Company registration number N1629985 (Northern Ireland) Charity registration number 105799 (Northern Ireland) PRECEPT MINISTRIES IRELAND LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PRECEPT MINISTRIES IRELAND LTD LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr N Watts Mr C Green (Chairperson) Mrs P Jones Mr S Broad (Board seGretary) Mr D Mcclurg Ms C Mcmillan (Appointed 1 April 2025) Country of incorporation United Kingdom (Northem Ireland) N1629985 Charity registration Northern Ireland 105799 Principal address Unit 9A NCM House 218 York Street Belfast BT15 1GY Registered office Unit gA NCM House 218 York Street Belfast BT15 1GY Independent examiner GMCG Lisburn Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers Ulster Bank 37 High Street Carrickfergus BT38 7AN
PRECEPT MINISTRIES IRELAND LTD CONTENTS Page Trust&es' report Independent examinerfs report Statement of financial activities Statement of financial position Notes to the financial statements 9-15
PRECEPT MINISTRIES IRELAND LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of Precept Ministries Ireland Ltd (PMI Ltd) for the year encled 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Assoicalion, the Companies Act 2006 and "Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparlng their accoLtnls in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activitie5 Our Mission and Wision The mission of Precept lfflinistries International and Precept Ministries Ireland is, 'Engaging people in relationship with God through knowing His Word. throughout the Island of Ireland. The vision ts 'Every believer in Christ living oul God's Word everyday.. The objects of the company are to advance the Christian religion. Thi5 is aGhieved through: equipping people with Inductive Bible Study skills to help them to sludy and understsnd the Bible for themselves. providing various levels of study resOurS and leader training making training and resources available to all. PubliG benefit The truslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the chartty should undertake. Achievements and perfonnance Introduction The year 2024125 provided Precept Ireland with opportunities to visit churches and provtde encouragement to Bible study leaders as well a5 employ an intern. 1.Staff The staff team consists of a National Director (full time), Finance Manager (part-time) and Administrative Assistant Ipart-time). Precept Ireland were able to offer a paid internship programme for which an intern was appointed to work from 1st October 2024 to 31st August 2025. This created a broader staff tearn and gave Precept an opportunity lo invest in a young person. The focus was digital marketing and so Precept was able to develop more digital content and increase their reach via social platforms. Both the National Director and intern undertook training provided by Belfast Metropolitan College in association wtth the Sknll Up initiative, and were both awarded an OCN Level 4 Award in Social Media and Digital Markeling. 2. Leader Training & Support During the year 202412025. Precept Ireland has continued to support and encourage leaders. The administration staff in the offits are also trained Bible study leaders and are equipped to advise and encourage leaders wha contact the office. These conversations have played a key role in making leaders feel connected to Ihe ministry and given them confidence as to where to find help and support. Precept also delivered a number of leaders, events and leader training to encourage those who wish to start their own class.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3. All Ireland Strategy Precept Ireland was able lo visit churches throughout Ihe year and speak about inductive study through Sunday sermons and workshops. These churches were from a variety of denominations and included Scrabo Hall (County Down), Magherafelt First Presbyterian Church (County Londondery), St. Aidan's Parish Belfast (County Antrim) and Carrickmacross Baptist (County Monaghan). During the year Precept was able to visit Youghal Baptist Church in Count Cork twi (May 2024. March 2025). spending time with the Ghurch leadership and speaking to the church about indudive Bible study. Precept Ireland hosts an all-lreland study group online each month which has been attended by students from across the island. This has been beneficial for encouraging students from different parts of Ireland. Precept was also able to exhibit at an Irish Christian conferen* called lQnfire in August 2024 where they made many new connections with churches across Ireland. Prep1 also had meetings With several church leaders from different denomination5 wliich may lead to further speaking engagements. 4. Social Media Precept Ireland have a presence on F3book, Instagram and Twitter with an average of 4-5 posts per week. Over the year engagement has increased on all platForm5. The digital intern was also able to expand the network by launching a TikTok account where videos and content can be shared with a younger dernographic. 5. Classes & Training During the year we were able to deliver six leader training events, with enty students trained to be leaders, six of whom were trained in the Precept Upon Precept material. The National Director was a150 involved in the delivery of Iwo Precept Leader Academies. This was done in partnership with Prep1 UK and focused on the New Inductive Study Series (April 2024) and the Precept Upon Precept Study Series (November 2024). 6. Bible Study Resources The Administrative A5SiStant has produced several free resources throughout the year Ihal have been made freely available. There has been regular encouragement following these and so it is planned to continue producing them. Resources have been provided by Precept International (Chattanooga, USA) while on demand printing has been provided by Print'NI (Mallusk. Northem Ireland). Precept has continued to provide free resources to Ukrainian refugees living acros5 Ireland when requested. 7. New Initiatives Following the success of a partnership with Bible Society Northern Ireland in 2023124. Precept ran a joint seminar with the other charity at New Horizon, August 2024, and Gontributed to a new Podcast series in November 2024. Precept also partnered with Prison Fellowship Nl during the autumn 2024 to provide free study resources for newly released male prisoners. The benefit that the charity provides can be demonstrated in the following statistics for the 2024- 2025 year. The average number of Bible study students (excl. JulylAug) 498 Number of Students March 2025 550 The average number of classes (excl. JulylAug) 41 Number of classes March 2024 46 The number of Bible study leaders active 59 These statistics indicate a slight decrease in the total monthly users of Precept material, bLrt also show an increase in Glasses, which suggests groups are smaller in size.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review The results are set out in detsil on pages 7 to 15. The charity retumed nèt outgoing resources for the year of£1,856 (2024 - nel incoming resourGes £10,171} leaving unrestrictèd funds of £41,722 12024 - £43,578) and restricted funds of £nil (2024 - £nill. The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfill legal obligations of the charity in the event that current levels of income are not maintained. The Ministry's principal funding sources are voluntary donations, the sale of Inductive Bible Study resources. one off gifts and financial suppori from Precept Ministries International. Costs have been maintained to a rninimum. The charity operates as a debt-free Ministry. R&seNes policy In relation to financial pl¢inning the Trustees strive to achieve a goal lo provide a cash operating reserve of not less than 90 days operating funds (excluding depreciation) at the year end. Structure, governance and management The company is registered as a charttable company limited by guarantee. company number N1629985, and was sel up by a Mernorandum of Association, on 13 March 2015. The company is constttuted under a Memorandum of Association and is a registered charity, charty number NIC105799, registered 3 April 2017. The charity is constituted with a Board of Dire¢lors and one National Director who oversees the day io day running of the Ministry. The registered office for the Ministry during this reporting period is Unit 9A. NCM House, 218 York Street, Belfast, BT15 1 GY. At the beginning of the financial year the Ministry employed four members of staff. the National Director {full time), an Office Administrator (part tim&), an Administrative Assistant (part time) and a Digital Intern (part time). The truslees, who are also the directors for the purpose of company law. and who served during the year and up to the datè of signature of the financial statements were-. Mr N Watts Mr C Green (Chairperson) Mrs P Jone5 Mr S Broad (Board secretary) Mr D Mcclurg Ms C Mcmillan (Appointed 1 April 2025) Routine decisions are made by the National Director. Major decisions are decided corporately by the Board of Directors and the National Director. The Ministry is affiliated to Precept Ministries International based in Chattanooga, Tennessee. USA. Thè day to day management has been delegated by the Trustees to Ihe National Director. GMCG Chartered Accountants and Registered Auditors served as accountants during the period of this report. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other matters The Trustees regularly review the work of the Ministy to identify the major risks to which the Ministry is exposed. They then implement procedures designed to minimise any potential impact on the Ministy. A special risk assessment was PLrt in pla for a retum to office working post covid. The truste s, report was approved by the Board of Trustees. and signed on its behalf by: Mr G Green (Chairperson) Trustee
PRECEPT MINISTRIES IRELAND LTD INDEPENDENT EXAIMINER'S REPORT TO THE TRUSTEES OF PRECEPT MINISTRIES IRELAND LTD We report to the trustees on our examination of the financial statements of Precept Ministries Ireland Ltd (the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparalion of the financial statements in accordance with the requirements of the Cornpanies Acl 2006 (Ihe 2006 Act). Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independenl examination, it is our responsibility lo= examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008-, follow the procedures laid down in the general Direotions given by the Charty Commission for Northern Ireland under section 6519)(b) of the Charities Acl-, and state whether partiGular matters have come to our attention. Basis of independent ea(aminers' report We have examined your charity accounts as required under section 65 ofthe Charities Act and our examination was carried out in accordance with the general Directions given by the Charty Commission for Northern Ireland under section 65(9){b) of the Charities Act. The examinalion included a review of the accounting records kept by the charity and a comparison of Ihe accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matter5. Our role is to stste whether any material matters have come to our attention giving us cause to believe.. accounting record5 were not kept in respecl of the charity as required by section 386 of the Companies Act 2006. the finan¢ial ststements do nol accord with those records., or 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 harities 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.
PRECEPT MINISTRIES IRELAND LTD INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF PRECEPT MINISTRIES IRELAND LTD Independent examinerfs statement We have completed our 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 Northem Ireland, we have found no matters that require drawing to your attention. GMCG Lisbum Century House 40 Crescent Business Park Li5burn BT28 2GN Dated".
PRECEPT MINISTRIES IRELAND LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOh1EAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unrestricted funds 2024 Restricted funds 2024 Total 2024 Notes Income from: Donations and legacies Charitable activities 43,151 52,749 44,794 14,052 44.794 55.914 41,862 Totsl income 95,900 58,846 41,862 100,708 Expenditure on: Charitable activities 97,756 47.136 43,4D1 90,537 Total expenditure 97,756 47.136 43,401 90,537 Net incomellexpenditure) (1,856) 11,710 (1,539) 10.171 Transfers bekneen funds (36n 367 Net movement in funds (1.85S) 11,343 (1,172) 10,171 Reconciliation of funds: Fund balances at 1 April 2024 43,578 32,235 1,172 33.407 Fund balances at 31 March 2025 41,722 43,578 43,578 The statement of financial activities include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PRECEPT MINISTRIES IRELAND LTD STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 163 Currentassets Stocks Debtors Cash al bank and in hand 10 11 9.220 1,371 33.439 2,982 2,4D5 40,660 44,030 Creditors- arnounts fallin9 due within one year 46.047 12 12.3081 (2.6321 Net current assets 41,722 43,415 Total assets less current liabilities 41.722 43,578 Income funds Unreslrtcted funds 41,722 43,578 41,722 43,578 The company is enlstled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company lo obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the Trustees on and signed Dn their behalf by= Z£• Mr C Green (Chairperson) Trustee Company registration number N1629985
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Prept Ministries Ireland Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Unit 9A, NCM House, 218 York Street, Belfast, BT15 1 GY. 1.1 Basis of preparation The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity a5 defined by FRS 102. The charity has laKen advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial stateinents are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fLrture. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for USÈ at the discretion of the trustees in fvrtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entilled lo it after any performanGe conditions have been met, th& amounts can be rneasured reliably, and it is probable that income will be received. Cash donations are recognisÈd on receipt. Other donations are recognised On the charity has been notifièd of the donation, unless performance Conditions require deferral of the amount. Income tax recoverable in relation to donations reIved under Gfft Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 1.5 Expenditure Expenditure is recognised On 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 settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The cosls of èach actlvlty 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 directty to that activity. Shared costs which contribute to more than one actlvlty and support costs which are not attributable to a singlè activity are apporknoned been those activities on a basis consistent with the use of resources. Central stsff costs are allo¢ated on the basi5 of tirne spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their rèsidual values over their useful lives on the following bases.. Fixtures and fittings 25D/o Straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeLIs and the carrying value of the asset, and is recognised in the statement of ffnancial activities. 1.7 stocks Stocks are stated at the lower of cost and estimated selling price less costs to complele and sell. Cost comprises direct rnaterials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling pri less all estimated cost5 of completion and costs to be incurred in marketing, selling and distribulion. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offsel. with the net amounts presented in the financial statements. when there is a l&gally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simullaneously. 10-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitules a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liahilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymènt5 discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Debt instruments are subsequently Caled at amortised cost, Using the effecttve interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised iniiially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefi The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an Èmployee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 43,151 44,794 11
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities 2025 2024 Precept Ministries International support Workshops and training income Books sales 39,310 233 13,206 41,862 99 13,953 52,749 55,914 Analysis by fund Unrestricted funds Restricted funds 52,749 14.052 41,862 Charitable activities 2025 2024 Staff costs Depreciation and impairment Rent and service charges Venue costs Postage and office supplies Books and printing Training Travel and subsistence Computer costs Sundry expenses Equipnent rental Cost of sales Special events and conferences Advertising and recruitment Telephone and internet 69.930 163 6,183 500 1,285 998 65,172 426 5.928 600 1.288 5,713 153 1.052 2,147 412 128 2,545 1.335 452 923 2.330 2,357 527 7.673 2,564 125 732 95.367 88,274 Share of governancè costs (see note 5) 2,389 2,263 97,756 90,537 Analysis by ftind Unrestricted funds Restricted funds 97,756 47,136 43,401 12-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities 2025 2024 Governance costs 2.389 2,263 2025 2024 Governance costs comprise: Accountancy Bank fees Insurance Legal and professional 1.380 497 418 94 1.380 398 412 73 2.389 2,263 Trustees None of the trustees (or any persons connected with them) recetved any remuneration or benefits from the charily during the year. Employees The average monthly number of employees during the year was: 202S Number 2024 Number Employment costs 2025 2024 Wages and salaries Other pension costs 68.892 1,038 64,222 950 69,930 65.172 There were no èmployees whose annual remuneration was more than £60,000. Taxation The charity is èxernpl from taxation on its activities because all ils income is applied for charitable purpDses. 13-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Tangible fixed assets Fixtures and fittlngs Cost At 1 April 2024 4,369 At 31 March 2025 4,369 Depreciation and impairment At 1 April 2024 Depreciation charged in the year 4,206 163 At 31 March 2025 4,369 Carying amount At 31 March 2024 163 10 Stocks 2025 2024 Finished goods and goods for resale 9,220 2,982 11 Debtors Amounts falling due within one year: 2025 2024 Trade debtors Other debtors Prepayments and accrued income 262 713 396 1,294 700 411 1,371 2,405 12 Creditors: amounts falling due within one year 2025 2024 other taxation and social security Trade creditors Other creditors Accruals and deferred income 728 998 146 108 1,380 36 1,544 2.308 2,632 14-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Retirement benefit schemes 2025 DefIned contribution schemes 2024 Charge to profil or loss in respect of defined contribution schemes 1.038 950 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 14 Restricted funds The restricted funds of the charty comprise the unpxpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Precept Ministries International Support 1,172 41,862 (43,401) 367 15 Unrestricted fund The unrestricted fuiids of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 General funds 43,578 95,900 (97,756) 41,722 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 32,235 58,846 (47,136) 1367) 43,578 16 Related party transactions There were no di5closable related party transactions during the year (2024- none). The charity is under the umbrella of Precept Ministries International. a charity based in USA. During the year the charity received donations of £39,310 {2024 - £41,862) from Precept Ministries International. 15