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
be￿een six to t￿e1ve 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 rese￿eS 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 I￿0 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 use￿1 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