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 De￿mber 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 DIreCto￿S 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 pro￿sS, and re￿nt 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 COn￿Pt 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 othe￿iSe 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 DIreCto￿S 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 DIreCto￿S 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 De￿mber 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,
ex￿pt 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 re￿1vable 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 fInan￿d 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 ex￿edIng £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-