REGISTERED COMPANY NUMBER: N1661299 (Northern Ireland) REGISTEIIED CHARITY NUMBER: 108158 Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for Portstewart Convention Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 ITP
Portstewart Convention Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 14 Detailed Statement of Financial Activities 15 to 16
Portstewart Convention Report of the Trustees for the Year Ended 31 December 2023 The trnstees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recon)mended Practic¢ applicabl¢ 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). Objectives and aims In presenting this Report the Directors are mindful of the three "tactical plans and arrangements" set out in the Company's registration with the Charity Commission. These aT¢ the effective marketing of the Convention, the provision of a suitable programme and the maintenance of the Company's property. The anllual Convention which took place ill Portstewart from Saturday 8 until Friday 14 July 2023 was the first to meet without the lingering constraints of the Covid-19 pandemic. Attendances showed an encouraging increase from the previous year. On several evenings the main marquee, seated for 1,000 people, was full and overflow arrangements were required. While use of the facilities is now close to capacity the Directors continue to monitor the appropriateness of promotional and marketing arrangements. The teaching theme - Unshakeable" was especially relevant in a society which, having come through the Covid-19 pandemic, is now facing many economic and social challenges at home and growing political uncertainties abroad. The importanc¢ of a confident, living Christian faith was explored through a series of talks in the mornings based on the Old Testamcnt book of Daniel and in the cvenings in the central chapters of the New Testament Letter to the Romans. It was pleasing to s¢¢ the numbers of people using th¢ coffee shop wheTe they could discuss the talks they had listened to and share their own experiences with one another. The bookshop was well supported with good literature being bought as a source of further learning. Th¢re was good interest in th¢ Missionary infonnation points where opportunities for practical Christian service could be consid¢r¢d. Oncc again Scripture Union provided a well- structured progranjme for children and young people. Through the year the DirectOTS have continued routine maintenance of the property and have undertaken som¢ improvements to the marque¢ layout to ensure that the property is well suited to achieving th¢ Convention's purpose. The caryark area remains under the management of Carpark Services Ltd on a "pay and display basis with the Convention having exclusive use during the week of the Convention. The Directors recognis¢ that there is no Practical means to measure the full outcome of the week of Convention. This can only be seen in the lives of people returning to their homes, Churches and districts to live in a manner which, in the words of the Convention's purpos¢, is God-honouring, helpful to and considerate of others. The Directors give thanks to God for the evidence of his Spirit influencing and changing lives during th¢ 2023 Convention. FINANCIAL REVIEW Financial position As shown more llY in the attached accounts the Convention's income from all sources in 2023 was £85,578. Apart from £8.11 I received as donations to the Missionary Fund this income was applied to the running costs of the Convention, the maintenance and improvement of the site and to nintainIng a reservc as a prudent provision for future costs. The Missionary Fund incom¢ was distributed in it5 Cntirety to the designated projects. Page I
Portstewart Convention Report of the Trustees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document and is constituted as a company limited by guarantee as defined by the Companies Act 2006. The charlty is managed by a Board of Directors which is assist¢d in practical arrangements by an Organising Committee. The Board co-opted Mr Stephen Bailie as a Director at its meeting on 17 November 2023. In accordance with the Company's Articles of Association Mr Bailie will retire at th¢ forthcoming Annual General Meeting and offer himself for re-election. The Company did not employ any staff during the year. It engaged around 50 volunteers in the organisatLOII of the Annual Convention. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1661299 (Northern Ireland) Registered Charity number 108158 Registered office 42 Rossburn Manor Kells Ballymena Co. Antrim BT42 3RB Trustees Rev Joseph Fell, Minister of Religion Rev Johnston R¢a Lambe, Minister of Religion Rev Darren Basil Mccorriston. Minister of Religion Mr James Lawson M¢Donald, Retired Civil Servant Mr Stephen James Bailie, Accountant (appointed 17.11.23) Company Secretary Mr David Preston Independent Examiner John Mccleary FCA Mccleary & Company Ltd Chartered Accountants Garv¢y Studios 14 Longstone Street Lisburn Co. Antrim BT28 ITP Approved by order of the board of trustees on 30 AprÉl 2024 and signed on its behalf by: Page 2
Portstewart Convention Report of the Trustees for the Year Ended 31 December 2023 Mr James Lawson McDonald - Ttustec Page 3
ndependent Examiner's Report to the Trustees of Portsteivart Convention I report on the accounts of the company foT the year ended 31 December 2023, which are set out on pages five to fourteen. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts In accordance with the requirements of th¢ Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the accounts under Section 65 of the Charities Act follow the procedures laid down in th¢ general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. BasRs of the independent examiner's 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 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of th¢ accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of th¢ Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to chariti¢s preparing their accounts in accordance wÉth tb¢ Financial Reporting Standard applicable in the UK and Republic of Ireland That there is further inforn]ation needed for a proper understanding of the accounts to be reached. Independent examiner's statement I hav¢ completed my examination and have no concerns in respect of the matters ( l) to (4) listed abov¢ an in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. John Mccleary FCA Mccleary & Company Ltd Cbartered Accountants Garvey stsdios 14 Longstone Strect Lisburn Co. Antrim BT28 ITP 30 April 2024 Page 4
Portstewart Convention Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 Total nds 31.12.22 Total funds Unrestrict¢d Restricted Endowment fund nds nd Notes INCOME AI¥D ENDOWMENTS FROM Donations and legacies 58,816 66,927 633,203 Investment income Other income 15,346 3,305 15,346 3,305 12,444 2,250 Total 77,467 8,111 85,578 647,897 EXPENDITURE ON Raising funds 6,812 6,812 10,821 Charitable activities Direct Costs 56,262 10,847 67,109 56,391 Total 63,074 10,847 73,921 67,212 NET INCOME/(EXPENDITURE) Transfers between funds 14,393 (5,000) (2,736) 5,000 11,657 580,685 10 Net movement in funds 9,393 2.264 11,657 580,685 RECONCILIATION OF FUNDS Total funds brought fonvard 74,634 31.051 475,000 580,685 TOTAL FUNDS CARIUED FORWARD 84,027 33,315 475,000 592,342 580,685 The notes forni part of these financial statements Pag¢ 5
Portstewart Convention Balance Sheet 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted Restricted Endowment fund funds nd Notes FIXED ASSETS Tangible assets Investment propety 45,927 300,000 175.000 345,927 175,000 351,030 175,000 45,927 475,000 520,927 526.030 CURRENT ASSETS Debtors Cash at bank 4,667 49,988 38,100 33,315 71,415 38,100 33,315 71,415 54,655 NET CURRENT ASSETS 38,100 33,315 71.415 54,655 TOTAL ASSETS LESS CUIUIENT LIABILITIES 84.027 33,315 475,000 592,342 580.685 NET ASSETS 84.027 33,315 475,000 592,342 580,685 FUNDS Unrestricted funds Restricted funds Endowment funds io 84.027 33,315 475,000 74,634 31,051 475,000 TOTAL FUNDS 592.342 580,685 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Deo¢mber 2023. The members have not required the company to obtain an audit of its financial stat¢ments for the year ended 31 December 2023 in accordance with Section 476 olthe Companies Act 2006. The trustees acknowledge their responsibilities foT (a) ensuring that th¢ charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) pr¢paring financial statements which give a true and fair view of the state of affairs of th¢ charitable company as at the end of each financial year and of its sUlUS or deficit for each financial year in accordance with the requircments of Sections 394 and 395 and which othenvis¢ comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continu¢d...
Portsteivart Convention Balance Sheet- continued 31 December 2023 Th¢se 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 30 April 2024 and were signed on its behalf by.. Mr James Lawson McDonald - Trustee Rev Joseph Fell - Trust¢e The notes forni part of these financial statements Page 7
Portsteivart Convention Notes to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The flnancial statements of the charitable company, which is a public b¢n¢fit entity 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 R¢public of Ireland, and the Companies Act 2006. Th¢ 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 entitlement to the funds, it is probabl¢ that the income will be r¢ceived and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as 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 settlcment and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has b¢¢n classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have b¢¢n 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 writ¢ off each asset oveT its estimated useful lif¢. Freehold property Plant and machinery FixtUTes and fittings not provided I 00/0 on reducing balance 10 % on reducing balance Investrnent property Investment propety 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 ex¢mpt from corporation tax on its rharitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitabl¢ objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted pUoseS within th¢ objects of the charity. Restrictiolls aris¢ when specified by the donor or when fimds are raised foi particular restrict¢d purposes. Page 8 continued...
Portstewart Convention Iyotes to the Financial Statements - continued for the Year Ended 31 Deeember 2023 INVESTMENT INCOME 31.12.23 31.12.22 Rent - Convention car park Rent - Convention house Deposit account interest 10,385 4,800 161 7,500 4,800 144 15,346 12,444 RAISING FUNDS Raising donations and legacies 31.12.23 31.12.22 Support costs 6,812 10.821 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after ChargIn(creditIng)- 31.12.23 31.12.22 DepTeciation - owned assets 5,103 5,670 TRUSTEES, REMUNEIL4TION AND BENEFITS There were no trust¢¢S' Temuneration or other benefits for the year ended 31 Decemb¢T 2023 nor for the year ended 31 December 2022. Trustee5' expenses There w¢re no trustees, expenses paid for th¢ year ended 31 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restrict¢d Endowment fund funds fund Total funds INCOME AND ENDOWMENTS 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 EXPENDITURE ON Raising funds 10,807 14 10,821 Pag¢ 9 ontinued...
Portstewart Convention Notes to the Financial Statement5 - continued for the Year Ended 31 December 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund nds fund funds Charitable activities Direct Costs 50,846 5.545 56,391 Total 61,653 5,559 67,212 NET INCOME Transfers between funds 75,586 (952) 30,099 952 475,000 580,685 Net movement in funds 74,634 31,051 475.000 580,685 TOTAL FUNDS CARRIED FORWARD 74,634 31,051 475,000 580,685 TANGIBLE FIXED ASSETS FiXreS and fittings Freehold propcrty Plant and machtnery Totals COST At l January 2023 and 31 December 2023 300,000 40,500 16,200 356,700 DEPRECIATION At l January 2023 Charge for year 4,050 3,645 1,620 1.458 5,670 5,103 At 31 December 2023 7,695 3,078 10,773 NET BOOK VALUE At 31 December 2023 300.000 32,805 13,122 345,927 At 31 December 2022 300,000 36,450 14,580 351,030 Page 10 continued...
Portstewart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2023 INVESTMENT PROPERTY FAIR VALUE At l January 2023 and 31 December 2023 175.000 NET BOOK VALUE At 31 December 2023 175,000 At 31 December 2022 175,000 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors 4,667 10. MOVEMENT IN FUNDS Net movement in funds Trdnsfers between funds At 31.12.23 At 1.1.23 Unrestricted funds General fLd 74,634 14,393 (5,000) 84,027 Restricted funds Mission fund Development fund Tent fund i li 9,940 21,000 i i I 7,204 26,000 (2.736) 5,000 31,051 (2,736) 5,000 33.315 Endowment funds Endowment 475,000 475,000 TOTAL FUNDS 580,685 11.657 592.342 Pag¢ll continued...
Portstewart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2023 10. MOVEMENT IN FUIYDS - continued Net movement in nds, included in the above are as follows.. Incoming resources Resources expended Mov¢ment in funds Unrestricted funds General fund 77,467 (63,074) 14,393 Restricted funds Mission fund Development fund 8,111 (8,111) (2,736) (2,736) 8,111 (10,847) (2,736) TOTAL FUNDS 85,578 (73,921) 11,657 Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.22 At 1.1.22 Unrestricted funds General fund 75,586 (952) 74,634 Restricted funds Mission fund Development fiu]d Tent fund (841) 9,940 21,000 952 i li 9.940 21,000 30,099 952 31,051 Endowment funds Endowm¢nt 475,000 475,000 TOTAL FUNDS 580,685 580,685 Page 12 continued...
Portstewart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2023 10. MOVEMENT IN FUNDS - continued Comparative net movement in nds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrieted funds General fijnd 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 A cuent year 12 months and prior year 12 months combined position is as follows= Net movement in funds Transfers between funds At 31.12.23 At 1.1.22 Unrestricted funds General fLd 89,979 {5,952) 84,027 Restricted funds Mission fund D¢velopment nd Tent fund (841) 7,204 21,000 952 111 7,204 26,000 5,000 27.363 5,952 33,315 Endoivment funds Endowment 475,000 475,000 TOTAL FUNDS 592,342 592,342 Page 13 ontinued...
Portsteivart Convention Notes to the Financial Statements - continued for the Year Ended 31 December 2023 10. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 n]onths combined net movement in funds, included in the abov¢ arc as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 214,706 (124,727) 89,979 Restricted funds Mission fund Development fund Tent fund 12,829 9,940 21,000 (13.670) (2,736) (841) 7,204 21,000 43,769 (16,406) 27,363 Endowment funds Endowment 475,000 475,000 TOTAL FUNDS 733,475 (141,133) 592,342 11. RELATED PARTY DISCLOSURES Portstewart Convention was operated as an unincoOratcd 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 th¢ fixed asscts transferred were a site on which the annual conv¢ntion is held and an investEnent prop¢rty. These assets were 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 w¢re endown]ent gifts and did not constitute gross incom¢ for Charities Act purposes. Pag¢ 14
Portstewart Convention Detailed Statement of Financial Activities for the Year Ended 31 Deeember 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Gift aid 597,354 31,182 4,667 59,929 6,998 66,927 633,203 Investment income Rent - Convention car park Rent - Convention house Deposit account interest 10,385 4,800 161 7,500 4,800 144 15,346 12,444 Other income Other income 3,305 2,250 Total incoming resources 85,578 647,897 EXPENDITURE Charitable activities Running costs Convention house costs Printing Adv¢rtising Sundrics Speakers Musicians Hospitality Site maintcnance Missionary donations 28,522 1,340 3,022 10,134 1,880 2,994 3.080 2,500 5,526 8.111 28,419 1,253 3,844 5,707 992 3,469 3,450 1,500 2,212 5,545 67,109 56,391 Support costs Finance Bank charges 209 190 Other Plant and machinery Carried forward 3,645 3.645 4,050 4,050 This pag¢ does not forni part of the statutory financial statements Page 15
Portstewart Convention Detailed Statement of Financial Activities for the Year Ended 31 Deeember 2023 31.12.23 31.12.22 Other Brought forward Fixtures and fittings 3,645 1.458 4,050 1,620 5,103 5,670 Governance costs Accountancy and legal fees 1,500 4.961 Total resources expended 73,921 67,212 Net income 11,657 580,685 This pagc does not forni part of the statutory financial statcments Page 16