Registered number: N1053206 Charity number: NIC102856 TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10-18
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees Robin Clarke Marian Gallagher Margaret Clarke Company registered number N1053206 Charity registered number NIC102856 Registered office Gordon Street Mews 27-29 Gordon Street Belfast BT12LG Company secretary M Clarke Accountants UHY Hacker Young Fitch Chartered Accountants Gordon Street Mews 27-29 Gordon Street Belfast BT12LG Bankers Ulster Bank Connswater Branch Arches Retail Park Belfast BT5 4AF
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report together with the financial statements of the Company for the 1 January 2022 to 31 December 2022. The annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the charitable company's governing document and the provisions of the Ststement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Structure, governance and management a. Constitution Transformations Ireland Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 5th December 2004. The company is a registered charity with the Northern Ireland Charits"es Commission under number NIC102856 and accepted by HMRC as a charity under the reference XR84067. b. Methods of appointment or election of Trustees The management of the Company is the resF)onsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. As required on an ad hoc basis the Trustees discuss the appointment of potential new Trustees for appointment to the Board. Suitable people are approached and if they are willing to serve on the Board their nomination is put forward for approval. c. Organisational structure and decision-making policies The Board of Trustees are responsible for all aspects of corporate governance within the company. They meet a minimum of four times a year to define and agree strategic priorities for the charty, monitor progress and review the resources available to sustain the company. d. Financial risk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Objectives and activities a. Policies and objectives The principal objective of the company is the advancement of religion through the organisation prayer events for the promotion of the word of God. Transformations Ireland Limited was set up to give form and accountability to our existing ad hoc group that had been meeting since 2001 to pray and to unite with others in repentance before God and to seek the power of his Holy Spirit at work in bringing all Ireland. but particularly Northern Ireland, back to God.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Objectives and activities (continued) b. Activities undertaken to achieve objectives The activities undertaken to achieve the objectives include the organisation of a number of prayer events and gatherings to facilitate the neOrkIng and communication beeen various local prayer groups and other Christian organisations throughout the UK and Ireland to promote the word of God through the provision of teaching courses, guest speakers and support. c. Main activities undertaken to further the Company's purposes for the public benefit The main projects undertaken for the public benefit include facilitating events where members of the public from different areas, churches and social backgrounds can come together to communicate, build relationships and strengthen their faith through the promotion of the word of God. The public benefit can be seen through the spiritual, social and general wellbeing from those who attend the events, as well as providing a place for peace and reconciliation with people from different communib.es and perspectives. Achievements and perfomiance
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and perfomiance (continued) a. Review of activities In 2022 we have organised and managed prayer for Stormont politicians via Zoom lon three occasions). In addition, we were delighted to be able to recommence meeting physically in the building, which we were able to do on for the first time in November. In addition, we finished a programme of teaching (begun 2021) via Zoom from Alistair Petrie (Partnership Ministries, Canada) for participants and leaders across Ireland and UK. In May 2022, in partnership with Kairos Trust we ran three discussion meetings on future forms and directions for the church. These were directed primarily at church leaders and were moderated by John and Christine Larkin from Southampton (Restoration House). Our neorking, and relational activits-es have also continued and have seen an increased number of physical meetings including one trip to the West of Ireland in February. We continue to maintain regular contact with prayer leaders across Ireland, England. Scotland, Wales and the Channel Islands as well as farther afield and were pleased to join with them in our first (since Covid) physical forum in Scotland in September. We continue to have meetings with a neOrk of participants from the house church movement in England (but also some from Wales, Scotland and US). Also. our relationships with the North Devon House of Prayer as well as with various local (Northern Ireland) prayer inits-atives remains healthy. Such connections bring information and encouragement for our own circle of support and we. in turn, are able to unite with and to encourage others. In 2022 we were also able to see a major refresh. re4esign and upgrade (as well as simplification) of our website. This has greatly eased our ability to keep the information and announcements up to date. Overall therefore, whilst activities have been positive. it has been difficult to quantify benefits since they have been mostly in the areas of encouragement and in building and maintaining relationships. Expenses this year were slightly higher than previous because of the recommencement of some physical meetings, but overall remain low compared with pre-covid times. This has meant that this year we have not needed to expend effort on fundraising and we finish the year with a respectable positive bank balance. We expect 2023 to have more in the way of expense as we travel and organise acts'vities across the island. In addition, we anticipate some expense as we organise a "Rivers. retreat in Bangor. Overall, we remain very conscious of the critical need for prayer for our communities in these days of rapid social change, of political uncertainty and increased world instability. Once again, much of our work this year has been encouraging and connecting with individual people and other prayer ministries both within Northern Ireland and also across the rest of the UK and the Republic of Ireland that have a heart for prayer and community transformations. We remain open to the counsel and advice from our Committee of Reference and look forward to the challenges ahead.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Financial review a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounts'ng policies. b. Reserves policy The Trustees assess the level of reserves on a continual basis to ensure that they are able to meet any commitments that could reasonably arise. It is the policy of the charitable company that unrestricted funds which have not been designated for specific use should be maintained at a level equivalent to six months operating expenditure. The Trustees believe that reserves at this level will ensure that, in the event of a significant drop in incoming resources, they will be able to continue the charity's core activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. c. Financial risk management objectives and policies The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. d. Financial review The results for the year are set out in the attached financial statements. The results for the year and the financial position were considered satisfactory by the Trustees. Members. liability The Members of the Company guarantee to contribute an amount not exedIng £10 to the assets of the Company in the event of winding up.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent., stste whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps ft)r the prevention and detects'on of fraud and other irregularities. Approved by order of the members of the board of Trustees on 21 June 2023 and signed on their behalf by.. Margaret Clarke (Trustee)
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent examiner's report to the Trustees of Transfomiations Ireland Limited I report on the financial statements of the company for the year ended 31 December 2022 which are set out on pages 8 to 18. Respective responsibilities of charity Trustees and examiner As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company 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 (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Commission under section 65{9)(bl of the Charities Act., and stste whether particular matters have come to my attention. Basis of independent examiner's statement I have examined your company accounts 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 6519){b) of the Charities Act. My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company 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 (FRS 102)., 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 matters (1 } to (4} 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. This report is made solely to the company's Trustees. as a body, in accordance with sects.on 65{3)(a} of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report. Signed.. Dated: 21 June 2023 Michael Fitch FCA Chartered Accountants Ireland UHY Hacker Young Fitch Limited Chartered Accountants Gordon Street Mews 27-29 Gordon Street Belfast BT12LG
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Other income 3.974 83 3,974 83 3, 686 Total income 4,057 4,057 3, 692 Expenditure on: Charitsble activities 5,331 5,331 4,677 Total expenditure 5,331 5,331 4,677 Net movement in funds (1.274) (1,274) (985) Reconciliation of funds: Total funds brought forward Net movement in funds 6.807 {1,274 6,807 (1,274 7, 792 (985) Total funds carried forward 5,533 5,533 6,807 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 10 to 18 form part of these financial statements.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) REGISTERED NUMBER: N1053206 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Fixed assets Tangible assets 874 1,456 874 1,456 Current assets Cash at bank and in hand 5.559 6,186 5,559 6,186 Creditors.. amounts falling due within one year 10 {900) (835) Net current assets 4,659 5,351 Total assets less current liabilities 5,533 6,807 Net assets excluding pension asset 5,533 6,807 Total net assets 5,533 6,807 Charity funds Restricted funds Unrestricted funds 12 12 5,533 6,807 Total funds 5,533 6,807 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 21 June 2023 and signed on their behalf by.. Margaret Clarke (Trustee) The notes on pages 10 to 18 form part of these financial statements.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General infonnation Transformations Ireland Limited is a charitsble company limited by guarantee and is incorporated and registered in Northern Ireland under registration number N1053206. The company is a registered charity with the Nl Charities Commission under number NIC102856 and HMRC under reference number XR84067. The company's registered office is situated at 27-29 Gordon Street. Belfast, BT12LG. The principal activity of the charitable company is the advancement of religion through the organisation of prayer events. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP (FRS 102) 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 {FRS 102> (effective 1 January 2015), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Transformations Ireland Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise stated in the relevant accounting policy. 2.2 Going concern The financial statements have been prepared on the going concern basis. 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donats.ons received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in which rt is receivable and to the extent the goods have been provided or on completion of the seNice.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tsngible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following basis.. Computer equipment 25 /0 Straight-line 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the ststement of financial activities as a finance cost.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (continued) 2.8 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2022 Total funds 2022 Donations Gift-aid income 3,200 774 3,200 774 Total 2022 3,974 3,974 Unrestricted funds 2021 Total funds 2021 Donations 2, 963 723 2, 963 723 Gift-aid income Total 2021 3, 686 3, 686
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Other incoming resources Unrestricted funds 2022 Total funds 2022 Bank interest 83 83 Unrestricted funds 2021 Total funds 2021 Bank interest Anatysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2022 Total funds 2022 Organisation of Prayer events 5,331 5,331 Unrestricted funds 2021 Total funds 2021 Organisation of Prayer events 4,677 4,677
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure by activities Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Organisation of Prayer events 2,264 3,067 5,331 Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Organisation of Prayer events 1,380 3,297 4,677 Analysis of direct costs Total funds 2022 Total funds 2021 Materials 161 60 Gifts 2,103 1,320 2,264 1,380
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2022 Total funds 2021 Depreciation Website costs Sundry expenses Printing, postage & stationery Telephone Insurance Bank charges Conference costs Governance costs 582 582 169 13 171 29 462 650 435 800 255 36 315 36 95 834 900 3,067 3,297 Independent examiner's remuneration 2022 2021 Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts 900 834 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2021- £NIL). During the year ended 31 December 2022, expenses totalling £1,576 were reimbursed to 1 Trustee (2021- £2, 300 to 1 Trustee).
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Tangible fixed assets Computer equipment Cost or valuation At 1 January 2022 2,330 At 31 Dernber 2022 2,330 Depreciation At 1 January 2022 Charge for the year 873 582 At 31 December 2022 1,455 Net book value At 31 Dernber 2022 875 At 31 December 2021 1,456 10. Creditors: Amounts falling due within one year 2022 2021 Accruals and deferred income 900 835 11. Financial instruments 2022 2021 Financial assets Financial assets measured at fair value through income and expenditure 5,559 6,186 Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Statement of funds Statement of funds - current year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General Funds 6,807 4,057 (5,331 5,533 Statement of funds - prior year Balance at 31 December 2021 Balance at l January 2021 Income Expenditure Unrestricted funds General Funds 7, 792 3, 692 (4,677) 6,807 13. Summary of funds Summary of funds - current year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure General funds 6,807 4,057 (5,331 5,533 Summary of funds - prior year Balance at 31 December 2021 Balance at 1 January 2021 Income Expenditure General funds 7, 792 3,692 (4,677) 6,807
TRANSFORMATIONS IRELAND LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Current assets 874 5,559 (900) 874 5,559 (900 Creditors due within one year Total 5,533 5,533 Analysis of net assets between funds - prior year Unrestricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 1,456 6,186 (835) 1,456 6,186 (835) Total 6,807 6,807 15. Related party transactions There were no related paty transactions during the year. 16. Controlling party The ultimate controlling party is the Board of Trustees.