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 2023
TRANSFORMATIONS IRELAND LIMITED (A 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 (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 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 Frtch Chartered Accountants Gordon Street Mews 27-29 Gordon Street Belfast BT12LG Bankers Ulster Bank Connswater Branch Arches Retail Park Belfast BT5 4AF Page 1
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Truslees present their annual report together wth the financial statements of the Company for the 1 January 2023 to 31 December 2023. The annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi 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 Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance wth 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, govemance and management a. Constitution Transformations Ireland Limited is registered as a charitsble company limited by guarantee and was set up by a Memorandum of Association on 5th December 2004. The company is a registered charity wth the Northem Ireland Charities 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 responsibility of the Trustees who are elected and c(Tropted 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. . Organisational structure and decision4naking policies The Board of Trustees are responsible for all aspects of corporate governance wthin the company. They meet a minimum of four times a year to define and agree strategic priorities for the charity, 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 fomi 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. Page 2
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 nerkIng and communication been 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 benefrt 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 vtho attend the events, as well as providing a place for peace and reconciliation with people from different communities and perspectives. Achievements and perfomiance Page 3
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance {continued) a. Review of activities In 2023 we have organised and managed prayer for Stormont politicians via Zoom (on one occasion) and by physical meeting physically in the building on 7 occasions. These meetings constitute the major part of our regular activty- For the first time, in April 2023 we facilitated and hosted a 'Rivers' retreat in Bangor. This was a four-day retreat delivered over weekends and, although numbers attending were less than anticipated, was of significant encouragement to participants. Based on this first experience we now anticipate future development of the activty in Northern Ireland in different locations. Our networking, and relational activities have also continued and have seen a number of physical meetings wth various groups. We continue to maintain regular contact wth prayer leaders across Ireland, England, Scotland, Wales and the Channel Islands as well as farther afield and were pleased to host them for several days in Rostrevor for our annual meeting in September. We continue to have meetings a nelwork 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 wth various local {Northern Ireland) prayer initiatives remains healthy. Such Connections bring information and encouragement for our own circle of support and we. in tum, are able to unite with and to encourage others. In 2023 we continued to maintain our website and social media presence and wrote and disseminated daily devotionals through the Lent and Advent seasons. From feedback received we believe these have been of encouragement in a variety of church and individual circumstances. Overall therefore, whilst activities have been positive, it has been difficult to quantify benefits since they have been mosdy in the areas of encouragement and in building and maintaining relationships. Expenses this year were higher than previous because of the Rivers retreat and also some expenses due to hosting the Connecting the Isles meeting. This year we have not engaged in formal fundraising and have relied on regular donations and some saved balance. We finish the year with a positive bank balance. We expect 2024 to have more in the way of expense and we shall prayerfully address Ihe need to consider our funding. We do have sufficient to cover our overheads. 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 worfd 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 fomard to the challenges ahead. Page 4
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review . Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting 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 wll ensure that, in the event of a significant drop in incoming resources, they wll be able to continue the charity's core activities while consideration is given to ways in which additional fvjnds 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 exceeding £10 to the assets of the Company in the event ofwinding up. Page 5
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 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., state 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 concem basis unless it is inappropriate to presume that the Company )Mll 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 wth reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 20 June 2024 and signed on their behalf by.. Margaret Clarke (Trustee) Page 6
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report to the Trustees of Transforniations Ireland Limited I report on the financial statements of the company for the year ended 31 December 2023 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 wth 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)(b) of the Charities Act,. and state whether particular matters have come to my attention. Basis of independent examinerfs statement I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance wth the general Directions given by the Charity Commission for Northern Ireland under section 65{9){bl 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 wth section 386 of the Companies Act 2006- that the accounts do not accord with those accounting records- that the accounts do not comply wth the accounting requirements of section 396 of the Companies Act 2006 and wth the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- that there is further information needed for a proper understsnding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no cOnmS in respect of the matters111 to (4) listed above and, in onnection with followng 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 CoMpanS TTUStees, as a body. in accordance wrth section 6513}la) 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: 20 June 2024 Michael Fitch FCA Chartered Accountants Ireland UHY Hacker Young Fitch Limited Chartered Accountants Gordon Street Mews 27-29 Gordon Street Belfast BT12LG Page 7
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Note Income from: Donations and legacies Other income 7,356 52 7,356 52 3,974 83 Total incom8 7,408 7,408 4,057 Expenditure on: Charitable activities 10,212 10,212 5,331 Total expenditure 10,212 10,212 5,331 Net movement in funds (2,804) 12,804 (1,274) Reconciliation of funds: Total funds brought foNrfard Net movement in funds 5,533 (2,804 5,533 12,804 6,807 (1,274) Total funds carried fonNard 2,729 2,729 5,533 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 18 fom) part of these financial statements. Page 8
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) REGISTERED NUMBER: N1053206 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 292 8T4 292 874 Current assets Cash at bank and in hand 3,390 5,559 3,390 5,559 Creditors.. amounts falling due vthin one year 10 1954) (900) Net current assets 2,436 4, 659 Total assets less current liabilities 2,728 5,533 Net assets excluding pension asset 2,728 5,533 Total net assets 2,728 5, 533 Charity funds Restricted funds 12 Unrestricted funds 12 2,728 5, 533 Total funds 2,728 5, 533 The Company was entided 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 wth 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 20 June 2024 and signed on their behalf by.. Margaret Clarke (Trustee) The notes on pages 10 to 18 form part of these financial statements. Page 9
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation Transformations Ireland Limited is a charitable company limited by guarantee and is incorporated and registered in Northern Ireland under registration number N1053206. The company is a registered charily th 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 accordance the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015), the Financial Reporting Standard 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 inib'ally recognised at historical cost or transaction value unless otheiSe 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 wll be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset, tt 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 wth 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 benefrt on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in vthich it is receivable and to the extent the goods have been provided or on completion of the service. Page 10
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in setuement 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 betsen those activities on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation harges 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 initialty recognised at cost. After recognttion, under the cost model, tangible 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 followng basis= Computer equipment 25¥. Straight-line 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisibon 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 wll 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 statement of financial activities as a finance cost. Page11
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 vknich have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Donations 7,356 7,356 Unrestncted funds 2022 Total funds 2022 Donations 3,200 774 3,200 774 Gift-aid income Total 2022 3,974 3,974 Page 12
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 other incoming resources Unrestricted funds 2023 Total funds 2023 Bank interest 52 52 Unrestricted funds 2022 Total funds 2022 Bank interest 83 83 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Total 2023 Organisation of Prayer events 10,212 10,212 Unrestricted runds 2022 Total 2022 Organisation of Prayer events 5,337 5,331 Page 13
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Organisation of Prayer events 7,555 2,658 10,213 ActNitS undertaken directly 2022 Support costs 2022 Total funds 2022 Organisation of Prayer events 2,264 3,067 5,331 Analysis of direct costs Total funds 2023 Total runds 2022 Conference costs Materials 4,785 21 161 Gifts Catering expenses 1,809 940 2, 103 7.555 2,264 Page 14
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2023 Total funds 2022 Depreciation Website costs Sundry expenses Printing, postage & stationery Telephone Insurance 583 582 161 13 169 13 176 462 250 270 650 255 Bank charges IT costs Governance costs 53 36 180 972 900 2,658 3,067 Independent examinerfs remuneration 2023 2022 Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts 972 900 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 December 2023, expenses totalling f2,206 were reimbursed to 1 Trustee (2022- £1,576 to 1 Truslee). Page 15
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tangible fixed assets Computer equipment Cost or valuation At 1 January 2023 2,330 At 31 December 2023 2,330 Depreciation At 1 January 2023 Charge for the year 1,455 583 At 31 December 2023 2,038 Net book value At 31 December 2023 292 At 31 December 2022 874 10. Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 954 900 11. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditure 3,390 5, 559 Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents. Page 16
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Statement of funds statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted fvnds General Funds 5,533 7,407 (10,212) 2,728 statement of funds - prior year Balance at 31 DeGen7ber 2022 Balance at 1 January 2022 Income Expenditure Unrestricted fvnds General Funds 6,807 4,057 (5,331) 5, 533 13. Summary of funds Summary of funds- current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure General funds 5,533 7,407 (10,212) 2,728 Summary of funds- prior year Balance at 31 DeGen7ber 2022 Balance at 1 January 2022 Income Expenditure General funds 6,807 4,057 (5, 331) 5, 533 Page 17
TRANSFORMATIONS IRELAND LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wthin one year 292 292 3,390 (9541 3,390 (954 Total 2,728 2,728 Analysis of net assets between funds - prior year Unrestricted runds 2022 Total runds 2022 Tangible fixed assets Current assets 874 874 5,559 (900) 5,559 (900) Creditors due wthin one year Total 5,533 5, 533 15. Related party transactions There were no related party transactions during the year. 16. Controlling party The ultimate controlling party is the Board of Trustees. Page 18