BEACON MINISTRIES LIMITED Reports and financial statements Year ended 31 January 2024 (A company limited by guarantee and not having a share capital) Charity Registered number: 101692
REPORTS AND AUDITED FINANCIAL STATEMENTS CONTENTS PAGE Directors and other information Directors, Report Statement of directors, responsibilities Independent examiner's report Statement of accounting policies Income and Expenditure Account Balance Sheet 10 Cash Flow Statement Notes forniing part of the financial statements 12- 14 Page I
BEACON MINISTRIES LIIVllTED 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 Office 24A Church Road Portadown Co. Amiagh 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 ended 31 January 2024. Objectives and activities The charitable purpose of Beacon Ministrie8 Limited is the advancement of religion. The principal nCtion of Beacon Ministries Limited is to support th¢ advancement of the Christian religion by promoting, through the work of Beacon Ministries Limited the whole mission of the Christian Church, pastoral, evangelistic and social. Being open to and engaging with society as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Christianity. Results for period The deficit for the period after providing for depreciation amounted to £8,527. This deficit has been taken to reserves. Achievements, Performance & Public Benefit Beacon Ministries. since its inception in 201 I, 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 nature, providing essential skills for our children and youth whilst also taking the welfare of senior citizens within our community into consideration. Our projects this year have been to: Provide help to those in need within the community - both financially and practically; Fund specific programmes for music and worship" Fund literature for the advancetnent of christianity- Fund the up keep of a minibus, which was used for outreach to those in social need. ineluding delivering groceries and equipment for DIY and essential maintenance projects. and Funding a House 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 cominunity. All these projects have relationships at the centr¢ 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 Mrs H Galway retlTe from the Board at the Annual General Meeting in accordance with the Articles of Association relating to the first annual general meeting and being eligible, offer themselves 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 balance 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 resourc¢s to the financial function. The books of account of the company are maintained at 78 Drumcree Road, Portadown, Co. Armagh, BT62 IPE. Principal risks and uncertainties Th¢ company's receipts are exposed to fluctuations in the general economic conditions in Northern Ireland. However, the cost structure of the company is variable and can be adjusted to refl¢ct any significant movement in income. The company operates solely in Northem Ireland. Therefore, 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 the near future. The company's policy is to ensur¢ that sufTici¢nt resources are available from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due. The directors are aware of th¢ major risks to which th¢ company is exposed, in particular those related to the operations and finances of the coinpany and are satisfied that systems are in place to mitigate exposure to major risks. On behalf of the board V. hJewelL V. Newell Director H. Galway Director 30 October 2024 Page
BEACON MINISTRIES LIMITED STATEMENT OF DIRECTORS? RESPONSIBILITIES General Res onsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Northem 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 requir¢s 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 disclos¢ with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted and with statute 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 prevention and detection 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 them consistently 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 confirm that they have made available to Ruddell & Company, Chart¢red Accountants, all the company's accounting records and provided all the information, books, or documents, necessary for the compilation of the financial statements. The directors confirm that to the b¢st of their knowledge and belief, the accounting rccords rcflcct all the transaciions of the company for the year ended 3 1 January 2024. BY ORDER OF THE BOARD 30 octob 2024 H. Galway Director Date Page 5
BEACON MINISTRIES LIMITED INDEPENDENT EXAMTNER'S REPORT ON THE FINANCIAL STATEMENTS TO THE IVIEMBERS OF BEACON MINISTRIES LIMITED I report on the accounts of the Charity for the year ended 31 January 2024, 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 preparation 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 thc 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 the accounts do not accord with those accounting records 3. That th¢ accounts do not comply with the accounting requirements of the Charities Act 4. That there is further infomiation n¢cdcd for a propcr undcrstanding of thc accounts to bc reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the 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 2024 Page
BEACON MINISTRIES LIIIqITED STATEMENT OF ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 JANUARY 2024 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 repr¢sents 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 the assets. Grants towards revenue and expenditure are released to thc profit and loss account as the related expenditure is incurred. Tangible Fixed Assets and Depreciation Tangible fixed assets are stated at historic cost less accumulated depreciation. The charge for depreciation is calculated to write down the cost of assets to their estimated residual values by equal annual instalments over their expected useful lives which are as follows: Leasehold buildings and improvements Fixtures, fittings and equipment Motor Vehicles over the tem] of the lease 200/0 reducing balance 200/0 reducing balance Stocks Stocks are stated at the lower of cost and net realisable value. Page
BEACON MINISTRIES LIMITED STATEMENT OF ACCOUNTING POLICIES FOR THE PERIOD ENDED 31 JANUARY 2023 Leased assets Operating lease rentals are charged to the income and expenditure account on a straight line basis over the lease term. Pensions The company does not operate a pension scheme for employees. Page
BEACON MINISTRIES LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 JANUARY 2024 Notes 2024 2024 Unrestricted Restricted 2024 Total 2023 Total Income Direct Costs 9,947 7,701 17,648 19,802 Gross surplus Administration costs (2,997) 7,701 4,704 16,106 Operating surplus l {deficit) Interest payable and similar charges (11,001) 2,474 (8,527) (3,221) Surplus l {deficRt) on ordinary activities before taxation Tax on surplus on ordinary activities Surplus l (deficit) on ordinary activities after taxation 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. hJdwelL V. Newell Director H. Galway Director 30 October 2024 Page
BEACON MINISTRIES LIMITED BALANCE SHEET AT 31 JANUARY 2024 Noles 2024 2023 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 198 198 6,273 Creditors: amounts falling due within one year Net current assets 850 652 Total assets less current liabilities 10 Income and expenditure account 303 On behalf of the board V. Ikl&welL H. G(thvay V. New¢ll Direclor H. Galway Director 30 October 2024 Page io
BEACON MINISTRIES LIMITED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JANUARY 2024 2024 2023 Notes Net cash Rntlow from operating activities 10(i) (9,075) (2,214) Returns on investments and servicing of finance Interest paid Taxatio Capital expenditure and finallcial investment Proceeds from sale of tangible fixed assets Payments to acquire tangible fIxed assets Capital grant received 3,000 (Decrease) / increase in cash in the year 10(ii) On behalf of th¢ board V. hJewelL K. Gdwc V. Newell Director H. Galway Director 30 October 2024 Page 11
BEACON MINISTRIES LIMITED Detailed Income and Expendlture Account Income 2024 2023 Donations HMRC Gift Aid 15,558 19,802 All income derives from the company's principal activity. Operating surplus 2024 2023 Operating surplus is stated after charging/(crediting): Depreciation of tangible assets Directors remuneration (note 4) Auditor's remuneration: Audit of individual accounts Tax advisory services Operating lease rentals 607 1,259 Interest payable and similar charges Bank interest and fees 2024 2023 Directors remuneration and transactions 2024 2023 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 does not have any employees and as such does not operat¢ 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 activiti¢s, which encompass all activities of the company. Page 12
BEACON MINISTRIES LIMITED Detailed 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 18,665 18,665 Depreciation.. Beginning of year Charge Disposals 5,755 15,630 607 21,385 607 End of year Nel book value.. 31 January 2024 42 31 January 2023 Creditors: amounts falling due within one year 2024 2023 Bank overdraft Loan to H&G Galway 850 85 Page 13
BEACON MINISTRIES LIMITED Detailed Income and Expenditure Account 10. Cash flow 2024 (i) Reconciliation of operating profIt to net cashflow from operating activities Operating profit Depreciation Profit on disposal of fixed Assets Movement in creditors (8,527) 607 (2,005) 850 Net cash inflow from operating activities (li) Analysis of net fundsl(debt) Net cash Net funds 2023 Cashflow 2024 11. Profit and loss aecount 2023 At beginning of period Deficit for the period 10,303 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 these financial statements. 13. Legal status of the company Th¢ company is liinited by guarantee and has no share capital. As 31 January 2024, the company had 3 members whose guarantee is limited to £ l 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 2024. Page 14