## **Icare Incorporated**
**Annual report and unaudited financial statements for the year ended 31 October 2025**
**Registration No: NI609582 (Northern Ireland)**
**Charity Registration No: XT36934**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Contents**
||**Page (s)**|
|---|---|
|Charity Information|1|
|Strategic Report|2 - 3|
|Directors’ Report|4 - 5|
|Independent Accountants' Report|6|
|Statement of Financial Activities|7|
|Statement of Comprehensive Income|8|
|Statement of Financial Position|9|
|Notes to the financial statements|10 – 17|
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**Page 1**
## **Charity Information**
## **Directors**
## **Accountants**
Gerald Mackle ASM (M) Ltd Mairead Mackle Chartered Accountants Caroline Rafferty The Diamond Centre Market Street Magherafelt
## **Registered Office**
## **Bankers**
Manor House Gate Lodge Barclays Bank Plc 3 Ballyards Road Leicester Milford
## **Registration Number**
## **Charity Registration Number**
NI609582 (Northern Ireland) XT36934
**Page 2**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Strategic Report**
The Directors present their Strategic Report for the year ended 31 October 2025.
## **Principal activities**
The Charity 's principal activities are 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 chartiable 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.
## **Future outlook**
The future developments in the Charity ’s activities are discussed in the Directors' Report.
## **Grant making policy**
The Charity seeks applications for grants and other forms of assistance from various parties in the local area and proposals are reviewed and assessed in detail and approved by the Board of Directors.
## **Reserves Policy**
The Directors have reviewed the Charity 's requirements for reserves in conjunction with their analysis of the main risks for the Charity.
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 improved in the foreseeable future. The Directors recognise the requirement to build up reserves over the next few years.
The level and nature of expenditure has been analysed and an assessment made as to how reductions can be made if the need arises. This policy is reviewed annually by the Board of Directors.
## **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.
## **Principal risks and uncertainities**
The principal risks and uncertainties affecting the Charity are securing grant funding and donations.
The Charity ’s management endeavours to mitigate these risks by implementing regular strategic and operational reviews.
## **Key performance indicators**
The Charity 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 Charity ’s operations expose it to a variety of financial risks that are analysed under separate subheadings below.
The Charity has a risk management programme in place that seeks to limit the adverse effects of these risks on the financial performance of the Charity.
## **Credit risk**
The Charity does not sell on credit and consequently does not have any credit risk.
## **Financial instruments**
The Charity does not actively use financial instruments as part of its financial risk management.
## **Liquidity risk**
The Charity maintains a mixture of long term and short term debt finance that is designed to ensure that the Charity has sufficient available funds for current operations and planned expansions.
## **Foreign exchange risk**
The Charity 's principal operating currency is sterling (£).
The Charity does not have any material transactions in foreign currencies.
The Charity does not have any material exposure to foreign exchange risk.
**Page 3**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Strategic Report**
## **Approval**
This Strategic Report was approved by the Board of Directors on 28 May 2026 and signed on its behalf by:
## **Mairead Mackle**
## **Director**
**Page 4**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Directors’ Report**
The Directors present their report and the unaudited financial statements for the year ended 31 October 2025.
## **Results**
The Statement of Financial Activities for the year ended 31 October 2025 is set out on page 7.
## **Performance review**
Both the year end financial position and the financial performance for the year were as expected.
## **Future outlook**
The Directors expect that the Charity 's financial performance and financial position will improve in the near future.
## **Directors**
The directors of the Charity at 31 October 2025, who have all been directors for the whole of the year ended on that date, are listed on page 1.
## **Dividends and transfers to reserves**
The Directors do not recommend the payment of a dividend in respect of the year ended 31 October 2025.
The result for the year has been charged to reserves.
## **Financial instruments and risk management**
Information on the use of financial instruments by the Charity and its management of financial risk are discussed in the Strategic Report.
## **Taxation status**
The Charity is registered with HMRC as a Charity under reference XT36934.
## **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.
## **Changes in fixed assets**
The movements in fixed assets during the year are set out in note 14 to the financial statements.
## **Research and development**
The Charity does not have any material research and development activities.
## **Events after the reporting date**
There were no material events after the year end that require disclosure in the financial statements.
## **Employees**
The Charity ’s policy is to consult and discuss with employees where appropriate matters likely to affect employees’ interests.
## **Disabled persons**
The Charity ’s policy is to recruit disabled workers for those vacancies that they are able to fill and all necessary assistance with initial training courses is provided. Arrangements are made, whenever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
## **Political donations**
The Charity did not make any political donations during the year or in the preceding year.
## **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.
**Page 5**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Directors’ Report**
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 UK Generally Accepted Accounting Practice (UK 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 affairs of the Charity and the profit or loss of the Charity for that financial 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 Charity will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity ’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Accounting records**
The measures taken by the Directors to secure compliance with the requirements of Section 386 to Section 389 of the Companies Act 2006, with regard to keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems. The Charity’s accounting records are maintained at Manor House Gate Lodge, 3 Ballyards Road, Milford, Co Armagh.
## **Provisions relating to the preparation of the financial statements**
This report has been prepared in accordance with the provisions of the Companies Act 2006 relating to micro sized companies.
## **Approval**
This Directors’ Report was approved by the Board of Directors on 28 May 2026 and signed on its behalf by:
## **Mairead Mackle**
## **Director**
**Page 6**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Independent Accountants’ report to the Trustees 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 Charity for the year ended 31 October 2025 which comprise the Income Statement of Financial Activities, the Statement of Comprehensive Income, 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 Charity’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 Charity ’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 Charity and the Charity’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 2025 your duty to ensure that the Charity 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 Charity 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**
**28 May 2026**
**Page 7**
## **Icare Incorporated - Financial statements for the year ended 31 October 2025 Statement of Financial Activities**
|**Note**
**Incoming Resources**
Trading Income
Trading revenue
Trading costs|**Unrestricted Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|**Restricted Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|**Endowment Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|**Total**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|Total
31 October
2024
(12 months)
£
-
-|
|---|---|---|---|---|---|
|Net Trading Income
Voluntary income
7|**-**
**39,161**|**-**
**-**|**-**
**-**|**-**
**39,161**|-
48,337|
|**Total incoming resources**|**39,161**|**-**|**-**|**39,161**|48,337|
|**Resources Expended**||||||
|Charitable activities
Governance
Management and administration
8|**48,278**
**4,480**|**-**
**-**|**-**
**-**|**48,278**
**4,480**|29,547
4,377|
||**52,758**
**45**|**-**
**-**|**-**
**-**|**52,758**
**45**|33,924
594|
|**Total resources expended**
9|**52,803**|**-**|**-**|**52,803**|34,518|
|||||||
||**(13,642)**|**-**|**-**|**(13,642)**|13,819|
|Amortisation of property, plant and equipment|**(288)**|**-**|**-**|**(288)**|(1,012)|
|Deferred income/capital grant amortisation|**277**|**-**|**-**|**277**|277|
|**Net resources for the year before interest payable**|**(13,653)**|**-**|**-**|**(13,653)**|13,084|
|Interest payable
11|**-**|**-**|**-**|**-**|-|
|**Net resources for the year before taxation**|**(13,653)**|**-**|**-**|**(13,653)**|13,084|
|Taxation
12|**-**|**-**|**-**|**-**|-|
|**Net resources for the year**|**(13,653)**|**-**|**-**|**(13,653)**|13,084|
The notes on pages 10 to 17 form part of these financial statements
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**Page 8**
## **Statement of Comprehensive Income**
|**Note**|**Unrestricted Funds**
**£**|**Restricted Funds**
**£**|**Endowment Funds**
**£**|**Total**
**£**|
|---|---|---|---|---|
|At 1 November 2023
Total comprehensive Income for the year
At 31 October 2024
Total comprehensive Income for the year
**At 31 October 2025**|(7,413)
13,084|-
-|-
-|**(7,413)**
**13,084**|
||5,671
(13,653)|-
-|-
-|**5,671**
**(13,653)**|
||**(7,982)**|**-**|**-**|**(7,982)**|
All amounts above relate to continuing operations of the Charity .
The notes on pages 10 to 17 form part of these financial statements
**Page 9**
## **Icare Incorporated - Financial statements for the year ended 31 October 2025**
## **Statement of Financial Position**
|**Note**
**Fixed assets**
Property, plant and equipment
14
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
15
**Net current assets**
**Total assets less current liabilities**
Provisions for liabilities
16
Deferred income
17
**Net assets/(liabilities)**
**Capital and reserves**
Unrestricted reserves
Restricted reserves
**Total capital and reserves**|**31 October**
31 October
**2025**
2024
**£**
£
**136**
424
**136**
424
**1,136**
14,365
**1,136**
14,365
**9,111**
8,698
**(7,975)**
5,667
**(7,839)**
6,091
**-**
-
**143**
420
**143**
420
**(7,982)**
5,671
**(7,982)**
5,671
**-**
-
**(7,982)**
5,671|
|---|---|
The Charity has taken advantage of the exemption provided for under Section 477 of the Companies Act 2006 not to have these financial statements audited, and has done so on the grounds that the conditions specified in Section 477 of the Companies Act 2006 are satisfied.
The Charity 's shareholders have not served a notice on the Charity under Section 476(1) in accordance with Section 476(2) of the Companies Act 2006.
The Directors acknowledge the Charity ’s obligations under the Companies Act 2006 to keep adequate accounting records and prepare financial statements which give a true and fair view of the assets, liabilities and financial position of the Charity at the end of each period of account and of its profit or loss for each period of account, and otherwise comply with the requirements of the Companies Act 2006 relating to financial statements so far as they are applicable to the Charity.
The financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and the provisions of Part 15 of the Companies Act 2006 relating to small sized companies.
The financial statements on pages 7 to 17 were approved and authorised for issue by the Board of Directors on 28 May 2026 and were signed on its behalf by:
## **Mairead Mackle**
## **Director**
## **Registration Number: NI609582 (Northern Ireland)**
## **Charity Registration Number: XT36934**
The notes on pages 10 to 17 form part of these financial statements
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**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 Charity ’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 Charity .
## **2. Basis of preparation of financial statements**
## **Applicable legislation and accounting standards**
These financial statements have been prepared in accordance with:
- (i) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102));
- (ii) applicable UK accounting standards including FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime in the UK and Republic of Ireland;
- (iii) the historical cost basis of accounting; and
- (iv) the Companies Act 2006.
## **Going concern**
The Charity made a deficit during the year ended 31 October 2025 and, at that date, the Charity's liabilities exceeded its assets.
After making enquiries the Charity 's directors consider there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and accordingly have prepared the financial statements on the going concern basis.
## **Funds**
The Charity has various types of funds for which it is responsible and which require separate disclosure. These are as follows:
- (i) **restricted funds** : income which is earmarked by the donor for specific purposes. Such purposes are within the overall aims of the organisation;
- (ii) **unrestricted funds** : funds which are expendable at the discretion of the Directors in furtherance of the objects of the Company. In addition to expenditure on transport provision, such funds may be held in order to finance capital investment and working capital; and
- (iii) **endowment funds** : funds which comprise of unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
## **Management and administration costs**
Costs that relate to the costs of running the Charity , such as the costs of meetings, audit and statutory compliance and any costs which cannot be specifically identified to another expenditure classification, are separately disclosed as management and administration costs.
## **3. Judgements 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**
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**Page 11**
## **Notes to the financial statements**
There were no critical accounting estimates or assumptions used in the application of accounting policies and the preparation of the financial statements.
## **4. Principal accounting policies**
## **Property, plant and equipment**
Plant and other equipment is stated at purchase cost, net of depreciation and any provision for impairment.
The carrying value of plant and equipment is reviewed for impairment in each acounting period if events or changes in circumstances indicate the carrying value may not be recoverable.
Depreciation is calculated to write off the cost of plant and equipment, less any estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates and bases used for this purpose are as follows:
|**Asset category**|**Basis of amortisation**|**%**|**Basis of amortisation**|**%**|
|---|---|---|---|---|
|Office equipment|Straight Line|0.00%|Straight Line|25.00%|
|Fixtures and Fittings|Straight Line|0.00%|Straight Line|25.00%|
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**Page 12**
## **Notes to the financial statements**
## **Turnover**
Turnover represents the value of goods sold and services provided in the normal course of business, exclusive of Value Added Tax and after deducting trade discounts and rebates.
Revenue is recognised when it is probable that economic benefits will flow to the Company and the amount of revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable.
## **Investment Income**
Income from deposits is included, together with any related tax credit, in the Income Statement on an accruals basis.
## **Foreign Currencies**
Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
At the end of each financial accounting period assets and liabilities denominated in foreign currencies are translated into Sterling at the exchange rates ruling at that date and all exchange differences are taken to the Income Statement.
## **Financial Instruments**
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**Page 13**
## **Notes to the financial statements**
## **Government Grants**
Grants that relate to specific capital expenditure are treated as deferred income which is then credited to the Income Statement over the useful life of the related asset.
Revenue grants are credited to the Income Statement in the same period as the related expenditure is incurred.
## **Research and Development**
Research expenditure is written off to the Income Statement in the period in which it is incurred.
Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects, in which case the expenditure is deferred and amortised over the period during which the Charity is expected to benefit.
## **Deferred taxation**
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
## **Cash Flow Presentation Exemption**
The Company has taken advantage of the exemption from the requirements of FRS 105 to present a Statement of Cash Flows on the grounds that it is a micro sized company.
## **5. Directors’ emoluments and key management compensation**
## **Directors’ remuneration**
|Aggregrate emoluments|**31 October**
31 October
**2025**
2024
**(12 months)**
(12 months)
**£**
£
**-**
-|
|---|---|
||**-**
-|
## **Key management remuneration**
The Directors are the key management of the Charity .
## **6. Employee information**
The average number of persons (including executive Directors) employed by the Charity during the year was:
|**Total employees**|**31 October**
31 October
**2025**
2024
**(12 months)**
(12 months)
**Number**
Number
**3**
3|
|---|---|
|||
**Icare Incorporated - Financial statements for the year ended 31 October 2025 Notes to the financial statements**
**Page 14**
and their emoluments were:
|**Staff costs (for the persons above)**
Gross wages and salaries
Employer's social security costs||**31 October**
31 October
**2025**
2024
**(12 months)**
(12 months)
**£**
£|
|---|---|---|
|||**-**
-
**-**
-|
|||**-**
-|
||||
## **7. Voluntary income**
|Donations
Other voluntary income|**Unrestricted**
**Funds**
**31 October**
**2025**
**(12 months)**
**£**
**22,000**
**17,161**|**Restricted**
**Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|**Endowment**
**Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|**Total**
**31 October**
**2025**
**(12 months)**
**£**
**22,000**
**17,161**|Total
31 October
2024
(12 months)
£
24,000
24,337|
|---|---|---|---|---|---|
||**39,161**|**-**|**-**|**39,161**|48,337|
|**8.**
**Management and administration**||||||
|Management & administration|**Unrestricted**
**Funds**
**31 October**
**2025**
**(12 months)**
**£**
**45**|**Restricted**
**Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**|**Endowment**
**Funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**|**Total**
**31 October**
**2025**
**(12 months)**
**£**
**45**|Total
31 October
2024
(12 months)
£
594|
||**45**|**-**|**-**|**45**|594|
## **8. Management and administration**
## **9. Analysis of total resources expended**
|Direct expenditure
Support costs|**Trading**
**activities**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**-**|**Charitable**
**activities**
**31 October**
**2025**
**(12 months)**
**£**
**48,278**
**41**|**Raising funds**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**2**|**Governance**
**31 October**
**2025**
**(12 months)**
**£**
**4,480**
**-**|**Investment**
**management**
**31 October**
**2025**
**(12 months)**
**£**
**-**
**2**|**Total**
**31 October**
**2025**
**(12 months)**
**£**
**52,758**
**45**|Total
31 October
2024
(12 months)
£
**33,924**
**594**|
|---|---|---|---|---|---|---|---|
||**-**|**48,319**|**2**|**4,480**|**2**|**52,803**|34,518|
**Icare Incorporated - Financial statements for the year ended 31 October 2025 Notes to the financial statements**
**Page 15**
## **10. Net Resources**
|**Unrestricted Funds**
**31 October**
**2025**
**(12 months)**
**£**
**Net resources for the year before interest payable is stated after charging:**|**Unrestricted Funds**
**31 October**
**2025**
**(12 months)**
**£**
**Net resources for the year before interest payable is stated after charging:**|**Restricted Funds**
**31 October**
**2025**
**(12 months)**
**£**|**Endowment Funds**
**31 October**
**2025**
**(12 months)**
**£**|**Total**
**31 October**
**2025**
**(12 months)**
**£**|Total
31 October
2024
(12 months)
£|
|---|---|---|---|---|---|
|Accountants' fees:||||||
|Accounts preparation
Other services|**3,186**
**-**|**-**
**-**|**-**
**-**|**3,186**
**-**|2,970
169|
|Depreciation charge for the year:||||||
|Owned fixed assets -property,plant and equipment|**288**|**-**|**-**|**288**|1,012|
|**And after crediting:**
Capital grant amortisation
VoluntaryIncome|**277**
**39,161**|**-**
**-**|**-**
**-**|**277**
**39,161**|277
48,337|
## **11. Interest payable and similar charges**
|**Interest payable on bank loans and overdrafts:**
Repayable within fiveyears and not byinstalments|**31 October**
**2025**
**(12 months)**
**£**
**-**|31 October
2024
(12 months)
£
-|
|---|---|---|
||**-**|-|
## **12. Taxation**
No provision for taxation is required as the Company has charitable status approved by HM Revenue & Customs.
## **13. Dividends**
||**31 October**
**2025**
**(12 months)**
**£**|31 October
2024
(12 months)
£|
|---|---|---|
|**Total dividends**|**-**|-|
## **14. Property, plant and equipment**
|**Cost**
At 1 November 2024
Additions
**At 31 October 2025**
**-**
**-**
**-**
**-**
**-**
**Depreciation**
At 1 November 2024
Charge for the year
**At 31 October 2025**
**-**
**-**
**-**
**-**
**-**
**Net book value**
**At 31 October 2025**
**-**
**-**
**-**
**-**
**-**
At 31 October 2024
-
-
-
-
-|**Office**
**equipment**
**£**
5,147
-|**Fixtures and**
**fittings**
**£**
34,150
-|**Total**
**£**
39,297
-|
|---|---|---|---|
||**5,147**|**34,150**|39,297|
||4,723
288|34,150
-|38,873
288|
||**5,011**|**34,150**|**39,161**|
||**136**|**-**|**136**|
||424|-|424|
The net book value of property, plant and equipment include amounts of £Nil (2024: £Nil) in respect of assets held under asset purchase agreements.
**Icare Incorporated - Financial statements for the year ended 31 October 2025**
**Page 16**
## **Notes to the financial statements**
## **15. Creditors: amounts falling due within one year**
|||**31 October**
31 October|
|---|---|---|
|Trade payables
Owed to directors
Accruals|**-**
-|**2025**
2024
**£**
£
**1,097**
1,140
**2,098**
2,098
**5,916**
5,460|
|||**9,111**
8,698|
## **16. Provisions for liabilities**
## **Deferred taxation**
Deferred taxation provided in the financial statements is analysed as follows:
|Deferred taxation provided in the financial statements is analysed as follows:||
|---|---|
||**31 October**
31 October|
|Gross fixed asset timing differences
**Net timing differences**
**-**
-
Timing differences not provided
**Deferred tax provision**
**-**
-|**2025**
2024
**£**
£
**-**
-
**-**
-
**-**
-
**-**
-|
## **17. Accruals and deferred income**
|**Cost**
At 1 November 2024
Additions
**At 31 October 2025**
**-**
**-**
**-**
**-**
**-**
**-**
**Amortisation**
At 1 November 2024
Charge for the year
**At 31 October 2025**
**-**
**-**
**-**
**-**
**-**
**-**
**Net book value**
**At 31 October 2025**
**-**
**-**
**-**
**-**
**-**
**-**
At 31 October 2024
-
-
-
-
-
-|**Capital grants**
**Total**
**£**
**£**
1,108
1,108
-
-|
|---|---|
||**1,108**
**1,108**|
||688
688
277
277|
||**965**
**965**|
||**143**
**143**|
||420
420|
## **18. Pension costs**
## **Defined contribution pension schemes**
The Charity did not make any contributions to employee pension schemes during the year.
## **19. Contingent liabilities**
Under the terms of certain government grant agreements, a liability may arise to repay in whole or in part capital or revenue grants received if certain conditions in the grant agreements are not complied with. In the opinion of the directors the terms of the letter of offer have been complied with and a liability is not expected to arise.
## **20. Events after the reporting period**
There were no material events in the period between the end of the reporting year and the date of the approval of the financial statements.
**Icare Incorporated - Financial statements for the year ended 31 October 2025 Notes to the financial statements**
**Page 17**
## **21. Capital commitments**
The Charity did not have any material capital commitments at 31 October 2025 or at 31 October 2024.
## **22. 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.
## **23. Contracts with inception dates after the end of the reporting period**
The Charity did not enter into any material contractual commitments in the period between the year end and the date of approval of these financial statements.
## **24. Approval of the financial statements**
The Board of Directors approved the financial statements for issue on 28 May 2026.