Portstewart Convention Statement of Financial Activities for the Year Ended 31 December 2022 31.12.22 Total funds 31.12.21 Total funds Unrestricted Restricted Endowment fund funds fund Notes INCOME AND EIYDOWMENTS FROM Donations and legacies 122,545 35,658 475,000 633,203 Investment income Other income 12,444 2,250 12,444 2,250 Total 137.239 35,658 475,000 647,897 EXPEM)ITURE ON Raising funds 10,631 10,631 Charitable activities Direct Costs 50,846 5,545 56,391 Other 176 14 190 Total 61,653 5,559 67,212 NET INCOME Transfers between funds 75,586 (952) 30,099 952 475,000 580,685 10 Net movement in funds 74,634 31,051 475,000 580.685 RECONCILIATION OF FUM)S Total ndS brought forward TOTAL FUNDS CARRIED FORWARD 74,634 31,051 475.000 580,685 The notes form part of these financial statements Page 6
Portstewart Convention Balance Sheet 31 December 2022 31.12.22 Total funds 31.12.21 Total funds Unrestricted Restricted fund funds Endowment fund Notes FIXED ASSETS Tangible assets Investment property 51,030 300,000 175,000 351,030 175,000 51,030 475.000 526,030 CURRENT ASSETS Debtors Cash at bank 4,667 18.937 4,667 49,988 31,051 23,604 31,051 54,655 NET CURRENT ASSETS 23,604 31,051 54,655 TOTALASSETS LESS CURRENT LIABILITIES 74,634 31,051 475,000 580,685 NET ASSETS 74,634 31,051 475,000 580,685 FUNDS Unrestricted funds Restricted funds Endowment funds io 74,634 31,051 475.000 TOTAL FUNDS 580,685 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps a¢¢ounting recoids that comply with Section5 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its Surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far &$ applicable to the charitable company. The notes forni part of these financial statements Page 7 continued...
Portstewart Convention Balance Sheet- continued 31 December 2022 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 23 May 2023 and were signed on its behaIf by: Mr James Lawson McDonald - Trustee Rev Joseph Fell - Trustee The notes forn] part of these financial statements Page 8
Portstewart Convention Notes to the Financial Statements for the Year Ended 31 December 2022 AccouNfING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entlty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlernent to the funds, it is probable that the income will be r¢ceived and the amount can be measured reliably. Expenditure Liabilities are recognised as expendtture &8 soon as there is a legal or constructive obligation committing the charity to that expenditure, it 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold propety Plant and machinery Fixtures and fjttings not provided IOO/o on reducing balance l 0% on reducing balance Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxation The charity is exempt from corporation tax on its charitable activities. Fund a¢counting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 9 continued...
Portstewart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2022 INVESTMENT INCOME 31.12.22 31.12.21 Rent - Convention car park Rent- Convention house Deposit account interest 7,500 4,800 144 12,444 RAISING FUNDS Raising donations and legacies 31.12.22 31.12.21 Support costs 4,961 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting).' 31.12.22 31.12.21 Depreciation - owned &ssets 5,670 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. Page 10 continued...
Portstewart Convention Notes to the Finaneial Ststements- continued for the Year Ended 31 December 2022 coARATIVEs FOR THE STATEMENT OF FINANCIAL ACTIVITIES Total funds NET INCOME TOTAL FUNDS CARIUED FORWARD TANGIBLE FIXED ASSETS Fixtures and flttings Freehold property Plant and machinery Totals COST Additions 300,000 40,500 16,200 356,700 DEPRECIATION Charge for year 4,050 1,620 5,670 NET BOOK VALUE At 31 December 2022 300,000 36,450 14,580 351.030 At 31 December 2021 INVESTMENT PROPERTY FAIR VALUE Additions 175,000 At 31 December 2022 175,000 NET BOOK VALUE At 31 December 2022 175,000 At 31 December 2021 Pagell Continued...
Portstewart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2022 DEBTORS: AMOUNTS FALLING DUE wfTHIN ONE YEAR 31.12.22 31.12.21 Other debtors 4,667 10. MOVEIVIENT IN FUM)S Net movement in funds Transfers between funds At 31.12.22 At 1.1.22 Unrestrieted funds General fund 75,586 (952) 74,634 Restricted funds Mission fund Developtnent fund Tent fund (841) 9,940 21,000 952 9,940 21,000 30,099 952 31,051 Endowment funds Endowment 475,000 475,000 TOTAL FUNDS 580,685 580,685 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrieted funds General fund 137,239 (61,653) 75,586 Restricted funds Mission fund Development fund Tent fund 4,718 9.940 21,000 (5.559) (841) 9.940 21,000 35,658 (5,559) 30,099 Endowment funds Endowment 475,000 475.000 TOTAL FUNDS 647,897 (67,212) 580,685 Page 12 continued...
Portstewart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2022 11. RELATED PARTY DISCLOSURES Portstewart Convention w&$ operated as an unincorporated charity up until 31 December 2021. On I January 2022 the Trustees elected to transfer the assets and liabilities of the unincorporated charity to a limited company at what they considered to be market value. Among the fixed assets transferred were a site on which the annual convention is held and an investment property. These assets have been included as expendable endowment funds as they were gifted so they could be used to generate future income for the charity. As such, whilst included as income in the SOFA, they are endowment gifts and do not constitute gross income for Charities Act pury)oses. Page 13
Portstewart Convention Detailed Statement of Financial Activities for the Year Ended 31 December 2022 31.12.22 31.12.21 INCOME AND ENDOWMENTS Donations and legaeies Gifts Donations Gift aid 597.354 31,182 4,667 633,203 Investment income Rent - Convention car park Rent- Convention house Deposit account interest 7,500 4,800 144 12,444 Other income Other income 2,250 Total incoming resources 647,897 EXPENDITURE Charitable activities Running costs Convention house costs Printing Advertising Sundries Speak¢rs Musicians Hospitality Site maintenance Missionary donations 28,419 1,253 3,844 5,707 992 3,469 3,450 1,500 2,212 5,545 56,391 Support costs Finance Bank charges caled forward 190 190 This page does not forni part of the ststutory financial statements Page 14
Portstewart Convention Detailed Statement of Financial Activities for the Year Ended 31 December 2022 31.12.22 31.12.21 Finance Brought forward Plant and machinery 190 5.670 5,860 Governanee costs Accountancy and legal fees 4,961 Total resources expended 67,212 Net income 580,685 This page does not forn] part of the statutory financial statements Page 15