COMPANY NO: N1059695 NORTHERN IRELAND CHARITY INICI NO: NIC 101529 CHARITY REG NO.. XR98926 GLOIR FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
GLOIR CONTENTS PAGE Charity Reference and Administrative Details Trustees, Annual Report Ilncluding Directors, Report and Strategic Report) Independent Examiner's Report Statement of Financial Activites Balance Sheet Notes to the Financial Statements 10-18 Detailed Income and Expenditure Account 19
GLOIR Charity Reference and Administrative Details Year Ended 31 December 2024 Company Registration Number N1059695 Charity Registration Number XR98926 Northern Ireland Charity INICI Number 101529 Trustees Sr. Catherine Teresa Martin Sr. Gay Barrv Sr. Pauline Cowie (Resigned on 31 May 20241 Sr. Olive Mcconville Sr. Patricia Daly Sr. Regina McGeown Sr. Anne Mccarthy IResigned on 31 May 20241 Sr. Agnes Hannon Sr. Margaret O'Reilly Registered OfPice 27 Catherine Street Newry Co. Down BT35 6JG Independent Examiner Jonathan Faulkner FCCA Kennedy & Co Chartered Certified Accountant5 & Registered Auditors 21 Kilmorey Street Newry Co. Down BT34 2 DF Bankers AIB 42-44 Hill Street Newry Co. Down BT34 IAU
GLOIR Trustees. Annual Report Ilncluding Directors Report and Strategic Report) Year Ended 31 December 2024 The Trustees present their report and the independently examined financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. Trustees of the Charity The directors of the charitable company are its trlrstees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows- Sr. Catherine Teresa Martin Sr. Gay Barry IChairper50nl Sr. Pauline Cowie (Resigned on 31 May 20241 Sr. Olive Mcconville Sr. Patricia Daly (Treasurer) Sr. Regina McGeown Sr. Anne M¢Carthy (Resigned on 31 May 20241 Sr. Agnes Hannon Sr. Margaret O'Reilly Objective5 and activities GLOIR mainly aim5 to advance education and provide leadership and training to those Committed to developing a future marked by greater Social justice and Specifically to address the emerging needs of a multi~cultvral society. We have done this by facilitating numerous leadership training workshops in adult education. Our purpose 15 to provide leadership and training for men and women omitted to developing a future marked by greater social justice and specifically to address the emergtng needs of a multi-cultural society. We work with people who believe in participating in the shaping of a future marked by greater Social justice. We work wtth those who hold Leadership/Managerial roles to enhance thetr ability in working creatively and effectively with their teams. We particularly support women who strive to find new models and styles of leadership/management. Public benefit Statement We have achieved our public benefit particularly by working with communities in areas of social and economic disadvantage. Thoughout the year we have worked in Republic of Ireland, United Kingdom, Italy, Germany and France and have therefore been sucessful in achieving our goals. We have reviewed The Charity Commission of Northern Ireland guidance on public benefit and can confirm that we believe that we have sat15fieiS the public benefit requirement. Strategic Report Achievement5 and performance The charity succeeded in offering Adult Education and provided leadership and training to those committed to developing a future marked by greater social justice and specifically to address the emerging needs of a multi-cultural society. We have done this by facilitating numberous leadership training workshops in adult education. We have achieved our public benefit particularly by working with communities in areas of social and economic disadvantage. Thoughout the year we have worked in Republic of Ireland, the United Kingdom. Italy, Germany and France and have therefore been successful in achieving our goals.
GLOIR Trustees, Annual Report (Including Directors Report and Strategic Report) Year Ended 31 December 2024 Financial review Reserve5 Policy The Board of Directors have examined the charity's requirements for reserves and consider the current level to exceed the requirements to continue operation throughout the 2025 financial year. The current level of reserves available to the charity is £47,956 and these are all unrestricted. The current level of reserves available to the charity will be able to absorb any deficit that may arise throughout 2025. Plans for future periods The directors met remotely in June 2025 and it was agreed that GLOIR would continue, at the current pace, as long as Sr. Mary Harrington and Sr Gabrielle Stuart are able and happy to continue with the support of 5r Mary Conway. The convenience of working via zoom is still attractive to some congregations to save on travel costs, SO this option will remain, although some congregations still do prefer the face to face facilitation Due to less income, it has been agreed to cease paying pension contributions in 2025. This will reduce the expenses incurred in 2025 accordingly. Structure. governance and management The board of directors can only appoint new trustees. A motion must be put forward by one director and a show of hands determines if the majority agrees. The charity is a charitable company limited by guarantee and wa5 incorporated on 12 June 2006. It is governed by a memorandum of association. The charitable company'5 registration number is N1059695 and its registered office is 27 Catherine Street, Newry, Co Down, BT35 6JG. On 3 November 2015 the charitable company registered with The Charity Commission for Northern Ireland and its NIC Number is 101529.
GLOIR Trustees, Annual Report Ilncluding Directors Report and Strategic Report) Year Ended 31 December 2024 Tru5tees' Responsibilites Statement The trustee5 (who are also directors of GLOIR for the purposes ol company lawl are reponsible lor prepariiig ihe Trustees, Annual Report (including the Strategic Reportl and the financial sratements in accordance with applicable law and Unired Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law require5 Ihe trustees to prepare financial statements for each financial year. which 8ive a true and fair view of the state of affairs of the charitable company and of rhe Incoming resources and application of resources, inclucting the income and expenditure, of the charitable company for that period. In preparing these financial st8tementS, the trustees ère required to.. select Sultable accounting policies anLI then apply rhem coiisistently., observe the methods and principle5 in rhe Chariiies SORP.. make judgements and estimates that are reasonable an(S prudent,. State whether applicable UK Accounting Standards have been followed. subject to any maierial departures disclosed and explained in the financial statements,. prepare the financial statements on the going concein basis unless It is inappropriate to presume that the charitable company will continue in operation. The trustees are respoi)sible for keeping proper accouniing records that disclose with reasonable accuracy at any time the financial p051tion of the charitable company and enable them to ensure that the finaiicial statements comply with the Charitie5 Act (Northern Ireland) 2008, the Cliarities IAnniJal Returnl Regularions (Northern IFelandl 2015 and Companies Act 2006. They are also responsible lor safeguarding tlie as5et5 01 Ihe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The report of the trustees ha5 been prepared taking advantage of the small companie5, exemption of Section 415A of the Companies Act 20Q6. Dis£105ure of information to the Independent Examiner We, the direttor5 of rhe company who held office at the date of approval of these Financial Statemeiits as set out above each confirm. 50 far as we are aware, that.. there is no relevant information of which the company's Independent Examiner is unaware.. and we have taken all of the Steps that we ousht to have laken as directors in order to make ourselve5 aware ol any relevant information and to establish that rhe company'5 Independenr Examiner 15 aware of that information. In opproving the Trustees, Annual Report. we also approve the Strate6ic Report included therein. in our capacity as companv direcrors. Approved by the board on and sign on its behalf by= Sr. Regina cGeown
GLOIR Independent Examiner's Report to the Trustees of GLOIR I report to the charity trustees on my examination of the accounts.of the company for the year ended 31 De¢ember 2024 which are set out on pages 8 to 19. Re5pectlve responslbllitFes of Charlty trustees artd examiner As the Chaiity trustees land also the direttors of the company for the purpose5 of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 26. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent exèminatioll, it is my responsibility to.. examine the accounts under section 65 of the Charities Act, follow the procedures lald down in the general DSrections given by the Charity Commi55ion for Northern Ireland under section 6519llbl of the Charities Act-, and state whether particular matters have come to my attention. Basis of Independent examiner's Report I have examined your charity accounts as quired under section 65 of the Charities Act and my examination was carried out in accordallce with the general Drrections Biven by the Charity Commission for Northern Ireland under section 6519llbl of the Charities Art. The examination included a reiew of the accountiog records kept by the charrty and a comparison of the actounts presented with those records. It 3150 includes consideration of any unusual items or disclosu$ in the accounts, and seeking explanations from you a5 charity trustees concerning any such matters. My role 15 to state whether any material matters have corne to my attention giving me cause to believe.. l. That accounting records were not kept in accordance with section 386 of the Company Act 2006. 2. That the ac¢ounts.do not accord with those accounting ocord5. 3. That the accounts do not comply with the a£counting requirements of section 396 of the Companies Act 2006 and with the methods and principle5 of the Chaiities Statement of Recommended Pract¢ce applicable to charities preparing their actounts in accordance with the Finantial Reporting Standard applicable in the UK and Republic of Ireland. 4. That there is further information needed for a proper understsding of the accounts to be reached. Independent examlner's ststement I have completed my examination and have no concerns in respect of the matters111 to141 listed above and. in tonnection with follow¢ng the Directions of the Charity Commission for Northern Ireland, I have fouftd no matters that require dTawiTrg to your attention. Jonathan Faulkner FCCA Kennedy & Co Chartered Certlfied Accountants and Re8lstered Audltors 21 Kilmorey Street Newry Co Down 8T34 2DF Date: 2czS
GLOIR Statement of Financial Activities Year Ended 31 December 2024 Unrestrrcted Funds Restrlcted Funds NOTES Total 2024 Total 2023 Income from.. Charitable Activities Investment Income Other Total Income 37,617 37,617 53,887 4,827 42.446 4,827 42.446 4,549 58,436 Expenditure on.. Chaiitable Activities Support Costs Governance Cts5ts Total Expendtrture 15.600 36,827 3.356 55,783 15.600 36,827 3.356 55,783 16.458 39,631 2,419 58,508 Net Income/{Expenditurel 113,3371 113,3371 1721 Net movement In funds 14 113,3371 113,3371 1721 Reconciliatlon of funds-. Total funds brought forward 14 61,293 61.293 61.365 Total funds ¢arried Forward 14 47,956 47,956 61,293 All intorne and expenditure derive from continuing activFties. The statement of fjnaneial activities includes all garns and losses recognised during the year.
GLOIR 8alan¢e Sheet Year Ended 31 December 2024 NOTES 2024 2023 Fimed Assèts Tangible Assets li S,259 7.013 Current Assets Other Debtors Cash at Bank 12 10.569 33.812 44,381 55,601 55.601 Cfedi¢ors.' Amounts Falline Due Within One Year 13 1,684 1,321 Net Current Assets 42.697 54.280 Net Assets 47.956 61,293 Charity Fund5 Unrestrirted Fund5 Total Charity Funds 13 47,956 47,956 61.293 61,293 FDr the year ending 31 December 2024 the company was entitled to exemption under Section 477 of the Coinpany Act 2006 relating to small companies. The director5 have not required the company to obtain an audit in accurdante with Section 476 of the Cofflpanie5 Act 2006. The directors acknowledge their responsibilities for complyin8 with the requirement5 of the Act with re5PÉCt to accounting records and the preparation of financial statements. These financial statements have been prepared In accordance with the provision5 applicable to companies subject to the small ¢ompanies' re8ime. These annual accounts and report5 have been delivered in accordance with the provisivns èpplicable to companie5 subject the small companies. reeime. The linaneial statements were approved and èuthorised for issue by the Board oli oq Signed on behalf of the board of Trustees. Trtsstee: Sr. Regina cGeown
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 I Summary of signlflcant accountlng policies General Information and basis of preparatlon GLQIR is a Charitable Company based in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the char>ty. The address of the registered Offi is given in the charity information on page 3 of these financial statements. The nature ol the charity's operations and principal activities are to facilitate of leadership training through adult education. The tharity consiitutes a public benefit entity as defined by FRS 102. The financial statement5 have been prepared in accordance with Atcounting and Reporting by Charities= Statemellt of Recomrnended Practice applicable to char4tie5 preparrng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act (Northern Ireland) 2008, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial ststements awe presented in sterling which is the functional currency of the charity. The significant accounting policies applted in the preparatron of these financial statements are set out below. These policies have been cons1Stently applied to all years presented unles5 Otherwise stated. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Oesignated fund5 comprise unrestricted funds that have been set aside by the trustees for particular purposes. The alm and use of each designated fund is set out in the notes to the financial staternents. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors orwhich have been raised by the charity for particular purposes. The c05t of raising and administering such fvnds are charged against the Specific fund. The aim and se of each restricted fund is set out in the notes to the financial statements. io
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 1 Summary of slgnificant accounting policies {Cont..) Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and thi5 requiries a level of performance before entitlement can be obtained then income is deferred until those conditions are fully rnet or the fulfilment of those conditions is Wlthin the control of the charity and it is probable that they will be fulfilled. Donated facilitie5 and donated professional seiceS are recognised in income at their fair value when their economic benefit is probable, it can be meastsred reliably and the charity ha5 control over the item. Fair Value is determined on the basi5 of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount 15 included in the financial statements for volunteer time in line with the SORP. Income from trading activities includes income earned from fundraising events and trading activities to raise fund5 for the charity. Income is received in exchange for supplying goods and service5 in order to raise funds and is recognised when entitlement has occurred. Other income includes the reimbursement of travel expenses. Investment income conslsts of interest received and 15 recognised using the effective interest method. Expenditure recognition All expenditure 15 accounted for on an acccruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure 15 recognised where there 15 a legal or constructive obligation to make p3yments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings- Charitable Activitie5 Support Costs,. and Governance Costs Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. li
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 I Summary of slEnificant accounting policies ICont..I Support costs allocation Support costs are those that aSSlSt the work of the charity but do not directly represent charitable activities and include office costs, depreciation and, administratlve payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support COSts cannot be directly attributed to particular headings they have been allocated to charitable activity costs and expendlture on governance costs on a basis consistent with use of the resources. Premises overheads and other overheads have been allocated as expenditure on support costs. Tangible fixÈd asset5 Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes Costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows- Asset Class Fixtures, Fittings and Equipment Motor Vehicles Depreaation method and rate 25% Reducing Balance 25Yo RediJ¢ing Balance Debtors re1vable within one year Oebtors with r>0 stated interest rate and payable within one year are recorded at transaction price. Any losse5 arising from impairment are recognised in expenditure. Credltors payable within one year Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recogntsed in expenditure. lrnpairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exlsts, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amotjnt exceeds its recoverable amount, an impaifment10s5 is recognised in profit or loss unless the a55et is carried at a revalued amount where where the impairment Ioss is a revaluation decrease. Forelgn Currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functlonal CLFrrency and the foreign currency ot the date of the transaction. Monetary asset5 and liabilities denominated in a foreign currency at the balance sheet date are translated Using the closing rate. 12
GLOIR Notes to the Financial Statement5 Year Ended 31 December 2024 I Summary of significant accounting policies (Cont..) Pensions The charity operates a defined contribution plan for the benefit of its key personnel. Contributions are expensed as they become payable. Tax The charlty is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Art 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material ncertaintie5 exist. The trLtstees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserve5 for the charity to be able to coritinue as a goin8 concern. 2 Income from charitable artivities 2024 2023 Sale of Services 37,617 53,887 Income from charitable activities was £37,617 12023- £53,887) and was wholly attributaikle to unrestritted funds. 3 Bank Interest Received 2024 2023 Bank Interest Received Income from bank interest W35 £2 12023 - £0) and wa5 wholly attributable to unrestricted funds. 4 Other Income 2024 2023 Reimbursment of Travel Expenses 4,827 4,549 Income from other Income was £4,827 12023 - £4,5491 and was wholly attributable to unrestrirted funds. 13
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 Analysis of expenditure on charitable activities Activities undertaken directly 2024 2023 Workshop Expenses Motor Expenses 14,498 1,102 15,600 14.171 2,287 16.458 £15,600 {2023- £16,458) of the above costs were wholly attributable to unrestritted funds Allocation of support costs Activities undertaken directly 2024 2023 Rent and Rates Repairs and Renewals Telephone Light and Heat Stationery and Computer Costs Sundry Bank Charges Depreciation on Motor Vehicle Depreciation on Fixtures, Fittings and Equipment Pension Contributions Exchange rate differences 3,840 116 593 3,840 133 840 462 479 1,246 35 310 1,468 286 28,171 283 36.827 1,948 35 278 1,957 381 27,965 1,792 39,631 Governance Costs 2024 2023 Independent Examiners Remuneration Professional Fees 1,000 2,356 3,356 840 1,579 2,419 14
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 Net Income for the year 2024 2023 Net Income is stated after charging/(Crediting) Depreciation of tangible fixed assets Net loss/lProfitl on foreign exchange 1,754 283 2,037 2,338 1,792 4,130 Independent examiners remuneration The independent examiners remuneration afflounts to an independent examination fee of £1,000 12023- £840). io Trustees. and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year {2023 - Nil). The total amount of benefits received by key management personnel is £28,171 12023 - £27.9651 2 {2023 - 21 key management personnel are accruing pension arrangements. 15
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 li Tangible Fixed Assets Fixtures, Fittlngs & Equipment Motor Vehicles Total Cost At l January 2024 9,441 9,165 18,606 Additions Disposal At 31 December 2024 9,441 9,165 18,606 Depreciatlon At l January 2024 8,299 3.294 11,593 Charge for the Year 286 1,468 1,754 On Disposal At 31 December 2024 8,585 4.762 13,347 Net Book Value At 31 December 2024 856 4,403 5,259 At 31 December 2023 1,142 5,871 7,013 12 Debtors 2024 2023 Other Debtors 10,569 13 Credltors: amounts falllng due within one year 2024 2023 Other Creditors Accruals 1,034 6SO 1,684 831 490 1,321 16
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 14 Funds reconciliation Unrestricted fijnds Balance at 01-Jan-24 Balance 31-Dec-24 Income Expendlture Unrestritted Funds 61,293 42,446 55,783 47,956 Restricted Funds Fund Descriptions Unrestricted funds are reserves that will be used fof the ongoing Charitable Company's activities. 15 Analysis of net assets between lunds Unrestricted Funds Restricted Funds Total Fixed as5et5 Other current assetslliabilities 5,259 42.697 47,956 5,259 42,697 47,956 16 Reconciliation of net income/lexpenditurel to net cash flow from operating attivities 2024 2023 Net Income/lexpenditurel for the year DepCiatIon o* tangible fixed assets Purchase of fixed assets lInc3$e)/decrea5e in debtors Increa5e/lDecreasel in creditors 113.3371 1.754 1721 2,338 15791 1,549 220 3,456 110,5691 363 121,7891 17
GLOIR Notes to the Financial Statements Year Ended 31 December 2024 17 Pensions and other post-retirement benefits Defined contribution pension plans The charity operates a defined contribution pension plan for its key management personel. The amount recognised as an expense in the period was £28,171 (2023 - £27,965). This cost has been allocated to support costs. 18 Related party transactions There are no related party transactions during the period (2023: £Nil} 18
GLOIR Detailed Income and Expenditure Account for the Year Ended 31 December 2024 2024 2023 Income Income from charitable activities Investment Income Other Income 37,617 53,887 4,827 42,446 4,549 58,436 Charitable Activities Workshop Expenses Motor Expenses 14.498 1,102 14.171 2,287 15,600 16,458 Support Costs Rent and Rates Repairs and Renewals Telephone Stationery and Computer Costs Sundry Light and Heat Bank charges Depreciation on Motor Vehicle Depreciation on Fixtures, Fitttings and Equipment Pension Contributions Exchange Rate Differences 3,840 116 593 1.246 35 479 310 1,468 286 28,171 283 3,840 133 840 1,948 35 462 278 1,957 381 27,965 1.792 36,827 39,631 Governance Cost5 Independent Examiners Remuneration Professional Fees 1,000 2.356 840 1,579 3,356 2,419 Total Expenditure 55,783 58,508 Net (Deficit) {13,3371 1721 19