COMPANY REGISTRATION NO.. N1032598 Charity registered number: NIC100257 PORTGLENONE ENTERPRISE GROUP LIMITED IPrlvate ¢ompany Ilmlted by guarantee wlthout share capital) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 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 Trustee5 Independent Examiner Report Statement of Financial 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 2024 STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT Year to Unrestricted Restricted 30-J un-24 Funds Funds TOTAL Year to 30-Jun-23 TOTAL Note Income from: Donations and Legacies Charitable Activities 61,303 40,966 116,561 177,864 40,966 198,667 48,551 Total Income 102,269 116,561 218,829 247,218 Expenditure on: Charitable Activities 65,497 150,984 216,481 228,678 Total Expenditure: 65,497 150,984 216,481 228,678 Net income/lExpenditure) 36,772 134,4231 2,349 18,539 Transfers between funds 11,490 111,4901 Net movement in funds 48,262 145,9131 2,349 18,539 Reconciliation of Funds Total funds brought forward 52,231 499,164 551,394 532,854 Total Funds carried forward 100,493 453,250 553,743 551,394 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 requirements 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 limited by guarantee without share ¢apitall TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 BALANCE SHEET As at 30 June 2024 2024 2023 Note Fixed A55ets Fixed Assets 528,649 528,649 621,867 621,867 Current Assets Debtors Cash at bank 10,555 69,851 80,406 81,463 81,463 Liabilities Creditors Government Grants {21,5791 121,397) 180,3401 (101.737) 14 121,579) Net Assets 58,827 (20,274) 601,593 Total Assets Less Current (Liabilities) 587,476 Long-term Liabilities Loans Fal li ng due.. 3rnounts fallin8 due more than one year Net assets Is {33,734) 553,743 150,199) 551,394 Funds Restricted Unrestricted 453,250 100,493 499,164 52,231 TOTAL FUNDS 12 553,743 551,394 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024. 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 incoming 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 company. 11
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 BALANCE SHEET Cont... As at 30June 2024 The members have not required the company to obtain an audit of its financial statement5 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 2610312025 and were signed on their behalf by.. Damien Clarke 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 30 JUNE 2024 NOTES TO THE ACCOUNTS l Accounting policies Charity information Portglenone Enterprise Group Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is.. principal place of business is 57-59 Main Street, Portglenone, Northern Ireland Main Street, Portglenone, Ballymena, Northern Ireland, BT44 8HP. 1.1 Accounting 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" {as amended for accounting periods commencing from l January 20191. 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 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 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 IPrivate company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE ACCOUNTS {continued) 1.4 Incoming 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 $31es related taxes. 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obl igation committing 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 basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any irnpairment losse5. 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: Fixtures and Fittings 20/0 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 investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12'0ther Financial Instrument51ssues' 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 are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an i ntention to settle on a net basis or to rea lise 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 2024 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 Basic financial liabilities Basic f ina ncial liabi lities, including creditors a nd bank loans are initially 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 payable within 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 Derecognition of flnancial liabilitles Financial liabilities are derecognised when the cha rity's contractual obl igations expi re 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 basi5. 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 2024 NOTES TO THE ACCOUNTS (continued) 2 Income from Donations and Le acies 2024 2023 Unrestricted Restrirted Funds Funds Note TOTAL TOTAL Bannside Stitchers BIG Splash CHIP Community Centre Income Green Group Mid&East Antrim People in Community Grant Release Summer Scheme Totals 2024 795 1,956 350 5,477 1,401 6,709 78,216 84,340 8,716 187,960 4,262 9,476 4,262 9,476 15,931 15,931 1,500 1,500 14 80,341 22,482 116,561 80,341 22,482 133,992 17,431 Totals 2023 2,197 185,764 187,960 3 Income from Charltable Actlvities 2024 2023 Unrestricted Restricted Funds Funds TOTAL TOTAL Rental Income Donations Awards and Grants General Fund Totals 2024 31,570 43,872 3,000 6,396 84,838 31,570 43,872 3,000 6,396 84,838 19,486 10,707 14,525 14,539 59,258 Totals 2023 59,258 59,258 16
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE ACCOUNTS (CONTINUED) 4 Staff Costs and Numbers 2024 2023 Gross Wages and Salaries 27,901 27,901 22,640 22,640 No employee received emoluments of more than £60,000 {2023:Nil) The average monthly number of employees during the year, calculated on the basis of full time equivalents, was as follows: 2024 Number 2023 Number 5 Ex enditure 2024 2023 Charitable Activities Unrestricted Restricted Funds Funds TOTAL TOTAL Bank Charges Community Centre Expenses Depreciation Donations General expenses Heat & Lighting Insurance Expense Off ice Expense Payroll Expenses Professional Fees Programme Costs Rent and Rates Repairs and Maintenance Telephone Travel UCIT Loan Interest Charged Total 2024 301 301 307 77,270 61,387 1,996 7,823 7,602 5,436 1,951 22,640 2,330 25,294 334 11,173 2,367 93,218 6,334 661 93,218 6,534 8,446 9,245 3,930 1,129 27,901 14,571 34,386 653 14,930 1,109 128 200 7,785 9,245 3,930 1,129 3,901 14,571 7,614 653 14,930 1,109 128 24,000 26,772 767 228,678 65,497 150,984 216,481 Total 2023 63,971 164,707 196,850 17
PORTGLENONE ENTERPRISE GROUP LIMITED (Private company limited by guarantee without Share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE ACCOUNTS (CONTINUED) 6 Trustees remuneration & expenses During the year, no Trustees received any remuneration {2023 - £NILI. During the year, no Trustees received any benefits in kind12023 £NIL). During the year, no Trustees received any reimbursement of expenses (2023 - £NIL}. 7 Debtors 2024 2023 Grants Receivable Prepayments Other debtors 10,555 10,555 4,115 4,115 8 Creditors: amounts fallin due within one ear 2024 2023 Accruals & Deferred Income Other Creditors Grants Held 1,920 158 3,279 5,358 1,920 884 3,279 6,084 9 Tan ible Fixed Assets Land & Buildin Bank F&F& ui Total COST At l July 2023 Additions Disposa Is At 30 June 2024 DEPRECIATION At l July 2023 Charge for the year Eliminated on disposal At 30 June 2024 NET BOOKVALUE At beginning of period At 30 June 2024 440,000 443,141 31,405 914,546 440.000 443,141 31,405 914,546 265,864 88,628 26,815 4,589 292,679 93,218 354,492 31,405 385,897 440,000 440,000 177,277 88,649 4,589 621,867 528,649 18
PORTGLENONE ENTERPRISE GROUP LIMITED IPrivate company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 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 {2023 - £1,200) 11 Related transactions There were no related party transactions during the year. 12 Statement of funds - current ear Balance at ljuly 2023 Balance at 30 June 2024 Income Expenditure Transfer in/out Restricted funds BIG Splash CHIP 5,303 1,502 9,170 11,490 11,460 4,209 17,433 431,712 6,886 499,164 4,262 9,476 13,2101 {3,9181 {9,1701 6,355 7,061 CIN Community Centre Income Awards & Grants Mid&East Antrim People in Community Restricted Assets Gifted Summer Scheme Total restricted funds 111,490} {11,4601 14,2091 {17,433} 193,218} 18,367) (150,984) {11,490) 80,341 22,482 116,561 418,835 21,001 453,251 Unrestricted funds Rental Income Donations General funds Total Unrestricted funds 52,231 52,231 102,269 102,269 {65,4971 (65,497) 11,490 11,490 100,493 100,493 Total of funds- current year 551,395 218,829 1216,481) 553,743 19
PORTGLENONE ENTERPRISE GROUP LIMITED IPrivate company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13 Statement of fund - rior ear Balance at ljuly 2021 Transfer in/out Balance at 30 June 2023 Income Expenditure Total unrestricted funds Total restricted funds Total of funds - prior year 52,642 480,213 532.854 57,124 190,094 247,218 163,971) 6,437 1164,7071 16,4361 (228,678) 52,231 499,164 551,394 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 and10ss 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. 2024 2023 Long Term Liabilities Government Grant for New Build Additions Grant Released Balance c/f 80,341 164,681 80,341 84,340 80,341 Government Grants Government Grants Balance c/f 80,340 80,340 15 Loan Re able 2024 2023 Loans Brought Forward Additions- BBL Loan Payments made Balance c/f 66,177 82,154 16,221 49,955 15,977 66,177 Loanss: amounts falling due within one year Loans.. amounts falling due more than one year Balance c/f 16,221 33,734 49,955 15,977 50,199 66,177 20