2023-12-31-accounts

Gospel Standard Bethesda Fund

Registered Charity 1199341

Trustees’ Annual Report and Financial Statements

2023

For the period 1 January 2023 to 31 December 2023

GOSPEL STANDARD BETHESDA FUND Registered Charity 1199341 Company Number 13651153

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Gospel Standard Bethesda Fund

Registered Charity 1199341

Contents

Introduction ....................................................................................................................1 Trustees/Directors and Officers of the Charity serving since 1 January and throughout 2023…………………………………………………………………………………………………………. .1 Objective of the Charity and how this is met ..................................................................1 Governing Document ......................................................................................................2 Constitution and Organisational Structure......................................................................2 Public Benefit ..................................................................................................................3 Trustees’ responsibilities in relation to the financial statements ....................................3 Achievements and Outcome of activities ........................................................................3 Charity overview ................................................................................................................. 3 Maintaining the viability of Bethesda ..................................................................................... 4 Buildings and grounds ................................................................................................................................ 4 Staffing the services.................................................................................................................................... 5 Ability to meet the changing needs of the residents ................................................................................. 5 Occupancy …………………………………………………………………………………………………………………………………………… 5 Addressing the challenges .................................................................................................... 6 Reviewing the Quality of our Service ..................................................................................... 6 Other Properties and Services .............................................................................................. 7 Harpenden Flatlets ..................................................................................................................................... 7 Moden Hill Chapel ...................................................................................................................................... 7 Redhill Flatlets ............................................................................................................................................ 8 Studley ……………………………………………………………………………………………………………………………………………….8 Swavesey Independent Living Accommodation (ILA) Project .................................................................... 8 Gospel Standard Library ............................................................................................................................. 9 Financial Review .............................................................................................................9 Summary of Financial Results for each Home for the 12 months to 31 December 2023 ........... 10 Summary of Financial Results for the Flatlets for the 12 months to 31 December 2023 ........... 12 Plans for the Future subject to the Lord’s will ............................................................. 12 Conclusion .................................................................................................................... 13 Appendix 1: Reference and Administrative Information ........................................................ 15 Appendix 2: Reserves Policy ............................................................................................... 16 Appendix 3: Risks Management Policy ................................................................................. 17 Appendix 4: Investment Policy ........................................................................................... 18 Appendix 5: Policy Statement on paying staff ...................................................................... 19

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

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Registered Charity 1199341

Gospel Standard Bethesda Fund

Trustees Annual Report to 31 December 2023

Introduction

The Trustees (and Directors) are pleased to present their report and financial statements for the period 1 January 2023 to 31 December 2023. 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). 2023 has been a year of consolidating the new charitable structure around new governance structures and procedures.

We would acknowledge the Lord’s gracious help in leading and guiding us through the successful process of changing the charitable status of Bethesda. As anticipated, the change had no impact on the day-to-day service provision within the Homes.

Trustees/Directors and Officers of the Charity serving since 1 January and throughout 2023

Mr. M.D. Ridout (Chairman) Mr. R.A. Saunders Mr. A.J. Collins (Vice-Chairman) Mr. D.F. Stevens Mr. S.B. Cottingham Mr. R.W. Woodhams Mr. P.J. Pocock Dr. G. Christie (from 1 September 2023) Mr. J.B. Hart Mr. J. Sayers (from 1 September 2023)

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, up until the end of 2023, 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.

The spiritual life of the Bethesda Homes centres around:

• Daily Bible reading and prayer.

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• 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 seeks to ensure:

• 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 the 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 2023 there were ten Trustees.

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

• a) The appointment of new trustees

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

• c) The annual report and financial statements.

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Since the year end, a PA to the Board was appointed to support the Trustees in the practical administration of the Charity. The Company Secretary supports the Trustees in ensuring that the governance of the Charity remains in accordance with regulatory requirements.

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, 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 current position 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:

• Sustaining the distinct identity and Christian ethos of Bethesda in an age of compromise and an increasing secular society. More recently this has manifest itself in the promotion of ideologies contrary to the word of God regarding the end of life.

• Sustaining 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, allow them to live near their place of worship, all within the constraints of the current built facilities.

• Recruiting staff (at all levels) who are sympathetic to the Christian ethos of Bethesda and lifestyle needs of our residents.

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Maintaining the viability of Bethesda

This continues to be one of the pressing burdens of the trustees and General Manager, due to the challenges of meeting the complex needs of those using our services, within the constraints of external and internal pressures.

Key external challenges have been identified as follows:

• The national care crisis impacting on local authority budgets and availability of funds and support for social care.

• Central government focus on care in the community and individuals staying in their own homes and communities.

• The demise of the Gospel Standard (GS) group of churches - a shrinking potential resident base and the possible view that Bethesda is a prerogative of the GS ‘denomination’ rather than a provision of the Lord. A lack of understanding by some relatives as to the nature of Bethesda and why their loved ones prefer the environment of the Homes. Allied to this is the challenge of relatives looking for a care provision near to where they live.

• The National Living Wage increasing staffing costs at many times the rate of inflation.

• The care sector, in general, having challenges recruiting staff due to a low perception of working in the care industry.

• Increasing external scrutiny to ensure that care homes are fit for purpose - increasing staffing costs.

• The acceptability of euthanasia - which may put increasing pressure on Christian care homes to separate from state finance and support.

• The diminishing financial support for residents without means.

In addition to the external factors impacting the Charity’s ability to maintain its service, are a large range of internal factors that apply to a greater or lesser extent to the Bethesda Homes. Key internal challenges have been identified as follows:

• Limited financial resources available to sustain new development and provide working capital.

• Low levels of occupancy, due to the numerical decline in the GS causes of truth. This impacts on the financial sustainability of both homes with the situation being exacerbated when central costs are allocated and/or legacies as sundry receipts are removed.

• The ageing building fabric and design at the Harpenden and Brighton Homes impacting on: o Maintenance and repair costs.

• The ability to cope with high dependency needs (physical and mental) and/or Infection Prevention and Control (IPC).

• The ability to cope with residents having complex needs – which impacts on the ‘wellbeing’ of other residents and the resilience of management and staff in coping with the challenges faced.

• The appeal of facilities to potential residents.

More specifically,

Buildings and grounds

Although there are differences in specifics, both homes are over 50 years old, and face challenges in respect of adaptability to changing complex care needs. They are difficult to heat due to poor or non-existent insulation in the floors, wall and roofs. It has been observed that the bedrooms are considered small by current standards which impacts desirability and attractiveness for potential new residents and may impact the well-being of existing residents. In addition, the en-suite facilities provided to the bedrooms consist only of a toilet and basin which are too small to safely accommodate hoisting equipment, making them unsuitable for providing safe and effective care for residents with complex care needs, both in terms of the dignity of the person living there, and the safety of staff operating the equipment when giving support.

The Harpenden Home faces a series of very serious practical challenges due to extensive cracking to the walls and floors arising from foundation and ground movement, which is both unsightly and

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unsettling to staff and residents. The flat roof is coming to the end of its useful life, with multiple occurrences of leaks. In addition, the plumbing network requires continuous running repairs and is likely to require complete replacement within the short to medium term (with all the cost and disruption this is likely to cause). Connected to this, the boilers are also coming to the end of their useful life and will need to be replaced within the next 12 to 24 months. It is not inconceivable that a minimum investment in the property in the region of £350,000 - £400,000 within the next two to three years will be required to keep it operational.

The grounds of both properties are attractive and spacious, however at Harpenden these are not secure, so do not lend themselves to the safe accommodation of people living with memory loss and dementia, leading to a risk of a resident getting lost if unaccompanied. The concern is that this could trigger a safeguarding incident - consequently, people living with dementia at Harpenden are unable to access the grounds unsupervised which is counter to effective service provision. This could be resolved, but at additional expense.

Staffing the services

There is currently a full complement of staff in both Homes, with an increasing number of bank staff available, meaning that reliance on agency staff has substantially reduced in recent months. Whilst this is a significant improvement on the past situation, the Harpenden Home, in particular, has struggled to recruit care staff. We have been pleased to welcome several overseas staff who are in the UK on student visas, or with other employers and are working their additional 20 hours allowed on their visas with Bethesda, which has resolved the situation for now. However, overseas staff on visas currently represent 25% of the entire care compliment of the Harpenden Home and due to their other commitments, they may not be able to remain with us. To resolve this, Bethesda has been exploring how it can engage with the Home Office overseas sponsorship programme. However, this comes with significant challenges and costs, which whilst potentially resolving the business continuity risks in respect of recruitment, is likely to exacerbate staff costs and administrative pressures around regulatory compliance.

Ability to meet the changing needs of the residents

As has been recently reported in our newsletters, the residents who move into Bethesda now are very often above 90 years old, are increasingly frail and living with at least two or three medical diagnoses which they are struggling to control. These include, Parkinson’s disease, diabetes, chronic obstructive pulmonary disease (COPD), heart failure, kidney failure and dementia.

The knowledge base and training of the staff team is constantly developing to understand and successfully support people with these needs. Combined with this, the development of IT systems assists the staff in meeting care and record keeping requirements. However, whilst staff and IT support systems are keeping pace with the changing care and support needs of the residents, the same cannot be said of the built facilities. In addition to the inadequate size of the ensuite bathrooms (already reported on), the current layout of the building and grounds does not effectively support a 'mixed' service provision where there is a wide spectrum of care needs, leading to the risk of a breach of duty of care to residents and a high risk of safeguarding incidents.

Occupancy

Occupancy in the two homes has been dropping steadily for several years with occupancy for the year being 53% at Brighton and 40% at Harpenden. Although there have been brief stabilisations in occupancy, there are no indications that the trend of the last few years will change, indeed, since year end, overall occupancy has continued to decline. The brief stabilisations in occupancy could well be a reflection that the use of our service is the place of final resort once all other care options have been exhausted. Whilst it is understandable that people would use our service in this way, this does raise the question as to the sustainability and viability of Bethesda given that it needs to be resourced 24/7, regardless of occupancy levels.

Efforts have been made to increase occupancy through the change of emphasis on exceptional entry rules, which have been extensively advertised, but do not appear to have made much difference overall, although have helped in one or two isolated cases.

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Addressing the challenges

The trustees have, in the fear of the Lord, taken a number of actions over recent years to address the situation facing the Charity, particularly the financial situation, and in seeking to provide accommodation that would be fit for purpose to meet future needs. The actions taken include:

Increasing fees to realistic levels: Following consultation, a significant one-off adjustment to residents’ fees was made in 2020 to a more sustainable level, with fees being subsequently adjusted annually in line with inflation (which included a large inflationary increase in recent years).

Negotiations with local authorities to ensure full fees are paid: Since 2020, Bethesda has offered help and support to families in negotiating with the Local Authorities which were funding their loved ones in our Homes to ensure that full fees are paid. Where this has been the case, to date this has been successful.

Financial controls: rigorous cost control measures include budgeting, financial accountability and monthly reporting on performance have been introduced.

A feasibility study for upgrading the current Harpenden building: work was undertaken in 2017 to assess the feasibility of carrying out substantial works to upgrade the existing Harpenden facility. However, it was felt that the potential benefits of this were greatly outweighed by the costs of essentially upgrading a building that was no longer fit for purpose.

A feasibility study for building a new home on the Harpenden site: at about the same time, a feasibility study was carried out, including architects’ drawings, on building a new replacement home whilst continuing to run the existing facility. This resulted in the proposed new building being cramped into a corner with a less than desirable outcome and there were considerable concerns about turning an existing care home site into a building site.

Stewarding of investment income: the investment policy has been recently revised and updated, and an investment platform is being used to ensure investment income is being fully realised.

Entry criteria: the exceptional entry criteria were revisited, with a change of emphasis, and has been widely advertised within the group of churches to try to encourage wider take-up of the service.

Consultation on the future structure of the service provision: consultations have been undertaken to seek views on the future structure of the service provision. Arising from this, three key factors were identified, being, people’s desire to live near their place of worship, maintain their independence and ensure that there is an inheritance for the following generation.

The future of Bethesda is a heavy burden both to the Trustees and General Manager and they look to the Lord to make provision to supply the needs of current and future residents, so that all honour might be given unto the Lord.

Reviewing the Quality of our Service

The Harpenden Home was inspected by the Care Quality Commission (CQC) on 18 April 2023. This was a focused inspection with the CQC looking at outcomes under the 'Safe' and 'Well-led' Key Lines of Enquiry (KLOE). The overall rating for the Home was ' Requires Improvement ', with the 'Safe and Well-led' KLOE being rated 'requires improvement' and the other KLOEs, 'Caring', 'Effective' and 'Responsive' remaining as 'good'.

In the report the CQC commented very favourably on the standards of care and support received by the residents of the Home. It nevertheless recommended improvements to the care plans to ensure that they fully cross reference all aspects of support needed, along with ensuring that audits (governance systems) were consistently completed and followed up to allow ourselves to fully implement the improvements that were identified.

Having fully reviewed and updated all care plans and put in place an electronic care planning system, along with a range of other governance systems, including auditing, quality control and

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policies and procedures, we believe that all recommendations have been, not just met, but exceeded, and look forward to a return visit by the CQC so that our ratings can reflect this work.

In addition to the CQC inspection process, the Harpenden Home is also subject to inspection by the Hertfordshire County Council under the East of England PAMMS process. This also made recommendations for improvement. We are pleased to be able to report strong progress against this rating process and enjoy a constructive working relationship with the Hertfordshire County Council.

The Brighton Home was inspected by the Care Quality Commission over two days, on 12 and 16 October 2023. This was a full inspection, the first since 2017, and resulted in an overall rating of ‘Good’, with ‘Good’ ratings against all five of the key questions. The Home was commended for the quality of its care and support to the residents and relatives, along with excellent working relationships with other agencies.

We continue to make use of external resources through mock inspections to guide us in our quality control processes, along with a number of internal systems for obtaining feedback on possible areas of improvement.

As our supporters may be aware, the CQC is changing the way it inspects care homes, with full implementation of the new single assessment framework taking place in 2024. The CQC single assessment framework is a new approach intended by the CQC to assess and monitor the quality of health and social services in England, with the expectation of providing a more comprehensive and individualised assessment of care services, focusing on compliance and quality of care. It consists of quality statements known as ‘we’ statements, categorised under the original five key questions of safe, effective, caring, responsive and well led. Bethesda has been working to adapt its systems to ensure it is compliant with the new framework. Work is underway to ensure that Bethesda’s quality assurance framework is able to evidence the future needs of the CQC.

Other Properties and Services Harpenden Flatlets

During 2023, all three flatlets were occupied for at least part of the year and the building remains fully occupied since yearend.

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.

Moden Hill Chapel

Moden Hill Chapel was closed in April 2022 and the trust deed specified that the proceeds of the sale of the chapel should be bequeathed to the GSBF. However, as the original Moden Hill Chapel trustees had all passed away it was necessary, in early 2023, to appoint new trustees comprising Fred Ince, Timothy Parish, John Hart, Philip Pocock, Ray Saunders and Michael Ridout (who was appointed chairman). There were a number of matters that initially required attention before proceeding with the sale during 2023, that included registering the plot with the Land Registry and seeking permission to demolish the building. It was also advised to seek outline planning permission for the plot which was subsequently approved.

Following the granting of planning consent, in November 2023, for a dwelling house on the site, the trustees then sought an estate agent to handle the marketing and sale of the plot. Proposals were received including two which recommended that a sale by auction was the preferred method. After prayerful consideration, one of these agents was instructed to proceed with marketing ahead of an auction in March 2024. Mercifully the property sold in excess of the reserve price.

The trustees would acknowledge the help, support and oneness of mind granted to them in making a way for the disposal of the Chapel and providing funds to support the continued work of Bethesda. Although, in the Lord’s purposes, the work of Moden Hill Chapel has ended, we do pray that the Lord will continue to support the witness of sister causes of truth in the area and that there might be a returning of those who have wandered from the House of the Lord.

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Redhill Flatlets

As previously reported, Mrs Dorothy Sayers passed away unexpectedly during 2021, which left Mrs Rosie Mercer as the only eligible beneficiary in the Redhill Flatlets. In the Lord’s purposes, Mrs Mercer passed away in July 2023.

Consequently, on Friday, 1 December 2023, the trustees, after prayerful consideration, took the final decision to sell the Redhill Flatlets, as there were no longer any eligible beneficiaries (residents) and no one eligible showing interest in taking up residence. The building was originally the first Bethesda Home (1948 – February 1988) prior to being converted into flatlets in December 1988. The trustees would acknowledge, with grateful thanks, the local support of the Church and congregation worshipping at Hope Chapel, Shaw’s Corner over many years.

The property was sold after yearend on Monday, 29 April 2024. The trustees would acknowledge the good hand of the Lord in providing a suitable buyer for the Redhill Flatlets and answering prayer regarding the sale and transfer of the property. The trustees are prayerfully seeking the Lord’s guidance on the use of the proceeds of the sale for the future good of Bethesda and ultimately providing for the current and future residents’ complexity of needs.

Studley

After consulting on the future of the vacant former Studley Bethesda Home, the trustees took the prayerful decision, in April 2023, to sell the site. The property was put into the hands of a selling agent and after considering the interest shown in the property, it was agreed to pursue a favourable offer made by a property developer. In the Lord’s purposes, the potential purchaser withdrew their offer in September 2023, and following much prayer that the Lord would provide a suitable purchaser, it was agreed, in November 2023, to re-market the property.

After the reporting period, through the Lord’s mercy a suitable buyer was provided for the former Studley Bethesda Care Home and the sale was completed in July 2024.

Swavesey Independent Living Accommodation (ILA) Project

As the trustees have recorded, at the end of 2022, the planning permission needed for the development at Swavesey faced being turned down. Over the Christmas period, much prayer and supplication was made before the Lord as to His will and purpose in this matter.

Mercifully, in January 2023 the trustees were to prove that the ‘hearts of all men (and women) are in the Lord’s sovereign Hand’ and a subgroup of the trustees was led to contact and meet with the Swavesey local district councillor. The councillor was very understanding of what Bethesda was trying to achieve in the provision of ILA and willingly took up the matter with South Cambridgeshire Planning Department. As a consequence, the way was made for a helpful meeting with the Area Planning Officer, the architects and the trustee liaising on the project. As a result of the meeting, plans were resubmitted on 23 March 2023 and approved on 26 May 2023.

There were a number of conditions that needed to be met. In particular, the trustees would acknowledge the Lord’s Hand in overruling the temperatures during Autumn 2023 that allowed the Newt Survey to be undertaken successfully, otherwise there would have been a delay until Spring 2024. How the trustees proved that truly all things are in the Hand of the Lord and how His people have to prove the reality of Matthew 10:29-31.

In the latter part of 2023, the trustees ventured in obtaining tenders for the proposed building work at Swavesey. In the Lord’s mercies, a contractor was appointed, after the reporting period, and the tender price was 30% below the expected £2 million cost of the scheme. In the Lord’s purposes, the property was demolished on 27 June 2024 and the start of construction (digging foundations) commenced on 8 July 2024.

So, as the trustees started this reporting period proving ‘all men’s hearts are in His Hand’, there was also a proving once more of the Lord’s overruling Hand at the end of the year.

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The trustees would once more record the faithfulness and mercy of the Lord in making provision for them at Swavesey. In 2023 the trustees published a document “Show Me Now Thy Way” which records, with thanksgiving, the Lord’s dealings, thus far, as a testimony to the generation following. Copies of this document can be found on the Bethesda website or by contacting the General Manager. If the Lord will, it is hoped to add to this document a further record of how the trustees have proved the reality and truth of “Jehovah Jireh” in the matters of Swavesey (and indeed in so many other ways).

Gospel Standard Library

As previously reported, the Gospel Standard Baptist Library was built within the grounds of the Brighton and Hove Bethesda Home and the project was completed in 1980. However, there was an anomaly with this situation, in that the Gospel Standard Bethesda Fund (GSBF) owns the land on which the Library stands, whereas the Gospel Standard Baptist Library Fund (GSBLF) owns the building. Although this arrangement has worked well over the years, there has never been any formal agreement regarding the occupancy of the land.

As a consequence, the GSBLF and GSBF established, in 2020, a working group to consider this matter so that the anomaly was addressed for future generations. The working group continued, during 2023, to build on the discussions and progress previously made. The focus, during the reporting period, was to consider the practicalities and actions needed for the GSBLF to make a purchase of the freehold of the land on which the Library stands plus an adjoining strip of land, if needed, to secure vehicular access to the building.

After the reporting period, further discussions continued and thankfully a way was made to agree the sale of the land to the GSBL and place the matter in the hands of solicitors.

It must also be stressed that the GSBLF will continue with the car parking and access arrangements to the Brighton and Hove Bethesda site and alterations will not take place until such time, in the Lord’s purposes, the Bethesda Home ever becomes vacant.

Financial Review

The financial information in this document covers the 12-month period from 1 January 2023 to 31 December 2023. The full financial statements for the period are published in a separate booklet.

The Statement of Financial activities shows that total income for the 12-month period was £1,494,429.

Several legacies were received during the 12-month period, including those from the estates of Mrs. B. Mercer and Miss B. Wickens to the total amount of £51,199. We would record our gratitude to the Lord for these provisions.

The investment income from short-term deposit interest for the 12-month period was £69,055 compared with £28,338 for the previous equivalent 12-month period. This reflects the much improved interest rates now available to financial investments as well as the policy of actively seeking out high interest rate accounts.

Income from Home residents’ fees for the 12-month period was £1,206,407. Expenditure on charitable activities for the 12-month period, which includes employment costs, was £1,671,059. The cost of repairs and renewals during the same period, remains a significant investment at £117,638. 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 12 months to 31 December 2023

	Brighton	Harpenden	Studley	Total
	£	£	£	£
Residents’ fees	690,448	515,959	-	1,206,407
Other income	10,153	14,333	-	24,486
Total income	700,601	530,292	-	1,230,893
Employment and agency costs	525,267	543,486	-	1,068,753
Depreciation	17,581	9,296	9,601	36,478
Hardware, cleaning and laundry	4,966	14,646	-	19,612
Insurance	12,983	14,473	6,806	34,262
Motor and travel	986	1,880	-	2,866
Power and heating	28,850	26,805	1,958	57,613
Provisions	24,155	27,027	-	51,182
Registration fees	3,268	3,268	-	6,536
Repairs and renewals	19,861	84,493	2,680	107,034
Staff training	1,559	2,231	-	3,790
Telephone, relay and internet	3,222	6,139	-	9,361
Water services	3,563	4,603	38	8,204
Council tax	1,589	2,916	3,433	7,938
Garden expenses	85	8,800	327	9,212
Medical supplies	3,859	384	-	4,243
Personal protective equipment	1,233	330	-	1,563
Postage & stationery	874	2,382	-	3,256
Waste collection	3,723	4,109	-	7,832
Sundry expenses	3,245	5,991	539	9,775
Central office support costs	54,986	62,484	7,498	124,968
Other costs	9,958	12,379	-	22,337
Total expenditure	725,813	838,122	32,880	1,596,815
Surplus (deficit) for year	(£25,212)	(£307,830)	(£32,880)	(£365,922)

The overall deficit of running the two Homes and Studley for the 12 month period was £365,922.

As usual, the biggest single cost of running the Homes is that of staffing, representing 68% of the total operating expenditure (excluding Studley), equating to 87% of our income being spent on staffing the Homes to ensure a safe, caring, effective and responsive service.

Home Running Costs (12 months - £1,563,935 excluding Studley)

----- Start of picture text -----
32%
Running costs
(£495,182)
68%
Staffing
(£1,068,753)
----- End of picture text -----

10

Of the 32% 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
16%
Central Support Costs
24% Hardware, cleaning &
laundry
Waste collection 4%
1%
Insurance & Tax
8%
Medical Motor and travel
supples & <1%
PPE
1%
Water, power &
heating
Staff training 12%
1%
Repairs, renewals & Provisions
garden 10%
22%
----- 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 2023 stood at 46% compared with 53% in the previous year.

Individual Home Occupancy

----- Start of picture text -----
100% 90%
90% 81% 83%
74%
80% 77% 68%
70% 72% 62% 58% 56% 61%
60% 70% 53%
44% 45%
50% 39% 41% 40%
40%
30%
20%
10%
0%
2017 2018 2019 2020 2021 2022 2023
Brighton (22 beds) Harpenden (25 beds) Studley (13 beds)
----- End of picture text -----

Overall Occupancy

----- Start of picture text -----
76%
80% 73%
65%
70% 59%
60% 54% 53%
46%
50%
40%
30%
20%
10%
0%
2017 2018 2019 2020 2021 2022 2023
----- End of picture text -----

11

Summary of Financial Results for the Flatlets for the 12 months to 31 December 2023

	Harpenden	Redhill	Swavesey	Total
	£	£	£	£
Residents fees	21,412	20,729	-	42,141
Total income	21,412	20,729	-	42,141
Cleaning, windows and waste	150	1,551	-	1,701
Council tax on unoccupied properties	1,216	4,914	3,385	9,515
Depreciation	5,293	3,325	-	8,618
Garden maintenance	1,315	1,311	-	2,626
Insurance	1,047	2,094	1,832	4,973
Power and heating	3,480	5,054	(228)	8,306
Repairs and renewals	9,336	1,268	-	10,604
Central office support costs	4,216	8,432	8,432	21,080
Other costs	1,177	1,523	469	3,169
Total expenditure	27,230	29,472	13,890	70,592
Surplus (deficit) for the period	(£5,818)	(£8,743)	(£13,890)	(£28,451)

At Harpenden, three of the flatlets were occupied for at least part of the 12 month period. The Harpenden flatlets show a deficit for the 12 month period of £5,818, which includes the £5,293 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, the deficit was £525 which was as a result of higher-than-expected repair and renewal costs.

At Redhill, one of the flatlets was occupied by a Bethesda resident for most of the year. However, several of the flats have been occupied by other people, thus producing an additional income. Overall, the Redhill flatlets were showing a deficit of £8,743, which included £3,325 for the depreciation charge. Again, as with the Harpenden Flatlets, without depreciation being taken into account, the actual operating deficit is lower.

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.

Swavesey Front Elevation

12

Conclusion

We are thankful to the Lord for bringing the Charity through another year with all the challenges that have come into our pathway. We have been enabled to continue to provide high-quality care that meets the individual physical, mental, and spiritual well-being of our residents with compassion, kindness, dignity, and respect. Although the Trustees and Management team are very conscious of the many internal and external concerns still before the Charity in maintaining the viability and distinct identity of Bethesda in an increasingly secular society, the commitment to sustaining the Christian ethos and providing a secure and caring environment for our residents remains a top priority.

The Lord knows what is before us and the pathway in which 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 to be needed more than ever at this time.

On behalf of the trustees

M.D. Ridout, Chairman

06/09/2024

13

14

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. R.A. Saunders Mr. A.J. Collins (Vice-Chairman) Mr. D.F. Stevens Mr. S.B. Cottingham Mr. R.W. Woodhams Mr. P.J. Pocock Dr. G. Christie Mr. J. B. Hart Mr. J. Sayers 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

15

Gospel Standard Bethesda Fund Registered Charity 1199341

Appendix 2: Reserves Policy

Reserves Policy

As required by the Charity Commission Statement of Recommended Practice (SORP) Paragraph 31 (e). This policy statement is the February 2023 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 Balance Sheet less designated funds, restricted funds and 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, 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

Free reserves at 31 December 2023 were £1,320,010, which is 56% above the six months expenditure required to meet the reserves policy. The free reserves are calculated after deducting substantial future expenditure under the contract for around £1.3m signed after the year end to build the Swavesey development. However, a good part of this expenditure is covered by the £1,060,396 balance at 31 December 2023 in the designated fund for Future Development.

16

Gospel Standard Bethesda Fund

Registered Charity 1199341

Appendix 3: 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.

17

Registered Charity 1199341

Gospel Standard Bethesda Fund

Appendix 4: Investment Policy

Investment Policy

As required by the Charity Commission Statement of Recommended Practice (SORP) Paragraph 31 (e). This policy statement is the February 2023 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 funds 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.

18

Gospel Standard Bethesda Fund Registered Charity 1199341

Appendix 5: 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.

19

GOSPEL STANDARD BETHESDA FUND

Financial Statements

for the year ended

31 December 2023

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 year ended 31 December 2023

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 2023, along with these financial statements, are available together from the address above.

1

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GOSPEL STANDARD BETHESDA FUND

Opinion

We have audited the financial statements of Gospel Standard Bethesda Fund (the ‘charitable company’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

2

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

• the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

3

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect if irregularities, including fraud.

Based on our understanding of the charitable company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, and non-compliance with implementation of government support schemes relating to Covid-19.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• Enquiries and confirmation of management and those charged with governance as to their identification of any non- compliance with laws or regulations, or any actual or potential claims;

• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• • Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

4

Considering the ris1< of acts by the charitable company which were contrary to applicable laws and regulations, including fraud. In addition, we evaluated the trustees, and tnanagemcnt's incentives and opportunilies for fraudulent manipulatioii of- the tiiiancial statements, including the risk of managenient ovellide of conLrols, and determined tliat tlie pi'incipal risl(s related to income i-ecognilion and significant one-off oi unusual transactions. Our audit procedures in relation to fraud included but Thyere not liinited to: Review of miniites of Board ineetings throughout the period. Making enquiries of the trustees and management on whether they had l(nowledge of any actual, suspeLted or allL'ged fraud; Gaining an understanding of the intemal controls established to mitigate iisks related to fraud. Discussing amongst the engagement teani the rislcs of fraud; and In relation to d]e risk of managcment oveii.ide of internal controls, by undertaking procedures to review journal eiitries and evaluating whether there was evidence of bias that represented a i'isk of matei'ial misstatement due to fraud. Our audit procedures wei'e des1￿)ed to respond to risks of material ￿]SStateMent in the financial statemcnts, recognising that the iisk of not detecting a material inisstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve delibeiate concealment by, tor example, forgery, misrepreseiitations or tFll'ough collusion. There are inherent limitations in the audit procedure,q perfomicd and the furthcr removed non- compliancc with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aW￿e of IL A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.l/www.fic.oi-g.uk/auditorsresponsibilities. This description fOr￿S p￿t of our auditor's report. Use of our report This report is made solely to the charitable coillpany's inembers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Oiir audit work has been undertalcen so that we might state to the charitable company's members those inattei's we are required to state to them in an auditoi's rcport and for no other purpose. To the fulIest extent pemiitted by law, we do notaccept or assuine responsibility to anyoiic otherthan the charitable corJ)pany and the charitable conipaiiy's menibers as a body, for our audit worlc, foi this repoil, or t.or the opinions we have fom]ed. les Chai"tered Accountants and Statutory Auditor Unit 14, Park Bam, Evegate Business Pai'lc, Smeeth, Ashford, TN25 6SX 2s10g k021

GOSPEL STANDARD BETHESDA FUND Statement of Financial Activities for the year ended 31 December 2023 (including Income and Expenditure Account)

Note Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Grant - The Piggott Charity 6 Chapel sale - Moden Hill 27 Total Expenditure on: Raising funds 7-8 Charitable activities 7-13 Total Net income/(expenditure) Transfers between funds 22 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	General Designated £ £ 68,783 - 1,263,613 - 41,907 28,230 - - 68,849 - 1,443,152 28,230 20,198 - 1,648,485 1,721 1,668,683 1,721 (225,531) 26,509 (2,500) - (228,031) 26,509 3,099,675 1,062,800 £2,871,644 £1,089,309 ----Unrestricted funds----	General Designated £ £ 68,783 - 1,263,613 - 41,907 28,230 - - 68,849 - 1,443,152 28,230 20,198 - 1,648,485 1,721 1,668,683 1,721 (225,531) 26,509 (2,500) - (228,031) 26,509 3,099,675 1,062,800 £2,871,644 £1,089,309 ----Unrestricted funds----	Restricted Total funds funds 2023 £ £ 8,789 77,572 3,333 1,266,946 1,418 71,555 9,507 9,507 - 68,849 23,047 1,494,429 - 20,198 20,853 1,671,059 20,853 1,691,257 2,194 (196,828) 2,500 - 4,694 (196,828) 51,674 4,214,149 £56,368 £4,017,321
	1,443,152	28,230
	20,198 1,648,485	- 1,721
	1,668,683	1,721
	(225,531) (2,500)	26,509 -
	(228,031)	26,509
	3,099,675	1,062,800
	£2,871,644	£1,089,309

6

GOSPEL STANDARD BETHESDA FUND

Comparative figures for the prior period

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 Note 1(a)

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 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	General Designated £ £ 102,229 - 671,635 - 13,403 7,813 787,267 7,813 11,265 - 788,497 1,721 799,762 1,721 (12,495) 6,092 - - (12,495) 6,092 3,112,170 1,056,708 £3,099,675 £1,062,800 ----Unrestricted funds----	General Designated £ £ 102,229 - 671,635 - 13,403 7,813 787,267 7,813 11,265 - 788,497 1,721 799,762 1,721 (12,495) 6,092 - - (12,495) 6,092 3,112,170 1,056,708 £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
	(12,495) -	6,092 -
	(12,495)	6,092
	3,112,170	1,056,708
	£3,099,675	£1,062,800

7

GOSPEL STANDARD BETHESDA FUND

(Charity number 1199341 - Company number 13651153)

Balance Sheet as at 31 December 2023

		31 December	31 December
	Note	2023	2022
		£	£
Fixed assets:
Tangible assets	15-17	1,309,499	1,499,395
Total fixed assets		1,309,499	1,499,395
Current assets:
Property to be sold	17	234,064	-
Debtors	18	177,268	119,273
Investments	19	1,999,788	2,504,074
Cash at bank and in hand		459,359	235,577
Total current assets		2,870,479	2,858,924
Liabilities:
Creditors: Amounts falling due within one year	20	(162,657)	(144,170)
Net current assets		2,707,822	2,714,754
Total assets less current liabilities		4,017,321	4,214,149
Total net assets		£4,017,321	£4,214,149
The funds of the charity:
Unrestricted -
General	21	2,872,969	3,099,675
Designated	21,23	1,087,984	1,062,800
Restricted income funds	21,22	56,368	51,674
Total charity funds		£4,017,321	£4,214,149

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 o n 2024 and signed on their 06/09/ behalf by:

M. RIDOUT, Chairman: ________

8

GOSPEL STANDARD BETHESDA FUND Statement of Cash Flows for the year ended 31 December 2023

		Year ended	6 months to
		_31 December _	31 December
	Note	2023	2022
		£	£
Cash flows from operating activities:
Net cash (used in) operating activities	24(a)	(260,098)	(15,172)
Cash flows from investing activities:
Interest and rents from investments		71,555	21,593
Proceeds from the sale of property, plant and equipment		5,250	4,700
Purchase of property, plant and equipment		(97,211)	(42,848)
Net cash (used in) investing activities		(20,406)	(16,555)
Change in cash & cash equivalents in reporting period		(280,504)	(31,727)
Cash & cash equivalents at start of reporting period		2,739,651	2,771,378
Cash & cash equivalents at end of reporting period	24(b)	£2,459,147	£2,739,651

9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 for the prior 6 month period to 31 December 2022: As mentioned above, the Gospel Standard Bethesda Fund was 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 remained unchanged, hence accounting rules required that the 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.

The transfer into the charitable company took place on 30 December 2022, and the accounts were required to be drawn up to include the results of both entities for the whole of the reporting period in which the merger occurred.

The merger occurred in the charitable company's first accounting period from its incorporation on 29 September 2021 to 31 December 2022. No operating activity took place in the charitable company until it received the assets, liabilities and undertaking on 30 December 2022. The unincorporated charity had last reported its results to 30 June 2022.

Therefore the combined activity of both the unincorporated and incorporated charites in the 6 months to 31 December 2022 was required to be reported under merger accounting rules, and these form the comparative figures presented in these financial statements.

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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.

(d) Income tax recoverable

Any income tax due to be reclaimed from HMRC on donations made under Gift Aid or refundable income tax deducted from income received net of tax, has been brought into these financial statements as a debtor.

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(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. Five trustees (2022: 3 trustees) were reimbursed travel expenses totalling £1,152 (2022: £321). Expense reimbursements were waived by some trustees; the amounts were not material. Purchases of groceries were made from Staverton Nursery Ltd, a company in which Sam Cottingham, a trustee, has an interest, totalling £30 (2022: £57) these amounts being at cost without markup. One trustee, Philip Pocock, is employed part-time by Adkins, the agents instructed to sell the Studley Bethesda home. No financial benefit accrues to Philip Pocock for the Studley Bethesda sale under this arrangement and it was considered in the best interests of the charity to appoint Adkins. 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 AXA XL 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.

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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.

3 Donations and legacies

Unrestricted Funds £ Collections & donations from chapels: For general purposes 7,338 For specific Homes - For assisting short-stay residents - Personal donations & subscriptions: For general purposes 1,613 For general purposes - Gift Aid 8,475 For assisting short-stay residents - For specific Homes - Home collecting boxes - Total 17,426 Legacies received: Mrs E Burgess - Mrs B Mercer 5,000 Mr D Keeling - Miss B Wickens 46,199 Other - Income tax reclaimable 158 Total 51,357 Total £68,783	Unrestricted Funds £ Collections & donations from chapels: For general purposes 7,338 For specific Homes - For assisting short-stay residents - Personal donations & subscriptions: For general purposes 1,613 For general purposes - Gift Aid 8,475 For assisting short-stay residents - For specific Homes - Home collecting boxes - Total 17,426 Legacies received: Mrs E Burgess - Mrs B Mercer 5,000 Mr D Keeling - Miss B Wickens 46,199 Other - Income tax reclaimable 158 Total 51,357 Total £68,783	Restricted Funds £ - 400 2,445 - - 200 5,621 68	Total 2023 £ 7,338 400 2,445 1,613 8,475 200 5,621 68	(6 months) Total 2022 £ 5,443 - 1,465 1,311 2,475 - 2,310 72
	17,426	8,734	26,160	13,076
	- 5,000 - 46,199 - 158	55 - - - - -	55 5,000 - 46,199 - 158	- - 33,000 60,000 2,367 -
	51,357	55	51,412	95,367
	£68,783	£8,789	£77,572	£108,443

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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. Mr A Baldwin: Legacy of £5,000.

Mr F Hayden: Legacy of £2,000.

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 Sundry receipts 5 Investment income Interest on short-term deposits Use of bookroom	Unrestricted funds £ 67,637 2,500	Restricted funds £ 1,418 -	(6 months) 2023 2022 £ £ 1,206,407 644,756 42,141 20,547 11,469 5,661 6,929 3,150 £1,266,946 £674,114 (6 months) Total Total 2023 2022 £ £ 69,055 20,343 2,500 1,250 £71,555 £21,593
	£70,137	£1,418

The bookroom within the Bethesda General Office, Harpenden has been 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 on 30 December 2022, these became held directly by the Gospel Standard Bethesda Fund.

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6 Transactions with The Piggott Charity

Grants of £9,507 (2022: £nil) were received from The Piggott Charity towards assisting short-stay 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 £ 20,198	(6 months) Total Total 2023 2022 £ £ 20,198 11,265 1,579,323 762,092 70,592 29,777 3,045 1,721 18,099 4,484 1,671,059 798,074 £1,691,257 £809,339
	1,261,808 49,512 - 17,492	317,515 21,080 3,045 607
	1,328,812	342,247
	£1,328,812	£362,445

'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 10,826 Charitable activities: Care homes 238,753 Flatlets 10,033 Future development fund 1,795 Subsidies: short-stay residents 94 Total Governance & support costs £261,501 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 £ 10,826 238,753 10,033 1,795 94	Other costs £ 9,373 78,762 11,047 1,250 513	(6 months) Total Total 2023 2022 £ £ 20,199 11,266 317,515 167,698 21,080 11,802 3,045 1,721 607 280 £362,446 £192,767 (6 months) 2023 2022 £ £ 11,800 13,001 30 7 1,642 560 1,152 321 200 36 4,873 7,909 25,513 12,169 10,328 4,629 £55,538 £38,632
	£261,501	£100,945

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10 Subsidies paid for short-stay residents

During the period 17 residents coming into a Bethesda Home for a short stay obtained discounts from full fee rates funded by the Short-Stay Fund (2022: 11 residents). During the period the Short-Stay Fund was supported by 4 (2022: 2) chapel collections.

11 Assistance towards residents’ fees

Fee subsidies amounting to £11,685 (2022: £607) 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 4 residents were assisted in this way: 1 resident at the Brighton Home and 3 at Harpenden Home (2022: 3 residents).

During the period contributions amounting to £217,641 (2022: £144,795) were received from Local Authorities towards residents’ fees.

12 Ex gratia payments

12 Ex gratia payments
		(6	months)
	2023		2022
	£		£
Gift vouchers and calendars	£1,099		£-

£1,099 in total was spent in the period on gift vouchers and calendars for long service awards and leaving gifts to staff and for appreciation to people who assist the charity in various ways (2022: £nil). 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 66 (2022: 63). The number of management and administration staff at the Bethesda General Office was 2 (2022: 2). Staff costs were as follows:

Wages and salaries Social security costs Pension costs Agency workers 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) 2023 2022 £ £ 1,006,396 457,190 72,408 36,727 26,916 11,558 32,941 56,703 £1,138,661 £562,178 10,826 5,164 877,160 434,017 238,753 117,311 10,033 4,785 1,795 856 94 45 £1,138,661 £562,178

No employee earned at a rate of £60,000 per annum or more in either period. Premiums of £1,280 (6 months to 31.12.2022: £640) were paid into a private pension plan held by 1 officer (2022: 1 officer). Employers premiums of £25,636 (2022: £10,918) were payable into ‘The People’s Pension’ scheme, an auto-enrolment scheme which commenced in October 2015.

Key management personnel are identified as the General Manager and 2 Home Managers. The compensation for the year of these staff members amounts to £136,264 (6 months to 31.12.2022: £63,746) including remuneration and all benefits paid.

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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 previously been no formal agreement with the trustees of the library and no ground rent or similar payments have been received.

During the year, 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. Further agreement was reached after the year end, that such transfer would include an enlarged area of land around the library for a revised total price of £105,619.

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15 Freehold land and buildings (continued)

COST At start of period Additions Transfers to current assets At end of period DEPRECIATION At start of period Charge for period Transfers to current assets At end of period NET BOOK VALUE At 31.12.23 At 31.12.22	Bethesda Homes £ 1,300,371 - (431,500)	Bethesda Flatlets £ 987,157 92,032 (168,328)	Office Premises £ 125,019 - -	Total £ 2,412,547 92,032 (599,828)
	868,871	910,861	125,019	1,904,751
	682,806 23,770 (252,699)	213,171 7,612 (113,065)	60,826 2,484 -	956,803 33,866 (365,764)
	453,877	107,718	63,310	624,905
	£414,994	£803,143	£61,709	£1,279,846
	£617,565	£773,986	£64,193	£1,455,744

Included within the cost of freehold property is land of £93,050 (2022: £181,523) which is not depreciated. Additionally, the cost of Bethesda Flatlets includes £629,697 (2022: £537,665) for acquisition of a site at Swavesey plus expenses incurred subsequently, where it is intended to build apartments; no depreciation is charged until the apartments have been completed.

The amounts above for transfers to current assets are in respect of the net book values of the Studley Bethesda Home and the Redhill Flatlets, which are included in Property to be sold at 31 December 2023 (see Note 17). For further details refer to Note 28.

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16 Equipment and motor vehicles

Equipment in Homes £ COST At start of period 245,497 Additions 5,179 Disposals (3,309) Transfers (32,403) At end of period 214,964 DEPRECIATION At start of period 224,977 Charge for period 12,361 Disposals (3,309) Transfers (32,403) At end of period 201,626 NET BOOK VALUE At 31.12.23 £13,338 At 31.12.22 £20,520	Equipment in Homes £ 245,497 5,179 (3,309) (32,403)	Equipment in Flatlets £ 14,914 - - -	Office Equipment £ 6,082 - - -	Motor Vehicles £ 49,987 - (27,287) -	Total £ 316,480 5,179 (30,596) (32,403)
	214,964	14,914	6,082	22,700	258,660
	224,977 12,361 (3,309) (32,403)	13,909 1,005 - -	5,867 215 - -	28,076 5,478 (27,169) -	272,829 19,059 (30,478) (32,403)
	201,626	14,914	6,082	6,385	229,007
		£-	£-	£16,315	£29,653
	£20,520	£1,005	£215	£21,911	£43,651

The transfers above relate to equipment remaining at Studley Bethesda, which has a net book value of £nil and has been transferred to current assets as part of Property to be sold (see Notes 17 and 28).

17 Tangible assets Fixed assets: Freehold land and buildings (Note 15) Equipment and motor vehicles (Note 16) Current assets: Property to be sold (Note 15): Studley Bethesda Home net book value Redhill Flatlets net book value	2023 2022 £ £ 1,279,846 1,455,744 29,653 43,651 £1,309,499 £1,499,395 178,801 - 55,263 - £234,064 £-

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18 Debtors

Income tax recoverable on Gift Aid Income tax recoverable on legacy income Interest accrued on short-term deposits Gospel Standard Trust - use of bookroom Moden Hill, Sedgley chapel gross sale proceeds (Note 27) Prepayments and accrued income Residents’ fees receivable	2023 2022 £ £ 1,694 1,715 158 - 21,821 7,885 3,141 3,253 84,389 - 35,351 28,407 30,714 78,013 £177,268 £119,273

19 Investments: short-term deposits

Current assets Buckingham Building Society 120 day account CAF Charity Deposit Platform (Flagstone: 8 accounts) Cambridge & Counties Bank 95 day notice account Cambridge & Counties Bank 1 year bond Charity Bank easy access account Charity Bank 1 year bond Close Brothers 95 day notice account Close Brothers 1 year bond COIF Charities deposit fund Hampshire Trust Bank 45 day notice account Lloyds Bank 1 year bond Redwood Bank 1 year bond United Trust Bank 1 year bond United Trust Bank 6 month bond United Trust Bank 200 day account Vernon Building Society 35 day account Virgin Money 1 year bond

2023 2022 £ £ 110,000 - 699,998 - - 492,842 110,000 - - 3,025 110,000 - - 529,152 110,000 - 419,790 227,335 - 351,714 110,000 - 110,000 - - 300,006 - 300,000 - 300,000 110,000 - 110,000 - £1,999,788 £2,504,074

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20 Creditors: amounts falling due within one year

Accrued expenses Accrued expenses re Moden Hill, Sedgley chapel (Note 27) Accrued holiday pay Financial services fees PAYE & NIC due to HMRC Pension premiums due Deferred government grant income Residents' fees repayable or paid in advance Trade creditors	2023 2022 £ £ 21,846 24,922 7,719 - 10,499 11,452 10,000 15,185 19,929 16,759 4,989 4,245 59,392 59,392 6,515 6,379 21,768 5,836 £162,657 £144,170

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). There was no movement on the deferred income account in the year or in the prior period.

21 Net asset analysis by fund ----Unrestricted funds---- Designated General £ £ Fixed assets: Tangible - 1,309,499 Current assets: Investments 1,087,984 855,436 Other - 870,691 Current liabilities - (162,657) £1,087,984 £2,872,969	21 Net asset analysis by fund ----Unrestricted funds---- Designated General £ £ Fixed assets: Tangible - 1,309,499 Current assets: Investments 1,087,984 855,436 Other - 870,691 Current liabilities - (162,657) £1,087,984 £2,872,969	21 Net asset analysis by fund ----Unrestricted funds---- Designated General £ £ Fixed assets: Tangible - 1,309,499 Current assets: Investments 1,087,984 855,436 Other - 870,691 Current liabilities - (162,657) £1,087,984 £2,872,969	Restricted funds £ - 56,368 - -	Total Total funds funds 2023 2022 £ £ 1,309,499 1,499,395 1,999,788 2,504,074 870,691 354,850 (162,657) (144,170) £4,017,321 £4,214,149
	£1,087,984	£2,872,969	£56,368

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22 Restricted funds

22 Restricted funds	22 Restricted funds
Balance 01.01.23 £ Harpenden Home: Mrs E Burgess - Other funds: Brighton Amenity 30,934 Harpenden Amenity 17,069 Short-stay Residents 3,671 £51,674		Income £ 55 5,620 4,990 12,382	Expenditure £ (55) (1,160) (1,539) (18,099)	Transfer from Balance General Fund 31.12.23 £ £ - - - 35,394 - 20,520 2,500 454 £2,500 £56,368
	£51,674	£23,047	(£20,853)

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.

23 Designated funds

Future Development Miss K E Aston dec'd	Balance 01.01.23 £ 1,035,927 26,873	Income £ 27,515 715	Expenditure £ (3,046) -	Net Balance transfers 31.12.23 £ £ - 1,060,396 - 27,588 £- £1,087,984
	£1,062,800	£28,230	(£3,046)

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) to net cash (used in) operating activities

Net (expenditure) 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) in debtors Increase in creditors Net cash (used in) operating activities (b) Analysis of cash and cash equivalents Cash at bank and in hand Cash on deposit (current asset investments)	(6 months) 2023 2022 £ £ (196,828) (5,189) 52,925 24,407 (5,132) (2,150) (71,555) (21,593) (57,995) (21,607) 18,487 10,960 (£260,098) (£15,172) 459,359 235,577 1,999,788 2,504,074 £2,459,147 £2,739,651

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	2023 2022 £ £ 8,087 3,664 6,957 5,442 £15,044 £9,106

26 Commitments for expenditure

There were no other material commitments for expenditure at the year end, but see Note 28 for subsequently.

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27 Moden Hill, Sedgley Chapel sale proceeds

During the year the Gospel Standard Bethesda Fund became entitled under the chapel trust deed to the proceeds of sale of this chapel, following its closure in 2022. Planning permission was obtained in 2023 to demolish the chapel and erect a house, and the sale of the property was completed in April 2024. The net value of the entitlement has been included in these accounts as shown below, amounts unpaid as at 31 December 2023 being shown in debtors (Note 18) and creditors (Note 20) respectively.

Gross sale proceeds of property & furniture items Legal, planning, agents & other expenses	2023 2022 £ £ 84,389 - (15,540) - £68,849 £-

28 Non-adjusting events after the period end

(a) Studley Bethesda Home

It was decided to sell the Studley Bethesda home, following its closure in 2021. The property was marketed at a guide price of £750,000, and a sale has been agreed (subject to contract) which is materially above the net book value of £178,801 at which this home is stated in the accounts at 31 December 2023.

(b) Redhill Flatlets

After the year end, the sale of the Redhill Flatlets was agreed, and the sale was completed on 29 May 2024. The gross sale proceeds were £950,000 and the net proceeds after deducting agents and legal expenses were £935,566. The sale price is materially above the net book value of £55,263 at which this home is stated in the accounts at 31 December 2023.

(c) Swavesey Independent Living Apartments

On 15 February 2024 a letter of intent was signed by the charity in respect of a proposed contract to construct the Swavesey Independent Living Apartments with Godfrey & Hicks Builders Ltd. The letter of intent confirmed the charity's intention to enter into a contract for a sum in the region of £1.4m excluding VAT, and instructed the builder to commence the works, and accepted a liability of up to £150,000 for costs reasonably incurred by the builder should the intended contract not be made.

END OF NOTES TO THE FINANCIAL STATEMENTS

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