Cornpany registration number: N1650199 Charity registration number: 107784 Grace Community Church (Ireland) Limited (A company limited by guarantee) Annual Report and Finan¢ial Statements for the Year Ended 30 September 2022
Grace Community Church (Ireland) Limited Contents Reference and Athninistrative Details Trustees, Report 2to5 Independeni Examinees Reprt Ststsment of Financial Activtties Balance Sheet ststement of Cash Flows Notes to the Firw]cial Statements IOto17
Grace Community Church Ureland) Limited Reference and Administrative Details Charity Registration Number 107784 Company Registration Number N1650199 The charity is inrPOrated in Northern Ireland. l Blenheim Court Richhill Arniagh BT619TH Reglstettd Offie¢ Aceollntants Thomas Oliver and Associates Limited Certified Public Accountant l Moyg&%hel Mills Park Dungannon Co Tyrone BT717DH Page I
Grace Community Church (Ireland) Limited Trustees, Report The trustees, who are directors for the putpose5 of company law. present the annual reFQrt together with the financial ststements of the charitable company for the year ended 30 September 2022. Objectives and aetivities Objects and aimv The charitable purwjse of Grace Community Church (Ireland) Limited is the advancement of the Christian religion for the benefit of the public in the area of benefit. The principal function 15 to relieve the proverty and the advancement of education and to provide facilities in the interest of welfare the object of improving the conditions of life for said itthabitant5. Public benefit The direct benefits flowing from advancement of religion include holding weekly church services, mid week gatherings and small groups which are open to anyone. A direct benefit comes from providing facilities at a community bub in RiGhhill. This community space is a place for diifferent group3 in the Comunity to me¢L Trustee5 alld officers The knjstees and officers wving during the year and since the year end were as follows: Trnstees: Mr Neil Dawson Mr David Allan McBride MrNeville William Garland The trustees meet regularly to discuss the broad strategy of the charity. Ob'ectives and Activiti The prin¢ipai adivities of the charity are to support and facilitate the Chuwl raise awareness and understanding of Evttngelical Christian beliefs and practices. Cany out missionary and outreach work within the community served by the churth as well as holding regular public worship services in the context of the Church. Head uarters Our offi¢e and administrative addres5 is l Blenheim CourL Richhill BT619JQ. The main activity of our ¢haTity takes place at The Hub. Richhill. We have been leasing this building since November 2019. The facilities at The Hub allow the charity to hold weekly church services. mid week services and youth clubs. The building is also available for community use and is currently used by a speech and drama group, a group for those with additional needs and for group community meetings. Since last year. with the relaxing of Covid-19 restriction we have seen growth in the number of community groups Using the space both on a weekly basis and for one off events. We have been able to provide the space to our local prirnary sthool to support their Ditch the Dark event and hosting a market event for the primary 6 Busin¢s5 Beginnings class to sell products they have created. Page 2
Grace Community Church (Ireland) Limited Trustees, Report Finances Funds are raised by way of contributions, donations, grants and any other lawful method towards the aims of the Charity. Since returning (after relaxing of Covid-19 restrictions) to meeting in person we have seen a slight increase in the fanCial giving through the weekly offering from the church. However the wst of living uisis has had an impact on how much thos¢ within the church are able to give. The signifa¢t increase in the cost of electricity in particular has negatively affected our finances. We were, however, able to obtain grdnts from EA and ABC Council towards the runDing ¢osts of the youth club. We also received 8 grant to help with renovations to the kitchen in the Hub. This has allowed to ntinue sending funds to the charitable projects we have chosen whtle still covering the costs of le&8ing and running The Hub. The charity endeavours to keep a prudent arnount in reserve for the Cash flow purposes but most fun(L8 2re spent in the short tenn. Youth Club As of SeptembeT.2021 we have been running 2 weekly youth clubs one for prirnary 6 and 7 and one for 1st to 3rd years. There has been a Significant response to this with around 130 young people attending between the two sessions. This in an increase of 50 young people from the previous year. These youth clubs have greatly benefitted the young people in the area becaus¢ of the nwal setting there are limited activities and re50urce5 available to them. Futtwe Plans In tbe llext year we would lik¢ to have a dedicated prayer room in our Hub building that will be open to all the churches in our community to help improve relations b¢tw¢eD the different churchs and denominations. The charity 15 seeking to ci)ntinue incrwing its community engagement. We have aiready seen how valuable the youth clubs have been and the charity is seeking to continue to develop new programs for young peopl¢ and their families as well as other people within the community. Structur4 governanc¢ and management Nature ofgoverning documenl The charity is a company limited by guarantee, governed by its MernorJndum and Articles of Association. It h&s been granted charitable ststus by The Charities Cornmission for Nortbern Ireland under registration number NOC107784. Flnaneial instruments Objeclives andpollcies The ch3rity'5 artivities expose it to a number of financial risks including credit risK cash flow risk and liquidity risk. The use of financia] derivattv¢s is governed by the charity's policies approved by the board of tnJ5tees, which provide WTitten principles on the use of financial derivatives to manage these risks. The charity do¢s not use derivative finan¢iai instruments for speculative purposes. Page 3
Grace Community Church reIalld) Limited Trustees, Report Credit rilk The charity's principal financial assets are bank balances and ¢a5h, trade and other receivables, and investments. The charity'5 credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtfijl receivables. An allowance for impainnent is made where there is an identified loss ¢vent which, based on previous experience. 15 evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative fm8ncial instruments is limited because the counterpartiC5 are banks with htgh credit-ratings assigned by international CTedit-rating agencies. The clwity has no significant concentrAtion of credit risL with exposure spread over a large number of counteartieS and custr)mers. Liquidity ri¥k In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and futse developments, the charity uses a mixture of long-tern] and short-tem debt fmance. Further details regarding liquidity risk can be found in the Ststement of accounting policies in the financial statements. Statement of trustte$' responsibilities The trustees (who are also the directors of Gra¢e Comrnunity Church (Ireland) Limited for the purposes of company law) are responsible for preparing the trustees, report atjd the financial slatements in accordance with applicable law and United Kingdom Acwunting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard 8ppli¢able in the UK and Republic of Ireland" Company law requires the trustees to prepare fmancial statements for each financial year. Under company law the trustees must not approve the fmancial statements unless they are sati5fi¢d that they give a and fair view of the state of affairs of the charitable company and of the incoming resources and application of r¢sourGes, including its income and expenditure, of the Gharitable company for that period. In preparing these financial stat¢m¢nts. the tSt¢eS are required to.. select suitable accounting policies and apply them consistentiyy observe the method5 and principles in the Chartties SORP. make judgements and estirn&tss that are reasonable and prudent. state whether applicable accounting stsndards, comprising FRS 102 have been followe4 subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern b&815 unles5 It is inappropriate to presume that the charitsble ¢x)mpany will continue in busines5. The trustees aTe re5w)nsible for keeping proper accountTnE records can disc105e with reasonable ac¢uTW at any time the fmancial position of the charitsble company and enable them to ensure that the fmancial staternents cornply 1th the Companies Act 2006. They aTe a]so responsible for safeguarding the assets of the chasitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Page 4
Grace Community Church (Treland) Limitsd Trustees, Report The trustees are TespoDSible for the maintsnance and inteity of tbe corporate and finallcial inf17rnation included on the charitable compally's websits. Legislation governing the preparation and dissemination of financial statements may differ frotrt legslation in otheriurisdirtions. The annual rep d by the tcustees of the charity on 22 2023 and siglled on its beljalf by: Page 5
Grace Community Cburch (Ireland) Limited IndependeDt Examiner's Report to the trustees of Grace CoD]munity Church (Ireland) Limited ('tbe Company,) I report to the charity trustees on my examination of the acUnts of the Company for the year ended 30 September 2022. Rtspe¢tive responsibilities oftrn$te¢s and examiner As the charity's Stee8 of Grace Community Church Oreland) Limited (and also its director3 frir the putP05es of company law) you are responsible for the preparntion of the accijunts in a¢¢ordance with the requirements of the Charities Art (Northern Ireland) 2008. Having satisfied myself that the ¥llnts of Grnce Community Church (Ireland) Limited are not required to be audited under sectton 65 of Chartties Act (Northern) treland 2008 and that an independent examination is needed. It is my responsibility to:. - examine the accounts under sertion 65 of the ChaTities A - to follow the procedures laid down in the generaI Directions given by the Charity Commission for Northern Ireland under section 65 (9)(b) of the Charities Act - to stste whether particular matters have come to my attention Ba515 of Independent Examiners, Report I have exarnin¢d your charity accounts as required under section 65 of the Charities Act and my examination w&$ carried out in accordance with the general Dire¢tions given by the CEIty Cou)mi5sion for Northern Ireland under section 65(9}(b) of the Charities Act. examination included a review of the accounting records kept by the chartty and a Compartson of the accounts presented with those records. It also included considerdtion of any unusual items or disclosures in the accounts. and seeking expalnations from the trustees concerning any such matters.. I confwm that no matters have come to my attention in connection wÉth th¢ exaMi[tiOn giving me cause to believe: l. That accounling rec4)rds were not kept in respect of Grace Community Church (Ireland) Limited as rquired by section 63 of the Charities ACL. or 2. That the accounts do not aGrd with those records. or 3. That the coUnts do not comply with the accounting requ2rements of the Charities ACL 4. That there is fill1her information needed for a proper understanding of the accounts tobe reached. Independent Examiner's Statement I have completed my examination and have no concerns in respect of the matter (l) to (4) listed abovc and in connertion5 with the following dir¢ctions of the Charity Commission for Northern treland, I have found no matters that require drawing to your attention Thom ssocia Certified Public Accountant 22 June 2023 Page 6
Grace Community Church reland) Limited Statement of FillaDcial Activities for the Year Ended 30 September 2022 ncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted Total 2022 Note Income and EndowmeDts from: Donations and legacies 48,929 48.929 Total incorne 48.929 48,929 Expenditure on: Raising funds chitable activities (46,469) (789) (46.469) 789 Total expenditure (47258) (47,258) Net income 1,671 1,671 Net movement in funds 1.671 1,671 Reconeiliatioll of funds Totsi fimds brought forward 21,757 21.757 Total funds carri¢d for¥vdrd 12 23,428 Unrestricted 23.428 Total 2021 Note Income and Endowments from: Donations 8nd legacie5 52,503 Tota] income 52.503 52,503 Expenditure on: Raising fid5 Charitable activities (31,505) (1.529 (31,505) (1,529) Total expenditure (33,034) 33.034) Net income 19,469 19,469 Net movement in fimds 19,469 19,469 RecoDcUiatlon of thnds Total funds brought fonward Total funds rIed forward 2,688 2,688 l2 22,157 22,157 All of the charity's activities derive from continuing operations during the above two periods. The fun(ts breakdo for 2021 is shown in not¢ 12. The note3 on pages 10 to 17 forni an int¢grai part of these financial ststernents. Page 7
Grace Commuuity Church relalld) Limited (Registration number: N1650199) Balance Sheet as at 30 September 2022 2022 2021 Note Fixed assets Tangible asset5 3964 1,852 Current assets D¢btors Cash at bank and in band 12,469 9,210 10 20,406 20,406 21,679 Creditors: Amounts falling due within one year Net current assets li (942) 1,374 19,464 20,305 Net assets 23,428 22,157 Funds of the charity: Unrestrictsd iucome funds Unrestricted furyd5 23,428 22,157 Total tsnds 12 23.428 22,157 For tbe finaucial year endillg 30 September 2022 the charity was entitled to exemption froEn audit under 5¢Ction 477 of the Companies Act 2006 relating to small companies. DireGtor5' responsibilities: The members have not required the charity to obtain an audtt of its accounts for the year ill question in accordanc¢ with section 476; and The dircctors acknowledge their responsibilities for complying with the requirements of the Act with rcspcrt to accounting records and the reparation of accounts. Thefjn 2023 an cial 7 to 17 were approved by the bustees. and authorised for issue on 22 June on Mr Nevill Trustse The nots5 on pages 10 to 17 ft)rni an inte1 part of these fjnancial statements. Page 8
Grace Community Church (Ireland) Limited Statement of Cash Flows for the Year Ended 30 September 2022 2022 2021 Note Cash flows from operating attivitie5 Net cash inry)me 1.671 19,469 Adjustments to C2sh flov froDJ Doll-casb itims D¢pre¢iation 672 482 2,343 19,951 Working capit¥l adjustments Decrea5e/{increase) in debtors (Decre&8eyincre&5e in creditors 12,469 (432) (12,469) 538 li Net cash flowJ from operating activities 14,380 8.020 Cash flows from investing activities Purchase of tangible fixed assets (3,184) (2,023) Net increase in cash and cash equivalents 11,196 5.997 Cash and cash equivalents at l October C&8h and cash ¢quivalents at 30 September 9,210 3213 20,406 9,210 All of the cash flows are derived from continuing operations during the above two periods. The not¢s on pag&8 10 to 17 ft)rm an int¢1 part of th¢3¢ finan¢ial statements. Page 9
Grace CommuDity Church reIalld) Limited Notes to the Financial Statements for the Year EDded 30 September 2022 I Charity 5t¥tU5 The charity is limtted by guarantee, inconjorated in Northern Irelan and consequently does not have share capital. Each of the trnstees is liable to contribute an amount not exceeding £Nil towards the Sets of the charity in the event of liquidation. The address of its registered office is: l Blenheim Court Richhill Arnagh BT619JH These fuw]¢ial statements were authorised for issue by the trust¢¢s on 22 June 2023. 2 AccoulltiDE policies Summary of significant accounting polities and key accountillg estimates The principal acuntIllg policies applied in the prepardtion of these financial statements are set out below. These policie5 have been nsistentIY applied to ail the y¢un presellt unless otheTr4ry5¢ slated. Statement of compliance The fmancial statements have been prepared in acci)rdance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities prepartng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland {FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Compauies Act 2006. Basls of prepAratioD Grace Community Church (treland) 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 oth¢rwise stated in the relevant aGcounting policy notes. Going concern The trustees consider that there are no material uncertainties aEx)ut the charity's ability to continue a going concern nor any significant areas of uncertainty that affect th¢ Ing vaiue of assets held by the charity. Income and endowments All income is recognised on¢c the charity h&8 entitIem¢nt to the incom4 it is probable that th¢ income will be eived and the amount of the InMe receivable can be measwed reliably. Donadons and legacl Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject tri conditions that require a level of performance by the chlty before the charity 15 ¢ntitled to the fiJnd$, the in(x)me is deferred and not recognised until either those conditions are fijlly m¢L or the lfilment of those conditions is wholly within the control of the ckwity and it 15 probable that th¢s¢ conditions will be fulfilled tn the reEK>rtiThg period. Page 10
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2022 Grants recelvttble Grants are recognised when the charity has an entitlement to the fidS and any conditions linked to the grants have been met. Where perfornjance conditions are attached to the grant and are yet to be mel the income is recognis¢d AS a liability and included on the balan¢< sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar w5ts to that calegory. vlliere costs CaT0t be direthly attTibuted to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time speAL and depreciation Gharges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of slaff costs. Raisingfun These are costs incurred in attracting voluntary illcome, the management of investments and those inCued in trading activities that raise fLdS. Support C05t5 Support costs include central fictionS and hav¢ been allocated to activity cost categories on a ba515 ¢on515tent with the use of resources, for example, allocating property costs by floor areas, or per capit4 Staff costs by the time spent and ottjer costs by their usage. Governance Costs These include the costs attributabl¢ to the GharÉty's compliance with COnstitiOnal and stststory requirements. including audiL str&egi¢ m2nag¢ment and trustees meetings and reimburs¢d expenses. Government gr8Dts Government gTdnts are recognised based on the accTual rnod¢l and are me85ured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grdnts r¢laling to revenue are recognised in income over the period in which the related wsts are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relatin8 to an asset is deferre(l it is rewgnised 3s defeed income. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble company for UK corporation purw)ses. Accordingly. the charity is potentially exempt from t&xation in r¢speth of income or capital gains received within ¢atrgories covered by Chapter 3 Part I l of the Corporation Act 2010 or Section 256 of the Taxation of Chargeable Gairyts Act 1992, to the extent that such inrne or gains are applied exclusively to charitable purposes. Tangible flled assets Individual fLK¢d assets costing £0.00 or more are initially reGordcd at cosl less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depretiation and amortisBtioD Depreciation is provided on tangible fed assets so as to write off the cost or valuation, lass any estimated residual value, over their expected useful economic life &$ follows: Pagell
Grace Community Church relalld) Limited Notes to the Financial Ststements for the Year Ended 30 September 2022 Asset elass Furniture and equipment Depreciation method and rAte 20/0 straight line Trgde debtors Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recogni5¢d initially at the transaction price. They are subsequently measured at amortised ¢ost Using the etrective interest metho(L less provision for impaimient. A pmvision for the impairnient of trade debtors is established when there is objective evid¢nc¢ that the charity will not be able to ¢oll¢d all 8mounts due according to the original t¢rn]s of the receivables. Cash and cash equivalents Cash and cash equivalents ¢omprise cash on hand and call deposits. and other short-tern] higbly liquid investments tEI are readily wnv¢rtible to a known amount of cash and are subject to an insignificant risk of hange in value. Borrowings Interest-beariDg borrowings are initially rewrded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carrted at amortised c05t, with the difference between the PToceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense 15 recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are c12ssified as current liabilities unless the charity h&s an unconditional right to defcr settlement of the liability for at least twelve months aftcr the reporting date. Fund strncture Unrestricted inwme funds are general funds that are availabl¢ for use at the trustees discretion in filltherance of the objectives of the charity. 3 Income from donitions l¢gacie5 Unr&8trirted funds General Tot41 nds Donations and legacies. Donation5 from individuals Gift aid reclaimed Grants, including capital grants; Governrnent grants 36,660 1,069 36,660 1,069 11200 11,200 Tot41 for 2022 48,929 48.929 Total for2021 52,503 52,503 Page 12
Grace Commllnity Church Ureland) Limited Notes to the Financial Statements for the Year Ended 30 September 2022 4 Expenditure OJJ raising funds a) Costs of generatillE donxtions and legacies Unrestricted fund5 Genernl Total funds Note Donation5 maeting and publicity Depreciation. amortisation and other similar costs Allocated support costs 13,680 322 672 31.795 13,680 322 672 31,795 Total for 2022 46,469 46,469 Total for 2021 31,505 31.505 Tot91 costs 5 ExpeDditure on chlrfitsble adivitieg Unrestricted nds General Total funds Note Governance costs 789 789 Total for 2021 1,529 1.529 Total expenditsre In addition to the expenditure anysed above, there are also governance costs of £789 {2021- £1.529) wbich relate dtrectly to charitable activities. See note 6 for fjjrther details. Page 13
Grace Community Church Ureland) Limited Notes to the Financial Statements for the Year Ended 30 September 2022 6 Analysis of governante and support costs R4ising funds eipellditure Costs of generating donatious and legacies Unrestrfeted nds Gener41 Totsl funds Premises costs R¢pair5 and matntenance Office expenses Finan¢¢ Gharges Youth and events L¥)5t Other exoenses 16,283 ,653 492 308 5,3 12 747 16.283 8,653 492 308 5,312 747 Total for 2022 31,795 31,795 Total for2021 14,718 14,718 Governance costs Unrtstrirted fullds Gener81 Ttstsl funds Independent examiner fees Examination of the finan¢iat statements Legal fees 402 387 402 387 Total for 2022 789 789 Total for 2021 1,529 1,529 7 Taiatitsn The charity is a registered charity and is therefore exempt frotn taxation. Page 14
Grace Community Church (Ireland) Limited Notes to the Fillancial Statements for the Year Ended 30 September 2022 8 Tangible fixed ss$ets Fllrnltie And equipment Total Cost At l October 2021 Additions 2,012 3,184 2.012 3,184 At 30 Septemb¢r 2022 5.196 5,196 Depreciation At l October 2021 Charge for the year 560 672 560 672 At 30 September 2022 1232 1.232 Net book value At 30 September 2022 3,964 3,964 At 30 September 2021 1.452 1.452 9 Debtors 2022 2021 Other debtors 12.469 10 Cash And eash equivalents 2022 2021 C&8h at bank 20.406 9,210 11 Creditor5: amoullts falling due within ODe year 2022 2021 Accruals 942 1,374 Page 15
Grace Community Church re1alld) Limited Notes to the Financial Statements for the Year Ended 30 September 2022 12 Funds Balance at 30 September 2022 Balance at I October 2021 Resources eJpeuded resources Unrestricted funds General 21,757 48.929 (47,258) 23,428 Bslguce at30 September 2021 Balan¢e at I Oetober 2020 IDcoming resources Resouttes expended Unrestricted fllnds General 2,688 52.503 (33,034) 22,157 13 Analysis of net assets between funds Uurestrict¢d fiEnds Gener41 Total funds xt 30 September 2022 Tangible red &8sets Cuuent assets Current liabilities 3,964 20,406 (942) 20,406 (942) Total net assets 23.428 23,428 Unrestricted funds General Tot41 funds at 30 September 2021 Tangible fixed assets Current assets Cuent liabilities 1,852 21,679 (1,374) 22,157 1,852 21,679 (1.374) Total net assets 22.157 Page 16
Grace Community Church reland) Limited Notes to the Financial Statements for the Year Ended 30 September 2022 14 Analysis of net funds At30 September 2022 At l Ortobtr 2021 Cash at bank and in band 9,210 9,210 Net debt 9,210 9,210 At30 September 2021 At l October 2020 Cash at bank and in hand 3213 3,213 Net debt 3,213 3,213 Page 17