Charity registration number 1089122
Company registration number 03800926 (England and Wales)
BETHESDA FOUNDATION LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
BETHESDA FOUNDATION LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Prof. J R Leff |
|---|---|
| V Sinason | |
| Ms A Greene | |
| Charity number | 1089122 |
| Company number | 03800926 |
| Independent examiner | Hilton Consulting Limited |
| Canalot Studios, Studio 133 | |
| 222 Kensal Road | |
| London | |
| W10 5BN |
BETHESDA FOUNDATION LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Statement of Trustees' responsibilities | 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
BETHESDA FOUNDATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
This year our work has been successful, but stressful.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's deed of trust, the Companies Act 2006 and "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
The Covid pandemic meant that the suffering of some of the poorest people in Bethesda needed to be addressed.
Achievements and performance
We continued to grow vegetable in our garden, and serve them as homemade soup in our soup kitchen to approximately 100 children per day when we were able to keep the soup kitchen open.
When the Centre was open, the artists continued to make art, members of the public visited the museum to look at the tapestries and art work, and the restaurant continued to function well.
But much of 2021 was spent in lockdown. This meant that our income was severely affected, with far fewer art sales and fewer tourists visiting our museum restaurant and accommodation.
An exhibition of our tapestries at the National Festival in Grahamstown had to be turned into an online exhibition at the last minute because of Covid.
Our main success for the year has been survival. People continued to come to the museum, all our participants received their full stipends every month, and we did not lose anyone to Covid, though most of our participants did contract the illness.
Our annual Festival of Lights could not be held because of the Covid pandemic.
Financial review
Structure, governance and management
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.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Prof. J R Leff V Sinason Ms A Greene
The Trustees' report was approved by the Board of Trustees.
Ms A Greene
Trustee
27 March 2023
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BETHESDA FOUNDATION LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees, who are also the directors of Bethesda Foundation Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BETHESDA FOUNDATION LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BETHESDA FOUNDATION LTD
I report to the Trustees on my examination of the financial statements of Bethesda Foundation Ltd (the Charity) for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity 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 Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 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 which is not a matter considered as part of an independent examination; or
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4 the financial statements 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 financial statements to be reached.
Hilton Consulting Limited
Canalot Studios, Studio 133 222 Kensal Road London W10 5BN
Dated: 27 March 2023
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BETHESDA FOUNDATION LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from: | ||
| Donations and legacies 3 |
4,092 | 7,406 |
| Charitable activities 4 |
95,450 | 96,483 |
| Total income | 99,542 | 103,889 |
| Expenditure on: | ||
| Raising funds 5 |
36 | 48 |
| Charitable activities 6 |
115,202 | 101,256 |
| Total expenditure | 115,238 | 101,304 |
| Net (expenditure)/income for the year/ Net (outgoing)/incoming resources |
||
| (15,696) | 2,585 | |
| Other recognised gains and losses | ||
| Other gains or losses 9 Net movement in funds |
(1,414) | - |
| (17,110) | 2,585 | |
| Fund balances at 1 April 2021 | 72,120 | 69,535 |
| Fund balances at 31 March 2022 | 55,010 | 72,120 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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BETHESDA FOUNDATION LTD
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes | 2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Fixed assets | ||||
| Tangible assets 10 Current assets |
40,000 51,765 91,765 (36,862) |
107 54,903 55,010 55,010 55,010 |
40,000 69,603 109,603 (37,626) |
143 |
| Debtors 11 |
||||
| Cash at bank and in hand Creditors: amounts falling due within one year 12 |
||||
| Net current assets | 71,977 | |||
| Total assets less current liabilities | ||||
| 72,120 | ||||
| Income funds | ||||
| Unrestricted funds | 72,120 | |||
| 72,120 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.
The directors acknowledge 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 27 March 2023
Ms A Greene
Trustee
Company registration number 03800926
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BETHESDA FOUNDATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Bethesda Foundation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is .
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's deed, the Companies Act 2006, 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity 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 receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations 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, the legacy is treated as a contingent asset.
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BETHESDA FOUNDATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive 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 obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially 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 less their residual values over their useful lives on the following bases:
Plant and equipment 25% on reducing balance Computers 33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits 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 within borrowings in current liabilities.
1.9 Financial 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 balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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BETHESDA FOUNDATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 4,092 | 7,406 |
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BETHESDA FOUNDATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
4 Charitable activities
| Charitable Income Heading 1 Charitable Income Heading 1 2022 2021 £ £ Performance related grants 95,450 96,483 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Depreciation and impairment 36 48 36 48 Charitable activities Charitable Expenditure Charitable Expenditure 2022 2021 £ £ Project cost 62,999 52,007 Bank Charges 6 - Website costs 281 232 Postage and stationary - 68 Sundry expenses 4,000 4,600 |
Charitable Income Heading 1 Charitable Income Heading 1 2022 2021 £ £ Performance related grants 95,450 96,483 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Depreciation and impairment 36 48 36 48 Charitable activities Charitable Expenditure Charitable Expenditure 2022 2021 £ £ Project cost 62,999 52,007 Bank Charges 6 - Website costs 281 232 Postage and stationary - 68 Sundry expenses 4,000 4,600 |
Charitable Income Heading 1 Charitable Income Heading 1 2022 2021 £ £ Performance related grants 95,450 96,483 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Depreciation and impairment 36 48 36 48 Charitable activities Charitable Expenditure Charitable Expenditure 2022 2021 £ £ Project cost 62,999 52,007 Bank Charges 6 - Website costs 281 232 Postage and stationary - 68 Sundry expenses 4,000 4,600 |
|
|---|---|---|---|
| 2022 | |||
| £ | |||
| 95,450 | |||
| 5 | Raising funds | ||
| funds | |||
| 2022 | |||
| £ | |||
| Depreciation and impairment | 36 | ||
| 36 | |||
| 6 | Charitable activities | ||
| 2022 | |||
| £ | |||
| Project cost | 62,999 | ||
| Bank Charges | 6 | ||
| Website costs | 281 | ||
| Postage and stationary | - | ||
| Sundry expenses | 4,000 | ||
| Travelling | 2,643 | (3,558) | |
| Accountancy and legal fees | 2,149 | 5,909 28,293 6,808 4,097 2,800 101,256 101,256 |
|
| Welfare costs | 30,363 | ||
| Advertising | 10,961 | ||
| Repairs and renewals | - | ||
| Bookkeeping | 1,800 | ||
| 115,202 | |||
| 115,202 |
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BETHESDA FOUNDATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2022 2021 Number Number 1 1 There were no employees whose annual remuneration was more than £60,000. |
2022 2021 Number Number 1 1 There were no employees whose annual remuneration was more than £60,000. |
2022 2021 Number Number 1 1 There were no employees whose annual remuneration was more than £60,000. |
2022 2021 Number Number 1 1 There were no employees whose annual remuneration was more than £60,000. |
2022 2021 Number Number 1 1 There were no employees whose annual remuneration was more than £60,000. |
|---|---|---|---|---|
| 1 | 1 | |||
| 9 Other gains or losses |
||||
| Unrestricted funds 2022 £ Foreign exchange gains 1,414 |
Total | |||
| funds | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| 1,414 | - | |||
| 10 Tangible fixed assets |
||||
| Plant and equipment Computers £ £ Cost At 1 April 2021 679 2,648 At 31 March 2022 679 2,648 Depreciation and impairment At 1 April 2021 536 2,648 Depreciation charged in the year 36 - At 31 March 2022 572 2,648 Carrying amount At 31 March 2022 107 - At 31 March 2021 143 - |
Total | |||
| £ | £ | £ | ||
| 679 | 2,648 | 3,327 | ||
| 679 | 2,648 | 3,327 | ||
| 536 | 2,648 | 3,184 | ||
| 36 | - | 36 | ||
| 572 | 2,648 | 3,220 | ||
| 107 | - | 107 | ||
| 143 | - | 143 |
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BETHESDA FOUNDATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 11 Debtors Amounts falling due within one year: Other debtors 12 Creditors: amounts falling due within one year |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| 40,000 | 40,000 | |
| Accruals and deferred income | 2022 | 2021 |
| £ | £ | |
| 36,862 | 37,626 | |
| 13 Related party transactions |
There were no disclosable related party transactions during the year (2021 - none).
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