Charlty registration number 107823 Company registratlon number N1645873 (Northern Ireland) IWC CONVENTION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
IWC CONVENTION LEGAL AND ADMINISTRATIVE INFORMATION Dlre¢tors Kathy Cowan Diane Casement Gail Curry Valerie Gibson Mary Hambleton Brenda Kelso Laura Mullan Claire Moneypenny Laura Swinburn Emma Rutter (Appointed 7 October 2022) {Appointed 14 September 2023) Charity number 107823 Company number N1645873 Registered office 66 Kings Road Belfast BT5 6JL Independent exarniner MTS Prior Mcmahon 104-108 Frances Street Newtownards Down BT23 7DY
IWC CONVENTION CONTENTS Page Trustees Report report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial stalemenls 7-11
IWC CONVENTION TRUSTEES REPORT REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MAY2023 The Trustees present their annual report and financial statements for the year ended 31 May 2023. The financial statements have been prepared in accordance with the accounting policies Set out in note 1 to the financial statements and comply with the Charity's Articles. the Companies Act 2006 and 'Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable lo charities preparing their acLounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. las amended for accounting periods commen¢ing from 1 January 20161 Objectives and activities The activities of IWC flow directly from ils objectives, i.e. by organising a Bible-teaching Conferen on an annual basis, the delegates hear a clear explanation of what the Bible teaches and its implications for living in today's world. As a result of this, Christian malurily is fostered and ils outwotking demonslraled in wider personal and community relationships. Those who have benefited in this period are Christian women. most of whom are resident in Northern Ireland The Ttustees have paid due regard to guidance issued by the Charity Cornmission in deciding what activities the Charity should undertake. Achievernents and performance In this period we were again able to meet in person at two events. both in Assembly Buildings in Pelfast. Following the previous year's Biblical theology wotkshop with Nancy Guthrie, the theme of our conferences was Biblical literacy, as our aim is lo give women the tools lo search the Scriptures for themselves_ We were delighted lo welcome Kathleen Nielson for our conference on 8 October, 2022 al which she spoke on the theme of 'Words of Delight, Words of Truth,. Kathleen had last spoken in 2013 to IWC and this b'me she introduced the women present to some of the Old Teslamenl genres and how God uses these genS lo communicate his truth. These comprised that of narrative {using the story of Joseph in Genesis 391, poetry {drawing on Psalm 771 and an introduction lo wisdom literature {Lady Wisdom in Proverbs 1-91. This was a deeply enriching day, with Kathleen expounding the text an¢J bringing her subject to life with her customary warmth and authority. On 21 May 2023. Christine Mahood led 300 women to deliver her practical workshop on why and how to stL*dy the Bible more deeply. In her first talk in 'Digging Deeper., Christine explained from Psalm 119..1-21 why we ought to study God's word, viz. it has the power to keep us walking in God'5 ways, il is the only reliable guide for 'aliens in a hostile world. it gives us strength in suffering and il is the source of true delight. This was followed up by two tslks in which Christine looked al some of the tools for studying the Bible. such as context. genre, author and audience. Bible timeline {redemplive history), vocabulary. linking words. repetition and allusion. Memorably, Christine shared her own mistakes, for example. reading the Bible as if it'5 311 about me, reading verses out of conlexl, thinking that a five minute devotion equates to a Bible study. and relying loo much on other people's thoughts and opinions on a passage rather than studying the Bible for ourselves. Again the conferences were supported by an amply-supplied bookstall provided by the Evangelical Bookshop. featuring trusted Christian resources and books ¢0MMended by both members of the Committee and the speakers as well as discounted goody bags. Video recordings of the talks are made available on the IWC website free of charge after the event. IWC makes significant use of volunteers lo steward the various events and the Committee is again deeply thankful that so many previous volunteers returned lo serve in this way during this period.
IWC CONVENTION TRUSTEES REPORT REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2023 Financial revlew To this point we have managed to keep the price of ticket$1£17 and £12 for students) unchanged snce the first conference in 2012. This year's accounts sh¢)w a tumover from these events of £20.039.27. and after an honorarium for the speakers, disbursements for the venue, food, technology and other necessary expenses incurred. a loss of £6.612.67. The goody bags and food for the many volunteers were again in part subsidised by the profits from previous years. None of the Committee receives any payment for time or services. In the previous year the conferences returned a profil of nearly £11,000 bul in this past year rising expenses have eroded our reserves and as we look to the future we acknowledge that ticket pri$ will have lo rise in order lo cover our costs. During the year the Charity generated incoming resources of £26.963. Outgoing resources were £28,342 leaving nel outgoing resoLtrces of £1,379 for the year lo 31 May 2023. It is the policy of the Charity that unrestricted funds which have not been designated for a specrfic use should be maintained al a level equFvalent to between three and six month's expenditure. The Trustees consider that reserves al this level will ensure that. in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to way5 in which additional lunds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the major risks lo which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The Iruslees are also directors of the Company IWC Convention {Nl 6458731 under the provisions of the Companies Act 2006. The company was registered as a charity number 107823 with the Charity Commission Northern Ireland on 21 September 2020. The organisalion is governed by Articles adopted ir$ 2017. There are Currently 9 trustees who meet regularty to selecl themes and speaker3 and to plan events. as well as take on board feedback. The board seeks to ensure that a range of ages and skills and church commitments are represented. Meetings are minuted_ The Trustees. who are also the directors for the purpose of company law. and who served during the year and up to the dale of signature of the financial statements were.. Kathy Cowan Diane Casement Gail Curry Valerie Gibson Mary Hambleton Brenda Kelso Laura Mullan Claire Moneypenny Laura Swinburn Emma Rutter (Appointed 7 October 20221 (Appointed 14 September 20231 Plans for the future Plans for the future ministry of IWC continue with Courtney Doctor speaking on 'Transfomalion {to his glory, by his mercies, for our good), on 19 October 2023 and a workshop on 1 June 2024 with Rico rice entitled 'Holding out Hope,.
IWC CONVENTION TRUSTEES REPORT REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y2023 The Trustees report report was approved by the Board of Trustees. Kathy Cowan TNslee Dated.. 19 March 2024
IWC CONVENTION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IWC CONVENTION I report to the Trustees on my examination of the financial statements of IWC Convention (the Charity) for the yearended 31 May 2023. Respective responsibilities of trustees and examiner As the Trustees of the Charity land also its dIor$ for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Acti. Having satisfied myself that the financial statements of the Charity are not required lo be audited under company law and aft eligible for independent examination, it is my responsibility lo.. examine the accounts under section 65 of the Charities Act {Northem Ireland) 2008.. follow the prOdureS laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65{9){b) of the Charities Act- and stale whether particular matter$ have come to my attention. Basis of independent examlnerfs report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was Carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 651gllbl of the Charities Act. The examination induded a review of the accounting records kept by the charity and a comparison of the accounts presented with Ihose records. It also included consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as charity Injslees concerning any such matters. My role is to slate whether any material matters have come to my attention giving me cause to believe." accounting records were not kept in respect of Ihe Charity a5 required by section 386 of the 2006 Act," or the financial statements do not accord with those records.. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been ppared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). Independent examiner's statement I have completed my examination and have no concerns in respect of the mallers11} to141 listed above and, in connection wtth following the Directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing lo your attention. Paula Armstrong For and on behalfof MTS 104-108 Frances Street Newtownards Down BT23 7DY nor Mcmahon Dated.. 19 March 2024
IWC CONVENTION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY2023 Unrestricted Unrestrlcted funds funds 2023 2022 Note$ ome nd Charitable activities Investments Other in¢ome ow s from.. 26,955 39,655 1.217 Total Income 26.963 40,872 enditur Charitable activities 28.342 29,959 Net {expenditure)fincome for the yearl Net movement in funds 11,3791 10,913 Fund balances at 1 Jurie 2022 10.618 12951 Fund balances at 31 May 2023 9,239 10.618 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAcl 2006.
IWC CONVENTION BALANCE SHEET ASAT31 MAY2023 2023 2022 Notss Current assets Debtors Cash at bank and in hand 11 1,473 15,625 908 21.572 17.098 22,480 Creditors: amounts falling due wlthin one year 12 (7,859) 111,8621 Nel current assets 9.239 10.618 Income funds Unreslricled funds 9,239 10.618 9.239 10.618 The company is entitled to the exemption from the audit requirement Contained in section 477 of the Companies Act 2006, for the year ended 31 May 2023. The directors acknowledge their Esponsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of ils financial statements for the year in question i accordance with section 476. These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustee5 on 19 March 2024 Kathy Cowan Trustee Company registration number N1645873
IWC CONVENTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2023 Accounting policles Charity information IWC Convention is a private company limited by guarantee in¢orporated in Northern Ireland. The regIsted office is 66 Kings Road, Belfast. BT5 6JL. 1.1 A¢countlng convention The financial statements have been prepared in accordan with the Charity's Igoverning documentl, the Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" {'FRS 102") and the Charities SORP "Accounting and Reporting by Charities= Statement ol Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for chartlies not to prepa a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. Imodified to include the revaluation of freehold properties and to include investrnent properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of appmving the financial stalemenls. the Trustees have a reasonable expectation that the Charity has adequate resources to eontinue in operational existen for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unreslricled funds are available for use at the discretion of the Trustees in furtherance of their Charitable objectives_ Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific ¢onditions by donors that Ihe capital musl be maintained by the Charity. 1.4 Income Income is re¢ognised when the Charity is legally entitled lo il after any perf0rnan conditions have been met. the amount5 can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. unless performance conditions qUIre deferral of the amoL*nl. Income tax COverable in relation to donations received under GiftAid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated a5 a contingenl asset.
IWC CONVENTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2023 Accounting policies {Continuedl 1.5 Expendlture Expenditure is re¢ognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party. il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is Classified by activity. The costs of each activity are made up of Ihe total of dIt costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one acbvity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resour$. Central stsff costs are allocated on Ihe basis of time spent. and depreciation charges a allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in haRd, deposits held al call with banks, other short-tenn liquid investments with original maturitie5 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabilities. 1.7 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Seclion 12 'Other Financial Instruments Issues. of FRS 102 to all of ils financial instNments. Financial instruments are recognised in the Charity's balan sheet when the Charity becomes party to the conlraclual provisior>s of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic ffnancial assets. which include debtors and cash and bank balan5, are initially measured al transaction pri including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion. where the transaction is measured at the present value of the future reIpts discounted at a market rate of interest. Finanaal assets classified as re1vable within one year are not amortised. Basic firjancial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised al transaction Pri unless the arrangement conslilules a financing transaction. where the debt inslNmenl is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities ctassified as payable within one year are not amortised. Debt inslruments are subsequently Carried at amortised wst, using the effective interest rate method. Trade creditors are obligations to pay for good5 or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable a classified as current liabilities if payment 1$ due within one year or less. If not. they are presented as non-currenl liabilities. Trade Cdi10r$ are recognised initially al transaction pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilitles Financial liabilities are derecognised when the Charity's conlraclual obligations expire or are discharged or canlled.
IWC CONVENTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2023 Accounting poli¢le$ (Continued) 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are Ceived. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed lo lemiinate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required lo make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Charitable activities Event income Event income 2023 2022 Sales within charitable activilie5 26.955 39.655 Investments Unrestricted funds Total 2023 2022 Interest receivable Other In¢ome Total Unrestri¢ted funds 2023 2022 Other income 1,217
IWC CONVENTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 Charitable actlvlties Charitable Charitsble Expenditure Expenditure 2023 2022 Room Hire Car Parking Event costs 6.425 500 18.617 7,452 750 19,062 25.542 27,264 Share of governan cost$ (see note 7) 2,800 2.695 28.342 29,959 Support costs Support Governance costs costs 2023 2022 Insuran Computer costs Sundry expenses Bank charges Professional fees Support costs heading 6 426 246 36 178 1,000 350 426 246 36 178 1.000 350 375 279 408 171 1,000 Accountancy fees 564 564 462 2.800 2.800 2,695 Analysed between Charitable activities 2,800 2.800 2,695 Trustse$ None of the Trustees (or any persons ¢onnected with them} reiVed any remuneration or benefits frcm the Charity during the year. Employees The average monthly number of employees during the year was-. 2023 Number 2022 Number Total 10
IWC CONVENTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2023 Employees (Continued) There We no employees whose annual remuneration was more than £60,000. 10 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the exlenl that these a applied to ils charitable objects. 11 Debtors 2023 2022 Amounts falling due within one year: Cofporation tax recoverable Prepayments and accrued income 658 250 1.473 1,473 908 12 Creditors: amounts falling due within one year 2023 2022 Payments reiVed on account Accruals and deferred income 7,035 4,827 7.859 7,859 11,862 13 Related party transactions There were no disclosable related party transactions during the year12022 - none). 11