E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Company Registration number: N1068361 Charity Number: NIC102023 Portico of Ards Ltd (formerly Friends of Portaferry Presbyterian Church) Unaudited Annual Report and Financial Statements Year ended 31 March 2023 KPS Chartered Accountants Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick Co Down BT30 6BW
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Financial Statements Year Ended 31 March 2023 Contents Page Charity Reference and Administrative Details Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 44 Balan Sheet Notes to the Financial Statements 10-18
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Charity Reference and Administrative Details Year Ended 31 March 2023 Charity registration number NIC102023 Company registration number N1068361 Trustees Prof Neil Mcclure Mr Christopher Bunting (appointed 30103123) Ms Naomi Bailie-Doran {resigned 13109123) Mr Duane Fitzsimons (appointed 14111122) Mr Robin Mcclelland Mr David Mcmullan Mrs Rosamund Mcmullin {resigned 061031231 Mrs Susan Scott (resigned 01111122) Mrs Alison Gordon Mr Howard Hastings Mr Matthew Ward Company Secretaries Prof Neil Mcclure Mr Robin Mcclelland Registered office 15 Bangor Road Holywood Co Down BT18 ONU Independent Examiner KPS Chartered Accountants 35 Irish Street Downpatrick BT30 6BW Solicitor Cleaver Fulion Rankin 50 Bedford Street Belfast BT2 7FW Bankers Danske Bank Branch Business P.0. Box 183 Donegall Square West Belfast BT16JS
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Charity Reference and Administrative Details Year Ended 31 March 2023 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 which complies with the requirements for a directors, report and accounts under the Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice ISORP) -Accounting and Reporting by Charities. (FRS 102) in preparing the annual report and financial statements of the charity. Trustees of the charity The directors of the charitable company are its trustees for the purposes of charity law. The trustees as listed on page 3, who have served during the year ended 31 March 2023 and since the year end were as follows: Prof Neil Mcclure Mr Christopher Bunting (appointed 30103123) Ms Naomi Bailie-Doran (resigned 13109123) Mr Duane Filzsimons Mr Robin Mcclelland Mr Matthew Ward Mr David Mcmullan Mrs Susan Scott (resigned 01111122} Mrs Rosamund Mcmullin (resigned 06103123) Mrs Alison Gordon Mr Howard Hastings Objectives and activities Portafery is a small market town at the tip of the Ards Peninsula in County Down, Northern Ireland. The Hey-Day of the town was in the mid 1800's and it was then that Portaferry Presbyterian Church, widely acknowledged as one of the best Greek Revival church buildings in Great Brttain and Ireland, was built. The Portico of Ards Ltd assumed ownership of the building in 2014 and completed a £1.6m restoration in 2016. The objects of the company are to promote, maintain and advance education in Northern Ireland, in particular the Portafery area. by the presentation of public events including, for example, exhibitions, concert5 and recitsls for the benefit of the inhabitsnts of the area and in particular to.. advance education by the provision of appropriate courses, lectures, seminars, concerts, recitals, competitions and workshops., provide facilities in the interest of social welfare for recreation and leisure time occupation by providing and making available facilities for the recording and editing of music with the object of improving the conditions of life of people in the area of benefit., and repair, maintain. improve and reconstruct the property of Portaferry Presbyterian Church. In order to carry out the objectives and activities of the charity the trustees devote their time on a voluntary basis. They are assisted by over 100 other volunteer helpers whose help is invaluable in enabling Portico of Ards Ltd to organise and host events and activities.
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Year Ended 31 March 2023 Public benefit statement The charity has given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities entered into during the year have helped to achieve the charity's objectives and activities as well as providing public benefft. Achievements and Perforniance In the year 2022-2023 Portico has continued to develop and build on its role as a unique, privately owned Arts and Heritage venue in N Ireland vthich hosts a wide range of arts and heritage related events including jazz, country music, pop music, tribute bands, theatre, comedy and film as well as classical, choral and organ music. Core to the success of the venue is the financial support of the Arts Council of Northern Ireland and Ards and North Down Borough Council as Portico develops a central role for them in the provision of arts events in the southem part of the Borough. Portico has also seen an increase in tour group numbers and talks on local heritage. In the 22-23 year Suzie Scott and Ros Mcmullin resigned from the Board. Christopher Bunting was appointed to the Board on 20 March 2023 bringing a wealth of experience in company management. Volunteers remain core to Portico's life and business model.. numbers have continued to grow with tasks ranging from ticket sales through ushering, carparking. cleaning, polishing silver to grant writing, maintenance of the building and caring for the grounds. It is estimated that the volunteers contribute, in kind. well over £80K of services pm bono. The financial year 22-23 saw continued grovrth in audience numbers for comedy and tribute bands. However, audience numbers for -dassical° events have continued to be lower than before the Covid pandemic. Portico's manager, Dr Verity Peet, is very active on social media on behalf of Portico, advertising concerts and increasing awareness of Portico locally and nationally. Financial review (including reserves policy) The results for the year are set out in detail on pages 8 to 18. The charitable company returned net outgoing resources in the year of (£54,616) (2022. net outgoing resources of £28,512). At 31 March 2023, the total funds of the charity amounted to £1.106.623 {2022: £1,161.239) comprising restricted funds of £964,131 {2022'. £1,001,146) and unrestricted funds of £142,492 (2022= £160,093). Reserves Policy The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the fvnding gap5 between spending on productions and events and receiving resources through admission charges, donations and the receipt of grants. The level of unrestricted reserves that the charty aims to retain are equivalent to six months operating costs. Plans for future periods Looking ahead, Portico's main concem will be revenue generation and attracting core-funding. Portico will continue to strive to present as wide-ranging a list of events to ensure public support and income. In addition, the relationship the local Presbyterian congregation, who use the building every Sunday under licence and for an annual fee, continues to be excellent and the multifunctionality as both a church and an Arts and Heritage Centre perhaps represents a model that other churches, struggling with maintenance overheads might consider. Structure, governance and management Governing document The organisation is a charitable company limited by guarantee. incorporated on 5 March 2008 and registered as a charity on 5 March 2008. 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 an amount not exceeding £1.
E-sign ID.. 70607649-657a-4ada-a7aa-7439788936 Portico of Ards Ltd Year Ended 31 March 2023 Recruitment and Appointment of Management Committee The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be relected at the next annual general meeting. Risk Management The trustees have reviewed the major risks which the charity faces and believe that maintaining the unrestricted reserves at the required levels. combined with the annual review of the controls over the key financial systems wll provide sufficient resources in the event of adverse conditions. The company continues in its commitment to meeting the highest standards of good govemance and best practice. Further attention has focused on non-financial risks arising from fire, health and safety of artists and audience, management of performing rights and food hygiene. A key element in the management offinancial risk is the setting of a reserves policy and its regular review by trustees. Trustees, responsibilities Trustees, responsibilities statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northem Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charty and of the incoming resources and application of resources of the charity for that period. In preparing these financial ststements, the trustees are required to- select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2015 (FRS 102)- make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Companies Exemption This report has been prepared in accordan the special provisions for small companies under Part 15 of the Companies Act 2006. Signed on behalf of the board of trustees on 21st December 2023. P N Mcclure 2211212023 06.'53.'23 Prof rfeil Mcclure
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Year Ended 31 March 2023 Independent Examinerfs Report to the Trustees of Portico of Ards Ltd. We report on the accounts of the charty for the year ended 31 March 2023 which are set out on pages 8 to 18. Respective responsibilities of Trustees and examiners As the charity's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the Companies Act 2006. Having been satisfied that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to.. Examine the accounts under section 65 of the Charities Act (Northern Ireland} 2008- Follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under section 65{9){b) of the Chartties Act- and State whether particular matters have come to our attention. Basis of independent examIneS report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charity Commissioner for Northern Ireland under section 65{9)Ib} of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented wth those records. It also indudes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charity directorsltrustees conceming any such matters. My role is to state whether any material matters have come to our attention giving us cause to believe: That accounting records were not kept in accordance wth section 63 of the Charities Act,. That the accounts do not accord wth those accounting records., That the accounts do not comply wth the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (1) to {4} listed above and. in connection with following directions of the Chanty Commission for Northern Ireland, we have found no matters that require drawing to your attention. K Smyth 2211212023 08.'18=52 yran Smyth Independent Examiner For and on behalf of KPS Chartered Accountants 35 Irish Street Downpatrick Co Down BT30 6BW Date 21st December 2023
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd statement of Financial Activities (Including Income and Expenditure Account) Year Ended 31 March 2023 Unrestricted Restricted funds funds Total 2023 Total 2022 Note Income: Donations & legacies Charitable activities Investment income Total income 40.078 90.973 85,501 125.579 90,973 116,299 82,379 131.051 85.501 216,552 198.689 Expenditure on: Charitable activities Total expenditure Net income I (expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought fomard Total funds carried forward 158,052 158.052 113,116 113.116 271,168 271,168 227,201 227,201 127.001) 9,400 (17,6011 (27,615) (54.6161 (9,400) (37.015) 154.616 128,512) (28,512 16 160,093 1.001.146 1.161,239 1,189,751 16 142,492 964,131 1,106,623 1,161.239 All income and expenditure derives from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 10 to 18 fomi part of these financial statements.
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Balance Sheet Year Ended 31 March 2023 2023 2022 Nots Fixed assets Tangible assets 13 1,035,501 1,035,501 1,092,521 1,092,521 Current assets Other debtors Cash at bank 14 14,196 61.777 75,973 28,136 65,434 93,570 Creditors: amounts falling due within one year Net current assets l (liabilities) 15 4,851 71,122 24,852 68,718 Net assets l (liabilities) 1.106,623 1,161,239 Charity Funds Restricted funds Unrestricted funds 16 16 964.131 142,492 1,001,146 160,093 Total charity fvnds l {deficit) 16 1.106,623 1.161,239 For the financial year ending 31 March 2023. the company was entitled to exemption from the audit under section 477 ofthe Companies Act 2006 relating to small companies. Trustees, responsibilities= The Trustees have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,. and The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Accounts. These Financial statements have been prepared in accordance with the special provisions relating to companies, subject to the small companies regime within part 15 of the Companies Act 2006. The financial statements were approved and authorised for issue by the Board on 21st December 2023. Signed on behalf of the board of trustees C J Bunting 2111212023 17'.25'.45 tspL¥J6 Christopher Bunting, Treasurer Company registration number." N1068361 The notes on pages 10 to 18 fomi part of these financial statements.
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 Summary of significant accounting policies (a) General infomiation and basis of preparation Portico of Ard5 Ltd is a company limited by guarantee in Northem Ireland. In the event of the charity being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity infomiation on page 3 of these financial statements. The nature of the charity's operations and principal activities are to promote, maintain and advance education in Northem Ireland, in particular the Portaferry area by the presentation of public events including. for example. exhibitions. concerts and recitals for the benefit of the inhabitants of the area. The charity constitutes a public benefit entty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)), Charities Act (Northem Ireland) 2008, the Companies Act 2006, and UK Generally Accepted Accounting Prackn'ce. The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial ststements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are fijnds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fvnd. The aim and use of each restricted fvnd is set out in the notes to the financial ststements. (c) Income recognition All incoming resources are induded in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perfomiance conditions have been met, the amount can be measured reliably and it is probable that the income wll be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those condrtions are fully met or the fvlfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable. it can be measured reliably and the charity has control over the item. Fair value is detemiined on the basis of the value of the gift to the charity. For example the The notes on pages 10 to 18 fomi part of these financial statements. 10
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line yth the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. (d) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Expenditure on charitable activities- and Governance costs. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. (e) Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and indude office costs, governance costs. administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent wth use of the resources. The analysis of these costs is included in note 6. (fj Tangible fixed assets Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs direcdy attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Freehold buildings Fixtures and fittings Organ Equipment 20kn straight line 10.fi straight line 1 OOA straight line 250h straight line (g) Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable wthin one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (h) Impaimient Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impaimient loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. The notes on pages 10 to 18 fomi part of these financial statements. 11
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 (i) Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an ouffiow of economic benefits will be required in settlement and the amount can be reliably estimated. ti) Tax Portico of Ards Ltd is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. (k) Going concem The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient wrth the level of reseNes for the charity to be able to continue as a going concern. (l) Judgements and key sources of estimation uncertainty Estimates and judgements made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgements made in applying these charity accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the nexi financial year. Income from donations and legacies 2023 2022 Gifts (Donations) Grants 34,478 91.101 125,579 17,025 99,274 116,299 Income from gifts {donations) was £34,478 (2022.. £17,025) all of which wa5 attributable to unrestricted funds. Income from grants was £91,080 (2022.. £99,274) of which £5,600 (2022: £1,000} was attributable to unrestricted funds and £85.501 (2022.. £98.274) was attributable to restricted funds. Income from charitable activities 2023 2022 Ticket sales Sundry income Rental and hall hire 85.010 72.684 5,963 90,973 9.695 82,379 Income from charitable activities was attribLrtable to unrestricted fvnds. The notes on pages 10 to 18 fomi part of these financial statements. 12
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 Income from investments 2023 2022 Bank interest received Income from investment was attributable to unrestricted funds. Analysis of expenditure on charitable activities 2023 2022 Wages and salaries Staff Pensions Perfomiance fees and expenses Film rental Staff training Rates Light, heat and power Insurance Repairs and maintenance Telephone and fax New Website Development Printing, postage and stationery Food and hospitality Sundry expenses Travel and subsistence Advertising and marketing Bank fees Independent examination fee Legal and professional fees Depreciation of freehold property Depreciation of fixiures and fittings Depreciation of office equipment Depreciation of other tangible assets- organ Other interest payable 63,736 2,239 108,891 45,731 1,561 72,046 123 510 5,495 3,163 16,399 630 9,216 411 6,059 419 499 4,252 3,138 4,421 632 1,110 692 5,866 2,575 6,096 183 2,214 5,394 22,549 10,201 4,348 21,996 136 271,168 4,677 102 1,860 223 22,549 10,201 3,830 21,996 227,201 £113,116 (2022= £142,839) of the above costs were attributable to restricted funds. £158,052 (2022= £84,362) of the above costs were attributable to unrestricted funds. Allocation of support costs Support costs are costs in respect of bank fees paid during the year of £173 (2022.. £1021 together with govemance costs in relation to independent examination fees of £2,214 (2022= £1,860). Support costs are allocated to charitable activities. The notes on pages 10 to 18 fomi part of these financial statements. 13
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 Governance costs 2023 2022 Trustees, remuneration Trustees, expenses 1,882 1,882 2,673 2,673 Net income l (expenditure) for the year I period Net income l {expenditure) is ststed after charging l {crediting)'. 2023 2022 Depreciation of tangible fixed assets 59,094 58,576 Independent examiners remuneration The independent examiners remuneration amounts to an independent examination fee of £2,214. The prior year examiner's remuneration amounted to £1.860. 10 Trustees. and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year (2022.. £Nil). The total amount of employee benefrts received by key management personnel is £nil (2022- £nil). Key management personnel are considered to comprise the trustees. No {2022- none} trustees are accruing pension arrangements. The trustees had expenses reimbursed during the year of £1,882 (2022- £2,673). 11 Staff costs and employee benefits The average monthly number of employees and full time equivalent during the year was as follows.. 2023 2022 Charitable activities The total staff costs and employee benefits were as follows: 2023 2022 Wages and salaries Staff pension 63,736 2.239 65,975 45,731 1,561 47,292 12 Staff costs and employee benefits (continued) No employees received total employee benefts of more than £60,000. The notes on pages 10 to 18 fomi part of these financial statements. 14
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 13 Tangible fixed assets Church Restoration & Heritage Centre Fixtures Organ and Restoration fittings Equipment Totsl Cost or valuation.. At 31 March 22 1.127.459 102,010 219,960 26,867 1,476,296 Additions At 31 March 2023 Depreciation: At 31 March 2022 Charge for the year At 31 March 2023 Net book value: 2,074 2,074 28,941 1,478,370 1,127,459 102,010 219,960 161.450 22,549 183.999 51.445 10,201 61.646 151.770 21,996 173.766 19.110 4,348 23.458 383,775 59,094 442,869 At 31 March 2023 943,460 40,364 46,194 5,483 1,035,501 At 31 March 2022 966,009 50,565 68,190 7,757 1,092,521 The value of non-depreciable land held within Land & Buildings is nil (2022.. nil). During the year ended 31 March 2013 Portico of Ards Ltd were gifted the freehold interest of the Nugent estate in Portafery Presbyterian Church. In April 2014 the congregation relinquished their interest in the church building. On 19 May 2014 the freehold ownership of the church building was passed to Portico of Ards Ltd for nil consideration. No value has been induded in the financial statements in respect of this donation. It was considered that at the date the freehold interest was acquired the building only had a token value on the basis that the grade 'A' listed status of the building would have limited its use to a church or communty hall. In addition significant work would also have been required to have been carried out to the building at that time in order to repair and upgrade the building. A charge has been granted over the property in favour of the Trustees of the National Heritage Memorial Fund as securtty for any sums that may become due under the standard terms of the grant referred to and contsined in the grant notification letter dated 12 June 2013. The standard terms of the grant and additional grant conditions last for 25 years from 12 June 2013 in accordance with the temis of that grant notification letter. There are no assets held under finan leases. 14 Debtors: amounts falling due within one year 2023 2022 Trade debtors Other debtors Accrued Income 2,233 11.963 14,196 2,001 26,135 28,136 The notes on pages 10 to 18 fomi part of these financial statements. 15
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 15 Creditors: amounts falling due within one year 2023 2022 Trade creditors Other creditors Accruals 264 4,509 78 4,851 16,594 8,180 78 24,852 16 Fund reconciliation Unrestricted funds Balance at start Income 114122 Transfer between funds Balance at end 3113123 Expenditure General funds 160,093 131,051 (158,052) 9,400 142,492 Restricted funds Balance at start Income 114122 Transfer Balance between at end funds 3113123 Expenditure Donations The Woltson Foundation The Acheson Foundation Heritage Lottery Fund Ulster Garden Villages Trust The Radcliffe Trust Esme Mitchell Trust The Trusthouse Charitable Foundab'on Listed Place of Worship Grant Scheme Portaferry Presbyterian Church DOE Historic Buildings Unit QUB Film Hub Nl Impact Scheme The Pilgrim Trust Department of Agriculture, Environment and Rural Affairs The Ironmongers Company Stability & Renewal Programme Small Caprtal Programme Health and Safety Capital Programme Community Foundation Organisation's emergency programme Community Foundation Co-op Covid Grant Business Adaptation Arts Multi Annual 6.718 16,067 2.317 642,932 7,245 4.726 8,505 28.353 46,311 93.652 24,112 1,912 22,687 7.669 (6.718) (311) (45) (27,130) (140) (91) (165) (549) (1,625) (1,625) (1,625) 15,756 2,272 615,802 7,105 4.635 8,340 27,804 44,686 92,027 22,487 1,912 22,248 7.518 (439) (151) 4.632 1.867 4.716 5,838 664 7,052 8.666 471 1.990 5,500 (128) (261) (983) (801) (499) (2,484) (964) (237) (249) 4.504 1,606 3,733 5,037 165 4,568 7.702 234 1,741 5,500 The notes on pages 10 to 18 fomi part of these financial statements. 16
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 Co-op Grant ACNI National Lottery Fund ACNI Health & Safety Programme Access & Inclusion ANDBC Arts Project DAERA Rural Micro Capital Grant Association of Independent Volunteers Dormant Accounts Fund Ards & North Down Borough Council ANDBC Tourism Events Grant ANDBC - SLA grant 1.598 (200) (29,362) (2,361) (2,136) (500) (451) (24) (18,127) 1,398 10,805 40,167 2,361 17,091 14,955 500 287 1,187 27.617 1.000 738 1.211 12.544 14.100 33,200 (4.7001 9,735 3,000 85,501 (9,400) (9,735) (3,000) (113,116) 1,001,146 (9,400) 964,131 Restricted funds The Woltson Foundation - This is a restricted grant allocated towards the cost of repairing the roof. The Acheson Foundation- This is a restricted grant for the completion of new steps. Heritage Lottery Fund - This is a restricted grant provided towards the cost of restoration and revitslisation of the grade A listed church building and implementation of a Heritage Activity plan. Ulster Garden Villages Trust - This is a restricted grant allocated towards the restoration of Portaferry Presbyterian church's special architectural features. The Radcliffe Trust- This is a restricted grant allocated towards the cost of heritage building skills. Esme Mitchell Trust - This is a restricted grant allocated towards the cost of replacing existing windows with new clear glazed Greek Revival sliding sash windows. The Trusthouse Charitable Foundation This is a restricted grant allocated towards the cost of constructing the heritage centre extension. Listed Place of Worship Grant Scheme - This is a specific grant allocated towards the restoration of Portaferry Presbyterian church. Portaferry Presbyterian Church Portaferry Presbyterian church. DOE Historic Buildings Unit - This is a restricted grant allocated towards the cost of the restoration of Portaferry Presbyterian Church. QUB Film Hub Nl Impact Scheme - This is a restricted award allocated towards the cost of the activity programme for the Film Hub Nl Impact Scheme. The Pilgrim Trust - This is a restricted grant allocated tOvrdS the cost of the replacement of the original North Portico Cast Iron Windows. Department of Agriculture, Environment and Rural Affairs - This is a restricted grant which is to be used against expenses relating to the genealogy centre. The Ironmongers Company- This is a restricted grant allocated t¢)wards the cost of restoring the railings. Stability & Renewal Programme - This is a restricted grant awarded to cover Covid-19 related expenditure including renewal costs. Small Capital Programme equipment. Health & Safety Capital Programme applicable equipment. Organisations Emergency Programme application. Community Foundation - This is a restricted grant avRrded to cover volunteer training & equipment to support online performances. Co-op Covid Grant- Restricted funding to be utilised on project as specified on application. ANDBC Arts Project- Restricted funding to be utilised on project as specified on application. ACNI National Lottery Fund - Restricted funding to be utilised on project as specified on application. ACNI Health & Safety Programme - Restricted funding provided to cover expenditure costs on applicable equipment. This is a restricted donation allocated towards the restoration of Restricted funding provided to cover expenditure costs on applicable Restricted funding provided to cover expenditure costs on Restricted funding to be utilised on project as specified on The notes on pages 10 to 18 fomi part of these financial statements. 17
E-sign ID.. 70607649-657a-4ada-a7aa-7*439788936 Portico of Ards Ltd Notes to the Financial Statements Year Ended 31 March 2023 Access & Inclusion - This is a restricted grant awarded to purchase costs & installation of stage lighting. ANDBC Arts Project - This is a restricted grant awarded to assist in the costs associated with the Arts Project. DAERA Rural Micro Capital Grant - This is a restricted grant to be utilised on the purchase of a safety evacuation chair. Association of Independent Volunteer Centres - This is a restricted grant awarded to provide training for volunteers. Dorniant Accounts Fund - This is a restricted grant avrded to future-proof the operations of Portico of Ards Ltd. Ards & North Down Borough Council - This is an unrestricted grant to be utilised by Portico of Ards Ltd over the next years which was previously treated as a restricted grant. ANDBC Tourism Events Grant - This is a restricted grant to be utilised on the provision of comedy performances by Portico of Ards Ltd. ANDBC SLA Grant- This is a restricted grant to be utilised on the delivery of 4 events by Portico of Ards Ltd. 17 Analysis of net assets between funds Unrestricted funds Restricted funds Total Fixed assets Other debtors Cash and current investments Other current liabilities Total 78,578 3,988 61,777 (4,851) 139.492 956,923 1,035,501 10,208 14,196 61,777 {4,8511 967,131 1,106,623 18 Related party transactions During the year related party transactions were £1.882 (2022: £2,673). The notes on pages 10 to 18 fomi part of these financial statements. 18