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REGISTERED COMPANY NUMBER: 05127274 (England and Wales)
REGISTERED CHARITY NUMBER: 1105245










Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Wellspring Arts Trust

Wellspring Arts Trust






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Statement of Financial Position 5 to 6

Notes to the Financial Statements 7 to 11

Wellspring Arts Trust (Registered number: 05127274)

Report of the Trustees
for the Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity is a public benefit entity. The objective of the charity is the promotion of the Christian faith
throughout the world through the use of music, dance, multimedia and other art forms and through the
holding of concerts, seminars and workshops and other arts events in the United Kingdom and abroad.

Public benefit
The trustees have given due regard to the Charity Commission guidance on public benefit.

Volunteers
The Trustees are indebted to the volunteer who give up their time to the Charity
and assist in its running.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continued its work in the year and promoted sales of its recorded media.
A full description of its current activities may be found by visiting www.wellspring.org

FINANCIAL REVIEW
Financial position
The level of reserves are considered adequate whilst the charity is relatively inactive.

Reserves policy
The current level of unrestricted funds is £10,350. The trustees are satisfied that this level is sufficient
to meet any obligations arising through the operation of the Charity at the current time. The trustees
have considered the requirement to maintain free reserves and are satisfied that the Charity has
a need to establish free reserves to absorb the major fluctuations in funding received without curtailing
services to its beneficiaries.

Going concern
There are no material uncertainties about the charity's ability to continue.

FUTURE PLANS
The charity hopes to resume full working soon.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05127274 (England and Wales)

Registered Charity number
1105245


Wellspring Arts Trust (Registered number: 05127274)

Report of the Trustees
for the Year Ended 31 March 2024

Registered office
13 Perrymead
Prestwich
Manchester
Greater Manchester
M25 2QJ

Trustees
M R Thornton
P Adams

Independent Examiner
S M Greensill FCA
Haines Watts
Military House
24 Castle Street
Chester
Cheshire
CH1 2DS

Approved by order of the board of trustees on 18 October 2024 and signed on its behalf by:





M R Thornton - Trustee

Independent Examiner's Report to the Trustees of
Wellspring Arts Trust

Independent examiner's report to the trustees of Wellspring Arts Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

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 charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.








S M Greensill FCA

Haines Watts
Military House
24 Castle Street
Chester
Cheshire
CH1 2DS

Date: .............................................

Wellspring Arts Trust

Statement of Financial Activities
for the Year Ended 31 March 2024

31.3.24 31.3.23
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM

Other trading activities 2 60 143
Investment income 3 82 25
Total 142 168

EXPENDITURE ON
Raising funds 35 75


Other 547 835
Total 582 910

NET INCOME/(EXPENDITURE) (440 ) (742 )


RECONCILIATION OF FUNDS
Total funds brought forward 10,350 11,092

TOTAL FUNDS CARRIED FORWARD 9,910 10,350

Wellspring Arts Trust (Registered number: 05127274)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 7 150 177

CURRENT ASSETS
Stocks 8 740 775
Cash at bank 9,501 9,836
10,241 10,611

CREDITORS
Amounts falling due within one year 9 (481 ) (438 )

NET CURRENT ASSETS 9,760 10,173

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,910

10,350

NET ASSETS 9,910 10,350
FUNDS 10
Unrestricted funds 9,910 10,350
TOTAL FUNDS 9,910 10,350

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Wellspring Arts Trust (Registered number: 05127274)

Statement of Financial Position - continued
31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 18 October 2024 and were signed on its behalf by:





M R Thornton - Trustee

Wellspring Arts Trust

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are presented in sterling, which is the functional currency of the company, rounded to the nearest £1.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES
31.3.24 31.3.23
£    £   
Shop income - 9
Sales of CDs 60 134
60 143


Wellspring Arts Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. INVESTMENT INCOME
31.3.24 31.3.23
£    £   
Deposit account interest 82 25

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 27 31
Hire of plant and machinery - 438

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM

Other trading activities 143
Investment income 25
Total 168

EXPENDITURE ON
Raising funds 75


Other 835
Total 910

NET INCOME/(EXPENDITURE) (742 )


RECONCILIATION OF FUNDS
Total funds brought forward 11,092

TOTAL FUNDS CARRIED FORWARD 10,350

Wellspring Arts Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023 and 31 March 2024 5,606
DEPRECIATION
At 1 April 2023 5,429
Charge for year 27
At 31 March 2024 5,456
NET BOOK VALUE
At 31 March 2024 150
At 31 March 2023 177

8. STOCKS
31.3.24 31.3.23
£    £   
Stocks 740 775

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Accrued expenses 481 438

10. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 10,350 (440 ) 9,910

TOTAL FUNDS 10,350 (440 ) 9,910

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 142 (582 ) (440 )

TOTAL FUNDS 142 (582 ) (440 )


Wellspring Arts Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 11,092 (742 ) 10,350

TOTAL FUNDS 11,092 (742 ) 10,350

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 168 (910 ) (742 )

TOTAL FUNDS 168 (910 ) (742 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.22 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 11,092 (1,182 ) 9,910

TOTAL FUNDS 11,092 (1,182 ) 9,910

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 310 (1,492 ) (1,182 )

TOTAL FUNDS 310 (1,492 ) (1,182 )


Wellspring Arts Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.