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 fO￿ard
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