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2020-10-31-accounts

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Icare Incorporated

Directors’ report and unaudited financial statements for the year ended 31 October 2020

Registration No: NI609582 (Northern Ireland)

Charity No: XT36934

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Contents

Page(s)
Company information 1
Strategic report 2
Directors’ report 3 – 5
Accountants’ report 6
Statement of Financial Activities 7
Statement of Financial Position 8 – 9
Notes to the financial statements 10 – 14

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Page 1

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Company Information

Directors

Accountants

Gerald Mackle Mairead Mackle Caroline Rafferty

ASM (M) Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt

Registered Office

Bankers

Manor House Gate Lodge 3 Ballyards Road Milford Armagh

Bank of Ireland (UK) Plc 11 Upper English Street Armagh

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Page 2

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Strategic report

The directors present their Strategic Report for the year ended 31 October 2020.

Principal activities

The principal activity of the Company is that of a charity whose aim is to raise funds to prevent and relieve poverty, promote social inclusion, equality and diversity for the public benefit raising the value of social care, and other charitable purposes which are beneficial to the community.

Review of activities and future developments

The results for the year are set out in the Statement of Financial Activities on page 7 and in the related notes.

Both the level of business and the year end financial position were considered satisfactory given the charitable objects of the Company. The directors expect that the current level of activity will be sustained for the foreseeable future.

The Statement of Financial Activities shows no movement in restricted funds and a net increase in unrestricted funds of £14,626.

Principal risks and uncertainties

The key business risks and uncertainties affecting the Company are securing grant funding and donations.

The Company’s management endeavour to mitigate these risks by implementing regular strategic and operational reviews.

Key performance indicators

The Company’s directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Financial risk management

The Company does not actively use financial instruments as part of its financial risk management.

The Company is not exposed to credit, liquidity or foreign exchange risk.

Future outlook

The directors are of the opinion that the current level of performance will be maintained in the future given the charitable objects of the Company, and it is the directors’ intention to develop the present activities of the Company.

Approval

The Strategic Report was approved by the Board of Directors on 11 June 2021 and signed on its behalf by:

Mairead Mackle Director

11 June 2021

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Page 3

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Directors' report

The directors present their report and the unaudited financial statements for the year ended 31 October 2020.

Results

The Statement of Financial Activities for the year is set out on page 7.

Directors

The directors of the Company at 31 October 2020, who have all been directors for the whole of the year ended on that date, are listed on page 1.

Financial Instruments and risk management

Information on the use of financial instruments by the Company and its management of financial risk are discussed in the Strategic Report.

Taxation status

The Company is a close company as defined by the provisions of the Income and Corporation Taxes Act 1988 and this position has not changed since the end of the financial year.

Corporate governance

Icare Incorporated is a company limited by guarantee and as such it does not have share capital.

Every director being a member undertakes to contribute to the assets of the Company, in the event of same being wound up while he is a member, or within one year after he ceases to be a member, for payment of debts and liabilities of the Company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1.00.

The Company is registered with the HM Revenue & Customs as a charitable body for taxation purposes (HM Revenue & Customs Charity No. XT36934). The Company was incorporated on 20 October 2011 and its governing instruments are the Memorandum and Articles of Association. The address of the Company’s registered office, which is also its principal address, is given on page 1.

Remuneration

The directors of the Company received no remuneration other than the reimbursement of out of pocket expenses.

Commentary on the financial statements

Financial statements presentation

The Company’s financial statements have been presented in the format set out as best practice by the Statement of Recommended Practice (“SORP”) “Accounting by Charities” issued by the Charity Commissioners in England and Wales.

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Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Page 4

Directors' report (continued)

The Statement of Financial Activities (“SOFA”) focuses on showing the total incoming resources, both revenue and capital, which have been made available to the Company during the year and the way in which those resources have been used, whether as direct charitable expenditure in carrying out and supporting the Company’s community driven activities, or in the management and administration of the Company itself. The SOFA also shows those incoming resources for the year received from sources which place restrictions on the way in which the Company can use the funds, and the level of incoming resources that can be used by the Company without restriction, within the Company’s charitable objects.

Changes in fixed assets

The movements in fixed assets during the year are set out in note 7 to the financial statements.

Reserves

At 31 October 2020 the Company had net assets of £18,900 (2019: £4,274).

Directors’ responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the Company and the profit or loss of the Company for that year.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Page 5

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Directors' report (continued)

Special provisions relating to small sized companies

This report has been prepared in accordance with the special provisions of Part XV of the Companies Act 2006 relating to small sized companies.

Approval

The Directors’ Report was approved by the Board of Directors on 11 June 2021 and signed on its behalf by:

Mairead Mackle Director

11 June 2021

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Page 6

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Chartered Accountants' report to the Board of Directors on the unaudited financial statements of Icare Incorporated

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006 we have compiled the financial statements of the Company which comprise the Statement of Financial Activities, the Statement of Financial Position and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the Company’s Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Board of Directors, as a body, for our work, or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position for the year ended 31 October 2020 your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

ASM (M) Ltd Chartered Accountants

The Diamond Centre Market Street Magherafelt

11 June 2021

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Icare Incorporated

Page 7

Unaudited financial statements for the year ended 31 October 2020

Statement of Financial Activities

Notes Unrestricted Restricted Total Total
funds funds 2020 2019
£ £ £ £
Incoming resources
Donations 924 - 924 16,686
Fund raising 65,713 - 65,713 67,110
Total incoming resources 1 66,637 - 66,637 83,796
Resources expended
Direct expenditure 39,764 - 39,764 70,599
Management and administration 12,247 - 12,247 11,392
Total resources expended 2 52,011 - 52,011 81,991
Net movement in funds 5 14,626 - 14,626 1,805
Reconciliation of movement in funds
At 1 November 2019 4,274 - 4,274 2,469
Net movement in funds for the year 10,352 - 10,352 1,805
At 31 October 2020 10 14,626 - 14,626 4,274
Net movement in funds 10,352 - 10,352 1,805
Fixed assets funded via direct charitable
expenditure - - - -
Net movement in funds available for
future activities 10,352 - 10,352 1,805

All amounts above relate to the continuing operations of the Company.

The notes on pages 10 to 14 form part of these financial statements

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Page 8

Icare Incorporated

Unaudited financial statements for the year ended 31 October 2020

Statement of Financial Position

Notes 2020 2019
£ £
Fixed assets
Property, plant and equipment 7 26,946 1,495
26,946 1,495
Current assets
Trade receivables 8 400 8,405
Cash at bank and in hand 1,864 38,815
2,264 47,220
Creditors: amounts falling due within one year 9 10,310 44,441
Net current assets/(liabilities) (8,046) 2,779
Total assets less current liabilities 18,900 4,274
Net assets/(liabilities) 18,900 4,274
Funds employed
Unrestricted funds 10 18,900 4,274
Restricted funds 10 - -
18,900 4,274

The directors have taken advantage of the exemption conferred by Section 477 of the Companies Act 2006 not to have these financial statements audited and confirm that no notice has been deposited under Article 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that:

These financial statements have been prepared in accordance with the special provisions of Part XV of the Companies Act 2006 relating to small sized companies.

The notes on pages 10 to 14 form part of these financial statements

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Page 9

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Statement of Financial Position

The financial statements on pages 7 to 14 were approved and authorised for issue by the Board of Directors on 11 June 2021 and were signed on its behalf by:

Mairead Mackle Director

Registration Number: NI609582

The notes on pages 10 to 14 form part of these financial statements

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Page 10

Notes to the financial statements

1. Company Information

Legal status

Icare Incorporated is a private company limited by guarantee established in Northern Ireland.

Registration number and registered office

The Company’s registered office address and registration number is set out on page 1.

Functional currency

The financial statements are prepared in sterling (£) which is the functional currency of the Company.

2. Basis of preparation of financial statements

Applicable legislation and accounting standards

These financial statements have been prepared in accordance with:

The financial statements have been prepared in accordance with the recommendations contained in Statement of Recommended Practice (“SORP) “Accounting by Charities”.

Going concern

The Company made a profit during the year ended 31 October 2020 and at that date, the Company’s assets exceeded its liabilities.

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

3. Judgement and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements used in the application of accounting policies

There were no critical judgements used in the application of accounting policies and the preparation of the financial statements.

Critical accounting estimates and assumptions

There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements.

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Page 11

Notes to the financial statements (continued)

4. Principal accounting policies

Property, plant and equipment

Property, plant and equipment are stated at purchase cost, net of depreciation and any provision for impairment.

Depreciation is calculated so as to write off the cost of property, plant and equipment, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

%
Office equipment 25
Fixtures & Fittings 25

Income

All incoming resources are recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt. When an incoming resource relating to a future accounting year is received , the amount is treated as deferred income and it is included within creditors in the Statement of Financial Position.

Exemption for qualifying entities under FRS 102

The Company is exempt from the requirements of FRS 102 to present a Statement of Cash Flows on the grounds that it is a small sized company.

5. Analysis of total resources expended

Staff costs Depreciation Other costs Total Total
2020 2019
£ £ £ £ £
Direct charitable expenditure - - 39,764 39,764 70,599
(Profit)/loss on disposal - - - - -
Management and administration - 8,699 3,548 12,247 11,392
- 8,699 43,312 52,011 81,991

6. Directors' emoluments and key management compensation

No emoluments were paid to the directors during the year. The directors are the key management of the Company.

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Page 12

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Notes to the financial statements (continued)

7. Employee information

The average number of persons (including executive directors) employed by the Company during the year was:

2020 2019
Number Number
By activity
Administration 3 3
3 3
2020 2019
£ £
Staff costs (for the above persons)
Wages and salaries - -
Social security costs - -
- -
8.
Net movement in funds
2020 2019
£ £
Net movement in funds is stated after charging:
Depreciation charge for the year:
Tangible owned fixed assets 8,699 998
Accountants’ remuneration - 1,400

8. Net movement in funds

9. Taxation

No provision for taxation is required as the Company has charitable status approved by HM Revenue & Customs.

10. Property, plant and equipment

Fixtures &
Fittings
Office
equipment
Total
£
Cost
At 1 November 2019 - 3,997 3,997
Additions 34,150 - 34,150
Disposals - - -
At 31 October 2020 34,150 3,997 38,147
Accumulated depreciation
At 1 November 2019 - 2,502 2,502
Charge for theyear 7,831 868 8,699
Disposals - - -
At 31 October 2020 7,831 3,370 11,201
Net book value
At 31 October 2020 26,319 627 26,946
At 31 October 2019 - 1,495 1,495

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Page 13

Icare Incorporated

Unaudited financial statements for the year ended 31 October 2020

Notes to the financial statements (continued)

11. Trade receivables

2020 2019
£ £
Amounts falling due within one year
Other debtors - 6,448
Prepayments - -
Owed by related undertakings (note 17) 400 1,957
400 8,405

Trade receivables are stated after provisions for impairment of £NIL (2019: £NIL).

12. Creditors: amounts falling due within one year

2020 2019
£ £
Trade creditors 6,143 1,240
Other creditors - 35,000
Bank overdraft - 331
Owed to directors 2,098 2,098
Accruals and deferred income 2,069 5,572
Owed to related undertakings (note 17) - 200
10,310 44,441
13. Analysis of net assets between funds
Unrestricted Restricted Total Total
funds funds 2020 2019
£ £ £
Tangible fixed assets 26,946 - 26,946 1,495
Net current assets/(liabilities) (8,046) - (8,046) 2,779
Long term liabilities - - - -
Total net assets/(liabilities) 18,900 - 18,900 4,274

13. Analysis of net assets between funds

14. Contingent liabilities

The Company had no contingent liabilities at 31 October 2020 or at 31 October 2019.

15. Capital commitments

There were no capital commitments at 31 October 2020 or at 31 October 2019.

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Page 14

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Notes to the financial statements (continued)

16. Capital

The Company is a company limited by guarantee and as such it does not have share capital.

Every director being a member undertakes to contribute to the assets of the Company, in the event of same being wound up while he is a member, or within one year after he ceases to be a member, for payment of debts and liabilities of the Company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1.00.

17. Related party transactions

The transactions during the year with related undertakings and the amounts owed by/(to) related undertakings at the start and end of the year are analysed as follows:

Name of group undertaking At 1 Loan Balance Interest At 31
November advances/ written off charged/ October
2019 (repayments) as exception (credited) 2020
£ £ £ £ £
Other related undertakings 1,757 (1,357) - - 400
Total 1,757 (1,357) - - 400

Interest has not been charged on outstanding amounts.

18. Ultimate controlling party

The Company is controlled by the Directors.

19. Approval of the financial statements

The Board of Directors approved the financial statements for issue on 11 June 2021.

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

The following schedules do not form part of the unaudited financial statements of the Company

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Schedule (ii)

Icare Incorporated

Unaudited financial statements for the year ended 31 October 2020

Incoming resources

Unrestricted Restricted Total Total
funds funds 2020 2019
£ £ £ £
Other income
Donations 924 - 924 16,686
Fund raising 65,713 - 65,713 66,270
Night at the dogs - - - 840
66,637 66,637 83,796
Total incoming resources 66,637 66,637 83,796

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Schedule (ii)

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Direct expenditure

Unrestricted Restricted Total Total
funds funds 2020 2019
£ £ £ £
Direct costs
Santa Gatelodge expenses 38,726 - 38,726 39,322
Decorations - - - 398
Donations - - - 2,508
Icare wish - - - 28,166
Jacket and hoodies 484 - 484 -
Fees 554 - 554 205
Total direct costs 39,764 - 39,764 70,599
Total resources expended 39,764 - 39,764 70,599

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Schedule (iii)

Icare Incorporated

Unaudited financial statements for the year ended 31 October 2020

Management and administration expenditure

Unrestricted Restricted Total Total
funds funds 2020 2019
£ £ £ £
Other costs
Telephone - - - (78)
Computer expenses 826 - 826 1,678
Heat and light 779 - 779 2,237
Repairs 132 - 132 -
Marketing and advertising 968 - 968 395
Accountancy - - - 1,380
Printing, postage and stationery - - - 1,471
Insurance 824 - 824 815
General expenses (116) - (116) 777
Professional fees - - - 126
Cleaning - - - 1,458
Water rates 135 - 135 135
Total other costs 3,548 - 3,548 10,394
Depreciation
Property, plant and equipment 8,699 - 8,699 998
Total depreciation 8,699 - 8,699 998
Total resources expended 12,247 - 12,247 11,392

DocuSign Envelope ID: 7E8D6F7C-7903-48BE-9CF5-6EE4BDC3082F

Schedule (iv)

Icare Incorporated Unaudited financial statements for the year ended 31 October 2020

Analysis of director’s loan account

2020
£
At 1 November 2019 (2,098)
Movement -
At 31 October 2020 (2,098)