Charity rngi8tratlon number NICI0.162T Company registratlon number N1028191. (Northerh Irèland) PORTADOWN 2000 ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FQR THEYSAR ENDED 31 MARCH 2023 PORTADOWN 2000 CONTENTS Page Charlly InformatiDn Trustees, report Independent èxamineT'S r8POrt Stalemgnl of financlal a¢tlvitl&s Balance she8t Notes to the fln8nc181 statem6nts 10-18 PORTADO LEGAL AND ADIVIJNISTRATIVE DNFORMATNON Trnstèes B Wafker E Flemlng JKTryble B Mttkeown r CaN.111 J,Flah8rty JL Porter Ti G Mallon W,J Brfigs (Appttnted l Jun8202S) CAppolnted 1 Jijne 2023) Secretary ts. Lawlèss ChaTIty number IQICl 02627 Compahy nuthb?r N1028181 R&glstsr&d office .MlllennlLlm Court Bulldlng Willlam Street Portadown craiga.von Co. A,rmHgh BT.62 3NX Independent examlnar Dr R I Peter$'Gallagh8r.08E'F.GA MOB Tr8 (N,I.J LLP, 4th, Floor Doneg.all Hoilsè 7 Doneiall Squarè North Belfast 8T1 SGB Banke DallskÈ Bank Llmlted 45-48 Hlgh Straet PDrtadown Craigavon Co. Afmaoh BT82 1 Lb Soifttitors Ikèr MeDon31d 24 Edward'streèt. Portgdawn Cralgavoh Co Afniag PORTADOWN 2000 TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) .FOR THE YEAR ENDED 31 MARCH 2023 The dlrectors, who are also truslees of the charity, present Ihelr report and financial statements for the year ended 31 March 2023. The financial statements have been prepared In accordance wlth the accounting policie5 set out In note 1 to th8 finan¢l81 stalemenls and comply wlth the charlly's MemDrandum and Articles of A550Giation, the Comp,anlgs Act 2006 and "Accounting and Reportlng by Charfttes.. Statement of Recommanded Praclicg &ppllcable to chadlies preparlng thelr accounts In accordano8 Wlth th& financlal Reporting Standard appliaable in the UK and Republic of Irtland {FRS 102)° (as amended for aa¢ounllng periods commenclng from 1 January 2018) Rafertrnce ond admlnlgtratlve detall8 Referonc9 and admlnlstrat(Ve detalls are shown in th8 schedule of members of the board and professlonal advlsors on page 1 of th8 flnanclal statements. Day to day management dutle8 have been delegated to the company manag8r. Portadown 2000's chartty number15 102627 and Ihg company reolslratlon number is Nl 028191. Publle bengfit Btat8mgnt The Board of Portadown 2QOO confiTm that they hav8 had du8 regard for the guldance produced on Publlc B8nefit by ihe Charity Commlssion for Northern Ireland, and are ploas8d Ill report that duriryg the year th& ¢harilRbl8 compgny h85 contlnued lo provlde Publlc Benefit through the Services we offer. In pArtlcular, the dlrectors consider how planned adivilies will conlrlbutE to the aims and objectives they have Eel out. The public benefits Ihat t]ow from the purptss8s of promoling the b8n8fit of the Inhabltants ol Portadown and Improvlnu thelr condlltons of Ilte and economic wallb8ing are'.- The provSsion of 2 shared space, namely the Millennium Court Complex In Portadown lo provide a free access area lo promote cultural, artlstlc and olher acllvlll&$ across th8 social dlvld8 to improve th6 condlllons of Ilfe for Iha Inhabitants of Portadown,, The advancement of educallon of the publlc in the areas of culture and th& arts; Contributing lo and Improvlng the soclal and cultural welfare of the Portadown communlly. The beneflls cAn be &vldenced In rècords kept by the organlsalion of the numbcrs Df those Df 811 ages who have ttend&d work&hops', axhibitlons and educallonal courses, Evidence can also be found in surveys of living standards and g8neral well-bèlno from the Increasing number of inh8bltanls who make use of the premises and avail of the s?rVi￿S provlded. Some prlvate benefit Is obtalned by th6 own8rs of small businessas who rent Linlts and usg the mark8t plac8 but th15 s ancillary to the mafft purpos8 Bnd Is greatly oulweighed by the galn& in public bènefil, No harm ar188s from these purposes. Objèctives and aetlvltles Port&down 200Q's mlsslon Is to promote and develop Portadown and malnlaln the operallon of the Mlllennlum Court t W11113m Slr8et, Portadown. The thaTiIy'¥ Dblect5 are sel out In th8 M8mor8ndum of Arlides of Asso¢i8tion and Tnay be sumrnarised as.. To promote IhE benefit of the inhabildnls of the PDrtadown sector of Craigavon In the County Armagh (hereinafter described as the 'area of benefiv) wilhoul distinction of sex, race, political, reli9ious or other opinlon, by assoclating the stalulory aulhorille5. voluntary organlsallons, ancl Inhabllanls in a common effort to advance Industry, commer￿, town develDpment includlng economlc developmènt, education, lourlsm and to provldo facllllles In the Snteresls of social welfare for recr&atfon and lelsure lime occupatitsn, all wlth the object of improvlng the conditions of Ilfa and economlc wellbeing for sald inhabitants, and fostering pearg and recunciliation, the quallty of lifg and prosp8rily of the said inhabitants. To provide a88islance 'to individuals and organisations in furtheranGe of the aforesaid objects or any olher oblecls from time to time approved by the BD8rd of the Company. TRUSTEES. REPORT (INCLUDING DIRECTORS',REPORT) {CONTJNUED) FOR THE YEAR EhlDED 3q IWARCH 2023 Our charltable comp¥ny d02$ thè frJllDwJng.' Providés and equlps'premlses and:¢entrgs rè4uired forlh?.PUrposéÈ,of the,ch3rttable company. Organis&s, spctr+sDrs. and conducts (wh'elher £lone or, wlth olhèr8) èdutatSonal and tralnlng, ¢outs6s end meelings,,conftrences and èxhlbilions.and Dllierev&nts: Includiny olvlc and.eultut81 a¢Ovltl88.. PubllshBS.and distributets mteriais relatfng to fhe woik'of thè aharitab'lè company, Sèak$, recelves. admlnlster$£nd fillor&tes grants and glftÈ,m8de av8llable to,th& tsharltablè comparw for Its, aforesald cbJecls, (and whethbf thr. not silch grydht$.and glfts,2re..made'from"such.publi¢ lunds or othewlsa) under the terms 8nd contlltions 8ttach8d to: such grants and gifts, Collec&, Lo-ordinates and makes.avallabl8 (by.publlcatlon or.Any oth8r forim of oommunl¢¥don) Inftjrfhatlon r.giatlve tb the actlvitles of the cheritable cumpariy. The trustges hail& p81d rluè regartl'tQ-,:guldanca13SUpd by the Charity Comml$slon In dècldlrtg whBt adlvltlès the charily. should Undertake. Achièv&rnents.and pèrformanoe All actlvitles cartied.out withln the day to, day ruxmlng'of P2000 8Fa ÈuperVl&8d. by Company Manager, We h8ve, a Èhop fronl,PTemlsos now fviiy Dperallonal Blncg June 201',9. W6 have.8 incubatibrt utllt8 whlch allow n8W fradér$ to trade With Ilmlled sbttlnts UP. ¢ost>. These unlts ,8re Iljlly funotlon81. Qn2 of bur maln prapert105 'hous6È several tenants,, as w6118s Zlo'g. Roslaurent whlch is una. of,the moÈt *oudht4fter 88ting. e8tabllshm8nts in Cralg8van. We, pride ourgelves In asststlng young 9ntrepr&neLJrs m&k6 thelt vlgioro a r,eallty. We also hAV&'V8ry Strong Ilnks with erJfftTnunlty groups, schools, Chamber D£ Gommerce, Rotaty, Probus, churches. and youth groups, Thè Co-manager Is,Chalr Of comthUn￿Y Plannlny, a soclal partnar on Peace IV, Chalrper48on of TADA (R'ur81 Support Network), Dlr9Ctur,of Portkdown Credit Unlon, &8rd mamber of St John lh& Baptlsl GDlle9 and on Executlve committ88 of Chambèr Df Comm'érce. ThBs8 grnups are usersofthe centre. The M8t,k&t venue hosts AGM;a and Communlty actTvlll?s. Flnanclal ravJ&w Reserves pollcy Tha, dir&ctors hAve èstsblished a pollty whereby thg unrestrfctsd (unds not commltt&d or Investèd In tangiblè as$&,ta hgld by thg charlty are n8èd8d to megt th& working c8pltal requlremÉnts vf the oharlly and to enabl& Ihe .oIYJanlsatlbn to effectiv&ly.manage'.any untOr￿en Tlsks"Dr flrtanclal ￿l￿1C￿lI[0B, Tho balance ol unrestrfcted, fund$ at $1 st March 2023 1$ £,1,354,039 (2022" £1,350,438 ). Th&. balancè of free res¢Ne$' at 31 èt Martsh ,2D23 15 £125,043. The Directors are kat18ftèd Ih81 th& levèl of ,re8eN88 Is stsfficlent frv contlhU& tlje current 2Ctlvitlès bf'the charfty :in the event of a slghlfitsht shprtfall in Income levels. The B08rd of Olfetlors wlll continue .tu r8vlaW the reserves pollcy to ensurè that th8 poIIty Yhe needs of the Orga￿sati¥l[ in a chanolng &nvironmenL Rèsults The results for.the finar4ciai year are set uut fviiy in the fInan￿1.$tataMgnts. In'come for thg yèar totalled £289,757, wh1181 eyndllure totalled £285,921, whlch conslsted of bxpèndlture on charltable.activit19a lotslllng £285.921. Theinèl &xpeMdrture for the year Of £16,164 hos been taken from accumulaled fund¥. PORTADOWN 2000 TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Rlsk.management The directors have uverall responsibility for Ènsuring that the charlly has in place gn 8ppropriate system of controls, ffnanclal and trtherwise, to provlde reasonable a85urance that., the charlly Is opgrallng efficiently and 8ffectively', its 888ets are sgfeguarded agglnsl unauthorlsed use or dlsposition., proper records are mFJintained and financial it)formation used within the ¢harlty orfor publlcallon 15 rellable; the charity cumplles wllh rel&vanl laws and regulations,. and the charity's systems of finanBial contrul .are designod to provide reasonable, but nat absolute assurance 8g8lnsl mat@rial misstatement or IOSB. The malor risks, to whlch the ch8rSty1s exposed. as identlfled by th& Irugtee5, have been reviewèd and Eystems have been estsbllshed to mitigale those rlsks. The directors have a rlsk management Strategy which comprises,. An annual revlew of the risks tha charlty may face., The estBblishment of systems 8nd procodures to mltlgate those risks Identlfled In thè plan., and The Implemenlatlon of procedures deslgned lo minimise any potential Impact on the charity shDuld those rlsks materlallse. Pol8ntlal external risks lo fLJnding and Iradlng 8cllvity have requiied ongolng rovl&w and updating of the strategic gnd operatlonal plans to allow fDr the diversificatlon of funding and activllle8. Internal oonlrol risks ar8 mlnlmS58d by Ihe Imptementation of Structures and pr¢cedur8s for managing and reportlng on all contr8¢lu81 &ctivltl&8. Procedures are In pla¢e to ensure compllence wlth heelth and 8af8ty. Plan8 lor future perlods Portadown 2000 has 2 Ilsted builriings at the rear Df the Millennium Court bullding in Thomas st￿eL The Board Is ¢urrently cArrying out con8011dalion gnd Identifylng fundlng sourcès for the rènov8tiDn of these premises. The Board Is also attempting to Identify new sourc&s of income to assist In olher venturès lo assist In mofè SLtLcgssful ¢omrnuhlly engagement, Structur&, governance and management The ¢h•rlty Is 8 company Ilmlled by guarantee, Incorporated on 22 Febr,uary 1994 and registered a¥ a charlly, with The Charily Commission fgr Northern Ireland, on 5th AuguBt 2015. Th& company was establlshed under a Memorandum of Asstsctatlon whlch established the objects and powers of tho charltable company and is govemed under ils Artlclos of Association. There are currently 6 members. PORTAtsOWN 2000 IRUSTEES, REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THÈ YEAR ENDED 31 AqARCH 2023 ThB trttsletss, who arg ai80 th& dlrèctorB for tlts purp08a of ¢Offip8ny. law, snd whth 88rved durlng thè yèar'iiid to tho dale nf.819naluf8 Of:t￿irn•￿C￿a[,8tatsM￿nts.WEIè:. Wolktyr EFlèmlng Q PJ8toh McLauuhlln JKrnbl 8.McK8aWn r carvNI J Flaharty TPryc PDU JLPortOr T G Mallts WJ Brlkg8 (R&&i#nèd 28 $41gmber2022) fBppolntod l Jun8 21x3) (Appoyrtbd l Jun• 202¥ Appolntkn•ntof dlrector8 .As wt out In th6 Artlda# olA860￿￿tIOn, thq m&xtMum number Df dlr•trtor81* 14 Thv.Ilreubrs are eleotad a¥ s6t.oul In th8 Artlclo8 OtA#$o¢lAtlan. T.h8 dSreGtors )Ave tho pow8r to CO¥OPt membeF& tra 1116p0¢￿I3t roloq, Iwi w thpt Iho total'numbBr of dlrociw shall not.al any 8xO¥d'1¥k G￿￿pIed dIr.e6lOf$ moy hDld Ul7tll the nrtAkM, and gh￿1 Ihari b? 911glblo for r aleètibn. rhe.dlractor6 are also chedty.tru8ts68 fbrth& pury)0889 of ohÉrfty18w and'.LYndér tho companlB Arti¢108 8tO.known as mamb¢r¥ ofthè,.aoard of Dlreolots. Untl•r thè r4tslrèments.of th8.'Memorandum gndArtlok# ofA88Oc4atlon &ll.of th& memb8JB of thè Board.rJfDFfeators mubf.roifrtrfrOm olhrg amuelty, tsut mx¥'b&'ellllblg hr ra-8leoUon. None uf'tho dlreClof8 bas any'.beneffclal iltsré¥t In thè DDrnpan￿, All of tll• Ulre¢tor8,*rg rfj&rnb8r• of,tho company . and yuarantae 1¢> t￿ntAbu¢S £1 In th• &v8nt thta.wlndlng up, Orgalllsatlon.'$ttructur¢S' Thè .￿r￿ of dlreotDr& ¥r&. r8spon61bl8', for ptsw. 8tratw, financa ,Ind organlBo+Jonat IB$ue& and. mBtt approxlrDetsly 10&12 tlrne8 per yaar. Dltrector IDductlon.and trolnlng Naw dlrèttor$ undergo an 117ducWlln trj, b'rfèl Ihèm on thelr leÈal obllg4tlonè undér and comp&ny law, the contant of the M8mordndutn and ArtICl￿ olA$8Ddaiian, or#anloatlonBI.p!ahnln> 8nd daclJlon4IoMng. piuc888e4 th8 '8trategk,. operatlonal. ,8nd 5Juslh888 plan, and recètit fjngn¢lai perfonnanca.bf tlfiè. OrllanlAallon, (JU￿n0 thè Inductlon, thèy al8b maet kèy ethpIoyè&s, ahd other d1rp￿0r.&.Dlr¢a1Ots are 8lloDuraged ts attènd approprlate In- housa and,extsrnalknlnlTrg èvents whgr9,the85 wlW.fa¢llllgte Ihe Lmdèrt8Mng vythétr tol& Th6 tru8t9e6' r6port.Wa# 8pprov6d by th8 Bc+*rd of Trustèès, B Walker TrA￿tse PORTADOWN 2000 INDEPENDENIT EXAMINER'S REPORT TO THE TRUSTEES OF PO,RTADOWN 2000 I r.¢part on Ihe finan¢lal statements of the ch9rlty for the ye4r endèd 31 MarGh2023, whlch arÈ- sg1 OUt,on pagea 7 10 Ro5pectlve respon8lbllitlo8 of tru8ts65 and, eX?mln¢r The tru6tees, who are also the dlfectDrs,of PDrtadown..2000 for the purpose6. of compgny law,, are rèsponslbla for tha preparation of tho acoounts In aEwrdanc& with the f8qLtlr8m9nts of the.Comparil&s Act 2006. Havlng satisled my8Blf Lhxt trIB charlty Is not. SLJblèot to audlt under company .law, andls ellglblp for Independent exgminats¢n, It Is,my rBspDnsiblllty Éo: examinp,tho accounts biMdBr s&ctlon 65 of the Charitlès Aot follow tho procedures laid, down In Ihe oEneral difedions glven by the Charlty CorTlml8slon for North¢rn Ireland undar's¢ction.65(9)(ts)' of the Chsr.Itles Aet, to stat8 whpther particular matters have ¢ttrt¢'tD, my attention. Ba$ls of Indep8nd&nt eKomlnels r?port I have Bxamlned your rharlty a¢countg as requSred under seotlon .86 of Ihe Chllrltle& Act and my 8x?mination was arr12d ou* In accordanoe wlth the genergl Dlrectlon&.glvan by the Charlty Commlaslort for Nttrthern Irolgnd undèt sftoUon 6519)(bl .of Ihe Charltiès Act, rh& axamlnatlon Included a.'rtvlew of the. @CGDuntlng ve¢ords kept by the ch-atlty 2nd & CDmparSson of the ac¢ounts. presentéd wlth those reeords. It also inttluded consld8r8litsn of any unu6ual .items or d18C￿SUr8S In th8 &ccount$i and sooking explanatlons from yOLt as chgrlty trustees concerning any &uch mqltets. My role l& io stste whether any mBtpAal matters: h8ve Lome to my attentlon 9ivlhg ma c3U6e lo bglleve.. l. Th8t 8GGountinu rooord5 w.ef,e not kept In 8¢¢ordance.w,Ilh,9ectlon 388 pfthe Companios Act 200S 2. Th81 the 9ccoun1s do not eecord wlth thos8 acoountlng rocords 3. Th8t th8 account> do not cornply With Iho aG¢ounting requlremenfs of Section 388 of.IM8 CompanleB A& 2006 and w.llh the methods and pr.In¢lples of thg Charitlos Slatarnent of Re￿rnMended .pfactlce Bppllcable to chaf.itle& prep.grlng thplr acGOUnt8, In accordance wlth the FlnangEal Floportlng Standard appllcabl8. In. the UK 8nd RèpubllG of Ireland d..That.IhérB Is further Informatlon needed for a proper understanding of Ihe awounlj lo be reached. Indepgndgttt gxamlDees,¥tstement Sn connectlon with rty éxamlnatlon, na matter has ¢ome tb my att2ntlon4 ¢&) whicli gives mè,rÈasonablÈ oau8e lo bélieve that Ib any mEtertg1 resp8ot.lhe requlrements.. ()[ ID keep aucounung racDrds, In aBcoidartcé With sedltsn 388 of the Companlès Att 2006;,antJ, (ID to pr8p•r8 finandal statement$whlch accord Wlth the &c¢ounllng records,'¢omply with the auttoLtnllng reqL4iremerrt5 of soction 396 of the Comp&n125 Act 2006 gild wllh the method&,and pfineiples.of the SlatsingTht of Récommendpd.Pratllc&' A￿ountIng pnd..Rpporllng by Charille¥', have not been met or {ty> to whloh, Ih my opinlon, attentlon 8h)uld bg drawn In order to enable a proper uttderst8ndlng. of ,the flnan¢ 81 slatÈments to be reached. D( R I Peters Ga51aghgr OBE FCA oore (N.I,) LLP 4th Floor Doneyall Hou8e 7 Donegall Square North Belfrd61 BTI 5GB PORTADOWN 2000 STATEMETrtr OF FINANCIAL ACTDVITllES INCLUDING INBOME AND EXPÉMDITURE AC.COUNT FOR THE YEAR ENDED 31 IWARCH 2023 Unrestrlctèd Rèstricted fvnds funds 2023 2023 Unrèstrlcted Rgstrlctsd lunds 2022 Totsl 2023 Noteg 2022 2022 ncompfrom.. Charitablè.'actFvJtles 269,7S7 èndlture o Charitable actlvilies .144,01 285,521 ID8,683 22.206 230,.86è N&t Ihcom&l(exp6ndftuYoJ for the ygorl Net mtsvèmant in fiind6 3,601 (I P,765) 116,184) {68,t167) (25,484) Fund balancès at 1 April 2022 1,350,438 219,528 Y,569,96B 1,317;,856 277,695 1,595,450 FundbalanceB at31 Iinarch 2023 1A84,039 199,763 1,553,802 1,350,433 219,528 1,569,966 Th&: statement of tlnandal actlvlt18& Includes all gÈih8 and. losses rgcognised, In the y6?r. All Incomè and 8xpand51uto dèrivè from contlnulng actlvitia5. Tha 8tatamenl of flnanclal atttlvltlès 8lso ccrfmplles wilh. the, r.&qUlrèments for gn iM¢othe and expèndttur8 aooount ndar the, CompanlÈs Act 2006. PORTADOWN 2000 BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Notes Flxed assets TanglblB ass8ts 1,228,996 1,278,430 urrent assets stock8 Debtors Cash al bank and in hand 10 li 250 12,246 354,323 250 2,733 354,376 366,819 357,359 Crodltors: amounts falllng due wlthln one year 12 119,613} (33,323> Ng1 current assets 347,30e 324,036 Totsl a86ets18BS currant Ilabilltle8 1,576,302 1,602,466 Crédltor8: amounts falllng due aftèr mor8 than one year 13 122,SOOI 132,500) Net assets 1,553,802 1,569,966 Income fund* Restricted funds Unrestricted funds 199,763 1,354,D39 219,528 1,350,438 1.663,B02 1,56g,966 PORTADO BALANCE SHEET (CONTINUED) ASAT31 MARCH2923 The,comparFy,Is @ntilled to th6 exomptlon from the.audlt r8qulrement contained In Gedon 477 of'th8 Compahies A'ot 2008, for thB year endorl 31 March 2023. ThE Dire¢tOts/Trugts88 a¢knowledg8 theif'resportslbllttl8s fotr ensuflng that the ¢h4rity k8ep3 a¢countlng records which comply With Eeetion 388 or the.Aet 8nd.for pr6paring frnancl81,$latèments whlth ,glVè 4 twe and tsir ￿l￿w ol th8. Stato tsf affairs of thg,company as at th'e en'd ol thg finahttlal y&ar 2nd Dt its, Incomlng resour¢e8,and.appllcatlon of resource&> including ils Income and. 8xpèndltur¢, for tha fihandal ypar in accordance with thé requlrements of $?ctions 394 and 395 and Whi¢h otherwlse comply, wFth Iho reqtsirern8rrts of the Compenie.s Act 20Qe roiatlng to nancial stet&ments, so faras ¥p'pllcabl¥to the corttpany. The thembér& havè not requlr&d the company tD obtsln an audlt of ltsffnanclal staVaMenl8 for the yearln qu¥tloh in acÈordanc8 wilh section 476. Thesè'financial 6lafemeftts h8va beert propared In accordahce wllh 'th&'provlslon$ applitabla to cpmpanles 8LlbJÈcl lo the 8m411 companles reglme. The fihanclal,Ètslemenlswèra approved by thé Truste&s pn . B Walk8r Trustè& Company reglstratFèn number N1028191 PORTADOWN 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng poll¢ie$ Charlty Informgtion Portadown 2000 1$ a prlvalÈ company Ilmited by gugrglltee Incorporated In Northern Ireland. The reglsl8red offiGe 16 Millennium Court Bullding, William Street, Portadown, Crai9avon. Co. Armagh, BT62 3NX. 1.1 Accountlng conv&ntlon The financial statements have been prepared In accordance wlth the charity16 Mèmorandum of Association, thè Compani8s Act 2006 and 'A￿OUntIng and R8POrtlng by Charities.. Statement of Recommended Pracllce applicable to charities preparing thglr accounts in accordance wlth th& Finan¢ial Reporting Standard appllcable ih the UK and Rapublic of Ireland IFRS 102)" (gs amended for a¢countlng periods commenclng fro￿ fj January 20161, The char5ty Is a Publlc Beneflt Enlily as defin0¢ by FRS 102. The charity ha8 taken advantage of the provisions In the SORP for charltiBs applying FRS 102 Update Bulletin 1 not to prepare a Statement Df Cash Flows. The fjnanclal statements are prepared in stgrllng, w*tlch is the funcllonal currency of the charity. hrfonetary arrounts in these financial statements are rounded to the nearest £.. 1.2 Golng concern Al the lim& of 8pproving the financlal staternents, the trustees have,£ reasonable, expeotstlon that the charity has adequate resources to conllnue In operallonal exlstencts for Ihg forese04qble future, Thus the dliectors conlinus to adopt the golng concern b8sis of accounllng in preparlng the. financial statements. Far the year ended 31 March 2023 the group had n8t outgoing funds of £16,164 12022 - 1£25,484) with overall net assets DI £1,553,80212022 - £1,589,966). Thè Trustees continually monitor performance, liquldity cash flow and fulure devglopment. As a result the Trustees believe Ihat the chority Is w811 placed and has 8uffiGi8nt resouree& to succ&ssfully manage buslness rl8k8. The charity has recelved a r8nge of fundlng from various sour￿8 and is confident. this wlll continue, 1.3 Charltablo funds Unrestriclad funds gr8 avallable for use at th8 discretlon of th8 truste85 in ￿rtherance of their charitabl& objoclivgs. Re5trlcted funds are subjeGI lo speclflc conditlons by donors as lo how they may be usèd. The purposes and UBeS of thè restricted funds are set out In the nots$10 the financi8181alemenls. Endowment funds are Subject to speciflc conditlon& by donors that th8 cap1121 must be maintalnèd by the charity. 1.4 Incomlnu resour¢9S Incoffle Is recognised when the ¢harily Is legally eniiiled to It after gny pBrformance conditlons have been mel, the amounts can be measured reliably, and It is probable Ihat Income wlll be received. Cash donations are rÉcognlsed on recelpt. Other donations are recognlsed once the charity has been notified of Ihe donallon, unless performance condltlons require deferral ol the amount. Income tax recoverable in relation to donations received under Glft Aid or daeds of coven8nt1s recognlsed at tha time of the donation. Legacies are recognised on receipt or oth?￿lse if the charity has been nDlifled of an imp8nding dlstributlon, the amount 18 known, and reGelpl is expected. If the amounl Is not known, the legacy 18 treated as a 'contingent asset. 1.5 RasourceB expended Fin9ncial liabllities Glas5ified as other financlal liabillLies aro stsled at fair value wlth any galns or losses arising on remeasuremenl reGognSsed in prDfiI or loss, 10- NOTFS TO THE FINANCIAL STATEMENTS for Independenl examlnallon féas. Tru$tè•s Nbn& of the trLlstées (or any person& conne¢ted wtth. them) received any rérnunerafjDn, gxpon$es oft bpneflt8 froln tlie oharity durlhg tha y6ar.. Employ8e$ Numbat of employè£s The avatsge monthly'number of 8mplDye88 during the ygar was: 2023 Numb'gt 2022 Number Employment costs 2023 3022 Wkge$ antl s81gries So¢ial'securTty ctssts other p¥nsloh Costs 115,207 4,760 4,582 98,898 4,38&, 4,507 107,793 ND emplbyge5 fecetvéd total employae banefits (e%dudlng 8mployer pension,costs).of more Ihan £fjO,.OOD (2022: none), The'total.$mploy* benefits.of.the.key managèment,per&onnel Was £43,067 (2022: £4D,463>. TaXa￿0h The charity Is Exempt from tax on rhcome and,.galns falllny withln sèctlon S05 of the Tages Att 1988 or seouon 252 of the TaxatlDnof Chargeable Galn&.A¢t 1992 tothe'extont that thesè.8rp 4PPllèdlo It£ ch8ritablè obJeGIg, PORTADOWN 2000 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2Q2.3 Tanglble flxed assets LÈft8thold PropoTty Plant and FIxt￿r•s, Maehlnèry Flttlngs and Eq(Ilpm8nt Tot Colt Al1 Aprll 2022 2,168,734 200,400 76,309 2,445,H3 At 31 March 2023 2,188,734 200,400 76,309 2,445,443 Depreclatlon and Impairment At 1 April 2022 Depreclatlon charged In the year 916,062 43,375 194,708 1,423 58,245 4,636 1.167,013 49,434 Al 31 March 2023 959,437 196,129 eo,881 1,216,447 Garrying Amount Al 31 March 2023 1,209,297 4,271 16,428 1,228,996 At 31 Morch 2022 1,252,672 5,694 20,064 1,278,430 10 Stocks 2023 2022 Flnlshed goods and goods for resale 250 11 Debtorts 2023 2022 Arnounts falllng duewtthln ona year: Trade debtors Prepayments and accrued Sncome 2,693 9,563 1,475 1,258 12.246 2,733 12 Creditors: amounts falllng due wlthin oneyear 2023 2022 Notes Bank loans OthÈr taxallon and 50GipI securlty Trade credllor5 other,¢reditors Accruals and deferred Income 14 10,000 2,540 747 1,150 5,076 1Q,000 5,613 10,225 6,673 19,513 33,323 16- 2000 NOTES TO THE FINANCIAL.STATENIENTS (GONfiNUEDJ FOR THE YEAR EMDED 31 MARCA 2023 13, Craditors: amounts *alling'duè after morè than Qtse yoar 2023 Nbtes .2022 Bankloams 22,'500 f4 L08ns,anrl overdrafts 2023 Bankloans 32,SOD 42,500 Payabl& wlthln one y8ar payable After on& y.Far 10,000 22.600 32,500 Thls Is a "Boun￿ Back Loan. whlch WAS tak8n to help the Èharlty survlve thp difficulttas of fh& Covld-19 Pan'dèthic. Thère W$S'8 rtpsyment holiday for th2 Ilrs* 12 Months aler rec&lving thls loah ahd the first year of Interetst pald for by th& Guvarnm2nt vls a 3u8lness Interrupllon p.ayment. Monthly repayments ar8 due to begin on 2hd August 2021 wlth a 2,5% int&rest rote.. The Foan. torrft Is 8 y,9or6.Th? Èharity 18 In a stable osition and dogs not forese&.Èny dffflculties In thy rèpayment otthls,Ioan% fj5 AnÈlysls of nét QS$ets b#ttveen fvnds Uhréstritstèd RestriGted funds funds Total Untrestrlotad Restrfcted fund8 tunds Total 2023 2023. 2023 2022 2022 2022 Fund balances at 31 March 2023 are répre86ntad by.. Tangible assèts Currènt8sselsl(Ilabllltle8) Long torm ilabiliti* 1,228,996 q228.996 1,278,430 347,306 104,508 {2Z,S00) <32,500) 1,278,,430 324,038 (32.500) q99,762 (22,6001 1,364,039 199,763 1,5$3,802 1,35D,438 219,528 1.,569,966 1.6 Rèlaled partytransactlons 17- PORTADOWN 2000 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Related party transBction5 IContlnued} Transa¢tlons wlth related parties During thé year the charity entered Into tran5aclions with JPL Electrical. JPL Electrlcal Is own8d by the son of Ihe Gompany manager and secretary, Ther8 were no oulslandlng balances at the year end. Sgrvicos Provlded 2023 2022 Otherrelaled partles 33,776 7,909 33,776 7,909 18