COMPANY REGISTRATION NUAIBER: N1621790 CHARITY REGISTRATION NUMBER: NIC100148 Portaferry and Strangford Trust Limited Company Limlted by Guaranlee Unaudited Financial Statements 31 December 2020 BQGAN ACQOU_NTAN.CY LIMITED Chartered accounlanls Sketrick House Jubilee Road Nevrtownarcls Co Down BT23 4YH
Portaferry and Slrangford Trust Llmlted Company Llmited by Guarantee Financial Statements Year ended 31 December 2020 Page Trustees, annual report {incorporating the directorfs report) Independenl examinerfs report to Ihe trustees Stalemenl of financial aciivilies (including income and expenditure accounl) Slatemenl of financial posilion Statement of cash flows Noles to the financial statements 10
Portaferry and Slrangford Trust Llmlted Company Llmited by Guarantee Trusiees. Annual Report (Incorporatlng the Dlrector's Report) Year ended 31 December 2020 The Iruslees. who are also the directors IOT the purp%)sès ol company law, present their report arKI Ihe unaudiled Iinancial slaiemeftts ol the charrty lor the year erKJgd 31 December 2020. Reterence ond admlnl8tr•tlve d¢tJllg Regl¥tered eharlty nam• Ch•rlty ro91gtrntlon number Company reglstrntlon number N1621790 Prlnclpal olllce and rngl•iered Wesigale ottlce 15 The Strand Portalery Co Down 8T22 1 PF PThlalerry and Sirar¥Jlord TnJ5t knmsled NICIIXJ148 The Irustees Mr J Ellioll Mi G Laverty Mr G Lennon Mrs M Mccarthy Mfs A Murphy Or J Sigwart Mr R Murpliy Mr S Reilly Mfs U Re511y Ms D &rkeii Mrs E RcYdy Company •ecrelary Independent examlnar Mrs A mu1Y ImeJa R(3an IBSC. Hofts. FCAI (kn b8hall ol Aogan Accountancy Limil&J Skelnck Hwse JUble Road NownardS Co Down BT23 4YH Structure. go¥?rn8nee •n¢J man•gement Legal slruciure Portalerry and Slranglord Twsi Limted ts a Company Iimiied by Gvaranlee arKI is a registered charily. Tegulaled by the Chaiity CommisSn lor Northern IrelarKI. The company has been awaroed ¢harilabl8 51alus by HM Revenue ano Cusioms. 11 a lor wolil oroanisabon.
Portaferry and Strangford Trust Limlted Company Limited by Guarantee Trustees, Annual Report (Incorporatlng Ihe Director's Report) {contlnwdJ Year ended 31 December 2020 Struclure, governance and managemert {¢ Governance anangementS Portalerry and Slranglord Trusi 15 currently govemod by a Lx>ard ol I I trustees (subject lo a maximum 01141. The board can co-opt new Iruslee5 as ano when fequife(1. The charilY5 chair Is elected from Ihe members on an annual basis and is raiilied ai Ihe Annual General Meeiing. New diTeclors are bri61ed on Iheir legal obligalions under ¢hanty ano company kw, the eonlenl ol the Articles of Associaiion. Ihe oxnmittee and dec rnakir yc¢ess. and receni financial perfomiance ol the charity. Obl•cllve• •nd •cllvlls The companys charitthe oty"8cb¥8s aro". 1. to secure by such means as are available lof ihe public Oon81il the PfeseryalKJn. proleclion and Improvemeni ol bJiklings or land OT Slruclures ol particular beauty. oi ol hislonc, environmental. archileciural or ¢OnSlruclional meril or Interest In Ihe Portalerry and Slran9lorfl area. and lo slimulaie a1 edu¢ai8 wblK Inieresi therein: 2. acquire. reslore. repair, renovate and Improve llIng$ ar lafKI Iiftcluding parklalldl lor the communsly common benelil in Portalerry Slrawofd aThJ where Ilwhl desirable efecl new buisdings lof Ihe oeneral ben8fil ol the said community.. 3. make 8nvifonmenlal improvemonis to FWrti8s. slr8ets, 81reetscapo and land lincWing part(landl generally In Ihg ar8as ol Portaleiry and Siranglord including where aFpropnale planiing and honicullural Improvomenls", 4. generally promote anL1 8n¢ourage the education of Ihe puuic In historic archileclurg, urKJefsianding ol planning, and apprecialion ol the environment. lands¢aFe and townscape onvironmeni wheiher through exhibilions. lectures. sèminats or olherwise or by commenting on planning applicalKins,' co.opéraie with the local aulhonty. llxal planning athhorty arn1 all other slaiulory aulhorili•s, Volunlary organisaln9. Charit or wrnons hawng wms similar lo Ih? company., 6. 10 heighten awareness ol Ihe ifflEortance ol Ihe concept ol sustainability arKI promole susiainable 08vekwmeni: 7. 10 carry oul, encourage and lostgr fesear¢h and so lar as may be Pfaet¢able to disseminaie the resulls ol same. lo cause lo be written aTrd prinled Of oiheTh•se reproduced arKI csrculaied, graluilously or otheISe. Iileraiure. iewrts and other thxumenl5.
Portaferry and Strangford Trust Limited Company Limlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) fc0n1ljN Year ended 31 December 2020 Oblectl¥es and a1vItIes fc Actiwlies Portalerry aThY Siranglofd Trust aims lo celebrale arxJ Promote Ihe marilim? and buill henlage ol Portalerry. Siranglord and Ihe suryounding area by regenerating buikJ+ngs aThY laTrJscape arKi developing a maritime centre to promote th8 pasl. present and luture ol the area by all or any ol Ihe lolkThing means.. l. running manlime events invo"T Ihe kul communits. These 8vents ras0 awareness. generate inieresl, and have high edi&iiional conierrt.. 2. developing goc#J links 1h tocal organisalKns Incl11 councils, nsM8. hisiorul SleIleS. Poflalerry Regeneration Lwniled. Slranglord Lough Lecaie Partnershp arKI Queon's Untversity Marine 3. use and encourage use of empty heritage t111. Strnt•glc r•port The lolbwing sections lor achb8voments and performa a1 financial revK8w lomi the Slraleg reFort ol Ihe chaiily. A¢hlev•m•nts •nd perfornMnc• 2020 $lart8d in Ihe usual energet ar enfftusiaslic way. havino iusi hosted the 2019 Carol Ship on Siranglord Lough eveni which was a huge success. Plans lor the Incoming year include(l eapilalising on eommunily enihusiasm lof Ihe aclivilie5 carried oul by the chanty. conlinuiiKJ lo develop Ihe Ropowalk Marilime Cenlre. Conlinuing lo hosl talks and evonis. Ho¥fftier. 1h tha onsel ol Ihe Cov*y 19 pandemic, plans quickly changed. Schedu lalks wefe r•Jstrfyne(l. the Marilime Cenlre was closed during much ol year due governmeni regulations. and Ihe annual Carol Ship event was cancelled. Our Usual Income Slreams, such as lun(ts raised liom hosi.,ng lalks and evenls. were inlerrupled. Nevertholess. th Ihe much needed he¥> from (r r8gular lunders, Including Ards atKI North Down Bofouoh Council. in a(kJilion io our very oenerous local benèlaciors and supportive community groups, we were atse lo salisty our linancial Obl¥JaInS and keep our Iinances secure ano inlacl. Whilsl Iinan¢ial survival was main locus durinp year. ¢k)SUfe ol r la¢ilrti8s provKJed an OpportnItY 10 make subslanlial prooTess wtlh the Jirn Blaney Proieci. Wilh the Maritirne C8nlre remaining closed 10 Ihe public. we were able lo dwert our lime and attenlJDn lo the project. lurthering Ihe aclivilies ol afchwing ar¥J lIdIng display space lor this vasi Collelon. This was an Inadvertent 511ive consequence ol Ihe pandemic. Social disiancirKJ regulatnS also meani that our Trustees h&J lo adapl lo usiry online hosting lechnologies, 5wh as Zoom. lo pieveni inlerTuplion kn ouf reguLqr meetings. We are now In a pjsilion to make use ol online meetirwJ Solare lo Continue lo ixJik1 on commun1caiions an¢Y build rela1n$ lurther aliekj.
Portaferry and Strangford Trust Llmiled Company Limiied by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) Iconllnwdl Year ended 31 December 2020 Flnanclal revlew Resutts lor the ytar During Ihe year ended 31 December 2020 Ihè company gen8raied a surp¥ in unrestr18 reservos 01 £1.679 and a delicil 01 £2.470 In reStrle roserves. Plans lor lulure perlodl Our plans lor 2027 and t*yorKI Inclth the Corfinued search lor lunding. wg 11 recommence our ialks and ev8nis. and continue lo develop Ihe Maritime Cenlre. We have launched cr vast documenlat>on colleclion online. enabling researchers Irom all ovef Ihg woikl 10 ac£ess our archives. We have re- opened the Marilime Cenire and are de1hled thai we have had over l.tXK) visilors. despile haviNJ to Sln¢l numbefs 10 compty the conlinued SOCI dislanciThJ measures. The Iruslees, annual report and th8 Slraieoic report were aFVOV8d on 20 Seplembvr 2021 and sion8d on b8hatt ol the board ol Irusiees by.. 41L Mr$ A Murphy TnJsloe Mr S ReiNy Trusiee
Portaferry and Slrangford Trust Llmlted Company Llmtted by Guarantee Independenl Examlner's Report 10 Ihe Trusiees of Portaferry and siranglord Trust Llmlted Year ended 31 December 2020 I rerort Io Ihe trustees on my examination ol the Iinancial siatemenis ol Ponalerry and Stranglord Twsl tsmiled I'lhe chariv) lor the year ended 31 Oecember 2020. Responslbllltlos and basls ot rnport As the Iruslees of Ihe company laThJ also rts direelof5 lor Ihe kMJrp)ses ol company lawl you are responsible lor Ihe preparatn ol Ihe Iinancial siaiemenls In accordapce with Ihe requiremenis ol Gharilies Act (Northern Ireland) 2008 Ittte .2008 Aci'i arn1 the Companies Act 2006 I'iho 2006 Ath'i. You are salislied that ltte accounls ol Ihe company are noi requireo by ¢harity or company law 10 be audiled and have chosen insiead lo have an in¢Jependenl examination Having saiislied mysem Ihai Ihe accounts ol the company are not r8Wired lo be auoiied under Pafl 16 ol Ihe 2006 Act and are eligible lor i1nden1 examinali)n, l ieport In fesp8cI ol rny exam1nalion ol the charily's linancial stalemenls as carried oul undeT section 65 01 the 2008 Au. In carryng out my examinaiKJn I have loltowed Ihe gener Directions given by Ihe Charity Commission lor Northern Ireland under S8Clion 6519iibl ot Ihe 2008 Act. Indep¢nd•nl ex•mlnw'• Jtatom•nt I have compleled my examinalK. l ¢onlimi ihal mallers have come my attenlion in connect wilh my examinaiK>n giwng me cause lo belw Ihal in any material respect: ac¢ounlino records wore kept In respo d ihe chanty as requirod by Sedion 386 01 the 2006 Act. of lfie finala1 slalemenls do Th)t accord wilh IPk)se rocord8: or Ihe Iinancial Slalemenls do noi comply 1h the accouniino reouiremonls ol section 396 01 the 2006 Aci Other than any requirement ihal the accounis give a 'irue arKI lail view whh 18 not a mallei consKJerecl as part ol an IrKJependenl examinalion., or the financial stalem8ni$ have nol been pr8pafed in acconjance %wth the melttods arKY PrincieS ol the Siaiemeni ol Recommended Plalc9 lor accounting aThY rewfling by charilies aFplieable to charilies prepanng Ih8ir accounts In accordance wlh the Finaacial Reporting Siandard awliCab In Ihe UK and Republic ol Ifeland IFRS 1021.
Portalerry and Strangford Trust Llmlted Company Limlted by Guaraniee Independeni Examlner's Report to the Trustees ol Portaferry and Strangford Trust Llmlted i¢onllntstrd) Year ende(J 31 December 2020 l ¢onlimi Ihal Ihere are no olher matters lo wh*ch attentn shoukl be drawn lo ena6 a proper Unogrsiarl9 ol the accounls lo be reached. Imekla Flogan IBSC. Hons. FCAI On behalf ol Rogan Ac¢ounlancy Limrted Indep8ndenl Exami Skelrick House Jubilee Road Newtownards Co Down 8T23 4YH 20 Sepièmber 2021
Portaferry and Slranglord Trust Limlted Company Llmlled by Guarantee siatement of Flnanclal Actlvlties (Including Income and expendilure account) Year ended 31 December 2020 2020 Reslr'cled lunds Total lundg Totsl funds 2019 UnrestrrCt8d lunds Income and endowments Donations and ltsgacies Oiher trading aciivities Total Incom• Expendllur• Expenditure on charilable athivities Total oxpendltu 4.116 6,870 10,986 25,295 1.591 5,056 6.870 11,926 3.3n 9,340 12.716 15,983 3.377 12.716 15,983 Net lexpendltvr8inncome and net movernenl In lunds 1,679 12,4701 10,903 Reconclll•tlon ol funds roial lunds brought forward Tol•l lunds canlod tonvard 2.289 14,947 17.236 6.333 12,477 16,445 17,236 The slalemenl ol financial aclivili•S includes all gains and thses 18ctsJnisod in Ihe ywar. All income and expendiluio denve Irom continuing Tho nob• on p•fft 10 kn 17 lorm p•rt ol the*e flnwKl•l •tstem8nts.
Portaferry and Strangford Trust Llmlted Company Llmlted by Guarantee Statement of Flnanclal Positlon 31 December 2020 2019 Flxed asaets Tangible Iixed assets 13 9,433 Current 488th9 Detilors Cash al bank and In hand 14 110 3.641 5,162 8.803 Cr•dltor8: amountg talllng due wlthln one y1 Net CUff8nt •3sets Total asset• les• cynenl Il•bllltl•8 Net aJ•etg 15 7,803 16,446 17.236 16,446 17.236 Fund• ol the ¢harlty Reslricled funds Unreslricled funds Totil charlty lund• 12,4 14.947 2.289 16 16.445 17,236 For the year ending 31 December 2020 tho charity was enlilled to oxempln from a1 under section 477 01 Ihe Cornpanies Acl 2CKA ffjlaiiry lo small companies. Direciors, responstslities: Th8 mernbers have rrf)I rowirod the company lo Oain an a(wJil ol its Irnancial stalemenls lor The year in Questn In aCCordare section 476.. The dif8Ctors acknedge their respwsknlilies lor comptyw vrilh Ihe requirements ol the Acl th respect lo accounting records aThJ the sxeparaiion of 15nancial slaiemenis. Theso financial slalemenls have boon tyepared in ac(x)rdaru 1h the provisn8 applicable lo companies Slect lo the gmall mPanies, regime. Thesè linancial Slalemenls were approved by ltte board ol Iruslees authorised lor issue on 20 Seplember 2021. and are nfjd on behall ol the txjard by.. Mr5 A Murphy Trusie• Mr S Rthlty Tfuslee Th• nots8 on pty•¥ 10 to 17 lomi p•rt ol It• Iln•n¢l•l gtai•m•nl•.
Portaferry and Strangford Trust Limlted Company Llmlted by Guaraniee Statement of Cash Flows Year ended 31 December 2020 2019 Cash flows Iroffl opefatlng adlvltl•8 Nei lexpendiluiel/in¢Thne 1790) 10.903 Adjusimenls lor.. Depreciaiion ol laryible Iixed assets Inleresi payable artd similar charges Changes In.. Trad8 and other debtors Trade and other N8(Iitors Cash generaied Ifom operalions Inleresl paid Nel Cash Irom op8raiing acilvrties 3.196 240 3.575 325 1531 13.0001 13,367 6.1TI 12401 5,937 13251 13.042 Ca$h Ilowg from In¥tIng •ctlvltbo• Purchase ol langible asse Not cash us•d in Invesling adivi11os {3.111) 110.49tI 110.4911 Nel Incrfrau In *h and c•8h •qulvalont• Cash and CQAh equlval•nts at beglnnlng of year C•sh and cagh •qulv•l•nt• at •nd of yoof 226 5.162 2,551 2,611 5.162 Th• notts on 10 10 17 lorni p•rt ol fln•ncl•l •l•t•m•nt•.
Portaferry and Strangford Trust Llmlted Company Limlled by Guarantee Notes lo the Flnanclal Statements Year ended 31 December 2020 Gener•1 Inlomiatlon The chanly Is a pubjrc bonelil eniity arKJ a w'vale company Iimrted by guaranieè. regislered In Nonhern Ireland and a regislef80 charity in Northern Ireland. The a(kYress ol the regisiered ollKe is Weslgale, 15 The Sirand, Ponalefry. Co Down. 8T22 1 PF. Stalement ol compllan These financial slal8menls have been prtyared In compliance ilh FRS 102, Financial Fleporting Siandard 4Wicable In ihe UK and Ihe Rewblic ol Ireland,, Ihe Sialemeni ol Recornmefthd Practice atWicabl8 to chanties preparino Iher accwnls in accordance wilh the Financal Reporting Siandafd awlicabk in ltte UK and Rewic of Ireland IFRS 1021 (Charities SORP IFRS 10211 armj the compan Acl 2(M)6. Accountlng pollcl•s 8a•l• ol pr•p•r•tlon The financial Slalemonls have been Prepared on Ihe hislor&i1 cosi basis. as m¢xlilied by the rtralualion ol certa1n financ1 assels arKJ Iiabililies armj inveslmenl propert$ rneasurèd al lair valtse 1hrjgh Irwme or oxpendilure. The linanual Slalements are prepared in slerfirwJ, vlhich is tho fun¢tnal currww ol Ihe entity. Golng concem There are no malenal uncertainl at#)ul the chantys aEMlrty 10 conlinue. Judgement• and key •our¢•s of •IM•ll0n uneertalnty The lollow'ThJ eslimaio has been us8¢ In Iho proparaiion ol Ihe linancial siaiemenls.. Eslimaied useful l(le ol equipmeni Is 5 years. Fund •ccountlng Unieslrlcled lunds are av&lablè lor LW ai Ihe Jiscretion of th• Iwsleos lo ILJrther any ol Ihè charity5 wrFoses. Designated lunds are unrestrtled fuThts earmart(ed by Ihe Iru*ees lor parti¢uLqr luture project or commilmefti. Resiri¢ied lunds are subpdfjd lo reslnctths on their expendilvre declared by the donor or Ihrough Ihe torms ol an apyal. aryl fall inlo one ol Iwo SLtsdasses.' restrted IrEcome lunds or endowmenl funds io-
Portaferry and Slranglord Trust Llmlted Company Llmlted by Guarantee Noies io the Financial Ststements (eonwnwdj Year ended 31 December 2020 Aceountlng pollcles (CT#d) Incomlng rn•ourceg All incoming resrceS are I1jed in the statement ol Itnancral aaivities wthen entitment has passed 10 Ihe charity. El t$ probab Ihai Ihe e¢onomiC benelils associated wilh Ihe Iransactioll will Ilow Io the charity and Ihe amounl Can be reliabty measurad. Thfr lolbwing spac11 are appl lo particular cale00$ ol income: irume Irimm thnaitons ty grants Is recognised when Ihere evthrte ol 9n1rlmel lo the gift, receipl is probabFe and rts amounl can be measured feliably. acy income ts recognisea when vable and enlillwnent is esl8blish8d. Incom8 Irom thnaloo gcojs i8 measuT•d al the lair value ol Ihe goods unless Ihls is Smpraclical lo measure reliabty, In whicn case ihe value Is derived Irom Ihe cosl lo Ihe (lonor or ihe esiimaled resabè value. Donaie(I lacililies and seryices are recognised In the accounls when weceived Il the value can be reliably measvred. No amounts are included lor the contribu1n ol ggneral volunieers. income Irom conlracis lor the SLwly of serv5 is re(xwni8od 7Mth Ihe delivery ol Ihe conlracled service. This Is classilted as uniesiricied funds unless Ihere Is a conirac,lual requirement lor Il lo be spent on a pani¢uLar wryjose arKI rOlurn8d il unynl. In which case il may be regar(Jgd as reslncied. RoUrceS expond•d Expendilure is recogntsed on an accruals basis as a Iiknlrty is incurred. Expendilure Includes any VAT whlch cannot be lully r8covered, and Is classif1 under headings ol the Slalement ol financial aclivilies lo whfjch Il relatO8'. expendilure on raising funds Inckmjes th& CO$ls ol all fundraL8lTrJ adNitlos, events. non. charitable trading aclivilies. arKJ the sale ol donated goods. expgndilure on ¢harilable aclivilies includes all costs InrTed by a chaftty in undertaking actwilies Ihal lurther Ils charilabbe aims lor the benelil ol rfs beneficiaries. including Ihosfj SUPF(Srt Costs arKI costs relaling lo Ihe govemance ol Ihe charity apportioned lo charitable aclivitses. Olhei expenditure Includes all expeTrlilure thai is nerthef relaled io raiSiTrJ lunds lor Ihe chaiily nor part ol Ils expendrture on chaflth aclivrts. All cos15 are allocated lo exwndilure ealegories rellecling the use ol the resource. Direct cost$ attributable lo a Sing athivity are alktatod direclly lo Ihai acliwty. SharBd costs are ar¥Jofjioned between the a1¥11 they coniribule lo on a reasonab. jUSlEliable and consisienl basis. TangSble a38et• T&ngibte assets are Initlty re¢ord8d at cosi. arnl subsewity slaleo al cosi less any accumulaled depreciaiion and impaiimenl bsses. Any tangl& assels Carr al revalued amounts are recorded at thé lair value al Ihe dale ol ievalualion less any subs¢quenl aecuTnulaled deplatIOn and subseqvenl accumulaied impaimienl bsses. 11
Portaferry and Strangford Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statements (ConwnoI Year ended 31 December 2020 Accountlng pollcle (¢•niiTh Tangible asw$ I An incTrase in Carryi amount ol an assth as a resull ol a re¥al)n, is recognised In othèr fecognised gains and tosses. unless it rèverses a charge lor impairneni Ihal has previously beèn recognised as expenditure wilhtn the slatemenl ol linancial activities. A decrease in the carwng amouni ol an asset as a iesull ol revaluaiion. is recLVdnised In Other ra¢ognised gains and losses. except lo whTrch Il ollsels any prevws TevaluatK>n gain, In which case Ihe knss is shown within olher fecognised ga+ns and bsses on Ihe slaiemenl ol lnancial actiwlies. Ihpreclatlon Dep18cialion Is cakulated so as lo wnle oll the cosi or Valuati ol an as$et. less rts residual value. over Ihe useful econom life ol Ihai assel as lolbws., Equipmèni 20% strayhl hne lrnpalrm•nt ol Ilxed atsets A review lor Indtaiors ol Impaient Is carried wi al each reportiiy Oate, tfi Ihe recoverabig amouni being eslima18d where such Induiois exist. Where ihe caryng value exceeds Ihe recov8rablo amount. the assei Is Impaired accoidiwty. Prior Impaimenls are also roviewe(I lor possible reversal ai each rep)niryJ dale. For Ihe Wryises 01 impairment iesiing. when rt Is not Possible to eslimaie the recoverable amounl ol an Individual assei. an eslimaie is made ol the recoverable amount ol Ihe ca5h- generating unil 10 wh lh8 asset belongs. The cashTenefaiirw unil Is Ihe smallest Idenliliable ofoup ol asseis Ihai includes itte asset aThJ generaies cash Inlkms thai largely independent ol the cash inllows Irom other assels or groups ol assets. For impaifmefti lesling of goottM"Il, the goothvill a¢qu1red in a business combinalion Is. from the a¢quisifion dale, allocaled lo each ol Ihe ¢ash-generaling units Ihal are expecied lo benelil Irom the syneTgies ol Ihe combinaiion. irrespecltve of h8lher olhw assets or liabilitie$ ol Ihe charity are assigned lo those units. Flnanclal Insirum•nt• A linancial assel or a Iinancial Iialjlity is recognisod only vthen the chanty tComeS a party to Ihè conlraclual provisions ol the Instrument. Bas¢ financial Insirumenis are inthally recognised ai th• amounl receivable or payable including any relale(J IransaciN)n cosls. Current assels arKJ curreni Irab"Iilws are subsequentty measured ai Ihe cash Of other constderalion exr*cted lo be pa or fecgiveo af not discounled. Debi insinJments are sub58quenlty measured ai amonised cost. Where irweslmenls in shares are blY Iraaed or their lair value can OlheThvise be measured reliably. rhe investment Is 5ubsÈqueniiy measur8d al lair value with changes in lair yU0 fecognised in income arKI 8xporKhlure. All Olher sh investments are subsequeniiy measured al cosl less Impairment. 12-
Portaferry and Strangford Trust Llmlted Company Llmlted by Guarantee Notes to the Flnanclal Slatements (eonNni*d) Year ended 31 December 2020 Ac¢ounllng pollclè• fconO)x•d) Flnan¢lo1 Ingtrumenis icMIiTh Other financial Instruments, In'1j derwalivo5. are initslly recognffjed al lair vahje. unlo8S paymeni lor an asso1 is delerred beyontt rTrnal l)usin6ss lerms OT financed al a fate ol Interest thai is not a mark81 iale. In which case the assBI Is measurtra al the present value ol the Iuiurè payments discwnled ai a mathei rale ol Inieresi lor a similar debt inslrumenl. Oiher linancial insirumonts are subswnily measufed al lair Value. wiltt any changes rocognised in Ihe Slalemenl ol Iinancial aaivilw. wrth the exceptKJn ol h8doing Inslrumgnis In a designalecl hedging relaiionship. Financi81 assets that are measured ai cosl or amortised cosi are viewed lor ¢)bjeclive evidence ol impairmenl ai the end ol each rBFKSrting dale. 11 there is otyeclNe evidence ol impairmeni, an impairment k>ss Is recffjnised undef the arrf)ropriale heading in Ihe slalemenl ol ljnancial aciivilies In which the Inilial gwn was recoanised. For all 6quIty instruments regardless ol SKJni1ncO. and olher Iinaneial assels that are ItKlivhdually signilicanl, these are assessed IndivNtually lor Impaiiment. Other linancial assèis ar6 eilher assessed irKJiWa1lY or grouped on basis ol similar Credit Ttsk characlerisiics. Any revefsaLs ol irnpairmeni are recognised immedle4y. lo tho exlenl Ihai Ihe reversal does noi resull in a carTwng amounl ol Ihe financial ass•1 Ih81 exce¢ds whai Ihe carrwng amount woukl have hao Ihe impairment not prevously been locognised. Llmllod by gu•r•nt•e The Trusl Is a company limited by guarantèe and does not have sharo wylal. The liability ol each member Is limited lo an amount noi exceeding £1. Donallong and leg•clo• Unfe51ricifjd FurAJs Reslricled Total Fund• Funds 2020 Donatlons Donation5 liom members ol Ihe wbl Corporate Donations 2,325 41J) 2,323 400 Grant¥ Aros and North D¢)wn Borough Council DAERA Grani Community Fund Depanmenl lor Communiti'es 178 213 3.250 3,428 213 4,620 4,116 6.870 10,986 Untrted Funds R851f¢ted Total Funds Fufwts 2019 Donatlons Donalions Irom members of the sxW Corwrale Donaiions 2.440 2.275 2,440 2.275 13-
Portaferry and Strangford Trusl Limited Company Llmlted by Guarantee Notes to the Flnanclal siatements (coftlni Year ended 31 December 2020 Donatlons and legacieg ieonttrn Unresincled FUlS Reslricled Tolal Funds Funds 2019 Grantg Aids and North Down 8orough C1 DAERA Granl Cornmunily Fur• Oepartmeni lor Communit 3,100 1.380 9.000 3.280 5,920 1,380 10.000 3,280 8.535 16.760 25,295 Olh•r tr•dlng •Ctlvllle• Unreslriclecl Tot•1 Fund• Unfeslricted Total Furrfls Funds 2020 Funds 2019 Fundraising events 940 1,591 1,591 Expendltum on charlt•ble •ctlvltl•s by lund typ Unreslrlclj Funds Aeslrrled Tot•1 Funds Funds 2020 Mari11rn8 EducalKJn The Carol Ship The Aopewalk Supwrt costs 1307 719 1,565 1.4CKJ 837 530 719 7.678 3,789 6,113 2,390 3.377 12.716 Unreslricied FurKIs Heslncfed Total Funds Furtls 2019 Maritimè Ethjcaion The Carol Ship The RopewaN( Suppon costs 1.184 1,292 4.273 3.035 183 4.570 1.446 1,368 5,861 5.720 3,034 9.784 6.199 15.983 14.
Portaferry and Slrangford Trust Llmlted Company Llmlled by Guarantee Noies to Ihe Flnanclal Statemenis iLnllfft) Year ended 31 December 2020 Exp•ndlture on eh•thable by aetlvSty type Activilies denaken directly SuFVIrt costs Totsl lunds 2020 Total lund 2019 Maritime EducaiKJn The Carol Ship The Ropewalk Govemance costs 530 719 7.678 530 719 7,678 3.789 5,861 5,720 3,034 3.789 8.927 3.789 12.716 15.983 Net lexpendtture)Ilncome Nel lexpendilurell•ncome after chargingllcredilingi.. 2019 DeprecialKin ol tangib Iixed asseis 3,196 3,575 10. Independent ex•mln•tlon fees 2020 2019 Fees payable to the Independeni examiner lor.. Independent examinaiion ol Ihe Iinanoal Stslemenis 11. Tw81e• i•mun•ri¢M and o¥poniJ Truslees participaie on a lully ¥Ontary ba&G a1 rKJ trustee r•cèrv8d femunoralion or benelits during the yeai. 12. Trnnslfyrs belw•on lunds There were rK) Iranslws tjtheen luThls duriTrJ the year. 15-
Portalerry and Strangford Trust Llmlted Company Llmited by Guarantee Notes to the Flnanclal Slatements ic¢0) Year ended 31 December 2020 13. T•nglbl• flxed •wts Equprenl Total Cost Al l January 21)20 Additions 26.161 3.111 26.161 3,111 29,272 At 31 Dec•mbw 2020 D•precl8tlon Ai 1 January 2020 Charge lor the year At 31 Dec¢mb8r 2020 Corrylng 8mount At 31 Deeernber 2020 Al 31 Decembef 2019 29,272 16.728 3.196 16.728 3,196 19.924 19.924 9.433 9.433 14. Debtors 2019 Oiher debio 3.641 15. Crndltors: amount81•1llng wlthln one y••r 2019 Atcruals and del8rr8d I)me 16. An1• ol ch•rlt•bl8 lund• Unrestrlctod lunds Al l January 202 At 31 Decèmbor 2020 Irne Expendilure General lunds 2.289 5.056 13.3771 Ai 1 January 201 Ai 31 Oecember 2019 Income Experylrture General funds 1,947 10.126 19.7841 2.289 -16-
Portalerry and Slrangford Trust Llmited Company Llmiled by Guarantee Notes to Ihe Flnanclal Statements (con¥nu) Year ended 31 December 2020 16. Analyslj of ch•rFt•ble lund$ ie ReBlrfcted lunds Ai l January 202 At 31 t)ecombei 2020 Inc(xne Expenditure Resiricled Fur 14.947 6,870 19,3401 12,4TI Al l January 201 Al 31 December 2019 Income Expendilure ReStrted Funds 16.760 16.1991 14,947 17. Analy•ls ol Chang In net debt At Ai 1 Jan 2020 Cash IIov4S 31 De¢ 2020 Cash al bank and in hand 5.162 2,826 17-