**Charity registration number NIC108780 (Northern Ireland) Company registration number NI676012**
## **ISLAND CHURCH LTD**
**(A COMPANY LIMITED BY GUARANTEE)**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** JR Penn KR Penn MT Davison **Charity number (Northern Ireland)** NIC108780 **Company number** NI676012 **Registered office** 6 Drumlerry Londonderry BT48 8GQ **Independent examiner** GMcG PORTADOWN 17 Mandeville Street Portadown Craigavon Co Armagh BT62 3PB
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3 - 4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 13|
**ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2025**
The trustees present their annual report and financial statements for the year ended 28 February 2025.
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 charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "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).
## **Objectives and activities**
The objectives of the charitable company are set out in the Memorandum and Articles of Association.
The main objective of the charitable company is to provide a place within the community for Christian fellowship and prayer where people, both believers and nonbelievers, may come together to hear the Gospel of Jesus Christ preached and taught. Where the community may be disciplined in God's Word to find their call and destiny. To obey the Great Commission and bring the Gospel of Jesus Christ to the world as found in Mark 16:15.
The trustees have paid due regard to guidance issued by the Charity Commission of Northern Ireland in deciding what activities the charitable company should undertake.
## **Achievements and performance**
During the year the charitable company received monetary donations of £30,106 (2024 - £16,075), and donations in kind of £24,000 (2024 - £38,000) whilst charitable expenditure amounted to £48,569 (2024 - £38,631).
During the year the charitable company had the use of donated premises to support its objectives and activities which is reflected in the financial statements as a donation in kind.
The charitable company, with the help of volunteers, carried out full fellowship services, including children's services, each Sunday morning and Wednesday evening. They also ran corporate prayer meetings on Wednesday evenings, woman's bible studies on Thursday evenings and evangelistic outreaches once a month. A clothing drive and give away was held during the year, where clothing was received and given to those most in need.
The first annual conference of the charitable company, open to all denominations and churches is planned for later this year.
## **Financial review**
The charitable company's financial results are set out in detail on pages 5 to 13.
There is an overall surplus on funds this year of £5,537 (2024 - £15,444).
The accumulated funds (unrestricted and restricted) now stand at £46,387 (2024 - £40,850).
Due to the nature of the charity's activities, the trustees consider it appropriate to maintain reserves sufficient to meet on-going running costs to cover a twelve month period. The trustees consider a level of £20,000 to be appropriate.
## **Structure, governance and management**
The charitable company is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 1 February 2021.
The charitable company was registered with the Charity Commission for Northern Ireland on 6 April 2022.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
JR Penn KR Penn MT Davison
- 1 -
ISLAND CHURCH LTD
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Under the requirement of the Memorandum and Arbdes of Assation. directors are appointed and retire by
rotation every year.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and
guarantee to contribute £1 in the event of a winding up.
Organisation
The day to day running of the charitable company is overseen by the trustees.
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section
415A of the Companies Act 2006.
Registered Office:
6 Drumlerry
Londonderry
Co Londonderry
BT48 8GQ
Company Registration No. N1676012
Charity Registrats'on No. NIC108780
Thetr
ees
sapp
ed by the Board of Trustees.
nn
Trustee
Date-.
CHARTERED ACCOUNTANTS
ISLAND CHURCH LTD
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ISLAND CHURCH LTD
I report on the financial statements of the charitable company for the year ended 28 February 2025, which are set
out on pages 5 to 13.
Responsibilities of trustees and examiner
As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible
for the preparation of the financial statements in accordance with the requirements of the CompaniesAct 2006.
It is my responsibility to'.-
examine the financial statements under section 65 of the CharitesAd',
follow the procedures laid down in the general Directions given by the Charity Commission for Northern
Ireland under section 65(9){b) of the Act,. and
state whether particular matters have come to my attention.
Independent examinerfs statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect=
accounting records were not kept in respect of the charitable company as required by section 386 of the
Companies Act 2006.
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 Companies Act
2006 other than any requirement that the finanual ststements 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 prepared in accordance wth the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charities applicable to charities
preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102).
17 Mandevil]e Street
PORTADOWN
Crdigavon
BT62 3PB
.4]fred House
19 A]fred Street
BELF.4sr BT2 8EQ
DX3910 NR Belf&8t 50
ntury House
40 Crescent Busie$S Park
LISBURN
BT28 2GN
Tel* +44 (0)28 3833 2801
Fax: +44 (0)28 3835 0293
Tel: +44 (0)28 9031 1113
F. +44 {0)28 9031 0777
Tel: +M (0}28 9260 7355
Fax: +44 {0)28 9260 1656
www.gmcgca.com
ISLAND CHURCH LTD
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
TO THE TRUSTEES OF ISLAND CHURCH LTD
Independent examlners statement
I have no concems and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Gillian Johnston ACA
GMCG PORTADOWN
17 Mandeville Street
Portadown
Craigavon
CoArmagh
BT62 3PB
Dated..
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 28 FEBRUARY 2025**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
53,606
500
**Total income**
53,606
500
**Expenditure on:**
Charitable activities
**4**
48,169
400
**Total expenditure**
48,169
400
**Net income and movement in funds**
5,437
100
**Reconciliation of funds:**
Fund balances at 29 February 2024
40,850
-
**Fund balances at 28 February 2025**
46,287
100|**Total**
Unrestricted
funds
**2025**
2024
**£**
£
54,106
54,075
54,106
54,075
48,569
38,631
48,569
38,631
5,537
15,444
40,850
25,406
46,387
40,850|**Total**
Unrestricted
funds
**2025**
2024
**£**
£
54,106
54,075
54,106
54,075
48,569
38,631
48,569
38,631
5,537
15,444
40,850
25,406
46,387
40,850|
|---|---|---|
|||54,075
38,631|
|||38,631|
|||15,444
25,406|
|||40,850|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
ISLAND CHURCH LTD
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 28 FEBRUARY 2025
2025
2024
Notes
Fixed assets
Tangible assets
7,875
10,500
Current assets
Debtors
Cash at bank and in hand
312
41.433
288
32,277
41.745
32,565
Credltors: amounts falling due within
one year
10
(3,233)
(2,215)
Net current assets
38.512
30.350
Total assets less current liabilities
46.387
40,850
The funds of the charitable company
Restricted income fijnds
Unrestricted funds
11
100
46.287
40,850
46.387
40,850
The company is entilled to the exemption from the audtt requirement contained in section 477 of the Companies Acl
2006, for the year ended 28 February 2025.
The trustees acknowledge their responsibiltiies for ensuring that the tharitable company keeps accounting records
which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of
the state of affairs of the charitable company as at the end of the financial year and of its incoming reSoUrS and
application of resources. including its income and expendFture, 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 statements. so far as applicable to the charitable company.
The members have not required the cA)mpany to obtsin an audit of tts financial statements for the year in question in
accordance w¢th section 476.
These financial slalements have been prepared in accordan with the provisions applicable to companies subjecl
to the small companies regime.
The fin
tate
were approved by the trustees on .................
nn,
Trustee
Company registration number N1676012 (Northem Ireland)
**ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **1 Accounting policies**
## **Charity information**
Island Church Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 6 Drumlerry, Londonderry, BT48 8GQ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted 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 or grantors 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 conditions by donors that the capital must be maintained by the charitable company.
## **1.4 Incoming resources**
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
**ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **1 Accounting policies (Continued)**
Donations in kind are recognised as income when the charitable company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charitable company of the item is probable and that economic benefit can be measured reliably. Donated facilities are recognised on the basis of the value of the gift to the charitable company which is the amount the charitable company would have been willing to pay to obtain facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in income and expenditure or the balance sheet.
## **1.5 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity.
## (i) Charitable activities
This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives.
## (ii) Governance costs
Governance costs include the costs of governance arrangements which relate to the general running of the charitable company.
Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 8 -
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **1 Accounting policies (Continued)**
## **1.9 Financial instruments**
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions 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 to set 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 financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the charitable company’s accounting policies, the trustees are required to 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.
- 9 -
**ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **2 Critical accounting estimates and judgements (Continued)**
## **Key sources of estimation uncertainty**
## **Fixed Assets**
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.
## **Donations in kind**
Donations in kind are recognised on the basis of the value of the gift to the charitable company, this being the amount the charitable company would be willing to pay on the open market basis. The assessment of value involves judgement by the trustees and some estimation and uncertainty in relation to the market conditions and the benefit derived from the donated facility.
## **3 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
29,606
500
Donations in kind
24,000
-
53,606
500|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
30,106
16,075
-
24,000
38,000
-
54,106
54,075
-|**Total**
**2024**
**£**
16,075
38,000|
|---|---|---|
|||54,075|
- 10 -
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **4 Expenditure on charitable activities**
||**Church**|**Church**|
|---|---|---|
||**Ministry**|**Ministry**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Light and heat|5,396|4,004|
|Water rates|1,060|827|
|Rent|24,000|24,000|
|Repairs|1,823|1,210|
|Motor expenses|1,509|200|
|Advertising|25|-|
|Insurance|1,610|1,490|
|Ministry expenses|1,050|-|
|Family camp expenses|400|-|
|Charitable donations|6,200|-|
||43,073|31,731|
|**Share of support and governance costs (see note 5)**|||
|Support|3,698|5,700|
|Governance|1,798|1,200|
||48,569|38,631|
|**Analysis by fund**|||
|Unrestricted funds|48,169|38,631|
|Restricted funds|400|-|
||48,569|38,631|
|**Support costs allocated to activities**|||
||**2025**|**2024**|
||**£**|**£**|
|Depreciation|2,625|3,500|
|Bank charges|290|411|
|Sundry expenses|69|68|
|Telephone|714|556|
|Legal and professional|-|1,165|
|Governance costs|1,798|1,200|
||5,496|6,900|
|**Analysed between:**|||
|Church Ministry|5,496|6,900|
## **5 Support costs allocated to activities**
- 11 -
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **5 Support costs allocated to activities (Continued)**
|**Governance costs comprise:**
Accountancy|**2025**
**£**
1,798
1,798|**2024**
**£**
1,200|
|---|---|---|
|||1,200|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
## **7 Employees**
The average monthly number of employees during the year was:
|||**2025**|**2024**|
|---|---|---|---|
|||**Number**|**Number**|
||Total|-|-|
|**8**|**Tangible fixed assets**|||
||||**Motor**|
||||**vehicles**|
||||**£**|
||**Cost**|||
||At 29 February 2024||14,000|
||At 28 February 2025||14,000|
||**Depreciation and impairment**|||
||At 29 February 2024||3,500|
||Depreciation charged in the year||2,625|
||At 28 February 2025||6,125|
||**Carrying amount**|||
||At 28 February 2025||7,875|
||At 28 February 2024||10,500|
|**9**|**Debtors**|||
|||**2025**|**2024**|
||**Amounts falling due within one year:**|**£**|**£**|
||Prepayments and accrued income|312|288|
- 12 -
## **ISLAND CHURCH LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **10 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Accruals and deferred income|3,233|2,215|
## **11 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations received for other organisations supported by the charity.
||**At 29**|**Incoming**|**Resources**||**At 28**|
|---|---|---|---|---|---|
||**February 2024**|**resources**|**expended**|**February 2025**||
||**£**|**£**|**£**||**£**|
||-|500|(400)||100|
|**Analysis of net assets between funds**||||||
|||**Unrestricted**|**Restricted**||**Total**|
|||**funds**|**funds**|||
|||**2025**|**2025**||**2025**|
|||**£**|**£**||**£**|
|**At 28 February 2025:**||||||
|Tangible assets||7,875|-||7,875|
|Current assets/(liabilities)||38,412|100||38,512|
|||46,287|100||46,387|
|||**Unrestricted**|**Restricted**||**Total**|
|||**funds**|**funds**|||
|||**2024**|**2024**||**2024**|
|||**£**|**£**||**£**|
|**At 28 February 2024:**||||||
|Tangible assets||10,500|-||10,500|
|Current assets/(liabilities)||30,350|-||30,350|
|||40,850|-||40,850|
## **12 Analysis of net assets between funds**
## **13 Related party transactions**
During the year the trustees, as congregational members, made donations to the charity by way of general church offerings.
Trustee, JR Penn, donated facilities for use by the charitable company in the year. The amount recognised as donated facilities and rental expense was £24,000 (2024 - £24,000). In 2024, Mr JR Penn also donated a van to the church with a value of £14,000.
- 13 -