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