Registered number: N1051940 Charity number: NIC100278 RESTORE IRELAND LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
RESTORE IRELAND LIMITED (A company limited by guarantee) CONTENTS Page Reference and administrative details of the company. its Trustees and advisers Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10-17
RESTORE IRELAND LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Joyce Bassett Rebekah Bassett Company registered number N1051940 Charity registered number NIC100278 Registered office Suite 2.06 Custom House Custom House Square Belfast Antrim BT13ET Company secretary J Bassett Accountants UHY Hacker Young Ftlch Chartered Accountants Suite 2.06, Custom House Custom House Square Belfast Antrim BT13ET Bankers Danske Bank Donegall Square West Belfast Antrim BT16JS Page 1
RESTORE IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the company for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual report and financial statements of the charitable company comply wth the current statutory requirements, the requirements of the charitsble company's governing document and the provisions of trte Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the company qualffies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Structure, govemance and management a. Constitution Restore Ireland Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 4th October 2004 under company registration number N1051940. The company is registered as a charity with the Charity Commission under the registration number NIC100278 and accepted by HMRC as a charity under the reference XR82230. b. Methods of appointment or election of Trustees The Trustees who served during the year were.. Joyce Bassett Rebekah Bassett As required on an ad hoc basis the members discuss the appointment of potential new board members for appointment to the board. Suitable people are approached and if they are wlling to serwe on the board their nomination is put forward for approval by the board. There is no maximum temi of offi. No new Trustees were appointed during the year. An advisory group continues to support members and Trustees in professional matters. No remuneration or expenses have been paid to the charity's Trustees during the year. Financial risk management The Board continues to regulaty rewew any major risks arising from or impacting on the activities of the charity. The Trustees are satisfied that the major risks identified have been adequately mitigated ere necessary, and consider that the financial systems and controls in place are appropriate for the size of the charity and the nature of its operations. Page 2
RESTORE IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods The charity is committed to explore opportunities to build on and strengthen the scale and range of its activities consistent with its core objectives. It is hoped to conlinue to offer accommodation at budget prices to enable as many youth groups and families on low incomes to continue to enjoy and benefit from a residential retreat. Our loyal and faithful volunteer team are invaluable in helping to keep costs low and we wll continue to support them personally and as a group, meeting together for training and fellowship. The charity wll continue to keep in contact with regular users of the centre and potential interested groups wth updates on what we can offer to support them and hopes to work more closely with like-minded community groups and charities to assist them in fulfilling their aims and objectives in whatever capacity possible. Objectives and activities Policies and objectives The principal objectives of the charitable company are to advance the Christian faith and biblical values through the provision of residential and conference facilities and training of volunteers in practical Christianity- Page 3
RESTORE IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (continued) b. Activities undertaken to achieve objectives To achieve the objectives of the charity, Gosford Centre operates as budget, self-catering group accommodation for mainly youth and family groups who use the facilities as a residential retreat for education, fun, fellowship and spiritual development. The Charity promotes biblical principles and values enabling youth organisations, church, community and school groups to achieve their residential and evangelical objectives. Groups of all faiths are welcomed subject to the approval of the Trustees, in accordance wth the principal objectives of the charity. The accommodation offers low cost, bunkhouse style facilities in en-suite rooms and dormitories with minimum bookings of 20 people which benefits many smaller residential groups who find it difficult to make up higher minimum booking numbers required by larger residential centres. Wrth the help of volunteers, the charity is able to keep the cost of staying at Gosford Centre as low as possible giving disadvantaged families and groups, who may othetwse not be able to afford it. the opportunty to benefit from a budget holiday. Gosford Centre's forest park location and attractions provide access to a natural environment allowing groups and individuals to benefit from relaxation and develop an enjoyment and appreciation of nature. It is hoped the spiritual growlh and restoration experienced during residential retreats will benefit the wder public by way of people returning to their communities and families, better equipped to serve them through practicing and sharing their faith. The charity is committed to encouraging good stewardship of the environment through training of volunteers in reducing and recycling waste and through active recycling policies for visitors. The Centre is managed by volunteers undergo training in office procedures, child protection, health and safety, property maintenance, housekeeping and welcoming and helping guests during their stays. Volunteers also meet together for bible studies, fellowship and social activities. As a result of serving others and working as a team, volunteers benefit through the development of their faith and character. They learn a range of practical, transferable skills which are relevant not only to the operation and management of residential accommodation but to the development of their capabilities in general, enabling them to become mature, responsible individuals and members of society. Viewng's of Gosford Centre are arranged for interested group leaders and kitchen staff and regular contact is maintained wth interested groups, churches and organisations. The provision of accommodation to groups has grown organically over the years in relation to bookings and in response to feedback from group leaders. New contacts and enquirers are followed up to assist them in planning their event and to accommodate their needs. The facilities are promoted to the wider public through the webstie and by word of mouth. Trustees meet and participate in training on a regular basis to ensure that the activities fulfil the objectives of the charity and current legislats'on and best practice are achieved. Page 4
RESTORE IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance Review of activities Accommodation prices were kept low for all group bookings during 2023. A small price increase was introduced for bookings made from October 2023. In 2024 we accommodated several smaller groups lower than the minimum booking requirements and groups of other faiths which was very much appreciated by the respective group leaders. The ongoing repairs programme ensured Gosford Centre was kept in good order. To ensure better care of the facilities, cleaning checklists were posted throughout the Centre and arrivaudeparture instructions were sent to groups prior to arrival. We noted that the Centre vms left in better condition by most groups. Improved room cleaning checklists and instructions on timers to control the central heating encouraged groups to conserve energy and maintain efficient cleaning and sanitising throughout and at the end of their stay. The electrical installations including emergency lighting was inspected. updated and tested. The charity greatly appreciated our team of volunteers who continue to carry out essential repairs, cleaning and administration. Volunteers continued to meet onsite and online for fellowship and as a result of serving others, benefited through the development of their faith and character. Training continued to encourage team members to maintain all procedures already in place for the continued health and safety of stsff, guests and members of the public. Trustees and members continued to ensure facilities Vre safe, comfortable and compliant and that connections with other charities wth similar aims and objectives were maintained during the year. Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy It is the policy of the board to have a level of reserves lCh, in the event of a significant drop in funding, wll enable them to continue the charity's current activities. It is the policy of the charitable company that unrestricted funds which have not been designated for specific use should be maintained at a level equivalent to six months expenditure. The Trustees believe that reserves at this level will ensure that, in the event of a significant drop in incoming resources. they wll be able to continue the charity's core activities while consideration is given to ways in which additional funds may be raised. The charitable company has unrestricted reserves of £........... {2023.' £156,913). Page 5
RESTORE IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitsble accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102).. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the ompany wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose wtth reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 29 July 2024 and signed on their behalf by.. Joyce Bassett Trustee Page 6
RESTORE IRELAND LIMITED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's report to the Trustees of Restore Ireland Limited I report on the financial ststements of the company for the year ended 31 March 2024 which are set out on pages 8 to 17. Respective responsibilities of charity Trustees and examiner As the company's trustees {and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act,. and state whether particular matters have come to my attention. Basis of independent examinerfs statement I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance wth the general Directions given by the Charity Commission for Northern Ireland under section 65{9){bl of the Charities Act. My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: that accounting records were not kept in accordance wth section 386 of the Companies Act 2006- that the accounts do not accord with those accounting records- that the accounts do not comply wth the accounting requirements of section 396 of the Companies Act 2006 and wth the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- that there is further information needed for a proper understsnding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no cOnmS in respect of the matters111 to (4) listed above and, in onnection with followng the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. This report is made solely to the CoMpanS TTUStees, as a body. in accordance wrth section 6513}la) of the Charities Act {Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report. Signed.. fv<LJLJ Dated= 29 July 2024 Scott Mccullough FCA Chartered Accountsnts Ireland UHY Hacker Young Fitch Limited Gordon Street Mews 27-29 Gordon Street Belfast BT12LG Page 7
RESTORE IRELAND LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Note Income from: Charitable activities 11,457 10 11,457 10 12,328 Other income Total incom8 11,467 11,467 12,335 Expenditure on: Charitable activities 15,784 15,784 11,532 Total expenditure 15,784 15,784 11,532 Net movement in funds (4,317) 14,317 803 Reconciliation of funds: Total funds brought foNrfard Net movement in funds 156,913 (4,317) 156,913 14,317 156, 110 803 Total funds carried fonNard 152,596 152,596 156,913 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 17 fom) part of these financial statements. Page 8
RESTORE IRELAND LIMITED (A company limited by guarantee) REGISTERED NUMBER: N1051940 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 143,152 14T,632 143,152 147,632 Current assets Cash at bank and in hand 10,451 10,253 10,451 10,253 Creditors.. amounts falling due vthin one year 10 11.008) (972) Net current assets 9,443 9,281 Total assets less current liabilities 152,595 156,913 Net assets excluding pension asset 152,595 156,913 Total net assets 152,595 156,913 Charity funds Restricted funds 12 Unrestricted funds 12 152,595 156,913 Total funds 152,595 156,913 The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 29 July 2024 and signed on their behalf by.. Joyce Bassett Trustee The notes on pages 10 to 17 form part of these financial statements. Page 9
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation Restore Ireland Limited is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number N1051940. It is also a charity registered by the Charity's Commission Nl under Charity Registration Number NIC100278. The charitsble company's registered office is situated at 27-29 Gordon Street. Belfast. BT12LG. The principal objectives of the charitable company are to advance the Christian faith and biblical values. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Restore Ireland Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwse stated in the relevant accounting policy. 2.2 Going concern The financial statements have been prepared on the going concern basis. 2.3 Income All income is recognised once the company has entidement to the income, it is probable that the income wll be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset. tt is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic lrfe in accordance wth the company's accounting policies. On receipt, donated professional services and facilitses are recognised on the basis of the value of the gift to the company which is the amount it would have been wlling to pay to obtain services or facilities of equivalent economic benefrt on the open market- a corresponding amount is then recognised in expenditure in the period of receipt. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 10
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in setuement 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 betsen those activities on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation harges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included vthen receivable and the amount can be measured reliably by the company-, this is normalty upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives . Depreciation is provided on the foll0Yng bases.. Freehold propety Fixtures and fittings 2% straight line 250/0 reducing balance 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisibon or opening of the deposit or similar account. Page11
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance Cost. 2.9 Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequently measured at their settlement value vrith the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and vthich have not been designated for other purposes. Income from charitable activities Unrestricted funds 2024 Total funds 2024 Residential income 11,457 11,457 Unrestncted funds 2023 Total funds 2023 Residential income 12,328 12,328 Page 12
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 other incoming resources Unrestricted funds 2024 Total funds 2024 Bank interest 10 Unrestricted funds 2023 Total funds 2023 Bank interest Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Advance the Christian faith & biblical values 15,784 15,784 Unrestricted runds 2023 Total 2023 Advance the Christian faith & biblical values 11,532 11,532 Page 13
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Support osts 2024 Total funds 2024 Advance the Christian faith & biblical values 15.784 15,784 Support costs 2023 Total runds 2023 Advance the Christian faith & biblical values 11,532 11,532 Analysis of support costs Totsl funds 2024 Total funds 2023 Depreciation Repairs & maintenance Bank charges Insurance 4,480 4,516 51 4, 560 1, 743 46 3,171 1,935 28 2,818 1,295 13 Heat & light Sundry expenses Water charges Computer costs Governance costs 476 119 85 1,008 972 Total 2024 15.784 11,532 Independent examinerfs remuneration 2024 2023 Fees payable to the company's independent examiner for the independent examination of the company's annual accounts 1,008 972 Page 14
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Tangible fixed assets Freehold Fixtures and property fittings Total Cost or valuation At 1 April 2023 211,852 47,854 259,706 At 31 March 2024 211,852 47,854 259,706 Depreciation At 1 April 2023 Charge for the year 65,191 4,237 46,883 243 112,074 4,480 At 31 March 2024 69,428 47,126 116,554 Net book value At 31 March 2024 142,424 728 143,152 At 31 March 2023 146,661 971 147,632 10. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 1,008 972 Page 15
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 10,451 10,253 Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents. 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General Funds 156,913 11,466 (15,784) 152,595 Statement of funds - prior year Balance at 31 March 2023 Balance at 1 Apiil 2022 Income Expenditure Unrestricted funds General Funds 156, 110 12,335 (11, 532) 156,913 13. Summary of funds Summary of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure General funds 156,913 11,466 115,784) 152,595 Page 16
RESTORE IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Summary of funds {continued) Summary of funds- prior year Balance at 31 March 2023 Balance at l April 2022 Income Expenditure General funds 156, 110 12,335 (11,532) 156,913 14. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due wthin one year 143,152 10,451 11,008) 143.152 10,451 11,008) Totsl 152,595 152,595 Analysis of net assets between funds - prior period Unrestncted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due V¥4thin one year 147,632 10,253 (972) 147,632 10,253 (972) Total 156,913 156,913 15. Related party transactions There were no related party transactions in the year. 16. Controlling party The ultimate controlling paty is the Board of Trustees. Page 17