COMPANY REGISTRATION NUMBER: N1028077 CHARITY REGISTRATION NUMBER: 101312 Phennick Cove Developments Company Limited by Guarantee Unaudited Financial Statements 31st December 2022 NE&CO LIMITED Chartered accountants 40 Railway Street Lisburn N Ireland BT28 1XP
Page 1 Phennick Cove Developments Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report> Year ended 31st December 2022 The directors, who are also the directors for the purposes of company law, present their report and Ihe unaudited financial statements of the charity for the year ended 31st December 2022. Reference and administrative details Registered charity name Phennick Cove Developments Charlty registratlon number Company registration number N1028077 Principal offlce and registered 19 QUAY STREET office ARDGLASS Co. DOWN BT30 7SA 101312 The directors R LE BLOAS F CURRAN P MILLIGAN Brian Robert B GILL Gareth John G HENVEY Indèpendent examiner Mr C Adams 40 Railway Street Lisburn N Ireland 8T28 1XP Structure, governance and management Phennick Cove Developments is a Company Limited by Guarantee and a registered Charity with the Charities Commission for Northern Ireland. The company is managed by a volunteer management board of currently six directors who are all charity trustees of the organisation as defined by the Charities Act Nl. Each directorltrustee has equal voting rights within Ihe company. The main focus of the organisation is the overall management and development of Ardglass Marina The volunteer directors take on the responsibility of all aspects of the day to day management of the marina. The management responsibilities include managing the booking system. ensuring all necessary repairs are performed and the facilily meets all statutory legislation in relation to health and safely, planning and implem8nling future development initiatives and all administralive functions ensuring the organisation is managed in an open and transparent manner and all statutory obligations are met. The directors who assume the above roles do so in a volunteer capacity and do not receive remuneration for any aspect of the management of the marina.
Page 3 Phennick Cove Developments Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (continued) Year ended 31st December 2022 Financial review The Trustees are pleased to report an overall surplus for the financial year of £41,376 up from £33,467. Tolal income for the period increased by 150A from £65.416 in 2021 10 £75,423 for 2022 which was mainly due to a reduction in numbers of visiting traffic. For the period expenditure increased by 6 % on the previous year, an overall increase of £2,098 which can mainly be attributed to a decrease in repairs and maintenance costs. Principal Funding Sources The principal funding source conlinues to be from Jetty and Motorhome park income. Reserves Policy The policy of the charity is that unrestricted funds which have not been designated for a specific use or are not invested in tangible fixed assets should be maintained, as a minimum, at a level equivalent of beeen six to te1ve months charitable activity expenditure. In addition the Trustees feel that it is prudent to hold at a minimum a further £150k in cash to coverone off costs. The marina requires periodic dredging and also the maintenancel replacement of the pontoons, these expenses are not annual but arise periodically and are often for significant sums. For this reason the trustees feel the need to maintain robust cash reserves. The Trustees consider that reseeS at this level will ensure that. in the event of a significant drop in income, they will be able to continue current activities while consideration is given to ways in which additional funds may be raised. Plans for future pariods The Charity plans to continue currenl aclivities for the foreseeable future subject to satisfactory income. The addition of the Motorhome Park will provide for an additional income stream while also attracting more visilors to the area helping to bring additional economic benefit to local business and services. Small company provisions This report has been prepared in accordance with Ihe provisions applicable to companies entitled to the small companies exemption. The directors, annual report was approved on 26th September 2023 and signed on behalf of the board of trustees by: F CURRAN Director
Page 5 Phennick Cove Developments Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31st December 2022 2022 Unrestricted funds Total funds Total funds 2021 Note Income and endowments Donations and legacies Other trading activities Total income 740 74,683 740 74,683 75,423 10,102 55,314 75,423 65,416 Expendlture Expenditure on raising funds- Costs of other trading activities Expenditure on charitable activities Total expenditure 31.361 2,686 31,361 2,686 34,047 27,397 4,552 31,949 34,047 Net inGome and net movement in funds 41,376 41,376 33,467 Reconcillation of funds Total funds brought forward Total funds carried forward 562.052 603,428 562,052 603,428 528,585 562,052 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 9 to 47 form part of these finanelal statements.
Page 7 Phennick Cove Developments Company Limited by Guarantee statement of Financial Position (contlnued) 31st December 2022 These financial statements were approved by the board of trustees and aulhorised for issue on 26th Seplember 2023, and are signed on behalf of the board by.. F CURRAN Director The notes on pages 9 to 17 fomi part of these financial statements.
Page 9 Phennick Cove Developments Company Limited by Guarantee Notes to the Financial Ststements Year ended 31st December 2022 General information 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 19 QUAY STREET, ARDGLASS. Co. DOWN, BT30 7SA. statement of compliance These financial statemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Stalement 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 (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparatlon The financial statements have been prepared on the historical Gost basis, as modifi'ed 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 funclional currency of the entity- Going concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions (a) Disclosures in respect of each class of share capital have not been presented as the company is limited by guaranlee and does not have share capital. Judgements and key sources of estimatlon uncertainty The preparation of Ihe financial statements requires management to make judgements, estimates and 2ssumplions Ihat affect the amounls reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no key sources of estimation uncertainty- Fund accounting Unrestricted funds are available for use at the discretion of the truslees to further any of the charity's purposes. Designated fijnds are unrestricted funds earmarked by the directors for particular future project or commilment. 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 I0 sub-classes: restrtcted income funds or endowmenl funds.
Page 11 Phennick Cove Developments Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31st December 2022 Accountlng 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, except 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 c£)st or valuation of an asset, less its residual value, over the use1 economic life of that asset as follows: Freehold Property Fixtures & Fittings Equipment 1.25yo & 50/0 Straight line 250/0 Reducing balance 250h Reducing balance Impalrment of fixed assets A review for indicators of imp2irmenl is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where Ihe carrying value exceeds Ihe recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purpose5 Qf impairment testing, when it is not possible to estimate the recoverable amounl of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets th8t includes the asset and generates cash inflows that largely independent of the Gash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, fiom the acquisilion dale, allocated to each of the cash-generating units that are expecled to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of Ihe charity are assigned to those unils. Stocks stocks are measured at the lower of cost and estimated selling price less costs to complete and se51. Cost includes all costs of purchase. costs of conversion and other costs incurred in bringing the stock to its present location and condition. Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assuran that the charity will comply with the conditions attaching to them and the grants will be received.
Page 13 Phennick Cove Developments Company Limitsd by Guarantee Notes to the Financial Ststements {conllnuedJ Year ended 31st December 2022 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Grants Government grant income 740 740 10,102 10,102 Other tradlng activities Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Jetty income 74,683 74,683 55,314 55,314 Costs of other trading activitles Unrestricted Totsl Funds UnFestricted Total Funds Funds 2022 Funds 2021 Opening stock Purchases Closing stock Rates & water Light & heat Repairs & maintenance Insurance Sundry Telephone Sationery, postage and prinling Depreciation Cleaning Bank charges Release of capital grant 100 2,285 (580) 6,487 9,240 20,159 3,179 836 679 144 14,868 192 2,777 (29,005) 31,361 100 2,285 (580) 6,487 9,240 20,159 3,179 836 679 144 14,868 192 2,777 (29,0051 31,361 350 1,646 (100> 975 9,675 19,791 3,173 1,453 620 874 16,028 147 1,770 (29,005) 27,397 350 1,646 (100) 975 9,675 19,791 3,173 1,453 620 874 16,028 147 1,770 (29,005) 27,397 Expenditure on charltable activities by fund type Unreslricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Support costs 2.686 2,686 4,552 4,552 Expenditure on charitable activities by activity type Support Total funds costs 2022 Total fund 2021 Governance costs 2,686 2,686 4,552
Page 15 Phennick Cove Developments Company Limited by Guarantee Notes to the Financial Statements (eontinued) Year ended 31st December 2022 15. stocks 2022 2021 Raw materials and consumables 580 100 16. Debtors 2022 2021 Trade debtors Prepayments and accrued income Other debtors 3,693 1,200 320 2,362 1,200 4,478 8,040 5,213 17. Creditors: amounts falling due withln one year 2022 2021 Accruals and deferred income 5,272 5,493 18. Creditors: amounts falling due after more than one year 2022 2021 Deferred Income - Capital Grants 576,445 605,450 49. Deferred tax The deferred lax included in the ststement of financial position is as follows: 2022 2021 Included in provisions (nole 20) 502 502 The deferred tax account consists of the tax effect of timing differences in respect of: 2022 2021 Accelerated capital allowances 502 502 20. Provlsions Deferred tax (note 19) At 1st January 2022 and 31st December 2022 502
Page 17 Phennick Cove Developments Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31st December 2022 24. Analysis of changes in net debt At At 1 Jan 2022 Cash flows 31 Dec 2022 Cash at bank and in hand 171,082 (30,321> 140,761 25. Related parties No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Page 19 Phennick Cove Developments Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31st December 2022 2022 2021 Income and endowments Donations and legacies Government grant income 740 10,102 other trading activities Jetty income 74,683 55,314 Total Income 75,423 65.416 Expenditure Costs of other tradlng actlvitles Opening stock Purchases Closing stock Rates and water Light and heat Repairs and maintenan Insurance Other establishment Telephone Other office costs Depreciation Cleaning Bank charges Release of Capital Grant 100 2,285 580 6,487 9,240 20,159 3,179 836 679 144 14,868 192 2,777 (29,0051 31,361 350 1,646 100 975 9,675 19,791 3,173 1,453 620 874 16,028 147 1,770 (29,005} 27.397 Expendlture on charitable activities Legal and professional fees 2,686 4,552 Total expenditure 34,047 31,949 Net Income 41,376 33,467