| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Grace Generation |
| (A Company Limited by Guarantee) |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Grace Generation |
| (A Company Limited by Guarantee) |
| Grace Generation |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 15 |
| Grace Generation (Registered number: NI612550) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| This was our second year using the new premises, formerly 'The Coach' Nightclub, and our first year with the building being fully utilised. The buildings are now in a very usable state and accommodate the various Church Ministries and Community outreaches very well. |
| Church attendance on Sundays has grown steadily this year as has our fortnightly Connect Groups. |
| Our Youth and Children's work have also continued to flourish and grow. We are grateful to the leaders and volunteers who demonstrate a real heart to see the kids and young people flourish in faith and in life in general. |
| 'The StoreHouse' Foodbank and 'The Bridge Pantry' (Social Supermarket) continue to be busy and are supported by an excellent team of volunteers. Both the Foodbank and the Pantry are well supported by other churches, schools and businesses in the town and we are very grateful for their ongoing assistance. |
| The Foodbank and The Pantry continue to enjoy an excellent working relationship with both the other Foodbanks in the area and our local ABC Council. |
| Our Coffee House, called 'Cove & Co', opened in mid-April 2024 after considerable work had taken place to renovate and decorate the premises which sits on the main street and easily accessible for all. It is a wonderful space and has had great reviews since it opened. |
| In June, following a review of how we operate, a new leadership structure for Grace Generation was introduced on a rolling basis. This involved changes at Board level, various leadership roles and the introduction of an 'External Spiritual Oversight'. |
| Again, we have been blessed by God's amazing provision in every way. Having the larger premises has allowed the work to continue to grow and develop. Finances are in a healthy state and we are thankful for how God has blessed the work this past year. We look forward to the new season with expectation and faith, believing that God will continue to bless the ongoing work and ministries of Grace Generation. |
| Grace Generation (Registered number: NI612550) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| OBJECTIVES AND ACTIVITIES |
| Public benefit |
| 1) The advancement of the Christian religion by the proclamation and furtherance of the Gospel of God concerning His son Jesus Christ the Lord and preaching and teaching of the Word of God by the church in accordance with the Statement of Faith approved by the members from time to time. The direct benefit which flows from this purpose is that peoples lives will be changed for the better in terms of personal well being, having a sense of belonging and purpose in life. These benefits are evidenced through visible results of lives transformed and people living with purpose and destiny and finding areas to serve others. No harm or possibility of harm flows from this purpose. The charity's beneficiaries are all members of the general public from babies to children, youth and adults of all ages. There is no private benefit flowing from this purpose. |
| 2) The relief of any person who is in charitable need. The direct benefit which flows from this purpose is that people with physical, emotional and spiritual needs will be supported and given help. These benefits will be evidenced through practical help given and spiritual counsel offered resulting in improved circumstances and transformed lives. No harm or possibility of harm flows from this purpose. The charity's beneficiaries are all members of the general public from babies to children, youth and adults of all ages. There is no private benefit flowing from this purpose. |
| 3) The promotion of education for the public benefit. The direct benefit which flows from this purpose is improved knowledge and life skills from teaching the Word of God and biblical principles which affect all areas of life. These benefits will be evidenced through regular teaching at church and through our Evening College, resulting in individuals having improved knowledge and understanding of the Word of God and out working this in a practical way. No harm or possibility of harm flows from this purpose. The charity's beneficiaries are all aspects of the general public from babies to children, youth and adults of all ages. There is no private benefit flowing from this purpose. |
| 4) Such other charitable purposes as are recognised as such under the laws of Northern Ireland consistent with the object set out in purpose (1) above. The direct benefit which flows from this purpose is the provision to develop existing charitable purposes and also future charitable purposes which will benefit individuals resulting in transformed lives and the ability to further help those in need in our society and beyond. These benefits will be evidenced through new opportunities to reach out and help people in various forms of need, resulting in improved circumstances and transformed lives. No harm or possibility of harm flows from this purpose. The charity's beneficiaries are all members of the general public from babies to children, youth and adults of all ages. |
| The trustees confirm that they have complied with the duties to have regard to the Charity Commission Northern Ireland guidance on public benefit. |
| FINANCIAL REVIEW |
| Financial position |
| The charity has made a loss in the year of £7,459 (2023 Surplus of £26,127) on its unrestricted fund and a loss of £18,713 (2023 Surplus of £23,816) on its restricted funds. |
| Reserves policy |
| The unrestricted reserves of -£1,411 (2023 £6,048) are less than desired but deemed sufficient to meet the working capital requirements of the charity. The strategy is to build reserves through operating surpluses. The restricted building reserves of £22,881 (2023 £35,901) is to be used to purchase or renovate a property for the charity in the future while the restricted foodbank reserves of £31,897 (2023 £37,590) is to be used for providing a foodbank to the community. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Grace Generation (Registered number: NI612550) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Independent Examiner |
| Eunan Kerlin |
| KGA Accountants LLP |
| Building 2 |
| The Sidings |
| Antrim Road |
| Lisburn |
| Co. Antrim |
| BT28 3AJ |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Grace Generation |
| I report on the accounts of the company for the year ended 31 August 2024, which are set out on pages five to fifteen. |
| Respective responsibilities of charity trustees and examiner |
| As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. |
| Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: |
| - | examine the accounts under Section 65 of the Charities Act |
| - | follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act |
| - | state whether particular matters have come to my attention. |
| Basis of the independent examiner's 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 under Section 65(9)(b) of the Charities Act. The 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 explanations from you as charity trustees concerning any such matters. |
| My role is to state whether any material matters have come to my attention giving me cause to believe: |
| 1. | That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 |
| 2. | That the accounts do not accord with those accounting records |
| 3. | 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland |
| 4. | That there is further information needed for a proper understanding of the accounts to be reached. |
| Independent examiner's statement |
| I have completed my 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 Northern Ireland, I have found no matters that require drawing to your attention. |
| Eunan Kerlin |
| The 15. |
| KGA Accountants LLP |
| Building 2 |
| The Sidings |
| Antrim Road |
| Lisburn |
| Co. Antrim |
| BT28 3AJ |
| 21 May 2025 |
| Grace Generation |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| EXPENDITURE ON |
| Charitable activities | 4 |
| Accountancy fees | 1,116 | - | 1,116 | 2,734 |
| Ministry & support staff costs | 104,949 | - | 104,949 | 110,368 |
| Donations to missions & charities | 7,214 | - | 7,214 | 9,017 |
| Foodbank | - | 35,703 | 35,703 | 26,033 |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| Transfers between funds | 14 | 97 | (97 | ) | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | ( |
) | 79,539 |
| Grace Generation (Registered number: NI612550) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 | ( |
) | ( |
) | ( |
) | ( |
) |
| NET ASSETS | ( |
) |
| FUNDS | 14 |
| Unrestricted funds | ( |
) | 6,048 |
| Restricted funds | 73,491 |
| TOTAL FUNDS | 79,539 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| Grace Generation (Registered number: NI612550) |
| Balance Sheet - continued |
| 31 August 2024 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Grace Generation |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Grace Generation is a private company, limited by guarantee, registered in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The Company's registered number and registered office address can be found on the Company information page. |
| The financial statements are prepared in sterling the functional currency of the entity rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Fixtures and fittings | - |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. |
| 3. | DONATIONS AND LEGACIES |
| 2024 | 2023 |
| £ | £ |
| Donations |
| Gift aid |
| Foodbank |
| 4. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 5) | Totals |
| £ | £ | £ |
| Sisterhood | 249 | - | 249 |
| Compassion | 463 | - | 463 |
| Charitable events | 34,177 | - | 34,177 |
| Premises Costs | 54,640 | 486 | 55,126 |
| Repairs & Maintenance | 14 | - | 14 |
| Accountancy fees | - | 1,116 | 1,116 |
| Ministry & support staff costs | 104,949 | - | 104,949 |
| Donations to missions & charities | 7,214 | - | 7,214 |
| Foodbank | 35,703 | - | 35,703 |
| 237,409 | 1,602 | 239,011 |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | SUPPORT COSTS |
| Governance |
| costs |
| £ |
| Other resources expended | 817 |
| Premises Costs | 486 |
| Accountancy fees | 1,116 |
| 2,419 |
| 6. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Other operating leases | 4,801 | - |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| The total amount of remuneration received by trustees and the costs to the employer in the year was £13,441. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
| 8. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Staff |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 10. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Trade creditors |
| Social security and other taxes |
| Accruals and deferred income |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 13) |
| Other loans (see note 13) | 10,000 |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Other loans - 2-5 years |
| 14. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.9.23 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 6,048 | (7,556 | ) | 97 | (1,411 | ) |
| Restricted funds |
| Building Fund | 35,901 | (14,523 | ) | 1,503 | 22,881 |
| Foodbank | 37,590 | (4,093 | ) | (1,600 | ) | 31,897 |
| (18,616 | ) | ( |
) |
| TOTAL FUNDS | (26,172 | ) | 53,367 |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 180,316 | (187,872 | ) | (7,556 | ) |
| Restricted funds |
| Building Fund | 1,604 | (16,127 | ) | (14,523 | ) |
| Foodbank | 31,736 | (35,829 | ) | (4,093 | ) |
| ( |
) | (18,616 | ) |
| TOTAL FUNDS | ( |
) | (26,172 | ) |
| Comparatives for movement in funds |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (17,511 | ) | 26,127 | (2,568 | ) | 6,048 |
| Restricted funds |
| Building Fund | 27,344 | 1,203 | 7,354 | 35,901 |
| Foodbank | 19,763 | 22,613 | (4,786 | ) | 37,590 |
| 47,107 | 23,816 | 2,568 | 73,491 |
| TOTAL FUNDS | 29,596 | 49,943 | - | 79,539 |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 180,537 | (154,410 | ) | 26,127 |
| Restricted funds |
| Building Fund | 14,100 | (12,897 | ) | 1,203 |
| Foodbank | 43,860 | (21,247 | ) | 22,613 |
| 57,960 | (34,144 | ) | 23,816 |
| TOTAL FUNDS | 238,497 | (188,554 | ) | 49,943 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (17,511 | ) | 18,571 | (2,471 | ) | (1,411 | ) |
| Restricted funds |
| Building Fund | 27,344 | (13,320 | ) | 8,857 | 22,881 |
| Foodbank | 19,763 | 18,520 | (6,386 | ) | 31,897 |
| 47,107 | 5,200 | 2,471 | 54,778 |
| TOTAL FUNDS | 29,596 | 23,771 | - | 53,367 |
| Grace Generation |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 360,853 | (342,282 | ) | 18,571 |
| Restricted funds |
| Building Fund | 15,704 | (29,024 | ) | (13,320 | ) |
| Foodbank | 75,596 | (57,076 | ) | 18,520 |
| 91,300 | (86,100 | ) | 5,200 |
| TOTAL FUNDS | 452,153 | (428,382 | ) | 23,771 |
| 15. | RELATED PARTY DISCLOSURES |