**COMPANY REGISTRATION NUMBER: NI638733 CHARITY REGISTRATION NUMBER: NIC107681**
## **Portaferry Gala Festival Company Limited by Guarantee Financial Statements**
## **31 March 2023**
## **ROGAN ACCOUNTANCY LIMITED**
Chartered accountants Sketrick House Jubilee Road Newtownards Co Down BT23 4YH
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Financial Statements**
## **Year ended 31 March 2023**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities (including income and||
|expenditure account)|**7**|
|Statement of financial position|**8**|
|Statement of cash flows|**9**|
|Notes to the financial statements|**10**|
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)**
## **Year ended 31 March 2023**
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
## **Reference and administrative details**
|**Registered charity name**|Portaferry Gala Festival|
|---|---|
|**Charity registration number**|NIC107681|
|**Company registration number**|NI638733|
|**Principal office and registered**|40 Shore Road|
|**office**|Portaferry|
||Newtownards|
||Co Down|
||BT22 1JZ|
## **The trustees**
||Mr D Gabbie|
|---|---|
||Mrs C Mageean|
||Ms M Ritchie|
||Mrs P O'Neill|
||Ms C Keating (Resigned 12|
||October 23)|
||Ms A Campbell (Resigned 11|
||October 22)|
|**Independent examiner**|Imelda Rogan (FCA) Rogan Accountancy Limited Chartered|
||Accountants & Registered Auditors|
||Sketrick House|
||Jubilee Road|
||Newtownards|
||Co Down|
||BT23 4YH|
## **Structure, governance and management**
## **Background**
Portaferry Gala Festival began its life back in 1967 as an unincorporated entity, set up by a group of philanthropic locals. At that time, the late Brian Falkner (then Prime Minister of Northern Ireland), was encouraging local towns and villages to set up festivals within their areas to help foster community relations. The idea of setting up such a festival in Portaferry quickly gained momentum and in 1967, Portaferry Festival was born in combination with the Portaferry Development Association.
**1**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 March 2023**
## **Structure, governance and management** _**(continued)**_
## **Legal Structure**
Portaferry Gala Festival was originally set up as an unincorporated entity, governed by its constitution, but was subsequently incorporated as a Company Limited by Guarantee on 27 May 2016 and is governed by its Memorandum and Articles of Association.
Portaferry Gala Festival is a registered charity, regulated by the Charity Commission for Northern Ireland (charity number NIC 107681).
Portaferry Gala Festival is currently governed by a Board of four Trustees (also known as Directors). The Board can co-opt new Trustees as and when required. The Chairperson is elected from the Trustees and is ratified at the Annual General Meeting.
New Trustees are briefed on their legal obligations, the content of the Memorandum and Articles of Association, the committee and decision making process and any ongoing pertinent issues. They are free to discuss any issue with other Trustees. Trustees are ultimately responsible to the Board through the Chairperson.
**2**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 March 2023**
## **Objectives and activities**
## **Charitable objects**
The Charity's objects are to benefit the inhabitants of Portaferry and its environs without distinction of gender,sexual orientation, age, disability, race, ethnicity, or political, religious of other opinion and in particular to:-
(1)Advance community development for the benefit of the public by:
(a)providing facilities for and organise community and family events in the interests of social welfare for recreation and other leisure-time occupations with the object of improving the conditions of life for the said inhabitants;
(b)promoting tourism and other sustainable means of achieving economic growth and regeneration.
(2)Promote diversity, equality, good race and community relations, inter-cultural understanding and social harmony through activities that:
(a)foster increased mutual understanding and respect between people of diverse backgrounds; and
(b)cultivate a sentiment in favour of equality and diversity.
(3)Advance education and training for the public benefit by organising classes, courses and programmes.
(4)Encourage community participation in healthy recreation by organising and promoting sports and recreational events that are capable of improving health and wellbeing.
(5)Promote arts and culture by encouraging community participation in creative arts and organising cultural and arts initiatives and events.
## **Activities**
Originally taking place during the traditional holiday period in Northern Ireland, in recent years the Gala Committee has staged various events at other times of the year such as Halloween and Christmas. The Gala Committee has increased its audience by engaging effectively with social media and during the July festival Ferry FM, the Gala's own radio station, is broadcast locally and is available around the world online.
## **Strategic report**
The following sections for achievements and performance and financial review form the strategic report of the charity.
**3**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 March 2023**
## **Achievements and performance**
## **Activities during the year**
2022 saw Gala celebrate it's 55th Anniversary. As we slowly emerged from the very challenging two year period that was Covid, it was good to be able to return to our usual week long programme featuring old as well as some new events, all of which proved very popular and were enjoyed by all. Once again many events were ticketed via Eventbrite and sold out quickly.
The Board and Committee used socially distance face to face meetings to ensure the continuation of effective governance arrangements and guidelines that were in place.
## **Financial review**
The results for the year are set out in detail on page 7 onwards. At the year end the company had unrestricted reserves of £16,879 and restricted reserves of £443. During the year we generated an overall deficit of £2,871.
## **Plans for future periods**
Plans for the forthcoming year will see Gala applying for funding to organise events to promote and attract more visitors to Portaferry and the Ards Peninsula. We will also continue to develop our programme of events and continue to offer our enriching activities and events to the locale.
The trustees' annual report and the strategic report were approved on 5 November 2023 and signed on behalf of the board of trustees by:
Mr D Gabbie Director
Mrs P O'Neill Director
**4**
**Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Trustees of Portaferry Gala Festival**
## **Year ended 31 March 2023**
I report to the trustees on my examination of the financial statements of Portaferry Gala Festival ('the charity') for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
**5**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Trustees of Portaferry Gala Festival**
_**(continued)**_
## **Year ended 31 March 2023**
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Imelda Rogan (FCA) Rogan Accountancy Limited Chartered Accountants & Registered Auditors Independent Examiner
Sketrick House Jubilee Road Newtownards Co Down BT23 4YH
5 November 2023
**6**
## **Portaferry Gala Festival**
## **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**|5,763|30,200|35,963|31,077|
|Other trading activities|**6**|19,180|–|19,180|3,571|
|Investment income|**7**|37|–|37|2|
|||----------------------------|----------------------------|----------------------------|----------------------------|
|**Total income**||24,980|30,200|55,180|34,650|
|||============================|============================|============================|============================|
|**Expenditure**||||||
|Expenditure on raising funds:||||||
|Costs of other trading activities|**8**|25,058|28,600|53,658|30,310|
|Expenditure on charitable activities|**9,10**|2,350|2,043|4,393|4,791|
|||----------------------------|----------------------------|----------------------------|----------------------------|
|**Total expenditure**||27,408|30,643|58,051|35,101|
|||============================|============================|============================|============================|
|||----------------------------|----------------------------|----------------------------|----------------------------|
|**Net expenditure and net movement**|**in**|||||
|**funds**||(2,428)|(443)|(2,871)|(451)|
|||============================|============================|============================|============================|
|**Reconciliation of funds**||||||
|Total funds brought forward||19,307|886|20,193|20,644|
|||----------------------------|----------------------------|----------------------------|----------------------------|
|**Total funds carried forward**||16,879|443|17,322|20,193|
|||============================|============================|============================|============================|
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 10 to 18 form part of these financial statements.**
**7**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Statement of Financial Position**
## **31 March 2023**
|**Portaferry Gala Festival**
**Company Limited by Guarantee**
**Statement of Financial Position**
**31 March 2023**||||
|---|---|---|---|
|||**2023**|2022|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**15**|522|1,045|
|**Current assets**||||
|Debtors|**16**|1,069|5,760|
|Cash at bank and in hand||16,170|13,484|
|||----------------------------|----------------------------|
|||17,239|19,244|
|**Creditors: amounts falling due within one year**|**17**|439|96|
|||----------------------------|----------------------------|
|**Net current assets**||16,800|19,148|
|||----------------------------|----------------------------|
|**Total assets less current liabilities**||17,322|20,193|
|||============================|============================|
|**Funds of the charity**||||
|Restricted funds||443|886|
|Unrestricted funds||16,879|19,307|
|||----------------------------|----------------------------|
|**Total charity funds**|**18**|17,322
============================|20,193
============================|
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 5 November 2023, and are signed on behalf of the board by:
Mr D Gabbie Director
Mrs P O'Neill Director
**The notes on pages 10 to 18 form part of these financial statements.**
**8**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Statement of Cash Flows**
## **Year ended 31 March 2023**
|**Portaferry Gala Festival**
**Company Limited by Guarantee**
**Statement of Cash Flows**
**Year ended 31 March 2023**|||
|---|---|---|
||**2023**|2022|
||**£**|£|
|**Cash flows from operating activities**|||
|Net expenditure|(2,871)|(451)|
|_Adjustments for:_|||
|Depreciation of tangible fixed assets|523|522|
|Other interest receivable and similar income|(37)|(2)|
|_Changes in:_|||
|Trade and other debtors|4,691|(3,828)|
|Trade and other creditors|343|(39)|
||-----------------------|-----------------------|
|Cash generated from operations|2,649|(3,798)|
|Interest received|37|2|
||-----------------------|-----------------------|
|Net cash from/(used in) operating activities|2,686|(3,796)|
||=======================|=======================|
|**Net increase/(decrease) in cash and cash equivalents**|2,686|(3,796)|
|**Cash and cash equivalents at beginning of year**|13,484|17,280|
||----------------------------|----------------------------|
|**Cash and cash equivalents at end of year**|16,170|13,484|
||============================|============================|
**The notes on pages 10 to 18 form part of these financial statements.**
**9**
**Portaferry Gala Festival**
## **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 40 Shore Road, Portaferry, Newtownards, Co Down, BT22 1JZ.
## **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.
## **Judgements and key sources of estimation uncertainty**
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Management continually review these estimates and judgements.
The judgements that management have made in the process of applying the accounting policies and that have had the most significant impact on the amounts recognised in the financial statements are as follows:
1 - management carry out annual reviews of the estimated useful economic lives of the asset base.
## **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 trustees 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.
**10**
**Portaferry Gala Festival**
## **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.
**11**
**Portaferry Gala Festival**
## **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:
Equipment - 33% 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**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
**12**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2023**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments** _**(continued)**_
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## **4. Limited by guarantee**
Portaferry Gala Festival is a company limited by guarantee and does not have a share capital. The liability of each member is limited to an amount not exceeding £1.
## **5. Donations and legacies**
|**Donations and legacies**||||
|---|---|---|---|
||Unrestricted|Restricted|**Total Funds**|
||Funds|Funds|**2023**|
||£|£|**£**|
|**Donations**||||
|Donations|5,763|–|5,763|
|**Grants**||||
|ANDBC Community Festival & Tourism Funds|–|25,000|25,000|
|ANDBC & DfC Cultural Expression Grant|–|–|–|
|ANDBC Other|–|2,800|2,800|
|ANDBC Community Development Fund|–|2,400|2,400|
|ANDBC Covid Recovery Fund|–|–|–|
||-----------------------|----------------------------|----------------------------|
||5,763|30,200|35,963|
||=======================|============================|============================|
**13**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2023**
## **5. Donations and legacies** _**(continued)**_
|**Donations and legacies** **_(continued)_**||||
|---|---|---|---|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2022|
||£|£|£|
|**Donations**||||
|Donations|1,597|–|1,597|
|**Grants**||||
|ANDBC Community Festival & Tourism Funds|–|22,020|22,020|
|ANDBC & DfC Cultural Expression Grant|–|2,300|2,300|
|ANDBC Other|–|–|–|
|ANDBC Community Development Fund|–|3,000|3,000|
|ANDBC Covid Recovery Fund|–|2,160|2,160|
||-----------------------|----------------------------|----------------------------|
||1,597|29,480|31,077|
||=======================|============================|============================|
Income from donations and legacies consists of donations directly received from the local business community in addition to grant funding from statutory bodies.
## **6. Other trading activities**
|**Other trading activities**|||||
|---|---|---|---|---|
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2023**|Funds|2022|
||£|**£**|£|£|
|Sponsorships|2,600|2,600|–|–|
|Event income|16,110|16,110|3,463|3,463|
|Social lotteries|470|470|108|108|
||----------------------------|----------------------------|-----------------------|-----------------------|
||19,180|19,180|3,571|3,571|
||============================|============================|=======================|=======================|
## **7. Investment income**
|**Investment income**|||||
|---|---|---|---|---|
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2023**|Funds|2022|
||£|**£**|£|£|
|Bank interest receivable|37|37|2|2|
||==============|==============|==============|==============|
|**Costs of other trading activities**|||||
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2023**|
|||£|£|**£**|
|Costs of other trading activities - Staging events||17,776|28,600|46,376|
|Costs of other trading activities - Advertising and|||||
|publicity||7,282|–|7,282|
|||----------------------------|----------------------------|----------------------------|
|||25,058|28,600|53,658|
|||============================|============================|============================|
## **8. Costs of other trading activities**
**14**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2023**
## **8. Costs of other trading activities** _**(continued)**_
|**Costs of other trading activities** **_(continued)_**||||
|---|---|---|---|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2022|
||£|£|£|
|Costs of other trading activities - Staging events|3,249|24,958|28,207|
|Costs of other trading activities - Advertising and||||
|publicity|458|1,645|2,103|
||-----------------------|----------------------------|----------------------------|
||3,707|26,603|30,310|
||=======================|============================|============================|
Expenditure on other trading activities represents the total costs of our three annual events, Gala Week, Halloween and Christmas Lights Switch On.
## **9. Expenditure on charitable activities by fund type**
|**9.**|**Expenditure on charitable activities by fund type**||||
|---|---|---|---|---|
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2023**|
|||£|£|**£**|
||Support costs|2,350|2,043|4,393|
|||=======================|=======================|=======================|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2022|
|||£|£|£|
||Support costs|1,468|3,323|4,791|
|||=======================|=======================|=======================|
|**10.**|**Expenditure on charitable activities by activity type**||||
|||Support|**Total funds**|Total fund|
|||costs|**2023**|2022|
|||£|**£**|£|
||Governance costs|4,393|4,393|4,791|
|||=======================|=======================|=======================|
|**11.**|**Net expenditure**||||
||Net expenditure is stated after charging/(crediting):||||
||||**2023**|2022|
||||**£**|£|
||Depreciation of tangible fixed assets||523|522|
||||==============|==============|
|**12.**|**Independent examination fees**||||
||||**2023**|2022|
||||**£**|£|
||Fees payable to the independent examiner for:||||
||Independent examination of the financial statements||950|950|
||||==============|==============|
**15**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2023**
## **13. Staff costs**
Portaferry Gala Festival did not employ any members of staff and all work is carried out by volunteers.
## **14. Trustee remuneration and expenses**
Trustees participate on a fully voluntary basis and no trustee received remuneration or benefits during the year.
## **15. Tangible fixed assets**
|**Tangible fixed assets**|||
|---|---|---|
|||**Equipment**|
|||**£**|
|**Cost**|||
|**At 1 April 2022 and 31 March 2023**||1,567|
|||=======================|
|**Depreciation**|||
|At 1 April 2022||522|
|Charge for the year||523|
|||-----------------------|
|**At 31 March 2023**||1,045|
|||=======================|
|**Carrying amount**|||
|**At 31 March 2023**||522|
|||=======================|
|At 31 March 2022||1,045|
|||=======================|
|**Debtors**|||
||**2023**|2022|
||**£**|£|
|Trade debtors|600|600|
|Prepayments and accrued income|469|–|
|Other debtors|–|5,160|
||-----------------------|-----------------------|
||1,069|5,760|
||=======================|=======================|
|**Creditors:** **amounts falling due within one year**|||
||**2023**|2022|
||**£**|£|
|Trade creditors|439|96|
||==============|==============|
## **16. Debtors**
## **17. Creditors: amounts falling due within one year**
**16**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2023**
## **18. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**|||||
|---|---|---|---|---|
|||||**At**|
||At|||**31 March 20**|
||1 April 2022|Income|Expenditure|**23**|
||£|£|£|£|
|General funds|19,307|24,980|(27,408)|
16,879|
||============================|============================|============================|============================|
|||||At|
||At|||31 March 20|
||1 April 2021|Income|Expenditure|22|
||£|£|£|£|
|General funds|19,312|5,170|(5,175)|
19,307|
||============================|=======================|=======================|============================|
|**Restricted funds**|||||
|||||**At**|
||At|||**31 March 20**|
||1 April 2022|Income|Expenditure|**23**|
||£|£|£|£|
|Restricted Fund 1 - Festival Funds|886|30,200|(30,643)|
443|
||==============|============================|============================|==============|
|||||At|
||At|||31 March 20|
||1 April 2021|Income|Expenditure|22|
||£|£|£|£|
|Restricted Fund 1 - Festival Funds|1,332|29,480|(29,926)|
886|
||=======================|============================|============================|==============|
|**Analysis of net assets between funds**|||||
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2023**|
|||£|£|**£**|
|Tangible fixed assets||79|443|522|
|Current assets||17,239|–|17,239|
|Creditors less than 1 year||(439)|–|(439)|
|||----------------------------|--------------|----------------------------|
|**Net assets**||16,879|443|17,322|
|||============================|==============|============================|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2022|
|||£|£|£|
|Tangible fixed assets||159|–|159|
|Current assets||19,244|886|20,130|
|Creditors less than 1 year||(96)|–|(96)|
|||----------------------------|--------------|----------------------------|
|**Net assets**||19,307|886|20,193|
|||============================|==============|============================|
## **19. Analysis of net assets between funds**
**17**
## **Portaferry Gala Festival**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2023**
## **20. Analysis of changes in net debt**
|**Analysis of changes in net debt**||||||
|---|---|---|---|---|---|
||||||**At**|
||At|1|Apr 2022 Cash flows||**31 Mar 2023**|
||||£|£|**£**|
|Cash at bank and in hand|||13,484|2,686|16,170|
||||============================|=======================|============================|
**18**