COMPANIFS HOIJSE 3 1 MAR 2023 COMPANY REGISTRATION NO.. N1032598 Charity regirtered nurnber: NICl¢)0257 BCLFAST PORTGLENONE ENTERPRISE GROUP LIMITED Iprivate company lirnited by8uaranteeWitl sharecapitall TRU5TEE5' REPORT AND FINANCIAL STATEMENTS FOR THÉ YEAR ENOED 30 JUNE 2022 ')CW04A* 31A1312023 CCWANIES HOLISE JNI 1148 Tony Clarke CSarke&Co. Accountants 53 Andersonstown Road Belfast BTII 9AG
PORTGLENONE ENTERPRISE GROUP LIMITED CONTENTS PAGE Reference and administrative details of the charity. its trustees and advisers Annual Report of the Trustees Independent Examiner Report Statement of Finantial Activities io Balance Sheet 11-12 Notes to the Financial Statements 13-20
PORTGLENONE ENTERPRISE GROUP UMITED {PrNate tompany limited by 8uarahtee wirhout Share capital) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 STATEMENT OF FINANCIAL AcrivinES INCORPOIIATING THE INCOME AND EXPENOITURE ACCOUNT Yearto Unrestricted Restrfrted 3fyJun.22 Funds Funds TOTAL Year to 30-Jun-21 TOTAL Note Incorne from: Donations and Legacies Chaf Itable Activities 33,235 17.C()7 209,095 242.330 18,411 262,655 41,329 Total Income 50,242 210,499 260,741 303,984 Expendlture on: Charitable Activities 67,223 171.8CI) 239.023 196.850 Total Expenditure". 67,223 171,800 239,023 196.850 Net ¢ncome/lENpenditure) 116.981) 38.699 21.719 107.134 Transfers between funds 11.082 111.082} Net movement in funds 15.8991 27,618 21.719 107,134 Re¢on¢iliation of Funds Total funds brought fmvard 58.541 452.594 511,13S 404,001 Total Fund5 carried lonvafd 52,642 480.212 532,854 511.135 The statement of financial artivlties include5 all gatns and1055es recogni5ed in the year. All incoming resources and resources expended derive from continuing actrvities. The statement of financial activities also complies with the reouirements for an income and expenditure account under the Companies Art 2(K)6. rhe notes on page 12 to 13 form and inte8ral part of these attounts io
PORTGLENONE ENTERPRISE GROUP LIMITED IPfivate company limited by evèrantee without share capitall TRUSTEES. REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2022 8ALANCE SHEEr As at 30 June 2022 2022 2021 Note Fixed Assets Fixed Assets 683,254 683.254 744,641 744.641 Current Ass$ Debtors Cash at bank 4,115 98.403 102.518 6,029 109,088 115,117 Liabilities Creditors.. arNx1tsiaa#hknaI1È Loans.. atW4rt1 Government Grants: (6.084) 112,749) 184.3401 1103,1731 14,7CK)I 14 184,3401 {89,0401 Net A$5ets 16551 682.599 26.077 770.718 Total Assets Less Current liiabilities) Long-term Liabilities Loan5 Falling due: 3JAI$o nhyethantw Government Grants: 1$ laiwdrnorethahrrt y 14 Net assets 15 (69,4051 180.3411 S32,854 (94,9Q31 1164,6811 511,135 Funds Restricted Unrestricted 480,212 52.642 452.594 58.541 TOTAL FUNDS 12 532,854 511.135 The company is entitled to the exemption from the audit requirement contained ID section 477 of the Companies Act 2(M]6, for the year ended 30 June 2022. The trustees acknowledge iheir respons•bilities for ensuring that the charity keep5 accounting recof ds which comply with section 386 of the Act and for preparing financial stateffients which give true and fair view of the state of affairs of the company as at the end of the financial year and of it5 incornin8 resources and applicalion of resource5. includin8 its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise cornply with the requirements of the CompaThies Act relatin8 to financlal statements. so far a5 applicable to the companv. li
PORTGLENONE ENTERPRISE GROUP LIMITED Ipfwate company limited by 8uarantee withovi share capital) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 BALANCE SHEET Cont... As at 30 June 2022 The member5 have not requiied the company to obtain an audit of its financial statements for the year in question in accordarKe with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject io the small companies regime. The financial statements were approved by the board directors on A lo IJ signed on their behalf by.. . and were Kieran Adam5 Trusree The notes on page 13 to 20 form and integral part of these accounts 12
PORTGLENONE ENTERPRISE GROUP LIMITED (Private cornpany limited by guarantee without share ¢apitall TRUSTEES, REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE ACCOUNTS l Accountlry policies Charity informon Port8lenone Enterprise Group Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is.. principal place of business is 61 Main St. Portglenone, 8allymena. County Antrim.. 8T44 8HP. 1.1 Accounting convention The accounts have been prepared in accordance with the charity's goveming document, 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 1021" (as amended for accounting periods commencing from l January 2016). The charity is a Public Benefit Entity as defined bv FRS 102. The charity has taken a(Ivanta8e of the provisions in the SORP for charities applying FRS 102 Update 8ulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterlin& which is the funrtional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical c05t convention, modified to include the revaluation of freehold propertie5 and to include investrnent properties and certain financial instrument5 at fair value. 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 charity 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 lunds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. 1.4 Incorning resource5 Income is recognised when the charity 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 donation5 are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performonce 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. 13
PORTGLENONE ENTERPRISE GROUP LIMITEO (Prtvate comoanylimited by 8uafanre¢ withou¢ share cèpitall TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2022 NOTES TO THE ACCOUNTS (continued) 1.4 Incoming resources lcontinuedl Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. 1.5 Resource5 expended Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligation committin8 the charity to that expenditure. it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obllgation can be measure reliably. Expenditure is accounted for on an accruals basis and has been clalfIed under headings that aggregate all cost related to the category. The charity is below the charity audit threshold and therefore is exempt from reporting expenditure on an activity basis. The charity has opted to report by the nature of expenditure rather than on an activity basis. 1.6 Tangible flxed 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 value5 over their useful lives on the following ba5es.' Fixtures and Fitlings 20% on cost Computers 20% on cost 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short.term liquid investment5 Wlth original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilit*S. J.8 Financial instrurnents The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instrument5 Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity'5 balance sheet when the charity becomes party to contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there 15 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 14
PORTGLENONE ENTERPRISE GROUP UMITED Iprivate cornpany limited by 8uarantee withOt share tapitall TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 1.9 Baslc tlnancial assets Basic financial assets, which include debtors ar cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost usin8 the effective interest method unless the arrangement constitutes a financing tronsaction. 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 vear are not amorti5ed. 1.10 Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing trs4nsèction. where the debt instrurnent is measured at the present value of the future pa¥ments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried ai amortised cost. Using the effective interest rate method. Trade creditors are obligatioffls to pay foi goods or services that have been acquired in the ordinary course of operations fTorn suppliers. Arnounts 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. 1.11 Oerecognition of financlal liabilbties Financial liabilities are dereco8nised when the chariW5 contractual obligations expire or are dischèrged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in wthich the employee's service5 are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably Committed to terminate the employment of an employee or to provide termination benefits. 1.13 CritSeal accounting estlmates and judgements In the application of the charity's accountine policies. the trustees are reqUId to make judgements. estimates arKI assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumpti¢5 are based on historical experience and other factors that a 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 fUre periods. 15
PORTGLENONE ENTERPRISE GROUP LIMITED (prate company limired by guarantee withoL*t share capital) TRUSTEES. REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE ACCOUNTS (continued) 2 Income from DonatlonsaTrd Le cies 2022 2021 Unrestrifted Restri¢ted Funds Funds Note TOTAL TOTAL 8annside Stitchers BIG Splash CDHN CHIP CIN Community Centre Income DAERA Dfc Covid Money Green Group Halifax History & Heritage Group HMRC Furlough Grants HtF Mid&East Antrim NHLF COVID Grant People in Community Grant Release Summer Scheme Ulster Gardens Writers Group Totals 2022 143 1,591 143 1.591 17011 1401 650 4,585 6,042 1.071 650 4.585 6,042 1,071 700 6.288 10,125 1,625 96 7,960 859 260 12.015 2,420 7,960 859 260 12.015 2,420 130 9,385 16,667 7,119 16,800 67,434 ICQ,840 6,000 20,000 187 262,655 76,965 84.340 10.195 76,965 84,340 10.195 14 209.095 209.095 Totals 2021 262,655 262.655 3 Income frorn Charitsble Artivltles 2022 2021 Unrestricted Restricted Funds Fun¢ts TOTAL TOTAL Rental Income Donations Awards and Grants General Fund Totals 2021 16,575 33,235 16.575 33.235 13.290 16,000 8iXI 604 1.404 432 50.242 1,036 51,646 12,039 41,329 Total$ 2020 41,329 41,329 16
PORTGLENONE ENTERPRISE GROUP LIMITED IPrNate cc*mpany limiied by Iuaraniee withoui Share capitall TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE ACCOUNTS (CONTINUED) 4 stsff Costs and Nurnbers 2022 2021 Gross Wages and Salarie5 31.122 31.122 25.798 25.798 No employee received emoluments of more than £60,IX)012021:Nill The average monthly number of employees during the year. calculated on the basis of full time equivalents, was as follows: 2022 Number 2021 Number 5 Ex enditure 2022 2021 Charilable Activities Unrestricled Restrirted Funds Funds TOTAL TOTAL Accountancv ank Char8es Community CentTe Expenses Danske Bank Project Depreciation Donations General expenses Heat & Lighting Insurance Expense office Expense Payroll Expenses Professional Fees Programme Costs Rent and Rates Repairs and Mainten3n Restricted Expense5 Telephone Training UCIT Loan Interest Charged Total 2022 1.200 44 2,103 225 225 74,464 12.144 61.387 74.464 12.144 61.387 76,925 3.030 7.085 8.160 11.191 7.085 3,702 575 31.122 1.210 17.301 323 3,157 4,232 5.613 25.798 2,310 62.836 709 5,330 3.702 575 31.122 1.210 10,717 6.584 12.642 12.642 2,462 loo 3.398 67.223 2.462 115 3.398 239.023 1.585 799 3,885 196.850 15 171,800 Total 2021 37,917 181,068 196,850 17
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by 8uarantee without share capitall TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE ACCOUNTS {CONTINUED) 6 Trustees remuneration & expenses Ouring the year, no Trustees received any remufteration12021- £NII}. Ouring the year. no Trustees received any benefits in kind12021- £NILI. During the year. no Trustee5 received any reimbursement of expenses {2021- £NIL). 7 Oebtols 2022 2021 Grants Receivable Prepayments Other debtors 4,115 4,115 6,029 6,029 8 Creditors: amounts fallin within on 2022 Accruals & Deferred Income HMRCVAT Other Creditors Grants Held 1.920 140) 924 3,279 6.084 20 I,¢Wi 3.279 4,700 9 Tan 'ble Fixed A55ets Land & B ildin Bank F&F& Total COST At l July 2021 Additions Oisposa15 At 30 June 2022 DEPRECIATION At l July 2021 Charge for the year Eliminated on disposal At 30 June 2022 NET BOOK VALUE At be8inning of period At 30 June 2022 440.0 443.141 31,405 914,546 440,(WXI 443.141 31.405 914,546 147,679 59.092 22.226 2,295 169,905 61,387 206,771 24,521 231,292 440.0(KJ 295.462 440,{ 236.370 9,179 6,884 744,641 683,254 18
PORTGLENONE ENTERPRISE GROLIP LIMITED {Private company limited by 8uarantee without share capital) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE ACCOUNTS (continued) 10 Inde endent examinerfs rernunerntion The independent Examiner's remuneration amounts to an Independent Examination fee of £1,200 {2021- EI,2001 11 Related transactions There were no related party transactions durin8 the year. 12 Statement of fund5 - currenl Balance at l July 2021 Transfer in/out Balance at 30 June 2022 Income Expenditure Restricted funds BIG Splash BanrtSKle Strtchers HLF 1.591 143 12.015 650 4,585 6.042 1.071 1420) 5.058 112.0151 9.924 14.4611 163 11,0711 16281 628 17281 115.0721 (61.3871 11.691) CHIP CIN Community Centre Income DAERA 14.679) 5,895 4.585 6.013 4.461 4.228 14,4201 Ofc Covid Money Awards & Grants Garfteld Weston Grant Release Green Group History & Heritage Group HMRC Furlouth Grants Mid&East Antrim Halrfax People in Community Re51ricted Assets Gifted Summer Scheme Writers Group Total restricted funds 15.(M)O 101,042 705 4.258 84.340 123,99S 986 12.134) 12601 {2.4201 859 260 2,420 7,9EO 76.965 2,983 17.960} {73.805) 31,995 12791 284,764 115,501) 12.975 13.668 13IXIl 1701 1.257 (171.800) (11,tyd2) 480,213 28.835 284,439 JO.195 1.627 452,595 210.499 Unre5tTiCted funds Rental Income Oonations General funds Total Unrestrirted funds 16.575 33.235 432 50.242 (16.5751 133,2351 167.223} 60.892 {67.223) 11,082 58.541 S8,541 52.642 52.642 Total of funds- (urrent yeai 511,135 260,741 IZ39,0221 532,855 19
PORTGLENONE ENTERPRISE GROUP UMITEO IPrivate tompany limited by gvèrantee without shafe capitsll TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 13 Statement of fund - ear Balance at l July 2020 Income Transfer inlout Balance at 30June 2021 Expenditure Total unrestricted fund5 Total restricted funds Total of funds- prior year 58.541 452.595 511,135 41.329 262.655 303.984 146.744) 80,213 1150,105) 180.2131 1196.849) 58.541 4S2,595 511,135 14 overnment Grants Government erants have been disclosed in the financial statement in line with the SSAP 4 disclosure requirements. Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants towards fixed a55et5 are reco8nised over the expected tsseful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the income and expenditure account are recognised when all conditions for Teceipt have been complied with. 2022 2021 Long Temi abIlItieS Government Grant foi New Build Additions Grant Released Balance clf 249.021 349.861 84.340 164,681 100,840 249,021 Government Grants: amounts falling due vmthin one year Government Grants.. amounts falling due more than one year 8alance elf 84,340 80,341 164,681 84.340 164,681 249,021 15 Loan Re 2021 Loans Brought Forward Additions - BBI Loan Payments made 8alance t/f 94,903 138.862 12.749 82,154 43.9S9 94,903 Loanss.. amounts falling due within one year Loans- amounts falling due more than one year Balance clf 12,749 69,405 82.154 12.749 82,IS4 94.903 20