REGISTERED COMPANY NUMBER: N1612550 (Northern Irelandl REGISTERED CHARITY NUMBER: 101897 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2023 for Grace Generation IA Company Limited by Guarantee)
Grace Generation Contents of the Financial Statements for the Year Ended 31 August 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements to 15
Grace Generation Re istered number-. N1612550 Re ort of the Trustees for the Year Ended 31 Au%u5t 2023 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 2023. 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 leffeclive l January 20191. OBJECTIVES AND ACTIVITIES Objectives and alms September 2022 saw Church services begin in our new premises which used to be the iconic Coach Nightclub in 8anbridge. Services during the first few months were held against the back drop of ongoing work in the main auditorium and other rooms in terms of painting and decorating, installation of new and eKlStinE equipment for sound, lightin£, video and AV and general set up of the various new spaces. It was encouraging to see both the members of the church and those f rom outside Grace Generation work hard to improve the facilities we have been blessed with. As the work continued, new people started to come regularly to our Sunday service and we have seen steady growth in numbers over the past year. Our Youth and Children's work Continued io flourish and we were privileged to have two Mission Teams from the USA come in July and August to asslst in a Kids Holiday Bible week and a Cartoon Club. Approximately 100 children attended the Holiday Bible Club with around 80% of those attending not from our church. 'The StoreHouse' Foodbank and 'The Bridge Pantry, (Social Supermarket) moved to our new premises at the end of October 2022 with the help of volunteers and local bu5ine55es. The 'c05t of living, crisis, which is affecting many people, ha5 meant that both the Foodbank and The Pantry have experienced significant uptake in the volume of clients using these services. The Foodbank and The Pantry continue to enjoy an excellent working relationship with both the other Foodbanks in the area and the local ABC Council. It is manned by a team of falthful and commltted volunteers who come from both Grace Generation and other churches In Banbrldge. Our Coffee House has not re-opened yet due to various hold-up5 but it is hoped that it will open in its new location early in the next financial year. Again, we have been blessed by God's amazSng provlslon In every way and the flnances end the financial year Sn a healthy state. Now that most of the main building renovation work has been completed, we believe that the next year will see Grace Generation grow in every way and through all departments as we continue to Serve our community and see people transformed through a life-giving encounter with Jesus. Page I
Grace Generation Re istered number-. N1612550 Re ort of the Trustees for the Year Ended 31 Au%u5t 2023 OBJECTIVES AND ACTIVITIES Publlc beneflt 11 The advancement of the Christian religion by the proclamation and furtherance of the Gospel of God concerning His 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 f inding 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 from 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 benefits will be evidenced through 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 f rom 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 evidented 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 f rom babies to children, youth and adults 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 existin8 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 beneflts will be evldenced through new opportunltles 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 thi5 purpose. The charity'5 beneficiaries 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 LliÉ4rity lids iiiade 44 5urplu5 ill tlie yeiar uf £26,12712022 Lu55 uf £26,656) uri it5 urirestriLteLI fuii(J arid a surplu5 uf £23,81612022 Surplu5 of £12,856) on it5 restricted funds. Reserves policy The unrestricted reserves of £6,048 12022 -£17,511) are less than deslred but deemed sufflclent to meet the working capltal requirernents of the charity. The strategy is to build reserves through operating surpluses. The restricted building reserves of £ L,203 12022 £14,100) is to be used to purchase or renovate a property for the charity in the future while the restricted foodbank reserves of £22,61312022 £43,860) 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 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1612550 (Northern Ireland) Registered Charity number 101897 Reglstered offlce 17-21 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 (resigned 5. 12.221 B J Somerville Pastor J Charman Company Director lappointed 19.1.231 Independent Examlner Eunan Kerlin KGA Accounianrs LLP 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 28 May 2024 and signed on its behalf by: M K Oman-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 2023, which are sel out on pages five to f ifteen. Respettive responsibilities of charity trustees and examiner As the charity's trustees land also the directors for the purposes of company 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 5taremeni of Recommended Pracilce appllcable to charltles 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 connectlon 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 IS. KGA Accountants LLP 8uildin8 2 The Sidings Antrim Road Lisburn Co. Antrim 8T28 3AJ 28 May 2024 Page 4
Grace Generation Statement Df Financial Activities IlncorporatinR an Income and Expenditure Account) for the Year Ended 31 Au USt 2023 2023 Total funds 2022 Total fund5 Unrestricted fund Restricted fund5 Notes INCOME AND ENDOWMENTS FROM Donations and legacies 180,537 57,960 238,497 203.947 EXPENDITURE ON Charitable artivities Sisterhood Compassion Charitable events Premise5 Costs Repairs & Maintenance AccoLJntancy fèes Ministry & support staff costs Donations to missions & charitSes Foodbank 707 2.954 20,247 7,919 707 2,954 20,247 15,867 163 2,734 110,368 Y,017 26,033 1,291 16,317 62,843 1,182 1.140 109,769 24,350 7,948 163 2,734 110.368 9,017 26,033 Other Total 464 154 410 464 188 554 856 217 747 NET INCOMEIIEXPENDITUREI Transfers between funds Net movement in funds 26,127 2,5681 23,559 23,816 2,568 26,384 49,943 113,8001 14 49,943 113,8001 RECONCILIATION OF FUNDS Total funds brought forward 117,5111 47,107 29,596 43,396 TOTAL FUNDS CARRIED FORWARD The notes form part of these financial statements Page 5
Grace Generation Re istered number-. N1612550 Balance Sheet 31 AUuSt 2023 2023 Total f unds 2022 Total funds Unrestricted fund Re5trirted funds Notes FIXED ASSETS Tangible assets 1,658 49,966 51,624 16,248 CURRENT ASSETS Debtors Cashat bank and in hand io 9,301 9,301 9,301 23,292 45,505 68,797 70,124 CREDITORS Amounts falling due within one year li 18,9021 18,8621 117,7641 136,7761 NEf CURRENT ASSETS 14,390 36,643 51,033 33,348 TOTAL ASSETS LESS CURRENT LIABILITIES 16,048 86,609 102,657 49.596 CREDITORS Amounts falling due after more than one year 12 iio,0001 113,1181 123,1181 120,0001 NEf ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 14 6,048 117,5111 The charitable company is entitled to exemption from audit u nder Section 477 of the Companies Act 2006 for the year ended 31 August 2023. The members have not required the company to obtain an audit of it5 financial statements for the year ended 31 August 2023 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 ¢therwise comply with the requirements of the Companies 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 2023 These financial 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 28 May 2024 and wero signed on its behalf by: M K Oman-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 2023 STATUTORY INFORMATION Grace Generation is 3 private company, limited by guarantee. registered in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to El per member of the charity, The Company's registered number and registered office address can be found on the Company information pa8e. The financial statements are prepared in sterling the functional currency of the entity rounded to the nearest pound. ACCOUNTING POLICIE5 Basls of preparlng the flnanclal ststements The financial statements of the charitable company, which is a public benefit enrity under FRS 102, have been prepared in accordance with the Charitie5 SORP IFRS 1021 'Accountin8 and Reporting by Charities: Statement Df 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 'fhe Financial Reporting Standard applicable in the U K and Republic of Ireland, and the Companles Act 2006. The f Inanclal 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. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligatior) committing the charity to that expenditure, It Is probable that a transfer of economic benefits w511 be required in Settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all c05t related to the category. Where costs cannot be directly attributed to particular heading5 they have been allocated to actlvitles on a basls consistent wlth the use of resources. Tangible fixed a55et5 Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings 20% on cost Taxatlon Tlie Llidrity Is exeiTlPt frvrTI cvrpuriltiuii Idx Qll it5 clidrit<4ble activities, Fund accountlng Unrestricted f unds 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 purposes. Further explanation of the nature and purpose of each fund is included in the note5 to the financial 5tatemenls, Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 8 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 ACCOUNTING POLICIES- contlnued Penslon costs and other post-retlrement benefits The charitable company operate5 a defined contribution pension scheme. Contributions payable to the charitable company's pension Scheme are charged to the Statement of Financial Activities in the period to which they relate. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price, Any losses arising from Impairment are recognised in expenditure. DONATIONS AND LEGACIES 2023 2022 Donations Gift aid Foodbank 165,542 29,095 43,IS60 238 497 165,827 19,409 18,711 203 947 CHARITABLE ACTIVITIES COSTS Support costs (see noteS1 Direct Costs Totals Sisterhood Compassion Charitablo events Premises Costs Repairs & Maintenance Accountancy fees Ministry & support staff costs Donations to missions & charities Foodbank 707 2,954 20,247 15,325 163 707 2,954 20,247 15,867 163 2,734 110,368 9,017 26,033 542 2,734 110,368 9,017 26,033 184 814 Page 9 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 SUPPORT COSTS Governance Costs Other resources expended Premises Costs Accountancy fees 464 542 2,734 NET INCOMEIIEXPENDITUREI Net incomellexpenditurel15 Stated after charBing/lcreditinBI'. 2023 2022 Depreciation owned assets Other operatin8 leases 13,921 4,(2 TRUSTEES, REMUNERATION AND BENEFITS The total amount of remuneration received by trustees and the costs to the employer in the year was £21,390. Trustees, expenses There were no Irustees, expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. STAFF COSTS The avera8e monthly number of employees during the year was as follows.. 2023 2022 Staff No employees received emoluments in excess of £60,000. Pa8e 10 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Totals COST At I September 2022 Additions At 31 August 2Q23 DEPRECIATION At 15eptember 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 65,100 29.643 94,743 34,894 19,654 54,548 99,994 49,297 149,291 57,381 7,858 65,239 26,365 83,746 13,921 97,667 32,428 io. DEBTOR5: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Other debtors ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loan5 and overdraft515ee note 131 Trade creditors Social securitv 8nd other taxes Accruals and deferred incorne 8,862 1,718 4,764 31,311 800 2,681 Pa8e 11 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans Isee note 131 Other loans15ee note 131 13,118 13. LOANS An analysis of the maturity of loans is given below: 2023 2022 Amounts falling due within one year on demand.. Bank overdrafts Bank loans 31.311 8,862 Amounts falling due between two and five years.. Bank IDan5- 2-5 years Other loans - 2-5 years 13,118 10,000 20,000 14. MOVEMENT IN FUNDS Net movement in f unds Transfers between funds At 31.8,23 At 1,9.22 Unrestricted funds General fund 117.511) 26,127 12.5681 6,048 Restrlrted funds Building Fund Foodbank 27,344 19,763 1,203 22,613 7,354 4,7861 35,901 37,590 TOTAL FUNDS 49 943 Pa8e 12 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 14. 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 180,537 1154,4101 26.127 Restrlrted funds Building Fund Foodbank 14,100 43,860 57,960 238 497 112,8971 121,2471 34,1441 188 5541 1.203 22,613 23,816 TOTAL FUNDS Comparatlves for 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 fund5 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 13 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 14. MOVEMENT IN FUND5- contlnued Comparative 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 A current year 12 months and prlor year 12 months combined posStSon Is as follows: Net movement in f unds Transfers between funds At 31.8.23 At 1,9.21 Unrestrlcted funds General fund 9.145 (5291 12,5681 6,048 Restricted funds Building Fund Foodbank 13,286 20,965 34,251 15,261 21,411 36,672 7,354 4,786) 2,568 35,901 37,590 73,491 TOTAL FUNDS Pa8e 14 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au%ust 2023 14. MOVEMENT IN FUND5- contlnued A current year 12 months and prior year 12 months Combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 340,966 1341,4951 15291 Restrlrted funds Building Fund Foodbank 37,837 63,641 101,478 442 444 122,5761 142,2301 64,8061 406 3011 15,261 21,411 36,672 TOTAL FUNDS 15. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 August 2023. Pa8e 15
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