Portadown 2000 (Charitable Company Limited by Guarantee) Independent Examiners. Report to the members on the unaudlted flnanclal statements of Portadown 2000 for the year ended 31 March 2024 We report on the financlal statements of the charltable company for the year ended 31 March 2024 whlch are set out on page5 12 - 24. Respectlve Responslbilltles of Trustee5 and Independent Examlner As the charltable cornpany's Dlrectors, who are the trustee5 for the purpose of charlty law, you are responsible for the preparatlon of the flnanclal statements In accordance wlth the requirernent5 of the Companles Act 2006. Havlng satlsfled ourselves that the charltable company Is not subject to audlt under company law, and Is ellglble for Independent examlnatlon, Itls our responsl blllty to,. a) examlne the accounts under sectlon 65 of the Clarltles Act (Northern Ireland) 2008; b) follow the procedures lald down In the general dlrectlons glven by the Charlty Commisslon for Northern Ireland under settlon 65(9>(b) of the Charltle5 Att (Northern Ireland) 2008. and c) state whether partlcular matters have come to our attentlon. Ba$is of Independ•nt Examlner's Report We have examlned your charttable company's flnanclal statements as requlred under sectlon 65 of the Charltles Act (Northern Ireland) 2008 and our examlnatlon was carrled out In accordance wlth the general directions glven by the Charlty Commlsslon for Northern Ireland under sectlon 65(9)(b) of the Charltles Act (Northern Ireland) 2008. The examlnatlon Included a revlew of the accountlng records kept by the charltable company and a comparlson of the accounts presented wlth those records. It also Includes conslderatlon of any unusual Items or d15closures In the accounts and seeklng explanatlons from you ag charltable company Dlrectors cjncerning any such matters. Our role Is to state whether any materlal matters have come to our attentlon glvlng us cause to belleve: al That accountlng records were not kept In accordance wSth sectlon 386 of the Companles Act 2006; or b) That the accounts do not accord wlth those accountlng records, or c) That the accounts do not comply wlth the accountlng requlrements of sectlon 396 of the Companles Act 2006 and with the methods and prlnclples of the Charlties Statement of Recommended Practice appllcable to charitles preparlng thelr accounts in accordance wlth the Financial Reportlng Standard appllcable Sn the UK and Republlc of Ireland,. or d) That there is further informatlon needed for a proper understandlng of the accounts to be reached. io
Independent Examiners. Report to the members on the unaudited financial statements Of Portadown 2000 for the year ended 31 March 2024 Independent Examiner's Statement We have completed our examinatlon and have no concerns in respect of the matters Ilsted above and, In connection with followlng the DlrectSons of the Charlty Commlssion for Northern Ireland, we have found no matters that requlre drawlng to your attentlon, Rualrl McGarry McGarry & Co Chartered Accountants MSllennlum Court William Street Portadown Co Armagh, BT62 3NX 11
Portadown 2000 (Charitable Company Llmited by Guarantee) Statement of Financlal Actlvitles For the year ended 31 March 2024 Unrestrlcted R¢strlcted Funds Funds 2024 2024 Total Funds 2024 rotal Funds 2023 Notes XNCOME AND ENDOWMENTS Charltable activitles Other fncome TOTAL INCOME AND ENDOWMEN. 152,223 108,194 260,417 269,757 Expendlture Charltable activities Total expeftdlture 224 594 224 $94 107 285 107 285 331 879 331 879 285 921 285 921 Net Income / (outgoing) resour¢e& for the year (72,371) 909 (71,462) (16,164) Transfers between funds 8a14nce brought forward 1,354,039 199,763 1,553.802 1,569,966 Bal)n¢e carrled forwjrd 1 281 668 200 672 1482 340 1 553 802 The above Statement of Flnanclal Actlvltles includes all Information as requlred to be dlsclosed by the Companles Act 2006. All of the activltles of the charltable company are classed as contSnulng. The Statement of Financlal Actlvltles Includes all ga Ins and losses recognlsed durlng the year. The notes on pages 15 to 24 form an Integral part of the financlal ststernents. 12
Portadown 2000 (Charitable Cornpany Limited by Guarantee) statement of Flnancial Position As at 31 March 2024 2024 2023 Notes Non.Current Assets Property, plant and equlpment 1 195 500 1 228 996 Current a55ets 250 41,062 294 402 335,714 250 12,246 354 323 366.819 Recelvables Cash and cash equlvalents payables: Amounts falling due within one vear io Net current assets 299 568 347 306 Total assets less current liab•litl•s 1,495,068 1,576,302 Payables: Amounts falllng du• after one year Net Assets 1 482 340 1 553 802 REPRESENTED BY: Unrestricted funds Restrlcted funds Total Funds 12 12 12 1,281,668 200 672 1 482 340 1,354,039 199 763 1 553 802 The dlrectcrs, statements shown on the followlng page form part of thls Statement of Flnancial Posltlon, 13
Portadown 2000 (Charitable Company Llmited by Guarantee) Statement of Financlal Posltlon As at 31 March 2024 (Continued) These flnancial statements have been prepared In accordance wlth the provisions applicable to the small companies, regime wlthln Part 15 of the Companles Act 2006. For the financial year ended 31 March 2024 the company was entitled to exemptlon from audlt under section 477 of the Companies Act 2006, The Directors conflrm that the rnembers have not required the company to obtaln an audlt of Its financlal statements for the year In questlon In accordance wlth sectlon 476 of the Companles Act 2006. The Directors acknowledge thelr responslbllitles for ensurlng that the charltable company keeps accountlng records which comply wlth Sectlon 386; and for preparlng financlal statements whlch glve a true and fair view of the state of affalrs of the charitable company as at the end of the financlal year and of its Incoming or outgolng resources for the financial year in accordance with the requlrements of sectlons 394 and 395 and whlch otherwlse comply wlth the requlrements of the Companies Act 2006 relating to flnancial statements, 50 far as applicable to the charltable company. The notes on pages 15 to 24 form an Integral part of the financial statements. The flnanclal statements were approved and authorised for issue by the Board of Dlrectors and slgned on their behalf by: hgNsQ/-D Trustee Trustee 2. Il. 2ok Date Date Company Registratlon Number: N1028191 Charity Reglstratlon Number: NIC102627 14
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 I. GENERAL INFORMATION Portadown 2000 Is a charltable company Ilmlted by guarantee Incorporated In Northern Ireland. In the event of the charltable company belng wound Upi the Ilability in respect of the guarantee Is Ilmlted to £1 per member of the charltable company. The address of the reglstered offlce Is as shown on page 3. 2. ACCOUNTING POLICIES The followlng accountlng pollcle5 have been applled conslstently In deallng wlth Items whlch are consldered materlal In relation to the charltable cornpany's flnanclal statements. 2.1 Statement of Compliance The flnènclal statements have been prepared In accordance wlth Accountlns and Reportlng by Charltes,. Statement of Recommended Practlce (SORP) appllcable to charlties preparlng thelr financlal statements In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) effectlve l January 2021 (Second Edltion), the Flnanclal Reportlng Standard appllcable In the Unlted Klngdom and Republlc of Ireland (FRS 102) and the Companles Act 2006. 2.2 Basls of Preparatlon The flnanclal statements are prepared ori a golng concern basis under the hlstorfcal cost conventlon unless otherwlse stated In the relevant accountlng pollcy. Hlstorlcal cost Is generally based on the falr value of the conslderation glven In exchange for assets. The followSng accountlng pollcles have been applled conslstently In deallng wlth Items whlch are consldered materlal In relation to the charltable company's financlal statements, 2.3 Cash Flow Statement The charltable company has applied Update Bulletin 2 as publlshed on 5th October 2018 (effectlve l January 2019) and does not Include a cash flow statement on the grounds that It is applylng FRS 102 Sectlon IA. 15
Portadown 2000 (Charitable Company Limlted by Guarantee) Notes to the Flnancaal Statements For the year ended 31 March 2024 2.4 Income and Endowments (l) Charltable Activitie5 Income from charltable actlvltles Includes Income recelved under contract or where entitlement to grant fundlng Is subject to speclflc performance condltlons. It Is recognlsed as earned as the related servlces or goods are provlded. Grant Income Is recognlsed In the statement of Flnanclal Actlvlties when recelvable, Grant Intome Included In thls category provldes fundlng to support projects and Is recognlsed where there Is entitlement, rtaInty of recelpt and the amount can be measured wlth sufflclent rellablllty. (li) Other Income Other Income Is recognised in the Statement of Flnanclal Actlvltles where there Is entitlement, certalnty of reIpt and the amount can be measured with sufficlent rellablllty. 2.5 Exp•ndlture Expenditure Is recognlsed when a Ilablllty Is Incurred. Contractual arrangements and performance related grants are recognlsed as goods and seNlces are supplled. Where costs cannot be dlrectly attributed to a particular headlng, they have been allocated to activltles on a basls conslstent wlth use of resources, Staff costs and overhead expenses are allocated to actlvltles on the basls cf staff tlme spent on those actlvities, {1) Charltable Activitles Thls comprlses all the resources applSed by the charltable company In undertaklng Its work to meet its charltable objettlves, Charltable actlvltles wlll Include the costs of governan arrangements whlch relate to the general runnlng of the charltable company, 2.6 Fund Accountlng The charltable company has two types of funds for whlch It Is responslble at the year-end: Unrestricted Funds Funds whlch are expendable at the dlscretlon of the Board of Dlrectors In furtherance of the objectlves of the charltable company. In addltlons, funds may be held in order to finance capital Investment and worklng capltal. 16
Portadown 2000 (Charitable Company Llmited by Guarantee) Notes to the Flnancial Statements For the year ended 31 March 2024 Restricted Funds Income recelved for speclflc purposes. Such purposes are wlthln the overall airns of the charltable company. 2.7 Propertyi Plant and Equlpment and Depreclatlon All property, plant and equipment are Inltlally recorded at cost. Depreciatlon Is provlded at rates calculated to wrlte off the cost less resldual value of each asset over Its expected useful Ilfe, as follows: Leasehold Property 2010 Stralght I I ne Flxtures, Flttlngs & Equlpment 1SOh reduclng balance Plant & Machlnery 15 _ 25Q/o Reduclng Balance 2.8 Trad• and Other Rec¢ivabl¢s Trade and other recelvables are Initially recorded at fair value and thereafter stated at cost less Impalrment losses for bad and doubtful debts. 2.9 Trade and Other Payables Trade and other payables are Inltlally recognised at falr value and thereafter stated at cost, 2.10 Taxatlon As a charlty, the charltable company Is not liable to Corporatlon Tax. 2.11 Cash and cash equlvalents Cash and cash equlvalents Include cash In hand, deposlts held at call wlth banks, other short term hlghly liq uid i nvestments wSth orlglnal maturltles of three months or less, 2.12 Flnance Costs Flnance Costs are charged to the Statement of Flnanclal Actlvltles over the term of the debt. 17
Portadown 2000 (Charltable Company Limited by Guarantee) Notes to the Flnancial Statements For the year ended 31 March 2024 2.13 Financial instruments {1) Flnanclal assets Baslc flnanclal assets, Includlng trade and other recelvables, cash and bank balances and arnounts owed by related partles and are Inltlally recognlsed at transartlon prlce, unless the arrangement constitutes a financlng transactlcn, where the transaction Is rneasured at the present value of the future recelpts dlscounted at a market rate of Interest, Such assets are subsequently carrled at amortised cost Uslng the effectlve Interest method. At the end of each reportlng perlod flnanclal assets measured at amortlsed cost are assessed for objectlve evldence of Impalrment. If an asset Is Impalred the Impairment loss Is the dlfference between the carrylng amount and the present value of the estlmated cash flows dlscounted at the asset's orlglnal effectlve Interest rate. The impalrment1055 Is recoonlsed In proflt or loss. If there Is decrease In the Impalrment loss arlslng from an event occurrlng after the Impalrment was recognised, the Impalrmentls reversed. The reversal Is such that the current carrying amount does not exceed what the carrylng amount would have been had the lrnpalrment not previously been recognlsed. The Impalrment reversal Is recognlsed In proflt or loss. Flnanclal assets are derecognised when (a) the contractual rlghts to the cash flows from the asset explre or are settled, or (b) substantlally all the rlsks and rewards of the ownership or the asset are transferred to another party or (c) desplte havlng retalned some slgnlff cant rlsk5 and rewards of ownershlpi control of the asset has been transferred to another party who has the practical abllity to unllaterally sell the asset to an unrelated thlrd party wlthout Imposlng.additl onal restrlctl ons. (11) Flnanclal Ilabllltles Baslc flnanclal Ilabllltles, Includlng trade ané other payables, bank loans and overdrafts and amounts owed to related partles are initially recognised at transactlon prlce, unless the arrangement constitutes a flnanclng transaction, where the debt Instrument Is measured at the present value of the future recelpts dlscounted at a market rate of Interest. Debt Instruments are subsequently carrled at amortlsed cost, uslng the effectlve Interest rate method. Fees paid on the establlshment of loan facllltles are recognised as transaction costs of Lkie loan to the extent that It Is probable that some or all of the faclllty wlll be drawn down. In this case, the fee Is deferred until the draw-down occurs. To the extent there Is no evidence that It Is probable that some or all of the faclllty will be drawn down, the fee Is capitallsed as a pre-payment for Ilquidlty servlces and amortlsed over the perlod of the faclllty to whlch it relates. 18
Portadown 2000 (Charitable Company Llmited by Guarantee) Notes to the Flnancial Statements For the year ended 31 March 2024 Trade payables are obllgatlons to pay for goods or seNlces that have been acqulred In the ordlnary course of business from suppllers. Accounts payable are classlfied as current liabllltles If payment Is due wlthln one year or less, If not, they are presented as non-current liabllltles, Trade payables are recognlsed Inltlally at trallsactlon prlce and subsequently measured at arnortlsed cost uslng the effectlve Interest method. (111) Offsettlng Flnanclal assets and IlabllStles are offset, and the net amount5 presented In the financlal statements when there Is a legally enforceable rlght to set off the recogn15ed amounts and there Is an Intention to settle on a net basls or to reallse the asset and settle the Ilablllty slmultaneously. 2.14 Critical Accounting Judgements and Estlmation Uncertainty Estlmates and Judgements are contlnually evaluated and are based on hlstorlcal experlence and other factors, Includlng expectatlons of future events that are belleved to be reasonable under the circumstances. Crltical judgements In applylng the entlty's accountlng policies There are no crltlcal Judgements In applylng the charlty's accountlng poiicles. Critical accountlng estlmates and assumptjons There are no actual accountlng estlmates and assumptlons, 19
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 3. INCOME AND ENDOWMENTS U nrestrlcted Restrlrted Total Funds Funds Funds 2024 2024 Total Funds 2024 2023 Charltable Actlvltles Rental Income ABC Councll (Restrlcted Funds) other Income other grant income Hlre of facilltles ILO,S18 110,518 30,000 12,258 78,194 29,447 120,850 19,251 2,474 105,892 21,290 30,000 12,258 78,194 29,447 Total Income from Charltable Actlvlties 152,223 108,194 260,417 269,757 Analysis by Fund Unrestrlcted Funds Restrlcted Funds 152,223 108 194 260 417 144,614 125,143 269 757 20
Portadown 2000 (Charltable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 4. EXPENDITURE CHARITABLE ACTIVITIES Total 2024 Toal 2023 Charltable activltles Wages & Salarles Employer NIC staff pension contrlbutlons Rates & Water Llght & Heat Insurance Repasrs & Malntenance Workshop Costs Cleanlng Telephone, statlonary & postage Travel & Subslstence Project Costs Sundry Expenses Caterlng Marketlng & Promotlons Materlals Depreclalon of property Depreclatlon of flxtures & Flttlngs Bank Interest & Charges Share of Governance Costs 125,906 5,760 4,525 1,247 18,235 7,292 52,477 25,836 1,371 3,209 212 1,638 5,354 2,093 11,155 523 43,375 4,637 383 115,207 4,760 4,582 1,294 11,770 6,586 32,346 23,489 1,332 3,315 305 2,194 3,072 1,598 2,181 2,953 43,375 6,059 1,029 331,879 285,921 Analysis by Fund Unrestrlcted Funds Restrlcted Funés 224,594 107,285 331,879 141,013 144,908 285,921 4.1 Analysis of support costs Support Governance 2024 2024 Total Total 2024 2023 Independent exarnlnation fees Professlonal Fees 2,094 14,557 16,651 2,094 2,084 16,651 18,474 21
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 5. NET INCOME/(EXPENDITURE) FOR THE YEAR Net incomel(expendlture Is stated after charglng/(credltlng): 2024 2023 Depreclatlon of property, plant and equipment 638 638 6. INDEPENDENT EXAMINER'S REMUNERATION The Independent Examlner's remuneratlon amounts to a fee of £2,094 (2023; £2,084) 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company durlng the year 6 (2020.. 5). The total staff costs and employee beneflt's was as follows: 2024 2022 Wages, salarles and penslons (Includlng soclal securlty) 136,191 124,549 No ernployee of the chartlable company recelved total employee beneflts of more than É60,000, The total employee beneflts of the key rnanagement personnel was £44,349 (2023 £43,067) 22
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 8. PROPERTY, PLANT AND EQUIPMENT Leasehold Property Plant & Machinery Fixtures 81 Flttlngs Total Cost At 31 March 2023 Add Itlons At 3 1 March 2Q24 2,168,734 200,400 76,309 2,445,443 2 168 734 214 916 2 459 959 Depreclation At 31 March 2023 Charge far the year At 31 March 2024 959,437 196,129 60,881 1,216,447 1 002 812 197 197 1 264 459 Net Book Value At 31 March 2024 1 165 922 1 195 500 At 31 March 2023 1209 297 1 228 996 9. RECEIVABLES 2024 2023 Trade Debtors Prepayrnents & Other Debtors 3,094 37,968 2,693 9,553 10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank Loan Trade CredtOrS Accruals & Deferred income Taxatlon & Social Securlty costs 10,000 20,183 5,963 10,000 747 6,226 11. PAYABLES: AMOUNTS FALLXNG DUE AFTER ONE YEAR 2024 2023 Bank loan 12,7 ,500 23
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financlal Statements For the year ended 31 March 2024 12. RECONCILIATION OF MOVEMENT IN FUNDS Unrestrlcted Restricted Funds Funds 2024 2024 Total Fund5 2024 At 1st Aprll 2022 Movement durlng Flnanclal Year At 31 March 2023 Movement durlng Flnancial Year At 31 March 2024 1,350,438 219,528 1,569,966 1,354,039 199,763 909 1,553,802 1281668 200 672 1 482 340 13. Related Partles Ourlng the year the charlty entered Into transactlons wlth JPL Electrlcal. JPL Electrlcal Is owned by the son of the company manager and secretary. There were no outstandlng balances at the year end. Servlce$ Provided 2024 2023 other Related Partles 22,175 33,776 24