REGISTERED COMPANY NUMBER: N1612550 (Northern IreSand) REGISTERED CHARITY NUMBER: 101897 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 Au ust 2024 for Grace Generation an Limited b Guarantee Acom I<GA ACCOU NT ANTS
Grace Generation Contents of the Financial Statements for the Year Ended 31 Au ust 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Note5 to the Financial Statements 8 to 15
Grace Generation Re istered number: N1612550 ort of the Truslees for the Year Ended 31 Au ust 2024 The trustees who are a150 directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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. OBJECTIVES AND ACTIVITIES Objectlves and aim5 This was our second year using the new premises, formerly 'The Coach, Nightclub, and our first year with the building being fully utilised. The buildings are now in a very usable state and accommodate the various Church Ministries and Community outreaches very well. Church attendance on Sunday5 has grown steadily this year as has our fortnightly Connect Group5. Our Youth and Children's work have also continued to flourish and grow. We are grateful to the leaders and volunteers who demonstrate a real heart to see the kids and young people flourish in faith and in life in general. 'The StoreHouse' Foodbank and 'The Bridge Pantry, (Social Supermarket) continue to be busy and are 5UPPOrted by an excellent team of volunteers. Both the Foodbank and the Pantry are well supported by other churches, schools and businesses in the town and we are very grateful for their ongoing assistance. The Foodbank and The Pantry continue to enjoy an excellent working relationship with both the other Foodbanks in the area and our local ABC Council. Our Coffee House, called 'Cove & Co,, opened in mid-April 2024 after considerable work had taken place to renovate and decorate the premises which sits on the main street and easily accessible for all. It 15 a wonderful space and has had great reviews since it opened. In June, following a review of how we operate, a new leadership structure for Grace Generation was introduced on a rolling basis. This involved changes at Board level, various leadership roles and the introduction of an 'External Spiritual Oversight,. Again, we have been blessed by God's amazing provision in every way. Having the larger premises has allowed the work to continue to grow and develop. Finances are in a healthy state and we are thankful for how God has blessed the work this past year. We look forward to the new season with expectation and faith, believing that God will continue to bless the ongoing work and ministries of Grace Generation. Page I
Grace Generation Re istered number: N1612550 Re ort of the Trustees for the Year Ended 31 Au ust 2024 OBJECTIVES AND ACTIVITIES Public benefit 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 people5 lives will be changed for the better in terms of personal well being, having a sense of belongin8 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 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 lowing from this purpose. 21 The relief of any person who is in charitable need. The direct benefit which flows from 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 from babies to children, youth and adults of all ages. There is no private benefit flowing from this 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 affect 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 from babies to children, youth and adults of all ages. There is no private benefit flowing from this purpose. 41 Such other charitable purposes as are recognised as such under the laws of Northern Ireland consistent with the object set out in purpose111 above. The direct benefit whlch flows from this purpose is the provision to develop existing charitable purposes and also future charitable purposes which will benefit individuals resulting in transformed lives and the ability to further help those in need in our society and beyond. These benefits wlll be evidenced through new opportunities 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's beneficiaries are all members of the general public from babies to children, youth and adults of all ages. The trustees confirm that they have complied with the duties to have regard to the Charity Commission Northern Ireland guidance on public benefit. FINANCIAL REVIEW Finantlal posltlon The charity has made a loss in the year of £7,459 12023 Surplus of £26.1271 on Its unrestricted fund and a loss of £18,713 12023 Surplus of £23,816) on its restricted funds. Reserves policv The unrestricted reserves of -£1,41112023 £6,048) are les5 than desired but deemed sufficient to meet the working capital requirements of the charity. The strategy is to build reserves through operating surpluses. The restricted building reserves of £22,88112023 E35,9011 is to be used to purchase or renovate a property for the charity in the future while the restricted foodbank reserves of £31,89712023 £37,590) is to be used for providing a foodbank to the community. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. Page 2
Grace Generation Re istered number.. 1612550 ort of the Trijstees for the Year Ended 31 Au U5t 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Compatty number N1612550 (Northern Ireland) Registered Charity number 101897 Registered office 17-21 Church Square Banbridge Co. Down BT32 4AP Trustees Mrs J A McGreevy Hr Business PÈrtner M K Oman Company Director B J somerville Pastor J Charman Company Direttor Independent Examiner Eunan Kerlin KGA Accountants LLP Building 2 The Sidin8S Antrim Road Lisburn Co. Antrim 8T28 3AJ Thls report has been prepared In accordance with the 5peclal provislons of Part 15 of the Companies small companies. ct 2006 relating to Approved by order of the board of trustees on .. ..... .. and slgned on its behalf bv.. 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 2024, which are set out on pages five to fifteen. Respective responslbllltles of charity trustees and examlner As the charity's trustees land a150 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 satisfied 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 procedure5 laid down in the general Direction5 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 examiner's report I have examined your charity account5 as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions 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 also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. That accounting records were not kept in accordance with Section 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 principles of the 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 That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters111 to141 listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Eunan Kerlin KGA Accountants LLP Building 2 The Siding5 Antrim Road Lisburn Co. Antrim BT28 3Ai 21 May 2025 Page 4
Grace Generation Statement of Financial Activities oratin an Income and Ex enditure Account for the Year Ended 31 Au ust 2024 Incor 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 180,316 33,340 213,656 238,497 EXPENDITURE ON Charltable activities Sisterhood Compassion Charitable events Premises Costs Repairs & Maintenance Accountancy fees Ministry & 5UPPOrt staff costs Donation5 to missions & charities Foodbank 249 463 34,177 38,887 249 463 34,177 55,126 14 1,116 104,949 7,214 35,703 707 2,954 20,247 15,867 163 2,734 110,368 9,017 26,033 16,239 14 1,116 104,949 7,214 35,703 Other 817 817 464 Total 187,872 51,956 239,828 188,554 NET INCOME/{EXPENDITURE) Transfers between funds 17.5561 97 118,6161 1971 126,1721 49.943 14 Net movement in funds 17,4591 118,7131 126,1721 49,943 RECONCILIATION OF FUNDS Total funds brought forward 6,048 73,491 79,539 29,596 TOTAL FUNDS CARRIED FORWARD 11,4111 54,778 53,367 79,539 The notes form part of these financial statements Page 5
Grace Generation Re istered number.. N1612550 Balance Sheet 31Au ust 2024 2024 Total funds 2023 Total fund5 Unrestricted fund Restricted f unds Notes FIXED ASSETS Tangible assets 3,839 36,460 40,299 51,624 CURRENT ASSETS Debtors Cash at bank and in hand io 9,301 59,496 14,132 30,742 44,874 14,132 30,742 44,874 68,797 CREDITORS Amounts falling due within one year li 19,3821 18,0921 117,4741 117,7641 NET CURRENT ASSETS 4,750 22,650 27,400 51,033 TOTAL ASSETS LESS CURRENT LIABILITIES 8,589 59,110 67,699 102,657 CREDITORS Amounts falling due after more than one year 12 iio,0001 14,3321 114,3321 123,1181 NET ASSETS 11,4111 54,778 53,367 79,539 FUNDS Unregtricted funds Restricted funds 14 11,4111 54,778 6,048 73,491 TOTAL FUNDS 53,367 79,539 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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 Acl 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial 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 requirement5 of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable companv. Ibl The notes form part of these financial statements Page 6 continued...
Grace Generali Re istered number.. N1612550 Balance Sheet- continued 31Au ust 2024 These financial statements have been prepared In accordance wlth the provisions appllcable to ch subject to the small companies reBime. ritable companies The financial Statements were approved by the Board of Trustees and authorised for issue on and were sSgned on Its behalf by: M KOman-Trustee The notes form part of these financial statèments Page 7
Grace Generation Notes to the Financial Statements for the Year Ended 31 Au V5t 2024 STATUTORY INFORMATION Grace Generation is a private company, limited by guarantee, registered in Northern Ireland. In the event of the charity being wound up, the liability in respect of the Buarantee is limited to £1 per member of the charity. The Company's registered number and registered office address can be found on the Company informatlon page. The financial statements are prepared in sterling the functional currency of the entity rounded to the nearest pound. ACCOUNTING POLICIES Basis of preparlng the f inanclal statements The financial statements of the charitable companyi which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities 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 financial statements have been prepared under the historical cost convention. Income All income is recogni5ed in the Statement of Financial Activities once the charity has entitlement to the funds, it 15 probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised a5 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 is 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 activities on a basis consistent with the use of resources. Tanglble fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings 20Yo on cost Taxation The charity 15 exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the trustees. Restricted funds can only be used for particular restricted purpose5 Wlthin the objects of the charity. Restrictions arise when Specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hlre purchase and leasing commitments Rentals paid under operating lease5 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 2024 ACCOUNTING POLICIES- continued Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contribution5 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 wlthln 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 recogni5ed in expenditure. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Foodbank 158,755 23,807 31,094 165,542 29,095 43,860 213,656 238,497 CHARITABLE AcfiviTIES COSTS Support costs (see note 51 Direct Costs Tota15 Sisterhood Compassion Charitable events Premises Costs Repairs & Maintenance Accountancy fees Ministry & support staff costs Donations to missions & charities Foodbank 249 463 34,177 54,640 14 249 463 34,177 55,126 14 1,116 104,949 7,214 35,703 486 1.116 104,949 7,214 35,703 237,409 1,602 239,011 Page 9 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au U5t 2024 SUPPORT COSTS Governance costs Other resources expended Premises Costs Accountancy fee5 817 486 1,116 2,419 NET INCOME/(EXPENDITURE} Net incomellexpenditurel is stated after charging/lcreditingl: 2024 2023 Depreciation - owned assets Other operating leases 14,569 4,801 13,921 TRUSTEES, REMUNERATION AND BENEFITS The total amount of remuneration received by trustee5 and the costs to the employer in the year was £13,441. Trustees, expenses There were no trustee5' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. STAFF COSTS The average monthly number of employees during the year was as follows.. 2024 2023 Staff No employees received emoluments in excess of £60,000. Page 10 continued...
Grace Generation Notes to the Financial Statements continued for the Year Ended 31 Au ust 2024 TANGIBLE FIXED ASSET5 Improvements Fixtures and fittings property Totals COST At I September 2023 Additions 94,743 54,548 3,244 149,291 3,244 At 31 August 2024 94,743 57,792 152,535 DEPRECIATION At I September 2023 Charge for year 65,239 7,858 32,428 6,711 97,667 14,569 At 31 August 2024 73,097 39,139 112,236 NET BOOK VALUE At 31 August 2024 21,646 18,653 40,299 At 31 August 2023 29,504 22,120 51,624 io. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Other debtors 9,301 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 131 Trade creditors Social security and other taxes Accruals and deferred income 8,824 1,489 4,861 2,300 8,862 1,718 4,764 2,420 17,474 17,764 Page 11 continued...
Grace Generation Notes to the Financial Statements- continued for the Year Ended 31 Au U5t 2024 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORETHAN ONE YEAR 2024 2023 Bank loans Isee note 131 Other loans (see note 131 4,332 10,000 13,118 10,000 14,332 23,118 13. LOAN5 An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand.. Bank loans 8,824 8,862 Amounts falling due between two and five years.. Bank loans - 2-5 years Other loan5 - 2-5 years 4,332 10,000 13,118 10,000 14,332 23,118 14. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.8.24 At 1.9.23 Unrestritted funds General fund 6.048 17,5561 97 11,4111 Restricted fund5 Building Fund Foodbank 35,901 37,590 114,5231 14,0931 1,503 11,6001 22,881 31,897 73,491 118,6161 1971 54,778 TOTAL FUNDS 79,539 126,1721 53,367 Page 12 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 14. MOVEMENT IN FUNDS- continued Net movement in fund5, included in the above are as follows.. Incoming resources Resources expended Movement in f unds Unrestricted funds General fund 180,316 1187,8721 17,5561 Restrlcted funds Building Fund Foodbank 1,604 31,736 (16,1271 135,8291 114,5231 14,0931 33,340 151,9561 118,6161 TOTAL FUNDS 213,656 1239,8281 126,1721 Comparatives formovement in funds Net movement in funds Transfers between funds At 31.8.23 At 1.9.22 Unrestricted funds General fund 117,5111 26,127 12,5681 6,048 Restricted funds Building Fund Foodbank 27,344 19,763 1,203 22,613 7,354 14,7861 35,901 37,590 47,107 23,816 2,568 73,491 TOTAL FUNDS 29,596 49,943 79,539 Page 13 continued...
Grace Generation Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 14. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds, included in the above are as follows-. Incoming resources Resources expended Movement in fund5 Unrestricted funds General fund 180,537 1154,4101 26,127 Restrlcted funds Building Fund Foodbank 14,100 43,860 112,8971 121,2471 1,203 22,613 57,960 134,1441 23,816 TOTAL FUNDS 238,497 1188,5541 49,943 A current year 12 months and prior year 12 months combined position is a5 follows: Net movement in funds Transfers between funds At 31.8.24 At 1.9.22 Unrestricted funds General fund 117,5111 18,571 12.4711 11,4111 Restrlcted funds Building Fund Foodbank 27,344 19,763 113,3201 18,520 8,857 16,3861 22,881 31.897 47,107 5,200 2,471 54,778 TOTAL FUNDS 29,596 23,771 53,367 Page 14 continued...
Grace Generation Note5 to the Financial Statements - continued for the Year Ended 31 Au ust 2024 14. MOVEMENT IN FUNDS- 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 fund5 Unrestrlcted funds General fund 360,853 1342,2821 18,571 Re5trltted funds Building Fund Foodbank 15,704 75,596 129,0241 157,0761 113,3201 18,520 91,300 186,1001 5,200 TOTAL FUNDS 452,153 1428,3821 23,771 15. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 August 2024. Page 15