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 re￿Ipt 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 Cred￿tOrS
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