CHILDREN S BOOKS IRELAND LIMITED (LIMITED BY GUARANTEE) DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED DECEMBER 31, 2013

Transcription

1 (LIMITED BY GUARANTEE) DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED DECEMBER 31, 2013

2 DIRECTORS Oisín McGann, Chairperson Sarah Webb Fergus Finlay Vanessa Johnston Kim Harte Irene Barber Valerie Coghlan, appointed September 2013 David Murphy, appointed September 2013 Patricia O Doherty, resigned September 2013 Aine Ni Ghlinn, resigned September 2013 Jennifer Murray, resigned October 2013 SECRETARY Elaina O Neill REGISTERED OFFICE 17 North Great Georges Street DUBLIN 1 AUDITORS Knowles O'Dowd Carrig 36 Fitzwilliam Square Dublin 2 BANKERS National Irish Bank College Green Dublin 2 SOLICITORS Reddy, Charlton McKnight 12 Fitzwilliam Place Dublin 2 1

3 REPORT OF THE DIRECTORS The directors submit their report together with the audited financial statements for the year ended December 31, STATEMENT OF DIRECTORS RESPONSIBILITIES The directors are responsible for preparing the financial statements in accordance with applicable law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland. Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and results of the company for the year. In preparing those financial statements, the directors are required to select suitable accounting policies and then apply them consistently, to make judgements and estimates that are reasonable and prudent and to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Acts 1963 to They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. BOOKS OF ACCOUNT The company directors are aware of their responsibilities, under Section 202 of the Companies Act 1990 to maintain proper books of account and are discharging their responsibility by ensuring sufficient company resources are available for the task. The books and records are held at 17 North Great Georges Street, Dublin 1. PRINCIPAL ACTIVITY The mission of Children s Books Ireland is to raise awareness of the value and importance of children s books and to play a central role in promoting, celebrating and supporting all aspects of books for children. The company has charitable status under registration number CHY RESULTS The results for the year are set out in detail on page 5. DIRECTORS The directors and secretary are set out on page 1. In accordance with the Memorandum and Articles of Association at least one third of the directors will resign at the Annual General Meeting. 2

4 REPORT OF THE DIRECTORS (CONTD) AUDITORS Knowles O Dowd Carrig offer themselves for re-appointment in accordance with the Companies Acts 1963 to POST BALANCE SHEET EVENTS There have been no significant events affecting the company since the year end, which would impact on the results of these financial statements. SAFETY HEALTH AND WELFARE It is the policy of the company to ensure the health and welfare of its employees by maintaining a safe place and system of work based on the requirements of the Safety Health and Welfare Act This report was approved by the Board on On behalf of the Board Director Director 3

5 REPORT OF THE AUDITORS TO THE MEMBERS OF CHILDREN S BOOKS IRELAND LIMITED This report is made solely to the company s members, as a body, in accordance with Section 193 of the Company s Act Our audit has been undertaken so that we might state to the company 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 responsibility to anyone other than the company, for our work, for this report, or for the opinions we have formed. We have audited the financial statements of Children s Books Ireland Limited which comprise of Income & Expenditure Account, Balance Sheet and related notes and Accounting Policies, which have been prepared under the historical cost convention and the accounting policies set out therein. Respective Responsibilities of Directors and Auditors As described on page 2, the company's directors are responsible for the preparation of financial statements. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). Those standards require us to comply with Auditing Practices Board s (APB s) Ethical Standards for Auditors, including APB s Ethical Standard Provision Available for Small Entities (revised). We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Acts, 1963 to We also report to you whether in our opinion: proper books of account have been kept by the company; whether at the balance sheet date, there exists a financial situation requiring the convening of an extraordinary genera meeting; and whether the information given in the directors report is consistent with the financial statements. In addition we state whether we have obtained all the information and explanations necessary for the purposes of our audit, and whether the company s balance sheet and income and expenditure account are in agreement with the books of account. We report to you if, in our opinion, any information specified by law regarding the directors remuneration and transactions is not given and, where applicable, include such information in our report. We read the directors report and consider the implications for our report if we become aware of any apparent misstatements within it. Basis of audit opinion We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. 4

6 REPORT OF THE AUDITORS TO THE MEMBERS OF CHILDREN S BOOKS IRELAND LIMITED Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs at December 31, 2013 and of its result for the year then ended and have been properly prepared in accordance with the Companies Acts, 1963 to We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinion, proper books of account have been kept by the company. The financial statements are in agreement with the books of account. In our opinion the information given in the directors report on pages 2 and 3 is consistent with the financial statements. Brian Carrig For and on behalf of Knowles O'Dowd Carrig Chartered Accountants and Registered Auditor 36 Fitzwilliam Square Dublin 2 5

7 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED DECEMBER 31, INCOME 211, ,646 EXPENDITURE (226,031) (219,509) DEFICIT FOR YEAR (14,106) (5,863) SURPLUS BROUGHT FORWARD AT 1 JANUARY 26,635 32,498 SURPLUS CARRIED FORWARD AT 31 DECEMBER 12,529 26,635 The income and expenditure account has been prepared on the basis that all operations are continuing operations. There are no recognised gains or losses other than those passing through the income and expenditure account. Approved by the Board of Directors on Director Director 6

8 BALANCE SHEET AS AT 31 DECEMBER 2013 Note CURRENT ASSETS Debtors 3 8,021 4,122 Cash at bank and on hand 21,619 72,092 29,640 76,214 CREDITORS Amounts due within one year 4 (17,111) (49,579) NET CURRENT ASSETS 12,529 26,635 TOTAL ASSETS LESS CURRENT LIABILITIES 12,529 26,635 FINANCED BY: Income and Expenditure Account 12,529 26,635 Approved by the Board of Directors on. Director Director 7

9 YEAR ENDED 31 DECEMBER 2013 CASHFLOW STATEMENT Net cash outflow/inflow from operating activities (50,473) 17,128 Net cash outflow/inflow before management of liquid (50,473) 17,128 Resources and financing Decrease/Increase in cash in the year (50,473) 17,128 SIGNIFICANT ACCOUNTING POLICIES 1. The financial statements have been prepared under the historical cost convention. 2. Fixed assets are shown at original cost less depreciation. Depreciation is charged, on a straight line basis, in the financial statements to write off the cost of fixed assets over their estimated useful lives using the following annual rate: Office Equipment 25% 8

10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER EMPLOYEES AND REMUNERATION The average number of persons employed by the company during this period was 3 (2012 3). The directors were not paid remuneration Staff costs are made up as follows: Salaries 97, ,275 Employer s PRSI 10,537 10,820 Pension contribution 8,414 4, , , DEFICIT FOR YEAR The deficit for the year is stated after charging: Auditors remuneration 1,450 1, DEBTORS Debtors and prepayments 6,321 2,422 Prepayments 1,700 1,700 8,021 4, CREDITORS Trade creditors and accruals 12,111 21,079 Deferred Income 5,000 28,500 17,111 49, RESERVES Income Total And Expenditure At 1 January ,635 26,635 Deficit for the year (14,106) (14,106) At 31 December ,529 12,529 9

11 6. RECONCILIATION OF MOVEMENTS IN MEMBERS' FUNDS Deficit for the year (14,106) (5,863) Other recognised gains or losses - - Net addition to/deduction from members' funds (14,106) (5,863) Opening members' funds 26,635 32,498 Closing members' funds 12,529 26, PREPARATION OF ACCOUNT In common with many businesses of our size and nature we use our auditors to assist with the preparation of these financial statements. 8. LIMITED BY GURANTEE This company is limited by guarantee and has no share capital. 9. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved by the directors on. 10

12 INCOME AND EXPENDITURE ACCOUNT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER INCOME Arts Council Grants 202, ,000 Subscriptions and memberships 2,425 6,646 Other income 7,500 5, , ,646 PROGRAMMES Annual conference 13,287 12,670 Less income (10,320) 2,967 (9,390) 3,280 Book Festival 12,981 20,761 Less sponsorship & advertising (17,500) (24,150) Less income - (4,519) (8,679) (12,068) Inis magazine 32,707 34,750 Less income (4,571) 28,136 (4,143) 30,607 Book awards 20,808 24,712 Less income - 20,808 (3,000) 21,712 Laureate Project 86,582 39,564 Less Income (87,406) (824) (39,191) 373 Recommended reads project 12,036 - (12,285) (249) - - Reading Print Guide - 7,940 Other Events 7,852 3,272 54,171 55,116 ADMINISTRATION Staff Salaries 107, ,095 Pension contributions 8,414 4,362 Part time wages 3,153 1,667 Staff training & expenses 3,346 2,577 Board, and meeting expenses 1, Rent 11,507 11,258 Insurance 763 1,120 Postage 8,582 8,134 Telephone 2,079 2,050 Light + Heat 1,972 2,925 Equipment & Leasing 801 1,437 Office services and supplies 10,999 10,516 Publicity and Website Audit and accountancy 2,764 2,764 Legal & professional fees 2, Subscriptions Sundry 1,072 1,117 Book gifting 3,000 - Bank interest and charges , ,393 Total expenditure 226, ,509 11