COMPANY REGISTRATION NO: N1032598 Charity registered number: NIC100257 PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee wlthout share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Tony Clarke 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 Fi nancial Activities 10 Balance Sheet 11-12 Notes to the Financial Statements 13-20
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT Year to Unrestricted Restrlcted 30-Jun-23 Funds Funds TOTAL Year to 30-Jun-22 TOTAL Note Incorne from.. Donations and Legacies Charitable Activities 10,707 48,551 187,960 198,667 48,551 242,330 18,411 Total Income 59,258 187,960 247,218 260,741 Expendlture on: Charita ble Activities 63,971 164,707 228,678 239,023 Total Expendlture: 63.971 164,707 228,678 239,023 Net income/lExpenditure) 14,7141 23,253 18,539 21,719 Transfers between funds 6,437 16,4361 Net rnovement In funds 1,723 16,817 18,539 21,719 Reconciliation of Funds Total funds brought forward 52,642 480,212 532,854 511,135 Total Funds carried fonvard 54,365 497,028 551,394 532,854 The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The statement of financial activities also complies with the requirernents for an income and expenditure account under the Companies Act 2006. The notes on page 12 to 13 form and integral part of these accounts 10
PORTGLENONE ENTERPRISE GROUP LIMITED IPrivate company lim ited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 BALANCE SHEET As at 30 June 2023 2023 2022 Note Fixed Assets Fixed Assets 621,867 621,867 683,254 683,254 Current Assets Debtors Cash at bank 4,115 98,403 102,518 81,463 81,463 Liabllltles Cred itors: arnounts falllng due wlthln one year Loans: amounts lallln8 due wSthln one year Government Grants.. amount5 fallln8 due wlthln one year (5,4201 115,9771 180,3401 (101,737) {6,0841 112,7491 184,3401 (103,173) 14 Net Assets {20,274 601,593 {655} 682,599 Total Assets Less Current (Liabilities) Long-term Llabllltles Loans Falling due: amounts fallln8 due more than one year Government Gra ntS.' arnounts fallln8 Iyue more than one year 14 Net assets 15 (50,199) 169,405) 180,341) 532,854 551,394 Funds Restricted Unrestricted 497,028 54,365 480,212 52,642 TOTAL FUNDS 12 551,394 532,854 The cornpany is entitled to the exemption from the audit requirement contained in section 477 of the Cornpanies Act 2006, for the year ended 30 June 2023. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incorning resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the companv. 11
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2023 BALANCE SHEET Cont... As at 30 June 2023 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. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the board directors on signed on their behalf by: l+and were Kieran Adams Trustee The notes on page 13 to 20 form and integral part of these accounts 12
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2023 NOTES TOTHE ACCOUNTS l Accounting policies Charlty Informatlon Portglenone Enterprise Group Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office 15: principal place of business is 61 Main St, Portglenone, Ballymena, County Antrim., BT44 8HP. 1.1 Accountln8 convention The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to cha rities preparing their accou nts in accordance with the Fi na ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from l January 20161. The charity is a Public Benefit Entity as defined bv FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng 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 funds 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 Incoming resources 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 donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 13
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2023 NOTES TO THE ACCOUNTS (continued) 1.4 Incomlng resources (continued) 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 Resources expended Liabi lities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measure reliably. Expenditure is accounted for on an accruals basis and has been classified 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 ba515. 1.6 Tanglble 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 values over their useful lives on the following bases.. Fixtu res and Fittings 20% on cost Computers 20Yo 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 investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts a re shown within borrowings i n cu rrent liabilities. 1.8 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to contractual provisions of the instrument. Financial assets and liabilities a re offset, with the net amounts presented in the f inancial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously 14
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 1.9 Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 1.10 Baslc flnanclal Ilabllltles Basic fi nancial liabilities, i nclud ing creditors and bank loans are initial ly recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as paya ble withi n one year are not amortised. Debt instruments are subsequently carried at amortised cost, Using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.11 Dereco8nltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the charity's contractua l obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services 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 Critical accounting estimates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 15
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE ACCOUNTS {continued) 2 Income from Donations and Le acies 2023 2022 Unrestricted Restricted Funds Funds Note TOTAL TOTAL Bannside Stitchers BIG Splash CHIP CIN Community Centre Income DAERA Green Group Hal ifax History & Heritage Group HMRC Furlough Grants HLF Mid&East Antrim People in Community Grant Release Summer Scheme Totals 2023 795 795 1,956 350 143 1,591 650 4,585 6,042 1,071 1,956 350 5,477 5,477 1,401 1,401 7,960 859 260 12,015 2,420 76,965 84,340 10,195 209,095 6,709 78,216 84,340 8,716 185,764 6,709 78,216 84,340 8,716 187,960 14 2,197 Totals 2022 209,095 209,095 3 Income from Charltable Actlvitles 2023 2022 Unrestricted Restrlcted Funds Funds TOTAL TOTAL Rental Income Donations Awards and Grants General Fund Totals 2023 19,486 10,707 14,525 14,539 59,258 19,486 10,707 14,525 14,539 59,258 16,575 33,235 800 1,036 51,646 Totals 2022 50,242 1.404 51,646 16
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE ACCOUNTS {CONTINUED) 4 Staff Costs and Numbers 2023 2022 Gross Wages and Salaries 22,640 22,640 31,122 31,122 No employee received emoluments of more than £60,00012022.'Nill The average monthly number of employees during the year, calculated on the basis of full time equivalents, was as follows., 2023 Number 2022 Number 5 Ex endlture 2023 2022 Charltable Actlvitles Unrestricted Restricted Funds Funds TOTAL TOTAL Bank Charges Community Centre Expenses Danske Bank Project Depreciation Donations General expenses Heat & Lighting Insurance Expense Office Expense Payroll Expenses Professional Fees Programrne Costs Rent and Rates Repairs and Maintenance Telephone Trai ning UCIT Loan Interest Charged Total 2023 307 1,163 307 77,270 225 74,464 12,144 61,387 76,108 61,387 1,996 1,000 61,387 1,996 7,823 7,602 5,436 1,951 22,640 2,330 25,294 334 11,173 2,367 6,823 7,602 5,436 1,951 22,640 2,330 1,078 334 11,173 2,367 11,191 7,085 3,702 575 31,122 1,210 17,301 24,216 12,642 2,462 115 3,398 239,023 767 63,971 767 228,678 164,707 Total 2022 67,223 171,800 196,850 17
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE ACCOUNTS (CONTINUED) 6 Trustees remuneration & expenses During the year, no Trustees received any remuneration12022 - £NIL). During the year, no Trustees received any benefits in kind (2022 - £NIL}. During the year, no Trustees received any reimbursement of expenses {2022 - £NIL). 7 Debtors 2023 2022 Grants Receivable Prepayments Other debtors 4,115 4,115 8 Credltors: amounts fallln due wlthln one ear 2023 2022 Accruals & Deferred Income HMRCVAT Other Creditors Grants Held 1,920 (54 274 3,279 5,420 1,920 (401 924 3,279 6,084 9 Tan Ible Flxed Assets Land & Buildin Bank F&F& Total ui COST At l July 2022 Additions Disposals At 30 June 2023 DEPRECIATION At l July 2022 Charge for the year Eliminated on disposal At 30 June 2023 NET BOOK VALUE At beginning of period At 30 June 2023 440,000 443,141 31,405 914,S46 440,000 443,141 31,405 914,546 206,771 59,092 24,521 2,295 231,292 61,387 265,864 26,815 292,679 440,000 440,000 236,370 177,277 6,884 4,589 683,254 621,867 18
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE ACCOUNTS (continued) 10 Inde endent examiner's remuneration The independent Examiner's remuneration amounts to an Independent Examination fee of £1,200 {2022- £1,200) 11 Related art transactions There were no related party transactions during the year. 12 Staternent of funds - current ear Balance at l July 2022 Income Expenditure Transfer in/out Balance at 30June 2023 Restricted funds BIG Splash Bannside Stitchers 5,058 8,956 795 350 4,585 5,477 11,583 327 84,340 1,401 (8,7121 5,303 17951 CHIP 5,895 4,585 6,013 14,7421 1,502 9,170 11,490 11,460 CIN Community Centre Income Awards & Grants APEX Housln8 Grant Release Green Group History & Heritage Group Mid&East Antrim People in Community Restricted A55ets Gifted Summer Scherne Writers Group Total restrlcted funds 11241 13271 161,3871 123,995 146,948 {1,4011 {2,983) 2,983 4,209 63,940 4,209 17.433 284,764 6,886 31,995 284,764 13,668 1,257 480,213 (78,502} 4,131 (10,9141 11,2571 (164,707) {6,436) 190,094 499,164 Unrestrlcted funds Rental Income Donations General funds Total Unrestricted funds 19,486 10,707 26,931 57,124 119,486) (10,707) (63,9711 36,630 (63,971) 6,437 52,642 52,642 52,231 52,231 Total of funds- current year 511,135 247,218 {228,678) 551,394 19
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 13 Statement of fund - rior ear Balance at l July 2021 Transfer in/out Balance at 30 June 2022 Income Expenditure Total unrestricted funds Total restricted funds Total of funds - prlor year 58,541 452,595 511,135 50,242 210,499 260,741 167,2231 11,082 1171,8001 111,0821 (239,022) 52,642 480,213 532,854 14 Government Grants Government grants 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 assets are recognised over the expected useful 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 receipt have been complied with. 2023 2022 Long Term Llabllltles Government Grant for New Build Additions Grant Released Balance c/f 164,681 249,021 84,340 80,341 84,340 164,681 Government Grant5: amounts falling due within one year Government Grants: amounts falling due more than one year Balance ¢/f 80,340 84,340 80,341 164,681 80,340 IS Loan Re able 2023 2022 Loans Brought Forward Additions- BBL Loan Payrnents made Balance c/f 82,154 94,903 15,977 66,177 12,749 82,154 Loanss: amounts falling due within one year Loans: amounts falling due more than one year Balance c/f 15,977 50,199 66,177 15,977 66,177 82.154 20