**COMPANY REGISTRATION NUMBER: NI028077 CHARITY REGISTRATION NUMBER: 101312** 

## **Phennick Cove Developments Company Limited by Guarantee Unaudited Financial Statements** 

**31st December 2023** 

**NE&CO LIMITED** 

Chartered accountants 40 Railway Street Lisburn N Ireland BT28 1XP 



## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **Year ended 31st December 2023** 

||**Page**|
|---|---|
|Directors' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the directors|**4**|
|Statement of financial activities (including income and||
|expenditure account)|**5**|
|Statement of financial position|**6**|
|Statement of cash flows|**8**|
|Notes to the financial statements|**9**|
|**The following pages do not form part of the financial statements**||
|Detailed statement of financial activities|**19**|
|Notes to the detailed statement of financial activities|**20**|





**Page 1** 

# **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Directors' Annual Report (Incorporating the Director's Report)** 

## **Year ended 31st December 2023** 

The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31st December 2023. 

## **Reference and administrative details** 

**Registered charity name** 

Phennick Cove Developments 

**Charity registration number** 101312 **Company registration number** NI028077 **Principal office and registered** 19 QUAY STREET **office** ARDGLASS Co. DOWN BT30 7SA 

## **The directors** 

R LE BLOAS F CURRAN P MILLIGAN Brian Robert B GILL Gareth John G HENVEY **Independent examiner** Mr C Adams 40 Railway Street Lisburn N Ireland BT28 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 five directors who are all charity trustees of the organisation as defined by the Charities Act NI. Each director/trustee has equal voting rights within the 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 facility meets all statutory legislation in relation to health and safety, planning and implementing future development initiatives and all administrative 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 2** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Directors' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **Objectives and activities** 

The objectives of Phennick Cove Developments are to sustain and improve the local economy of Ardglass and its environs for the benefit of the public through the promotion of tourism and opportunities for recreational activities and in particular to: 

- I. Maintain, improve and repair the local marina and adjacent land; and 

- II. II. Foster employment opportunities and the maintenance of a diverse local business sector as a consequences of attracting visitors to the area of benefit 

## **Achievements and performance** 

Phennick Cove Developments was established in 1996. The aim of the organisation was to source funding to develop and build a marina facility within the coastal fishing village of Ardglass. Over two decades on the marina has continued to thrive and develop and now provides a 50 berth marina for visiting and local boats including an amenity building with an office, laundry, kitchen and showers which can be used by visitors to the marina. The Marina is a chain fixed pontoon type and is open 24 hours a day all year round. 

The marina is just south of the entrance to Strangford Lough, where yachts are able to berth if they need to wait for a favourable tide to get into the Lough. It is also used as a popular stopover point for yachts traveling up or down the Irish Sea coast and has proved to be a very pleasant place to spend a few days. Each year the marina attracts on average 600 visiting boats from as far afield as Canada, Switzerland, Europe and the USA. In 2018 seeing over 610 visiting boats made use of the facility. Each visiting boat, on average, would have three people on board, therefore within a year the marina would attract over 1,800 visitors to Ardglass helping to promote the local economy and generate additional business for local shops, restaurants and services. The marina continues to provide a wide range of services for visiting yachts with water and electricity available on the pontoons and gas and petrol available from local stores. Boat repair facility are also available if required. 

Over recent years the amenity building has undergone a refurbishment which included updating the shower and toilet facilities and now includes disabled facilities. A recent addition to the marina has been the development of a six point overnight motorhome park located adjacent to the amenity building. This facility offers secure overnight accommodation for visiting motorhomes and touring caravans with visitors having use of the kitchen, laundry, toilets and showers within the marina amenity building. The development of facility will help to further promote the village of Ardglass making it attractive to visitors which will help develop the local economy and the local business sector. 



**Page 3** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Directors' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **Financial review** 

The Trustees are pleased to report an overall surplus for the financial year of £50,388 up from £41,375. Total income for the period increased by 54% from £75,423 in 2022 to £116,646 for 2023. The increase in income was due to a one off insurance reclaim of £34,500, there is a corresponding increase in the costs. In addition the income from the pontoons increased by £6,570 or 8.80%. For the period expenditure increased by 94% on the previous year, an overall increase of £32,211 which can mainly be attributed to an increase in repairs and maintenance costs, these were covered by the insurance income. 

## Principal Funding Sources 

The principal funding source continues 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 between six to twelve months charitable activity expenditure. In addition the Trustees feel that it is prudent to hold at a minimum a further £150k in cash to cover one off costs. The marina requires periodic dredging and also the maintenance/ 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 reserves 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 periods** 

The Charity plans to continue current activities 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 visitors 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 the provisions applicable to companies entitled to the small companies exemption. 

The directors' annual report was approved on 26th September 2024 and signed on behalf of the board of trustees by: 

F Curran                   R Le Bloas Director                    Director 



**Page 4** 

# **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Independent Examiner's Report to the Directors of Phennick Cove Developments** 

## **Year ended 31st December 2023** 

I report to the directors on my examination of the financial statements of Phennick Cove Developments ('the charity') for the year ended 31st December 2023. 

## **Responsibilities and basis of report** 

As the directors of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or 

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. 

Mr C Adams Independent Examiner 40 Railway Street Lisburn N Ireland BT28 1XP 



**Page 5** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 31st December 2023** 

|||**2023**||2022|
|---|---|---|---|---|
|||Unrestricted|||
|||funds**Total funds**||Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**5**|35,393|**35,393**|740|
|Other trading activities|**6**|81,253|**81,253**|74,683|
|||--------------------------------|--------------------------------|----------------------------|
|**Total income**||116,646|**116,646**|75,423|
|||================================|================================|============================|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Costs of other trading activities|**7**|63,127|**63,127**|31,361|
|Expenditure on charitable activities|**8,9**|3,131|**3,131**|2,686|
|||--------------------------------|--------------------------------|----------------------------|
|**Total expenditure**||66,258|**66,258**|34,047|
|||================================|================================|============================|
|||--------------------------------|--------------------------------|----------------------------|
|**Net income and net movement in funds**||50,388|**50,388**|41,376|
|||================================|================================|============================|
|**Reconciliation of funds**|||||
|Total funds brought forward||603,428|**603,428**|562,052|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||653,816|**653,816**|603,428|
|||================================|================================|================================|



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 17 form part of these financial statements.** 



**Page 6** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **31st December 2023** 

|||**2023**||2022|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible fixed assets|**14**||**1,032,154**|1,039,093|
|**Current assets**|||||
|Stocks|**15**|**525**||580|
|Debtors|**16**|**6,493**||5,213|
|Cash at bank and in hand||**194,882**||140,761|
|||--------------------------------||--------------------------------|
|||**201,900**||146,554|
|**Creditors: amounts falling due within one year**|**17**|**32,296**||5,272|
|||--------------------------------||--------------------------------|
|**Net current assets**|||**169,604**|141,282|
||||-----------------------------------------|-----------------------------------------|
|**Total assets less current liabilities**|||**1,201,758**|1,180,375|
|**Creditors: amounts falling due after more than**|||||
|**one year**|**18**||**547,440**|576,445|
|**Provisions**|||||
|Taxation including deferred tax|**20**||**502**|502|
||||-----------------------------------------|-----------------------------------------|
|**Net assets**|||**653,816**|603,428|
||||=========================================|=========================================|
|**Funds of the charity**|||||
|Unrestricted funds|||**653,816**|603,428|
||||--------------------------------|--------------------------------|
|**Total charity funds**|**22**||**653,816**|603,428|
||||================================|================================|



For the year ending 31st December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- 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; 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

The statement of financial position continues on the following page. 

**The notes on pages 9 to 17 form part of these financial statements.** 



**Page 7** 

# **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** _**(continued)**_ 

## **31st December 2023** 

These financial statements were approved by the board of trustees and authorised for issue on 26th September 2024, and are signed on behalf of the board by: 

F Curran                          R Le Bloas Director                           Director 

B Gill Director 

**The notes on pages 9 to 17 form part of these financial statements.** 



**Page 8** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Statement of Cash Flows** 

## **Year ended 31st December 2023** 

||**2023**|2022|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net income|**50,388**|41,376|
|_Adjustments for:_|||
|Depreciation of tangible fixed assets|**12,130**|14,868|
|Government grant income|**(35,393)**|(740)|
|Accrued expenses/(income)|**27,024**|(221)|
|_Changes in:_|||
|Stocks|**55**|(480)|
|Trade and other debtors|**(1,280)**|2,827|
|Trade and other creditors|**(29,005)**|(29,005)|
||----------------------------|----------------------------|
|Cash generated from operations|**23,919**|28,625|
||----------------------------|----------------------------|
|Net cash from operating activities|**23,919**|28,625|
||============================|============================|
|**Cash flows from investing activities**|||
|Purchase of tangible assets|**(5,191)**|(59,686)|
||----------------------------|----------------------------|
|Net cash used in investing activities|**(5,191)**|(59,686)|
||============================|============================|
|**Cash flows from financing activities**|||
|Government grant income|**35,393**|740|
||----------------------------|----------------------------|
|Net cash from financing activities|**35,393**|740|
||============================|============================|
|**Net increase/(decrease) in cash and cash equivalents**|**54,121**|(30,321)|
|**Cash and cash equivalents at beginning of year**|**140,761**|171,082|
||--------------------------------|--------------------------------|
|**Cash and cash equivalents at end of year**|**194,882**|140,761|
||================================|================================|



**The notes on pages 9 to 17 form part of these financial statements.** 



**Page 9** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **Year ended 31st December 2023** 

## **1. 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. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified 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 functional 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 guarantee and does not have share capital. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts 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 trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment. 

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 two sub-classes: restricted income funds or endowment funds. 



**Page 10** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## **Tangible assets** 

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 



**Page 11** 

# **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

**Notes to the Financial Statements** _**(continued)**_ 

**Year ended 31st December 2023** 

## **3. Accounting 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 cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 

|Freehold Property|-|1.25% & 5% Straight line|
|---|---|---|
|Fixtures & Fittings|-|25% Reducing balance|
|Equipment|-|25% Reducing balance|



## **Impairment of fixed assets** 

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 

## **Stocks** 

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. 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 assurance that the charity will comply with the conditions attaching to them and the grants will be received. 



**Page 12** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **3. Accounting policies** _**(continued)**_ 

## **Government grants** _**(continued)**_ 

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. 

## **Provisions** 

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises, and is allocated to the appropriate expenditure heading. 

## **Financial instruments** 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. 

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet.  Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. 

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 

## **4. Limited by guarantee** 

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute and amount not exceeding £1. 



**Page 13** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **5. Donations and legacies** 

|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|**2023**|Funds|2022|
|||£|**£**|£|£|
||**Grants**|||||
||Government grant income|35,393|**35,393**|740|740|
|||============================|============================|==============|==============|
|**6.**|**Other trading activities**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2023**|Funds|2022|
|||£|**£**|£|£|
||Jetty income|81,253|**81,253**|74,683|74,683|
|||============================|============================|============================|============================|
|**7.**|**Costs of other trading activities**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2023**|Funds|2022|
|||£|**£**|£|£|
||Opening stock|580|**580**|100|100|
||Purchases|4,614|**4,614**|2,285|2,285|
||Closing stock|(525)|<br>**(525)**|(580)|(580)|
||Rates & water|8,883|**8,883**|6,487|6,487|
||Light & heat|8,296|**8,296**|9,240|9,240|
||Repairs & maintenance|49,307|**49,307**|20,159|20,159|
||Insurance|3,494|**3,494**|3,179|3,179|
||Sundry|2,881|**2,881**|836|836|
||Telephone|793|**793**|679|679|
||Stationery, postage and printing|136|**136**|144|144|
||Depreciation|12,130|**12,130**|14,868|14,868|
||Cleaning|183|**183**|192|192|
||Bank charges|1,360|**1,360**|2,777|2,777|
||Release of capital grant|(29,005)|<br>**(29,005)**|(29,005)|(29,005)|
|||----------------------------|----------------------------|----------------------------|----------------------------|
|||63,127|**63,127**|31,361|31,361|
|||============================|============================|============================|============================|
|**8.**|**Expenditure on charitable activities**|**by fund type**||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2023**|Funds|2022|
|||£|**£**|£|£|
||Support costs|3,131|**3,131**|2,686|2,686|
|||=======================|=======================|=======================|=======================|
|**9.**|**Expenditure on charitable activities**|**by activity type**||||
||||Support|**Total funds**|Total fund|
||||costs|**2023**|2022|
||||£|**£**|£|
||Governance costs||3,131|**3,131**|2,686|
||||=======================|=======================|=======================|





**Page 14** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **10. Net income** 

Net income is stated after charging/(crediting): 

|||**2023**|2022|
|---|---|---|---|
|||**£**|£|
||Depreciation of tangible fixed assets|**12,130**|14,868|
|||============================|============================|
|**11.**|**Independent examination fees**|||
|||**2023**|2022|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|**–**|2,555|
|||==============|=======================|



## **12. Staff costs** 

The total staff costs and employee benefits for the reporting period are analysed as follows: 

|**2023**|2022|
|---|---|
|**£**|£|



The average head count of employees during the year was Nil (2022: Nil). 

No employee received employee benefits of more than £60,000 during the year (2022: Nil). 

## **13. Trustee remuneration and expenses** 

no remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

## **14. Tangible fixed assets** 

||Land and|Fixtures and|||
|---|---|---|---|---|
||buildings|fittings|Equipment|**Total**|
||£|£|£|**£**|
|**Cost**|||||
|At 1st January 2023|1,576,991|29,377|226,916|**1,833,284**|
|Additions|–|–|5,191|**5,191**|
||-----------------------------------------|----------------------------|--------------------------------|-----------------------------------------|
|**At 31st December 2023**|1,576,991|29,377|232,107|**1,838,475**|
||=========================================|============================|================================|=========================================|
|**Depreciation**|||||
|At 1st January 2023|580,619|29,175|184,397|**794,191**|
|Charge for the year|–|202|11,928|**12,130**|
||-----------------------------------------|----------------------------|--------------------------------|-----------------------------------------|
|**At 31st December 2023**|580,619|29,377|196,325|**806,321**|
||=========================================|============================|================================|=========================================|
|**Carrying amount**|||||
|**At 31st December 2023**|996,372|–|35,782|**1,032,154**|
||=========================================|============================|================================|=========================================|
|At 31st December 2022|996,372|202|42,519|1,039,093|
||=========================================|============================|================================|=========================================|





**Page 15** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31st December 2023** 

|**15.**|**Stocks**|||
|---|---|---|---|
|||**2023**|2022|
|||**£**|£|
||Raw materials and consumables|**525**|580|
|||==============|==============|
|**16.**|**Debtors**|||
|||**2023**|2022|
|||**£**|£|
||Trade debtors|**4,828**|3,693|
||Prepayments and accrued income|**1,474**|1,200|
||Other debtors|**191**|320|
|||-----------------------|-----------------------|
|||**6,493**|5,213|
|||=======================|=======================|
|**17.**|**Creditors:** **amounts falling due within one year**|||
|||**2023**|2022|
|||**£**|£|
||Accruals and deferred income|**32,296**|5,272|
|||============================|=======================|
|**18.**|**Creditors:** **amounts falling due after more than one year**|||
|||**2023**|2022|
|||**£**|£|
||Deferred Income - Capital Grants|**547,440**|576,445|
|||================================|================================|
|**19.**|**Deferred tax**|||
||The deferred tax included in the statement of financial position is as follows:|||
|||**2023**|2022|
|||**£**|£|
||Included in provisions (note 20)|**502**|502|
|||==============|==============|
||The deferred tax account consists of the tax effect of timing differences in respect of:|||
|||**2023**|2022|
|||**£**|£|
||Accelerated capital allowances|**502**|502|
|||==============|==============|
|**20.**|**Provisions**|||
||||**Deferred tax**|
||||**(note 19)**|
||||**£**|
||At 1st January 2023 and 31st December 2023||**502**|
||||==============|





**Page 16** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31st December 2023** 

## **21. Government grants** 

The amounts recognised in the financial statements for government grants are as follows: 

Recognised in income from donations and legacies: Government grants income 

**2023** 2022 **£** £ **35,393** 740 ============================ ============== 

## **22. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**|||||
|---|---|---|---|---|
||At|||**At**|
||1st January 2|||**31st Decem**|
||023|Income|Expenditure|**ber 2023**|
||£|£|£|**£**|
|General funds|603,428|116,646|(66,258)|<br>**653,816**|
||================================|================================|============================|================================|
||At|||At|
||1st January 2|||31st Decemb|
||022|Income|Expenditure|er 2022|
||£|£|£|£|
|General funds|562,052|75,423|(34,047)|<br>603,428|
||================================|============================|============================|================================|
|**Analysis of net assets between**|**funds**||||
||||Unrestricted|**Total Funds**|
||||Funds|**2023**|
||||£|**£**|
|Tangible fixed assets|||1,032,155|**1,032,155**|
|Current assets|||201,899|**201,899**|
|Creditors less than 1 year|||(32,296)|<br>**(32,296)**|
|Creditors greater than 1 year|||(547,440)|<br>**(547,440)**|
|Provisions|||(502)|<br>**(502)**|
||||-----------------------------------------|-----------------------------------------|
|**Net assets**|||653,816|**653,816**|
||||=========================================|=========================================|
||||Unrestricted|Total Funds|
||||Funds|2022|
||||£|£|
|Tangible fixed assets|||1,039,093|1,039,093|
|Current assets|||146,709|146,709|
|Creditors less than 1 year|||(5,427)|<br>(5,427)|
|Creditors greater than 1 year|||(576,445)|<br>(576,445)|
|Provisions|||(502)|<br>(502)|
||||-----------------------------------------|-----------------------------------------|
|**Net assets**|||603,428|603,428|
||||=========================================|=========================================|



## **23. Analysis of net assets between funds** 



**Page 17** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

**Year ended 31st December 2023** 

## **24. Analysis of changes in net debt** 

|||At||**At**|
|---|---|---|---|---|
||1|Jan 2023|Cash flows|**31 Dec 2023**|
|||£|£|**£**|
|Cash at bank and in hand||140,761|54,121|**194,882**|
|||================================|============================|================================|



## **25. Related parties** 

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8. 



**Page 18** 

## **Phennick Cove Developments** 

**Company Limited by Guarantee** 

**Management Information** 

**Year ended 31st December 2023** 

**The following pages do not form part of the financial statements.** 



**Page 19** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Detailed Statement of Financial Activities** 

## **Year ended 31st December 2023** 

||**2023**|2022|
|---|---|---|
||**£**|£|
|**Income and endowments**|||
|**Donations and legacies**|||
|Government grant income|**35,393**|740|
||----------------------------|--------------|
|**Other trading activities**|||
|Jetty income|**81,253**|74,683|
||----------------------------|----------------------------|
||--------------------------------|----------------------------|
|**Total income**|**116,646**|75,423|
||================================|============================|
|**Expenditure**|||
|**Costs of other trading activities**|||
|Opening stock|**580**|100|
|Purchases|**4,614**|2,285|
|Closing stock|**525**|580|
|Rates and water|**8,883**|6,487|
|Light and heat|**8,296**|9,240|
|Repairs and maintenance|**49,307**|20,159|
|Insurance|**3,494**|3,179|
|Other establishment|**2,881**|836|
|Telephone|**793**|679|
|Other office costs|**136**|144|
|Depreciation|**12,130**|14,868|
|Cleaning|**183**|192|
|Bank charges|**1,360**|2,777|
|Release of Capital Grant|**(29,005)**|(29,005)|
||--------------------------------|----------------------------|
||**63,127**|31,361|
||--------------------------------|----------------------------|
|**Expenditure on charitable activities**|||
|Legal and professional fees|**3,131**|2,686|
||-----------------------|-----------------------|
||----------------------------|----------------------------|
|**Total expenditure**|**66,258**|34,047|
||============================|============================|
||----------------------------|----------------------------|
|**Net income**|**50,388**|41,376|
||============================|============================|





**Page 20** 

## **Phennick Cove Developments** 

## **Company Limited by Guarantee** 

## **Notes to the Detailed Statement of Financial Activities** 

## **Year ended 31st December 2023** 

||**2023**|2022|
|---|---|---|
||**£**|£|
|**Costs of other trading activities**|||
|**Stationery, postage and printing**|||
|Opening stock|**580**|100|
|Purchases|**4,614**|2,285|
|Closing stock|**(525)**|(580)|
|Rates & water|**8,883**|6,487|
|Light & heat|**8,296**|9,240|
|Repairs & maintenance|**49,307**|20,159|
|Insurance|**3,494**|3,179|
|Sundry|**2,881**|836|
|Telephone|**793**|679|
|Stationery, postage and printing|**136**|144|
|Depreciation|**12,130**|14,868|
|Cleaning|**183**|192|
|Bank charges|**1,360**|2,777|
|Release of capital grant|**(29,005)**|(29,005)|
||----------------------------|----------------------------|
||**63,127**|31,361|
||----------------------------|----------------------------|
||----------------------------|----------------------------|
|**Costs of other trading activities**|**63,127**|31,361|
||============================|============================|
|**Expenditure on charitable activities**|||
|**Governance costs**|||
|Governance costs - accountancy fees|**3,131**|2,686|
||----------------------------|----------------------------|
||-----------------------|-----------------------|
|**Expenditure on charitable activities**|**3,131**|2,686|
||=======================|=======================|