2022-12-31-accounts

Gospel Standard Bethesda Fund

Registered Charity 1199341

Trustees Annual Report and Financial Statements

2022

For the period 29 September 2021 to 31 December 2022

GOSPEL STANDARD BETHESDA FUND Registered Charity 1199341 Company Number 13651153

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Contents

Trustees Annual Report to 31 December 2022 ................................................................. 1 Introduction ....................................................................................................................... 1 Trustees/Directors and Officers of the Charity serving since 29 September 2021 and throughout 2022 1 Objective of the Charity and how this is met .......................................................................... 1 Governing Document ........................................................................................................... 2 Constitution and Organisational Structure .............................................................................. 2 Public Benefit ...................................................................................................................... 3 Achievements and Outcome of activities ............................................................................... 3 Charity overview .................................................................................................................................. 3 Brighton Home ..................................................................................................................................... 6 Harpenden Home ................................................................................................................................. 7 Vacant Studley Property ....................................................................................................................... 8 Redhill Flatlets ...................................................................................................................................... 8 Harpenden Flatlets ............................................................................................................................... 8 Swavesey Project ................................................................................................................................. 8 Financial Review ................................................................................................................. 9 Summary of Financial Results for each Home for the 6 months to 31 December 2022 ......................... 10 Occupancy 11 Summary of Financial Results for the Flatlets for the 6 months to 31 December 2022 ......................... 12 Plans for the Future subject to the Lord’s will ...................................................................... 12 Conclusion ........................................................................................................................ 12 Appendix 1: Reference and Administrative Information......................................................... 14 Appendix 3: Reserves Policy ............................................................................................... 15 Appendix 4: Risks Management Policy ................................................................................. 16 Appendix 5: Investment Policy ........................................................................................... 17 Appendix 6: Policy Statement on paying staff ...................................................................... 18

A large print version of this document is available on request or an electronic version for those with assistive screen technology

Gospel Standard Bethesda Fund

Registered Charity 1199341

Trustees Annual Report to 31 December 2022

Introduction

The trustees (and directors) are pleased to present their report and financial statements for the period from incorporation of the charitable company on 29 September 2021 to 31 December 2022. The Trustees’ report incorporates the Directors’ report as required by company law.

The Gospel Standard Bethesda Fund, Company Number 13651153 (registered Charity 1199341), was formed as a private charitable company, limited by guarantee on 29 September 2021. The process of incorporation was completed on 30 December 2022 with all the assets and liabilities transferred as a going concern from the unincorporated Charitable Trust, also known as the Gospel Standard Bethesda Fund (registered charity 209376).

Under merger accounting rules, the attached financial statements report the underlying charitable activity for the 6 months to 31 December 2022, which follows on from the previous report and financial statements for the unincorporated charity, which were drawn up for the 18 month period to 30 June 2022. This is explained more fully at Notes 1(a) and 27 to the financial statements. This report therefore focuses on the activity in the 6 month period to 31 December 2022.

We would acknowledge the Lord’s gracious help in leading and guiding us through this very complex area in changing the charitable status of the Bethesda organisation – although in the dayto-day routine in the Homes the changes has had very little noticeable effect.

Trustees/Directors and Officers of the Charity serving since 29 September 2021 and throughout 2022

Mr. M.D. Ridout (Chairman) Mr. J. B. Hart Mr. A.J. Collins (Vice-Chairman) Mr. R.A. Saunders Mr. S.B. Cottingham Mr. D.F. Stevens Mr. P.J. Pocock Mr. R.W. Woodhams

Mr. A.J.H. Topping (General Manager/Company Secretary) Miss S. Williamson (Registered Home Manager, Brighton) Mrs. D. Scott (Registered Home Manager, Harpenden)

Objective of the Charity and how this is met

The Gospel Standard Bethesda Fund (the Charity) provides accommodation, personal care and support to elderly persons who are members of Gospel Standard Strict and Particular Baptist churches, or who regularly attend Gospel Standard chapels and who have a wide range of personal care needs including, physical infirmity, loneliness and dementia. Current residents with increasing and progressive nursing requirements are provided with additional support in our homes by community/district nurses.

The Charity makes available four types of provision: permanent residency, short stays and day care together with independent living flatlets at Harpenden and Redhill.

The way Bethesda provides care and support for its residents is through understanding the background to their beliefs and lifestyle, which can be summarised in the following way:

In 1944 the Gospel Standard Bethesda Fund was formed to provide a Christian Home for the elderly and infirm from the Gospel Standard group of Churches. The provision of this care and accommodation provided a spiritual and homely atmosphere for likeminded people.

The residents are Bible-believing Christians whose rule of life is the Gospel, and Bethesda strives to respect this in providing for their mental, spiritual and physical wellbeing.

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The spiritual life of the Bethesda Homes centres around:

• Daily Bible reading and prayer.

• Chapel services which can be attended in person or listened to in the Homes.

• Prayer meetings and hymn singing organised in the Homes.

In addition, the Homes endeavour to match the previous lifestyle of the residents which would not have included, for example, television or visiting places such as theatres and cinemas.

The Bethesda Homes are rooted and grounded in the churches with which the residents were formerly associated. This means that residents in our Homes will often be living with lifelong friends and, in many cases, relatives as well. The management and staff of the Homes (some of whom are also from the same background) are supported by volunteers drawn from local Gospel Standard chapels which means residents living in the Homes can stay in contact with the people they knew prior to moving.

The Charity achieves its purpose through providing high quality care that meets the individual physical, mental and spiritual well-being of the residents which is delivered with compassion, kindness, dignity and respect. This is underpinned by ensuring that the Homes are well governed, led and managed to provide a framework for delivering high quality care centred on meeting the individual needs of the residents which includes;

• The residents are safe and free from harm,

• The residents, their families, staff and external agencies are confident that the Homes provide a secure and caring environment.

• The individual care needs of the residents are assessed, reviewed and monitored from preadmission to end of life.

• Any concerns regarding the appropriateness of care provided are identified, listened to and acted upon.

• The care, treatment and support provided to the residents is delivered in a transparent and appropriate way by staff competent and confident to do so in facilities that are adapted, as appropriate, to meet individual needs so the health and well-being of residents is maintained and improved.

• Opportunities are available for residents, and others associated with the Homes, to provide feedback on the quality of care provided, as part of Bethesda’s commitment to service improvement.

Governing Document

The Gospel Standard Bethesda Fund is a private charitable company, limited by guarantee registered with Companies House on 29 September 2021 and with the Charity Commission on 16 June 2022. It operates under its Memorandum and Articles of Association incorporated 29 September 2021.

Constitution and Organisational Structure

The Trustees of the Charity (also called Directors) have general control and management of the administration of the Charity and its property and funds, of which there must be a minimum of six and a maximum of twelve. The Trustees are responsible for the appointment of Trustees who become Members by virtue of their appointment as Trustees. No person other than a Trustee may be admitted as a Member. A Trustee serves for a period of three years after which they retire. A retiring Trustee may be re-appointed for a maximum of three consecutive terms of office including their initial term. At the end of 2022 there were eight Trustees.

The Gospel Standard Bethesda Fund has a Supporters Group who are invited to attend an Annual General Meeting. At the AGM the supporters will be invited to express their opinion on the following matters by means of a show of hands:

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• a) The appointment of new trustees

• b) The reappointment of trustees standing for re-election

• c) The annual report and financial statements.

The Company Secretary supports the Trustees in the practical administration and governance of the Charity.

The General Manager has the responsibility for ensuring that the Bethesda Homes are managed effectively and in accordance with legal and regulatory requirements and is assisted in this by the management team of each Home.

Public Benefit

As a charitable organisation, Bethesda is required to demonstrate that there is an identifiable benefit to a section of the general public as a direct result of its activities in pursuit of its charitable aims. To this end the Charity's Trustees have complied with the duty in section 17 of the Charities Act 2011 having due regard to Public Benefit guidance published by the Charity Commission.

Bethesda’s charitable objects are the relief of persons in need and, in particular, of elderly persons in need who are; a) sick or infirm; and b) either members of, or regularly attend, a Gospel Standard church/chapel, by alleviating their suffering or assisting with their recovery.

Trustees’ responsibilities in relation to the financial statements

Charity and 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 at the year end and of its income and expenditure during that year. In preparing those financial statements, the Trustees are required to:

• select suitable accounting policies and apply them consistently;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are required to keep proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Charity’s governing documents. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Achievements and Outcome of activities

Charity overview

The trustees have in recent years identified the challenges facing Bethesda as:

• Maintaining the distinct identity and Christian ethos of Bethesda in an age of compromise and an increasing secular society,

• Maintaining the financial viability of Bethesda to ensure levels of care and support are sufficient to meet the individual needs of residents together with ensuring Bethesda’s physical resources are fit for purpose,

• Responding to the changing needs of those in later life and seeking to provide accommodation and/or services that meet these needs, respect their independence and, where possible, allowing them to live near their place of worship,

• Recruiting staff (at all levels) who are in sympathy with the Christian ethos of Bethesda and lifestyle needs of our residents,

• Ongoing recovery from the impact of COVID-19.

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Maintaining the viability of Bethesda - the trustees took the decision, in the fear of the Lord, in 2020 to increase the residents’ fees to a more sustainable level, which involved a significant one-off adjustment and now fees are adjusted annually in line with inflation. At the same time, the trustees were helped to successfully negotiate with each local authority for full funding, for those residents supported by them, and this has continued through 2021 and into 2022. These negotiations were difficult and we desire to acknowledge the Lord’s help and answers to many prayers.

The improved income was complemented by rigorous cost control measures to include budgeting, financial accountability and monthly reporting on performance. Essential improvements have been made in the Homes to ensure the safety and well-being of the residents, such as the complete replacement of the fire alarm system in the Harpenden Home, along with extensive rewiring works. Yet, the trustees are also conscious of the age of both of the Homes and the physical restrictions in providing the wide range of care needs for our residents. Thankfully, through the dedication of the staff, Bethesda continues to provide the personalised care needed for each of the residents.

The increasing cost and funding of adult social care, and in particular the future care provided in residential homes, has been acknowledged over the recent years by successive governments. Although attempts/proposals are being made to address the situation, there will still be sizeable costs associated with residential care. These will need to be met either through drawing on the assets of the residents and/or public funding.

A key component in maintaining the viability of Bethesda is occupancy. The decline in the number of chapels, and consequently potential residents for Bethesda, over the last 20 years has impacted on the number of residents living in the Homes. As mentioned in the 2019 AGM, in June 1998 there were, in England, 135 chapels listed in the Gospel Standard magazine; in June 2023, 25 years later, there were 79 chapels. On April 1, 2019, 37 of the 60 total places across the homes were occupied. This represented an occupancy of 62% (compared with 80% on April 1, 2018). By December 2022 Bethesda’s occupancy was 10 out of 25 places at Harpenden and 12 out of 22 places at Brighton, the overall occupancy across the two homes being 49% (not including short stay residents).

The Trustees have also reviewed the ‘exceptional entry criteria’, to provide a way for applications from those who may have been previously associated with Gospel Standard churches to be considered. As part of this, nominated trustees meet with such applicants' and to discuss with them their desire to come into a Bethesda Home and also to confirm their agreement to the Gospel Standard Articles of Faith.

Providing appropriate accommodation and services for current and future beneficiaries - After appropriate research and consultation with our supporters, the Trustees have shared their views on the future care provision by the Charity, if the Lord will.

At Open Meetings held in November 2019, the Trustees shared the concept of independent living accommodation (ILA). This would provide an environment to support those occupants with an independent residential facility through to the end of life thereby avoiding the need to move to a residential care home. Additionally, we seek to provide this accommodation near an existing place of worship. ILA is an approach being favoured by individuals in general and strongly encouraged by the government as the model for older person care combined with, as needed, a residential nursing/high dependency provision. Local Authorities have and are building ILA provisions and we have seen how they are now promoting these as an alternative to Residential Care (Care Homes) except in cases of extremity.

In the Lord’s purposes, the trustees were led to purchase a plot at Swavesey to build the first independent living accommodation facility: an update report on this can be found below.

The future of the care home provision remains under careful and prayerful review.

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Maintaining staffing levels in the Homes - If the challenges facing Bethesda had to be ‘ranked’ then (i) sustaining appropriate levels of management and staff to care for the residents and (ii) respecting the Christian ethos of the Homes would be uppermost. In the wider context, staffing is probably the biggest challenge for the care home sector, and a number of care providers (Local Authorities included) have recently been forced to close homes due to their inability to safely staff them, due to the lack of available staff.

Sadly, as mentioned previously, the decline in the numbers within the Gospel Standard congregations, together with career choices available, have impacted on staffing levels within Bethesda. Although working in healthcare settings may be attractive, the skills, compassion and dedication needed in a care environment should not be underestimated. We are thankful for the dedication of our existing staff within the Homes. We would encourage those from Gospel Standard congregations and likeminded individuals, who respect Bethesda’s ethos and have a desire to serve the Lord’s elderly people to prayerfully consider serving the residents in Bethesda. (Acts 16:9[1] ). We seek to provide flexible employment terms to facilitate those only able to offer, for example, one or two days per week.

Reviewing the Quality of our Service - We reported in December 2021 that Bethesda was looking to engage an external organisation to undertake unannounced ‘mock inspections’ of the two Homes. The aim would be to provide a ‘snapshot’ of the current state of readiness for any future CQC inspections, using their Key Lines of Enquiry (KLOE) framework. This exercise was to be an opportunity to use a ‘second pair of eyes’ as an ‘outside view’ to help Bethesda improve/build on its current working practices and systems to ensure focused high-quality care centred on the individual needs of the residents.

The ‘mock inspections’ took place in March 2022 for the Brighton Home and in April 2022 for the Harpenden Home. These activities identified that, although care remained ‘good’ in both Homes, there was a need for improvements across a range of administrative and governance areas including auditing and record keeping.

Detailed action plans were developed, and the Homes have been working through these with further external reviews taking place to monitor progress.

1 “Come over into Macedonia, and help us”.

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Brighton Home

Building on the previous report issued in July 2022, we report on the Brighton Home as follows:

Since the beginning of 2022 we have had four new permanent residents - Miss. Eunice Risbridger, Mr. David Hickman, Mr. Alistair House and Mrs. Brenda Woodhams. There were six short stay residents during the year all benefiting from the rest and change.

Very sadly, five residents passed away during the year, Mr. Reginald Bradstock, Miss Beatrice Wickens, Mr. David Hickman, Mrs. Barbara Mercer and Mrs. Brenda Woodhams. Also, since January 2023, we have lost Mrs. Kathleen Bradstock. They are all lovingly missed, and our sincere condolences are offered to their families and friends. We do not forget that the staff who provided such loving care, often over many years, greatly feel the loss of those that have become their friends and we would remember them also in these bereavements.

During 2021 and 2022 we have been privileged to have six residents in the Brighton Home aged 100 years or over, Mrs. Ruby Poole, Mrs. Evelyn Snell, Miss Beatrice Wickens, Miss Mercie Haddow, Mr. Philip Drury and, more recently, Mrs. Kathleen Bradstock. This is a unique occurrence and a testament, under the good hand of the Lord, to the care given to each by the staff.

In December the Eastbourne Sunday School children were able to come and sing Christmas carols with the residents. In addition, we are thankful that local ministers have been able to make regular visits to the residents, and that the daily readings have been maintained throughout the period.

We wish to express our thanks to so many who have continued to support the Home in various ways, including at a coffee morning held at Wivelsfield Chapel Hall in November 2022 (which raised £1,799.75), the work done by volunteers with the hymn singing on a Saturday afternoon once a month, and the regular provision of home-made cakes for the residents.

During the year, the double bedroom, which was unoccupied, has been utilised as a ‘quiet lounge’ to support those living with dementia and as a visiting venue for larger family groups coming to see their loved ones.

----- Start of picture text -----
Visit by Mill Cottage Farm Mrs. Betty Burgess
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Tea in the garden

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Harpenden Home

Also building on the previous report issued in July 2022, we report on the Harpenden Home as follows:

Since the beginning of 2022 we have been pleased to welcome Mr. and Mrs. George and Jane Butcher, Mrs. Christine Lawson and Mrs. Mary Dawson. Since the beginning of 2023 we have been pleased to welcome Mrs. Frances Woodhams and Mrs. Rachel Hopwood.

During 2022 and since January 2023 we have sadly seen our friends Mrs. Pauline Watts, Mrs. Jane Butcher, Mrs. Joyce Baker, Mr. David Goodge, Mrs. Mary Brooks, Mrs. Beryl Kingham and Mrs. Frances Woodhams pass away, all of whom are greatly missed. Our sincere condolences are expressed to their families and friends. As with the Brighton Home, we would also wish to remember the staff in these losses.

----- Start of picture text -----
Mr & Mrs. D. Goodge
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There have been a number of friends who have made use of the Short Stay service for periods of rest and change.

In the last year or so in this Home we have noticed a sharp increase in those coming for support with dementia and end-of-life care and we felt it an honour to be able help in this way.

Mrs. Marion Haddow retired as Assistant

Manager of the Home after many years of service in various capacities. We acknowledge with thankfulness her work on behalf of the residents over this time and desire that she may know the Lord’s blessing in the coming years as spared.

We have been pleased to welcome Mr. Wayne Blinko who took up his duties as Assistant Manager in January 2022.

Since the beginning of 2022 we have been very pleased to welcome an increased number of visitors, which allowed activities to resume after the restrictions around COVID-19 were lifted, including the knitting group, slide presentations in the lounge and group outings.

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Mrs. Joan Wilderspin
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Knitting group

Mrs. Mary Brooks

Trip out to local friends

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Vacant Studley Property

After the period end, it was decided to sell the Studley Bethesda home, following its closure in 2021. The property was marketed at an initial guide price of £750,000 and a sale has been agreed (subject to contract). The agreed sale price is materially above the net book value at which this home was stated in the accounts at 31 December 2022.

Redhill Flatlets

A number of the Redhill flatlets have been occupied for much of the period, providing a useful additional income for the Charity. However, since the year end and at the time of writing (August 2023) only two of the flats are occupied, with no Bethesda residents. Very sadly, Mrs. Dorothy Sayers passed away unexpectedly during December 2021 and since year end our last Bethesda resident in the Redhill Flatlet's, Mrs. Rosie Mercer passed away. Our thoughts remain with both families.

We acknowledge with thankfulness the ongoing help of the warden and many others who contribute towards the maintenance and repairs of the building and who have the supported the elderly friends living in the flatlets during times of need.

Harpenden Flatlets

During 2021, two of the three flatlets were occupied for at least part of the year. Miss Pat Lawrence who had lived in flatlet 1 for many years, passed away 31 January 2021 and although missed, she is now with her Lord, “which is far better.”

During 2022 Mrs. Olive Goodge took up residence in Flat 2, and since the year end, Mr. George Butcher moved from the Home, taking up residence in Flatlet 1, meaning that all the Flatlets at Harpenden are currently occupied.

The ongoing assistance of the volunteers who support those living in the flatlets and contribute towards the maintenance and repairs of the flats are acknowledged with appreciation.

Swavesey Project

Following the purchase of 63 Middle Watch, Swavesey from the Parish family, in June 2021 the Trustees have sought, in the fear of the Lord, to take forward proposals to build Independent Living Apartments for beneficiaries of the Charity. We believe we saw the Lord’s hand in guiding us to Saunders Boston, Architects of Cambridge, who have been most helpful and understanding of our needs. Working with them, plans were prepared and refined, taking into account all the various statutory and other requirements, a planning application was submitted and subsequently approved, We are now hoping, if the Lord will, that progress will be made so that work will commence on the site in the next few months.

Matters have not always been straightforward and we would acknowledge with thankfulness the Lord’s guiding hand and appearing for us on many occasions in making a way where we could see none at the time.

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Financial Review

As set out in the introduction to this report, the financial information in this document covers six month period from 1 July 2022 to 31 December 2022. As with previous years, the full financial statements for the period have been published in a separate booklet.

The statement of financial activities shows that total income for the 6 month period was £804,150.

Three legacies were received during the 6 month period, including those from the estates of Mr. David Keeling and Miss B. Wickens to the total amount of £95,367. We would record our gratitude to the Lord for these provisions.

The investment income for the 6 month period was £21,593 compared with £22,557 for the whole of the previous 18 month period. This reflects the much improved interest rates now available to financial investments.

Income from Home residents’ fees for the 6 month period was £644,756. During 2020, extensive negotiations were held with local authorities funding residents who agreed, without exception, to pay the full rates of our fees. This has continued in subsequent years, and as a consequence there have been reduced shortfalls for local authority funding and this has largely continued.

Expenditure on charitable activities for the 6 month period, which includes employment costs, was £798,074.

The cost of repairs and renewals during the same period, remains a significant investment at £40,436. The expenditure on building maintenance is in line with the Charity’s policy on maintaining its properties in good condition and meeting all safety and registration requirements. Occasionally, heavy and unexpected repairs can suddenly become a necessity.

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Summary of Financial Results for each Home for the 6 months to 31 December 2022

	Brighton	Harpenden	Studley	Total
	£	£	£	£
Residents’ fees	360,158	284,598	-	644,756
Other income	5,715	5,477	-	11,192
Total income	365,873	290,075	-	655,948
Employment and agency costs	250,147	267,861	-	518,008
Depreciation	4,985	6,813	4,800	16,598
Hardware, cleaning and laundry	3,033	5,430	-	8,463
Insurance	5,752	6,366	2,995	15,113
Motor and travel	1,345	287	-	1,632
Power and heating	14,013	9,748	(437)	23,324
Provisions	12,432	12,871	-	25,303
Registration fees	4,085	4,085	-	8,170
Repairs and renewals	14,046	24,912	1,478	40,436
Staff training	662	285	-	947
Telephone, relay and internet	1,228	1,082	-	2,310
Water services	1,728	2,122	149	3,999
Council tax	765	1,401	1,827	3,993
Garden expenses	81	4,054	64	4,199
Medical supplies	2,669	377	-	3,046
Personal protective equipment	918	-	-	918
Postage & stationery	429	895	-	1,324
Waste collection	2,121	1,817	-	3,938
Sundry expenses	1,698	2,327	300	4,325
Central office support costs	31,867	36,213	4,346	72,426
Other costs	4,638	3,147	39	7,824
Total expenditure	358,642	392,093	15,561	766,296
Surplus (deficit) for year	£7,231	(£102,018)	(£15,561)	(£110,348)

The overall deficit of running the three Homes for the 6 month period was £110,348.

As usual, the biggest single cost of running the Homes is that of staffing, representing 69% of the total operating expenditure, equating to 79% of our income being spent on staffing the Homes to ensure a safe, caring, effective and responsive service.

Home Running Costs (6 months - £750,735 excluding Studley)

----- Start of picture text -----
31%
Running costs
(£232,727)
69%
Staffing
(£518,008)
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Of the 31% of running costs not associated with the Home’s staffing costs, the remainder can be summarised as follows;

----- Start of picture text -----
Depreciation, registration fees,
other office & sundry costs
15%
Central Support Costs
29% Hardware, cleaning &
laundry
Waste collection 4%
2%
Insurance & Tax
6%
Medical Motor and travel
supples & 1%
PPE
2%
Water, power &
heating
Staff training 12%
0.4%
Repairs, renewals & Provisions
garden 11%
18%
----- End of picture text -----

Occupancy

As has been commented many times in the past, occupancy is key to the financial viability of the Charity, and as the following graphs demonstrate, residency in the Homes has continued to drop overall, year on year, as demand for the Charity’s service falls. Overall occupancy for the twelve months of 2022 stood at 52.8% (rounded up in the graph). Overall occupancy since 31 December 2022 (to July 2023) in the two homes was 47.4%.

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Individual Home Occupancy
100% 90% Overall Occupancy
90% 83%
81%
80% 77% 74% 80% 76% 73%
74% 68%
70% 72% 62% 58% 61% 70% 65% 59%
60% 70% 56% 60% 54% 53%
50% 44% 39% 41% 45% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
Brighton (22 beds) Harpenden (25 beds)
Studley (13 beds)
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By way of additional information the overall Homes results for the 12 months to 31 December 2022 are shown below:

ow:
	Brighton	Harpenden	Studley	Total
	£	£	£	£
Total income	718,376	596,771	2,017	1,317,164
Total expenditure	723,748	799,902	30,785	1,554,435
(Deficit) for year	(£5,372)	(£203,131)	(£28,768)	(£237,271)

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Summary of Financial Results for the Flatlets for the 6 months to 31 December 2022

	Harpenden	Redhill	Swavesey	Total
	£	£	£	£
Residents fees	7,848	12,699	-	20,547
Total income	7,848	12,699	-	20,547
Cleaning, windows and waste	90	720	-	810
Council tax on unoccupied properties	672	1,658	2,044	4,374
Depreciation	2,647	1,663	-	4,310
Garden maintenance	721	692	-	1,413
Insurance	461	922	806	2,189
Power and heating	1,239	1,699	55	2,993
Repairs and renewals	391	686	-	1,077
Central office support costs	2,360	4,721	4,721	11,802
Other costs	408	401	-	809
Total expenditure	8,989	13,162	7,626	29,777
Surplus/(Deficit) for the year	(£1,141)	(£463)	(£7,626)	(£9,230)

At Harpenden, two of the flatlets were occupied for at least part of the 6 month period. The Harpenden flatlets show a deficit for the 6 month period of £1,141, which includes the £2,647 allocation for depreciation. This is mainly depreciation on buildings by accounting rules, but does not represent money spent annually out of the bank. Without the depreciation taken into account, income exceeded expenditure.

At Redhill, two of the flatlets are occupied by Bethesda residents (which has changed since yearend). However, several of the flats have been occupied by other people, thus producing an additional income. Overall, the Redhill flatlets are showing a deficit of £463, which includes £1,663 for the depreciation charge. Again, as with the Harpenden Flatlets, without depreciation being taken into account income exceeds expenditure.

Plans for the Future subject to the Lord’s will

Independent living

The independent living project at Swavesey will continue to be developed as we work with our professional advisers and the local planning authorities.

Future structure of the Charity

The future structure of the Charity, in terms of its service provision and accommodation, remains under continued prayerful consideration and we look to the Lord for guidance on the way forward in this.

Conclusion

As with the previous year 2022 was a period when the truth and significance of the words ‘if the Lord will’ continued to be proved in all the uncertainties of the way. We are thankful to the Lord that it has continued to be possible to maintain a provision for Lord’s elderly people throughout this year.

The Lord knows what is before us and the pathway that He would have Bethesda to walk, and we pray that He will go before us, and that submission and wisdom might be given to know and do His will for the Charity. The prayers of all those with an interest in Bethesda for the Lord to appear and to guide the Trustees, support the managers, staff and residents, are felt more than ever to be needed at this time.

On behalf of the trustees

M. Ridout, Chairman

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18/09/2023

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Gospel Standard Bethesda Fund

Registered Charity 1199341

Appendix 1: Reference and Administrative Information

Name of Charity: Gospel Standard Bethesda Fund Charity Number: 1199341 Company Number: 13651153

Trustees serving during the financial year and since the year end:

(Also known as the Bethesda Fund Committee)

Mr. M.D. Ridout (Chairman) Mr. J. B. Hart Mr. A.J. Collins (Vice-Chairman) Mr. R.A. Saunders Mr. S.B. Cottingham Mr. D.F. Stevens Mr. P.J. Pocock Mr. R.W. Woodhams

Company Secretary: Mr. A.J.H. Topping General Manager: Mr. A.J.H. Topping

Address of the Principal Office of the Charity:

Bethesda General Office 12(b) Roundwood Lane Harpenden, Herts. AL5 3BZ Telephone: [phone] Email: [e-mail]

Connected Charity

The Piggott Charity is a “connected Charity” under the control of the Trustees of the Gospel Standard Bethesda Fund. It exists to help Residents of the Bethesda Homes who are in financial need to pay the cost of their care. Further information can be obtained from the General Manager.

Auditors: Begbies Chartered Accountants, 9 Bonhill Street, London EC2A 4DJ

Bankers: Lloyds Bank plc, 60 George Street, Luton, LU1 2BB

Solicitors: Ellis-Fermor & Negus, 2 Devonshire Avenue, Beeston, Nottingham, NG9 1BS

14

Gospel Standard Bethesda Fund Registered Charity 1199341

Appendix 3: Reserves Policy

Reserves Policy

As required by the Charity Commission Statement of Recommended Practice (SORP) Paragraph 31 (e). This policy statement is the February 2022 review.

Definition

Reserves are that part of our general-purpose funds which do not need to be spent immediately and which are not committed or designated. They are the resources we have or can make available to spend on any our objectives once we have met our known commitments and covered any other planned expenditure. The reserves at any year end are represented by the net current assets shown in the Statement of Financial Activities less any expenditure contracted for or planned.

Reasons why the charity needs reserves

The charity has a commitment, not only to the present generation of Gospel Standard Strict Baptists, but also to a generation to come. The fees charged to our residents in the Bethesda Homes is the main income of the charity. However, past experience has shown that occupancy levels can fluctuate. A drop in occupancy levels results in a serious drain on our reserves. Legacy income is our second most important source of income but varies greatly year by year and can never be predicted. Legacy income is sometimes restricted for the benefit of one particular Home, and not therefore available for general purposes. The charity has no endowment funding and is therefore entirely dependent (apart from residents’ fees) upon donor funding from year to year. Apart from the usual insurances, the charity has no protection against catastrophic or lesser but damaging events.

The level of reserves needed

The Committee considers that the charity should endeavour to hold, as a minimum, free reserves amounting to “six months expenditure” in one year as stated in the last published Statement of Financial Activities . However, from the past history of the charity, it is recognised that to state an absolute figure is not entirely appropriate, as from time to time, in the providence of God, major legacies and other resources have been received in times of need. The trustees are firmly convinced that the charity should be run on Scriptural lines, whereby they look to the Lord to provide for what they believe is His work, remembering that “the silver is Mine, and the gold is Mine, saith the Lord of hosts” (Haggai 2.8); “ He is their strength in the time of trouble” (Psalm 37.39). The trustees recognise that they have a responsibility for the continuing care of vulnerable residents in the Bethesda Homes.

How these reserves are to be maintained

Major property maintenance and improvement work will be planned and undertaken only as the objectives of this policy statement allow. All operational costs will be carefully monitored, in the case of the Homes, by the General Manager and Home Managers, and in the case of the Bethesda Flatlets and of support costs and management and administration costs, by the General Manager.

This policy will be reviewed by the trustees at least annually, usually in January as part of the Business planning process.

Free reserves at Year-end

The free reserves at the year-end amount to £1,600,280. Therefore, free reserves excess over required expenditure is 97.7% which is satisfactory.

There is no contractual commitment to expenditure for planned works in 2023.

15

Registered Charity 1199341

Gospel Standard Bethesda Fund

Appendix 4: Risks Management Policy

Risks Management Policy

This policy constitutes the ‘Risks Management Policy’ as required by the Charity Commission Statement of Recommended Practice (SORP) Paragraph 31 (g).

General policy statement

It is the policy of the Bethesda Fund Committee that all risks associated with the Charity’s activities be minimised by the implementation of risk management and prevention systems or procedures. The Committee will ensure that all significant risks are identified, assessed and monitored.

Major risks identified

The Committee has identified the most serious risks to the charity and recorded these in the Risks Register.

How the policy is to be maintained

Each component part of this policy is clearly delegated to either the Committee as trustees, other officers of the charity or members of staff. The Committee adopts the principle that effective risk management is the responsibility of all levels of management and staff.

Arrangements for monitoring and reviewing this policy

This policy will be reviewed by the trustees at least annually, usually in January, with any changes to the Risk Register notified to them quarterly.

16

Registered Charity 1199341

Gospel Standard Bethesda Fund

Appendix 5: Investment Policy

Investment Policy

As required by the Charity Commission Statement of Recommended Practice (SORP) Paragraph 31 (e). This policy statement is the February 2022 review.

Objectives in investing the charity’s funds

The objectives of the trustees are:

i) to ensure that the funds are properly protected: that is, that the capital is not put at risk and will be protected against inflation as far as is reasonably practical.

ii) to obtain the best income from those funds (consistently with the above) with which to carry out the charity’s purposes.

Powers of investment

The Charity Commission Scheme under which the charity operates contains no specific powers of investment. The charity’s investments will, therefore, be governed by the Trustee Investments Act 1961.

Risk profile

The trustees are willing only to accept investments classified as low risk.

Policy statement

The trustees invest the charity’s funds in two principal ways. First, freehold property is held to provide homes for the elderly and infirm in accordance with the objectives of the charity. Over the years freehold property has been shown to hold its value against inflation. Such property is maintained in a good state of repair. Second, surplus funds are maintained in deposit accounts with reputable banks, building societies, and common deposit funds, which may, or may not, include money-market deposits, normally in at least three different entities. From time to time the trustees may consider investing in government stocks. The trustees do not invest in ordinary shares of quoted companies owing to the difficulty in finding companies which maintain ethical and moral standards which are consistent with the Scriptures.

Investment advice

The Charity is currently going through a transitional period where its capital will be needed for development, and as such it is currently held in short term investments. Once decisions have been made in respect of new properties the need for financial advice in investing any residual finds will then be reviewed.

Arrangements for monitoring and reviewing this policy

This policy will be reviewed by the trustees at least annually, usually in January as part of the Business planning process. Maturing bonds will be reinvested promptly.

17

Gospel Standard Bethesda Fund Registered Charity 1199341

Appendix 6: Policy Statement on paying staff

Policy Statement on Paying Staff

How we decide how much to pay our staff

The Gospel Standard Bethesda Fund (‘The Bethesda Fund’) is committed to ensuring that we pay and reward our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives.

In accordance with the SORP:-

• Disclose the number of staff in receipt of more that £60,000 and above (in bands of £10,000)

• Disclose pensions and other benefits

The Bethesda Fund Committee (‘The Committee’) meets annually to set the pay for all staff. The General Manager is in attendance for the meeting (leaving for the discussion regarding the General Manager’s remuneration).

The main responsibilities of the Committee in respect of setting pay are to:-

• review the level of the Bethesda Fund salaries and wages against an agreed independent market benchmarking tool and make sure amendments are appropriate to ensure that salaries and wages remain competitive

• determine the remuneration package of the General Manager, Home Managers and Deputy Managers

• approve the annual percentage increase in the payroll for all staff (which can be zero) taking into account CPIH as at 31 October for the previous year.

• approve any consolidated pay awards and staff salary increases outside of the annual review process as recommended from time to time by the General Manager.

• determine pension arrangements and

• ensure that contractual terms on termination are fair to the individual and the charity, that poor performance is not rewarded and a duty to mitigate loss is recognised.

In determining the Bethesda Fund’s remuneration policy the Committee takes into account all factors which are deemed necessary. The appropriateness and relevance of the remuneration policy is reviewed annually ensuring the Bethesda Fund remains sensitive to the broader issues e.g. pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the lower – medium point within a band, providing scope to reward excellence. We pay at or above the national living wage for all our staff.

Delivery of the Bethesda Fund’s charitable vision and purpose is primarily dependent on our staff which is the largest single element of charitable expenditure. In 2022 the Bethesda Fund made adjustments to wages to reflect inflationary increases and the national living wage requirements.

18

GOSPEL STANDARD BETHESDA FUND

Financial Statements

for the period from incorporation of the charitable company on 29 September 2021 to 31 December 2022

(showing the charity operating results for the

6 months to 31 December 2022 under merger accounting rules)

Charity number 1199341

Company number 13651153 registered in England and Wales

Gospel Standard Bethesda Fund

Company registered office address: Bethesda General Office 12(b) Roundwood Lane Harpenden Herts AL5 3BZ

Financial Statements for the period from 29 September 2021 to 31 December 2022

(showing the charity operating results for the

6 months to 31 December 2022 under merger accounting rules)

CONTENTS

CONTENTS
	Page
Independent Auditor’s Report …………………………………	2
Statement of Financial Activities (SOFA) ………………………	6
Statement of Financial Activities (SOFA) for prior period ……	7
Balance Sheet ……………………………………………………	8
Statement of Cash Flows ………………………………………	9
Notes to the Financial Statements ………………………………	10

The Annual Report for 2022, along with these financial statements, are available together from the address above.

1

INDEPENDENT AUDITOR'S REPORT TO THE ￿lE￿IBERs OF GOSPEL stANDARD BETHESDA FIIYD Opinion 'e have audited the ftnancial stakmenis of SLgndard Beihe5da Fund lthe'charitsble company'l forihe peri(Ml ended 31 December ?0?? wliich comprise ihesLgiemeni of financial activities. the balance sheet. the slatement of cash flows ar￿ the iiotes io the financial sialements. including a summary of significani accounting rx)licie5. The financial reporting fTatnew'oTk Ihai has been applied in Iheir prepardiioll i5 applicable law and United Kingdom Accounting Standards. including Financial Reporting sta￿lard 102 Tkn findwiul RL'IAw'iiK£ .8ianilÉyildppliL'uhle in11￿ I,,K undRepuhliL' oflrel(JndlUniied Kingdom Generally Accepted A¢¢ounting Prarti¢¢). In oiir opinion. th¢ fLnan¢ial statem¢nts'. give a true and fair view o(Ihe siaie ofihe charitsble company's alTairs as ai 31 D¢¢¢m￿r 202? aod of lis irKoming resou￿$ and appli¢aiion of r¢sOU￿¢s, including its in¢ome and e.Kpendiiure. for the ￿rIOd then ended: have been prt)perlJ prepared in x¢ordan¢e with Ilnid Kingdom Generally Ac¢¢picd Accouniing Pracii¢¢: and have been prepared in accordance with the requiremenL8 ofihe Componies Act 2006. Basis for oplnSon 4,¢ ic)nduLt¢d c)ur audii in a¢cordan¢e ivith Iniemaiional Standards on Audiiing IUKI IISAS (Ukll and appli¢able lath. Our reskKTrnsibiliiies under those slandaids are funher descrikd in the . liidiifjl I ri'.¥wJn.sihililiL'.s (¢w' Ilx. (llhlii of ihL. fli￿￿.1￿1.$1a1é'￿L.ry￿¥ seciion of our reptsrt. We are independeni of ihe ¢hariiy in a¢¢ordan¢e ivith the ethical requ1￿ments thai are relevant ¢0 our audii of Ihe financial siaiements in the UK, including the FRC'S Eihical Standard, and th¢ have fvifill¢d our oiher eihi¢al r¢spx)nsibiliii¢s in a¢Corda￿e with ihese requirements. W'e believe that the audit evidence we have ob¢aiikd bs sufficient and appropria 10 provide a basis for our opinion. Conflu$ion$ rel*ting ¢0 going ¢on¢trn In audi¢ing the financial 51al¢m¢nts. li'e have wncluded that the Trv51ees' use of the going ¢on¢¢m basis ofa¢iouniin¥ in ih¢ pr¢paraiion ofihe financial stri¢m¢nts is appropria1¢. Based on the work. i¥e have ￿r[omed. we have not ideniified any material uncertainiies relating to ¢v¢nts or condilion5 that. individually or roll¢cliN¢ly. may cast significant doubt on th¢ ¢harilJ'S ability tt) ¢oniinlle &s g ¥oing ¢i)n¢em for a period of 01 least Lw¢lv¢ months from Mhrn th¢ finanrial slatements arr authotised for issu¢. Our responsibilities and Ihe rtsponsibililies of the Tntsltts with respect ¢0 going ¢on¢ern a described in the relevant sLrtions of this rewTrrt.

Other information The other information eomprises the infomaiion included in the annual repon orher than the financial siaiements and our audirorfs retx>rt ihereon. "The "I rusrees are resrA)nsible for the other infomiaiion eoniained within the annual report. (hjropinion on the financi81 statements does not cover rhe other infomiaiion and. excepr io ihe exrenr otherwise explicitls. sraied in our report. we th) noi express any fomi of assllrdnce conclusion thereon. Our responsibility. is to read the other infomiarion and. in doing so. consider wthetheT rlie orlier infomiaiion is maieriall!. inconsiskni with the financial stskments orour knowledge obLqined in the course of the audit. or otherwise appears io be materially misslaied. If we ideniify 5ucli material inconsistencies or apparent material missthiements. we are required io deiemiiiie wlietlier Iliis gives rise lo a material mis5talemeni in the financial sthiements themselves. If. based on the work w¢ hav¢ p¢rforn)¢d. H'e conclude ihai there is a mar￿1 misstat¢ment of this otheT infomiation. we are required ￿ report thal fact. We have nothing to Teport in this re8ard. Opinions on other rnatttrs pre5CTilxd bl. the Cofflpanies ilrf 2006 In oiir opinion. based on the wx>ri' Under￿keTr in the course of our audii.. the infomiaiion given in the Trusiees. reN)rt for the financial year for which the rinan¢ial siai¢m¢nts are prepared. which in¢lvdes ihe dirttiors. repor¢ Prepared for the purposes of compan> law.. is eonsistent with the flnancial siatements: and the dircciors, report in¢ludcd ￿'Ithin ihe Trusiees. report has been prePa￿d in a¢¢ordan¢¢ wi¢h applicable legal requirements. MAtters on which w¢ gre required lo report by exteptirjn In Ihe light ofih¢ knoM.l¢dgpe and undersiandinb of lh¢ ¢h3ril}' and its ¢nviD)nmen¢ ob¢ained in the ¢ourse ofih¢ audit. we hav¢ rKki ideniified material misswem¢ns in the directors. report in¢lud¢d w'ithin the TnJsi¢es' reporn. We hav¢ nothing io Teport in resp￿1 of following matters in relation to which the Companies Act ?(M)6 requires us lo report to >'ou if. in our opinion.. adequate a¢¢ouniing records have rbot been kepi. or rebJrn5 adequate for our audit havc not been ￿¢¢1¥￿ from branches noi vi5i¢ed bj. us- or the financial slalements are rK>l iii a8reemenl with the acci￿￿11n8 record5 and retUrn5.' OT certain disclosures ofirnsiees, remunerdiion specified b), law are noi made.. or we hav¢ not r￿¢1¢d all lh¢ Informaiion and ¢xplanaiions we r¢quir¢ for our audii: or th¢ Trustees We￿ noi eniiiled to prepare the financial statements in a¢¢ordan¢e 74.ith the small ¢ompani¢s regime and advanthge of lh¢ small ¢ompani¢s' exempiions in preparin8 the Trustees. rew)rt and from the requirement to prepare a strdte8jC r¢port.

Re5POnsibilities of Trustees As explained more ￿11). in ihe sraiemeni of Tn]stees' Jtsp)nsibilities, the Trustees, u,ho are also the dIreC￿rS of the charl￿. for the PUr[￿￿e of companv law. are reswnsible for tlie prcpardtion of the financial stsiements and for ￿Ing s81isficd thai they give 8 trne and fair vieM'. and for such iniemal control Ls ihe Trustee5 deierniine is necessary ro enable the prepardtion of fjnancial siaiemenis thai are free from ma￿rial missLltemeni. whether due ro fraud orerror. In preparing the flnancial ststements. the Trusitts are reswn5ible for assessing the chariry's ability io continue as a going concern. disclosing. ￿ applicable. marters relakd to going concem and using the going concern b&sis of accounting unle55 the Trustees eiilier intend to liquidate the charitsble compny or to cease operations. or liave no re81isri¢ alternative bui to do so. Auditor'5 responsibilities for the 8udit of the finanrixl stAternents Oiir objecii%'es are 10 obtain reasonable ￿Si1ranCe aFM)ui wheiher the financial siat¢in¢nrs SS a whole are free frorn makrial misstsiemeni. whether due io fraud or error. and to Issue an audilorfs report that incliides our opinion. Reasonable &ssurance is a high level of &ssurdnce bul 15 not a guarantee that an audit conducted in accordance with ISAS (Llkl will alwa%s delect a material misstatement w'hen it exists. Nlissthiements can arise from frdud OT ern)r and are con5id¢red malerial if. individuall). or in ihe a¥8reuale. they could rea5()iiably be e¥pecled to influence the economic decisions of users laken on the basis of Ihese financial siaieineiiis. Extent to which the 9udit was capable of detecting irre%ulAritits. includin% fraud ThL ¢¥i¢nl lo which ()UT pfiKL'durLS aTL' capablc of deiLLiini? jTrLi?ulariliL. 11)Lludiiigi fraud. is detailed below. Irre8ularilie5. includin8 frdud, are instances of rK>n-compliance with laws ￿ld re8ulatioi)s. Il'e desitsn pn)cedures in line wilh our Teswnsibiliiies. outlin¢d abov¢. io del￿1 mgrial mi5slalemcnls in rc5pccI if irrc8ulariiie5. includin8 flaud. B&s¢d on our un(kTStanding of the charitable cr)mpany and ils industry. we eonsidered that non-compliance w'iih ihe followin8 laws and Te8ulaiions mighi liave a malerial etTecl 011 Ihe rinancial slalements.. employment regulation, healih and safely regulalion. anti-money laundering rc8ulatiorb. and non-compl1￿7ce wilh implementation of 8oN'crnment support Schemes relaling to Covid-19. To help us identify inslances of nont limited to.. Enquiries and confimiaiion ofmanagement and ihose Cha￿ed w'iih ggv¢man¢e 8S to thcir idcnlifLcalion ofany rK)n- compliancc I￿1th laws or re8ulations. or any act1￿1 or poieniial claims: In5P¢fting corre5TX)ndence. if any. with relevant lic¢n5ing or regulatory authoTitle5: Cotntnunicating identified law5 and regulations to the engagetnent teaTn and remaining alert io ony indi¢aiions of non-¢omplian¢¢ thn)ughoutour audi¢; and

ConsideriniT the risk of acts by the charitable Company which were contrary to applicable laws and I'e2ulations, including fraud. In addition, we evaluated the trustees, and managenient's in¢eiitives and opporLunitEes for fraudulent rnanipulation of the fiiiancial statements, including tlie iisk of in￿lageMent override of Cvnirols, and determined that tlie principal I'isks related to Tncome recognitioii and significant one-off or unusual transactions. Our audit PToceduTes in relation to fraud included but were not limited to.. Revicw of minutes of Boa1￿ tn¢etlDgs Iliroughout dle period; Making enquiries of thc tnistees and iiianageinent ort wliether they had knowledge of any actual, siispected oi. alleged fiaud. Gaining an understanding of the intenjal Conti￿lS establi5h¢d to Initigate risks related to fraud,. Discussing amongst the engagement teaim the risks of fraud., alld Tn relation to the risk of manaoeinent override of in*mal controls, by undertaking procedur¢5 to review journal enti'ies and evaluatino wliether tliere was evidence of bias that represented a Tisk of matei'ial misststement due to fraud. Our audit procedure5 were designed to respond to i'isks of material misstatement in the financial staterneiits, IEcognising that the risk of not detecting a tnaterial inis5tatenient due to fraud is higlier than tlie risk of not detecting one resulting from em)r, as fraud rnay involve deliberate concealrnent by, for example, forgery, misrepreselltation5 or th￿Ugh ¢01Susson. There are inherent limitations in tlie audit procedures pei'formed and the fuither reiiioved non. compliance with laws and regulations is from the events and transactions reflected in the fTnancial statements, the less likely wt are to become awaie of it. A furtherdescription of our respon5ibElities is available on the Financial Reportiniy Council's website at.. https'.IAvww.frc.org.uklauditorsresponsibilities. This description form5 partof our audiior's report. Use of ouv report nils report is Inade solely to tlie charitable company's inejnbers, as a body, in accordance with Chapter 3 of Parl 16 of tht Coinpani¢s A¢t ?006. Our audit work has beeii undertaken so that we might state to tlie charitsble eompany's memEtrs those Matte￿ we are I'tquiied to state to them in an auditor's report and for no odier puiyose. To thc fullest extent peimiitted by law, we do not accept orassume respvnbibility to anyone otlier Ihall thecharttable conipany and tlie chai'itable company's meinbeis as a body, for our aiidit work, for tliis reporL or for the opinions we have formed. Chaitcred Accoiintants and Statutory Auditor Unil 14, Park Barn, Evegate Business Park, Smeeth, Ashford, Tr125 6SX

GOSPEL STANDARD BETHESDA FUND

Statement of Financial Activities from 29 September 2021 to 31 December 2022 (including Income and Expenditure Account)

showing the charity operating results for the 6 month period to 31 December 2022 under merger accounting rules (see Notes 1(a) and 27)

Note General Designated £ £ Income and endowments from: Donations and legacies 3 102,229 - Charitable activities 4 671,635 - Investments 5 13,403 7,813 Total 787,267 7,813 Expenditure on: Raising funds 7-8 11,265 - Charitable activities 7-13 788,497 1,721 Total 799,762 1,721 Net income/(expenditure) (12,495) 6,092 Transfers between funds 14,23 - - Net movement in funds (12,495) 6,092 Reconciliation of funds: Total funds brought forward 3,112,170 1,056,708 Total funds carried forward £3,099,675 £1,062,800 ----Unrestricted funds----	Note General Designated £ £ Income and endowments from: Donations and legacies 3 102,229 - Charitable activities 4 671,635 - Investments 5 13,403 7,813 Total 787,267 7,813 Expenditure on: Raising funds 7-8 11,265 - Charitable activities 7-13 788,497 1,721 Total 799,762 1,721 Net income/(expenditure) (12,495) 6,092 Transfers between funds 14,23 - - Net movement in funds (12,495) 6,092 Reconciliation of funds: Total funds brought forward 3,112,170 1,056,708 Total funds carried forward £3,099,675 £1,062,800 ----Unrestricted funds----	Note General Designated £ £ Income and endowments from: Donations and legacies 3 102,229 - Charitable activities 4 671,635 - Investments 5 13,403 7,813 Total 787,267 7,813 Expenditure on: Raising funds 7-8 11,265 - Charitable activities 7-13 788,497 1,721 Total 799,762 1,721 Net income/(expenditure) (12,495) 6,092 Transfers between funds 14,23 - - Net movement in funds (12,495) 6,092 Reconciliation of funds: Total funds brought forward 3,112,170 1,056,708 Total funds carried forward £3,099,675 £1,062,800 ----Unrestricted funds----	Restricted Total funds funds 2022 £ £ 6,214 108,443 2,479 674,114 377 21,593 9,070 804,150 - 11,265 7,856 798,074 7,856 809,339 1,214 (5,189) - - 1,214 (5,189) 50,460 4,219,338 £51,674 £4,214,149
	787,267	7,813
	11,265 788,497	- 1,721
	799,762	1,721
		6,092 -
	(12,495)	6,092
	3,112,170	1,056,708
	£3,099,675	£1,062,800

6

GOSPEL STANDARD BETHESDA FUND

Comparative figures for the prior period

Statement of Financial Activities for the 18 months ended 30 June 2022

(including Income and Expenditure Account)

(see Notes 1(a) and 27 regarding merger accounting)

Note Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Total Expenditure on: Raising funds 7-8 Charitable activities 7-13 Total Net (expenditure)/income Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	General Designated £ £ 498,139 - 2,340,050 - 17,419 2,292 2,855,608 2,292 27,004 - 1,752,390 1,516 1,779,394 1,516 1,076,214 776 (1,029,428) 1,029,428 46,786 1,030,204 3,065,384 26,504 £3,112,170 £1,056,708 ----Unrestricted funds----	General Designated £ £ 498,139 - 2,340,050 - 17,419 2,292 2,855,608 2,292 27,004 - 1,752,390 1,516 1,779,394 1,516 1,076,214 776 (1,029,428) 1,029,428 46,786 1,030,204 3,065,384 26,504 £3,112,170 £1,056,708 ----Unrestricted funds----	Restricted Total funds funds 2022 £ £ 82,859 580,998 - 2,340,050 2,846 22,557 85,705 2,943,605 - 27,004 940,536 2,694,442 940,536 2,721,446 (854,831) 222,159 - - (854,831) 222,159 905,291 3,997,179 £50,460 £4,219,338
	2,855,608	2,292
	27,004 1,752,390	- 1,516
	1,779,394	1,516
	1,076,214 (1,029,428)	776 1,029,428
	46,786	1,030,204
	3,065,384	26,504
	£3,112,170	£1,056,708

7

GOSPEL STANDARD BETHESDA FUND

(Charity number 1199341 - Company number 13651153)

Balance Sheet as at 31 December 2022

		31 December	30 June 2022
	Note	2022	(see Note 27)
		£	£
Fixed assets:
Tangible assets	15-17	1,499,395	1,483,504
Total fixed assets		1,499,395	1,483,504
Current assets:
Debtors	18	119,273	97,666
Investments	19	2,504,074	2,520,970
Cash at bank and in hand		235,577	250,408
Total current assets		2,858,924	2,869,044
Liabilities:
Creditors: Amounts falling due within one year	20	(144,170)	(133,210)
Net current assets		2,714,754	2,735,834
Total assets less current liabilities		4,214,149	4,219,338
Total net assets		£4,214,149	£4,219,338
The funds of the charity:
Unrestricted -
General	21	3,099,675	3,112,170
Designated	21,23	1,062,800	1,056,708
Restricted income funds	21,22	51,674	50,460
Total charity funds		£4,214,149	£4,219,338

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 18 September 2023 and signed on their behalf by:

M. RIDOUT, Chairman

8

GOSPEL STANDARD BETHESDA FUND

Statement of Cash Flows for the 6 month period ended 31 December 2022

(see Notes 1(a) and 27 regarding merger accounting)

		6 months to	18 months
		31 December	to 30 June
	Note	2022	2022
		£	£
Cash flows from operating activities:
Net cash (used in) provided by operating activities	24(a)	(15,172)	342,610
Cash flows from investing activities:
Interest and rents from investments		21,593	22,557
Proceeds from the sale of property, plant and equipment		4,700	-
Purchase of property, plant and equipment		(42,848)	(531,244)
Net cash (used in) investing activities		(16,555)	(508,687)
Change in cash & cash equivalents in reporting period		(31,727)	(166,077)
Cash & cash equivalents at start of reporting period		2,771,378	2,937,455
Cash & cash equivalents at end of reporting period	24(b)	£2,739,651	£2,771,378

9

NOTES TO THE FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD ENDED 31 DECEMBER 2022

1 Accounting Policies

The Gospel Standard Bethesda Fund is a private company limited by guarantee which was incorporated on 29th September 2021. It is also registered with the Charity Commission as a charity and is a public benefit entity. It was set up to take forward in a corporate structure the work of the Gospel Standard Bethesda Fund, which was an unincorporated charity established in 1944.

(a) Basis of preparation

The Financial Statements have been prepared under the historical cost convention in accordance with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and applicable United Kingdom accounting standards, FRS 102 and Accounting and Reporting by Charities: Statement of Recommended Practice SORP (FRS 102) (2nd edition) published by the Charity Commission in 2019.

Merger accounting: As mentioned above, the Gospel Standard Bethesda Fund was previously an unincorporated charity but changed its legal form by a transfer of all its assets, liabilities and undertaking to a charitable company of the same name on 30 December 2022. The purposes and beneficiary class of the charity remain unchanged, hence accounting rules require that this reconstruction of the charity be treated as a merger for accounting purposes.

Merger accounting involves aggregating the assets, liabilities and funds of the old unincorporated charity and the new charitable company, and presenting them as though they had always been part of the same reporting charity. Although the actual transfer into the charitable company took place on 30 December 2022, the accounts must be drawn up to include the results of both entities for the whole of the reporting period in which the merger occurred.

Since the transfer occurred on the last weekday of the accounting period, virtually all amounts of income and expenditure in the Statement of Financial Activities relate to the period pre-merger. No operating activity was conducted in the charitable company until after the transfer on 30 December 2022, so all income and expenditure prior to this date related only to the unincorporated charity, and all amounts after that date relate to the charitable company.

The charitable company had no net assets and no funds pre-merger, all assets and funds are from the unincorporated charity. No adjustment or changes to accounting policies have been made as a result of the merger; the carrying amount of assets and liabilities have not been restated to market value but remain at their original cost (subject to depreciation where applicable); restricted and unrestricted funds have not been adjusted but continue on the same basis as pre-merger.

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(b) Going concern

The Financial Statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate and have identified no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of 12 months from the date of approval of the Financial Statements.

(c) Income

Voluntary income, including donations, Gift Aid, and chapel collections, is recognised in the period in which the income is received.

Investment income and rent is recognised on a receivable basis.

Legacies are accounted for as income either upon receipt or where the receipt of the legacy is probable. Receipt is normally probable when:

• l there has been a grant of probate

l the executors have established that there are sufficient assets in the estate, after settling any liabilities, to pay the legacy; and

• l any conditions attached to the legacy are either within the control of the charity or have been met.

Legacies which have been notified, but are not recognised as income in the Statement of Financial Activities, are disclosed within the note ‘Donations and legacies’ with an estimate (if possible) of the amount receivable.

Fees from residents in the care homes and flatlets are accounted for in the period in which the service is provided.

Government grants are not recognised in income until there is reasonable assurance that (a) any attached conditions will be satisfied, and (b) the grants will be received. Grants are recognised using the performance model such that a grant without future performance-related conditions is recognised in income when it is receivable, and other grants are recognised when the future performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are shown as a liability.

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(d) Income tax recoverable

• Any income tax due to be reclaimed from the Inland Revenue on donations made under Gift Aid or income tax deducted from interest received net of basic rate tax, has been brought into these financial statements as a debtor.

(e) Expenditure

Expenditure is accounted for on an accruals basis, that is, when a liability is incurred. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Support costs are costs incurred in support of both income generation, charitable activities, and governance, as shown in the note ‘Allocation of support costs.’ These costs comprise a proportion of central office staff, information systems and internal accounting costs, and costs relating to the premises. Also included is a proportion of the management and administration costs in the Bethesda Homes and servicing of the Homes’ premises.

Governance costs are costs associated with the governance arrangements of the charity which relate to the general running of the charity as distinct from those costs associated with its charitable activities. They include the cost of meeting constitutional and statutory requirements, audit fees, legal fees, and a proportion of central office costs.

(f) Pension scheme contributions

Contributions payable to the Charity’s pension scheme are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. For further information see the note ‘Employee information.’

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(g) Capitalisation and depreciation of tangible fixed assets

Freehold properties

Freehold properties are carried in the accounts at their original cost. Depreciation is provided to write down the original cost of the buildings, and the cost of later permanent additions and improvements, on a straight-line basis over a period of fifty years. No depreciation is charged on freehold land.

Equipment

Due to the large number of fixed assets owned and used by the charity, our policy is to recognise within the assets register only those assets that cost more than £1,000. Numerous items purchased at the same time costing in total more than £1,000 but each item individually costing less than £1,000 are not capitalised. This policy of depreciation applies only to assets acquired after January 1990; all equipment acquired before that date has been written off completely in previous accounting periods.

Equipment in the Homes and Flatlets costing more than £1,000 is capitalised and written off on a straight-line basis over a period of five years, and is shown in the balance sheet at cost less accumulated depreciation, the annual depreciation being charged as a running cost of the Homes and Flatlets. Equipment in the Homes and Flatlets costing less than £1,000 is not capitalised but is written off in the year of acquisition as an expense, being charged directly to the running costs of the Homes and Flatlets under ‘Repairs and renewals.’

Equipment in the Bethesda General Office at Harpenden costing more than £1,000 is capitalised and written off on a straight-line basis over a period of five years, and is shown in the balance sheet at cost less accumulated depreciation, the annual depreciation being charged as a running cost under ‘Central office costs.’

Equipment in the Bethesda General Office costing less than £1,000 is written off as an expense in the year of acquisition, being charged to ‘Central office costs’ under ‘Repairs and maintenance.’

Motor vehicles

Motor vehicles are written off at 25% per annum on a reducing balance.

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(h) Transactions with trustees and related parties

• No trustees received any remuneration for their services as a trustee. Three trustees (30.6.2022: 3 trustees) were reimbursed travel expenses totalling £321 (30.6.2022: £1,045 which also included subsistence and copier costs). Expense reimbursements were waived by some trustees; the amounts were not material. Purchases were made from Staverton Nursery Ltd, a company in which Sam Cottingham, a trustee, has an interest, totalling £57 for groceries (30.6.2022: £940 for garden furniture and £230 for groceries) these amounts being at cost without markup. Besides the disclosures in these financial statements, no trustee or connected persons had any beneficial interest in any material contract, transaction or arrangement with the Charity during the period.

(i) Indemnity insurance

The charity carries a comprehensive insurance package provided by Travelers Insurance. Engineering Insurance and Inspection is provided by Allianz Insurance, Trustees Liability by Catlin Insurance via Angel Risk Management Ltd., Group Personal Accident by Chubb Insurance, Cyber & Data Risks by Lloyd’s via CFC Underwriting Ltd., and Motor Vehicle Insurance by QBE Insurance.

(j) Stocks of foods and other supplies

Stocks held at the period end have not been brought into these Financial Statements, as the amounts held are relatively insignificant.

(k) Funds

Unrestricted funds - these comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds - these are unrestricted funds set aside by the Trustees at their discretion from the general funds for specific purposes.

Restricted funds - these comprise funds subject to specific restrictions imposed by donors and funders.

Further details of the nature and purpose of each fund are set out in the notes to the accounts.

Surplus cash is held on fixed term deposits. Deposits maturing in less than one year are recognised as current investments and those that mature in more than one year from the period end are recognised as fixed investments.

2 Statement of Financial Activities

The Statement of Financial Activities includes all income, gains, expenditure and losses recognised for the reporting period. All income and expenditure derives from continuing activities.

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3 Donations and legacies

Unrestricted Funds £ Collections & donations from chapels: For general purposes 5,443 For specific Homes - For assisting short-stay residents - Personal donations & subscriptions: For general purposes 1,311 For general purposes - Gift Aid 2,475 For specific Homes - For specific Homes - Gift Aid - Home collecting boxes - Total 9,229 Legacies received: Mrs B Chilton - Mrs I S Ford - Mr S E George - Miss D Gibb - Miss M Haddow - Mrs J Harrison - Miss P Hunt - Mr D Keeling 33,000 Miss P Lawrance - Mrs J Painter - Mrs R Poole - Mrs M Woodhams - Miss B Wickens 60,000 Other - Total 93,000 Total £102,229	Unrestricted Funds £ Collections & donations from chapels: For general purposes 5,443 For specific Homes - For assisting short-stay residents - Personal donations & subscriptions: For general purposes 1,311 For general purposes - Gift Aid 2,475 For specific Homes - For specific Homes - Gift Aid - Home collecting boxes - Total 9,229 Legacies received: Mrs B Chilton - Mrs I S Ford - Mr S E George - Miss D Gibb - Miss M Haddow - Mrs J Harrison - Miss P Hunt - Mr D Keeling 33,000 Miss P Lawrance - Mrs J Painter - Mrs R Poole - Mrs M Woodhams - Miss B Wickens 60,000 Other - Total 93,000 Total £102,229	Restricted Funds £ - - 1,465 - - 2,310 - 72	Total (6 months) 31.12.22 £ 5,443 - 1,465 1,311 2,475 2,310 - 72	Total (18 months) 30.6.22 £ 10,374 1,297 3,060 29,769 18,881 5,738 8 125
	9,229	3,847	13,076	69,252
	- - - - - - - 33,000 - - - - 60,000 -	- - - - - - - - - - - - - 2,367	- - - - - - - 33,000 - - - - 60,000 2,367	500 1,250 113,356 931 621 1,573 3,840 184,000 65,000 135,988 4,187 500 - -
	93,000	2,367	95,367	511,746
	£102,229	£6,214	£108,443	£580,998

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3 Donations and legacies (continued)

The legacies below have been advised to the Charity as receivable after the period end:

Mr D Keeling: Balance of a residuary share in the estate, the final amount is unknown. Mrs B Mercer: Legacy of £5,000.

Miss B Wickens: Balance of a residuary share in the estate amounting to £45,953.

For an explanation of when legacies are recognised as income see Note 1(c).

4 Income from charitable activities

Fees from residential care homes Fees from flatlets Staff board charges Covid-19 government grants Sundry receipts 5 Investment income Interest on short-term deposits Use of bookroom	Unrestricted funds £ 19,966 1,250	Restricted funds £ 377 -	Total Total (6 months) (18 months) 31.12.22 30.6.22 £ £ 644,756 2,177,973 20,547 54,721 5,661 17,749 - 87,564 3,150 2,043 £674,114 £2,340,050 Total Total (6 months) (18 months) 31.12.22 30.6.22 £ £ 20,343 18,807 1,250 3,750 £21,593 £22,557
	£21,216	£377

The bookroom within the Bethesda General Office, Harpenden is occupied by The Gospel Standard Trust as its publications centre. As the fair value of the investment property component cannot be measured reliably, the entire property is accounted for within tangible fixed assets and not under investments.

Related Party Transactions note: The Gospel Standard Trust was a Custodian Trustee of the Gospel Standard Bethesda Fund and held in trust all of the charity’s freehold properties until, following the incorporation of the charity, these became held directly by the Gospel Standard Bethesda Fund.

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6 Transactions with The Piggott Charity

No grants were received in either the current or prior period from The Piggott Charity towards assisting underfunded residents. The Piggott Charity is a ‘connected charity.’ The trustees of the Gospel Standard Bethesda Fund are also trustees of The Piggott Charity. However, the Gospel Standard Bethesda Fund does not exercise any dominant influence over The Piggott Charity. The Piggott Charity makes grants at its own discretion to the Gospel Standard Bethesda Fund. Therefore, based on this, no consolidated accounts are prepared. For further information see notes on ‘Designated funds’ and ‘Restricted funds.’

7 Analysis of expenditure

7 Analysis of expenditure
Raising funds Charitable activities: Running costs of care homes Running costs of flatlets Future development fund Short-stay residents' fund Total	Direct costs £ -	Governance & support costs £ 11,265	Total Total (6 months) (18 months) 31.12.22 30.6.22 £ £ 11,265 27,004 762,092 2,603,180 29,777 87,060 1,721 1,516 4,484 2,686 798,074 2,694,442 £809,339 £2,721,446
	594,394 17,975 - 4,204	167,698 11,802 1,721 280
	616,573	181,501
	£616,573	£192,766

'Raising funds' is the term required by accounting rules to be used for expenditure in relation to dealing with donations, grants, legacies, subscriptions and management of investments, hence a proportion of costs are allocated under this caption.

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8 Allocation of Governance and support costs

Support costs comprise costs incurred in support of both income generation, charitable activities, and governance, as shown below. These costs comprise a proportion of central office staff, information systems and internal accounting costs, and costs relating to the premises. Also included is a proportion of the management and administration costs in the Bethesda Homes and Flatlets and the servicing of the buildings.

Governance costs are those for the governance arrangements of the charity. These include audit, legal advice for trustees and costs associated with constitutional and statutory requirements, such as trustee meetings and preparing statutory accounts. Governance costs are not shown separately in the Statement of Financial Activities but are instead included as a sub-category of support costs and allocated to activities along with the other support costs. Governance costs are shown in Note 9.

Staff costs £ Raising funds 5,164 Charitable activities: Care homes 117,311 Flatlets 4,785 Future development fund 856 Subsidies: short-stay residents 45 Total Governance & support costs £128,161 9 Governance costs Audit fees incl disbursements Advertising and Website costs Bank charges Committee members’ expenses Printing Legal and professional costs Management and finance staff costs Administrative office, travel & other costs	Staff costs £ 5,164 117,311 4,785 856 45	Other costs £ 6,102 50,387 7,017 865 235	Total Total (6 months) (18 months) 31.12.22 30.6.22 £ £ 11,266 27,004 167,698 510,640 11,802 25,719 1,721 1,516 280 379 £192,767 £565,258 Total Total (6 months) (18 months) 31.12.22 30.6.22 £ £ 13,001 9,568 7 65 560 1,988 321 1,046 36 1,087 7,909 28,955 12,169 36,014 4,629 14,233 £38,632 £92,956
	£128,161	£64,606

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10 Subsidies paid for short-stay residents

During the period 11 residents coming into a Bethesda Home for a short stay obtained discounts from full fee rates funded by the Short-Stay Fund (30.6.2022: 4 residents). During the period the Short-Stay Fund was supported by two (30.6.2022: 6) chapel collections.

11 Assistance towards residents’ fees

Fee subsidies amounting to £607 (30.6.2022: £9,892) were given to residents supported by Local Authorities under the Community Care Act in cases where the maximum amount paid by the Local Authority was less than the Bethesda fee. These were funded from the General Fund. During the period three residents were assisted in this way: one resident at the Brighton Home and two at Harpenden Home (30.6.2022: 7 residents).

During the period contributions amounting to £144,795 (30.6.2022: £353,006) were received from Local Authorities towards residents’ fees.

12 Ex gratia payments

Honoraria payments Gift vouchers to volunteers and leavers	(6 months) (18 months) 31.12.22 30.6.22 £ £ - 2,500 - 210 £- £2,710

No honoraria payments in the period were made to people who assist the charity in various ways (30.6.2022: 4 payments in the range of £500 to £800). No payments for gift vouchers were made for volunteers and leavers in the period (30.6.2022: 6 amounts totalling £210). In some cases such payments, or part of the payments, have been used by the recipients to defray expenses incurred in rendering services to the charity.

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13 Employee information

The average number of care home staff employed during the period, including part time workers, was 63 (30.6.2022: 69). The number of management and administration staff at the Bethesda General Office was 2 (30.6.2022: 2). Staff costs were as follows:

Wages and salaries Social security costs Pension costs Agency workers Statutory redundancy payments Cost of raising funds - support costs Costs relating to charitable activities: Care homes - direct costs Care homes - support costs Flatlets - support costs Future development fund - support costs Short-stay Fund - support costs	(6 months) (18 months) 31.12.22 30.6.22 £ £ 457,190 1,586,778 36,727 112,322 11,558 35,783 56,703 141,081 - 59,661 £562,178 £1,935,625 5,164 14,321 434,017 1,518,138 117,311 390,117 4,785 12,072 856 844 45 133 £562,178 £1,935,625

Redundancy payments are accounted for in the period in which the redundancies take effect and no unpaid amounts were outstanding at 31 December 2022.

No employee earned at a rate of £60,000 per annum or more in either period. Premiums of £640 for the 6 months (18 months to 30.6.2022: £1,920) were paid into a private pension plan held by 1 officer (30.6.2022: 1 officer). Employers premiums of £10,918 (30.6.2022: £34,420) were payable into ‘The People’s Pension’ scheme administered by B&CE Insurance Ltd. which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. This is an auto-enrolment scheme which commenced in October 2015.

Key management personnel are identified as the General Manager and 2 Home Managers (before the Studley Home closure in 2021 there were 3 Home Managers). The compensation for the 6 month period of these staff members amounts to £63,746 (18 months to 30.6.2022: £236,954) including remuneration, termination payments and all benefits paid. The Home Manager of the Harpenden Home, Debbie Scott, is daughter in law to Trevor Scott, who was a trustee until his resignation in 2021. Regulations require that each of the care Homes has a registered Manager. Each Home Manager’s remuneration is decided with due reference to current market rates and the prevailing economic climate.

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14 Taxation

The charity is exempt from corporation tax on its charitable activities by virtue of Part 11 Corporation Tax Act 2010.

15 Freehold land and buildings

(a) Holding trustee

The freeholds of the Bethesda Homes and Flatlets and the Bethesda General Office were previously held by the custodian trustee, The Gospel Standard Trust, but are now held directly by the Gospel Standard Bethesda Fund.

(b) Net book value

The Trustees consider that the open market value of the freehold land and buildings is in excess of the net book value at which they are shown in the Balance Sheet.

(c) Note concerning the Brighton and Hove Home

The Gospel Standard Baptist Library is situated within the grounds of the Brighton & Hove Bethesda Home. The cost of the library building, which was erected in 1980 and extended in 2003, was met entirely from the funds of the library. There has been no formal agreement with the trustees of the library and no ground rent or similar payments have been received.

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15 Freehold land and buildings (continued)

COST At start of period Additions At end of period DEPRECIATION At start of period Charge for period At end of period NET BOOK VALUE At 31.12.22 At 30.06.22	Bethesda Homes £ 1,300,371 -	Bethesda Flatlets £ 970,316 16,841	Office Premises £ 125,019 -	Total £ 2,395,706 16,841
	1,300,371	987,157	125,019	2,412,547
	670,921 11,885	209,365 3,806	59,584 1,242	939,870 16,933
	682,806	213,171	60,826	956,803
	£617,565	£773,986	£64,193	£1,455,744
	£629,450	£760,951	£65,435	£1,455,836

Included within the cost of freehold property is land of £181,523 (30.6.2022: £181,523) which is not depreciated. The cost of Bethesda Flatlets includes £537,665 (30.6.2022: £520,824) for acquisition of a site at Swavesey plus professional fees incurred subsequently, where it is intended to build apartments; no depreciation is charged until the apartments have been completed.

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16 Equipment and motor vehicles

Equipment in Homes £ COST At start of period 242,190 Additions 3,307 Disposals - At end of period 245,497 DEPRECIATION At start of period 219,314 Charge for period 5,663 Less: Disposals - At end of period 224,977 NET BOOK VALUE At 31.12.22 £20,520 At 30.06.22 £22,876 17 Tangible assets Freehold land and buildings Equipment and motor vehicles	Equipment in Homes £ 242,190 3,307 -	Equipment in Flatlets £ 14,914 - -	Office Equipment £ 6,082 - -	Motor Vehicles £ 60,811 22,700 (33,524)	Total £ 323,997 26,007 (33,524)
	245,497	14,914	6,082	49,987	316,480
	219,314 5,663 -	13,406 503 -	5,759 108 -	57,850 1,200 (30,974)	296,329 7,474 (30,974)
	224,977	13,909	5,867	28,076	272,829
		£1,005	£215	£21,911	£43,651
	£22,876	£1,508	£323	£2,961	£27,668
				31.12.22 £ 1,455,744 43,651	30.6.22 £ 1,455,836 27,668
				£1,499,395	£1,483,504

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18 Debtors

Income tax recoverable on Gift Aid Interest accrued on short-term deposits Gospel Standard Trust - use of bookroom Prepayments and accrued income Residents’ fees receivable 19 Investments: short-term deposits Current assets Cambridge & Counties Bank 95 day notice account Charity Bank easy access account Close Brothers 95 day notice account COIF Charities deposit fund Hampshire Trust Bank 45 day notice account United Trust Bank one year bond United Trust Bank six month bond United Trust Bank 200 day account

31.12.22 30.6.22 £ £ 1,715 1,602 7,885 2,818 3,253 1,446 28,407 40,268 78,013 51,532 £119,273 £97,666 31.12.22 30.6.22 £ £ 492,842 487,541 3,025 202,009 529,152 527,478 227,335 423,956 351,714 351,714 300,006 - 300,000 528,272 300,000 - £2,504,074 £2,520,970

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20 Creditors: amounts falling due within one year

							31.12.22	30.6.22
							£	£
Accrued expenses							24,922	8,241
Accrued holiday pay							11,452	22,734
Financial services fees							15,185	9,384
PAYE & NIC due	to HMRC						16,759	14,590
Pension premiums	due						4,245	3,742
Deferred government grant income							59,392	59,392
Residents' fees repayable or paid in		advance					6,379	1,583
Trade creditors							5,836	13,544
							£144,170	£133,210
Government grant	income shown above as deferred at the period end is for grants received
but not yet confirmed whether the			attached grant conditions will be satisfied. The
accounting policy	on government	grants is detailed at				Note	1(c). The movement on the
deferred income account is as follows:
							31.12.22	30.6.22
							£	£
Deferred income at start of period							59,392	27,619
Of which:	Released to income in current period						-	(23,856)
	Repaid to grantor		in current period				-	(3,763)
Income deferred in current period							-	59,392
Deferred income at end of period							£59,392	£59,392
21 Net asset analysis by fund
							Total	Total
	----Unrestricted funds----				Restricted		funds	funds
	Designated		General			funds	31.12.22	30.6.22
	£			£		£	£	£
Fixed assets:
Tangible	-	1,499,395				-	1,499,395	1,483,504
Current assets:
Investments	1,062,800	1,389,600			51,674		2,504,074	2,520,970
Other	-		354,850			-	354,850	348,074
Current liabilities	-	(144,170)				-	(144,170)	(133,210)
	£1,062,800	£3,099,675			£51,674		£4,214,149	£4,219,338

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22 Restricted funds

22 Restricted funds	22 Restricted funds
Balance 01.07.22 £ Brighton Home: Other - Other funds: Brighton Amenity 27,615 Harpenden Amenity 16,193 Short-stay Residents 6,652 £50,460		Income £ 2,367 3,380 1,820 1,503	Expenditure £ (2,367) (61) (944) (4,484)	Transfers Balance to capital 31.12.22 £ £ - - - 30,934 - 17,069 - 3,671 £- £51,674
	£50,460	£9,070	(£7,856)

Restricted funds are to be used only for the benefit of the Bethesda Home/Flatlets under which they are listed above, and the expenditure allocated to these funds is therefore for those specific Homes/Flatlets, as appropriate. The Short-stay Residents Fund is supported by chapel collections and is used to assist people coming into the Bethesda Homes for short stays. Income includes interest received on unexpended balances. See Note 1(k) for more information on Restricted funds.

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23 Designated funds

Future Development Miss K E Aston dec'd	Balance 01.07.22 £ 1,030,032 26,676	Income £ 7,616 197	Expenditure £ (1,721) -	Net Balance transfers 31.12.22 £ £ - 1,035,927 - 26,873 £- £1,062,800
	£1,056,708	£7,813	(£1,721)

The Future Development Fund is designated for capital investment into new and existing buildings. Expenditure includes an allocation for support costs (see Note 8 for further details on support costs).

Part of a legacy received in 2009 from the estate of the late Miss Kathleen Eunice Aston was transferred into a Designated Fund to be used for the benefit of the Brighton Bethesda Home, where Miss Aston was a resident for over ten years.

Income includes interest received on unexpended balances. See Note 1(k) for more information on Designated funds.

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24 Notes to Statement of Cash Flows

(a) Reconciliation of net (expenditure) income to net cash (used in) provided by operating activities

Net (expenditure) income for the period (as per the statement of financial activities) Adjustments for: Depreciation charges Profit on disposal of motor vehicle Interest and rents from investments (Increase) decrease in debtors Increase in creditors Net cash (used in) provided by operating activities (b) Analysis of cash and cash equivalents Cash at bank and in hand Cash on deposit (current asset investments)

(6 months) (18 months) 31.12.22 30.6.22 £ £ (5,189) 222,159 24,407 70,182 (2,150) - (21,593) (22,557) (21,607) 41,188 10,960 31,638 (£15,172) £342,610 235,577 250,408 2,504,074 2,520,970 £2,739,651 £2,771,378

25 Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

Amounts due: Within 1 year Between 1 and 5 years	31.12.22 30.6.22 £ £ 3,664 4,591 5,442 6,826 £9,106 £11,417

26 Commitments for expenditure

There were no other material commitments for expenditure at the period end.

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27 Reporting period length to 31 December 2022

As explained at Note 1(a) above, a new company was incorporated on 29 September 2021, to which the assets, liabilities and undertaking of the unincorporated charity were transferred on 30 December 2022.

The last financial results of the unincorporated charity were reported in the 18 month period of account to 30 June 2022 (that date resulting from timing issues connected with the incorporation process). As the reporting date for the charity has normally been annually on 31 December, these accounts are drawn up to 31 December 2022 in order to return to the usual period end.

The new charitable company's first set of accounts, as agreed by the Registrar of Companies, are for the approximately 15 month period from its incorporation on 29 September 2021 to 31 December 2022. There was no operating activity within the charitable company until it received the assets, liabilities and undertaking on 30 December 2022.

Merger accounting rules, as detailed at Note 1(a) above, require the results of the unincorporated and incorporated charity to be reported as one entity, hence these accounts show all transactions from both old and new entities for the 6 months from 1 July 2022 to 31 December 2022. This follows on from the previously reported results for the 18 months to 30 June 2022 and has been confirmed by the Charity Commission. Comparative amounts presented in these accounts are for the unincorporated charity's period of 18 months to 30 June 2022, which means they are not entirely comparable to this 6 month period's figures.

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28 Non-adjusting events after the period end

(a) Brighton Bethesda Home - Gospel Standard Library

After the period end, and after obtaining professional valuations to establish market value, it was agreed that should the Brighton Bethesda Home site ever be sold, a transfer of the land on which the library building stands would be made to the trustees of the Gospel Standard Library for £61,667. The history of the library is explained further at Note 15(c) above.

(b) Moden Hill, Sedgley chapel

After the period end, the Gospel Standard Bethesda Fund became entitled under the chapel trust deed to the proceeds of sale of this chapel, following its closure. It is intended to demolish the existing building, obtain planning permission to enhance the value and then sell the site. Reliable estimates of the likely net proceeds are not yet available.

(c) Studley Bethesda Home

After the period end, it was decided to sell the Studley Bethesda home, following its closure in 2021. The property was marketed at an initial guide price of £750,000 and a sale has been agreed (subject to contract). The agreed sale price is materially above the net book value at which this home was stated in the accounts at 31 December 2022.

END OF NOTES TO THE FINANCIAL STATEMENTS

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