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-7*439788936
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 re*lected 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 examIne￿S 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 y￿th 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 tOv￿rdS 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 av￿rded 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