2023-03-31-annual-return

COMPANY REGISTRATION NUMBER: NI026977 CHARITY REGISTRATION NUMBER: 107638

Portaferry Regeneration Limited Company Limited by Guarantee Financial Statements

31 March 2023

Portaferry Regeneration Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2023

	Page
Trustees' annual report (incorporating the directors' report)	1
Independent auditor's report to the members	8
Statement of financial activities (including income and
expenditure account)	12
Statement of financial position	13
Statement of cash flows	14
Notes to the financial statements	15

Page 1

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report)

Year ended 31 March 2023

The directors, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023.

Reference and administrative details

Registered charity name	Portaferry Regeneration Limited
Charity registration number	107638
Company registration number	NI026977
Principal office and registered	Unit 10 Brewery Yard
office	Church Street
	Portaferry
	Co. Down
	BT22 1LT
The directors
	Mr J Dumigan
	Mr G Lennon
	Mrs M McCarthy	(Resigned 21 September 2022)
	Dr T D Wyatt
	Mr C Gilmore
	Mr M Rebbeck
	Mr J A Birt
	Mrs C Mageean	(Resigned 2 May 2022)
	Mrs M Austin
	Mrs AM Moreland
	Mr R Anderson
	Mr D Watson
Auditor	Johnston Graham Limited
	Chartered accountants & statutory auditor
	216/218 Holywood Road
	Belfast
	BT4 1PD
Bankers	Danske Bank
	2 Main Street
	Kircubbin
	Newtownards
	Co Down
	BT22 2SP
Solicitors	J.W. Russell & Co
	11 Lower Mary Street
	Newtownards
	Co Down
	BT23 4JJ

Page 2

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report) (continued)

Year ended 31 March 2023

Structure, governance and management

Portaferry Regeneration Limited is a company incorporated on 29th October 1992 as a private company limited by guarantee. The company was created under a Memorandum and Articles of Association which were revised on 15th February 2021 with a further revision on 28 October 2021. The Memorandum of Association established the objects and powers of the charitable company, and the company is governed by its Articles.

The company currently has 10 Board Members who meet monthly to support the continued development of the organisation. The board has a policy of continual review of objectives to ensure compliance with governance and proper operation of the organisation.

Page 3

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report) (continued)

Year ended 31 March 2023

Objectives and activities

1. The promotion for the benefit of the public of rural and urban regeneration in Portaferry and the surrounding area, an area of social and economic deprivation (the 'area of benefit') by all or any of the following means:

2. (i) the relief of unemployment;

(ii) the creation of training and employment opportunities through the provision of workspace, buildings and land for use on favourable terms; (iii) the preservation, including the restoration, of buildings or sites of historic or architectural importance; (iv) the protection or conservation of the environment.

1. The advancement of environmental protection or improvement through the promotion of sustainable development by the preservation, conservation and the protection of the environment and the prudent use of natural resources.

2. The advancement of heritage and culture through the provision of education, seminars, exhibitions, recreational and leisure time interests and by any other means as the Directors shall consider appropriate.

In setting objectives and planning activities for the year, the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the Charity's purposes and provide a benefit to the beneficiaries.

During the year our directors reviewed our vision, strategic priorities and action plan.

Our Vision

We will make Portaferry a more desirable place to live, work and visit, while ensuring it maintains its character and benefits from the outstanding natural beauty of its surroundings.

Our Strategic Priorities

1. To contribute to economic development through developing and encouraging initiatives and events which support local businesses and services, including the tourism industry.

2. To establish an arts and crafts initiative which could encourage local artists and craft producers to develop a craft hub within the town.

3. To address dereliction and vacant properties by supporting local property owners to secure funding and find alternative uses for their properties and identify buildings and sites of important heritage that are suitable for regeneration or restoration.

4. To implement environmental improvements through a public realm scheme and improvements to the entrance of the town and to lobby for the restoration of Castle Park.

5. To consolidate and improve networks and key contacts in pursuit of our objects and to lobby local politicians to ensure Portaferry is considered in all key decisions improving the economy of the area. In developing our vision, strategic priorities and plans cognisance was given to our charitable objects.

Page 4

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report) (continued)

Year ended 31 March 2023

Achievements and performance

Support Business

PRL has 13 small business units in the Brewery Yard Business Park. These are fully occupied by start-up and existing businesses. Rents are charged at economic levels to encourage local entrepreneurs and there is a substantial waiting list for units. Brewery Yard has been great success but there is a demand for additional units and PRL is in the process of looking for other premises. We also rent property at Shore Road which we sub-let to three other businesses. In all, our buildings accommodate 15 15 Businesses employing a total of around 18 people. In addition, we have been helping businesses source premises owned by other people.

We continue to support and help develop the Strangford Lough Tourism Cluster. Currently there are 30 major tourism providers collaborating on the development of immersive experiences that are bringing more tourists to the area. This has been particularly noticeable in Portaferry. The cluster is supported by Ards and north Down Borough Council, Newry and Mourne Council, Tourism NI and funded by Invest NI. Local members include Exploris, Portaferry Hotel, Portico, Quintin Castle, The old Schoolhouse and The Echlinville Distillery. PRL was instrumental in setting up and obtaining funding for the cluster.

Artisan Market

PRL organises and manages a monthly artisan arts/crafts/food market which is run on a not-for-profit basis. The market runs from April to December and provides and outlet for new and existing artisans to sell their produce & products directly to the customer. The increased footfall in the town centre helps sustain existing local businesses and provides an opportunity for the local community to meet and socialise. The market is very popular with the local community and an attraction for tourists visiting the area. At the market we make available free accommodation to local community groups/charities who provide tea/coffees in return for a donation and over the year the total of £5000 was raised for good causes.

Support local Events

Local events and festivals bring footfall to the town and help support local businesses and local jobs. PRL has supported the organisation of an Arts festival and exhibition, a sailing event, a gala event and a musical event.

Arts and Crafts Initiative

Portaferry Regeneration Ltd has supported the local Art society with the organisation of a Plein Air event and an exhibition. We continue to strive to establish an arts and crafts hub in the town.

Address Dereliction

PRL continues to engage with local property owners and developers. The number of derelict buildings has substantially reduced but more needs to be done. The derelict buildings in Ferry Street, particularly, detract from the amenity of that street. We continue to advise and support owners of derelict properties on funding opportunities and statutory requirements and encourage them to undertake regeneration projects. We also advise on development and regeneration projects.

Advance Environmental Improvements

PRL continues to provide two representatives to the Steering Group responsible for delivering the public realm scheme for Portaferry. The design of the scheme has been finalised, a contractor

Page 5

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report) (continued)

Year ended 31 March 2023

appointed, and the work will begin in the autumn of 2023. Public Realm schemes have a track record of bringing economic and social benefits. The Portaferry scheme will bring an investment of almost £2 million and will be focused on the historic market Square. PRL was at the forefront of encouraging the relevant statutory authorities to consider and fund such a scheme for Portaferry. We have also contributed to a review of community trails commissioned by Peninsula Healthy Living in conjunction with Ards and North Down Borough Council and have lobbied strongly for additional trails around Portaferry. PRL continues to work with Ards and North Down Borough Council to find funding to develop a master plan leading to the restoration and development of Castle Park. To consolidate and develop networks and key contacts

PRL continues to network with statutory bodies, particularly with Ards and North Down Borough Council. We aspire to compliment the recent investment and subsequent success of Exploris by the restoration and development of Castle Park, The Ropewalk, The Walk at Walter Meadow and the Gate lodge. We see the linkage of the refurbished walk at Nugent's Wood bringing great social and economic benefit to Portaferry, the local community and businesses. We continue to work closely with local councillors and MLA'S, ensuring they are informed and in support of plans and developments.PRL also networks with the Strangford Lough Cluster Group helping create employment through the growth of tourism. We are also members of the Portaferry Collective, the Ards Peninsula Villages Partnership, and on the Ards and North Down Labour Market Partnership.

Financial review

Income for the year totalled £61,638 with total expenditure on charitable activities of £98,236 giving an overall deficit of £36,598 for the financial year. Included within the deficit is £38,192 of depreciation relating to the property which has been included in the accounts as restricted funds. The company showed a surplus of £1,594 for the year relating to its unrestricted funds.

Plans for future periods

PRL will continue to manage and maintain its start-up units in the Brewery Yard and at the Shore Road. We will continue to look for similar facilities to satisfy the growing and welcome demand from young people wishing to go into business.

Having received a grant from Ards and North Down Borough Council we will employ consultants to undertake a feasibility study on the expansion of the marina. This will identify a suitable area for the expansion and examine the sustainability of doubling the size.

Working with the local council we are awaiting the outcome of a funding bid to the PeacePlus Fund for the redevelopment of Castle Park. Should the bid not be successful we will continue to look for other sources of funding. Castle Park is a priority project of PRL.

We will continue to seek a partner to help us create an art and crafts hub.

The sale of Barholm should be completed in early 2024 and the proceeds of the sale will be used for the benefit of the local community. We will also decide on the future of the Stables and how that building might best be used. PRL will continue to work with statutory bodies to identify and progress projects that will help regenerate Portaferry.

Directors' responsibilities statement

The directors, who are also directors for the purposes of company law, are responsible for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 6

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report) (continued)

Year ended 31 March 2023

Company law requires the charity directors to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insert here

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Page 7

Portaferry Regeneration Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report) (continued)

Year ended 31 March 2023

The trustees' annual report (incorporating the directors' report) was approved on 15 February 2024 and signed on behalf of the board of trustees by:

Mr J Dumigan Director

Page 8

Portaferry Regeneration Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Portaferry Regeneration Limited

Year ended 31 March 2023

Opinion

We have audited the financial statements of Portaferry Regeneration Limited (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 9

Portaferry Regeneration Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Portaferry Regeneration

Limited (continued)

Year ended 31 March 2023

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act (Northern Ireland) 2008 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Page 10

Portaferry Regeneration Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Portaferry Regeneration Limited (continued)

Year ended 31 March 2023

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of the audit process we obtained an understanding of the legal and legulatory framework applicable to the entity being FRS102, Companies Act 2006 and the UK taxation regime. In addition, we assessed the risks of material fraud through enquiries with management and those charged with corporate governance and analytical procedures were used to assess any unusual or unexpected relationships.

A further description of our responsibilities for their audit of financial statements is located on the FRC's website at www.frc.org.uk/auditorsresponsibilities

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Page 11

Portaferry Regeneration Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Portaferry Regeneration

Limited (continued)

Year ended 31 March 2023

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 65 of the Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ms E Mulholland (Senior Statutory Auditor)

For and on behalf of Johnston Graham Limited Chartered accountants & statutory auditor 216/218 Holywood Road Belfast BT4 1PD

Page 12

Portaferry Regeneration Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2023

Year ended 31 March 2023
			2023		2022
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	12,160	12,625	24,785	1,280
Charitable activities	6	32,924	–	32,924	33,655
Other trading activities	7	3,929	–	3,929	–
		────────	────	────────	────────
Total income		49,013	12,625	61,638	34,935
		════════	════	════════	════════
Expenditure
Expenditure on charitable activities	8,9	47,419	50,817	98,236	77,159
		────────	────────	────────	────────
Total expenditure		47,419	50,817	98,236	77,159
		════════	════════	════════	════════
		────────	────────	────────	────────
Net expenditure and net movement	in
funds		1,594	(38,192)	(36,598)	(42,224)
		════════	════════	════════	════════
Reconciliation of funds
Total funds brought forward		123,626	1,079,174	1,202,800	1,245,024
		─────────	────────────	────────────	────────────
Total funds carried forward		125,220	1,040,982	1,166,202	1,202,800
		═════════	════════════	════════════	════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 15 to 21 form part of these financial statements.

Page 13

Portaferry Regeneration Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2023

31 March 2023
		2023		2022
	Note	£	£	£
Fixed assets
Tangible fixed assets	13		1,095,736	1,136,639
Current assets
Debtors	14	11,283		12,943
Cash at bank and in hand		108,540		101,999
		─────────		─────────
		119,823		114,942
Creditors: amounts falling due within one year	15	44,357		43,781
		─────────		─────────
Net current assets			75,466	71,161
			────────────	────────────
Total assets less current liabilities			1,171,202	1,207,800
Creditors: amounts falling due after more than
one year	16		5,000	5,000
			────────────	────────────
Net assets			1,166,202	1,202,800
			════════════	════════════
Funds of the charity
Restricted funds			1,040,982	1,079,174
Unrestricted funds			125,220	123,626
			────────────	────────────
Total charity funds	17		1,166,202 ════════════	1,202,800 ════════════

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 15 February 2024, and are signed on behalf of the board by:

Mr J Dumigan Director

The notes on pages 15 to 21 form part of these financial statements.

Page 14

Portaferry Regeneration Limited

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2023

Year ended 31 March 2023
	2023	2022
	£	£
Cash flows from operating activities
Net expenditure	(36,598)	(42,224)
Adjustments for:
Depreciation of tangible fixed assets	40,904	40,969
Interest payable and similar charges	554	297
Accrued income	(8,099)	(3,643)
Changes in:
Trade and other debtors	1,660	7,896
Trade and other creditors	8,675	1,007
	────────	────────
Cash generated from operations	7,096	4,302
Interest paid	(554)	(297)
Tax paid	–	(2,492)
	───────	───────
Net cash from operating activities	6,542	1,513
	═══════	═══════
Cash flows from investing activities
Purchase of tangible assets	–	(2,750)
	───────	───────
Net cash used in investing activities	–	(2,750)
	═══════	═══════
Net increase/(decrease) in cash and cash equivalents	6,542	(1,237)
Cash and cash equivalents at beginning of year	101,999	103,236
	─────────	─────────
Cash and cash equivalents at end of year	108,541	101,999
	═════════	═════════

The notes on pages 15 to 21 form part of these financial statements.

Page 15

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Unit 10 Brewery Yard, Church Street, Portaferry, Co. Down, BT22 1LT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the directors for particular future project

or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Page 16

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Page 17

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Capital projects - 2% straight line Plant and machinery - 15% straight line Fixtures and fittings - 25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Limited by guarantee

The company is limited by guarantee and has no authorised or issued share capital.

Page 18

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

5. Donations and legacies

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			£	£	£
	Grants
	Grant Income		12,160	12,625	24,785
			════════	════	════════
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Grants
	Grants Income		–	1,280	1,280
			════	═══════	═══════
6.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Rental Income	32,924	32,924	33,655	33,655
		════════	════════	════════	════════
7.	Other trading activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Market Income	3,929	3,929	–	–
		═══════	═══════	════	════
8.	Expenditure on charitable activities by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			£	£	£
	Charitable Activities		44,665	50,817	95,482
	Support costs		2,754	–	2,754
			────────	────────	────────
			47,619	50,817	98,236
			════════	════════	════════
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Charitable Activities		35,190	39,472	74,662
	Support costs		2,497	–	2,497
			────────	────────	────────
			37,687	39,472	77,159
			════════	════════	════════

Page 19

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

9. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly Support costs		2023	2022
	£	£	£	£
Charitable Activities	95,482	–	95,482	74,662
Governance costs	–	2,754	2,754	2,497
	────────	───────	────────	────────
	95,482	2,754	98,236	77,159
	════════	═══════	════════	════════

10. Net expenditure

Net expenditure is stated after charging/(crediting):

Depreciation of tangible fixed assets

2023	2022
£	£
40,904 ════════	40,969 ════════

11. Auditors remuneration

Fees payable for the audit of the financial statements

2023	2022
£	£
2,200 ═══════	2,200 ═══════

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as	The total staff costs and employee benefits for the reporting period are analysed as	follows:
	2023	2022
	£	£
Wages and salaries	5,714 ═══════	4,920 ═══════

The average head count of employees during the year was 1 (2022: 1).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

13. Tangible fixed assets

	Land and	Plant and	Fixtures and
	buildings	machinery	fittings	Total
	£	£	£	£
Cost
At 1 April 2022 and 31 March 2023	1,990,009	16,049	60,438	2,066,496
	════════════	════════	════════	════════════
Depreciation
At 1 April 2022	856,483	16,049	57,324	929,856
Charge for the year	39,800	–	1,104	40,904
	────────────	────────	────────	────────────
At 31 March 2023	896,283	16,049	58,428	970,760
	════════════	════════	════════	════════════
Carrying amount
At 31 March 2023	1,093,726	–	2,010	1,095,736
	════════════	════════	════════	════════════
At 31 March 2022	1,133,526	–	3,114	1,136,640
	════════════	════════	════════	════════════

Page 20

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

14. Debtors

	2023	2022
	£	£
Trade debtors	2,258	3,699
Prepayments and accrued income	9,025	9,244
	────────	────────
	11,283	12,943
	════════	════════
Creditors: amounts falling due within one year
	2023	2022
	£	£
Trade creditors	15,966	8,704
Accruals and deferred income	9,380	17,479
Social security and other taxes	9,948	8,535
Other creditors	9,063	9,063
	────────	────────
	44,357	43,781
	════════	════════
Creditors: amounts falling due after more than one year
	2023	2022
	£	£
Other creditors	5,000 ═══════	5,000 ═══════

15. Creditors: amounts falling due within one year

16. Creditors: amounts falling due after more than one year

17. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
					At
		At		31 March 202
	1	April 2022	Income	Expenditure	3
		£	£	£	£
General funds		123,626	49,013	(47,419)	125,220
		═════════	════════	════════	═════════
					At
		At			31 March 202
	1	April 2021	Income	Expenditure	2
		£	£	£	£
General funds		127,658	33,655	(37,687)	123,626
		═════════	════════	════════	═════════

Page 21

Portaferry Regeneration Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

17. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
				At
	At		31 March 202
	1 April 2022	Income	Expenditure	3
	£	£	£	£
Property Fund	1,079,174	12,625	(50,817)	1,040,982
	════════════	════	════════	════════════
				At
	At			31 March 202
	1 April 2021	Income	Expenditure	2
	£	£	£	£
Property Fund	1,117,366	1,280	(39,472)	1,079,174
	════════════	═══════	════════	════════════
Analysis of net assets between funds
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
Tangible fixed assets		54,754	1,040,982	1,095,736
Current assets		119,671	–	119,671
Creditors less than 1 year		(44,203)	–	(44,203)
Creditors greater than 1 year		(5,000)	–	(5,000)
		─────────	────────────	────────────
Net assets		125,222	1,040,982	1,166,204
		═════════	════════════	════════════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
Tangible fixed assets		57,465	1,079,174	1,136,639
Current assets		114,790	–	114,790
Creditors less than 1 year		(43,629)	–	(43,629)
Creditors greater than 1 year		(5,000)	–	(5,000)
		─────────	────────────	────────────
Net assets		123,626	1,079,174	1,202,800
		═════════	════════════	════════════
Analysis of changes in net debt
				At
		At 1 Apr 2022	Cash flows	31 Mar 2023
		£	£	£
Cash at bank and in hand		101,999	6,541	108,540
		═════════	═══════	═════════

18. Analysis of net assets between funds

19. Analysis of changes in net debt

20. Related parties

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.