GREEN PASTURES, THE PEOPLE'S CHIIRCH IIND SUBSIDIARY COMPANIES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEVIENTS FOR THE YEAR ENDED 31$1 AUGUST 2023 Registration NI 062702
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCO[Ts ST ANNUAL REPORT AND FINAf4CIAL STATEMENfs FOR THE YEAR ENDED 31 AUGUST 2023 Page5 Report of the Direetors IndeperLdent Auditors Report 8- 10 Consolidated Statement of Financial Activities Consolidated Statement of Financial PositiorVBalance sheet 12 Company Staternenl of Financial Positionl Balance sheet 13 Consolidated Ststement of Changes in Funds 14 Consolidated Cash Flow Statement 15 Notes to the financial statements 16-24
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS REPORT OF THE DIRECTORS (INCORPORATING TRusfEES' REPORT) The Directors (who are also the trustees) are pleased to present their annua] report together with the financial Statements of the charity for the year ended 31 August 2023, which are prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The directors have adopted the provisions of the Companies Aci 2006 and Accounting and Reporting by Charities: StateJnent of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ofireland (Charities SORP- FRS102), in preparing the annual report and financial statements of the charity. Achievements and performance The Church's desire 15 to be a reflertion of God's heart through a vibrant, 21 st century church. We are committed to building a spiril-filled people who are inspired by Christ enjoying us. enjoying Him. A people who are driven by compassion to Teach lost and hurting people, and to be a trsforming presence in the communiiies we serve. In the year 2023 we identified areas for improvement and as a result were able to produce additional efficiencies. Volunteer work has increased with many hours being given in service, for the benefit of the church and the conununity towards the charitable aims. We celebrated wiih 31 people who came to a new faiih in Jesus Christ (last year 13), In this time period 46 were baptised (last year 22). 14 New members made a decision to bewme planted membe. The church also provided Pastoral Care not only to its aduli members but also to the wider community. The "Galeway" Project exists for the benefit of the local area, particularly Ballymen4 and seeks to be a blessing to our city by providing social value and helping to stimulate spiritual, social and economic regeneration. Financial review #nd funds policy The income of Green Pastures. The People's Church is teslamenl to the lovely giving heart of its people and to God's promise that if we act in faith with careful planning, He will release His provision. Freewill offtrings and associated gift aid continue to be the principal ndIng sources of the Group. along with irading income of tlie Group subsidiaries. This income is used to support the various ministries of the Group and to meet the day-lo-day operational costs. The break-dowi of this is provided in the Statement of Financial Activities on page I l. During the year the Group had total income of £672,678 and total expenditure of £561,253 resulting in a net surplus of £111,425. The Surplus for the period as shown in the slatemenl of financial activities on page I I has been transferred to the company's fvnds and has resulted in an increase in total Church fun(ts from £22,644,664 to £22,756,089. Details of the financial position of the Church at the period-end can be seen on page 12. Ai the end of the year the Group had £180.71 I cash at bank, and il is the aim of the Trustees, if possible, to maintain an unrestricted ¢&sh reserve equivalent to that of two month5 expenditure The company plan5 to continue its acfivities in the fortbcoming years. Trading Hctivities The trading activities of the Group's subsidiaries provide finance to further the aims and objectives of the Church and its associated charities, Connect Ministries and Compassxon Ministries. The continuing trading operations of the Group were profitable during the period and are expected do so for the incoming year.
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS REPORT OF THE DIRECTORS (COaYttnuedJ Objectives and A¢tiviti¢$ (and how they deliver publie benefit) Purpose I Purpose.. To advan¢e the Christian religion for the benefit of the public in the area of benefit in accordance with the statements of belief. B¢nefiGiaries-. Open to all of the public in Nortbern IrelatLd. How they benefit: The adoption of a moral framework which encourages people to be good Citizens. How the benefits can be demonstrated.. Improved behaviour as a result of being involved in a public act of worship. Purpose 2 Purpose- To promote the benefit of the inhabilanis of Galgorm particularly. and Northern Ireland generally (hereinafter called 'the area of benefit"} withou¢ distinction of sex. sexual orientation, race or of political, reli8ious or other opinion by establishing a place of worship for the Christian religion. Ben¢ficiaries'. Opcn to all of the public in Northern Ireland. How they benefit.. The adoption of a moral framework which encourages people to be good Citizens. The provision of facilitie5 for public use. How the benefits can be demonstrated.. Improved behaviour as a result of being involved in & public act of worship. Purpose 3 Purpose: The advancement of ihe Christian religion mainly, but not cxclusively, by means of broadcasting Christian messages of an evangelistic and leaching nature. Beneficiaries: Open to all of the public in Northern Ircland. How they b¢n¢fit- Access to educationa] opportunities. to public worship and to religious publications including sacred texts and literature. How the benefits can be demonstrated: Improved behaviour a result of increased awarene55 of a Mor framework.
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS REPORT OF THE DIRECTORS (continued) Objectives and ActFvities (and how they deliver public benefit) (continued) Purpose 4 PuTPOSe: Providing services of worship. religious teaching. facilities or services to allow believers to practice their faith or follow ils doctrines; producing or making available literature explaining the doctrines involved and how to find out rnore about them. Distribution of sacred texts the area of betlefit. Beneficiaries: Open to all of the public in Northern Ireland. How they benefit.. A¢¢ess to public worship, to educational opwrtunities aTJd to religious publications including sacred texts and literature. How the benefits can be demonstrated: Improved behaviour as a result of increased awareness of a moral framework and involvement in public worship. Purpose 5 Purpose.. Associating together the said inhabitants and the local authorities voluntary and other organisations in the area of benefit in a common effort to relieve poverty and advance education and to provide facilities in the interests of wclfaTe for the recreation and leiSLe-ljme occupation with the object of improving the conditions of life for the said inhabitants. Beneficiaries: Section of the public in the locality where the activity is provided. How they benefit.. Financial aid, money managemenl training, provision of leisure and recreational facililies and piogramm¢s. How the benefits can be demonstrated: Improvement in social, emotional and physical wellbeing of participants.
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED Accouwrs REPORT OF THE DIREcfoRS (conéinued) Objectives and Activities (and bow they deliver public benefit) (coniinuedj Main Activities The main activities of the Charity include the provision of setvices of worship; the advancement of the Christian religion- providing opportunities for volunteers. providing volL)nteers for the community benefit. supporting and working alongside other like.minded charitable and volunteer organisalions. The Church, in the furtherance of its aims and objectives. co-operaies closely with two other charities; Connect Ministries Limited and Compassion Ministries. This co-operation involves shared Strategic direction, financial support and volunteer Te50urce support. The outcomes of tknis support ar¢ monitOT¢d to cDsur¢ that the Church's clwitsble objwtiv¢s ar¢ being furthered by these partnerships. Green Pastures, The People's Church is the IOOO/o parent company of The Gateway Social Investments Limited. The trading activities of the Group's subsidiarics provide finance to further the aims and objectives of Ihe Chur¢h and its associated charities, Connect Ministries and Compassion Ministries. Profits are prlmarily applied for the charitable purposes of associated charitable companies. Al the date of this report, current trading activities are limited to Pure Gym which is the trading ami of The Gateway Social Investment Limited. Volunteers The Trustces wish to acknowledge their deep appreciation of those who give freely of their time by serving on committees and helping with organisations and other church activities. Reference and administrative details Registered charity name.. Charity Commission registration number: HNfRC charity refercnce.. Company r¢gislration number- Principle office and regisiered office: Green Paslures, The People's Church NIC101855 XR94E50 N1062702 l. Faith Avenue The Gateway Ballymena Countv Antrim BT42 3FF. Baokers: Bank of Ireland Broadway Avenue, Ballymen& BT43 7AA. Solicitors: KiJ)g and Gowdy 298. Upper N¢wtownard5 Road, Belfast. BT4 3EJ. Auditor: Peter Stevenson Stevenson and Wilson 22-JO, Broadway Avenue. Ballymen& BT43 7AA.
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS REPORT OF THE DIRECTORS (continued) Directors and Trustees of the Compgny The directors who held office during the year, and in the period since 31" August 2023 to the date of these accounts were approved, were as follows.. Mr Robert Kingston MT Mark Rankin Ms Mary Regan Mrs Suzanne Blair (resigned 30th November 2023) Structure governance and management The Company is a charity limited by guarantee without share capital. The Board of Directors are also known as Trustees for the purposes of the Charity Commission. The Company is governed by ils Memorandum and Articles of Association dated 17th January 2007. In the event of the Company being wound up members aTe required io contribute an amount not exceeding £1. The Trustees are responsible for setting the overall strategic direction of the Charitv and the remuneration rates ofall employees. while the day to day running of the operations of Church is delegated by the Trustees lo the Executive leam. The Trustees have had regard to the Charity Commission's public benefit requirement and on appointment to the Board are made aware of all of their responsibilities in tern)s of both Charity Law and Company Law. Directors/Trustees are appointed in line with th¢ Memorandum & Arttcles of Association of the company. which requires a majority of the members or board to approve the appoinlment. Potential new trustees are identified by either volunteering or by approach. Prior to Appointmeni. care is always exercised to ensure thal their values and goals are fvlly aligned with the Charity'5 objectives. Risk management The principle financial risks lo the charity lie within the developrnent of the new church facility and the trading operations of its subsidiaries. The trustees have identified these risks, and are satisfied that they are mitigated by adhering lo reasonable and stundard financial practices. for example, engaging in a fixed price conlraut for building works; employing a quantity survcyor to ensure value for money having collateral warranties ITr place for all contractors,. ensuring subsidiary companies are trading within their means. Statement of directors. responsibilities ThL dirLciors (who are the trustccs of Green Pastures, The People's Church) are responsible for preparing the direclots, report and the financial statements in accordance with applicable law and regulations. Company law requires the directOTS to prepare financial ststements for each financial period. Under that law the directors have prepared the financia] statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law)- Under Company law the directors must not approve the financial statements unless they are satisfied Ihal they give a true and fair view of the state of affairs of the Group and Charitable company and of the incomillg resources and application of re50urce% including inc0C and expenditure for that period. In preparing ihe5e financial statements, the dir¢clors are required to- select suitable accounting policies and apply them consi5tently- observe the methods and principles in the Charities SORP-FRSIO2. make judgements and accounting estimates that are reasonable and Prudent. stat¢ whethcr applicable accounting standards have been followed. subject to any matcrial departures disclosed and explained in the financial statement- and prepare thc financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
GREEN PASTURES, THE PEOPLE?S CHURCH AND SUBSIDLiRY COIVIPANtES CONSOLIDATED ACCOUNTS REPORT OF THE DIRECTORS (continued) The directors are restminsible for keeping adequate accounting records tbat are suffLcient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Company and hencc for taking reasonable steps for the prevention and detection of fraud and other iegUlaritieS. In the case of each director in office at the dale the Directors. Report is approved: so far as the director is aware. there is no relevant audit infonnyAtion of which the charity's auditors are unaware,. and they have taken all the steps that they ought to bave taken as a director in order to make themselves aware of any relevant audit information and to eslablish that the charitable company's auditors are aware of thai inforniation. Funds held A5 CU51odian trustee on bebaif of others The Lhariiy does noi Eiold any funds on behalf of others. Auditors A resolution to appoint auditors will be proposed at the Annual General Meetin8. Approved by the Board on 23rd April 2024 and signed on its behalf by". Mark Rankin
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GREEN PASTURES, THE PEOPLE'S CHLRCH Af*D SUBSIDIARY COMPANTES Opinion We have audited the fiDancial statements of Green P&stures. The People's Church (The Parent Charitable Company) and its subsidiaries (The Group) for the year ended 31¥( August 2023, which comprise the Statement of Financia] Activities, Balance Sheet, Cash Flow Stalernent and notes to the fllWLcial statemellts, including a summary of significant accounting policies. The financial reporring framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)- (ChaTities SORP (FRS102)). In our opinion the financial statements.. give a true and fair view of the state of ihe GTOUP'S and Parent Charitable Company's affairs as at J I, August 2023 and of its incoming resources aud their application for th¢ p¢riod then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan¢¢ with International Standards on Auditing (UK) (ISAs {UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the financial ststements seclion of our report. We are independent of the Group and Parent Company in acconlance with the eihifjal requirements that arc relevant to our audit of the financial siatements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. CoDclusions relating to going concern In auditing the financial sthtemenls, we have concluded that the direciots. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned, we have not identified any material uncertainties relating to events or conditions Ihal individually or collectively, may cast Signific11 doubl on the group arid parent company's ability to continue as a going oncern for a period of ai least twelve months from when the fancIal statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevanl section5 of tliis report. Other inforrnation The directors are responsible for the other information. The other infomiation comprises the infonnation included in the annual report, other than the financial statements and our auditor'5 report thereon. Our opinion on the financial ststements does not cover the other inforn]aliort and. except to the extent otherwise explicitly stated in our report, we do not express any forn) of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and. in doing 50, consider whether the other information is fflaterially incoDSiStent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we identify such material illcoll5islencie5 Qr apparent material misstatements. we are Tequired to deterniine whether ihere is a material misstatement in the financial statements or a material misstatement of the other inforniation. If, based on the work we have perforrned, we conclude that there is a material misstatement of this other inforniation, we are requircd to report that fact. We have nothing to report in this regard.
INDEPEIYDENT AUDITORS, REPORT TO THE MEMBERS OF GREEN PASTURES. THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES (colltinued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the Course of the audit: the inforniation given in the DirectOTS' report (incorporating the strategic report) for the financial period for which the financial statements are prepared is consistent with the financial 5tateJllents- and the Directors. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptio In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit. we have not identified material missialements in the directors, report. We have nothing to report in respect of the following matters in relation which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the Pareni Cotnpany. OT returns &dequate for our audit have not been received from branches noi visited by $. or the Parent Company financial statements are not in awement with the accounting records and returns. or crtain dis¢losur¢s of Directors, remuneration specified by law are not made. or we have not received all the information and explanalions we require for our audit- or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of ihe small companies, exemptions in preparing th¢ director's report and from the requirement to prepare a strategic report. Responsibilities of direetorsltrustees As explained more fvlly in the directors. responsibilities statement (set out on pages 2 to 7), the directors (who are also the trustees of the charitable ¢ompany) are responsible for the preparation of the financial siatements and for being satisfied that they give a true and fair view, and for Such internal control as the directors determiIie is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial siatements, the directors are responsible for 8ssessing the Group's and the Parent Cornpany'5 ability to contiiiue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the dire¢tors either intend to liquidate the Group or Parent Company or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives &re to obtsin reanable assurance aboui whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detecl a material misstatetnent when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the e¢onomic decisions of u5er5 taken on the basis of these financial statements. A5 part of an audit in accordance with ISAS (UK), we exercise profrssional judgment and maintain professional scepticism throughout the audit. We also- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or eor. degign and perfomi audit procedures Tesponsive to those risks. amd obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a matertal misstatement resulting from fraud is higher than for one resulting from em)r. as fraud may involve collusion, forgery, intentional orni55i0tL5, misrepreseniations. or the override of internal control. Obtain an understandiJ)g of internal control relevant to the audit in order to design audit procedures that are appropriate in the circutnstance5. but not for the purpose of expressing an opinion on the effectiveness of the Group's internal corntrol.
IINDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GREEN PASTURES, THE PEOPLE'S CHURCH AND SIIBSIDIARY COMPAf41ES (conlinued) Auditor's responsibilitiL8 for the audit of the financial slatements (conftnued) Evaluate the appropriateness of accounting policies used atld the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors. use of the going Concern basis of accounting and, based on the audit evidence obtained, whether a rnateTial uncertainty exists related to events or conditions that may cast significant doubt on the Group's or the Pareni Company's abiliry io continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may ause the Group or Parent c.ompany to cease to continue as a going concem. Evaluate the overall presentaliort, structure and content of the financial statements, including the disclosures, and wh¢ther th¢ financial $teMentS represent the underlying trans&ctions and events in a maJJner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial infonnation of the entities or business activities within the group to express an opinion on ihe consolidated financial statements. We are responsible for the directio supervision and performance of ihe group audit. Ive remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and signifi¢ant audit findings, including any significant deficiencies in inlernal control that we identify during our audit. Use of our report This report is made solely lo Ihe company's members. as a body, in a¢¢ordan¢e with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the Company's members those matters we are required to slalc to them in an auditor's report and for no other purpose. To the lIest ex1ent pennitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work. for this report, or for the oplnions we bave fornied. Peter Stevenson (Senior Ststutory Auditor) For and on b¢half of.. Stevenson and Wilson Chartered Accountants. Ststutory Auditor 22-. 30 Broadway Avenue Ballymena BT43 7AA 23° April 2024 io
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Charttable 21J23 Restricted FUd$ Charitable 2023 UDre5tricted Funds Trading 2023 Total 2Q23 Total 2022 Note Incoming resources Donations received Charitable activities Turnover Interest received Other income 444.621 12,018 108JS1 2,255 S52,972 14,273 105,186 247 733,248 32,874 343,130 53 16,206 105,186 247 Total illeome 456.639 110,853 105,186 672,678 1,125,511 Resources expended Charitable activities Support costs Governance costs Trade operating expenses 55.498 263,467 12,500 41,113 85,898 96,611 349J65 12,500 102,777 116,434 593,?04 20,800 407,987 102,777 Total expenditure 331,465 127.011 102.777 561253 1,138,425 Net income before transfers 125.174 {16.158} 2.409 111,425 (12,914) Transfers between funds 22,622,813 (22,651 J13) Nel incomel(expenditur¢) before taxatlOD 22,747,987 (22,667,471) 30,909 111,425 {12.914) TaxatlOD credit Iyet movement in funds 22,747.987 {22.667.471} 30,91)9 111,425 (12,914) Reconcillatiott of funds: Tolal funds brought forward (162,834) 22,867,404 {59,906) 22,644,664 22,657,578 TotAI funds carried forward 22,585,153 199,933 {28.997) 22,756,089 22,644,664 The llotes oll pages 16 to 24 form part of thcst financial statetnents.
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSXDIARY COIIIPANIES CONSOLIDATED ACCOUNTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION / BALANCE SHEET AS AT 315t AUGUST 2023 Charitable 2023 Trading 2023 Total 2023 Total 2022 Note Fixed assets Tangible fixed assets 23,018,471 8,752 23,027223 23,019.902 Current Assets Slock Other debtors and prepayments Cash at bank- operating accounts Cash at bank- Project Nehcmiah account Cash at bank- Other ministy a¢¢ounts 12 13 500 271,452 140,676 89,186 20,987 522,801 54,914 40,897 1,760 129.835 227,406 54 8219 54,968 49,116 1,760 129,835 235,679 8.273 Creditors: amounts due wittlin one ye¥r 14 (91 J91) (19.266) (110,657) (365,036) Net eurrent Assetsl(liabilities) 136,015 (10,993) 125,022 157,765 Total assets less ¢urreni IiAbilities 23,154,486 (2,241) 23,152.245 23,177,667 Creditor5: 8tllounts due after one year 15 (369,400) (26.756) (396,156) (533.0031 Pyovlslon for Ilabllities and charges 16 Total net assets 22,78S.086 (28,997) 22,756,089 22,644.664 Represented by: Uwestri¢ted fvnds Restricted funds Profil and loss reserves 22,585,153 199.933 22,585,153 199,933 (28,997) (162,834) 22.867.404 (59,906) (28,997) Funds balanee at 31" August 2023 22.785,086 (28,997) 22,756,089 22,644.664 The financial ateMentS have been prepared in accordance with The Companies Act 2006 and with Charities SORP-FRSIO2. The fManCi statements on pages I I to 24 were approved by the Board of Trustees on 23, April 2024 and signed on its behalf by: Robert Kingston Trustee Mark Rankin Trus*e The notes on pages 16 to 24 forni part of these financial statements. 12
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS ST COMPANY STATEMENT OF FINANCIAL POSITIONIBALANCE SItEET AS AT 31 AUGUST 2023 (Company Registration Number NI 062702) Note 2023 2022 Fixed assets Tangible fixed assets Investments in shares in subsidiari¢s 10 li 23,018.471 23,009,573 23,018,472 23,009,574 Current assets Other debtors and prepayments Cash at bank- Church account Cash at bank- Project Nehemiah accouol Cash at bank- other ministry accounts 13 54,914 40,897 1,760 129,835 227,406 270,675 131,979 89,186 20,987 512,827 Creditors: amounts due wlthln one year 14 {91 J92) (343,121) Net eurreot assets 136,014 169,706 Totg14s$ets less Current liabilities 23.154,486 23,179.280 Creditors: amount5 due after one year 15 (369,400) (504,710) Total net assets 22,785,086 22,674,570 Unrestricted funds General funds Total Ullrestricted funds 22.585,153 22,585,153 {192,834) (192,834} Restricted funds 199933 22.867.404 Total ch#rtty fun(Ls 22,785,086 22,674,570 The financial statements have been prepared in accordance with the provisions applicable to coIIipanies subject to the small ¢ompMnics' regime under The Comparkies Act 2006 and with Cbarities SORP-FRSI 02. The financial statements on pages I I to 24 were approved by the Board of Trustees on 23 April 2024 and sied on its behalf by.. Robert Kingston Trustee Mark Rankin Trustee Ihe notes pages 16 to 24 forni part of these fllJatt¢ial statements. 13
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED Accouiyrs CONSOLDIATED STATEMENT OF CHANGES IN FUNDS APID RESERVES FOR THE YEAR ENDED 31ST AUGUST 2023 Unrestricted Funds Restricted funds Prtsfit and loss reseryes Total At I. S¢ptenJber 2021 (299,560) 22,912,829 44,309 22,657,578 Net surplus/(deficit) for the y¢ar 136.726 (45,425) (104.215) (12.914) At 31" August 2022 (162834) 22,867,404 (59,906) 22,644,664 Net SUTplud(d¢ficit) for th¢ period 22.747.987 (22.667,471) 30.909 111,425 At 31" August 2023 22,585,153 199,933 (28,99T) 22,756,089 The notes on pages 16 to 24 forni p2rt ofthese financial statements. 14
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS CONSOLIDATED CASH FLOW STATEMENT FOR THE ST YEAR EfiDED 31 AUGUST 2023 2023 2022 Operating aclivities Net incoming resources before interest Depreciation I loss on disposal Decrease in stock Decrease/{increase) in debtors Decrease in creditors Net cash oufflow from oper4ting activitie5 111,178 35.447 500 216,484 {384221) (20,612) (12,967) 39.195 (67,466) (21.115) (6?,353) FinAneing activities Repayments of borrowing Interest received Net cfisb outflow from financing activities (7,005) 247 {9,570) 53 (9,517) (6,758) Investing activities Purchase of tangible fixed assets Disposal of tsngible fixed a5seis Net cAsh outflow from investillg activities (44,868) 2,100 (42,768) (55,900) (55,900) Net decrease in cash for the period (70,138) (127,770) Cash and cash equivalents at the beginning of ihe period 250,849 378,619 Cash and cash equivalent at the end of the period 180,711 250,849 Cash and cash equivalents Cash at bat J 80,711 180,711 250,849 250.849 The notes on pages 16 to 24 form part of these financial statements. 15
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS ST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 l. Company information The Company is limited by guarantee and is incorporated in Northem Ireland. The address of the registered office is I Faith Avenue, The Gateway. Ballymen4 Co Antrim B T42 3FF. TFLe fitlancial statements were authorised for issue by the Board on 23 April 2024. 2. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial stateiT]ents are as follows.. Basis of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to chuities preparing their &ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)- (Charities SORP (FRS 102)). the Financial Reportin8 Standard applicable in the UK and Republi¢ of Ireland IFRS 102) and the Companies Act 2006. The accounts are prepared itk sterling. which is ihe fjjnctional currency of the charity. The Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilially recognised al historical cost and transaction value unless otherwise stated in the relevant accounting policy notes. Basi5 of consolidation The consolidated financial statements comprise the financial statements of Green Pastures, The People's Church and all its subsidiaries for the year ended 31 # August 2023. All subsidiary companies are wholly owned and controlled by the Group. PreparAtion of accounts on a going concern basis The Company generally meets its day to day working capital requirernents from its &nnual in¢ome. Th¢ TTusle¢s h&ve obtained and reviewed cash flow forecasts for the coming year and bd on these are satisfied that the Company h&s resources to provide a reasonable expectation that il can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore. these financial statements have been prepared on a going concem basis. Incoming resources Donations received ¢omprise5 all cash receivable for the accounting period, including any related tsx recoverable under Gift Aid. Income is recognised wh¢n the Charity bas cslablished an entitletnent lo the income. For donations this is typically upon rcceipt. Gifi aid income is accrued in respect of charitable donations already receipted. Charitable activity income includes sale of goods and conlerence ticket sale income. Don&ted oods Eslimaling the fair value of donated goods for resale is impractical beCae of the volume of low-value items received. in addition, the increase in administrative time and cost of maintaining detailed stock control system5 Would great]y outweigh any potential benefit. As a consequence. donated goods for resale are not r¢¢ognised on receipt but instead the incon)e is recognised at Ihe point of onward sale Resources expended Resources expended are recognised in the peri(Ml in which they are incurred. Charitable expenditure comprises thoK costs iDcurred by the charity in the delivery of its }tiVItieS and seNices to its beneficiaries. It includes both costs that can be allocated directly to such activities and Éhose costs of an indirect nature necessary to support them. 16
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDLIRY COMPANIES CONSOLIDATED ACCOUNTS NOTES TO THE FINANCLiL STATEMENTS (continued) 2. Accounting policies (continued) Short-term debtors and creditOTS Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date lo determine if there is any evidence of potential impairnient. Any losses arising from impairnienl are recognised in the income statement in operating expenses. Tangible *s8ets The tangible assets of the charity comprise of plant and equipmeni and motor vehicles. Equipmertt is depreciated al a rate calculated lo reduce it to residual value at the end of its expected normal life on a straigbt- line basis at rates of 20 /0 per annum. Motor vehicles are depreciated at a rate calculated to reduce them lo r¢5idual value at the end of their expected normal life on a straighi- line basis at a rate of 200/0 per annum. The assets. residual values and useful lives are reviewed. and adjusied. if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Tangible assets are derecognised on disposal or when no future e¢onomi¢ benefits are expe¢ied. On disposal. the difference between the new disposal proceeds and the carrying amount is cognIsed in the statement of financial activities and in¢lud¢d m "charitable a¢tivity expenditure" Stock Stock is held a¢ the lower of ¢os¢ and net realisable vatue. Cash and eash equivalents Cash and cash equivalenls includes cash in hand and cash at banks. Financial instruments The Company only h&s fin&ncial assets and financial liabtlities of a kind that qualify as basic financial instruments. Basic financial instruments are initially re¢ognised at iransaction price and subsequently me85ured at their settlement value. Funds Funds are classified &$ either unrestricted funds or restricted rtds. defined 18 follows. Unrestricted fund5 are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are eannarked at the discretion of the trustees for a particular purpose. they are designated as a separate fund. This desi&110 has an administrative PUTpose only and does not legally restrict the trustees, discretion to apply the fund. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or Greated through legal processes, but still within the wider objeGts of the Charity. The initial acquisition of tangible fixed assets fi]nded through an appeal or by way of donations are treated as restricted nds. Where the terms of thc gift perniil the Trustees lo use the asset on an u[estrIcted ba5iy for any charitable purpose, a transfer is made from restricted to unrestriGted funds. Pensions The Charity operates a defined contribution scheme for all staff. Employer contributions are chaTged through the incorne and expenditure account when incurred. 17
GRKEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS NOTES TO THE FINAIYCIAL STATEMENTS (conftnued) 3. Critieal accounting judgements and estimation uncertaillty Estirnates and judgments made ID the process of preparing the financial statements are continually evaluated and are based on historical experience and other faciors, in¢ludinE exp¢ctatiQlls of future events that are believed to be reasonable under the circumstances. The Trustee5 do not consider that there are any critical judgments made in applying the Company's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. 4. Analysis of income Unrestricted Funds Charitahle Restricted Funds Charitable Unrestricted Funds Trading 2023 Total To] 2023 2023 2023 2022 Donations received From individuals and corporate bodies Tax recovered on donations 397,781 46,840 444,621 95J43 13,008 108J51 493,124 59,848 552,972 647.195 86,053 733,248 Charitable activities Ancillary Irading activities Grant income Student fee income 12,018 1,795 460 13,813 460 12,224 9.530 11.120 32,874 12,018 2255 14,273 Turnover 105,186 105,186 343,130 Interest received 247 247 53 Other income 16,206 Total ineome 456,639 J AO,853 105,186 672,678 1,125.511 18
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS NOTES TO THE FINANcL STATEMENTS (conlinued) 5. Analysis of expenditure Unrestricted Funds Charitsble Restrieled Funds Charitable Unreslricted Funds Trading 2023 Total Total 2023 2023 2023 2022 Charitable activities Donations to associated charities Other charitable donations 33.130 2585 19,783 55,498 6.945 6,128 28,040 41,113 40,075 8,713 47,823 96,611 18,512 17.90I 80,021 116,434 Activity costs Support eosts Wages and salaries Property Losts Administration c05tS Depreciation Other expenses Recharge of overheads 132,128 113,674 19,496 3,766 lJ97 (6,994) 263,467 132.128 155,843 25,113 34,845 8,430 (6,994) 349,365 306,319 361,807 45.106 35,537 2,737 (158,302) 593,204 42,169 5,617 31,079 7.033 85,898 Goverllance costs Auditors remuneration 12,500 J2,500 20,800 Tr8de operating expenses Cost of sales - materials Wages and salaries Other charitable donations Managemertt fees Property costs Administration costs Depreciation (incl. profit on disposal} Other expenses 817 817 61J81 2,100 lJ42 25.898 10,637 602 61,381 2,100 1,342 25,898 10,637 602 273,325 7,624 47,583 75,769 3,320 166 102,777 102,777 407,987 Total expenditure 331.465 127,01 102,777 561,253 1.138,425 19
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOUNTS NOTES TO THE FINANCIAL STATEMENfs (continued) 6. Analysis of staff costs, trustee remuneration and expense4 and tILe cost of key mxnagetllent penonnel 2023 2022 Salaries and wages National insurance costs 178,548 12,191 2,770 193,509 535.071 35.839 8.734 579.644 Employer pension ¢ontributions The average monthly number of employees during the period was 11 (2022.. 32). The average numbers of full- and part- time employees were 6 and 2 respectively. The average number of full time equivalent staff was 9. There are no employees in receipt of employee benefits in excess of £30.000. No tntee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the period. Remuneration paid lo Truslees lotalled £nil (202?: £nil) in aggregate for the period. No expenses were incurred in respecl of Trustees. 7. Transfers between funds Unrestricted funds are spent or applied at the discretion of the trustees to rther Any of the charity's purposes. Unrestricted funds may be used to supplement expenditure made from restricted funds. The Church property and site were funded ihrough specific donations and fundraiser5, and as such, were held in a restricted fund. The terms of the gifts place no requirement for the Charity lo hold ihe property for a specific purpose on an on-going basis. Following practical completion of the property. the Trustees consider that the ternis of the gifts have been met, and therefore the Charity is perniitted lo use the asset on an unrestricted basis for any ¢haritsble purpose. 8. Taxation Green Pastures. The People's Church, is recognised as a Charity for the purposes of applicable taxatTon legislation and is therefore not subject lo taxation on its cbaritable activities. 20
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED ACCOULYrs NOTES TO THE FINANCIAL STATEMENTS (eoftlinued) 9. Tangible fixed assets - the Group Freehold land #nd buildings Motor Vehieleg Equipment Total Cost At 1st September 2022 Additions 22.904,392 37,271 887,158 7,597 (14,210) 880.545 12,635 23,804,185 44.868 (21,010) 23,828,043 Disposals At 31" August 2023 (6,800) 5,835 22,941,663 Depreciation At 151 September 2022 Depreciation Eliminated on disposals At 31. August 2023 771.648 37.547 (14.210) 794.98$ 12.635 784,283 37,547 (21,010) 800,820 {6,800) 5,835 Net book value At 31° August 2023 At 31" August 2022 22.941,663 21.904,392 85,560 115,510 23,027223 23.019,902 10.Tanglble fixed assets- Company Freehold land and buildings Motor Vehicles Equipment Total Cost At ISI September 2022 Additions 22,904,392 37,271 22,941,663 810,286 6.472 816,758 5,835 23,720,513 43,743 23,764,256 At 311t August 2023 5,835 Depreciation At I" September 2022 Depreciation At 31" August 2023 705.105 34.845 739,950 5.835 710.940 34,845 745,785 5,835 Net book vglue At 31" August 2023 At 3151 August 2022 22,941.663 22.904,392 76,808 105.181 23,018,47J 23,009,573 21
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COMPANIES CONSOLIDATED AccouNrs NOTES TO THE FINACIAL STATEIKENTS (eontinued) 11. IDvestments 2023 2022 2023 2022 Group Group Company Company Shares in subsidiary companies The Cotnpany is the ultimate l 00 % parent of the following subsidiaries all of which arc incorporatd in Northern Ireland and have period ends cotenninous with thai of ihe parent company. Company name Compally number Business Profitj (loss) Net funds Turnover Expenditure The Gateway Social Investrnent Limited Nt618278 Social cconomy business (28,996) 105,186 (104,277) 909 Confidence Enterprises Limited Kingdom Social Investments Limited N1633890 Inlerniediate holding company (dissolved 0710312023) Dorniant (dissolved 1710112023) Dorniant (dissolved 0310112023) N1073763 Gateway Busiaes5 Park Litniled Nt643244 12. Stoeks 2023 2022 2023 2022 Group Group Company Company Goods for resale 500 13.Oth¢r debtors and pr¢paym¢nts 2023 2022 2023 2022 Company Group Group Company Gift aid debtor Other debtors and prepayments 19,093 28,675 242.777 271.452 19,093 35,821 54,914 28,675 242,000 270,675 54.968 22
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDIARY COIIIPANIES CONSOLIDATED ACCOUNTS NOTES TO THE FINANCIAL STATEMENTS (continued) 14. Creditors: due within one ye)Ir 21)23 2022 2023 2022 Group Group Cornpally Company Bank loan 4J34 9.682 4,000 9.802 Trade creditors Other creditors Amounts due under lease commiftnents Payroll t&xes Building consiruction costs due Accruals 64,043 200,000 3.919 31,000 56,272 23,000 200,000 2,847 31,000 56,273 30.001 343,121 4,217 42,431 45,993 2.967 42,431 45,993 Amounts due to subsidiary company 110,657 365.036 91 J92 15.Creditors: due after more than one yegr 2023 2022 Group 2023 2022 Group Company Company Other creditors Building construction costs due Bank loan 200.IKIO 169,400 26,756 396.156 200,000 304,710 ?8.293 533.003 200,000 169,400 200,000 304.710 369,400 504,710 Included in other creditors is an amount of £?00,000 secured by a fixed charge over part of the land at Pennybridge Industrial Eslale, Ballymena. County Anlrim. The bank loan is secured by the UK Government under the Bounce Back Loan Scheme. 16.Profit for the financiAI period As permitted by Section 408 of The Companies A¢t 2006 the Parent Company'5 Statement of Financial Activities has not been included in these financial statements. The Charity had a retained surplu5 of £110,516 (2022= £58,859)- 23
GREEN PASTURES, THE PEOPLE'S CHURCH AND SUBSIDLiRY COMPAIYIES CONSOLIDATED ACCOUNTS NOTES TO THE FINANCI@tL STATEMENTS (continued) 17. Financial instruments At the balance sheet date the Group held the following financial instruments: 2023 2022 Financial assets that are debt instruments measured at amortised cost 235,079 522,301 Financial liabilities measured at amortised w51 460,792 791.558 18. Related Party transactions The Group has taken advantage of the exemption provisions in FRS 102 pennitting non-disclosure of transactions with fellow 0p companie5. The Company is the Ultimate Pareni Company of the group. Transactions with non-group related parties, related through virtue of common control were &$ follows.. 2023 2022 Donations to associated charity. Compassion Ministries Donations to associated charity, Conneci Ministrie5 Amount owed from associated charity, Compassion Ministries 2,100 40,075 35,105 2,061 16,451 44,231 Key management personnel: The dire¢lors of the Company and its subsidiaries are considered to be ihe key managetnent personnel. Directors. remuneration is disclosed in rLOte 6. 19. CAPltal and financial commitments At 31 August 2023 the Group had no capital or fmancial commitments which have not been provided in the a¢counts (3 l$t August 2022: £Nil). 20.Controlling party During tbe perkod Green Pastures, The People's Church was under the control of the Tnjstees {who are also the directors). 24