Portadown 2000 (Charitable Company Limited by Guarantee) TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2024 The Directors, who are the trustees for the purpose of charlty law, have pleasure In presentlng their report and the unaudlted flnancial statements of the charltable company for the year ended 31 March 2024. The financlal statements have been prepared In accordance wSth the Statement of Recommended Practlce "Accounting and Reportlng by Charltles" (FRS 102), Unlted Klngdom Generally Accepted Accountlng Practlce and the Companles Act 2006. The reference and admlnlstratlon detalls of the charlty are as shown on page 3. The Trustee's report contalns the Informatlon requlred to be provlded In the Trustees, Annual. Report under the Statement of Recommended Practlce (SORP) guldellnes, The trustees of the company are also the charlty trustees for the purpose of charlty law and under the company's consltutlons are known as members of the board of trustees. In thls report the trustees of Portadown 2000 present a sumrnary of Its purpose, governance, actlvltles, achlevements and flnances for the flnanclal year to 31 March 2024. The company Is a reglstered charlty and hence the report and results are presented In a form whlch complies wlth the requlrements of the Companies Act 2006 and, although not obllged to comply wlth the Statement of Recommended Practlce, the organlsatlon has mplemented its recommendatlon5 where relevant In these flnancial statements Publlc Benellt Statement The Board of Portadown 2000 Confl that they have had due regard for the guldance produced on Publlc Beneflt by the Charlty Commission for Northern Ireland, and are pleased to report that durlng the year the charltable company has contlnued to provlde Publlc Beneflt through the services we offer. In partlcular, the dlrectors conslder how planned actlvltles wlll contrlbute to the alms and objectlves they have set out. The publlc benefits that flow from the purposes of promotlng the beneflt of the Inhabltants of Portadown and improving their condltions of Ilfe and economlc wellbelng are:" •The provision of a shared space, namely the Mlllennlum Court Complex In Portadown to provide a free access area to promote cultural, artistic and other actlvlties across the social dlvide to Improve the condltion5 of life for the Inhabltants of Portadown; •The advancement of educatlon of the publlc In the areas of culture and the arts, •Contrlbutlng to and Improvlng the soclal and cultural welfare of the Portadown communlty. The beneflts can be evldenced In records kept by the organisatlon of the numbers of those, of all ages, who have attended workshops, exhibltlons and eéucatlonal courses. Evldence can also be found In surveys of Ilving standards and general well-belng from the Increasing number of Inhabitants who make use of the pMIseS and avail of the servlces provlded.
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2024 Some prlvate beneflt Is obtained by the owrbers of small businesses who rent unlts and use the rnarket place but thls Is anclllary to the maln purpose and Is greatly outwelghed by the gains In publlc beneflt. No harm arlses from these purposes. Objectlves & Activltles Portadown 2000's mlsslon Is to promote ané develop Portadown and rnalntaln the operatlon of the Mlllennlum Court at Wllllam street, Portadown. The charlty's cbjects are set out In the Memorandum and Articles of Assoclatlon and may be summarlsed as: •To promote the beneflt of the Inhabltants of the Portadown area of Cralgavon In County Armagh (herelnafter descrlbed as the 'area of beneflt,) wlthout dlstlnctlon of sex, race, polltlcal, rellglous or other oplnlon, by associatlng the statutory authorltles, voluntary organ5satlons, and Inhabltants In a Common effort to advance Industry, commerce, town development includlng economlc development, educatlon, tourlsm and to provlde facllltles In the I nterests of soclal welfare for recreatl on and lelsure t1 me occupatlon, all wlth the object of Improvlng the condltions of Ilfe and econorn5c wellbelng for said Inhabltants, and fosterlng peace and reconcl IlatSon, the qual Ity of Ilfe and prosperity of the sald inhabltants. •To provlde assistance to Indlvlduals and organlsatlons In furtherance of the aforesald objects or any other objects frorn tlme to tlme approved by the Board of the Company. Our charltable company does the followlng.. •Provldes and equlps premlses and centres requlred for the purposes of the charltable company, •Organ15es, sponsors and conducts (whether alone or wlth others) educatlonal and tralning courses and meetlngs, conferences and exhlbltlons and other events Includlng clvlc and cultural actlvltles, •Publlshes and dlstrlbutes materSals relatlng to the work of the charltable company. •seeks, fftcelves, admlnlsters and allocates grants and glfts made avallable to the charltable company for Its aforesald objects (and whether or not such grants and glfts are made from such publlc funds or otherwlse) under the terms and condltions attached to such grants and glfts. •Collects, co-ordlnates and makes avaSlable (by publicatlon or any other form of communlcation) informatlcn relatlve tc the activltles of the charltable company. The trustees have paid due regard to guldance Issued by the Charlty Commlsslon In decldlng what actlvities the charlty should undertake.
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2024 Achlevements & Performance All activities carrled out wlthin the day to day running of P2000 are supervlsed by the Company Manager. We have 8 Incubatlon unlts whlch allow new traders to trade wlth Ilmlted settlng up costs. These unlts are fully functlonal, One of our maln propertles houses several tenants, as well as Zlo's Restaurant whlch Ss one of the most sought-after eatlng establishments In Cralgavon, We prSde ourselves In assistlng young entrepreneurs make thelr vlslon a reallty, We also have very strong Ilnks wlth communlty groups, schools, Chamber of comrner, Rotaryi Probus, churches and youth groups, Flnanclal Revlew Financlal Performance The results for the financlal year are set out fully In the flnanclal statements. Income for the year totalled £260,417, whllst expendlture totalled £331,879, whlch consisted of expendlture on charltable actlvltles totall I ng £331,879. The net expendlture for the year of £71,462 has been taken from accumulated funds. Reserves Pollcy The directors have established a pollcy whereby the unrestricted funés not commltted or investeé In tangible assets held by the charlty are needed to meet the worklng capltal requlrements of the charlty and to enable the organlsation to effectlvely manage any unforeseen rlsks or fl nanclal dlfflcultles, The balance of unrestrlcted funds at 31st March 2024 Is £1,281,668 {2023: £1,354,039). The balance of free reserves at 31st March 2024 is £86,168. The Dlrectors are satlsfled that the level of reserves Is sufflclent to contin ue the current actlvltles of the charlty In the event of a slgnlflcant shortfall In income levels. The Board of Dlrectors wlll contlnue to revlew the reserves pollcy to ensure that it meets the needs of the organlsatlon In a changlng envlronment.
TRUSTEE'S REPORT (INCLUDING DIRECTORS. REPORT) For the year ended 31 March 2024 Risk Management The dlrectors have overall responslblllty for ensuring that the charlty has in place an approprlate systern of controls, financlal and otherwlse, to provlde reasonable assurance that,. •the charlty Is operatlng efficiently and effectlvely,. •lts assets are safeguarded agalnst unauthorlsed use or dlsposltlon, •proper records are malntalned and flnanclal Informatlon used wlthln the charlty or for publlcatlon Is rellable; •the charlty complles wlth relevant laws and regulatlons, and •the charlty's systems of flnanclal control are deslgned to provlde reasonable, but not absolute assurance agalnst materlal mlsstaternent or loss. The major rlsks, to whlch the charlty Is exposed, as Identlfled by the trustees, have been revlewed and systems have been establlshed to mltlgate those rtsks. The dlrectors have a rlsk management strategy whlch comprlses: •An annual revlew of the rlsks the charlty may face, •The establishment of systems and procedures to mltlgate those rlsks Identlfled In the plan; and •The Implementatlon of procedures deslgned to mlnlmlse any potentlal Impact on the charlty should those rlsks materlal Ise. Potentlal extemal rlsks to fundlng and tradlng actlvlty have requlred ongolng revlew and updatlng of the strateglc and operatlonal plans to allow for the dlverslficatlon of fundlng and actlvltle5. Internal control risks are mlnlmlsed by the Implementatlon of structures and procedures for managlng and reportlng on all contractual actlvltles. Procedures are In place to ensure compllance wlth health and safety. structure Governance and Managemant Organlsatlonal structure The charltable company Is a company Ilmlted by guarantee, not havlng a share capltal. The charltable company was estab115hed under a Memorandum of Assoclation whSch establlshed the objects and powers of the charltable company and Is governed under Its Artlcles of Assoclatlon.
TRUSTEE'S REPORT (INCLUDING DIRECTORS. REPORT) For the year ended 31 March 2024 Dirnctors The Dlrectors durlng the year are the same as the Trustees as Ilsted on page 3. As set out in the Artlcles of Associatlon, the maxlmum number of dlrectors Is 14. The dlrectors are elected as set out In the Artlcles of Assoclatlon. The dlrector5 have the power to co-opt members to flll speclallst roles, but so that the total number of dlrectors shall not at any tlme exceed 14. Co-opted dlrectors may hold offlce until the next AGM, and shall then be ellglble for re-electlon. The directors are also charlty trustees for the purposes of charlty law and under the company's Artlcles are known as members of the Board of Dlrectors. Under the requlrements of the Memorandum and Artlcles of Assoclatlon all of the members of the 8Dard of Dlrectors must retlre from office annuallyi but may be ellglble for re-electlon. None of the dlrectors has any beneflclal Interest In the company, All of the Dlrectors are members of the company and guarantee to contrlbute £1 In the event of a wlrbdlng up New dlrectors undergo an Inductlon to brlef them on thelr legal obllgatlons under charlty and company law, the content of the Memorandum and Artlcles of Assoclatlon, organ5satlonal planning and declslon-maklng processes, the strateglci operatlonal, and buslness plan, and recent flnanclal performance of the organlsatlon. Durlng the Inductlon, they also meet key employees, and other dlrectors. Dlrectors are encouraged to attend approprlate In-house and external tralnlng events where these wlll facllltate the undertaklng of thelr role. Taxation Status The charltable company Is recognlsed as a charlty by HM Revenue & Customs. Accordlnglyi the charltable company has avalled of the exemptlons contained In Chapter 3 Part li Corporatlon Taxes Act 2QIO and Settlon 256 Taxatlon of Chargeable Galns Act 1992. Director5. ResponsibilitleS The Directors are responslble for preparlng the flnanclal statements In accordance wlth appllcable law and Unlted Klngdom Accountlng Standards (Unlted Klng(iom Generally Accepted Accountlng Practlce), Company law requires the Dlrectors to prepare flnanclal statements for each financlal year which glve a true and falr view of the state of the affalrs of the charltable company and of the Incornlng resources and appllcatlon of resources, Includlng the Income and expendlture, of the charltable company for that year. In preparlng these flnanclal statements the Dlrectors are required to;
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2024 •sel ect sultable accountlng pollcies and apply them conslstentlyi •cbserve the rnethods and prlnclples in the Charitles SORP (FRS 102); •make judgements and estimates that a fftasonable and prudent; •state whether appllcable UK Accountlng Standards have been followed, subject to any materlal departures dlsclosed and explalned In the flnanclal statements,, and •prepare the financial statements on the going concern basis unless It Is Inapproprlate to presume that the charltable company will contlnue In operation. rhe Dlrectors are responsible for keeping adequate accounting records that dlsclose, with reasonable accuracy at any tlme, the flnanclal posltlon of the charltable company and to enable them to ensure that the financlal statements comply with the Companles Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Small Companles Exemption The above report has been prepared in accordance with the special provisions relatlng to small companies wlthln Part 15 of the Companles Act 2006. This report was approved by the Board of Trustees on 2 . 11. lo2thd slgned on Its behalf by.. fXi4frJ LkG£ Trustee Trustee Company Registration Number: N1028191 Charlty Reglstratlon Number: NIC102627