House of Prayer returns to profit as donations increase
The centre’s total income increased by 120%, from €242,908 to €534,432. Included in the revenue income is the sale of religious objects which increased marginally from €83,954 to €85,218.
During 2014, the centre spent €12,852 on the purchase of religious objects and this was a decrease on the spend of €15,446 in 2013.
The House of Prayer was founded by religious visionary, Christina Gallagher in 1993 and is part of a wider unofficial Catholic group.
The directors state that the principal activity of the firm “could be described as a place to establish, maintain and conduct a house of prayer”.
In 2008, the Archbishop of Tuam, Michael Neary, distanced the archdiocese from the House of Prayer, stating its work was “entirely of a private nature and carries no ecclesiastical approval whatever”.
In the firm’s directors’ report, they state that “in common with many companies operating in Ireland in this sector, the company is facing increasing difficulty in generating income due to the current economic difficulties”.
The report states: “The directors are of the opinion that the company is well positioned to manage these difficulties”.
Operating in the service sector, the company said it can be affected by factors outside its control such as consumer spending power.
It said it “faces competition from other organisations, however, the directors feel the steps they have taken will ensure the continued survival of the organisation”.
The losses, last year, take account of combined non-cash depreciation costs of €37,737. The book value of the firm’s land and buildings was €1.372m at the end of December last. The firm’s cash pile increased sharply from €57,013 to €237,093.
The members of the board are listed as Karla O’Kane, Bernice Marsh, Patrick Coleman, Josephine Butler, Marie Egan and Philomena Grenham.
The Revenue Commissioners stripped the company of its charitable status in 2006, therefore forcing the centre to treat all its donations as income.
The centre did not have anyone available to comment yesterday.
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