DRAFT FINANCIAL STATEMENTS

Transcription

1 Directors' Report and Financial Statements

2 Company Information Directors Olivia Loughnane Chairperson Dr. Matthew Cannon Vice Chairperson Gwen Ryan Secretary Dr Paul Butler Treasurer Fintan Breen James Collins John Conroy Dr John O'Brien Bobby O' Connor Liza Ellen O' Connor Wynette Redington Jim Ryan Company Number Registered Office University of Limerick Limerick Auditors O'Donovan Caulfield Lavin 1 Mount Kennett Place Henry Street Limerick Business Address University of Limerick Limerick Bankers Bank of Ireland University Campus University of Limerick Limerick

3 Contents Page Directors' Report 1-2 Auditors' Report 3-4 Profit and Loss Account 5 Balance Sheet 6 Notes to the Financial Statements 7-10

4 Directors' Report The directors present their report and the financial statements. Principal Activity The principal activity of the company is the promotion of the University of Limerick and its graduate population. Results And Dividends The profit for the year after providing for depreciation and taxation amounted to 19,488 (2005-6,235) Directors In accordance with the Articles of Association, the directors are required to retire by rotation. Legal Status The is a company incorporated under the Companies Act 1963 which is limited by guarantee and does not have a share capital. Directors During the year Eamonn Cregan and Dermot Shinners Kennedy resigned as Directors of the company. Liza Ellen O' Connor and Jim Ryan were appointed as directors of the company during the year. Directors' Responsibilities Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the company and of the profit or loss of the company for that year. In preparing these the directors are required to: - select suitable accounting policies and apply them consistently; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the 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. Page 1

5 Directors' Report Books of Account The measures taken by the directors to ensure compliance with the requirements of Section 202, Companies Act, 1990, regarding proper books of account are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The books of account of the company are kept at University of Limerick, Plassey Technological Park, Limerick. Auditors The auditors, O'Donovan Caulfield Lavin, have indicated their willingness to continue in office in accordance with the provisions of Section 160(2) of the Companies Act, On behalf of the Board Olivia Loughnane Dr Paul Butler Chairperson Treasurer Gwen Ryan Dr Matthew Cannon Secretary Vice-Chairperson Date : Page 2

6 Independent Auditors' Report to the Shareholders of We have audited the financial statements of for the year ended 31st August 2006 which comprise of Profit and Loss Account, Balance Sheet and the related notes. These financial statements have been prepared under the accounting policies set out on page 7. This report is made solely to the company's members, as a body, in accordance with Section 193 of the Companies 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 or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As described in the Statement of Directors' Responsibilities the company's directors are responsible for the preparation of the financial statements in accordance with applicable law and the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, 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 general meeting of the company; 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 financial statements are in agreement with the books of account. We also report to you if, in our opinion, any information specified by law regarding directors' remuneration and directors' transactions is not disclosed and, where practicable, 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 opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) 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 judgments made bythe 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. Opinion In our opinion the financial statements give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, of the state of the company's affairs as at the 31st August 2006 and of its profit for the year then ended; and have been properly prepared in accordance with the requirements of the Companies Acts, 1963 to Page 3

7 We have obtained all the information and explanations which 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 books of account. In our opinion the information given in the directors' report is consistent with the financial statements. O'Donovan Caulfield Lavin Chartered Accountants Registered Auditors 1 Mount Kennett Place Henry Street Limerick Date: Page 4

8 Profit and Loss Account Continuing operations Notes Turnover 193, ,921 Cost of sales - - Gross profit 193, ,921 Administrative expenses (173,893) (158,382) Profit on ordinary activities before interest 19,488 6,539 Interest payable and similar charges 3 - (304) Retained profit for the year 19,488 6,235 Retained profit brought forward 22,117 15,882 Retained profit carried forward 41,605 22,117 There are no recognised gains or losses other than the profit or loss for the above financial years. The financial statements were approved by the Board on... and signed on its behalf by Olivia Loughnane Dr Paul Butler Chairperson Treasurer Gwen Ryan Dr Matthew Cannon Secretary Vice-Chairperson Date: Page 5

9 Balance Sheet as at 31 August Notes Fixed Assets Tangible assets 6 4, , Current Assets Debtors 7 25,255 21,841 Cash at bank and in hand 29,610 10,947 54,865 32,788 Creditors: amounts falling due within one year 8 (18,086) (11,077) Net Current Assets 36,779 21,711 Total Assets Less Current Liabilities 41,605 22,117 Creditors: amounts falling due after more than one year - - Net Assets 41,605 22,117 Capital and Reserves Profit and loss account 10 41,605 22,117 Equity Shareholders' Funds 11 41,605 22,117 The financial statements were approved by the Board on... and signed on its behalf by Olivia Loughnane Dr Paul Butler Chairperson Treasurer Gwen Ryan Dr Matthew Cannon Secretary Vice-Chairperson Date: Page 6

10 Notes to the Financial Statements 1. Accounting Policies 1.1. Accounting convention The financial statements are prepared in accordance with generally accepted accounting principles under the historical cost convention, and comply with financial reporting standards of the Accounting Standards Board as promulgated by the Institute of Chartered Accountants in Ireland. The company has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it qualifies as a small company Turnover Turnover represents the total income, excluding value added tax, of income receivable during the year Tangible fixed assets and depreciation Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Fixtures, Fittings & Equipment - 15% Straight Line Computer Equipment /3% Straight Line Display stands (included in F & F) /3% Straight Line 2. Operating profit Operating profit is stated after charging: Depreciation of tangible assets 1,884 1,355 Auditors' remuneration 2,904 3, Interest payable and similar charges On overdue tax Page 7

11 Notes to the Financial Statements... continued 4. Employees Number of employees The average monthly numbers of employees (including the directors) during the year were: Number Number Management 1 1 Administration Employment costs Wages and salaries 93,574 84,831 Social welfare costs 10,090 9, ,664 94,304 The directors of the company did not receive any renumeration for their services during the year. 5. Taxation The company has been granted charitable status in accordance with sections 207 and 208 of the Taxes Consolidation Act Page 8

12 Notes to the Financial Statements... continued 6. Tangible assets Computer Fixtures, Total equipment fittings equipment Cost At 1 September ,154 1,587 26,741 Additions 2,063 4,241 6,304 At 31 August ,217 5,828 33,045 Depreciation At 1 September ,748 1,587 26,335 Charge for the year 518 1,366 1,884 At 31 August ,266 2,953 28,219 Net book values At 31 August ,951 2,875 4,826 At 31 August Debtors Trade debtors 23,360 5,700 Other debtors - 14,215 Prepayments 1,895 1,926 25,255 21, Creditors: amounts falling due within one year Other taxes and social security costs 4,363 - Accruals and deferred income 13,723 11,077 18,086 11, Share capital The company is a company limited by guarantee Page 9

13 Notes to the Financial Statements... continued 10. Equity Reserves Profit and loss Total account At 1 September ,117 22,117 Retained profit for the year 19,488 19,488 At 31 August ,605 41, Reconciliation of movements in shareholders' funds Profit for the year 19,488 6,235 Opening shareholders' funds 22,117 15,882 Shareholders Funds as at 31st August ,605 22, Approval of financial statements The financial statements were approved by the Board on... and were signed on their behalf by the directors. Page 10

14 Supplementary Information ( not covered by the report of the auditors )

15 Detailed Trading and Profit and Loss Account Subvention 112, ,000 Affinity card income 53,341 46,752 Other income 27,540 2,687 Contribution to maternity wage costs - 4, , ,921 Administrative expenses 173, ,382 (173,893) (158,382) Operating profit 19,488 6,539 Other income and expenses Interest payable Interest on overdue tax (304) Net profit for the year 19,488 6,235

16 Administrative Expenses Administrative expenses Salaries 93,574 84,831 Employer's PRSI contributions 10,090 9,473 AGM & directors meetings 2,468 1,813 Insurance 1,459 1,279 Reunions- net 3,538 3,950 Printing, postage stationery & newsletter 38,372 30,922 Telephone & Fax 4,845 5,699 Repairs & maintenance 13,414 5,180 Motor expenses Staff Training 1,544 2,467 Accountancy 1,513 2,921 Audit 2,904 3,046 Bank charges Doubtful debts (4,000) 4,000 General expenses 1, Depreciation 1,884 1, , ,382