Company registration number.. N1650199 Charity registration number.. 107784 Grace Community Church (Ireland) Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2024 Thomas Oliver and Associates Limited Certified Public Accountant l Moygashel Mi115 Park Dungannon Co Tyrone BT717DH
Grace Community Church (Ireland) Limited Contents Reference and Administrative Details Trustees, Report 2to5 Independent Examiner's Report 6t07 Statement of FiT]ancial Activities 8t09 Balance Sheet io Notes to the Financial Stat¢rnents 11 to 17
Grace Community Church (Ireland) Limited Reference and Administrative Details Charity Registration Number 107784 Company Registration Number N1650199 The charity is incorporated in Northern Yreland. l Blenheim Court Richhill Arniagh BT619JH Registered Office Accountants Thomas Oliver and Associates Limited Certified Public Accountant l Moygash¢l Mills Park Dungannon Co Tyrone BT717DH Page I
Grace Community Church (Ireland) Limited Trustees, Report Th¢ trustees. who are directors for the pUoseS of company law. present the annual report together with the financial statements of the charttable company for the year ended 30 September 2024. Objectives and activitie$ Objects and aipns The charitable purpose 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 nctIOn is to relieve the provety and the advancernent of education and to provide facilitie5 in the interest of welfare with the object of improving the conditions of life for said inhabitants. Publlc benefil 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 conununity hub in Richhill. This community space is a place for diifferent groups in the community to meet. Trustees and ol¢erS The trustees and officers serving during the year and since the year end were as follows: Trnstees: Mr Neil Dawson Mr David Allan McBride Mr Neville William Garland The trustees meet regularly to discuss the broad strategy of the charity. Ob'ectives and Activities The principal activities of the charity are to support and facilitate the Church, raise awareness and understanding of Evangelical Christian beliefs and practices. 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. Head uarters Our office and administrative address is l Blenheim Court, Richhill BT61 9JQ. The main activity of our charity takes place ai The Hub, Richhill. We have been leasing thts building since November 2019. The facilities at The Hub allow the charity to hold weekly church services, mid week service5 and youth clubs. The building is also available for community use and is CuentlY used by a speech and drama group, a group for those with additiOT]al needs and for group community meetings. 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 airns of the charity. Church attendees give financially on a iveekly or monthly basis either in cash or online. For those eligible we are able to clatm gifted on their donations. We have also been able to obtain grdnts for the youth work we do and a grant towards buildino renovations. This has all0'¢d us to continue giving ndS to the charitable projects we have chosen while still covering the cost of leasing and running the hub. The charity endeavours to keep a prudent amount in reserve for cash flow purposes but most funds are spent in the short tenn. ChildTen and Youth Since September, 2021 we have been running weekly youth clubs for primary 6 and 7 and one for I st to 3rd years. Across the two programs we have around 150 children and young people registered. This is also the third year we have run a community week called l Heart Richhill with a week lono program for children and young people. We have two days of community projects where we do litter pt¢ks to clean up the village, a morning club for primary aged children and evening youth club for high school aged young people. The weekly parent and toddler group is continuing and has good engagement from the community. There is a play space and activities provided for the children, tea and coffee is provided for the adults. One Sunday mornings we have a weekly preschool program. a bi-monthly Sunday school program for primary I I st years and a monthly breakfast club for high schoolers. Pra ers ace Last year we opened a community prayer space in a small portacabln in the grounds of the Hub. Prayer is an integral part of the charity and we have seen people frorn our community engaging in the use of this space. We will continue to use this space to host monthly prayer days, prayer events and is available to those within our community to want to make use of it. We hope to increase the use of it in the next year and have more engagement from the local community. Future Plans Cornmunity engagement has continued to increase from last year and the charity feels it is important to keep focusing funds in the aTea. improving the existincr PTograms and developing new prograrns. The Hub building is limited in space and this can be challenging for the needs of our church. We are still looking into other building possibilities within the village. We are also hoping to develop the outside space we have including Create and open outdoor room for young people to use during the week as well as making use of it for our community programs. Strueture? governanee and management Nature ofgoverning document The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. It has been granted charitable status by The Charities Commission for Northern Ireland under registration number NOC107784. Page 3
Grace Community Church (Ireland) Limited Trustees, Report Financial instruments Objectives andpolicies The charity's activities expose it to a number of financial risks including credit risk. ¢&sh flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The Charity does not use derivative financial instruments for speculative purposes. Credit risk The charity's Principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impaimient is made where there is an identified loss event which. based on previous experience. is evidence of a reduction in the recoverability of the cash flows. The credit Tisk on liquid funds and derivative financial instruments is limited because the CoUnteartIeS are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant conc¢ntration of credit risk, with exposure spread over a large number of counterparties and customers. Liquidity risk In order to maintain liquidity to ensure that su1Clent funds are available for onooing operations and future developments, the charity uses a mixture of long-term and short-tenn debt finance. Further detai15 regarding liquidity risk can be found in the Statement of accounting policie5 in the financial statements. Staternent of trustees, responsibilities The trnstees (who are also the dir¢¢tors of Grace Community Church (Ireland) Limited for the purpos¢s of company law) are responsible for PTeparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accountino Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. 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 charitable company and of the incoming Tesources and application of resources, including its income and expenditure, of the charitable cornpany for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are re&sonable and prudent- state whether applicable accountinu standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unles5 it is inappropriate to presume that the charitable company will continue in business. Page 4
Grace Comrnunity Church (Ireland) Limited Trustees, Report The trustees are responsible for keeping proper accounting records that can disclose with reasonabl¢ accuracy at any time the financial position of th¢ charitable company and enabl¢ them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detectton of fraud and other irregularities. The trustees are responsible for the rnaintenance and integrity of the corporate and financial inforniation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The arUal report was approved by the tnjstees of the charity on 19 June 2025 and signed on its behalf by.. e William Garland Trustee Page 5
Grace Community Church (Ireland) Limited Independent Examiner's Report to the trustees of Grace Community Church (Ireland) Limited {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the yeaT ended 30 September 2024. Respective responsibilities of trustees and examiner As the charity's 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 accordance with the requirements of the Charities Act (Northern Treland) 2008. Having satisfied myself that the accounts of Grace Community Church (Ireland) Limited are not required to be audited under section 65 of Charities Act (Northern) Ireland 2008 and that an independent examination is needed. It is my responsibility to'.- examin¢ the accounts under section 65 of the Charitie5 Act to follow the procedures laid down in the general Directions given by the Charity Comrnission for Northern Ireland 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 accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland undeT section 65(9)(b) of the Charities Act. An examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts. and seeking expalnations from the tStee$ concernino any such matters.. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe.. l. That accounting records were not kept in respect of Grace Comrnunity Church (Ireland) Limited as required by section 63 of the Charities Act. or 2. That the accounts do not accord with those records. or 3. That the accounts do not comply with the accounting requirements of the Charities Act. 4. That there is further inforniation needed for a proper understanding of the accounts tobe reached. Page 6
Grace Conimunity Church (Ireland) Limited Independent Examiner's Report to the trustees of Grace Community Church Ureland) Limited ('the Company,) Independent Examiner's Statement I have completed my examination and have no concerns in respect of the matter (l) to (4) listed above and in Connections with the following directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention Iver and Associates Limited Certified Public Accountant 19 June 2025 Page 7
Grace Community Church (Ireland) Limited Statement of Financial Activities for the Year Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Note Income and Endowments from: Donations and legacies Other trading activities 59,306 908 59,306 908 Total income 60,214 60,214 Expenditure on: Raising funds Charitable activities (48,046) {1,244) (48,046) {1,244) Total expenditure (49.290) (49,290) Net income 10,924 10,924 Net movement in funds 10,924 10,924 Reconciliation of funds Total funds brought forward Total funds carried fonvard 32,413 32,413 43,337 Unrestricted funds 43.337 Total 2023 Note Income and Endowments from: Donations and lecracies 52.765 52,765 Total income 52,765 52,765 Expenditure on: Raisino 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 Reconciliation of funds Total funds brought forward Total funds carried forward 23,828 23,828 32,413 32,413 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages I I to 17 forn] an integral part of these financial statements. Page 8
Grace Community Church Ureland) Limited Statement of Financial Activities for the Year Ended 30 September 2024 (Including Ineome and Expenditure Account and Statement of Total Recognised Gains and Losses) The funds breakdown for 2023 is shown in note I l. The notes on pages I I to 17 form an integral part of these financial statements. Page 9
Grace Community Church (Ireland) Limited (Registration number: N1650199) Balance Sheet as at 30 September 2024 20?4 2023 Note Fixed assets Tangible assets 4.713 5,637 Current assets Cash at bank and in hand 10 38,624 26,776 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds 43,337 32,413 Total funds 43,337 32.41) For the financial yeaT ending 30 September 2024 the charity was entitled to exernption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of its accounts foT the year tn question in accordance with section 476,. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The fiT]ancial statements on page5 8 to 17 were approved by the trustees, and authorised for issue on 19 June 2025 and Signed on th beh f by.. le ivilliam Garland Trustee The notes on pages I I to 17 forn] an integral part of these financial statements. Page 10
Grace Community Church Ureland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 I Charity status The charity is lirnited by guarantee, incorporated in Northern Ireland, and consequently does not have share Capital. Each of the trnstees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its registered office is.. l Blenheim Court Ri¢hhil Annagh BT619JH These financial statements were authorised for issue by the trustees on 19 June 2025. 2 Accounting policies Summary of significant accounting polieies aJ)d key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless othen¥ise stated. Statetnent of compliance The financial stateTnents have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice (applicable to charities preparing theiT accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)) (issued tn October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Grace Community Church (Ireland) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any siunificant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption from preparing a cash flow statement The charity Opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial Statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will b¢ received and the amount of the tncome receivable can be rneasured reliably. Page I
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Donalions t7nd legacies Donations are Tecognised when the charity has 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 perforniaTtce by the charity before the charity is entitled to the funds, the income is defeed and not recognised until either those conditions are fully met, or the Ifilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions Itnked to the grants have been met. Where perfonnance conditions are attached to the grant and are yet to be met, the incorne is recognised as a liability and included on the balance sheet as deferred incorne 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 Costs to that catetsory. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basi5 of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raisingfunds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Support costs Support costs include central functions and have been allocated to activity cost cateoorie5 on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees rneetings and reirnbursed expenses. Government grants Government grants are recognised based on the accrual Tnodel and are measured at the fair value of the asset received or receivable. Grants are classified a5 relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recogni5ed as deferred income. Page 12
Grace Community Church Ureland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 201 O and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £100.00 or rnore are initially recorded at cost, less any subsequent accumulated depreciation and subsequent a¢curnulated impainnent losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful econornic life as follows.. Asset class Fumiture and equipment Depreciation method and rate 20 % straight line Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi hiJo Jly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of chancre in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Inter¢st-bearing borrowings are subseqtsently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of FiT)ancial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are cla55ifTed as curyent liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve rnonlh5 after the reporting date. Fund structure UnTestricted income funds are general funds that are available for use at the trustees discretion in fjjrtherance of the objectives of the charity. Page 13
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 3 Incolne from donations and legacies Unrestricted funds General Total funds Donations and legacies. Donations from individuals Grants, including capital grants- Grants from other charities 56.027 56,027 3.279 3,279 Total for 2024 59,306 59.306 Total for 2023 52,765 4 Income from other trading aetivities Unrestricted funds General Total funds Events income- Other events income 908 908 Total for 2024 908 908 5 Expenditure on raising funds Allocated support costs Total costs Costs of generating donations and legacies Total for 2024 48,046 48,046 48,046 48,046 Total for 2023 42,952 42,952 6 Expenditure on eharitable activitR¢s Totsl expenditure In addition to the expenditure analysed above, there are also governance costs of £1.244 (2023 £1,228) which relate dir¢¢tly to charitabl¢ activities. See note 7 for further details. Page 14
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 7 Analysis of governance and suppor¢ costs Support costs allocated to raising funds Finance costs Information Administration technology costs Total funds Basis of allocation Costs of generating donations and legacies 356 75 32,696 33.127 Total for 2024 356 75 32,696 33,127 Total for 2023 393 181 27,474 28,048 Governance costs Unrestricted funds Ceneral Total funds Independent examiner fees Examination of the financial statements Legal fees 774 470 774 470 Total for 2024 1,244 1,244 Total for 2023 1,228 1,228 8 Taxation The charity is a registered charity and is therefore exempt from taxation. Page 15
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 9 Tangible fixed assets Furniture and equipment Total Cost At l October 2023 Additions 8,113 766 8.113 766 At 30 September 2024 8,879 8.879 Depreciation At l October 2023 Charge for the year At JO Septernber 2024 2.476 1,690 2,476 1,690 4,166 4,166 Net book value At 30 September 2024 4.713 4,713 At 30 Septernber 2023 5,637 5,637 10 Cash and cash equivalents 2024 2023 Cash at bank 38,624 26,776 I l Funds Balance at 30 September 2024 Balance at I October 2023 IncomRng resour¢¢s Resources expended Unrestricted funds General 60,214 (49,290) Balance at 30 September 2023 Balance at I October 2022 Incoming resources Resources expended Unrestrieted funds General 23,828 52,765 (44,180) 32,413 Page 16
Grace Community Church (Ireland) Limited Notes to the Financial Statements for the Year Ended 30 September 2024 12 Analysis of net assets b¢tTrveen funds Unrestricted funds General Total funds at 30 September 2024 Tantsible fixed assets Current assets 4.713 38,624 4,713 38,624 Total net assets 43,337 Unrestricted funds General Total funds at 30 September 2023 Tangible fixed assets Current assets 5,637 26,776 5,637 26.776 Total net assets 32,413 32,413 13 Analy515 of net funds At30 September 2024 At l October 2023 Financing cash flow5 Cash at bank and in hartd 26,776 11,848 38,624 Net debt 26,776 1.848 38,624 At30 September 2023 At l October 2022 Financing cash flows Cash at bank and in hand 20,405 6.371 26,776 Net debt 20.405 6,371 26,776 Page 17