GOOD SHEPHERD SERVICES LIMITED A COMPANY LIMITED BY GUARANTEE DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

Transcription

1 DIRECTORS' REPORT AND FINANCIAL STATEMENTS Company Registration No (Eire)

2 COMPANY INFORMATION Directors Secretary Jim Mulcahy Seamus O'Connell Miriam De Barra Sr. Bernie McNally (Retired 23 September 2014) Ann Marie O' Sullivan Ethna McDermott (Appointed 23 September 2014) Patrick Caffrey Garvan Corkery Sr. Jane Murphy Company number Registered office Auditors Business address Bankers Bruac Day Centre, Henry Street Cork. Moore Stephens Nathans, Chartered Accountants & Registered Auditors, 83 South Mall, Cork. Bruac Day Centre, Henry Street Cork. Allied Irish Banks Plc., 33, North Main Street, Cork. Ulster Bank Winthrop Street, Cork Solicitors O' Flynn Exhams & Partners, 58 South Mall, Cork.

3 CONTENTS Page Directors' report 1-2 Independent auditors' report 3-4 Income and expenditure account 5 Balance sheet 6 Cash flow statement 7 Notes to the cash flow statement 8 Notes to the financial statements 9-12

4 DIRECTORS' REPORT The directors present their report and financial statements for the year ended 31 December Principal activities and review of the business The main activity of the company is to provide aid, assistance, advice, information, accomodation support, encouragement and guidelines for persons, whose physical, mental, emotional or physchological well-being and health is at risk. The company seeks and collects grants from State Agencies and also raises money from other sources to pursue the aforementioned activites. A review of the operations of the company during the financial year and the results of those operations are as follows: The Income & Expenditure Account and Balance Sheet for the year ended 31 December 2014 are set out on pages 5 and 6. Surplus on Ordinary Activities before tax amounted to 8,019 compared to a deficit of 45,707 in the previous year. The principal risk & uncertainty facing the company is the reduction/loss in Government Funding to operate the company. Results and dividends The results for the year are set out on page 5. Post balance sheet events No matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in financial years subsequent to the financial period ended 31 December Legal Status The company is a charity and is limited by guarantee without share capital. Directors The following directors have held office since 1 January 2014: Jim Mulcahy Seamus O'Connell Miriam De Barra Sr. Bernie McNally (Retired 23 September 2014) Ann Marie O' Sullivan Ethna McDermott (Appointed 23 September 2014) Patrick Caffrey Garvan Corkery Moore Stephens Nathans Page 1

5 DIRECTORS REPORT (CONTINUED) Books of account The measures taken by the directors to ensure compliance with the requirements of Section 281 & 282, Companies Act 2014, 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 are maintained at Edel House, Grattan Street, Cork. In the employment of accounting personnel, the directors will consider whether such personnel: - are suitably qualified, -have the knowledge and experience needed to understand the business and how its particular circumstances impact the books of account, - and are able, without undue difficulty to ascertain at all times the financial position and results of the company Auditors In accordance with the Companies Act 2014, section 383, Moore Stephens Nathans, continue in office as auditors of the company. Statement of directors' responsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Financial Reporting Council and published by the Institute of Chartered Accountants in Ireland. Irish 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 of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then 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 confirm that they have complied with the above requirements in preparing the financial statements. The directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and with Irish statute comprising the Companies Acts 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. By order of the board G an ^Corkery Director L,Wo rc--o,^ Seamus O'Connell Director C)Acq\^^ Date signed Moore Stephens Nathans Page 2

6 INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOOD SHEPHERD SERVICES LIMITED We have audited the financial statements of Good Shepherd Services Limited for the year ended 31 December 2014 which comprise the Income and Expenditure Account, the Balance Sheet, the Cashflow Statement, the Reconciliation of Movements in Shareholders' Funds and the related notes. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). This report is made solely to the company s members, as a body, in accordance with Section 391 of the Companies Act Our 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 work, for this report, or for the opinions we have formed. Respective responsibilities of the directors and auditors As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements giving a true and fair view and otherwise comply with the Companies Act 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 Practices 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 2014 and of its loss for the year then ended; and - have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland; and - have been properly prepared in accordance with the requirements of the Companies Act Matters on which we are required to report by the Companies Acts 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. Moore Stephens Nathans Page 3

7 INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF GOOD SHEPHERD SERVICES LIMITED Matters on which we are required to report by exception We have nothing to report in respect of our obligation under the Companies Acts 2014 to report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by section 305 to 312 of the Act are not made. Eoin Lehane For and on behalf of, Moore Stephens Nathans, 83 South Mall, Cork. \34 Date signed aoi's Moore Stephens Nathans Page 4

8 INCOME AND EXPENDITURE ACCOUNT Income ( Schedule 1) Administrative expenses (Schedule 2) Operating (deficit)/surplus Other interest receivable and similar income (Deficit)/surplus on ordinary activities before taxation Tax on (deficit)/surplus on ordinary activities Notes ,044,205 2,100,769 (2,075,355) (2,073,549) (31,150) 27,220 23,131 18,487 (8,019) 45,707 (Deficit)/surplus on ordinary activities after taxation (8,019) 45,707 Continuing operations The income and expenditure account has been prepared on the basis that all operations are continuing operations. Total recognised gains and losses There are no recognised gains and losses other than those passing through the income and expenditure account. The financial statements were approved by the board on ned on its behalf by the following directors: C rvan orkery Seamus O'Connell I Dir'ctor Director Moore Stephens Nathans Page 5

9 BALANCE SHEET AS AT 31 DECEMBER 2014 Notes Fixed assets Tangible assets , ,461 Current assets Debtors 6 Restricted building reserve funds Cash at bank and in hand Creditors: amounts falling due within one year 7 43, , ,556 1,051,727 (149,036) 821, ,418 1,007,078 (125,024) Net current assets Total assets less current liabilities Accruals and deferred income 8 902,691 1,478,280 (201,693) 1,276, ,054 1,497,515 (212,909) 1,284,606 Capital and reserves Other reserves 946,981 Income and expenditure account 9 329,606 Members' funds 10 1,276, , ,625 1,284,606 The financial statements were approved by the board on on its behalf by: ( Gan Corkery Seamus O'Connell Director Director Moore Stephens Nathans Page 6

10 CASH FLOW STATEMENT Net cash inflow from operating activities (Note A) 30,258 97,537 Returns on investments and servicing of finance Interest received 23,131 18,487 Net cash inflow for returns on investments and servicing of finance 23,131 18,487 Capital expenditure Payments to acquire tangible assets (17,561) (22,422) Net cash outflow for capital expenditure (17,561) (22,422) Net cash inflow before financing 35,828 93,602 Increase in cash in the year (Note B) 35,828 93,602 Moore Stephens Nathans Page 7

11 NOTES TO THE CASH FLOW STATEMENT A Reconciliation of operating (deficit)/surplus to net cash inflow from operating activities Operating (deficit)/surplus (31,150) 27,220 Depreciation of tangible assets 57,433 60,866 Amortisation of intangible assets (11,216) (11,835) Increase in debtors (43,934) - Increase in creditors within one year 59,125 21,286 Net cash inflow from operating activities 30,258 97,537 B Analysis of net funds 1 January 2014 Cash flow Other noncash changes 31 December 2014 Net cash: Cash at bank and in hand 1,007, ,007,793 Bank overdrafts (35,113) 35, Net funds 971,965 35,828-1,007,793 C Reconciliation of net cash flow to movement in net funds Increase in cash in the year 35,828 93,602 Opening net funds 971, ,363 Closing net funds 1,007, ,965 Moore Stephens Nathans Page 8

12 NOTES TO THE FINANCIAL STATEMENTS 1 Accounting policies 1.1 Accounting convention The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005). 1.2 Income Income is recognised on a receipts basis. 1.3 Tangible fixed assets and depreciation Provision is made for depreciation on tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows: Land and buildings Plant and machinery Fixtures, fittings & equipment Motor vehicles 2% / 4% Straight Line 12.5% / 20% Reducing Balance 10% / 12.5% Straight Line 20% Straight Line 1.4 Grants Grants made as a contribution to the expenditure on a fixed asset are treated as deferred income. This income is amortized to the income and expenditure account over the expected useful life of the asset on a basis consistent with the depreciation policy. Grants made as a contribution towards costs or expenses are recognised in the income and expenditure account during the period in which the expense occurs. 2 Income The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the Republic of Ireland. 3 Operating (loss)/profit Operating (loss)/profit is stated after charging: Depreciation of tangible assets 57,433 60,866 Auditors' remuneration 5,143 5,690 4 Other interest receivable and similar income Bank interest 23,131 18,487 23,131 18,487 Moore Stephens Nathans Page 9

13 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 5 Tangible fixed assets Land and buildings Plant and machinery Fixtures, fittings & equipment Motor vehicles Total Cost At 1 January ,183,022 43, ,778 56,424 1,753,316 Additions 10,246-7,315-17,561 At 31 December ,193,268 43, ,093 56,424 1,770,877 Depreciation At 1 January ,760 42, ,740 54,190 1,137,855 Charge for the year 39, ,071 2,234 57,433 At 31 December ,772 42, ,811 56,424 1,195,288 Net book value At 31 December , , ,589 At 31 December , ,038 2, ,461 6 Debtors Prepayments and accrued income 43,934-7 Creditors: amounts falling due within one year Bank overdrafts - 35,113 Other Creditors 44,075 - Accruals 104,961 89, , ,024 Included in other creditors are amounts relating to taxation, as follows: P.A.Y.E. control account 44,075 - Moore Stephens Nathans Page 10

14 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 8 Accruals and deferred income Government grants Balance at 1 January ,909 Amortisation in the year (11,216) Balance at 31 December ,693 9 Statement of movements on income and expenditure account Opening balance 337, ,918 Retained (deficit) / surplus for the year (8,019) 45,707 Closing balance 329, , Reconciliation of movements in members' funds (Deficit)/Surplus for the financial year (8,019) 45,707 Opening members' funds 1,284,606 1,238,899 Closing members' funds 1,276,587 1,284, Financial commitments Good Shepherd Services Limited have a 25 year lease from 1st January 2000 in respect of the property at 3, North Mall, Cork. Moore Stephens Nathans Page 11

15 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 12 Employees Number of employees The average monthly number of employees (including directors) during the year was: Number Number Number of employees - Care Staff Employment costs Wages and salaries 1,682,558 1,743, Approval of financial statements The directors approved the financial statements on the 2 July Moore Stephens Nathans Page 12