Company registration number: N1650199 Chartty Tegistration number: 107784 Grace Community Church (Ireland) Limited (A MpanY limited by guarantee) Annual Rep)rt and Financial Ststements for the Year Ended 30 September 2023 Thomas Oliver and Associates Limited Certified Public AGcountant l Moygashel Mills Park Dungamnon Co Tyrone BT717DH
Grydce Community Church (Ireland) Limited Contents Reference and Administrative Details Trustee5' Report 2to5 Independent Examinevs Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financia] Ststements IOto17
Grdee Community Church (Ireland) Limited Reference and Administrative Details Charity Registration Number 107784 Company Rtgistratlon Number N1650199 The charity is incorporated in Northern Ireland. l Blenheim Court Richhill Arnlagh BT619JH Registered Office Accountsnts Thomas Oliver and Associates Limited Certified Public Accountant l Moyg&8hel Mills Park Dungannon Co Tyron¢ BT717DH Page I
Grace Community Cbureb Ureland) Limited Trustees, Report The trustees. who aTr directors for the purposes of cornpany law, PTesent the ar]nuaI report together wtth the fmancial statements of the eharitable MpanY for the year ended 30 September 2023. Objectives and aetivities Objeds ond aiv The charitable purtx)se of Grace Community Church Ureland) Limited is the advancement of the Christian religion for the benefit of the public in the area of benefiL The principal fiCtiOn is to relieve th¢ proverty and the advancement of education and to provide fa¢ilities in the interest of welfare with the object of improving the conditions of life for said inh3bitsnts. Public benefit The direct benefits flowing from advancement of religion include holding weekly church services, mid week gatheriThgs and Small groups which are open to anyone. A direct benefit comes from providing facilities at a community hub in Riclthill. This con]munity space is place for diifferent groups in the COuUllity to meeL Trustees and officers The trustees and offi¢er5 serving during the year and since the year end wer¢ as follows: Trustees.. Mr Neil Dawson Mr David Allan McBride Mr Neville William Garland The trustees meet regularly to di5CUS5 the broad strategy of the charity. Ob'ectives and Activiti The principal activities of the charity are to 5UPPOrt and facilitate the Church, raise awareness and understanding of Evangelical Christian beliefs and prnctices. Cary out missionary and outreach work within the community served by the church as well as holding regular public worship services in the context of the Church. Our olCe and administrative addres5 is l Blenheim Court, Richhill BT619JQ. The main activity of our charity tak¢5 place at The Hub, Richhill. We have been leasing this building since Nov¢mber 2019. The facilities at The Hub allow the charity to hold weekly church services, mid week services and youth clubs. The building is aIso available for community use and is cuThently used by a speech and drama group, a group for those with additional needs and for group community meetings. Page 2
Grace Community Church (Ireland) Limited Tru5t¢es' Report Finances Funds are raised by way of contributions, donations, grants and any other lawful method towards the aims of the Charity. Church attendees give financially on a weekly or monthly basis either in ¢a5h or online. For those eligible, we are able to claim gift aid on their donations. We have also be able to obtain grants for the youth work we do and a grant towards building renovations This has allowed us to continue giving funds to th¢ charitable projects we have chosen while still covering the w5ts of leasing and running the Hub. The charity endeavours to keep a prudent amount in reserve for the cash flow purposes but most funds are spent in the short tem. Cbildren and Youth Club Since September,2021 we have been running weekIy youth clubs for pritnary 6 and 7 and one for 1st to 3rd years. Across the two pro8Tams we have around 140 children and young people registered. This is also the second year we have run a community week called I Heart Richhill with a week long progrdm for children and young people. We have two days of community projects where we do litter picks to clean up th¢ village, a orning club for primary aged children and evening youth club for high school aged young people. A new weekly group has stsrted for parents and preschooler5. There is a play space and activtti&8 provided for the children. tea 2nd coffee is provided for the adults. We have opened a community prayer space in a small porta¢abin in the grounds of theHub. Prayer is an integ part of the charity SQ it Wds Ymportant for a space to be created to facilitate thi5 and that will be space for the whole cornmunity. Going forward the space wiii be used to host monthly prayer days. prayer evmt5 and availabl¢ to those within our communoity to want to make us¢ of IL Future Plan Community engagement has continued to increa8e from last year and the charity feels it is important to keep focusing funds in the are4 irnproving the existing programs and developing new programs. The Hub building is limited in space and this can be challenging for the needs of our church. We are lookin8 into other building possibilities within the village. Structure? governance and mauageDJellt Nature ofgoverning docupnent The charity is a company limited by 8uardtitee, governed by its Memorandum and Articles of Association. It has been granted charitable slaS by The Charities Comrnission for Northern Ireland under registration number NOC107784. Financial instruments Objeclives andpolicial The charity's activities expose it to a number of financial rtsks including credit risK cash flow risk and liquidity risk. The use of financial derivatives is governed by th¢ charity's policies approved by the board of tstee5, which provide WTitten principles on the tL8e of financia] derivatives to manage these risks. The charity does not Use derivative fuwi¢ial knstruments for Speculative puw)ses. Page 3
Grace Community Church Ureland) Limited Trustees, Report Credil risk The charity's principal fllwiciaI assets are bank balaThces and cath. trade and other e1VableS, and investtnents. The charity's credit risk is primarily attributsble to its trade receivables. The amounts presented in the balanGe sheet are net of allowances for doubtful receivables. An allowance for impairnient is made where th¢Te is an identified loss event Hthich, b&sed on previous experience, is evidence of a reduction in the recoverability of the h flows. The ¢redit risk on liquid funds and derivative financial instnllnents is limited because the counterparti&8 are banks with high credit-ratings assigned by international ¢redit-rnting agencies. *J• The charity has no significant nCentratIOn of credit risk, with exposure spread over a large number of counlerparties and Customers. Llquidty rLsk In order to maintsin liquidity to ensure that sufficient funds are available for ongoing operdtions and developrnents. the charity uses a mixture of long-terni and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. StatemeDt of trustees, respollsibilities The trustees (who are also the directors of Grace Community Cburch Ilreland) Limited for the purposes of mpany law) are responsible for preparing the trustees, report and the fm3ncial ststements in accordance with applicable law and United Kin8dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland" Company law requtres the tnteeS to prepare fmancial staternents for each financial ye. Under company law the tnJst¢es must not approve the financial statements unless they are satisfied that give a tTue and fair view of the state of affair5 of the dwitsble company and of the inc4>ming resources and appIltion of resources, including its income and expenditEwe, of the charitabl¢ Company for that period. In prq)aring these fmancial statements. the trustees are required to: selert suitable accounting policies and apply them consistently. observe the methods and principle5 in the Charities SORTr. nke judgements and estimates that are re&80nable and prudent" state whether applicable accounting standards, Comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial $tstements' and prepare the financial statements on the going concern b&8is unless it is inappropriate to PTesume that th¢ charitabl¢ company wtll La)ntinue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the fuwlcial position of tbe charitable company and enable th¢m to ensure that the fmancial statements comply with the Companies A¢t 2006. They are also responsible for safegu8Tding the &sets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Pa8¢ 4
L'èiiiiiiuiiily C.'hur&FI (lYelAiid) l.liiiited 'r¥¥tei:M' l<¢port rrf Ilie inx1nlo.ii iiiid inti'yity vl. the orJiP)Tal¢ anil fiiiall¥ial IjiribT 411al4Eiiys kb&il£. IR£,i31silioii ¥OVtsriiiiig lh¢ pwugtlou 41." I r4 v¢d by th¢lNalK,g of th¢ tib&ity oft18 Juh¢ 2024 ii"Atd 115 tl¥'i141fb..: I¢L
Grace Community Church reland) Limited Independent Examiner's Report to the trllstees of Grace CoD]munity Church Ureland) Limited ('the Company,) I report to tbe charity trustees on my examination of the ¢{)unts of the Company for the year ended 30 September 2023. Respective respollsibiiitie5 of trustees and examiner As the charity'5 trustees of Grace Community Church (Ireland) Limited (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in a¢eordance with the requirements of the Charities Act (Northem Ireland) 2008. Having satisfied myself that the acUnts of Gra¢e Community Church (Ireland) Limited are not required to be audited under sertion 65 of Charities Act (Northern) Ireland 2008 and tbat an independent examination is needed. It is my responsibility to:. - exarnine the accounts under section 65 of the Charities Act - to follow the pro¢¢dure5 laid do in the general Directions given by the Charity Commission for Northern ITetand under section 65 (9)(b) of the Charities Act - to state whether particular matters have come to my attention Basis of Independent Examiners, Report I have examined your charity aceounts as required under section 65 of th¢ Charities Act and my examination wa5 caled out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities ACL An examination included a review of the accounting records kept by the charity ond a comparison of the accounts presented Hith those records. It also included considerdtion of any unusual items or dis¢losur¢s in the accounts, and 5¢eking expalnation5 from the trustees concerning any such matters.. l ¢onfimi th&t no matters have come to my attention in ¢onn¢¢tion viith the examination giving me cause to belicv¢: l. That accounting re¢ords wer¢ not kept in respect of Grace Community Chwch (Ireland) Limited required by section 63 of the Charities Act. or 2. That the accounts do not acrd with thos¢ rec4)rds' or 3. That the accounts do not comply with the accounting requirements of the Charities ACL 4. That there is Sjrther infonnation needed for a proper understandtng of the accounts tobe reathed. IndepelldeDt Examfiner's Statement I have wmpleted my examination and have no concerns in respect of th¢ matter (l) to (4) listed above and in connections with the following directions of the Charity Commission for Northern treland, I have found no matters that r¢quire drawing to your attention Associates Limited ertified Public Accountant 18 June 2024 Pagc 6
Grace Community Church (Ireland) Limited Statement of Financial Activities for the Year Ended 30 September 2023 (Including Income and Expenditure Account and StatemeDt of Total Recognised Gains and Losses) Unrestrittrd Totsl 2023 Note Income xnd EndOY1tnts from: Donations and legacies 52.765 52.765 Totai incA)rne 52,765 52,765 Expenditure on: Raising funds Charitable activities (42,952) (1.228) (42,952) (1.228) Total expenditure (44,180) 44,180) Net income 8.585 8.585 Net movement in funds 8,585 8,585 Retoneiliation of funds Total funds brought fon¥ard 23,828 23,828 Totai fimds carrted forward li 32,413 Unrestricted funds 32,413 Total 2022 Not¢ Income 8nd Endovrnents from: Donations and legacies Total incorne 48,929 48,929 48,929 48,929 Expendsthre on: Raising fidS Charitable activities {46,469) (789) (46,469) (789) Total expenditure 47,258 (47,258 Net income 1,671 1,671 Net movement in fimds 1,671 1,671 RecoDciliatioD of ndS Total funds brought forward 22,157 22,157 Total funds Caled forward li 23,828 23,828 All of the charity's activities dertve from continuing operations during the above tsvo periods. Th¢ fimds breakdown for 2022 is shown in note 11. The notes on pages 10 to 17 form an integral part of the5¢ financi statements. Page 7
Grace Cowiifruulty C'h4rth (Irelaud) Limlt (Kegistralivii iiiiii1lr. NIfjs0199) Btslakncr Sheet #s at 30 S¢piuber 2023 2023 N(te 4sstls T#ng&bl# CMrreHI •is¢li C&4h &1 burnk Olld in httaa SlJ7 4J64 26,716 20.406 io 942 2A716 32.413 9$5ets 23,8?8 Fundi oTthe ¢barfty: V¥rstrS¢led roads 33.415 32AI3 23,828 21828 f4Fhds li [>or tha fin)n¢ial ytar 30 SttpLenth¢r 2023 Ihc %harity was ¢nlltlcd to ¢xempfioll fmm audft undr 477•1th¢ Comp¥M¢s Acl 2(K16 rol&tityg to 8EnaU ¢¢)mpalllcs. ThC.a5¢rn baye wl rwuircd ths clwity lo obt¥in uudil Dr Its acM'uaty fox th¢ y£ar in I AccordAnc¢.with scctiou 476; The (firtLtorn ackn(pwledg¢ th¢ir r¢s$¥bl(l for o)Mptyins with thè rwulrnnents ofihe Ala rospcct to ¢¢4ohti and th#pr4PirbtioD ofacwuats. 7 ¢0 17 wcr¢ approvc41 by th¢ tr, aud tbrlsyutt vn 18 Jwitt 2fj24 #od sign MrNe Illc VIIIT 'IGMo&Y 1010 17 fomi o£thts¢ fiitanoibl fjialtanf)ttts,
Grnce Community Cburcb (Ireland) Limited Statement of Cash Flows for the Year Ended 30 September 2023 Z023 2022 Nots C95h floivs from operating activities Net cash income 8,585 1,671 Adjustments to cash flows from non-casb items Depreciation 1,244 672 9,829 2,343 Working capitsl adjustments Decrease in debtors Decr¢as¢ in creditors 12,469 (432) io (942 Net cash fIows from operating activities 8,887 14,380 Casb flows from investkng activities Purchase of tangible fixed assets (2.517) (3,184) Net increase in cash and cash equivalents Cash and c8sh equivalents l October 6.370 11,196 20,406 9.210 Cth and cash equivalents at 30 September 26,776 20.406 All of the ¢ash flows are derived from continuing operations during the above two periods. The notes on pa8es 10 to 17 fr>rni an intesrnl part of th¢s¢ financial statem¢nts. Page 9
Grace Community Church reland) Limited Notes to tbe Financial Statements for the Year Ended 30 September 2023 I Charity status The charity is limited by guarantee. incortKyrated in Northern Irelanl and consequently does not have share capitsl. Each of the trustees is liabl¢ to contribute an amount not exceeding £Nil towards the assets of th¢ charity in the event of liquidation. The address of its registered office 15: l Blenheim Court Richhill Amagh BT619JH These fllwicial statements were authorised for issue by the trustees on 18 June 2024. 2 Aetounthig polieies Summary of5igDificant accountillE policles and key atcounting estimytes The principal accounting w)licies applied in the preparation of these financial statements are set out below. These policies have been consistentty applied to ail the year5 presented, unless otherwise stated. Statement of eomplianee The f]nancial statements have been prepared in accordance with Accounting and Reporting by Charities.. Ststemenl of Recommended Pr&ctsce (applicable to clwities preparing their aoUnts in accordamce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) 2nd the Companies Act 2006. B#si5 of prep2rgtion Grace Community Church (Ireland) Limited meets the defmition of a public benefit entity undw FRS 102. Assets and liabilities are initially recogtkised at historical cost or transaction value unless otherwise stated in the relevant acwunting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue &8 a going ¢xincern nor any significant areas of uncertainty that affect the cwing value of ass¢ts held by the charity. Income and endowments All income is recognised once the charity has entitlement to the income, tt is probable that the income will be received and the amount of the income receivable can be meLsured reliably. Donations and legacl Donations are reCOlSed when the charity ha5 been notified In writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfomwice by the charity before the charity is entitled to th¢ fijnds, the income is deferred and not recognised until cith¢r those conditions are fjjlly met. or the lfilment of those conditions 15 wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 10
Grace Community Church (Ireland) Limited Notes to the FiDancial Statements for the Year Ended 30 September 2023 Grants receivoble Grants are recognised when the charity has an ¢ntitl¢rnent to the fimds and any conditions linked to the grants have been met. Where perforniance conditions are attached to the grant and are yet to be mel the in(x)me is recognised as a liability and included on the balance sheet &8 defetred income to be released. Expenditure All expendibjre is re¢oEnised once there is a legal or constructive obligation to that expenditure. it is probable s¢ttlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headtngs they have been allocated on a basis consistenl with the use of resources, with central staff costs allocated on the basis of time spenL 2nd depreciation charge5 allocated on the portion of thc wet's use. Other support costs are allocated based on the spread of staff costs. Raisingfunds These are costs incued in attracting voluntary income, the management of investments and those Incued in trading activities that raise funds. Support costs Support costs include central fijnctions and have been allocated to activity cost categories on a basis consistent with the use of re50urces, for example, allocating property costs by flrjor area5, or per capit4 staff costs by the time spent and other costs by their usag¢. Governonce costs These include the costs attributable to the charity's compliance with constitutional and ststhtory rquirements, including audiL strat¢gi¢ n]anagement and tntstee5 meetings and reimbursed expenses. Governmeknt grants Government grants are recognised based on the accrual model and are measured at the fair va]ue of the asset re1ved or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in incorne over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected 8eful life of the &sseL Where part of a grant relatin8 to an asset is deferred, it is recognised &$ deferred income. TatiO The ckLarity is COD5idered to pass the tests set out in Pardgrnph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a tharitable company for UK CQTpofdtion tax purposes. Accordingly, the harity is Potentially exempt from taxation in respect of income or capital gain5 received within categories covered by Chaptsr 3 Part I l of the Corporation T&x Act 2010 or Sertion 256 of the Taxation of Chargeable Gatns Act 1992, to the extent that su¢h income or gains are applied exclusively to charÉtable purposes. Tangible fixed assets Individual fLxed assets costing £0.00 or more are initially recorded at cos¢ les5 any 5ub5equent accumulated depreciation and subsequent accumulated impainnent losses. Depreciation and 4JJJortisation Depreciation is provided on tangible fixed assets so to NNTite off the cost or valuation, l&%s any estimated residual value, over their expe¢ted useful economic life as follows: Page 11
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ellded 30 September 2023 Asset class Furnittwe and equipment Depreciation method And rxte 20 /0 straight line C&sh and tash equivalents Cash and cash equivaIents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Interest-bearing boowing3 are initially recorded at fair value, net of transaction costs. Interest-bearing bOrrong5 are subsquendy caTried at amortised cosl with the difference between the proceeds, net of transaction costs. and the amount due on redemption being recoguised as a charge to the Statement of Financial Activtties over the period of the relevant borrowing. Interest expense is recogtlised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowin85 are classified as current liabilitie5 unless the charity has aTh un¢onditional right to def¢r settl¢ment of the liability for at least twelve months after the Teporting date. Fund structure Unrestricted income ftjnds are general funds that are available for use at the trustces disrtion in furtheranG¢ of the objectives of the charity. 3 Income from donlltions and legaclts Unrestricted nds General Total fidS Donations and legacies. Donation5 from individuals Grants, including capital grants. Governtnent grdnts 42.385 42.385 10,380 10,380 Total for 2023 52.765 52,765 Total for 2022 48.929 48.929 Pagc 12
Grace Community Church Ureland) Limited Notes to the Financial Ststements for the Year Ended 30 September 2023 4 Expenditure oll raising funds a) Costs of generating donations and legatie Unrestricted Dds G¢Der41 Totsl funds Nots Donations Marketing and publicity Depreciation, amortisation and other similar costs Allocated supp)rt costs 13.660 loo 1,244 27,948 13,660 loo 1,244 27,948 Total for 2023 42,952 42,952 Total for 2022 46,469 46,469 Total eosts 5 Expenditure on th*ritable activities Unrestricted funds General Totsl nds Note Governance costs 1,228 1,228 Total for 2022 789 789 Total expenditsre In addition to the expenditure analysed above, there are also governance costs of £1228 {2022 - £789) which relate directly to charitable activities. See note 6 for further details. Page 13
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2023 6 Allalysis of governanee and support ¢05tS Rgising fullds expenditure Costs of gellerating dollations and It¢1¢$ Unrestricted funds General Totsl funds Total for 2022 31.795 31.795 Governance Costs Unrestricted funds General Totsl funds Independent examiner fees Examination of the fu]allcial statements Legal fees Other governance costs 822 405 822 405 Total for 2023 1,228 1,228 Total for 2022 789 789 7 Tax4tion The tharity is a Tegistered charity and is therefore exempt from tsxation. Page 14
Grace Community Church re1alld) Limited Notes to the Financial Statements for the Year Ended 30 September 2023 8 Tangible fixed assets Furnlture and equipment Totsl Cost At l October 2022 Additions 5,596 2,517 5.596 2,517 At 30 September 2023 8,113 8.113 Depreciatio At l October 2022 Cbarge for the year 1232 1244 1,232 At 30 September 2023 2.476 2,476 Net book value At 30 September 2023 5,637 5.637 AI 30 September 2022 4,364 4,364 9 Casb ¥nd easb equfvalents 2023 2022 Cash at bank 26,776 20,406 10 Creditors: Amounts f4lling due within one year 2023 2022 Accruals 942 Pag¢ 15
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2023 11 Funds Balance at 30 September 2023 Balance at I October 2022 Incoming reSOIErces Resources expended Unrestricted funds General 23.828 52,765 (44.180) 32,413 Balance at 30 September 2022 Balance at I October 2021 Incoming resource5 Resour¢ expended Unrestrieted fid5 General 22,157 48,929 (47,258) 23,828 12 Analysis of net assets between fuDds Unrestricted funds General Total funds at 30 September 2023 Tangible fixed assets Current Sets 5.637 26.776 5,637 26,776 Total net assets 32,413 32,413 Unrestricted futtds General Total funds at 30 September 2022 Tangible fixed assets Current assets Current liabilities 4,364 20.406 942 4,364 20.406 942) Total n¢t assets 23.828 23,828 Page 16
Grace Community Chureh Oreland) Limited Notes to the Financial Statements for the Year Ended 30 September 2023 13 Analysis of net fuDds At30 September 2023 At l October 2022 Cash at bank and in hand 20,406 20.406 Net debt 20,406 20,406 At30 September 2022 At l October 2021 Cash &t bank and in hand 9210 9,210 Net debt 9210 9.210 Page 17