COMPANY REGISTRATION NUMBER: N1638733 CHARITY REGISTRATION NUMBER: NIC107681 Portaferry Gala Festival Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 ANA NTAN Chartered accountants Sketrick House Jubilee Road Newtownards Co Down BT23 4YH Y LIMITED
Portaferry Gala Festival Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows 10 Notes to the financial statements 11
Portaferry Gala Festival Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 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 2024. Reference and administrative details Registered charity name Portaferry Gala Festival Charity registration number NIC107681 Company registralion number N1638733 Principal office and registered 40 Shore Road off ice Portaferry Newtownards Co Down BT22 1 JZ The truslees Mr D Gabble Mrs C Mageean Ms G Walker Ms M Ritchie Mrs P O'Neill Ms G Keating (Resigned 12 October 23) Company secrelary Chantal Mageean 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 Porlaferry Gala Festival began its life back in 1967 as an unincorporated entity, set up by a group of philanthropic locals. At that lime, the late Brian Falkner {Ihen Prime Minister of Northern Irelandl, was encouraging local towns and villages to sel up festivals wilhin 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.
Portaferry Gala Festival Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure. governance and management (continued) Legal Struclure 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. regulaled by ihe Charity Commission for Northern Ireland (charity number NIC 107681). Portaferry Gala Festival is currently governed by a Board of five 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.
Portaferry Gala Festival Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Objectives and activities Charitable objects The Charity's objects are to benefit the inhabitants of Portaferry and its environs withoul distinction of gender,sexual orientation, age, disability. race. ethnicity. or political, religious of other opinion and in particular to:_ 11 }Advance community development for the benefit of the public by: (alproviding facilities for and organise community and family events in the interesls of social welfare for recreation and other leisure-time occupations with the object of improving the conditions of life for the said inhabitants. Ib}promoting tourism and other sustainable means of achieving economic growth and regeneration. (2}Promote diversity, equality, good race and community relations, inter-cullural understanding and social harmony through aclivilies Ihat: la}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. 15}Promote arts and culture by encouraging community participation in creative arts and organising cultural and arts initiatives and events. Activilies 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. Stralegic report The following sections for achievements and performance and financial review form the strategic report of the charity-
Portaferry Gala Festival Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance Activilies during Ihe year Portaferry Gala entered its 56th year during 2023 and we are delighted that this continues to be a well loved and highly anticipated annual event for both locals and visitors. We held a full programme of events in July 2023 which proved as popular as pre-pandemic times. wilh competition entry numbers back to normal. In addilion to our flagship July festival. we held activities to mark Halloween and Christmas. with our fireworks event being well attended and our Christmas Santa event proving popular with families. We are grateful to the community for embracing our programme with enthusiasm and delightl 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 £22,341. During the year we generated an overall surplus of £5,019. Plans for fulure periods Plans for the forthcoming year will see Gala applying for funding to organise events to promote and altract 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. Due to the recent changes in conditions to qualify for local council funding. our grant income is expected to fall over the next 12 months. With this in mind, we have sought alternative means of raising funds and will continue to diversify in this area. The trustees, annual report and the strategic report were approved on 2 October 2024 and signed on behalf of the board of trustees by: Ms C Walker Director Mrs P O'Neill Director
Portaferry Gala Festival Company Limited by Guarantee Independent Examiner's Report to the Trustees of Portaferry Gala Festival Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of Portaferry Gala Festival I'the charity,) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of Charilies Act {Northern Ireland) 2008 (the '2008 Act.) and the Companies Act 20061'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 Ihe 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 Ihe general Directions given by the Charity Commission for Northern Ireland under section 65{9)Ibl of the 2008 Act. Independent examiner's statement I have compleled my examination. I confirm thal no matters have come lo my attention in conneclion with my examination giving me cause lo believe that in any material respecl- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act" or the financial statements do not accord with those records- or 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 the financial slatements have not been prepared in accordance with the methods and principles of the Statemenl 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).
Portaferry Gala Festival Company Limited by Guarantee Independent Examiner's Report to the Trustees of Portaferry Gala Festival (contiTnued) Year ended 31 March 2024 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 IFCA} Rogan Accountancy Limiled Chartered Accountants & Registered Auditors Independenl Examiner Sketrick House Jubilee Road Newtownards Co Down BT23 4YH
Portaferry Gala Festival Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Nole Income and endowments Donations and legacies Other trading activities Investment income 734 25,430 34 28,957 29,691 25,430 34 35,963 19,180 37 Total income 26.198 28.957 55,155 55,180 Expenditure Expenditure on raising funds". Costs of other trading activities Expenditure on charitable activities Total expendilure 18,761 1 .975 27.789 1,611 46,550 3,586 53,658 4.393 9.10 20.736 29.400 50,136 58.051 Net incomel(expendilure) and net movement in funds 5,462 (443) 5,019 (2,8711 Reconciliation of funds Total funds brought fOard Total funds carried forward 16.879 443 17,322 20.193 22.341 22,341 17,322 The slatement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The noles on pages 11 to 19 fomi part of Ihese financial statements.
Portaferry Gala Festival Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 15 522 Currenl assets Debtors Cash at bank and in hand 16 2,820 22,559 1,069 16,170 25,379 17,239 Creditors: amounis falling due within one year Net current assets 17 438 439 24,941 16,800 Total assets less current liabilities 24,941 17,322 Creditors: amounis falling due after more ihan one year Net assels 18 2,600 22,341 17,322 Funds of the charity Restricted funds Unrestricled funds 443 16,879 22,341 Total charity funds 19 22,341 17,322 For the year ending 31 March 2024 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 lo companies subject lo the small companies, regime. The statement of financial position continues on the following page. The noles on pages 1110 19 form part ol these linancial statements.
Portaferry Gala Festival Company Limited by Guarantee Statement of Financial Position (continued) 31 March 2024 These financial statements were approved by the board of trustees and authorised for issue on 2 October 2024, and are signed on behalf of the board by: PtLtrtskn O'hJcLU Ms C Walker Director Mrs P O'Neill Director The noles on pages 11 to 19 fomi part of Ihese financial statements.
Portaferry Gala Festival Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operaling activities Net incomel(expenditurel 5,019 (2,871) Adjustments for.. Depreciation of langible fixed assets Other interest receivable and similar income 522 (34) 523 137) Changes in.. Trade and other debtors Trade and other creditors 11,751} 2,599 4,691 343 Cash generated from operations 6.355 2,649 Interest received 34 37 Net cash from operating activities 6,389 2,686 Nei increase in cash and cash equivalenls Cash and cash equivalenis ai beginning ol year Cash and cash equivalents al end of year 6,389 16,170 2,686 13,484 22,559 16,170 The noles on pages 11 to 19 fomi part of Ihese financial statements. 10
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefil entity and a private company limited by guarantee, registered in Northern Ireland and a regislered charity in Northern Ireland. The address of the registered office is 40 Shore Road. Portaferry, Newlownards, Co Down. BT22 1 JZ. 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 accounls in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 (Charities SORP {FRS 102)) and the Companies Act 2006. 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 stalements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the chariws ability to continue. Judgements and key sources of estimation uncertainty The preparation of financial stalemenls requires management to make judgemenls, eslimates and assumptions thal 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= management carry oul annual reviews of the eslimated 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 parlicular 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.
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 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 thal the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The tollowing specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlemenl to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and enlitlemenl 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 seNices 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 aclivilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities Ihat further its charitable aims for the benefit of ils 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 ihe use of the resource. Direct cosls attributable lo a single activity are allocated directly to that activity. Shared costs are apporlioned between the aclivilies they conlribute to on a reasonable, justifiable and consistenl basis. 12
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) 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 deprecialion and subsequent accumulaled impairmenl losses. An increase in Ihe carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure wilhin 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 revalualion gain. in which case the loss is shown wilhin 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 Ihal asset as follows: Equipment 33°/0 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 lesting, when it is not possible lo eslimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unil to which the asset belongs. The cash-generating unit is the smallesl identifiable group of assets that includes the asset and generates cash inflows thal largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, Ihe 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 io the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 13
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Financial instruments (continued) 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. 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 markel 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. viith 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. Olher 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 whal the carrying amount would have been had the impairment not previously been recognised. 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. Donations and legacies Unrestricted Funds Restricted Totsi Funds Funds 2024 Donations Donations 734 734 14
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Donations and legacies (contiTnued) Unrestricted Funds Restricled Total Funds Funds 2024 Grants ANDBC Grant Funding ANDBC Other ANDBC Community Development Fund 28,957 28,957 734 28,957 29,691 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 5.763 5,763 Grants ANDBC Grant Funding ANDBC Other ANDBC Community Development Fund 25,000 2,800 2,400 25,000 2,800 2,400 5,763 30,200 35,963 Income from donalions and legacies consists of donations directly received from the local business community in addition to grant funding from statutory bodies. Other trading activilies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sponsorships Event income Social lotteries 7,010 18,420 7.010 18.420 2,600 16,110 470 2,600 16,110 470 25.430 25.430 19,180 19.180 Investmenl income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 34 34 37 37 15
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Costs of other trading activities Unrestricted Funds Restricted Total Funds Funds 2024 Costs of other Irading activities - Staging events Costs of other trading aclivilies - Advertising and publicity 13.254 27,789 41,043 5.507 5,507 18,761 27,789 46,550 Unrestricted Funds Restricted Total Funds Funds 2023 Costs of other trading activities - Staging events Costs of other trading acliwties - Advertising and publicity 17.776 28,600 46,376 7.282 7,282 25.058 28,600 53,658 Expenditure on other trading aclivilies represenls the lotal cosls of our three annual events, Gala Week, Halloween and Christmas Lights Switch On. Expenditure on charitable activities by lund iype Unrestricted Funds Restricted Total Funds Funds 2024 Support costs 1.975 1,611 3,586 Unrestricted Funds Restricted Total Funds Funds 2023 Support costs 2,350 2,043 4,393 10. Expenditure on charitable activities by aclivity type Tolal funds 2024 Total fund 2023 Support costs Governance costs 3.586 3,586 4,393 11. Net incomel(expenditure) Net incomel(expenditure} is stated after chargingl{crediting)= 2024 2023 Depreciation of tangible fixed assets 522 523 16
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 12. Independent examinalion fees 2024 2023 Fees payable to the independent examiner for: Independenl examination of the financial stalemenls 700 950 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 Equipment Cosi Al 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 1,567 1,045 522 1,567 Carrying amount At 31 March 2024 At 31 March 2023 522 16. Debtors 2024 2023 Trade debtors Prepayments and accrued income 600 469 2,820 2.820 1,069 17. Crediiors: amounis falling due within one year 2024 2023 Trade creditors 438 439 17
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 18. Credilors: amounts falling due after more than one year 2024 2023 Other creditors 2,600 19. Analysis of charitable funds Unrestricied funds Al 31 March 202 At 1 April 2023 Income Expenditure General funds 16.879 26.198 {20,736) 22.341 At 31 March 202 At 1 April 2022 Income Expenditure General funds 19.307 24.980 {27,408) 16,879 Restricled funds At 31 March 202 At 1 April 2023 Income Expendilure Restricted Fund 1 Festival Funds 443 28,957 (29,400) At 31 March 202 At 1 April 2022 Income Expenditure Restricted Fund 1 Festival Funds 886 30.200 (30,643) 443 18
Portaferry Gala Festival Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 20. Analysis ol net assets between funds Unrestricted Funds Restricled Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 25.379 {438) (2.600) 22,341 25,379 {438) (2,600) 22,341 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net asseis 79 17.239 {439) 443 522 17,239 {439) 16.879 443 17,322 21. Analysis ol changes in net debl At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 16.170 6,389 22,559 19