Charity registration number NIC107774
Company registration number NI642200 (Northern Ireland)
THE BETHANY COMMUNITY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE BETHANY COMMUNITY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Monsignor B McCanny
Dr S Bradley
Mr F McAulay
Mr G McNicholl
Mr N MacFlynn
Mrs M Harron
Charity number
NIC107774
Company number
NI642200
Registered office
115 Irish Green Street
Limavady
BT49 9AB
Independent examiner
PFS & Partners
16 Main Street
Limavady
BT49 0EU
Bankers
Bank of Ireland
2 The Diamond
Coleraine
BT52 1DE
THE BETHANY COMMUNITY TRUST
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 12
THE BETHANY COMMUNITY TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

 

This document has been prepared based on the guidance provided by the Charity Commission and Trustees have had regard to the Commission's Public Benefit requirement statutory guidance.

Objectives and activities

The Bethany Community Trust was set up by members of the Limavady Community with the objective of building a local community hall on the site of a parish hall that was destroyed in a fire in 2009.

 

The site of the Community Centre lies in an identified area of deprivation. Accordingly, the Bethany Trust was able to attract funding from the Neighbourhood Renewal Investment Fund which operates under the auspices of the Department for Communities (D for C) in Northern Ireland. The application was successful and the Trust received a grant of £400,000 towards the cost of the building.

 

The cost of the build was approximately £1 million. The Parish of Limavady provided £720,000 with the balance coming from the Neighbourhood Renewal Investment Fund. The build work was completed in 2020 and the charity took delivery of the keys in September 2020. The building was used infrequently over the first two years. The calendar year 2022 was the first year when the Bethany Community Centre was free to open without Covid-19 restrictions.

 

The day to day management of the Community Centre is carried out by a steering group drawn from the different groups using the facility.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The following groups are presently using the Community Centre on an ongoing basis:

 

 

 

Financial review

Total incoming resources amounted to £17,233 (2022: £19,594) and after deducting resources expended of £42,521 (2022: £40,551) net expenditure of resources amounted to £25,288 (2022: £20,957).

THE BETHANY COMMUNITY TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Structure, governance and management

The Bethany Community Trust, a private company limited by guarantee, was incorporated on 17 November 2016 (company No: NI 642200). The Directors of the Trust are all drawn from the local community and give their time and professional expertise completely free of charge.

 

The Northern Ireland Charities Commission approved The Bethany Community Trust's registration on

23 November 2020.

 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Monsignor B McCanny
Dr S Bradley
Mr F McAulay
Mr G McNicholl
Mr N MacFlynn
Mrs M Harron
Recruitment and appointment of trustees

Any person who is willing to act as a trustee, and is permitted by law to do so, may be appointed to be a trustee by either an ordinary resolution or by a decision of the trustees.

Unless otherwise determined by the company in General Meeting the number of trustees shall be not less than two.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Mr G McNicholl
Trustee
27 February 2024
THE BETHANY COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BETHANY COMMUNITY TRUST
- 3 -

I report to the trustees on my examination of the financial statements of The Bethany Community Trust (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 65 of the Charities Act (Northern Ireland) 2008 (the 2008 Act). In carrying out my examination I have followed all the applicable Directions given by The Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

PFS & Partners
16 Main Street
Limavady
BT49 0EU
Dated: 27 February 2024
THE BETHANY COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
17,233
-
17,233
9,594
10,000
19,594
Charitable activities
4
42,521
-
42,521
40,551
-
40,551
Net expenditure
(25,288)
-
(25,288)
(30,957)
10,000
(20,957)
Transfers between funds
40,000
(40,000)
-
160,000
(160,000)
-
Net movement in funds
14,712
(40,000)
(25,288)
129,043
(150,000)
(20,957)
Reconciliation of funds:
Fund balances at 1 January 2023
86,653
240,000
326,653
(42,390)
390,000
347,610
Fund balances at 31 December 2023
101,365
200,000
301,365
86,653
240,000
326,653

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE BETHANY COMMUNITY TRUST
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
968,394
990,861
Current assets
Cash at bank and in hand
53,576
56,160
Creditors: amounts falling due within one year
9
605
368
Net current assets
52,971
55,792
Total assets less current liabilities
1,021,365
1,046,653
Creditors: amounts falling due after more than one year
10
(720,000)
(720,000)
Net assets
301,365
326,653
The funds of the charity
Restricted income funds
11
200,000
240,000
Unrestricted funds
101,365
86,653
301,365
326,653

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 27 February 2024
Mr F McAulay
Mr G McNicholl
Trustee
Trustee
Company registration number NI642200 (Northern Ireland)
THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Charity information

The Bethany Community Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 115 Irish Green Street, Limavady, BT49 9AB.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£

DFC grant

-
-
-
-
10,000
10,000

Hall hire

17,233
-
17,233
9,594
-
9,594
17,233
-
17,233
9,594
10,000
19,594
THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Expenditure on charitable activities
Hall Hire
Hall Hire
2023
2022
£
£
Direct costs
Depreciation and impairment
22,467
22,843

Water rates

783
490

Heat and light

5,949
6,704

Repairs and maintenance

7,815
7,178

Telephone

606
461

Funeral expenses

3,590
1,017

Bank fees

171
158

Sundry

(60)
-
41,321
38,851
Share of support and governance costs (see note 5)
Governance
1,200
1,700
42,521
40,551
Analysis by fund
Unrestricted funds
42,521
40,551
5
Support costs allocated to activities
2023
2022
£
£
Governance costs
1,200
1,700
Analysed between:
Hall Hire
1,200
1,700
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
1,016,865
19,654
1,036,519
At 31 December 2023
1,016,865
19,654
1,036,519
Depreciation and impairment
At 1 January 2023
40,204
5,454
45,658
Depreciation charged in the year
20,337
2,130
22,467
At 31 December 2023
60,541
7,584
68,125
Carrying amount
At 31 December 2023
956,324
12,070
968,394
At 31 December 2022
976,661
14,200
990,861
9
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
605
368
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Parish loan
720,000
720,000

This is a concessionary loan granted to the Charity by St. Mary's Parish, Limavady, on terms which are not market related. The loan was granted to assist the Charity in achieving its policy objectives. No interest is levied by the Parish and repayment terms are flexible.

11
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2023
Incoming resources
Transfers
At 31 December 2023
£
£
£
£
DFC Grant
240,000
-
(40,000)
200,000
THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Restricted funds
(Continued)
- 11 -
Previous year:
At 1 January 2022
Incoming resources
Transfers
At 31 December 2022
£
£
£
£
DFC Grant
390,000
10,000
(160,000)
240,000
12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
Transfers
At 31 December 2023
£
£
£
£
£
General funds
86,653
17,233
(42,521)
40,000
101,365
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Transfers
At 31 December 2022
£
£
£
£
£
General funds
(42,390)
9,594
(40,551)
160,000
86,653
13
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
768,394
200,000
968,394
Current assets/(liabilities)
52,971
-
52,971
Long term liabilities
(720,000)
-
(720,000)
101,365
200,000
301,365
THE BETHANY COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Analysis of net assets between funds
(Continued)
- 12 -
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
Fund balances at 31 December 2022 are represented by:
Tangible assets
750,861
240,000
990,861
Current assets/(liabilities)
55,792
-
55,792
Long term liabilities
(720,000)
-
(720,000)
86,653
240,000
326,653
14
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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