Icare Incorporated Directors, report and unaudited financial statements for the year ended 31 October 2023 Registration No: N1609582 {Northern Ireland) Charity No: xr36934
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Contents Page(s) Company information Strategic report Directors, report Accountants, report Statement of Financial Activities Statement of Financial Position Notes to the financial statements 10-14 fh.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page I Company Information Dirertors Accountants Gerald Mackle Mairead Mackle Caroline Rafferty ASM IMI Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt Registered Office Bankers Manor House Gate Lodge 3 Ballyards Road Milford Armagh Barclays Bank PIC Leicester Leicestershire rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 2 Strategic report The directors present their Strategic Report for the year ended 31 Ortober 2023. Principal artivities 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 posltion were considered sat15factory given the charitable objects of the Company. The dirertor5 expect that the current level of activity will be improved in the foreseeable future. The Statement of Financial Attivities shows no movement in restricted funds and a net decrease in unrestrirted funds of £13,477 Principal risk5 and uncertaintie5 The key business risks and uncertainties affecting the Company are securing grant funding and donations. The Companls 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 improved in the future, and it is the directors, intention to develop the present attivities of the Company. Approval The Strategic Report was approved by the Board of Directors on 18 October 2024 and signed on its behalf by: VMA£klG Mairead Mackle Director rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 3 Directors, report The directors present their report and the unaudited financial statements for the year ended 31 October 2023. Re5uIt5 The Statement of Financial Attivities for the year is set out on page 7. Directors The directors of the Company at 31 Ortober 2023, who have all been directors for the whole of the year ended on that date, are listed on page l. 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 5tatU5 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 govemance 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 £l.(M). The Company is registered with the HM Revenue & Customs as a charitable body for taxation purposes IHM Revenue & Customs Charity No. Kr369341. The Company was incorporated on 20 Ortober 2011 and its governing instruments are the Memorandum and Articles of Association. The address of the Companws registered office, which is also its principal address, is given on page l. Remunerdtion 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 Companvs financial statements have been presented in the format set out as best practice by the Statement of Recommended Practice I"SORWI "Accounting by Charities" Issued by the Charity Commissioner5 in England and Wales. rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 4 Directors, report {continued) The Statement of Financial Activities I"SOFA"I 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 CompanWs 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 CompanV5 charitable objects. Changes in fixed assets The movements in fixed assets during the year are Set out in note 10 to the financial statements. Reserves At 31 October 2023 the Company had net liabilities of £7,413 12022.. net assets of £6.0651. Directors, responsibilities ststement 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 Prartice Iunited Kingdom Accounting Standards and applicable lawl. Under company law the director5 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 or105s of the Company for that year. In preparing these financial statements, the directors are required to= select suitable accounting policies and then apply them consistently: make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures, disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting record5 that are sufficient to show and explain the Companws transactions and disc105e with reasonable accuracy at any time the financial p051tion 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. rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 5 Directors, report {continued) Special provisions relating to small sized companie5 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 18 October 2024 and signed on its behalf by.. v1ra VIIA£kl Mairead Mackle Director rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 6 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 Compan(5 Board of Director5, a5 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 Companrfs Board of Dirertor5 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 Direttors, 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 ethic31 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 2023 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 instrurted to carry out an audit of the financial ststements. For thi5 reason, we have not verified the accuracy or completeness of the accounting records or inforniation and explanations you have given to us and we do not, therefore. express any opinion on the financial statements. ASM IMI Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt 18 October 2024 rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 7 Statement of Financial Activities Notes Unre5trirted fvnds Restricted funds Total 2023 Total 2022 Incoming resources Donations Fund raising Total incoming resources 46,365 46,365 31,418 46,365 46,365 31,418 Resources expended Direct expenditure Management and administration Total re50urce5 expended 43,887 15.955 59.842 43.887 15.955 59,842 28,737 10,089 38,826 Net movement in funds 113,477} 113.477) 17,4081 Reconciliation of movement in funds At l November 2022 Net movement in funds for the year At 31 October 2023 6,065 113.4771 17,4131 6,065 113,4771 {7,413) 13,473 17,4081 6,065 14 Net rnovement in funds Fixed assets funded charitable expenditure Net movement in funds available for future activities 113.477} 113,4771 17,4081 via dirett 113,4771 113.477) 17,4081 All amounts above relate to the continuing operations of the Company. The notes on pages 10 to 14 form part of these financial statements rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 8 Statement of Financial Position Notes 2023 2022 Fixed asset5 Property. plant and equipment io 1,436 1.436 10,256 10,256 Current assets Trade receivables Cash at bank and in hand li 169 1.490 1,659 2,895 400 3,295 Creditors: amounts falling due within one year 12 9,811 6,512 Net current a55ets1lliabilities) (8,152} 13,2171 Total assets le55 current liabilitie5 (6,716} 7,039 Deferred income 13 697 974 Net assetsl(liabilitiesl (7,413> 6,065 Funds employed Unrestricted funds Restricted funds 14 14 (7.413} 6,065 (7,413} 6,065 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- the Company keeps accounting record5 which comply with Section 386 of the Companies Act 2006; and the financi31 statements give a true and fair view of the state of affair5 of the Company as at 31 October 2023 and of its loss for the year then ended in accordance with the requirements of Section 396, and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. These financial statements have been prepared in accordance wth 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 ofthese financial statements rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 9 Statement of Financial Position The financial statements on pages 7 to 14 were approved and authorised for issue by the Board of Directors on 18 October 2024 and were signed on its behalf by= VMALkl Mairead Mackle Director Registration Number: N1609582 rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 The notes on pages 10 to 14 form part of these financial statements Page 10 Notes to the financial statements l. Company Inforrnation Legal 5tatU5 Icare Incorporated 15 a private company limited by guarantee e5tabli5hed in Northern Ireland. Registration number and registered office The Companvs registered office address and registration number is set out on page l. Functional currency The financial statements are prepared in sterling (£1 which is the funLtional currency of the Company. Basis of preparation of financial statements Applicable legislation and accounting standard5 These financial statements have been prepared in accordance with= applicable UK accounting standards including Section IA of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland- the historical cost basis of accounting- and the Companie5 Act 2006. The financial statement5 have been prepared in accordance with the recommendation5 contained in Statement of Recommended Practice I"SORPI "Accounting by Charities" Going concern The Company made a loss during the year ended 31 October 2023 but at that date, the Company's assets exceeded its liabilities. After making enquirie5. the directors have a reasonable expectation that the Company has adequate resource5 to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements. 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. rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 11 Notes to the financial statements (continued) Principal accounting policies Propertyj 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 c05t of property, plant and equipment, less their estimated residual values, on a straight line basi5 over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows= Office equipment Fixtures & Fittings 25 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 reipt. 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. Analysis of total resources expended Staff costs Depreciation Other costs Total 2023 Total 2022 Direct charitable expenditure Management and administration 43,887 7,136 51,023 43,887 15,955 59,842 28,737 10,089 38,826 8,819 8,819 Direttors, emoluments and key management compensation No emoluments were paid to the directors during the year. The directors are the key management of the Company. rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 12 Notes to the financial statements (continued) Employee information The average number of persons (including executive directors) employed by the Company during the year was.. 2023 2022 Number Number y activity Administration 2023 2022 Staff costs (for the above persons) Wage5 and salaries Social security costs 13,364 13,364 Net movement in funds 2023 2022 Net movement in funds IS stated after charging: Depreciation charge for the year- Tangible owned fixed assets Accountants, remuneration 8.819 3.000 8,681 2,5LKJ 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 l November 2022 Additions Disposals At 31 October 2023 34,150 5,147 39,297 34,150 5,147 39,297 Accumulated depreciation At l November 2022 Charge for the year Disposals At 31 October 2023 24,895 8,532 4,146 287 29,041 8,819 33,427 4,434 29,041 Net book value At 31 October 2023 723 713 1,436 At 31 October 2022 9,255 I,ooi 10,256 rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 13 Notes to the financial statements (continued) 11. Trade receivables 2023 2022 Amounts fallingdue within oneyear Other debtors Owed by related undertakings Inote 181 2,895 169 169 2,895 Trade receivables are stated after provisions for impairment of £NIL12022- £NILI. 12. Creditors: amounts falling due within one year 2023 2022 Trade creditors Owed to directors Accruals 5,223 2,098 2,490 9,811 2,434 2,098 1,980 6,512 13. Accruals and deferred income Capitsl grants Total Cost At l November 2022 Additions Disposals At 31 October 2023 1,108 1,108 1,108 1,108 Amortisation At l November 2022 Charge for the year Disposals At 31 October 2023 134 277 134 277 411 411 Net book value At 31 October 2023 697 697 At 31 October 2022 974 974 rA,.ASM
Icare Intorporoted Unauditedfinancialstotement5Aor the year ended31 Ortober 2023 Page 14 Notes to the financial statements (continued) 14. Analysis of net assets between funds Unrestrirted funds Restricted funds Total 2023 Total 2022 Tangible fixed assets Net current assets/lliabilitiesl Long term liabilities Total net assetsllliabilitiesl 1.436 18,1521 16971 17,4131 IA36 18,152) 16971 17,4131 10,256 13,2171 19741 6,065 15. Contingent liabilities The Company had no contingent liabilities at 31 Ortober 2023 or at 31 October 2022. 16. Capital commitments There were no capital commitments at 31 October 2023 or at 31 October 2022. 17. Capitsl 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 contrarted 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 £l.(M). 18. Related party tran5artions The transactions during the year with related undertakings and the amounts owed by/ltol related undertakings at the start and end of the year are analysed as follows- Name of group undertaking Atl Loan Balance November adwdncesl written off 2022 (repayments) as exception Interest charged/ (credited) At31 October 2023 Other related undertakings Totsl 169 169 169 169 Interest has not been charged on outstanding amounts. 19. Approval of the financial statements The Board of Directors approved the financial statements for issue on 18 October 2024. rA,.ASM