E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 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 2025 KPS Chartered Accountants Chartered Tax Advisers Registered Auditors 35 Irish Street Downpatrick Co Down BT30 6BW E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Financial Statements Year Ended 31 March 2025 Contents Page Charity Reference and Administrative Details Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 4-6 Balance Sheet Notes to the Financial Statements 10-18 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Charity Reference and Administrative Details Year Ended 31 March 2025 Charity registration number NIC102023 Company registration number N1068361 Trustees Prof Neil Mcclure Mr Christopher Bunting Mr Duane Fitzsimons Mr Robin Mcclelland Mr David Mcmullan (resigned 2019124) Mrs Aison Gordon Mr Matthew Ward Mrs Claire Beckenstein {resigned 1514124) Mrs Jane Carmel Heyn (appointed 2612124) Mrs Naomi Mccallum (appointed 21112123) Mrs Annalisa Katrina Mcmanus (appointed 2612124) 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 68W Solicitor Cleaver Fullon Rankin 50 Bedford Street Belfasl BT2 7FW Bankers Danske Bank Branch Business P.0. Box 183 Donegall Square West Belfast BT16JS Starling Bank Ltd 5th Floor London Fruit and Wool Exchange, 1 Duval Square London E16PW Wise Payments Ltd 6th Floor The Tea Building 56 Shoreditch High Street London E16JJ E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Charity Reference and Administrative Details Year Ended 31 March 2025 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025 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 (SORP) -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 2025 and since the year end were as follows.. Prof Neil Mcclure Mr Christopher Bunting Mr Duane Fitzsimons Mr Robin Mcclelland Mr Matthew Ward Mr David Mcmullan Mrs Alison Gordon Mrs Naomi Mccallum Mrs Annalisa Katrina Mcmanus Mrs Jane Carmel Heyn Objectives and activities Portaferry 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 Britain 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 Portaferry area, by the presentation of public events including, for example, exhibitions, concerts and recitals for the benefit of the inhabitants 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 building known as 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.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Year Ended 31 March 2025 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 benefit. Achievements and Perfomiance In the year 2024-2025 Portico has continued to develop and build on its role as a unique, privately owned, Arts and Heritage venue in Northem Ireland. Portico hosts a wide range of arts and heritage related events from jazz to country music, pop music. tribute bands. theatre. comedy and film as well as classical, choral and organ music. In 2024-25 the range and number of shows has increased but we have endeavoured to keep ticket prices within the existing range. INhilst our ticket sales have increased, overheads have also increased significantly and we have carried out several major maintenance projects on our A listed heritage building. In addition, we have invested in our organisational infrastructure by employing external HR and accounting expertise which has resulted in increased expenditure. In addition, from March 2025 Portico temporarily contracted out social media management and continues to advertise con￿rtS and increase awareness of Portico locally and nationally through this medium. Core to the Suc￿sS 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 southern part of the Borough. Portico has also seen an increase in tour group numbers and talks on local heritage. In the 24-25 year Claire Bechenstein and David Mcmullan resigned from the Board. There were no new Board members appointed. Verity Peet resigned as manager of Portico and Paula McKeown, who was appointed as Assistant Manager in early 2024, acted as manager along with Neil Mcclure, Chair of Portico, who took on an increased voluntary operational role. Portico began an extensive search for a replacement manager in March 2025 and in October 25 appointed Ben Gould as the new Portico Managing Director. Ben assumes his new role in December 2025. Volunteers remain core to Portico's life and business model- volunteer numbers have continued to grow with tssks 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 seNices pro bono. 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 (£91,639) {2024'. net outgoing reSoUr￿S of {£26,449) ). At 31 March 2025, the total funds of the charity amounted to £988,535 (2024.. £1,080,174) comprising restricted funds of £892,955 (2024.. £945,245) and unrestricted funds of £95,580 (2024.. £134,929). 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 funding gaps be￿een spending on productions and events and receiving reSoUr￿S through admission charges, donations and the receipt of grants. The level of unrestricted reserves that the charity aims to retain are equivalent to six months operating costs. Plans for future periods Looking ahead, Portico's main cOn￿M 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 with 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. E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Year Ended 31 March 2025 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. 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 will provide sufficient reSoUr￿S in the event of adverse conditions. The company continues in its commitment to meeting the highest standards of good governan￿ and best practi￿. 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 of financial 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 Northern 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (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 statements., prepare the financial statements on the going con￿rn 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 accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. 2411212025 Signed on behalf of the board of trustees on N Mcclure Prof Neil Mcclure E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Year Ended 31 March 2025 Independent Examiner's Report to the Trustees of Portico of Ards Ltd. We report on the accounts of the charity for the year ended 31 March 2025 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 lawl 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 (Northem Ireland) 2008., Follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9}(b) of the Charities Act., and State whether particular matters have come to our attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordan￿ with the general directions given by the Charity Commissioner for Northern Ireland under section 65{9)(b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as charity directorsltrustees concerning 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 with section 63 of the Charities Act., That the accounts do not accord with those accounting records., That the accounts do not comply with 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) to14) listed above and, in connection with following directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. Kps Kyran Smyth Independent Examiner For and on behalf of KPS Chartered Accountants 35 Irish Street Downpatrick Co Down BT30 6BW 2411212025 Date.. E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Statement of Financial Activities (Including Income and Expenditure Account) Year Ended 31 March 2025 Unrestricted Restricted funds funds Total 2025 Total 2024 Note Income: Donations & legacies Charitable activities Investment income Total income 65,621 188,560 76,362 141,983 188,560 160,846 124,571 254,181 76,362 330,543 285,417 Expenditure on: Charitable activities Total expenditure Net income I (expenditure Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 293,530 293,530 128,652 128.652 422,182 422.182 311,866 311.866 (39.349) (52.290) 191.639) (26.449 139,349) (52.290) 191,639) (26,449) 16 134.929 945.245 1,080.174 1,106,623 16 95,580 892.955 988.535 1,080.174 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 forni part of these financial statements. E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Balance Sheet Year Ended 31 March 2025 2025 2024 Note Fixed assets Tangible assets 13 932,192 932,192 976,937 976,937 Current assets Other debtors Cash at bank 14 37,800 34,405 72,205 39,202 71,268 110,470 Creditors: amounts falling due within one year Net current assets l (liabilities) 15 15,862 56,343 7,233) 103,237 Net assets I Iliabilities 988,535 1,080,174 Charity Funds Restricted funds Unrestricted funds 16 16 892,955 95,580 945,245 134,929 Total charity funds l {deficit) 16 988,535 1,080,174 For the financial year ending 31 March 2025, the company was entitled to exemption from the audit under section 477 of the 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 accordan￿ with section 476., and The Trustees acknowledge their responsibilits-es 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. 2411212025 The financial statements were approved and authorised for issue by the Board on Signed on behalf of the board of trustees C Bunting Christopher Bunting, Treasurer Company registration number." N1068361 The notes on pages 10 to 18 forni part of these financial statements. E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 Summary of significant accounting policies la) General inforniation and basis of preparation Portico of Ards Ltd is a company limited by guarantee in Northern Ireland. In the event of the charity being wound up, the liability 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 information 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 Northern 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 entity as defined by FRS 102. The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities.. Statement of Recommended practi￿ 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 Practi￿. 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 statements 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. Ib) Funds Unrestricted funds are available for use at the discretion of the trustees in furtheran￿ of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan￿ 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 fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Ic) Income recognition All incoming resources are included in the Statement of Financial Activities ISoFA} when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will 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 conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional servi￿$ 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 determined on the basis of the value of the gift to the charity. For example the The notes on pages 10 to 18 forni part of these financial statements. 10 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 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 with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. Id) 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 charitsble 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 charitsble activities and include 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 with use of the resources. The analysis of these costs is included in note 6. lfj 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 directly 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 2 % straight line 10 % straight line 10°/o Straight line 25 % straight line (g) Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Ih) Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balan￿ 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 impairment 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 forni part of these financial statements. E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 li) 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. Ik) Going concern 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 with the level of reserves for the charity to be able to continue as a going concern. 11) Judgements and key sources of estimation uncertainty Estimates and judgements made in the prO￿sS 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 next financial year. Income from donations and legacies 2025 2024 Gifts (Donations) Grants 63,621 78,362 141,983 35,999 124,847 160,846 Income from gifts (donations) was £63,621 (2024.. £35,999) all of which was attributable to unrestricted funds. Income from grants was £78,362 (2024: £124,847) of which £2,000 (2024.. £Nil) was attributable to unrestricted funds and £76,362 {2024= 124,847) was attributable to restricted funds. Income from charitable activities 2025 2024 Ticket sales Sundry income Rental and hall hire 179,535 116,942 9,025 188,560 7,629 124,571 Income from charitable activities was attributable to unrestricted funds. The notes on pages 10 to 18 forni part of these financial statements. 12 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 Income from investments 2025 2024 Bank interest re￿iVed Income from investment was attributable to unrestricted funds. Analysis of expenditure on charitable activities 2025 2024 Wages and salaries Staff Pensions Performance fees and expenses Staff training Trade subscriptions Cleaning Rates Light, heat and power Insurance Repairs and maintenance Raffle supplies Telephone and fax New Website Development Printing, postage and stationery Food and hospitality Sundry expenses Motor expenses Travel and subsistence Advertising and marketing Staff entertaining Bank fees Independent examination fee Legal and professional fees Interest Foreign currency (gain)lloss Depreciation of freehold property Depreciation of fixtures and fittings Depreciation of office equipment Depreciation of other tangible assets- organ Other interest payable 71,758 5,527 184,583 1,145 221 3,999 381 9,265 4,298 37,792 14,317 1,229 201 348 13,765 1,520 56,059 3,633 113,442 153 2,117 764 7,407 3,400 36,551 889 485 214 11,372 249 749 13,165 925 291 3,575 7,941 193 29 22,549 6,892 848 14,676 1,398 10,391 745 366 2,521 433 22,549 10,201 4,525 21,996 422,182 311,866 £128,65212024: £143,733) of the above costs were attributable to restricted funds. £293,530 (2024.. £168,133) 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 £291 (2024.. £3661 together with governance costs in relation to independent examination fees of £3,575 (2024= £2,521). Support costs are allocated to charitable activities. The notes on pages 10 to 18 forni part of these financial statements. 13 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 Governance costs 2025 2024 Trustees, remuneration Trustees, expenses 980 980 Net income l (expenditure) for the year I period Net income l (expenditure) is stated after charging l (crediting)- 2025 2024 Depreciation of tangible fixed assets 44,965 59,271 Independent examiners remuneration The independent examiners remuneration amounts to an independent examination fee of £1,560. The prior year examiner's remuneration amounted to £2.521. 10 Trustees. and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year (2024.. £Nil)- The total amount of employee benefits received by key management personnel is £nil {2024 - £nil)- Key management personnel are considered to comprise the trustees. No (2024 - none) trustees are accruing pension arrangements. The trustees had expenses reimbursed during the year of £Nil (2024 - £980). 11 Staff costs and employee benefits The average monthly number of employees and full time equivalent during the year was as follows= 2025 2024 Charitable activities The total staff costs and employee benefits were as follows: 2025 2024 Wages and salaries Staff pension 71,758 5,527 77,285 56,059 3,633 59,692 12 Staff costs and employee benefits (continued) No employees received total employee benefits of more than £60,000. The notes on pages 10 to 18 forni part of these financial statements. 14 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 13 Tangible fixed assets Church Restoration & Heritage Centre Fixtures Organ and Restoration rrttings Equipment Total Cost or valuation". At 31 March 2024 1,127.459 102,010 219,960 29,648 1,479,077 Additions At 31 March 2025 Depreciation: At 31 March 2024 Charge for the year At 31 March 2025 Net book value: 220 220 29,868 1,479,297 1,127,459 102,010 219,960 206,548 22,549 229,097 71,847 6,892 78,739 195.762 14.676 210.438 27,983 848 28,831 502,140 44,965 547,105 At 31 March 2025 898,362 23,271 9.522 1,037 932,192 At 31 March 2024 920,911 30,163 24,198 1,665 976,937 The value of non-depreciable land held within Land & Buildings is nil {2024= nil). During the year ended 31 March 2013 Portico of Ards Ltd were gifted the freehold interest of the Nugent estate in Portaferry 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 included 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 community 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 propety in favour of the Trustees of the National Heritage Memorial Fund as security 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 accordan￿ with the terms of that grant notification letter. There are no assets held under finance leases. 14 Debtors: amounts falling due within one year 2025 2024 Trade debtors Other debtors Accrued Income 2,521 35,279 37,800 2,322 36,880 39,202 The notes on pages 10 to 18 forni part of these financial statements. 15 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 15 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals 11,014 4,848 1,144 6,089 15,862 7,233 16 Fund reconciliation Unrestricted funds Balance at start Income 114124 Transfer between funds Balance at end 3113125 Expenditure General funds 134,929 254,181 (293,530) 95,580 Restricted funds Balance at start Income 114124 Transfer Balance between at end funds 3113125 Expenditure Donations The Wolfson Foundation The Acheson Foundation Heritage Lottery Fund Ulster Garden Villages Trust The Radcliffe Trust Esme Mitchell Trust The Trusthouse Charitable Foundation 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 Capital Programme Health and Safety Capital Programme Organisation's emergency programme Community Foundation Business Adaptation Arts Multi Annual Co-op Grant Access & Inclusion ANDBC Arts Project 15,445 2,227 582,637 6,282 4,543 8,175 27,255 43,061 90.402 20.862 1,912 21,809 7,366 (311} (45) (27,131) {141} (92) (165} (549} (1,625} (1,625} (1,625) 15,134 2,182 555,506 6,141 4,451 8,010 26,706 41,436 88,777 19,237 1,912 21,370 7,215 (439) (151) 4,376 1,346 2,752 4,236 1,581 6.738 1,493 5.500 1,198 12,819 500 {128} (261} (983} {801} (592} (964} (249> 4,248 1,085 1,769 3,435 989 5,774 1,244 5,500 998 10,683 113 (200) (2,136) (4,387} 4,000 The notes on pages 10 to 18 forni part of these financial statements. 16 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 Association of Independent Volunteers Dormant Accounts Fund ANDBC- SLA grant 23124 ANDBC- Events & Festivals Fund Dunleath Charity ACNI National Lottery Fund Dorinda Lady Dunleath Charitable Trust ANDBC Multi Annual Grant ACNI Small Capital Grants Programme ACNI National Lottery Project Fund ACNI Arts Programme 1.162 51.157 1.108 (25) (29,238) (1,108} (9,574) 1,137 25,864 3.945 11.250 1,676 1,000 1,000 11,868 (11,868) 3,000 4,000 10,000 40,167 3,000 3,973 (27) (10,000) (19,262) (2,950} {128,652} 20,905 1,485 892,955 4,435 945,245 76,362 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 towards 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 towards 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 awarded to cover volunteer training & equipment to support online performances. Co-op Covid Grant- Restricted fijnding 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 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 forni part of these financial statements. 17 E-sign ID.. dlW559b-2¢15-4094-9165-c90118571660 Portico of Ards Ltd Notes to the Financial Ststements Year Ended 31 March 2025 equipment. 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. Dormant Accounts Fund - This is a restricted grant awarded 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. ANDBC Events & Festivals Fund This is a restricted grant to be utilised by on the delivery of events, festivals and programming by Portico of Ards Ltd. Dunleath Charity Fund This is a restricted grant to be utilised to the support the staging of Tenebrae 2024 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 Totsl 74,516 2,521 34,405 (15,862} 95,580 857,676 35,279 932,192 37,800 34,405 (15,862) 988,535 892,955 18 Related party transactions During the year related paty transactions were £Nil (2024.. £980). The notes on pages 10 to 18 forni part of these financial statements. 18 >% esig This t)(M￿[￿ent has bew Signed *Tlh a Se¢U￿ e*¢ironi¢ $i4rtaty￿￿a E-s￿￿. Envelope Details Portico el Ard8 Ltd Accounts Year End 31 March 2025 Author KPS linfo@kpstafX).ukl Envelope Crtated on Tue. 23 Dec 2025 17..31..46 Erwelope10 d190s59tF2c1￿o94-9j8￿gol1857I660 Document Details Portico ol Ar(Js Ltd ALxounls Year ErKJed 31.032025 for signing.k¥Jl.k¥Jt Dlgltal Nngarprlnt d19e2845.71584281.be78-8422e83021b3 Documenl Signers starJClick the QR C5cIa4￿g-85a04a9Ia05Ie389 Documenl Hisiory Wed, 24 Dec 2025 10'.06:41 Chris Bunting Signed the DtsJJm8nt lip.. 149.Z2.75.871 Wed, 24 Dec 2025 08..59:35 KPS Signe£l the Docurnenl IIP.. 1512.227.1￿) Wed, 24 Dec 2025 04'.51:51 Neil Mcclure s￿jn￿ th8 occurr￿1 IIP.. 149.50.171.119) KAS ISO 27(M)I KAS ISO 27(M)I