Company Registration Number: N1028191 Charity Registration Number: NIC102627 Portadown 2000 (Charitable Company Limited by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 March 2025 McGarry
Portadown 2000 (Charitable Company Limited by Guarantee) Contents For the ear ended Imar h 2025 Page General Information Trustees Annual Report Independent Examiner's Report io- 11 Statement of Financial Activities 12 statement of Financial Posltion 13-14 Notes to the Financial Statements 15-24
Portadown 2000 (Charitable Company Limited by Guarantee) GENERAL INFORMATION Board of Trustees B Walker E Fleming G Hatch JK Twyble B McKeown T Carvill J Flaherty T Pryce P Duffy JL Porter TG Mallon WJ Briggs BJ Friar appolnted 17th Aprll 2025 RM Mccaffery appolnted 26th June 2025 reslgned 12th September 2024 reslgned 12th September 2024 reslgned 10th February 2025 reslgned Iolh February 2025 Company Secretary G Lawless Reglstered offlce Millennlum Court Building William Street Portadown Cralgavon Co Armagh, BT62 3NX Company registration number N1028191 Charity registration number NIC012627 Independent examiners McGarry & Co Chartered Accountants Millennlum Court William Street Portadown Co Armagh, BT62 3NX Bankers Danske Bank 39 Market Street Lurgan Co Armagh, BT66 6AB Solicitors Walker McDonald 2-6 Edward Street Portadown Co Armagh, BT62 3LX
Portadown 2000 (Charitable Company Limited by Guarantee) TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2025 The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 31 March 2025. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102), United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006. The reference and administration details of the charity are as shown on page 3. The Trustee's report contains the information required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice (SORP) guldelines, The trustees of the company are also the charity trustees for the purpose of charity law and under the company's consitutions are known as members of the board of trustees. In thls report the trustees of Portadown 2000 present a summary of Its purpose, governance, activities, achievements and finances for the financial year to 31 March 2025. The company Is a registered charity and hence the report and results are presented in a form which complies with the requlrements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice, the organlsation has implemented Its recommendations where relevant in these financlal statements Public Benefit statement The Board of Portadown 2000 confirm that they have had due regard for the guidance produced on Public Benefit by the Charity Commission for Northern Ireland, and are pleased to report that during the year the charitable company has continued to provide Public Benefit through the services we offer. In particular, the directors consider how planned activities will contribute to the aims and objectives they have set out. The public benefits that flow from the purposes of promoting the benefit of the inhabitants of Portadown and improving their conditions of life and economic wellbeing are'.- •The provision of a shared space, namely the Millennium Court Complex in Portadown to provide a free access area to promote cultural, artistic and other activities across the social divide to improve the conditions of life for the inhabitants of Portadown. •The advancement of education of the public in the areas of culture and the arts. •Contributing to and improving the social and cultural welfare of the Portadown community. The benefits can be evidenced in records kept by the organisation of the numbers of those, of all ages, who have attended workshops, exhibitions and educational courses. Evidence can also be found in surveys of living standards and general well-being from the increasing
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2025 number of inhabitants who make use of the premises and avail of the services provided. Some private benefit is obtained by the owners of small businesses who rent units and use the market place but this is ancillary to the main purpose and is greatly outweighed by the qains In public beneflt. No harm arises from these purposes. Objectlves & Actlvltles Portadown 2000's mission Is to promote and develop Portadown and maintaln the operatlon of the Millennium Court at William Street, Portadown. The charity's objectives are set out in the Memorandum and ArtScles of Association and may be summarlsed as.. •To promote the benefit of the inhabitants of the Portadown area of Cralgavon in County Armagh (hereinafter described as the 'area of benefit,) without distinction of sex, race, political, religious or other opinion, by associating the statutory authorlties, voluntary organisations, and inhabitants in a common effort to advance industry, commerce, town development including economlc development, educatlon, tourism and to provide facillties in the interests of soclal welfare for recreation and leisure tlme occupation, all with the object of improving the conditions of life and economic wellbeing for said inhabitants, and fostering peace and reconciliation, the quality of life and prosperity of the said inhabltants. •To provide assistance to individuals and organisations in furtherance of the aforesaid objects or any other objects from time to tlme approved by the Board of the Company. Our charitable company does the followlng., •Provides and equips premises and centres required for the purposes of the charitable comparsy. •Organises, sponsors and conducts (whether alone or with others) educatlonal and training courses and meetings, conferences and exhibitions and other events including civic and cultural activities. •Publishes and distributes materials relatlng to the work of the charitable company. •Seeks, recelves, administers and allocates grants and gifts made available to the charitable company for its aforesald objects (and whether or not such grants and gifts are made from such public funds or otherwise) under the terms and conditions attached to such grants and gifts. •Collects, co-ordinates and makes available (by publication or any other form of communication) inforrnation relative to the activities of the charitable company. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2025 Achievements & Performance All activities carrled out within the day to day running of P2000 are supervised by the Company Manager. We have 8 incubation units which allow new traders to trade with limited setting up costs. These units are fully functional. One of our main properties houses several tenants, as well as Zio's Restaurant which is one of the most sought-after eating establishments in Craigavon, We pride ourselves in assisting young entrepreneurs make their vision a reality. We also have very strong links with community groups, schools, Chamber of Commerce, Rotary, Probus, churches and youth groups. Financlal Revlew Financial Performance The results for the financial year are set out fully In the financSal statements. Income for the year totalled £216,306, whllst expendlture totalled £292,498, which consisted of expenditure on charitable activities totalling £292,498. The net expenditure for the year of £76,192 has been taken from accumulated funds. Reserves Pollcy The directors have establlshed a pollcy whereby the unrestrlcted funds not committed or invested in tangible assets held by the charity are needed to meet the working capital requirements of the charlty and to enable the organisatlon to effectively manage any unforeseen risks or financial difficultles. The balance of unrestricted funds at 31st March 2025 is £1,387,469 (2024., £1,481,431 as restated). The balance of free reserves at 31st March 2025 Is £257,481. The Dlrectors are satlsfied that the level of reserves is sufficient to continue the current activities of the charlty in the event of a significant shortfall in income levels. The Board of Directors will continue to review the reserves policy to ensure that it meets the needs of the organisation in a changing environment.
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2025 Risk Management The di rectors have overall responsibility for ensuring that the charity has in place an appropriate system of controls, financial and otherwlse, to provide reasonable assurance •the charity is operating efficiently and effectlvely; •its assets are safeguarded against unauthorised use or disposition. •proper records are maintained and financial information used within the charity or for publication Is reliable. •the charity complies with relevant laws and regulations; and •the charity's systems of financial control are designed to provlde reasonable, but not absolute assurance against material misstatement or loss. The major risks, to which the charity Is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks, The directors have a risk management strategy which comprises.. •An annual review of the risks the charity may face; •The establishment of systems and procedures to mitigate those rlsks identified in the plan. and •The implementation of procedures designed to minlmlse any potential Impact on the charity should those risks materialise, Potential external risks to funding and trading activity have required ongoing review and updating of the strateglc and operational plans to allow for the dlversificatlon of funding and actlvSties. Internal control risks are minimised by the Smplementation of structures and procedures for managing and reporting on all contractual activities. Procedures are in place to ensure compliance with health and safety. Structure, Governance and Management Organlsational structure The charitable company is a company limited by guarantee, not havlng a share capital. The charitable 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.
TRUSTEE'S REPORT (INCLUDING DIRECTORS, REPORT) For the year ended 31 March 2025 Directors The Directors during the year are the same as the Trustees as listed on page 3. As set out in the Articles of Association, the maximum number of directors is 14. The directors are elected as set out in the Articles of Association. The directors have the power to co-opt members to fill speciallst roles, but so that the total number of directors shall not at any time exceed 14. Co-opted directors may hold office until the next AGM, and shall then be eligible for re-election. The directors are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Directors. Under the requirements of the Memorandum and Articles of Association all of the members of the Board of Directors must retire from office annually, but may be eligible for re-election. None of the directors has any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £1 in the event of a winding up New directors undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, organisational planning and decision-making processes, the strateglc, operational, and buslness plan, and recent financial performance of the organisation, During the Induction, they also meet key employees, and other dlrectors. Directors are encouraged to attend approprlate in-house and external training events where these will facilitate the undertaking of their role. Taxatlon Status The charitable company Is recognised as a charlty by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. DSrectors' Responsibillties The Dlrectors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to,.
TRUSTEE'S REPORT (INCLUDING DIRECTORS. REPORT) For the year ended 31 March 2025 •select suitable accounting policles and apply them consistently; •observe the methods and principles in the Charities SORP (FRS 102); •make judgements and estimates that are reasonable and prudent. •state whether applicable UK Accountlng Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and •prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping adequate accountlng records that disclose, wlth reasonable accuracy at any time, the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irregularities. Small Companies Exemption The above report has been prepared Sn accordance with the speclal provisions relatlng to small companies within Part 15 of the Companies Act 2006. Thls report was approved by the Board of Trustees on 11> behalf by: i L-2v2£. and slgned on its Trustee fiQiJ-' K¢ Tr tee (rL."A£. f)¥, Company Reglstration Number: N1028191 Charity Reglstration Number: NIC102627
Portadown 2000 (Charitable Company Limited by Guarantee) Independent Examiners, Report to the members on the unaudited financial statements of Portadown 2000 for the year ended 31 March 2025 We report on the financial statements of the charitable company for the year ended 31 March 2025 which are set out on pages 12 - 24. Respective Responsiblllties of Trustees and Independent Examiner As the charitable company's Dlrectors, who are the trustees for the purpose of charity law, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charitable company is not subject to audit under company law, and is ellgible for Independent examination, it is our responsibility to,, a) examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008. b) follow the procedures laid down in the general dlrections given by the Charlty Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and c) state whether particular matters have come to our attention. Basis of Independent Examlner's Report We have examined your charitable company's financial statements as required under section 65 of the Charities Act (Northern Ireland) 2008 and our examination was carried out in accordance with the general directlons given by the Charity Commisslon for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. The examination included a review of the accounting records kept by the charitable company 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 charitable company Directors concernlng any such matters. Our role is to state whether any material matters have come to our attention glving us cause to believe.. a) That accounting records were not kept in accordance with section 386 of the Companies Act 2006; or b) That the accounts do not accord with those accounting records,. or c) 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. or d} That there is further information needed for a proper understanding 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 2025 Independent Examiner's Statement We have completed our examination and have no concerns in respect of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention, Ruairl McGarrv McGarry & Co Chartered Accountants Millennlum Court Wllllam Street Portadown Co Armagh, BT62 3NX Date: IK2.
Portadown 2000 (Charitable Company Limited by Guarantee) Statement of Financial Activities For the year ended 31 March 2025 Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 Notes INCOME AND ENDOWMENTS Charitable activities other Income TOTAL INCOME AND ENDOWMENTS (as restated) 260,417 137,666 11,861 66,779 204,445 11,861 149,527 66,779 216,306 260,417 Expenditure Charitable activities Total expendlture 243 489 243 489 292 498 292 498 331 879 331 879 Net income / (outgoing) resources for the year (93,962) 17,770 (76,192) {71,462) Transfers between funds Balance brought forward 1,481,431 909 1,482,340 1,553,802 Balance carried forward 1 387 469 18 679 1 406 148 1 482 340 The above Statement of Flna nclal Activitles Includes all Informatlon as requlred to be dlsclosed by the Companies Act 2006. All of the actlvities of the cha ritable company are classed as contlnuing. The Statement of Financlal Activities includes all ga Ins and losses recognised during the year. The notes on pages 15 to 24 form an integral part of the financial statements. 12
Portadown 2000 (Charitable Company Limited by Guarantee) Statement of Financial Position As at 31 March 2025 2025 2024 Notes (as restated) Non-current Assets Property, plant and equipment 1 148 388 1 195 500 Current assets 250 11,070 276 160 287,480 250 41,062 294 402 335,714 Receivables Cash and cash equivalents Payables: Amounts falling due within one year 10 Net current assets 259 262 299 568 Total assets less current liabilities 1,407,650 1,495,068 Payables: Amounts falling due after one year Net Assets 1406 148 1 482 340 REPRESENTED BY: Unrestricted funds Restricted funds Total Funds 12 12 12 1,387,469 1,481,431 909 1 482 340 1 406 148 The directors, statements shown on the following page form part of this Statement of Financial Position. 13
Portadown 2000 (Charitable Company Limited by Guarantee) Statement of Financial Position As at 31 March 2025 (Continued) These financial statements have been prepared in accordance with the provisions applicable to the small companies, regime within Part 15 of the Companies Act 2006. For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006, The Directors conflrm that the members have not requlred the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge thelr responslbilities for ensurlng that the charltable company keeps accounting records which comply with Sectlon 386,. and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of Its incoming or outgoing resources for the financial year in accordance with the requlrements of sections 394 and 395 and which otherwise comply with the requlrements of the Companies Act 2006 relating to fSnancial statements, so far as applicable to the charltable company, The notes on pages 15 to 24 form an integral part of the financial statements. The financial statements were approved and authorised for issue by the Board of Directors and signed on their behalf by: Trustee Trustee L .' "C)14 Date Date Company Registration Number: N1028191 Charity Registration Number: NIC102627 14
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 I. GENERAL INFORMATION Portadown 2000 is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charStable company. The address of the registered office is as shown on page 3. 2. ACCOUNTING POLICIES The following accounting pollcies have been applied conslstently in deallng with items which are considered material in relation to the charitable company's financlal statements. 2.1 Statement of Compliance The financial statements have been prepared in accordance wlth Accountlng and Reportlng by CharStes.' Statement of Recommended Practlce (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2021 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companles Act 2006. 2.2 Basis of Preparation The financial statements are prepared on a going concern basis under the historical cost convention unless otherwise stated in the relevant accounting pollcy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material In relation to the charitable company's financial statements. 2.3 Cash Flow Statement The charitable company has applied Update Bulletin 2 as published on 5th October 2018 (effective l January 2019) and does not include a cash flow statement on the grounds that it is applying FRS 102 Section IA. 15
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 2.4 Income and Endowments (l) Charitable Actlvlties Income from charitable activities includes Income recelved under contract or where entitlement to grant funding is subject to specific performance conditions. It Is recognised as earned as the related services or goods are provided. Grant income is recognised in the Statement of Financial Activities when receivable. Grant income included in this category provides funding to support projects and Is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. (11) Other Income Other income is recognised in the Staternent of Financial Activities where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliablllty. 2.5 Expendlture Expenditure is recognlsed when a Ilability is Incurred. Contractual arrangements and performance related grants are recognlsed as goods and services are supplied, Where costs cannot be directly attributed to a particular headlngi they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. (i) Charitable Activities This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable activities will Include the costs of governance arrangements which relate to the general running of the charitable company. 2.6 Fund Accounting The charitable company has two types of funds for which it Is responsible at the year-end,, Unrestricted Funds Funds which are expendable at the discretion of the Board of Directors in furtherance of the objectives of the charitable company. In additions, funds may be held in order to finance capital investment and working capital. 16
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 Restricted Funds Income received for specific purposes. Such purposes are within the overall aims of the charitable company. 2.7 Propertyi Plant and Equipment and Depreciation All property, plant and equipment are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over Sts expected useful Ilfe, as follows.. Leasehold Property 20/0 Straight line Fixtures, Fittings & Equipment 150/0 reducing balance Plant & Machinery 15 - 250/0 Reducing Balance 2.8 Trade and Other Recelvables Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairmentlosses for bad and doubtful debts. 2.9 Trade and Other Payables Trade and other payables are initially recognised at falr value and thereafter stated at cost. 2.10 Taxation As a charity, the charitable company Is not liable to Corporation Tax. 2.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wlth banks, other short term highly liquid investments with original maturities of three months or less. 2.12 Finance Costs Finance Costs are charged to the Statement of Financial Activities over the term of the debt. 17
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 2.13 Flnancial Instruments (i) Financlal assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognlsed at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts dlscounted at a market rate of Interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting perlod financlal assets measured at amortised cost are'assessed for objective evidence of impairment. If an asset is impaSred the Impairment loss Is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effectlve interest rate. The impairment loss is recognised in profit or loss. If there is decrease In the Impairment loss arlsing from an event occurring after the impalrment was recognised, the Impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impalrment not previously been recognised. The Impairment reversal is recognised in profit or loss. Financial assets are derecognised when (a) the contractual rlghts to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownershlp of the asset are transferred to another party or (c) despite having retalned sorne signlficant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (li) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will 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 facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. 18
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost uslng the effective interest method. (iii) Offsetting Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability slmultaneously. 2.14 Critlcal Accountlng Judgements and Estlmation Uncertalnty Estimates and judgements 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, Critical Judgements In applying the entlty s accountlng policies There are no critical judgements in applying the charity's accountlng policies. Critical accounting estimates and assumptions There are no actual accounting estimates and assumptlons. 19
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 3. INCOME AND ENDOWMENTS Unrestricted Restrlcted Total Funds Funds Funds 2025 2025 Total Funds 2025 2024 Charbtable Activities Rental Income ABC Council DFC Grant Income Other Income Other grant income Hire of facilities 111,989 111,989 8,787 16,227 9,422 41,765 16,255 110,518 30,000 8,787 16,227 9,422 12,258 78,194 29,447 41,765 16,255 Total Income from Charltable Activitles 137,666 66,779 204,445 260,417 Analysis by Fund Unrestricted Funds Restricted Funds 137,666 66,779 204 445 152,223 108,194 260 417 20
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 4. EXPENDITURE CHARITABLE ACTIVITIES Total 2025 Toal 2024 Charitable activities Wages & Salaries Employer NIC Staff pension contributions Rates & Water Light & Heat Insurance 105,002 2,902 14,737 1,547 15,709 9,054 17,727 2,404 2,133 2,832 332 14,819 6,639 1,619 8,302 205 125,906 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 16,651 331,879 Repalrs & Maintenance Workshop Costs Cleaning Telephone, stationary & postage Travel & Subsistence Project Costs Sundry Expenses Catering Marketlng & Promotions Materials Depreclaion of property Depreciation of fixtures & Fittings Bank Interest & Charges Share of Governance Costs 43,375 3,737 1,055 38,368 292,498 Analysis by Fund Unrestricted Funds Restricted Funds 243,489 49,009 292,498 224,594 107,285 331,879 4.1 Analysis of support costs Support Governance 2025 2025 Total Total 2025 2024 Independent examination fees Professional Fees 3,317 35,051 38,368 3,317 35,051 38,368 2,094 14,557 16,651 21
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 5. NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/(expenditure Is stated after charging/(creditlng): 2025 2024 Depreciation of property, plant and equipment 47,112 48,012 6. INDEPENDENT EXAMINER'S REMUNERATION The Independent Examlner's remuneratlon amounts to a fee of £2,000 (2024., £2,094) 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company durlng the year 6 (2024: 6). The total staff costs and employee benefit's was as follows: 2025 2024 Wages, salarles and pensions (including social security) 122,641 136,191 No employee of the chartiable company recelved total employee benefits of more than £60,000. The total employee beneflts of the key management personnel was £40,357 (2024 £44,349 22
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 8. PROPERTY, PLANT AND EQUIPMENT Leasehold Property Plant & Machinery Fixtures & Fittings Total Cost At 31 March 2024 Additions At 31 March 2025 2,168,734 214,916 76,309 2,459,959 2 168 734 214 916 2 459 959 Depreciation At 31 March 2024 Charge for the year At 31 March 2025 1,002,812 197,197 801 197 998 64,450 1,264,459 1 046 187 1 311 571 Net Book Value At 31 March 2025 1 122 547 1 148 388 At 31 March 2024 1 165 922 1 195 500 9. RECEIVABLES 2025 2024 Trade Debtors Prepayments & Other Debtors 2,889 8,181 3,094 37,968 11,070 41,062 10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Bank Loan Trade Creditors Accruals & Deferred income Taxation & Social Security costs 10,478 1,791 9,951 5,998 28,218 10,000 20,183 5,963 36,146 11. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR 2025 2024 Bank loan 1,502 1,502 12,728 12,728 23
Portadown 2000 (Charitable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2025 12. RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 At 1st April 2023 (as restated) Movement during Financial Year At 31 March 2024 (as restated) Movement during Financial Year At 31 March 2025 1,553,802 1,553,802 909 1,481,431 909 1,482,340 1 387 469 1 406 148 13. Related Partles During the year the charlty entered into transactlons with JPL Electrlcal. JPL Electrical is owned by the son of the company secretary. There were no outstanding balances at the year end. Services Provided 2025 2024 other Related Parties 10,000 22,175 10,000 22,175 14. Prlor period adjustment In a prevlous year, income received by the charity was classified as restricted in error. Opening restricted funds have been reduced by £ 199,763 to correct the error. 24