COMPANY REGISTRATION NUMBER: N1621142 CHARITY REGISTRATION NUMBER: NIC101935 Portaferry Community Collective Ltd Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 ANA NTAN Chartered accountants Sketrick House Jubilee Road Newtownards Co Down BT23 4YH Y LIMITED
Portaferry Community Collective Ltd Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows Notes to the financial statements
Portaferry Community Collective Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, 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 31 March 2024. Reference and administrative details Registered charity name Portaferry Community Collective Ltd Charity registration number NIC101935 Company registralion number N1621142 Principal office and registered 43 The Gables off ice Portaferry Co Down BT22 1 RR Northern Ireland The truslees Mr J MacPolin Mrs M Mageean Mrs M McGreevy {Chairperson} Miss M Ritchie Dr T Wyatt Mrs F Mccormick (Treasurer) Ms M Mahon Independent examiner Imelda Rogan (on behalf of Rogan Accountancy Limited) Sketrick House Jubilee Road Newtownards Co Down BT23 4YH Structure, governance and management Portaferry Community Colleclive Ltd is a Company Limited by Guarantee and is a registered Charity. regulated by the Charities Commission for Northern Ireland. It is a not for profit organisation. Portaferry Community Collective Ltd is currently governed by a Board of seven membersldirectors. The Board can co-opt new membersldirectors as and when required. New directors are briefed on their legal obligalions under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, future plans and recent financial performance. The trustees who served the charity are the same as the directors listed on page 1.
Portaferry Community Collective Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure. governance and management (continued) The Board of Directors is supported by a Management Committee which consists of represenlatives of approximalely ten other local voluntary organisations. The Management Committee meels on a monthly basis to discuss aims and issues arising within the individual organisations which they represent. There is a strong sense of cohesion beeen local organisations and Portaferry Community Colleclive acts as a hub whereby they can come together and work collectively for the benefit of the town of Portaferry and surrounding areas. Objectives and activities The Charily's objects are to:_ 1 . Advance community development. regeneration. health. education. amateur sports. the arts, culture and heritage. 2. Engage and promote co-operation between all community organisations in Portaferry and act as a resource for them. 3. Improve the quality of life of residents living in Portaferry irrespective of age, sex. sexual orientation. race, disability, political, religious or other opinion by associating with statutory authorities. voluntary and community organisations and the private sector. Stralegic report The following sections for achievements and performance and financial review form the strategic report of the charity-
Portaferry Community Collective Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance During 2023124 we participated in the following projecls: we continued the Portaferry Reminiscence Project, as part of this there were ongoing workshops with up to 40 older people with launch of the 3rd booklet held in the Long Gallery, Stormont. In addition there was the Reconnect Project. we received funding by the National Lottery Community FundlAwards for All- we parlnered with the three local schools to deliver Hardship Support lo families in need ie. Holday Hunger scheme and Breakfast Clubs. funded by Ards and North Down Borough Council Hardship partnered with Portaferry in Bloom to purchase an Apple Press and Fruit Trees, funded by N IHE" PCCL continued lo meet monthly and have reviewed Portaferry Village Plan and engaged with Council Officers on their planned updating of it: representatives of PCCL are part of several Committees and Working Groups andlor have been involed with several activites- ANDBC Public Realm Steering Committee- Ards Peninsula Village Partnership - help with running Kite Festival, Art Mosaic Projecl. etc- and NIHE Housing Community Network Forum for community organisations in Ards and North Down. Our committee continued to meet on a monthly basis. and we continued lo build and reinforce strong relationships wilh other local voluntary organisations. each with aims which compliment our own. Financial review The results for the year are set out in delail on page 5 onwards. The Charity received total income from all sources of £11.492. all of which was restricted in nature. Total expenditure was £16,795. returning an overall deficil of £5.303. Combined with resources brought forward from the prior year. at the year end the Charily held total reserves of £6.709 consisting of £2,455 funds reserved for specific purposes, and £4,254 available lor use at the Trustees. discretion. The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfil the legal obligations of the Charity in the event that current levels of income are not maintained in the future. Plans for fulure periods During 2024125 we will continue to host our events and collaborations with our sister organisations. and build upon the positive contributions we have made to our local community-
Portaferry Community Collective Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 The trustees, annual report and the strategic reFX)rt were approved on on behalf of the board of trustees by= Dec 13. 2024 and signed Mrs M McGreevy (Chairperson) Trustee Mrs F Mccormick (Treasurer) Trustee
Portaferry Community Collective Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Portaferry Community Collective Ltd Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of Portaferry Community Collective Ltd I'the charilrf) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act {Northern Ireland) 2008 {Ihe '2008 Acl.) and the Companies Acl 20061'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 examinalion. 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)Ib} 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: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act" or the financial statements do not accord with those records: or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement thal the accounts give a 'true and fair, view which is not a matler considered as part of an independenl examination., or 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 lo enable a proper understanding of the accounts to be reached. Imelda Rogan (on behalf of Rogan Accountancy Limited) Independent Examiner Sketrick House Jubilee Road Newlownards Co Down BT23 4YH
Portaferry Community Collective Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Nole Income and endowments Donations and legacies Total income 11,492 11,492 13,488 11.492 11,492 13.488 Expenditure Expenditure on charitable activities Total expendilure 814 15.981 16,795 8.409 814 15.981 16,795 8.409 Net {expenditure)lincome and net movement in funds {8141 (4.4891 (5,303) 5,079 Reconciliation of funds Total funds brought forward Total funds carried forward 5,068 6,944 12,012 6,933 4.254 2.455 6,709 12.011 The slatement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The notes on pages 9 10 16 form part of Ihese financial slatements.
Portaferry Community Collective Ltd Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 11 817 1,090 Currenl assets Debtors Cash at bank and in hand 12 1,842 4,590 321 11,141 6,432 11,462 Creditors: amounis falling due within one year Net current assets 13 540 540 5,892 10.922 Total assets less current liabilities 6,709 12,012 Net assets 6,709 12.012 Funds of the charily Restricted funds Unrestricted funds 2.455 4,254 6.944 5.067 Total charily funds 14 6,709 12.011 For the year ending 31 March 2024 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 lo accounling 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. These financial statements were approved by the board of trustees and authorised for issue on Dec 13, 2024 and are signed on behalf of the board by: lyt VLI QY Mrs M McGreevy {Chairperson) Trustee Mrs F Mccormick (Treasurer) Trustee The notes on pages 9 10 16 form part of Ihese financial slatements.
Portaferry Community Collective Ltd Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operaling activities Net lexpenditure}lincome 15,303} 5.079 Adjustments for.. Depreciation of tangible fixed assets 273 1,271 Ghanges in.. Trade and other debtors 11,521} 16.551) 16,551) Cash generated from operations Net cash (used in)/from operating activities 6.350 6,350 Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities {1 ,3631 {1 ,363) Net (decrease}lincrease in cash and cash equivalenls Cash and cash equivalenis ai beginning ol year Cash and cash equivalents al end of year 16,551) 11.141 4.987 6.154 4,590 11,141 The notes on pages 9 10 16 form part of Ihese financial slatements.
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefil entity and a private company limited by guarantee, registered in Northern Ireland and a regislered charity in Northern Ireland. The address of the registered office is 43 The Gables, Portaferry, Co Down. BT22 1 RR. Northern Ireland. 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 accounls in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 (Charities SORP {FRS 102)) and the Companies Act 2006. 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 stalements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the chariws ability to continue. Fund accounting Unrestricled funds are available for use al the discrelion of the Iruslees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees 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.
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 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 thal the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The tollowing specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlemenl to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and enlitlemenl 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 seNices 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, non- charitable trading aclivilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities Ihat further its charitable aims for the benefit of ils 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 ihe use of the resource. Direct cosls attributable lo a single activity are allocated directly to that activity. Shared costs are apporlioned between the aclivilies they conlribute to on a reasonable, justifiable and consistenl 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 accumulaled depreciation and subsequent accumulaled impairment losses. 10
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Tangible assets {continuedJ 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 calculaled 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= Planl and machinery Fixtures and fittings 20 /0 slraight line 20 /0 straight line Impairment of tixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exisl. 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 cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generales cash inflows thal 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. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contraclual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Financial instruments (continued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a markel rate. in which case the asset is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assels that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which Ihe initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, Ihese are assessed individually for impairment. Olher financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the exlent thal the reversal does not result in a carrying amount of the financial asset that exceeds whal the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The Charity is a company limited by guarantee and does not have share capital. The liability of each member is limited lo an amount not exceeding £1. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donalions Donations 12
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Donations and legacies (contiTnued) Unrestricted Funds Restricled Total Funds Funds 2024 Grants ANDBC - Running Costs Grant NIHE - Apple Press Grant National Lottery Communities Fund DAERA ANDBC - Hardship Project Grant CFNI - Openreach Grant 830 902 830 902 7,760 2,000 7,760 2,000 11,492 11,492 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 1.000 1.000 Granls ANDBC - Running Costs Grant NIHE - Apple Press Grant National Lottery Communities Fund DAERA ANDBC - Hardship Project Grant CFNI - Openreach Grant 1.431 1,431 10,000 1,057 10,000 1,057 2,431 11,057 13,488 13
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Expenditure on charitable activities by lund iype Unrestricted Funds Restricted Total Funds Funds 2024 Community Cohesion and Wellbeing Initiatives Community and Townland Improvement Initiatives Support costs 14,599 14,599 814 1,382 2,196 814 15,981 16,795 Unrestricted Funds Restricted Total Funds Funds 2023 Community Cohesion and Wellbeing Initiatives Community and Townland Improvement Initiatives Support costs 663 1.000 1.665 3,901 4,564 1,000 2,845 1,181 3.328 5,082 8.409 Expendilure on charitable aclivities by aclivity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Community Cohesion and Wellbeing Initiatives Community and Townland Improvement Initiatives Governance costs 14.599 14,599 4,564 1,000 2,845 2.196 2,196 14.599 2.196 16,795 8.409 Net (expendilure)lincome Net lexpenditure}lincome is stated after chargingl{crediting)= 2024 2023 Depreciation of tangible fixed assets 273 1.271 Independent examinaiion fees 2024 2023 Fees payable to the independenl examiner for: Independenl examination of the financial stalemenls 450 450 14
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 10. Trustee remuneration and expenses Directors rustees participale on a fully voluntary basis and no trustee received remuneration or benefits during the year. 11. Tangible fixed assets Plant and Fixtures and machinery fittings Total Cosl Al 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year Al 31 March 2024 8,034 3,572 11,606 6,944 273 3,572 10,516 273 7,217 3,572 10,789 Carrying amounl Al 31 March 2024 817 817 At 31 March 2023 1.090 1,090 12. Debtors 2024 2023 Prepayments and accrued income Other debtors 321 1.521 321 1,842 321 13. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 540 540 15
Portaferry Community Collective Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 14. Analysis ol charilable funds Unrestricled funds Al 31 March 202 At 1 April 2023 Income Expendilure General funds 5.068 {814) 4,254 At 31 March 202 At 1 April 2022 Income Expendilure General funds 5,964 2,431 13,328) 5,067 Restricled funds At 31 March 202 At 1 April 2023 Income Expenditure Restricted Funds 6.944 11.492 (15,981) 2,455 At 31 March 202 At 1 April 2022 Income Expenditure Restricted Funds 969 11.057 15,082) 6,944 15. Analysis ol changes in net debl At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 11.141 16,551) 4,590 16