THE directors of the company that operates the House of Prayer on Achill Island in Co Mayo said they have taken steps to ensure its survival.
The directors of Our Lady Queen of Peace House of Prayer (Achill) Ltd made the statement after revenues and cash profits halved last year.
Accounts filed with the Companies’ Office show that the religious retreat centre had accumulated profits of €1.69 million at the end of December last.
The House of Prayer was founded by religious visionary Christina Gallagher in 1993. The company’s directors said its main activity "could be described as a place, to establish, maintain and conduct a house of prayer".
Revenues from donations and the sales of religious objects almost topped €340,000 last year.
In 2008, the Archbishop of Tuam, Michael Neary, distanced the archdiocese from the House of Prayer, saying its work "is entirely of a private nature and carries no ecclesiastical approval whatever".
In 2006, the Revenue Commissioners stripped the company of charitable status and if the decision is not overturned, the company faces a potential tax liability of €125,000 before interest and penalties.
The figures for 2010 show revenues dropped by 45% from €626,282 to €339,345. Revenues for 2010 are for a nine-month period and those for 2009 are for a full year.
The directors said the current economic difficulties were making it difficult to generate revenue but that the business was "well positioned to manage these difficulties".
Donations fell 37% last year from €335,498 to €210,007, with revenues from the sales of religious objects down 54% from €285,576 to €129,338.
The company recorded a cash profit of €29,892 last year.
Accounts filed with the Companies’ Office show that the religious retreat centre had accumulated profits of €1.69 million at the end of December last.
The House of Prayer was founded by religious visionary Christina Gallagher in 1993. The company’s directors said its main activity "could be described as a place, to establish, maintain and conduct a house of prayer".
Revenues from donations and the sales of religious objects almost topped €340,000 last year.
In 2008, the Archbishop of Tuam, Michael Neary, distanced the archdiocese from the House of Prayer, saying its work "is entirely of a private nature and carries no ecclesiastical approval whatever".
In 2006, the Revenue Commissioners stripped the company of charitable status and if the decision is not overturned, the company faces a potential tax liability of €125,000 before interest and penalties.
The figures for 2010 show revenues dropped by 45% from €626,282 to €339,345. Revenues for 2010 are for a nine-month period and those for 2009 are for a full year.
The directors said the current economic difficulties were making it difficult to generate revenue but that the business was "well positioned to manage these difficulties".
Donations fell 37% last year from €335,498 to €210,007, with revenues from the sales of religious objects down 54% from €285,576 to €129,338.
The company recorded a cash profit of €29,892 last year.
However, after the non-cash depreciation cost of €63,180 is taken into account, it made a pre-tax loss of €33,288.