REGISTERED COMPANY NUMBER: N1612550 (Northern Irelandl REGISTERED CHARITY NUMBER: 101897 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 Au ust 2022 for Grace Generation
Grace Generation Contents of the Financial Statements for the Year Ended 31 August 2022 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 13
Grace Generation Re istered number-. N1612550 Re ort of the Trustees for the Year Ended 31 Au%u5t 2022 The trustees who are also directors of the charity for the pu rposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and alms The last year, particularly the first half, was again èffected by the Covid pandemic, with various activities and gatherings curtailed due to certain ongoing Government restrictions. However, the work continued and all ministry departments reported ongoing development and growth. Numbers attending church, youth and children's mlnlstrles remained stron8 throughout the year, and Income levels remained healthy. An extremely exciting and miraculous development for Grace Generation occurred in March 2022 when we were offered the opportunity to move into, and become the tenant, of what had been 'The Coach, Nightclub in Banbridge. The Board and members of Grace Generation accepted this offer and began working with the owners to start the process of moving premises. 'The Coach, had been closed for approximately 2 years and a considerable amount of cleaning and fixing up was required to get the building into a State where it could be used for our various activities. This provided a great opportunity for people to come together to help work on the building. As a result Of moving premises our Coffee House, 'Bean There,, closed at the end of June 2022 and our final Sunday service in our old premises took place on 17 July 2022, It is planned that a rebranded Coffee House will open later in 2023 in the new premises and that church services will begin in the new building in September 2022. The Food Bank and Social Supermarket, 'The Bridge Pantry,, continued to be very bu5V throughout the year and will move to the new premise5 later in 2022. We are again grateful to God for His faithfulne55 throughout the year and for the amazing provision of our new premises which are located on a visible site, close to Banbridge town centre. We believe thi5 new location will help us to reach and help more people in our communitv. Page I
Grace Generation Re istered number-. N1612550 Re ort of the Trustees for the Year Ended 31 Au%u5t 2022 OBJECTIVES AND ACTIVITIES Publlc beneflt 11 The advancement of the Christian religion by the proclamation and furtherance of the Gospel of God concerning Hi5 son jesus Christ the Lord and preaching and teaching of the Word of God by the church in accordance with the Statement of Faith approved by the members from time to time. The direct benefit which flows from this purpose is that peoples lives will be changed for the better in terms of personal well being, having a sense of belonging and purpose in life. These benefits are evidenced through visible results of lives transformed and people living with purpose and destiny and finding areas to serve others. No harm or possibility of harm flows f rom this purpose. The charity's beneficiaries are all members of the general public from babies to children} youth and adults of all ages. There is no private benefit flowing frorn this purpose. 21 The relief of any person who is in charitable need. The direct benefit which f lows f rom this purpose is that people with physical, emotional and Spiritual needs will be supported and given help. These benefit5 will be evidenced throu8h practical help given and spiritual counsel offered resulting in improved circumstances and transformed lives. No harm or possibility of harm flows from this purpose. The charity's beneficiaries are all members of the general public from babies to children, youth and adults of all ages. There is no private benefit f lowlng from thls purpose. 31 The promotion of education for the public benefit. The direct benefit which flows from this purpose is improved knowledge and life skills from teaching the Word of God and biblical principles which affett all areas of life. These benefits will be evidenced through regular teaching at church and through our Evening College, resulting in individuals having improved knowledge and understanding of the Word of God and out working this in a practical way. No harm or possibility of harm flows from this purpose. The charity's beneficiaries are all aspects of the general public frorn babies to children, youth and adult5 of all ages. There is no prlvaie beneflt f lowlng from ihls purpose. 41 Such other charitable purposes as are recognlsed as such under the laws of Northern Ireland consistent with the oblect set out In purpose111 above. The direct benef it which flows from this purpose is the provision to develop existing charitable purposes and a150 future ch£ritable purposes which will benefit individuals resulting in transformed lives and the ability to further help those in need in our soclety and beyond. These benefSts will be evSdenced through new opportunlties to reach out and help people in various forms of need, resulting in improved circumstances and transformed lives. No harm or possibility of harm flows from this purpose. The charity'5 benef iciaries are all member5 of the general public from babies to children, youth and adults of all ages. The trustee5 cu)nfirm that they have complied with the duties to have regard to the Charity Commission Northern Ireland guidance on public benefit. FINANCIAL REVIEW Flnanclal posltion Tlie ilidrity lid5 iiiade a lus5 111 tlie yedr L)f £26,65612021 Lu55 vf £7,715) uri its urirestriLted fuiid aii(J a 5urplu5 vf £12,85612021 Surplu5 of £13,058) on it5 restricted funds. Reserves policy The unrestricted reserves of -£17,51112D21 £9,145) are less than deslred but deemed sufflcient to meet the working capltal requirements of the charity. The strategy is to build reserves through operating surpluses. The restricted building reserves of £27,34412021 £13,286) is to be used to purchase or renovate a property for the charity in the future while the restricted foodbank reserves of £19,76312021 £20,965) is to be used for providing a foodbank to the communitv. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin8 d¢xument The charity is controlled by its governing document. a deed of trust, and constitutes 2 limited company. limited by guarantee, as defined by the Companies Act 2006. Page 2
Grace Generation Re istered number-. N1612550 Re ort of the Trustees for the Year Ended 31 Au%u5t 2022 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1612550 (Northern Ireland) Registered Charity number 101897 Reglstered offlce 17-19 Church Square 8anbridge Co. Down BT32 4AP Trustees Mrs l A McGreevy Hr 8usiness Partner M K Oman Company Director Ms J Graham Cumpany Director B J Somerville Pastor Independent Examiner Eunan Kerlin Aiken & Co LLP Chariered Accountants Building 2 The Sidin8s Antrim Road Lisburn Co. Antrim BT28 3AJ This report has been prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small ompanies. Approved by order of the board of trustees on 19 July 2023 and signed on its behalf bv,. Mrs J A McGreevy- Trustee Page 3
Inde endent Examiner's Re ort to the Trustees of Grace Generation I report on the accounts of the company for the year ended 31 August 2022, which are sel out on pages five to thirteen. Respettive responsibilities of charity trustees and examiner As the charity's trustees12nd also the directors for the purposes of wmpany lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisf led myself that the charity 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 follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 6519llbl of the Charities Act state whether particular matters have come to my attention, Basls of the Independent examlner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accoidance with the general Direction5 given by the Charity Commission for Northern Ireland under Section 6519llbl of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It 21so included consideration of any unusu21 items or disclosures in the accounts, and seeking explanations from you as charity trustees COnrning 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 with Settion 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and prlnclples of ihe Charltles 5tatemeni cf Recommended Pracilce appllcable to charlrles preparlng thelr accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland That there is further information needed foi a proper understandin8 of the account5 to be reached. Independent examiner's statement I have completed my examination and have no concerns In respect of the matters111 to141 Ilsted above and, In connectSon wlth following the Direction5 of the Charity Commission for Norihern Ireland, I have found no matter5 that require d rawing to your attention. Eunan Kerlin The 14. Aiken & Co LLP Chartered Accountant5 Building 2 The Sidings Antrim Road Lisbvrn Co. Antrim BT28 3AJ 15 August 2023 Page 4
Grace Generation Statement Df Financial Activities IlncorporatinR an Income and Expenditure Account) for the Year Ended 31 Au USt 2022 2022 Total funds 2021 Total fund5 Unrestricted fund Restricted fund5 Notes INCOME AND ENDOWMENTS FROM Donations and legacies 160,429 43,518 203,947 212.664 EXPENDITURE ON Charitable artivities Sisterhood Charitable events Premises Costs Repair5 & Maintenance Accountancy fees Ministry & support staff costs Donations to missions & charities Foodbank 1,291 16.317 60,612 782 1,140 100,473 6,272 16581 1,291 16,317 62,843 1,182 1,140 109,769 24,350 18.104 66,870 48 2,231 400 9,296 18,078 657 103,246 9,265 7,829 Other Total 856 187 085 856 217 747 30,662 207,321 NEf INCQMEIIEXPENDITUREI 126,6561 12,856 113,8001 5,343 RECONCILIATION OF FUNDS Total funds brought forward 9,145 34,251 43,396 38,053 TOTAL FUNDS CARRIED FORWARD 17 5111 The notes form part of these financial statements Page 5
Grace Generation Re istered number-. N1612550 Balance Sheet 31 AUuSt 2022 2022 Total f unds 2021 Total funds Unrestricted fund Re5trirted funds Notes FIXED ASSETS Tangible assets 12,1321 18,380 16,248 CURRENT ASSETS Debtors Cashat bank and in hand 9,301 9,301 9,301 27,949 42,175 70,124 65,047 CREDITORS Amounts falling due within one year io 123,3281 {13,4481 136,7761 11,6511 NEf CURRENT ASSETS 4,621 28,727 33,348 63,396 TOTAL ASSETS LESS CURRENT LIABILITIES 2,489 47,107 49,596 63.396 CREDITORS Amounts falling due after more than one year li 120,0001 120,0001 120,0001 NEf ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 17 5111 13 {17,5111 9,145 The charitable company is entitled to exemption from audit u nder Section 477 of the Companies Act 2006 for the year ended 31 August 2022. The members have not required the company to obtain an audit of it5 financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Att 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charltable company as at the end of each f inancial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companie5 Act 2006 relating to financial statements, so far as appllcable to the charitable company. Ibl The notes form part of these financial statements Page 6 continued...
Grace Generation Re istered number-. N1612550 Balance Sheet - continued 31 AUuSt 2022 These financi21 statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 19 July 2023 and were signed on it5 behalf bv: J A McGreevy- Trustee The notes form part of these financial statements Page 7
Grace Generation Notes to the Financial Statements for the Year Ended 31 Au%ust 2022 ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charitie5 SORP IFRS 1021 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the U K and Republic of Ireland, and the Companies Act 2006. The f inancial statements have been prepared under the historical cost convention, Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure LS3bilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the Category. Where costs cannot be directly attributed to particular headings they have been allocated to artivities on a basis consistent with the use of resources. Tangible fixed assets Depreclatlon Is provlded ai the followlng annual rates In order io wrlte off each asser over Its estlmaced useful Ilfe. Fixtures and fittings 20% on cost TaxatlDn The charity is exempt from corporation tax on its charitable activities. Fund accountlng Unrestricted funds Can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when Specified by the donor or when f unds are raised for particular restricted purp05e5. Furtlier explaii44tiL)ri uf tlie iioture Iiiid purpuse uf edLlI furid is iiicluded iii tlie Iiutes tu tlie liiidiiLldl ¥tateiTlerils. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operates a d?fined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activitie5 in the period to which they relate. Page 8 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2022 DONATIONS AND LEGACIES 2022 2021 Donations Gift aid Foodbank 165,827 19,409 18,711 203 947 161,390 23,524 27,750 212 664 CHARITABLE ACTIVITIES COSTS Support costs (see note 41 Direct Costs Totals Sisterhood Charitable events Premises Costs Repairs & Maintenance Accountancy fees Ministry & support staff costs Donation5 to missions & charitie5 Foodbank 1,291 16.317 62,843 1,182 1,291 16,317 62,843 1, 182 1,140 109,769 24,350 1,140 109,769 24,350 215 751 216 891 SUPPORT COSTS Governance costs Other resources expended Accountancy fees 856 NET INCOMEIIEXPENDITUREI Net incomellexpenditurel Is stated after char8ing/lcredltingl'. 2022 2021 Depre¢iation - owned assets Other operating leases 4,062 I,C62 Page 9 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2022 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benef its for the year ended 31 August 2022 nor for the year ended 31 August 2021. Trustees, expenses There were no trustees, expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021. STAFF COSTS The average monthly number of employees during the year was as follows.. 2022 2021 Staff No employees received emoluments in excess of £60,000. TANGIBLE FIXED ASSETS Improvernents to property Fixtures and fittings Totals C05T At I September 2021 Additions At 31 August 2022 DEPRECIATION At 15eptember 2021 Charge for year At 31 August 2022 NET BOOK VALUE At 31 Au8USt 2022 At 31 August 2021 55,451 9,649 65,100 24,233 10,661 34,894 79,684 20,310 99,994 55,451 1,930 57,381 24,233 79,684 4.062 Pa8e 10 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2022 DEBTOR5: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 2021 Other debtors io, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Bank loans and overdrafts (see note 121 Trade creditor5 Social security ind other taxes Accruals and deferred incorne 31,311 800 2,681 1,984 646 125 880 ii. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 2021 Other loans Isee note 121 12. LOANS An analysis of the maturity of loan5 is given below: 2022 2021 Amounts falling due within one year on demand.. Bank overdraft5 Amounts falling due between two and five years.. Other loans - 2-5 years 13. MOVEMENT IN FUNDS Net movement in funds At 31.8.22 At 1.9.21 Unrestricted funds General fund 9,145 126,6561 {17,5111 Restrirted funds Building Fund Foodbank 13,286 20,965 34,251 14,058 1.2021 12,856 13 8001 27,344 19.763 47,107 TOTAL FUNDS Pa8e 11 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2022 13. MOVEMENT IN FUND5- contlnued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 160,429 1187,0851 {26,6561 Restrlrted funds Building Fund Foodbank 23,737 19,781 43,518 203 947 19,6791 120,9831 30,6621 217 7471 14,058 1,2021 12,856 13 8001 TOTAL FUNDS Comparatlves for movement In funds Net movement in funds At 31.8.21 At 1.9.20 Unrestricted funds General fund 16,860 17,7151 9,145 Restrirted fund5 Building Fund Foodbank 12,150 9,043 21,193 1,136 11,922 13,058 13,286 20,965 34,251 TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming re50urce5 Resources expended Movement in funds Unrestrlcted funds General fund 183,777 1191,4921 17,7151 Re5tritted funds Building Fund Foodbank 1,136 27,751 1,136 11,922 15,8291 15 8291 207 32 11 TOTAL FUNDS 212 664 Pa8e 12 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2022 13. MOVEMENT IN FUND5- contlnued A current year 12 months and prior year 12 months Combined position is as follows: Net movement in funds At 31.8.22 At 1.9.20 Unrestrirted funds General fund 16,860 134,3711 117,5111 Restrirted fund5 Building Fund Foodbank 12,150 9,043 15,194 10,720 27,344 19,763 TOTAL FUNDS A current year 12 months and prior year 12 months cDmbined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 344,206 1378,5771 134,3711 Restricted funds Building Fund Foodbank 24,873 47,532 72,405 416 611 19,6791 36,8121 46,4911 425 0681 15,194 10,720 25,914 TOTAL FUNDS 14. RELATED PARTY DISCLOSURE5 There were no related party transactions for the year ended 31 August 2022. Pa8e 13
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