Company Registration Number.. N1661299 Charity Number: 108158 Portstewart Convention IA company limited by guarantee, not having a Share capital} Annual Report and Unaudited Financial Statements for the financial year ended 31 December 2024 Mccleary & Company Ltd Chartergd Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrirn BT28 1TP
Portstewart Convention IA company limited by guaranteè, not having a share capltall CONTENTS Page Reference and Administrative Information Trustees, Annual Report Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-14 Supplementary Information relating to the Financial Statements 16
Portstewart Convention IA company limited by guarantee. not having a share capitsll REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Rev Joseph Fell Rev Johnston Rea Lambe Rev Darren Basil Mccorriston Mr James Lawson M¢Donald Mr Stephen James Bailie Company Secretary Mr David Preston Charity Number in Northern Iland 108158 Company Registration Number N1661299 Registered Office 42 Rossburn Manor Kells Ballymena CD. Antrim BT42 3RB Prin¢ipal Address 123C Station Road Greenisland Carrickfergus Co. Anlrim BT38 8UN Independent Examiner Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 1TP
Portstewart Convention (A eompany limited by guarantee. not having a Share capital) TRUSTEES. ANNUAL REPORT for the financial year ended 31 December 2024 The Iruslees present their Trustees, Annual Report, combining the Directors, Report and Trustees, Report. and the unaudited financial statements for the financial year ended 31 December 2024. The financial statemenls are prepared in accordance with the Companies Act 2006, FRS 102 "The Financlal Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. The Trustees, Report conlains the information required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice ISORPI guidelines. The Injslees of the charity are also charity Iruslees for the purpose of charity law and under the charivs constitution are known as members of the board of Iruslees. In this report the trustees of Portstewart Convention present a summary of ils purpose. govemance, activities, achievemenls and finances for the financial year 31 December 2024. The charity is a registered charity and hence the report and results are presented in a form which complies with the requirements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements. Princlpal A¢tivity The Convention's main activity lo implement ils strategy is means of the annual Convention at Portslewart. Misslon. Objectives and Strategy Objectives The Directors present this Report in the context of the three 'Yactical aims and arrangements" sel out in the Company's registration with the Charity Commission. These are the effective markeling of the Convention, the provision of a suitable programme and the maintenance of the Company's property. In setting their objectives and planning the activities for the year. the Directors have given careful consideration to the Charity Commission for Northem Ireland's statutory guidance on public benefit lo ensure that the activities have helped achieve the charity purpose and provide a benefit to the beneficiaries. Structure, Governance and Management Structure 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 charity is managed by a Board of Directors which is assisted in practical arrangements by an Organising Committee. The Company did not employ any staff during the year. It engaged around 50 volunteers in the organisalion of the Annual Convention. Review of Actlvlties, Achievements and Perforniance The annual Convention look place in Portstewart from Saturday 6th until Friday 12th July 2024. Once again attendances showed growth from the previous year. The main marquee is sealed for 1.000 people and ovefflow arrangements were required on several evenings. As noted last year facilities on the site are close lo capacity. The teaching theme this year, "Slrenglh through weakness" was decided upon many months previously and turned out to be rather counter cultural in a year when many countries including the UK and the USA were holding general elections where self-promotion was a dominant feature. The theme was developed in the morning Ihrough a series of talks on Paul's second letter to the first century church in Corinth and. in the evenings, through talks on a number of Bible Characters. A small team of people was available after the evening meetings to pray with any attendees seeking help lo work through the personal implications of the content of the talks. The facilities on the site were well used. The coffee shop provided a welcome and important meeting area where folk could discuss the talks and share experiences together. The bookshop provided Ihe opportunity lo buy good and relevant Christian literature and the Missionary information points provided a forum to discuss and consider opportunities around the wodd for Christian service both practically and Ihrough financial support. Scripture Union again provided a well-slruclured programme for children and young people.
Portstewart Convention IA company limited by guarantee, not having a Share capital) TRUSTEES, ANNUAL REPORT for the financial year ended 31 December 2024 The Directors continue to oversee routine maintenance of the sile and property to ensure that il meets the Convention's purpose while also planning ahead for the managed replacement of the marquees which have now been in service for many years. Each year the Directors note in their Report that there is no practical way to measure the effectiveness of the Convention in attaining ils purpose. This can only be seen in the lives of people returning lo their homes, Churches and districts to live in a manner which, in the words of the Convention's purpose. is God honouring. helpful to and considerate of others. The Directors give thanks lo God for evidence of his Spirit influencing and changing lives during the 2024 Convention. Flnancial Review The results for the financial year are set out on pages 8 10 11 and additional notes are provided showing income and expenditure in greater detail. The Convention's income from all sources was £104,225. Apart from £14,119 received as donations to the Missionary Fund. this income was applied to the running costs of the Convention. the maintenance of the site and lo adding to a reserve as a prudent provision for future costs. The Missionary Fund income was distributed in ils entirety to the designated projects. Financial Results At the end of the financial year the charity has assets of £744,74212023 £592,342) and liabilities of £O.0012023 £O.00}. The net assets of the charity have increased by £152,400. Trustees The trustees who served throughout the financial year. except as noted, were as follows.. Rev Joseph Fell Rev Johnston Rea Lambe Rev D8rren Basil Mccorriston Mr James Lawson McDonald Mr Stephen James Bailie The Trustees who will retire by rolalion this year in accordance with the Company's Articles of Association are the Rev Joseph Fell and the Rev Johnston Lambe. Both. being eligible, offer themselves for re-election. The secretary who served during the financial year was: Mr D8vid Preston Compliance with Sector-wide Leglslation and Standards The charity engages pro-actively with legislation. standards and codes which are developed for the sector. Portstewart Convention subscribes to and is compliant with the following.. The Companies Act 2006 The Charities SORP IFRS 1021 Approved by the Board of Trustees on 23 May 2025 and signed on Its behalf by: Mr James Lawson McDonald Trustee Re Joseph Trustee
Portstewart Convention IA company Ilmited by guarantèe, not havlng a share capltall STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 December 2024 The trustees, who are also directors of Portstewart Convention for the purposes of company18w, are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the trustees as the directors to prepare financlal statements for each financial year. Under that law the Injslees have elected lo prepare the financial statements in a¢cordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable law} including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the charity and of the net income or expenditure of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently. make judgements and estimales that are reasonable and prudent.. slate whether the financial statements have been prepared In accordance with the relevant financial reporting framework, identify those standards, and note the effect and the reasons for any material departure from those standards,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confirm that they have complied with the above requirements in preparing the financial statements. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charity and hence for taking asonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trustees on 23 May 2025 and signed on its behalf by: Mr James Lawson M¢Donald Truslee v Josep Trustee Fell
Portstewart Convention IA company limlted by guarantee. not having a share capital) INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF PORTSTEWART CONVENTION I have examined the financial statements of the charity for the financial year ended 31 December 2024, which omprise the Statement of Financial Activities {incorporaling an Income and Expenditure Account), the Balance Sheet and the related notes. This report is made solely to the charity's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My work has been undertaken so that I might compile the financial statements that I have been engaged to compile. report to the Board of Trustees that I have done so. and state those matters that I have agreed lo state to them in this report and for no other purpose. To the fullest extent permitted by law. I do not a¢p1 or assume responsibility lo anyone olher than the charity and the charity's members, as a body, for my work. or for this report. Respo¢tiv• responsibilities of trustees and examln•r The charity's trustees {who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. The charity's trustees consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent examination is required. It is my responsibility lo: examine the financial statements under section 65 of Ihe Charities Act.. follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65191{bl of the Charities Act- and state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity financial statements 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(91{b) of the Charities Act. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. 11 also includes consideration of any unusual items or disclosures in the financial statements and seeking exp18nations from the trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. In connection with my examination, no rnatter has come lo my attention which gives me cause to believe that in, any material respect.. accounting records were not kept in accordance with section 386 of the Companies Act 2006 the financial statements do not accord with those accounting records the financial statements have not been prepared in accordance with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} there is further information needed for a proper understanding of Ihe accounts to be reached. Independent examiner's statement I have no concerns and have come across no other matters in connection with the examination to whi¢h attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. John Mccleary FCA MCCLEARY & COMPANY LTD Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 1TP Date: 23 May 2025
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Portstewart Convention {A company limited by guarantee. not having a Share capital) Company Number.. N1661299 BALANCE SHEET as at 31 December 2024 2024 2023 Notes Flxed Assets Tangible assets 651,334 520,927 Current Assets Cash at bank and in hand 93.408 71,415 Net Current Assets 93,408 71,415 Total Assets less Current Liabilities 744.742 592.342 Fund$ Endowment funds Income funds: Restricted funds General fvnd (unreslricled) 610.000 475,000 38,315 96.427 33.315 84,027 Total funds 10 744,742 592.342 These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. For the financial year ended 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.. and no notice has been deposited under section 476. The trustees confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities for ensuring thal the charity keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the ffnancial year and of its profit and loss for the 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 slalements. so far as applicable to the charity. Approved by the Board of Trustees and authorised for l$sue on 23 May 2025 and slgned on its behalf by Mr James Lawson McDonald Trustee Josep Trustee Fell The notes on paggs 10 to 14 form part of the financial statements
Portstewart Convention IA Company limited by guarantè&, not havlng a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 GENERAL INFORMATION Portslewart Convention is a company limited by guarantee incorporated in Northem Ireland. The registered office of the charity is 42 Rossburn Manor, Kells, Ballymena. Co. Antrrm, BT42 3RB. The financial statements have been presented in Pound {£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consislently in dealing with items which are considered material in relation to the charity's financial statements. Ba$is of preparation The financial statements have been prepared on the going concern basis under the historical cost convention. modified to include certain items at fair value. The financial slalements have been prepared in accordance with the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formals are lo comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compliance The financial slalemenls of the charity for the financial year ended 31 December 2024 have been prepared on the going concern basis and in accordance with the Slalement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102". Cash flow statement The charity has availed of the exemption in FRS 102 from the requirement lo produce a cash flow statement because it is classified as a small charity. Fund accounting The following are the categories of funds maintained: Restricted funds Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charily. Unrestricted funds Unreslricled funds consist of General and Designated funds. General funds represent amounts which are expendable at the discretion of the board. in furtherance of the objectives of the charity- Designated funds comprise unreslricled funds that the board has. at ils dis¢relion. set aside for particular purposes. These designations have an administrative purpose only, and do not legally reslrict the board's discretion to apply the fund. In¢ome Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally enlilled to the income, performance conditions attached lo the ilem{s) of income have been mel, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity. Expenditurg Expenditure is analysed beeen costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed. and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in selllemenl and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity- 10
continued Portstewart Convention (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the fin8ncial year ended 31 December 2024 Tanglble fixed assets and depreciation Tangible fixed assets are stated at cost or al valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows.. Land and buildings freehold Plant and machinery Fixtures, fittings and equipment not provided 10 % Reducing balance 10D/o Reducing balance Investment properties Investment property is property held either lo earn rental income, or for capi181 appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment propety is shown at most recent valuation. The difference beeen the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Statement of Financial Activities. Any gain or loss on disposal of an investment propety Icalculaled as the difference between the net proceeds from disposal and the Carrying amount of the item} is recognised in the Statement of Financial A¢tivilies. Cash at bank and In hand Cash al bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. Taxation and deforred taxation No current or defeNed taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. INCOME DONATIONS AND LEGACIES UnrestTi¢ted Restricted Funds Funds 2024 2023 Donations and legacies GiftAid 63,492 5.850 11.716 2.403 75,208 8,253 59.929 6,998 69,342 14.119 83,461 66.927 INVESTMENTS Unrestricted Restricted Funds Funds 2024 2023 Rental income Bank interest 14,800 214 14,800 214 15.185 161 15,014 15,014 15.346 OTHER INCOME Unrestrl¢ted Restricted Funds Funds 2024 2023 Other income 5,750 5,750 3,305 EXPENDITURE RAISING FUNDS Direct Costs other Costs Support Costs 2024 2023 Raising funds 7,096 7,096 6,812 11
continued Portstewart Convention IA company limited by guarantee. not having a share capltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 CHARITABLE ACTIVITIES Direct Costs Other Costs Support Costs 2024 2023 Expenditure on charitable 8Ctivites 79,729 79,729 67,109 SUPPORT COSTS Cost of Raising Funds 2024 2023 Independent Examinels fees Bank charges Legal fees Depreciation 1,380 223 900 4,593 1.380 223 900 4,593 1.500 209 5,103 7.096 7,096 6,812 ANALYSIS OF SUPPORT COSTS 2024 2023 Independent Examiner's fees Bank charges Legal fees Depreciation 1,380 223 900 4,593 1,500 209 5,103 7.096 6.812 NET INCOME 2024 2023 Net Income is stated after chargingllcreditlng).. Depreciation of tangible assets 4,593 5,103 INVESTMENT AND OTHER INCOME 2024 2023 Rent- Convention car park Rent- Convention house Sundry income Bank interest 10.000 4,800 5,750 214 10.385 4.800 3,305 161 20,764 18.651 12
continued Portstewart Convention IA company limited by guarantee. not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 TANGIBLE FIXED ASSETS Land and Investment buildings properties freehold Plant and Fixtures, machinery fittings and equlpment Total Cost or Valuation At 1 January 2024 Revaluation 300,000 175,000 135.000 40,500 16,200 531,700 135.000 At 31 December 2024 300,000 310,000 40.500 16,200 666,700 Depreciation Al 1 January 2024 Charge for the financial year 7,695 3.281 3,078 1,312 10,773 4,593 At 31 December 2024 10,976 4,390 15.366 Net book value At 31 December 2024 300,000 310.000 29,524 11,810 651.334 At 31 December 2023 300.000 175.000 32.805 13,122 520,927 TANGIBLE FIXED ASSETS CONTINUED Tangible fixed assets included at a valuation would have been included on a historical cost basis al.. 2024 2023 Cost 175,000 175,000 Investment propety has been included at most recent valuation. All other tangible fixed assets are included at historical cost. RESERVES Fund$ Investment property reserve Total At the beginning of the year 592.342 592,342 135.000 17,400 135.000 Surplus for the financial year 17,400 At the end of the year 609.742 135,000 744,742 10. FUNDS 10.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Endowment Funds Fund$ Funds Total Funds Al 1 January 2023 Movement during the financial year 74,634 9,393 31,051 2,264 475.000 580,685 11,657 At 31 December 2023 Movement during the financial year 84.027 12,400 33.315 5.000 475,000 135.000 592.342 152.400 Al 31 December 2024 96,427 38.315 610.000 744,742 13
continued Portstewart Convention (A company Ilmit¥d by guarantee. not having a sharg ¢apitall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 10.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance Income Expenditure 1 January 2024 Transfers between funds Gains and Balance losses 31 December 2024 Endowment funds Endowment 475,000 135,000 610.000 Restrlcted funds Mission fund Development fund Tent Replacement & site maintenance fvnd 111 7,204 26,000 14.119 14,121 111 7,204 31,000 5,000 33.315 14,119 14.121 5,002 38.315 Unrestricted funds Unrestricted General 84,027 90,106 72,704 15,002) 96,427 Total funds 592,342 104,225 86,825 135.000 744,742 10.3 ANALYSIS OF NET ASSETS BY FUND Fixed assets - charity use Current assets Total Endowment capital Expendable 610,000 610.000 Reslri¢led funds 33,299 33,299 Unrestricted general funds 41,334 60,109 101,443 651,334 93.408 744.742 11. STATUS The charity is a company limited by guarantee not having a share capital. The liability of the members is limited. Every member of Ihe company undertakes to contribute to the a55ets of the company in the event of ils being wound up while they are members, or within one financial year thereafter, for the payment of the debts and liabilities of the company contracted before they ceased to be members. and the costs. charges and expenses of winding up. and for the adjustment of the rights of the conlrtbulors arnong themselves. such amount as may be required, not exceeding £ 10. 12. RELATED PARTY TRANSACTIONS None of the Trustees received remuneration or expenses in Ihe current or prior period. 13. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 14
PORTSTEWART CONVENTION IA company limlted by guarantee. not having a share capital) SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 15
Portstewart Convention IA Company limited by guarantee. not havlng a Share capital) SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS Operating Statement for the financial year ended 31 December 2024 2024 2023 Income Donations Gift Aid 75.208 8,253 59,929 6,998 83,461 66,927 Expenses Running costs Convention house costs Site maintenance Printing Advertising Legal and professional Accountancy Bank charges Speakers Musicians Hospitality Sundries Depreciation Charitable donations 30,542 1.412 4,093 3,654 11,481 900 1,380 223 7.393 3,050 2,500 1,483 4.593 14,121 28,522 1.340 5.526 3,022 10,134 1.500 209 2.994 3.080 2,500 1.880 5.103 8.111 86,825 73.921 Miscellaneous income Rent- Convention car park Rent- Convention house Sundry income Bank interest 10,000 4.800 5,750 214 10,385 4.800 3.305 161 20,764 18,651 Net surplus 17.400 11.657 The supplementary information does not fomi part of the financial slalements 16