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