House of Prayer profits rise to €1.6m
New accounts show that revenues at Our Lady Queen of Peace House of Prayer (Achill) Ltd last year totalled €459,470.
This represented a 14% drop on the €534,432 revenues recorded in 2014 and contributed to profits at the company plummeting from €126,080 to €8,403.
The firm’s cash reserves decreased marginally from €237,093 to €230,082.
The House of Prayer was founded in 1993 by religious visionary Christina Gallagher and is part of a wider unofficial Catholic group.
The directors state that the principal activity of the company “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 that its work “is entirely of a private nature and carries no ecclesiastical approval whatever”.
In the firm’s directors’ report, they say 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.”
The directors state that the company “operates in the service sector and can be affected by factors outside its control such as consumer spending power”.
They state the company “faces competition from other organisations, however, the directors feel the steps they have taken will ensure the continued survival of the organisation”.
The firm’s revenues were last year made up of €378,745 in donations and €80,825 from the sales of religious objects. The loss takes account of non-cash depreciation costs totalling €44,367.
The book value of the firm’s land and buildings was €1.4m at the end of December last.
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 accounts state: “The directors have, through the company’s tax advisers, entered into negotiations with the revenue commissioners to have this matter resolved.”
The directors state that if the Revenue’s decision is not overturned, the company could be facing “a potential liability in the region of €125,000 before interest and penalties”.
The centre did not have anyone available to comment yesterday when contacted.
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