COMPANY REGISTRATION NUMBER: N1621790 CHARITY REGISTRATION NUMBER: NIC100148 Portaferry and Strangford Trust Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 ROGAN ACCOUNTANCY LIMITED Chartered accountants Sketrick House Jubilee Road Newtownards Co Down BT23 4YH
Portaferry and Strangford Trust Limited Company Limited by Guarantee Financial Statements Year ended 31 December 2023 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows Notes to the financial statements 10
Portaferry and Strangford Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 December 2023 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Reference and administrative details Registered charity name Portaferry and Strangford Trust Limited Charity registration number NIC100148 Company registration number N1621790 Principal office and registered Westgate office 15 The Strand Portaferry Co Down BT22 1 PF The trustees Mr J Elliott Mr G Lavety Mr G Lennon Mrs M Mccarthy Mrs A Murphy Dr J Sigwart Mr R Murphy Mr D Edmondson (Appointed 1 Dember 2023) Company secretary Mrs A Murphy Independent examiner Imelda Rogan (BSC. Hons. FCA) On behalf of Rogan Accountancy Limited Sketrick House Jubilee Road Newtownards Co Down BT23 4YH Structure, governance and management Legal structure Portaferry and Strangford Trust Limited is a Company limited by Guarantee and is a registered charity, regulated by the Charity Commission for Northern Ireland. The company has been awarded charitable status by HM Revenue and Customs. It is a not for profit organisation.
Portaferry and Strangford Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the DIreCtoS Report) (continued) Year ended 31 December 2023 Structure, governance and management (continued) Governance arrangements Portaferry and Strangford Trust is currently govemed by a board of eight trustees (subject to a maximum of 14). The board can co-opt new trustees as and when required. The charity's chair is elected from the members on an annual basis and is ratified at the Annual General Meeting. New directors are briefed on their legal obligations under charity and company law, the content of the Articles of Association, the committee and decision making prosS, and rent financial performance of the charity. Objectives and activities The company's charitable objectives are: 1. to secure by such means as are available for the public benefit the preservation, protection and improvement of buildings or land or structures of particular beauty, or of historic, environmental, architectural or constructional merit or interest in the Portaferry and Strangford area, and to stimulate and educate public interest therein- 2. acquire, restore, repair, renovate and improve buildings and land (including parkland) for the community common benefit in Portaferry and Strangford and where thought desirable erect new buildings for the general benefit of the said community., 3. make environmental improvements to properties. streets. streetscape and land (including parkland) generally in the areas of Portaferry and Strangford including where appropriate planting and horticultural improvements- 4. generally promote and encourage the education of the public in historic architecture, understanding of planning, and appreciation of the built environment, landscape and townscape environment whether through exhibitions, lectures, seminars or otherwise or by commenting on planning applications- 5. ClFoperate with the local authority. local planning authority and all other statutory authorities, voluntary organisations, charities or persons having aims similar to the company., 6. to heighten awareness of the importance of the COnPt of sustainability and promote sustainable development; 7. to carry out, encourage and foster research and so far as may be practicable to disseminate the results of same, to cause to be written and printed or otheiSe reproduced and circulated, gratuitously or othewise, literature. reports and other documents.
Portaferry and Strangford Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the DIreCtoS Report) (continued) Year ended 31 December 2023 Objectives and activities (continued) Activities Portaferry and Strangford Trust aims to lebrate and promote the marrtime and built heritage of Portaferry, Strangford and the surrounding area by regenerating buildings and landscape and developing a maritime ntre to promote the rich past, present and future of the area by all or any of the following means.. 1. running maritime events involving the local communities. These events raise awareness, generate interest, and have high educational content- 2. developing good links with local organisations including councils, museums, historical societies, Portaferry Regeneration Limited, Strangford Lough Lecale Partnership and Queen's University Marine Lab., 3. use and encourage use of empty heritage buildings. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. Achievements and performance The Trustees wish to thank all those who have donated at our quizzes or directly and supported our activities in the year ending 31 December 2023. In particular. we are grateful to the Ards & North Down Borough Council and to DEARA for their supportive grants which have enabled our activities to continue in pursuance of our objects"ves. The Ropewalk Exhibition Centre was open at weekends from Easter until September and welcomed almost 1500 visitors many of whom were families. The Centre was also opened, on request, to host some school visits. Throughout the winter months there were monthly talks about various aspects of marine history and activity around Portaferry, Strangford. and Strangford Lough and the Irish sea. Attendances varied from 18-50 people. Various trustees also engaged in speaking engagements on the similar activities at other community groups across the Peninsula and at various schools. The development and codification of the Jim Blaney Archive continued throughout the year. In August 2023 we held a Seashore Forage educational expedition and we thank D Birkett and D Thompson for leading that successful event. The production of our historical and educational leaflets about specific maritime and sea going aspects of the local area continued under the direction of A Murphy. Unfortunately, we were unable to recommence our annual December Carol Ship activity due to lack of funding.
Portaferry and Strangford Trust Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the DIreCtoS Report) (continued) Year ended 31 December 2023 Financial review Results for the year During the year ended 31 December 2023 the company generated a deficit in restricted reserves of £2,724, arising from depreciation of grant funded assets, and a deficit of £1,600 in unrestricted reserves. At the year end the company held restricted reserves of £2,506 and unrestricted reserves of £2,806. Plans for future periods The Trustees hope to continue and expand the above activities, and to deepen relationships with other similar groups around Strangford Lough and beyond. In addition, it is our intention to support a project with Ulster Archaeological Society seeking eviden of previous settlement at and in vicinity of Castle Hill, Ardkeen on shore of Strangford Lough. The trustees, annual report and the strategic report were approved on 2 September 2024 and signed on behalf of the board of trustees by- J£LL,,ttr Mr J Elliott Trustee MrsA Murphy Trustee Mr D Edmondson Trustee
Portaferry and Strangford Trust Limited Company Limited by Guarantee Independent Examiner's Report to the Trustees of Portaferry and Strangford Trust Limited Year ended 31 December 2023 I report to the trustees on my examination of the financial statements of Portaferry and Strangford Trust Limited {'the charity,) for the year ended 31 Dember 2023. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act {Northern Ireland) 2008 (the '2008 Act.) and the Companies Act 2006 {'the 2006 Act,). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charty as required by section 386 of the 2006 Act, or 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 2006 Act other than any requirement that the accounts 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 with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Imelda Rogan (BSC. Hons. FCA) On behalf of Rogan Accountancy Limited Independent Examiner Sketrick House Jubilee Road Newtownards Co Down BT23 4YH
Portaferry and Strangford Trust Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Other trading activities Total income 2,103 1,174 2,622 4,725 1,174 5.899 6,304 2,385 3,277 2,622 8,689 Expenditure Expenditure on raising funds= Costs of other trading activities Expenditure on charitable activities Totsl expenditure 134 4,743 134 10.090 5,346 10,981 4,877 5,346 10,224 10,981 Net expenditure and net movement in funds (1,600) (2,724) (4.325) (2,292) Reconciliation of funds Total funds brought forward Total funds carried fonNard 4,406 5,230 9.636 11,929 2,81 2,506 5,312 9,636 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 17 form part of these financial ststements.
Portaferry and Strangford Trust Limited Company Limited by Guarantee ststement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets 14 620 3,344 Current assets Debtors Cash at bank and in hand 15 754 6,241 4,692 4,692 6,995 Creditors: amounts falling due within one year Net current assets 16 702 4,692 5,312 5.312 6,293 Total assets less current liabilities 9,637 Net assets 9,637 Funds of the charity Restricted funds Unrestricted funds 2.506 2.806 5,230 4,406 Totsl charity funds 17 5,312 9,636 For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities= The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on pages 10 to 17 form part of these financial ststements.
Portaferry and Strangford Trust Limited Company Limited by Guarantee Statement of Financial Position (continued) 31 December 2023 These financial statements were approved by the board of trustees and authorised for issue on 2 September 2024, and are signed on behalf of the board by: Mr J Elliott Trustee Mrs A Murphy Trustee Mr D Edmondson Trustee The notes on pages 10 to 17 form part of these financial ststements.
Portaferry and Strangford Trust Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operating activities Net expenditure (4.325) (2,292) Adjustments for.. Depreciation of tangible fixed assets Interest payable and similar charges Accrued income 2,724 378 (702) 3,001 327 (3,598) Changes in.. Trade and other debtors 754 4,662 Cash generated from operations (1.171) 2,100 Interest paid Net cash (used in)Ifrom operating activities (378) (1.549) (327) 1,773 Net Idecrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (1.549) 6.241 1,773 4,468 4,692 6,241 The notes on pages 10 to 17 form part of these financial ststements.
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General infomiation The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Westgate. 15 The Strand. Portaferry. Co Down. BT22 1 PF. Statement of compliance These financial ststements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charits.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concem There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The following estimate has been used in the preparation of the financial statements.. Estimated useful life of equipment is 5 years. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 10-
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates-. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activikn'es. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are inib-ally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 11
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Tangible assets (Continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, expt to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows= Equipment 20 % straight line Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash4Jenerating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combinats'on. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount re1vable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequentiy measured at amortised cost. Where investments in shares are publicly traded or their fair value can othewise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 12-
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Financial instruments (continued) other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or fInand at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activits-es, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impaimient not previously been recognised. Limited by guarantee The Trust is a company limited by guarantee and does not have share capital. The liability of each member is limited to an amount not exedIng £1. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations from members of the public Exhibition Donations other Activities - Donations 1,167 886 1,167 886 Grants Ards and North Down Borough Council County Down Rural Community Netrrfork DAERA Grant 1,296 1,296 50 1,326 4,725 50 1,326 2,622 2,103 13-
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Donations and legacies (continuedj Unrestricted Funds Restricted Totsl Funds Funds 2022 Donations Donations from members of the public Exhibition Donations Other Activities - Donations 1,505 1,135 1.071 1,505 1,135 1,071 Grants Ards and North Down Borough Council County Down Rural Community Nefvdork DAERA Grant 310 2,283 2,593 4,021 2,283 6,304 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising events other activities for generating funds 904 270 904 270 2,385 2,385 1,174 1.174 2,385 2,385 Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising trading 134 134 14-
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Maritime Education The Carol Ship The Ropewalk Support costs 475 475 450 6,733 2,432 10,090 450 4,331 565 2,402 1,866 4,743 5,346 Unrestricted Funds Restrrcted Total Funds Funds 2022 Maritime Education The Carol Ship The Ropewalk Support costs (39) 445 4,322 1,230 672 634 445 7,422 2,480 3,100 1,252 5,958 5,024 10,981 Expenditure on charitable activities by activity type Activities undertaken diredy Support Total funds costs 2023 Total fund 2022 Maritime Education The Carol Ship The Ropewalk Governan costs 475 450 6,733 475 450 6.733 2.432 634 445 7,422 2,480 2,432 7,658 2,432 10.090 10,981 10. Net expenditure Net expenditure is stated after chargingl(crediting)= 2023 2022 Depreciation of tangible fixed assets 2.724 3,001 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements 600 15-
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 12. Trustee remuneration and expenses Trustees participate on a fully voluntary basis and no trustee received remuneration or benefits during the year. 13. Transfers between funds There were no transfers beljveen funds during the year. 14. Tangible fixed assets Equipment Total Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 29,272 29,272 25,928 2,724 25,928 2,724 28,652 28,652 Carrying amount At 31 December 2023 620 620 At 31 December 2022 3,344 3,344 15. Debtors 2023 2022 Other debtors 754 16. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 702 16-
Portaferry and Strangford Trust Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 17. Analysis of charitable funds Unrestricted funds At 31 December 2023 At 1 January 2023 Income Expenditure General funds 4.406 3,277 (4,877) 2,806 At 31 December 2022 At 1 January 2022 Income Expenditure General funds 3,958 6,406 (5,958) 4,406 Restricted funds At 31 December 2023 At 1 January 2023 Income Expenditure Restricted Funds 5,230 2,622 (5,346) 2,506 J_J_J_- -JD At 31 December 2022 At 1 January 2022 Income Expenditure Restricted Funds 7,971 2,283 (5,024) 5,230 18. Analysis of changes in net debt At At 1 Jan 2023 Cash flows 31 Dec 2023 Cash at bank and in hand 6,241 {1,550) 4,691 17-