BEACON MINISTRIES LIMITED Reports and financial statements Year ended 31 January 2023 (A company limited by guarantee and not having a share capital) Charity Registered number: 101692
REPORTS AND AUDITED FINANCIAL STATEMENTS CONTE]VTS PAGE Directors and other information Directors, Report Statcm¢nt of directors, responsibilities Independent examiner, s report Statement of accounting policies Income and Expenditure Account Balance Sheet 10 Cash Flow Statement Notcs forn]ing part of the financial statements 12- 14 Page I
BEACON MINISTRIES LIMITED DIRECTORS AND OTHER INFORMATION Directors V. Newell A. Milligan H. Galway Secretary H. Galway Accountants Ruddell & Company Chartered Accountants 16 Church Street Dungannon Co. Tyrone BT716AB Bankers Santander UK plc 301 St Vincent Street Glasgow G2 5NT Registered oifice 24A Church Road Portadown Co. Arniagh BT63 5HT Company Registered Number NI 605848 Charity Registered Number 101692 Page 2
BEACON MINISTRIES LIMITED DIRECTORS, REPORT The directors present their annual report together with the unaudited financial statements of the company for the year end¢d 31 January 2023. Objectives and activities The charitable puryose of Beacon Ministries Limited is the advancement of religion. The principal function of Beacon Ministries Limited is to support the advancement of the Christian religion by promoting, through the work of Beacon Ministries Limited the whole mission of the Christian ChurcF pastoral, evangelistic and social. Beino open to and engaging with society as a whole and offering support for those needing help are fundamental to th¢ practical delivery of the b¢nefits of Christianity Results for period The deficit for the period after providing for depreciation amounted to £3,221. This deficit has been taken to reserves. Achievements, Performance & Public Benefit Beacon Ministries, gince its inception in 201 l. has continued to help provide innovative projects that have assisted in helping the community to move forward in God's plans and purposes. The projects have been both practical and social in natu, providing essential skills for our childTen and youth whilst also taking the welfare of senior citizens within our community into consideration. Our projects this have been to: Provide help to those in need witl)in the community - both financially and practically; Fund specific programmes for music and W0h1p. Fund literature for the advancement of chTlStianity' Fund the up keep of a minibus, which was used for outreach to those in social need. including delivering groceries and equipment for DIY and essential maintenance projects. and Funding a Hous¢ of Prayer within the Drumcree area. All these projects have relationships at the centre of the activities; it is about encouraging one another, working collectively, building God's Kingdom, growing stronger together as a community whilst helping to address the social and mental health needs within our community. All these projects have relationships at the centre of the activities; it is about encouraging one another, working collectively, building God's Kingdom and growing stronger together as a community. Directors The present membership of the Board is set out on page 2. Mr A. Milligan and Mts H Galway retire from th¢ Board at the Annual General Meeting in accordance with the Articles of Association relating to the first annual general meeting and being ¢ligibl¢, offer th¢mselv¢s for re-election. Interests of directors and company secretary The company is limited by guarantee and does not have any share capital. Therefore, the directors and secretary who served during the year did not have a benefIcial interest in the company. All directors serve in a voluntary capacity. Events since the bglAnce sheet date There are no significant events affecting the company since the period end. Political donations No political donations have been made by the company. Page 3
BEACON MINISTRIES LIMITED DIRECTORS REPORT (Continued) Books of account The measures taken by the directors to ensure compliance with the requirements of Companies Acts, 1985 to 2006, regarding proper books of account are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The books of account of the company are maintain¢d at 78 Drumcree Road, Portadown, Co. Annagh, BT62 IPE. Principal risks and uncertainties The company's receipts are exposed to fluctuations in the general economic conditions in Northern Ireland. However, the cost structur¢ of the company is variable and can be adjusted to r¢flect any significant movement in income. The company operates solely in Northern Ireland. Therefor¢, it is not subject to significant currency risks. The company does not rely on significant borrowings and has a minimal exposure to interest rate risk. The company is in a reasonably liquid position and does not foresee any cash flow risk in th¢ near future. The company's policy is to ensure that sufficient resources are available from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when th¢y fall due. The directors are aware of the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems are in place to mitigate exposur¢ to major risks. On behalf of the board V. hJewelL H. GLthvay V. Newell Director H. Galway Director 30 October 2023 Page 4
BEACON MINISTRIES LIMITED STATEMENT OF DIRECTORS, RESPONSIBILrrIES General Res onsibilities The directors are responsible for preparing th¢ Annual Report and the financial statements in accordance with applicable Northern Ireland and United Kingdom law and generally accepted accounting practices including the accounting standards issued by the Accounting Standards Board and published by Chartered Accountants Ireland. Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. The directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensur¢ that th¢ financial statements are prepared in accordance with accounting standards generally accepted and with ststute comprising the Companies Acts 1985 to 2006 and with relevant Northern Ireland Orders. They are also responsible for safeguarding the assets of the company and for taking reasonable steps for the pr¢vention and d¢t¢ction of fraud and other irregularities. Directors, declaration on unaudited financial statements In relation to the financial statements as set out on pages 7 to 14. The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying th¢m consist¢ntly and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business. The directors confirni that they have made available to Ruddell & Company, Chartered Accountants, all the company's accounting records and provided all the information, books, or documents, necessary for the compilation of the financial statcments. The directors confirn] that to the best of their knowledge and belief, the accounting records reflect all the transactions of the company for the year ended 31 January 2023. BY ORDER OF THE BOARD 30 October 2023 H. Galway Director Date Page 5
BEACON MINISTRIES LIMITED INDEPENDENT EXAMINER'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF BEACON MINISTRIES LIMITED I report on the accounts of the Charity for the year ended 31 January 2023, which are set out on pages 2 to 14. Respective responsibilities of charity trustees and examiner As the charity's trustees you are responsible for the prepardtion of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to: examine the accounts under section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under s¢ction 65(9)(b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: l. That accounting records were not kept in accordance with section 63 of the Charities Act 2. That th¢ accounts do not accord with those accounting records 3. That the accounts do not comply with th¢ accounting requirements of the Charities Act 4. That there is further infomiation needed for a proper understanding of the accounts to be r¢ached. Independent examiner's statement I have completed my examination and have no concerns in respect of th¢ matters (l ) to {4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Jonathan Ruddell For Ruddell & Company Dungannon. 30 October 2023 Page 6
BEACON MINISTRIES LIMITED STATEMENT OF ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 JANUARY 2023 The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. Basis of preparation The financial statements have been prepared on the going concern basis and in accordance with the Charity SORP {FRS 102) and Northern Irish statute comprising the Companies Acts, 1985 to 2006. Turnover Turnover represents donations received by Beacon Ministries Limited and excludes VAT. Grant income Capital grants are credited directly to deferred revenue. Grants towards capital expenditure are released to the income and expenditure account over the expected useful life of th¢ ass¢ts. Grants towards revenue and expenditure are released to the profit and loss account as the related expenditure is incurred. Tangible Fixed Asscts and Depreciation Tangible fixed assets are stated at historic cost less accumulated depreciation. The charge for depreciation is calculated to writ¢ down th¢ cost of ass¢ts to th¢ir ¢stimat¢d r¢sidual values by equal annual instalments over thcir expected useful lives which are as follows: Leasehold buildings and improvements Fixtures, fittings and equipment Motor Vehicles over the terni of the lease 200/0 reducing balance 200/0 reducing balance Stocks Stocks ar¢ stated at the lower of cost and net realisable value. Page 7
BEACON MINISTRIES LIMITED STATEMENT OF ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 JANUARY 2023 Leased assets OperatÉng lease rentals are charged to the income and expenditure account on a straight line basis over the lease temi. Pensions The company does not operate a pension scheme for employees. Page 8
BEACON MINISTRIES LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 JANUARY 2023 Notes 2023 2023 Unrestricted Restricted 2023 Total 2022 Total Ineome Direct Costs 19,802 19,802 17,716 Gross surplus Administration costs 16,106 16,106 16,016 Operdting surplus l (deficit) Interest payable and similar charges (3,221) (3,221) (3,545) Surplus / {deficit) on ordinary activities before taxation T&¥ on surplus on ordinary activities Surplus l (defIcit) on ordinary activities after taxation 221 All income is in respect of continuing operations. The company had no recognised gains and losses in the financial period other than those dealt with in the income and expenditure account. On behalf of the board V. Nle4uelL . G(thvAy V. Newell Director H. Galway Director 30 October 2023 Page 9
BEACON MINISTRIES LIMITED BALANCE SHEET AT 31 JANUARY 2022 Notes 2023 2022 Fixed assets Tangible assets Current assets Cash at bank and in hand - restricted Cash at bank and in hand - unrestricted Cash at bank and in hand - total 1,680 6,273 8,487 Creditors: amounts falling due within one year Net current assets Total assets less current liabilities 13 Income and expenditure account ]] On behalf of the board V. hJeAvelL H. GAlway V. Newell Director H. Galway Direclor 30 October 2023 Page io
BEACON MINISTRIES LIMITED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JANUARY 2023 2023 2022 Notes Net cash inflow from operating activities 10(1) (2,214) (5,086) Returns on investments and servicing of finance Interest paid Taxation Capital expenditure and financial investment Payments to acquire tangible fixed assets Capital grant received (Decrease) l increase in cash in the year 10(ii} On behalf of the board V. Nlewdb H. fjctlway V. Newell Director H. Galway Director 30 October 2023 Page li
BEACON MINISTRIES LIMITED Detailed Income and Expenditure Account Income 2023 2022 Donations All income d¢rives from the company's principal activity. Operating surplus 2023 2022 Operating surplus is stated after charging/(crediting): Depreciation of tangible assets Directors remuneration (note 4) Auditor's remuneration: Audit of individual accounts T&x advisory services Operating lease rentals 1,259 1,259 Interest payable and similar charges 2023 2022 Bank int¢r¢st and fees Directors remuneration and transactions 2023 2022 For services other than as directors: Fees for administrative work Pension contributions Staff numbers and costs The company did not employ any employees, including executive directors, during the financial period. Hence, the company did not incur any staff costs. Pension information The company docs not havc any cmployces and as such does not operate a pension scheme. Tax on profit on ordinary activities The company was granted charitable status effective from 21 January 201 l and therefore no corporation tax charge is applicable in relation to its charitable activities, which encompass all activities of the company. Page 12
BEACON MINISTRIES LIMITED Detalled Income and Expenditure Account Tangible fixed assets Fixtures, Motor rittings & vehicles Equipment Total Cost Beginning of year Additions Disposals End of year 6,750 18,665 25,415 6,750 18,665 25,415 Depreciation.. Beginning of year Charge Disposals 5,506 249 14,872 758 20,378 1,007 End of year Nel book value.. 31 January 2023 31 January 2022 244 Creditors: amounts falling due within one year 2023 2022 Bank overdraft Accruals Page 13
BEACON MINISTRIES LIMITED Detailed Income and ExpendRture Account 10. Cash flow 2023 (i) Reconciliation of operating profit to net cashflow from operating activities Operating profit Depreciation Movement in creditors (3,221) 1,007 Net cash inflow from operating activities 2022 Cashflow 2023 (li) Analysis of net fundsl(debt) Net cash Net funds 11. Profit and loss account 2022 At beginning of period Deficit for the period 13,524 At end of period 12. Commitments Operating lease commitments The company has no commitments under non-cancellable operating leases. Capital Commitments The company has no future capital expenditure approved by the directors but not provided for in thes¢ financial statements. 13. Legal status of the company The company is limited by guarantee and has no share capital. As 31 January 2023, the company had 3 members whose guarantee is limited to £1 each. The guarantee continues for one year after individual membership ceases. 14. Approval of the financial statements The directors approved the financial statements for issue on 30 October 2023. Page 14