the advancement of the Christian faith, the relief of poverty and the advancement of education based on Christian principles. We continue to provide teaching, worship and opportunities to explore the Christian faith through Sunday meetings, home based groups and other courses and events. One aim of our church is to enable ordinary people to live out their faith as part of the community they live and work in, to the benefit of those around them. We teach this repeatedly and create opportunities for people to serve the wider community. This is demonstrated in the projects we run and also on a personal level. Through our teaching and through opportunities, we have encouraged church people to be a positive presence in their work, their community and their family life. We’re directly working on poverty relief in Malawi, with our programme of clean water supply Bore Holes (currently totalling six) and our provision of roofs for church buildings, which can also be used as community facilities. In Loughborough, we support local charities in their longstanding work into the community near our Sunday meeting venue. We support church members facing hardship and encourage church members to do likewise in their own ways too. Our English Language school helps those from other nations integrate better into our society. Our toddler church, Glow, invites parents, carers and their young children to come and hear Christian songs, Bible stories and make crafts, as well as connect with parents from within the church. Our Friday night hangout provides a safe and supportive environment for young people to have fun and mix with older role models from the church. ## **Leader** Martin Bull has led the Well Church since January 2007. He is employed full time by the Church. ## **FINANCIAL REVIEW** Unrestricted funds increased from £130,743 (2023) to £158,466 due to the continued generous giving. The Trustees consider, in order to maintain financial viability, that the charities liquid funds should at all times cover a minimum of three months’ salary costs and one month of premises rental for Charnwood College and the church office as at the commencement of 2025 (£21,046 at the commencement of 2025) after clearing all current liabilities. **- 4 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **PLANS FOR THE FUTURE** ## **Objectives for 2025** Our objectives as a church continue to be to **build** a significant church in Loughborough, that **reaches** out to all, seeing lives **transformed** by the power of God. The plans that we have for 2025 line up with these 3 main aims. ## **Build** We’re really excited to gather again for a church weekend away in September 2025. These are always such important times of deepening relationships, powerful teaching and being re-envisioned for the year ahead. We plan to send the students that connect with us to the Catalyst ‘Project25’ conference in 2025. A place for 20s and 30s to be envisioned for their faith, the church and global mission. With our growing number of children and young people, we aim to employ a children’s worker to oversee and shape our work with under 18s. ## **Reach** We aim to reach out to friends, neighbours and colleagues on a personal level and also through projects that we run. We will continue to reach out to those in our local area through Glow and the Language School, and aim to organise other outreach events around key times in the calendar, such as Christmas, Easter and Halloween, to serve and connect with those in the local community. Over the next 3 years we’re working with the Loughborough Churches Partnership, aiming to offer a copy of Luke’s Gospel to every household in Loughborough, praying that we’ll reach people who want to know more about Jesus. Our hope will be to meet face-to-face again with our friend Alec Mulalo in Malawi, as well as sending a team to visit our friends who are workers in the Middle East. Through these relationships we will continue to work directly on the relief of poverty and give to improve the wellbeing of those in hardship situations. ## **Transform** We have allocated another £20,000 this year to our ‘Venue Fund’ which brings the total to £114,000. Alongside this, we will have another Gift Day for our ‘Future Opportunities Fund’, which currently stands at £54,400. We will again give away 10% to other worthy causes and will continue taking steps during 2025 to find a suitable venue as a ministry and administration base. We hope to develop our work on the Ashby Road Estate and see the Hut Gathering move towards being a distinct expression of The Well Church, in order to bring transformation to that part of town and those living locally. ## **Conclusion** The Trustees are of the opinion that the charity is in very good financial shape and in a position to meet the challenges expected during the coming year. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Trustee Recruitment** Trustees are selected from those connected with the church so that they have a good understanding of the church’s operation and objectives. Trustees are appointed by the leaders of the church as those who uphold the teachings of the Christian faith in accordance with the trust deed. We look for those with the capability and capacity to fulfil their obligations as trustees, either through their professional experience or personal qualities. **- 5 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS** **CHARITY NAME** The Well Church Loughborough **CHARITY NUMBER** 1193827 **PRINCIPAL OFFICE** The Well Church c/o United Reformed Church 39 Frederick Street Loughborough Leics LE11 3BH The trustees serving during the year and since the year end were as follows: Saul Algar (Chairman) Tim Aston Martin Bull Laura Green Daniel Wilton Naomi Wearn (Appointed 19[th] March 2024) **INDEPENDENT EXAMINERS** Cound & Co LLP 1 Princes Court Royal Way Loughborough Leics LE11 5XR **BANKERS** HSBC plc 41 Market Place Loughborough Leics LE11 3EJ Approved by the Trustees and signed on their behalf by: …………………………. 15 June 2025 Martin Bull (Trustee) **- 6 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **TO THE TRUSTEES OF THE WELL CHURCH LOUGHBOROUGH** ## **INDEPENDENT EXAMINATION REPORT** I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 7 to 13. ## Respective Responsibilities of Trustees and Examiner The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. ## Basis of Independent Examiner’s Statement My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## Independent Examiner’s Statement In connection with our examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep proper accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act; has not met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 15 June 2025 **- 7 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **STATEMENT OF FINANCIAL ACTIVITIES - FOR THE YEAR ENDED 31 DECEMBER 2024** |Unrestricted
Designated
Restricted
**INCOME**
Funds
Fund
Funds
2024
2024
2024
**Donations and legacies:**
Offerings & donations
111367
20000
475
Malawi
-
-
3869
Philippines Mission
-
-
608
Turkey / Syria Earthquake
-
-
-
Sweden Mission
-
-
-
Samaritans Purse
-
-
95
Christmas Gift Vouchers
-
-
-
Futures Fund
-
-
27712
Gift Aid
25406
-
-
**Investments**
Bank interest received
3732
-
-
______
______
______
**TOTAL INCOME**
140505
20000
32759
______
______
______
**EXPENDITURE**
**Charitable Activities:**
**Grants payable in furtherance of the charity’s objectives**
Grants to Catalyst (New Frontiers)
8800
-
-
Grants to external bodies (Worldwide)
5152
-
7272
Grants to external bodies (Local)
4300
-
-
______
______
______
18252
-
7272
______
______
______
**Activities in furtherance of the charity’s objectives**
Hire of premises
11849
-
-
Meeting consumables
1152
-
-
Meeting equipment
1039
-
-
Bank Charges
38
-
-
Depreciation of equipment
1300
-
-
Worship Team resource
574
-
-
Primary Children
671
-
-
Creche
358
-
-
Evangelism
511
-
-
Evangelism - Alpha meals
790
-
-
Evangelism -Alpha materials
188
-
-
Evangelism -Language School
1934
-
-
Books
109
-
-
Weekend Away
-
-
-
Catalyst Festival
2459
-
-
Pastoral & Benevolent
1070
-
-
Students
489
-
-
Church Youth
1337
-
-
GLOW
1061
-
-
Socials
1036
-
-
Outreach Events
2728
-
-
______
______
______
30691
-
-
______
______
______|Total
Funds
2024
131842
3869
608
-
-
95
-
27712
25406
3732
______
193264
______
8800
12424
4300
______
25524
______
11849
1152
1039
38
1300
574
671
358
511
790
188
1934
109
-
2459
1070
489
1337
1061
1036
2728
______
£30691
______|Total
Funds
2023
125123
1170
-
656
502
-
1875
32653
24555
2143
______
188677
______
9456
15093
4125
______
28674
______
11027
709
545
136
1015
243
482
279
296
205
183
2488
29
1828
-
2189
497
2252
1031
179
1499
______
£27112
______| |---|---|---| **- 8 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **STATEMENT OF FINANCIAL ACTIVITIES - FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)** ||Unrestricted|Designated|Restricted|Total|Total| |---|---|---|---|---|---| |**EXPENDITURE (Continued)**|Funds|Fund|Funds|Funds|Funds| ||2024|2024|2024|2024|2023| |**Support costs**|||||| |Visiting Speakers|210|-|-|210|381| |Hospitality|585|-|-|585|507| |Training|1908|-|-|1908|3931| |Travel|887|-|-|887|755| |Malawi Travel Costs|1063|-|-|1063|1778| ||||||______| ||4653|-|-|4653|7352| ||______|______|______|______|______| |**Expenditure on managing-administrating the charity**|||||| |Administration and other office costs|4094|-|-|4094|3574| |Administration – office rental|4090|-|-|4090|3718| |Legalities|2207|-|-|2207|3152| |Salaries|63915|-|-|63915|57208| |Pensions|4901|-|-|4901|4555| ||______|______|______|______|______| ||79206|-|-|79206|72207| ||______|______|______|______|______| |**TOTAL EXPENDITURE**|132802|-|7272|£140074|£135345| ||______|______|______|______|______| |**NET INCOME/(EXPENDITURE) AND NET**|||||| |**MOVEMENT IN FUNDS**|7703|20000|25487|53190|53332| ||_____|_____|_____|______|______| |**RECONCILIATION OF FUNDS**|||||| |Total funds brought forward|36743|94000|29387|160130|106798| ||_____|_____|_____|______|______| |Total funds carried forward|44446|114000|54874|£213320|£160130| ||_____|_____|_____|______|______| **- 9 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **BALANCE SHEET AS AT 31 DECEMBER 2024** |Fixed Assets
Tangible Fixed Assets
Current Assets
Debtors
Cash at Bank
CURRENT LIABILITIES – Amounts falling due
within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
Represented by:
Unrestricted Funds
Designated Funds
Restricted Funds
TOTAL FUNDS|Notes
2024
2023
3
2590
1668
4
9713
8572
5
205889
156455
______
______
215602
165027
______
______
6
4872
6565
______
______
210730
158462
______
______
213320
160130
______
______
£213320
£160130
______
______
7
44446
36743
7
114000
94000
7
54874
29387
______
______
£213320
£160130
______
______|2023
1668
8572
156455
______
165027
______|2023| |---|---|---|---| |||6565
______|| The Financial Statements on pages 7 to 9 were approved by the trustees on 15 June 2025 and signed on their behalf by: …………………………………… Saul Algar …………………………………… Martin Bull **- 10 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. Accounting Policies** - a) These financial statements have been prepared in accordance with the Charities SORP (FRS 102): ‘Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) (effective 1 January 2015)’, FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (effective September 2015) and the Charities Act 2011. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view. The charity constitutes a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transactional value unless otherwise stated in the relevant accounting policy note and the financial statements are prepared on a going concern basis. The financial statements are prepared in sterling, which is the financial currency of the charity and rounded to the nearest £1. The charity adopted SORP (FRS102) in the current year. In preparing the accounts, the trustees have considered whether in applying the accounting policies require by FRS102 and the Charities SORP FRS102, a restatement of comparative items was needed. No such restatement was required. - b) Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the church and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the funding provider. The costs of raising and administering such funds are charged against the specific funds. Designated funds are funds which have been received with no specific restrictions imposed on them such as unrestricted funds but which the trustees have designated to be expended for a specific purpose. - c) Expenditure is accounted for on an accruals basis inclusive of attributable VAT which cannot be recovered. - d) It is the Charity’s policy to capitalise assets with a cost price in excess of £1000. Depreciation is charged in such a way as to write off the cost of fixed assets over their estimated useful lives at the following rates: Equipment - 20% straight line basis - e) The Charity has made contributions into defined pension schemes for the benefit of its staff. The cost of contributions are written off in the Statement of Financial Activities in the year in which they are paid. **- 11 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Staff Costs and Trustee Expenses** |Salaries
Social Security Costs
Pension Costs|2024
63915
464
4901
______
£68816
______|2023
56936
272
4555
______
£61763
______| |---|---|---| Trustee Martin Bull is also an employee and received the following remuneration during the year: |Salary|£49502| |---|---| |Pension Contributions|£3960| This remuneration is for his work as the Church’s leader not for his role as a trustee. No other trustee received any remuneration during the year (2023 none) although Sarah Algar (Church Administrator) is the wife of trustee Saul Algar. The total amount of remuneration benefits for Trustees and Key Management Personnel is £53462. No employee received total employee benefits in excess of £60,000 during the year. The average number of employees during the year was 3 (2023:2) Martin Bull received a further £1608 (2023: £2034) for re-imbursement of expenses incurred. These breakdown to £nil (2023: £360) for provision of hospitality, £449 (2023: £741) for UK travel including mileage paid at HM Revenue & Customs approved rates, £96 (2023: £134) for phone costs on a mobile phone supplied by the Church, £1063 (2023: £799) for tickets to Malawi. Trustee Laura Green received £363 (2023: £586) for reimbursement of expenses incurred. These were for purchases mainly in support of the youth work led by Laura & her husband. Trustee Saul Algar received £nil (2023: £nil) but his wife, Sarah Algar, who is the Church Office Administrator made many purchases for the Church for which she has been reimbursed £2685 (2023: £5351). The total amount of donations received from the Trustees in the year was £17860. **- 12 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**3.**
**4.**
**5.**
**6.**|**Fixed Assets**
Cost of Valuation
At 1 January 2024
Additions in the Year
At 31 December 2024
Depreciation
At 1 January 2024
Additions in the Year
At 31 December 2024
Net Book Value
At 31 December 2024
At 31 December 2023
**Debtors**
Gift Aid Receivable
Prepayments
**Cash at Bank**
HSBC Current Account
HSBC Deposit Account
**Creditors**
PAYE/NIC unpaid
Accruals|Equipment
Total
3718
3718
2222
2222
_____
_____
£5940
£5940
_____
_____
2050
2050
1300
1300
_____
_____
£3350
£3350
_____
_____
£2590
£2590
_____
_____
£1668
£1668
_____
_____
2024
2023
6069
8572
3644
-
_____
_____
£9713
£8572
_____
_____
2024
2023
890
2455
205000
154000
______
______
£205890
£156455
______
______
2024
2023
2613
2730
2259
3835
______
______
£4872
£6565
______
______| |---|---|---| **- 13 -** ## **THE WELL CHURCH LOUGHBOROUGH** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7.** |**Analysis of Net Assets by Funds**
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
Funds
2024
2024
2024
2024
Fixed Assets
2590
-
-
2590
Current Assets
46728
114000
54874
215602
Current Liabilities
(4872)
-
-
(4872
______
______
______
______
£44446
£114000
£54874
£213320
______
______
______
______|Total
Funds
2023
1668
165027
(6565)
______
£160130
_______| |---|---| _ Designated funds represent the “Venue Fund” (as noted in the Trustees Report) whereby the Trustees are setting aside funds towards the eventual purchase of a property for the Church. ## **8. Control** The charity is controlled by its members. ## **9. Transactions with Related Parties** There were no transactions with related parties.