Company Number: 437966 (A company llmlted by guarantee, without a share capital) Directors' Report and Financial Statements
(A company llmlted by guarantee, without a share capital) CONTENTS Page Directors and Other Information 3 Directors' Report 4-5 Directors' Responsibilities Statement 6 Independent Auditor's Report 7 Income and Expenditure Account 8 Balance Sheet 9 Reconciliation of Members' Funds 10 Cash Flow Statement 11 Notes to the Financial Statements 12-15 Supplementary Information on Income and Expenditure Account 17 2
(A company llmltad by guarantee, without a share capital) DIRECTORS AND OTHER INFORMATION Directors John Clarke Vivienne Fenton Marian Finucane Brian McDonald Paul Montgomery Joseph McCormack (Resigned 26 September 2016) Company Secretary John Clarke Company Number 437966 Charity Number 14933 Registered Office Punchestown Upper Rathmore Nass Co Kildare Auditors Only Audit Dae Chartered Accountants 56 Lansdowne Rd Dublin 4 Republic of Ireland Bankers Bank of Ireland 39 St Stephens Green East Dublin 2 Ireland Allied Irish Bank 69/71 Morehampton Road Dublin 4 Republic of Ireland 3
(A company limlt11d by guarantee, without a 1h1re capital) DIRECTORS' REPORT The directors present their report and the audited financial statements. Principal Activity and Review of the Business The organisation is a charitable company limited by guarantee which has been granted charitable status under Sections 207 and 208 of the Taxes Consolidation Act 1 997, Charity No CHY 14933 and is registered with the Charities Regulatory Authority. The principal activity of the company continued to be that of the provision of funding for social work activities in South Africa. All funding is carried out in aid of the Trust ("Fllr), a South African registered charity - Reg No IT 1148/2009, whose trustees include three directors and on former director of the company. Starfish Greathearts Foundation In September 2016, the company and FIIT entered into an agreement with Starfish Greenhearts Foundation, ("Starfish"), a South African non profit company, (2003/002865/08). Starfish has contracted with the company and FITI to execute four projects related to the support of orphans and vulnerable children cared for by the company and FITI in South Arica: -A capacity building programme for the 6 community-based organisation (CBO) partners of FIIT: -A staged handover of responsibilities to the 6 CBO partners as the capacity building programme progresses; -The continuation of support services to the CBO partners at 4 Early Childhood Development Centres and 6 Drop in Centres; and -The development of exit strategies for the 6 CBO partners, including supporting the CBO partners to obtain alternative funding to sustain them into the future. The agreement commenced on the 1st September 2016 and applies for a fixed term of 3 years, expiring on the 30th of August 2019. With the support of Irish Aid, the projects will be funded by the Company, FIIT and their execution by SF is based on key deliverables and a projected three year budget. Irish Aid During 201 6, the company received 85,000 in grant aid from Irish Aid, (2015: 60,000), under its Civil Society Fund programme. These grants are used in support of the company's programmes, with FIIT, for the care of orphans and vulnerable children, ("OVC"), in South Africa and the sustainable localisation of OVC care and support. The Company is limited by guarantee not having a share capital. There has been no significant change in these activities during the year ended 31 December 2016. Financial Results The (deficit)/surplus for the year after providing for depreciation and taxation amounted to (68, 119) (2015-15,067), At the end of the year, the company has assets of 465,736 (2015-509,07 8) and liabilities of 88,608 (2015-63,831 ). The net assets of the company have decreased by (68, 1 1 9). Directors and Secretary The directors who served throughout the year, except as noted, were as follows: John Clarke Vivienne Fenton Marian Finucane Brian McDonald Paul Montgomery Joseph McCormack (Resigned 26 September 2016) The secretary who served throughout the year was John Clarke. The company is limited by guarantee and does not have any share capital, therefore, the directors and secretary who served during the year did not have beneficial interest in the company. All directors serve in a voluntary capacity.. 4
(A company llmlted by guarantee, without a share capital) DIRECTORS' REPORT Future Developments The directors do not envisage any significant Change in the nature of the business. Post Balance Sheet Events There have been no significant events affecting the company since the year-end. Auditors The auditors, Only Audit Dae, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of section 383(2) of the Companies Act 2014. Accounting Records To ensure that adequate accounting records are kept in accordance with sections 281 to 285 of the Companies Act 2014, the directors have employed appropriately qualified accounting personnel and have maintained appropriate computerised accounting systems. The accounting records are located at the company's office at Punchestown Upper, Rathmore, Nass, Co Kildare. Signed on behalf of the rd :?' [1:G,._, I Marian Finucane Director. n Clarke Date:..,,'?,\ {1: \\\81<.C\t-- 5
DIRECTORS' RESPONSIBILITIES STATEMENT The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable Irish law and regulations. Irish company law requires the directors to prepare financial statements for each financial year. Under the law the directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and promulgated by Chartered Accountants Ireland. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the surplus or deficit of the company for the financial year and otherwise comply with the Companies Act 2014. In preparing these financial statements, the directors are required to: select suitable accounting policies for the company financial statements and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and 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 ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and surplus or deficit of the company to be determined with reasonable accuracy and enable them to ensure that the financial statements and Directors' Report comply with the Companies Act 2014 and enable the financial statements to be audited. 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. In so far as the directors are aware: there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. Signed on behalf of the board H Lcu..u :8:1 Marian Finucane Director Date: _\\_._ \g --+- ( :u,..---.: r1-_.;... Date: \_\ 4W '7...D. {_ ("., l...:.1-_ 6
INDEPENDENT AUDITOR'S REPORT to the Members of We have audited the financial statements of which comprise the Income and Expenditure Account, the Balance Sheet, the Reconciliation of Members' Funds, the Cash Flow Statement and the related notes. The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and promulgated by Chartered Accountants Ireland. This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work 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 explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practice Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition. we read all the financial and non-financial information in the Directors' Report to Identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2016 and of its deficit for the year then ended; and have been properly prepared in accordance with the relevant financial reporting framework and, in particular, the requirements of the Companies Act 2014. Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records. In our opinion the information given in the Directors' Report is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by sections 305 to 312 of the Act ' " Roderic Comyn for and on behalf of ONLY AUDIT DAC Chartered Accountants 56 Lansdowne Rd Dublin 4 Repobllc of,,t Date: \ \ \ '1J) r} I I 7
INCOME AND EXPENDITURE ACCOUNT Notes Income Expenditure Deficit before Interest 2016 103,860 (176,229) (72,369) 2015 134,489 (154,505) (20,016) Investment income Other gains and losses Interest receivable and similar income 4 5 6 4,223 27 6,429 28,598 98 (Oeficit)lsurplus before tax (68,119) 15,109 Tax on {deficit)lsurplus (42) (Oeficit)lsurplus for the year (68,119) 15,067 Total Comprehensive Income (68,119) 15,067 u 4, A p'o""d by the boanl on Marian Finucane Director I\ r.{1n CJ::: The notes on pages 12 to 15 fonn part of the financial statements 8
BALANCE SHEET as at 31 December 2016 Notes 2016 2015 Fixed Assets Tangible assets 8 1,047 1,628 Current Assets Debtors Investments Cash and cash equivalents 9 10 395 279,546 184,748 67,938 328,893 110,619 464,689 507,450 Creditors: Amounts falling due within one year 11 (88,608) (63,831) Net Current Assets 376,081 443,619 Total Assets less Current Liabilities 377,128 445,247 Reserves Income and expenditure account 377,128 445,247 Equity attributable to owners of the company 377,128 445,247 The notes on pages 12 to 15 form part of the financial statements 9
RECONCILIATION OF MEMBERS' FUNDS as at 31 December 2016 Retained surplus Total At 1 January 2015 430,180 430,180 Surplus for the year 15,067 15,067 At 31 December 2015 445,247 445,247 Deficit for the year (68,119) (68,119) At 31 December 2016 377,128 377,128 10
(A company llmltad by guarantee, without a share capital) CASH FLOW STATEMENT 2016 2015 Notes Cash flows from operating activities (Deficit)/surplus for the year (68,119) 15,067 Adjustments for: Investment income (4,223) (6,429} Fair value gains and losses (28,598) Interest receivable and similar income (27) (98} Tax on (deficit)/surplus on ordinary activities 42 Depreciation 581 581 Surplus/deficit on disposal of intangible fixed assets 9,766 (10,224) (62,022) (29,659) Movements in working capital: Movement in debtors 67,543 (67,543) Movement in creditors 24,777 58,823 Cash generated from/(used in) operations 30,298 (38,379) Cash flows from investing activities Interest received 27 98 Dividends received 4,223 6,429 Payments to acquire investments (324,001) (49,523) Receipts from sales of intangible assets (9,766) 10,224 Receipts from sales of investments 373,348 77.125 Net cash generated from investment activities 43,831 44,353 Net increase/(decrease) in cash and cash equivalents 74,129 5,977 Cash and cash equivalents at beginning of financial year 110,619 104,645 Cash and cash equivalents at end of financial year 15 184,748 110,622 11
NOTES TO THE FINANCIAL STATEMENTS 1. GENERAL INFORMATION is a company limited by guarantee incorporated in the Republic of Ireland. Punchestown Upper, Rathmore, Nass, Co Kildare, is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Euro () which is also the functional currency of the company. 2. ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. Statement of compliance The financial statements of the company have been prepared on the going concern basis and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102). Basis of preparation The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The financial reporting framework that has been applied in their preparation is the Companies Act 2014 and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and promulgated by Chartered Accountants Ireland. Income Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows: Plant and machinery Fixtures, fittings and equipment 15% Straight line 15% Straight line The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. Investments Current asset investments are stated at the lower of cost and net realisable value. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. Trade and other creditors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 12
NOTES TO THE FINANCIAL STATEMENTS continued Taxation and deferred taxation The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purpose of making a profit. DIRT tax is payable on any interest received in excess of 32. 3. OPERATING DEFICIT 2016 2015 Operating deficit is stated after charging: Depreciation of tangible fixed assets 581 581 on disposal of intangible fixed assets 9,766 (10,224) Operating lease rentals - Plant and machinery 2,802 2,166 - Motor vehicles 254 113 4. INCOME FROM INVESTMENTS 2016 2015 Investment income 4,223 6,429 5. OTHER GAINS AND LOSSES 2016 2015 Fair value gains and losses are as follows: Investments in shares 28,598 6. INTEREST RECEIVABLE AND SIMILAR INCOME 2016 2015 Bank interest 27 98 7. EMPLOYEES The average monthly number of employees, including directors, during the year was as follows: 2016 2015 Number Number Administration 1 1 13
NOTES TO THE FINANCIAL STATEMENTS continued 8. TANGIBLE FIXED ASSETS Cost Plant and machinery Fixtures, fittings and equipment Total At 31 December 2016 Depreciation At 1 January 2016 Charge for the year At 31 December 2016 Net book value At 31 December 2016 At 31 December 2015 3,894 3,249 365 3,614 280 645 2,498 6,392 1,515 4,764 216 581 1,731 5,345 767 1,047 983 1,628 9. OEBTORS Other debtors Prepayments 2016 2015 67,543 395 395 395 67,938 10. CURRENT ASSET INVESTMENTS Listed investments 2016 2015 279,546 328,893 11. CREDITORS Amounts falling due within one year Taxation Other creditors Accruals 2016 2015 558 595 186 88,050 63,050 88,608 63,831 12. MEMBERS LIABILITY The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding 1. 13. CAPITAL COMMITMENTS The company had no material capital commitments at the year-ended 31 December 2016. 14. POST-BALANCE SHEET EVENTS There have been no significant events affecting the company since the year-end. 15. CASH AND CASH EQUIVALENTS 2016 2015 Cash and bank balances 184,748 110,619 14
NOTES TO THE FINANCIAL STATEMENTS continued 16. APPROVAL OF FINANCIAL STATEMENTS The were approved and authorised for issue by the board of directors on 15