Company No: N1037402 Charity No: NIC100073 An Gaelaras Limited (A Company Llmlted by Guarantee) Accounts for the year ended 31 March 2023 An Gaelaras Limited (A Company Limited by Guarantee) Contents Page Infonnation Directors, Report Independent Auditor's report Statement of Financial ActLVities 10 Balance sheet 11 Stalement of Cashflows 12 Notcs to th¢ a¢¢ounts 13-20 An Gaelaras Limited (A Company Limited by Guarantee) Information Charity Number NIC 100073 Company Number N1037402 Secretary padraigin Ni Mhaonaigh Directors Mary Mccallion Deagian O Mochain Laurence Mccurry Kevin Campbell Nicole Lamberton Antoin De Bran Dr Katie Nic Aindreasa Dr Éamonn O Ciardha Gearoid O'Hara Margaret O'Reilly (Cathaoirleachlchairperson) Resigned 24 November 2022 Resigned 23 August 2023 Resigned 24 November 2022 Auditors McGroarty Mccafferty & Co Accounlants & Regislered Auditors 2 Carlisle Terrace De BT48 6JX Registered office Culiurlann Ul Chanain 37 Morshraid Shémais Doire BT48 7DF Buslness address 37 Morshraid Shémais Doire BT48 7DF Bankers Banc na hÉireannlBank of Ireland 27 Culmore Road DoirelDerry BT48 8JB Solicitors Jack Quigley Solicitors 37 Clarendon Street Deny BT48 7ER Page I An Gaelaras Limited (A Company Limited by Guarantee) Report of the directors for the year ended 31 March 2023 The directors present their report and the financial statements for the y¢ar ended 31 March 2023. The directors of An Gaelaras Liinited for the purposes of company law and who served during the year and up to the date of this report are as follows: Mary Mccallion Antoin De Bn1n Laurence Mccurry Dr Katie Nic Aindreasa Deaglan O Mochain Nicole Lamberton Dr Éamonn O Ciardha Gearoid O'Hara- Resigned 23 Augu&*t 2023 Kevin Campbell - Resigned 24 November 2022 Margaret O'Reilly - Resigned 24 November 2022 Our Aims and Objectives Pu oses and Aims An Gaeiara&i Limited is a community culiural resource centre whose objects are to promote the benefit of the inhabilants of Derry City and its environs wiihout distinclion of age, sex, rllce, political, religious or other opinion, by associating the statutory authorities, voluntary organisations and inhabitants in a common effort to advance education, in the Irish language and to provide facilities in the interests of social welfare for recreation or other leisure-time occupation, with the object of improving the conditions of life for the said inhabitants. The fl ocus of our Work To provide premi8es in whAch, the study of the Lrish language and its continued use as a living language is promoted. To co-ordinate Irish cultural activitieli in Derry and its environs in association wilh other groups who subscribe to the aims of the organisation. Promote job creation within thc Irish language centre. Situated on the ground floor of An Gaeiaras Limited is an Irish Language Cafe and Bistro. run bilingually. The local Irish spcaking community and visitors to the building use this as a meeting place and it affords them the opportunity to use the language in a relaxed and vibrant social setting. An Gaeiaras also offers translation and interpretative service8. ri inancial Review Princi ÉLI Fundin Source8 The princip(il funding sources over the relevant financial year have been the Arts Council, Foras na Gaelige, Derry City and Strab(ine District Council, Department of Education, Department of Foreign Affairs, CRC and Big Lottery Fund. PA￿P. 2 An Gaelaras Limited (A Company Limited by Guarantee) Report of the directors for the year ended 31 March 2023 Structure Governance and Management Governin Document The organisation is a cliaritable company limited by guarantee, inco￿orated on 22 November 1999 and registered U&* a charity on 22 November 1999, The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. Recruitment and A ointment of the Board f Dir cl The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as member￿9 of the Board. Under the requirements of the Memorandum and Articles of AbSOCikition, one third of the members of the Board must stand for re-election at the Annual General Meeting. All members of the Board give their time volunt&irily and receive no benefits from the charity. Members Induclion and Trainin Board Ineinber8 are already familiar wilh the work of An Gaeiaras Limited. Board members are encouraged to parlicipate in relevant activities. ations of ihe Board The main obligation of the Board is to develop and oversee the implementation of policy and to ensure that Lruclures and managcment comply with Icgal requir¢ments and good governance pioctice. Ri8k Mana emcnt The Board has conducted a review of the major risks to which the charity 15 exposed. Where appropriate systems and procedures have been established to mitigate the risks. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. A possible breach of confidentiality is an obvious risk. All Board members, staff and volunteers have signed the appropriate confidenlialily agreements. Another major risk is loss of funding. anisational Struc An Gael&ra8 has a Board which meets quarterly and is responsible for policy, strategic direction and overall performance. There are fortnightly staff meelings and a fEnance committee meets quarterly. The committee in¢lude,s a Board Member. Treasurer, the Project Manager £u)d the Administrationl Finance orricer. The Chief Executive provides a quarterly and monthly report to the Board which includes a financial report and an update on project development. An Gaelaras Limited (A Company Limited by Guarantee) Report of the directors for the year ended 31 March 2023 Responsibilities of the Board of Directors The directors are responsible for preparing the Director Annual Report and the fin£u)cial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice). Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the slate of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the ch&iritable company for that period. In preparing the&*e financial statements the directors are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); makc judgemcnls and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is not appropiiate to assume that the company will continue on that basis; state whelher applicable UK Accounting Standards have been followed, subject to any material departures disclos¢d and explained in the financial statements; The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time thc financial position of the charilable company and enables them to ensure that the financial statements comply ivith ihe Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In &iccordance with Colllpdny law, as the compiilly'&• directors, we certify that: So far as we are aware, there is no relevant audit information of which the company's auditors are unaware; and as the directors of the company we have taken all steps that we ought to have taken in order to make ourselves aw£ire of any relevant audit information and to establish that the charity's auditors are aware of that infonnation. Auditors McGroarty Mccafferty & Co are deemed io be reappointed in accordance with Section 487(2) of the Companies Act 2006. Small company provlsions Thi% report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and authorised for issue by the Board of Directors on 13 October 2023 and signed on its behalf by. Director Director MhL4 IALCA LLI O PA￿P. a L MLC An Gaelaras Limited (A Company Limited by Guarantee) Independent auditor's report to the directors of An Gaelaras Limited Opinion We have audited the finuncial statements of An Gaelaras Limited for the year ended 31 March 2023 which comprise the Slatement of f4inancial Activities, the Balance Sheet, Cashflow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdoin Accounting Siandards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" This report is made solely to the charitable company's directors, as a body, in accordance with Chapier 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's directors 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 charitable company and the charitable company's directors as a body, for our audit work, for this report, or for the Opinion4 we have formed. In our opinion the finiK ncial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023. and of its incoming resources and expenditure of resources, including its income and expenditure, for the year then cnded; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prep￿ed in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conductcd our audit in accordance with International Standards on AuditÉng (UK) (ISAS (UK)) and applicable law. Our respon8ibilitieb under those standards are further described in the auditor's responsibilities for the audit of thc financial stateinent5 Section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirementb. We believe that the audit evidence we have obtained is sufficient and appropriatc to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financiul statements, we have concluded that the directors, use of the going concern basis of accounting in the prcparalion of the financial statemenls is llppropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions thal, individually or collectively. may cast significant doubt on the charitable cotnpany's ability to continue as a going concern for a period of ac le(iSt twelve months from when the financial statements are authorised for issue. Our responsibilitie.8 and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5 An Gaelaras Limited (A Company Limited by Guarantee) Other information The directors are responsible for the other infonnation. The other information comprises the information included in the directors, annual report, other than the financial stalements and our auditor's report thereon. Our opinion on the financial statements does not cover other inforn]alion and, except to ihe extent oiherwise explicitly btated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financÉal statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infornjation is materially inconsistent with the financial staiemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such matcrial inconsistencies or apparent material misstatements, we are required to determine whether there is a material Mis￿1[atement in the financial statements or a materÉal misstatement of the other information. If, based on the work we h¢ive performed. we conclude that there is a moterial misstatement of this other information, we are reqUI￿d to report that fact. We have nothing to report in this rega￿. Oplnlon on other matters prescrAbed by the Companies Act 2006 In our opinion based on the work undertaken in the course of the audit.. the infonnation given in the direclors, annual report for the financial year for which the financial statements are prepared is consislent with ihe financial statements. and thc dircctors, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of thc audit, we have not identified material misstatements in the direclors, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate uccounting record5 have not been kept; the financial statements are not in agreement with the accounting records and returns; or ccrlain disclosures of directors, remuneration specified by law are not made; or we h¥ive not received all the information and explanations we require for our audit; the directors were not entitled to prepare the fEnancial statements in accordance with the small companies regime and take advantage of the small companies exemption from ihe requirement to prepare a strategic reporl. Page 6 An Gaelaras Limited (A Company Limited by Guarantee) Responsibilities of the directors As explained more fully in the Directors, Responsibilities Statement set out on page 4, the directors (who are also the directorb of the charitable company for the purposes of company law) are responsible for the preparalion of ihe financial staiements and for being saiisfied that they give a true and fair vÈew, and for such inlernal control as the directors determine is necessary to enable the prcparation of financial statement5 that are free from matcrial misstatemcnt, whether due to fraud or error. In preparing the flnancial statements, the directors are responsible for asses&+ing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless ihe trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bui to do $0. Auditor's responsibilities for the audlt of the f1nanclal statements Our objectives are to obtain re(isonable dssurance about whether the financial statements as a whole are free from matcrial missiatcinent, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Rcasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Explanation as to what extent the audlt was consfidered capable of detecting irregularltles, Including Irregularities, including fraud, arc instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misstatements in respect of irregularities, including fraud. However, the primary re￿9ponsIbl11tY for the prevention and detection of fraud lies with management and the board of directors of the charitable company. Identifying and assessing potential risks related to Irregularltles In idenlifying and assessing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry, sector and the specific control environment which it operates in; the ch￿itIe.% own u%8essment of the risks that irregularities may occur, either as a result of fraud or error: represcntations and results from our enquiries with management and the board of directors regarding their own identification and assessment of the risks of I￿egular1tIes. enquiries of management relating to accounling eslimates measurements, recognition criteria and justification of such aniounts. any matters we have identified having obtaÉned and reviewed the charities policies and procedures relating to. * identifying and assessing if laws and regulations are compliant and whether they are aware of any instances of non-compliance. * deteclion and response to the risk of fraud and whether Ihey are aw(￿¢ of any actual, suspected or alleged fraud instances: Page 7 An Gaelaras Limited (A Company Limited by Guarantee) * the internal controls designed io mitigat¢ risks or fraud or non-¢omplian¢e with laws and regulations. and to minimise risk of management oveffides of such controls. ull matiers discussed among the audit engagement team regarding how and where fraud could occur and the potential indicators of fraud. As a re¥•ult of these procedures, we considered the opportunities and Èncentives that may exist within the charity for fraud. The audit included assessing the procedures and evaluating the measurement of estimations. In common with all audits under ISAS (UK), we are also required to perfonn specific procedures to respond to the ri8k of managemeni override. We also required an understanding of the legal and regulatory frameworks applicable to the charity and considered that the most significant are the UK Companies Act 2006, SORP 2019 (FRS 102) and Charities Act (Northcrn Ireland) 2008. Audit responses to risks identified Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures, testing the relevant docurnentation to assess compliance with the significant laws and regulations - those described as having a direct effect on the financial slatements: enquiring with management and obtaining third party confirmation from the charitable company's solicitors regarding any actual or potential litigation and claims. perforIning analytical procedures to identify dny unusual or unexpected relationships that may indicate risks of material misslatement due to fraud; reading minules of board and management meetings, examine forecasting mat¢rial in line wilh actual performance, identifying any pocential fraud indicators or instances; reviewing Companics Housc and Charity Commission Northern Ireland correspondence, identify any late subinissions or omissions of mandatory information: revicw correspondcncc with HMRC, identifying non compliance of specific inforniation to be disclosed: in addressing the risk of fraud through management override of controls, testing the appropriateness of data ¢ntri¢s and adjustments; lls4essing whether the judgements made in making accounting estimates are indicative of a polential bias. and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charitics objectives. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remuined alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve colluskon, forgery, intentional omissions, misrepresenlations, or the override of internal conlrol. Page 8 An Gaelaras Limited (A Company Limited by Guarantee) Obtain an underslanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the cffectiveness of the charitable company's internal control. valuale the appropriateness of a¢counling policies used and the rea&*onableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in thc financial statements or, if such discloilures are inadequate, to modify our opinion. Our conclusions are based on thc audit evidence obiained up to the date of the auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. -Evaluate the overall presentation, structure dnd content of the financial statements, including the disclosures, and wheihcr the financial ,8tatements represent the underlying transactions and events in a manner thal achieves fair prc5cntation. We communicate with those charged with governance regarding, among other matter8, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. palM.q-4 Patrlck McGroarty Senior Sthtutory Audltor for and on behalf of McGroarty Mccafferty & Co Statutory Auditor 2 Carlisle Terrace Derry BT48 6JX Date: 13 October 2023 P22e 9 An Gaelaras Limited (A Company Limited by Guarantee) Statement of Financial Activities for the year ended 31 March 2023 Unr￿triCted Funds Restricted Funds 2023 2022 Income and Expenditure Incoming Resources Iiicoiliiiig resoiircesfioin geiierutin8funds.' Incoming resources from charitable activities Voluntary income Total Incoming Resources 599,511 599,511 179,075 667.042 L50,651 179,075 179,075 599,511 778,586 817,693 Resources Expended Charitable aclivities Governance costs 192,033 640,926 4,800 832,959 4,800 804,028 4.800 Total Resources Expended 192.033 645,726 837,759 808,828 Net Incomlng l (Outgofing) Resources (12,958) (46,215) (59,173) 8,865 Balance5 brought forward l April 2022 66.964 1,373,128 1,440.092 1,431.227 Balances carried forward 31 March 2023 16 54,006 1.326,913 1.380,919 1.440,092 The above amount8 relate to continuing operations of the company. The coinpany has no recognised gains and losqes other than those included in the results above and iherefore no separate statement of total recognised gains and losses has been presented. There is no difference between the net incoming resources for the year stated above and their hislorical cost equivalents. Page 10 An Gaelaras Limited (A Company Limited by Guarantee) Balance sheet as at 31 March 2023 2023 2022 Notes Fixed assets Tangible asset.s Current assets Dcbtors Casli at bank and in hand 3,881,270 3,997,747 10 121,721 142,513 127,422 147,309 264,234 274,731 Current liabilities Bank loans and overdrafts Other creditor8 Accruals 84,621 128,803 20,781 101.775 98,864 31.122 11 234.205 231,761 Net current assets 30,029 42,970 Total assets less current Ilabllfitles 3,911,299 4,040,7 17 Long-terin li¢ibilitiey Net assets 12 (2,530,380) (2,600,625) 1,380,919 1.440,092 Income Funds Brought forward at l April 2022 Unrestricted Restricled 15 54,006 1,326,913 66,964 1,373.128 1.380,919 1,440,092 The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 and the Charities SORP (FRS 102). The Financial Statements were approved and authorised for issue by the Board 13 October 2023 and signed on its behalf by Director LAU Ilw ctr MQLL(££ Date: 13th October 2023 Director /14 ryic LALLiC Date: 13th October 2023 Company Registration Number: N1037402 Page 11 An Gaelaras Limited (A Company Limited by Guarantee) Statement of Cash llows as at 31 March 2023 2023 2022 Notes Net incoming l (outgoing) resources for the year Depreciation and impainnent (Increaiie)I decrease in debtors (Decrease)l increase in creditors (59,173) 117,617 5,701 (67,801) 8,865 117,503 (6,835) (12,753) Net cash out(1ow / (Intlow) from operatlng actlvities (3,656) 106,780 Capital cxpenditure (1,140) (2.394) Increasel Decrease In cash In the year (4,796) 104,386 Reconciliation of net casli filow to movement In net funds 17 Increasel (Decrease) fin cash in the year Net funds at l April 2022 (4,796) 147,309 104.386 42.923 Net funds at 31 March 2023 142,513 147,309 PaEe 12 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 General infornjation The charity is a private limited coinpany by guarkmtee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered offlce in Culturlann Ul Chanain, 37 Morshraid Shémais, Doire. BT48 7DF. 1.1. Accounting conventlon The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the .8ame accounts. The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie8 preparing their account5 in accordance with the Financidl Reporting Standard applicuble in the UK and Republic of Ireland Charities SORP issued in October 20 19 and the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charilies Act (Northcrn Ireland) 2008 and UK Generally Accepted Accounting Practice. The financial stalemenls are prepared on a going concern basis under the historical cost conventLOn, modified to included certain items at fair value. The financial statements are presented in sterling which is the functional curr¢nry of th¢ charily. 1.2. Incomlng resources All incoming resources are included in the statement of financial activities when the charity is entitled to thc income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Income from charitable activities includes both governement and other grants received, they are recognised at fair value when the charity h&iS entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is nol met then these amountb are deferred, Capital and revenue grants are released to the Statement of Financial Actkvities in the year in which they are received in line with the SORP Accounting & Reporting by Charties (FRS 102). Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity. are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilitietl are included at the value to the charity where this can be quantified. The value of bervices provided by volunleers has noi been included. Gifts donated for resale included as incoming resources within activities for generating funds when (hey are sold. Page 13 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 1.3. Resources expended Expenditure is recognised on an accrual busis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and 18 reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those cosl8 of an indirect nature necessary to support them. 1.4. Fund accountlng Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objcctives of thc charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for purposes. The cost of raising and administering such funds are charged against the specific fund. 1.5. Tanglble Ilxed assets and depreciation Tangible Fixed assets are stated at Cost less depreciation. Depreciation is provided at rate5 calculated to write off the cost or y￿lIU￿tIon less residual value of each asset over its expected useful life, as follows: Land and building4 Equipmenl 2¥0 Straight Line logo Straight Line 1.6. Cash at bank Cash at bank and cash cquivalents are stated at cost at the financial year end. 1.7. Debtors & creditors Debtor8 and crcditors with no stated inteiest rate and receivable or payable within one year are recorded at transaction pricc. Any losses arising from impaimient are recognised in expenditure. 1.8. Capital grants Capital grant5 are received in respect of purchase of fixed assets a portion of which is released to the stateinent of financial ilctivities in the year of receipt. l.)( . Pension costs The pension costs charged in the financial statements represent the contributions payable by the charity during the year. 1.10. Going concern The fin(incial stiitements have been prepared on a going concern basis as the directors believe that no material uncertainties exist. The directors have considered the level of funds held and the expected level of income and expendiiure for 12 months from authorising these financial slatements. The budgeted income and expenditure are sufficient wilh the level of reserves for the charity to be able to continue as a going concern. Page 14 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 1.11. Foreign currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.Fixed asset investments are stated at cost less provision for diminutÉon in value. Incoming resource5 from charitable activities Restrlcted Funds 2023 2022 University of Ulster National Lotlery - Big Loltery Fund Department of Foreign Affairs NI Arts Council Foras Na Gaelige Derry City and Sirabane District Council Department of Education Glor Na nGael Capital Grants CRC DCSDC - Peace IV Dom]anL Accounts The Executive Office Deparlment for Communities Departinent of Finance Honorable Irish Bank of Ireland - Arts Fund Community Foundation - Ultach Fund 15.128 14,900 12,455 163,319 140,485 31,665 73,136 15,128 14,900 12,455 163,319 140,485 31,665 73,136 26,389 690 158,099 117,155 31,225 71,222 71,873 70,245 28,518 5,042 28,500 1,000 30,110 26.974 70,245 31.985 70,245 31,985 38,000 38,000 1,158 5.035 2,000 1,158 5,035 2,000 599,511 599,511 667,042 Restricted Funds Funds received which are earmarked by the Funder for specific purposes. Such pury)oses are within the overall aims of the organisation. (11) Unrestricted Funds Funds which are expendable at the discretion of the company in furtherance of the aims of the charity. In addition funds may be held in order to finELnce capital investment and working capital. Paoe 15 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 Voluntary Income Unrestricted Funds 2023 2022 Prog Incomel Classes Rental income Box Office Income Donation5 and other income Glor Na Gael - Prize Fund 80,050 57,698 31,327 10.000 80.050 57.698 31.327 10,000 80,000 33,061 36,473 705 412 179,075 179.075 150,651 Cost of Charltable Activities Unrestricted Funds Reslrieted Funds Total 2023 Total 2022 Staff costs Misclgeneral expenses Cotnmunication8 and IT Other office exp¢nses Programme co8ts Legal & profcssional fees Interest payable & similar charges E8lablishment costs Molor & travelling expenses Currency variation Depreciation 1,059 544 5,001 6,478 85,209 1,134 2,658 89,448 540 (38) 313,574 314.633 544 7,076 10,478 244,926 5,883 2,658 128,642 540 (38) 117.617 298,387 436 8.274 12,275 212,369 2,075 4.000 159,717 4,749 3.477 150,944 356 39,194 117,617 117,503 192.033 640,926 832,959 804,028 Governance Costs Unrestricted Funds Restrlcted Funds Total 2023 Total 2022 Auditors Rcnumeration 4,800 4,800 4,800 Paoe 16 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 Net (outgoing)l incoming resources for the year 2023 2022 Net (outgoing)l incoming resources is stated after charging: Depreciation and other dmounts written off tangible fixed assets Auditor's rcmuneration 117,617 4,800 117,503 4,800 Staff costs 2023 2022 Wages and salarie8 Pension costs 303,374 11,259 286,658 11.729 314,633 298,387 Number of employees The number of employees who earned more than £60,000 during ihe year was Nil (2022 - Nil). The average inonthly numbers of employees during the year, calculated on the basis of full lime cquivalents, wa% us follows: 2023 Number 2022 Number Number of employees - Office staff 22 25 Taxation As a charity,An Gaelaras Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these ELre applied to it.s Chargeable objects. Accordingly, no tax charges have arisen Én the charity. Page 17 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 Tangible assets Land and bulldlngs Plant and freehold machinery Equipment Total Cost At l April 2022 Additions 5,173,852 76,542 346,812 5,597,206 1,140 1,140 At 31 March 2023 5,173,852 76,542 347,952 5,598.346 Depreciation At l April 2022 Charge for the year At 31 Mur¢h 2023 1,258,008 103.477 76,542 264.908 1,599,458 14,140 117,617 1.361,485 76,542 279,048 1,717,075 Net book values At 31 March 2023 3,812,367 68,903 3,881,270 Ai 31 March 2022 3,915.844 81,903 3,997,747 10. Debtors 2023 2022 Debtors Other debtor 87,179 34,542 90,782 36,640 121,721 127,422 11. Current liabllltles 2023 2022 Bank loans and overdrafts Taxcs and social security COi*ts Other creditors Defcrrcd Income Accruals 84,621 7,466 63,346 57,991 20,781 101.775 5.111 66,798 26,955 31,122 234,205 231,761 PaEe 18 An Gaelaras Limited (A Company Limited by Guarantee) Notes to the accounts for the year ended 31 March 2023 12. Long-term liabilities 2023 2022 Capital Grants (See Note 13) 2,530,380 2,600.625 13. Capital Grants 2023 2022 At l April 2022 Less.. Capital Grants Arnortised 2,600,625 (70,245) 2,670,870 (70,245) At 31 March 2023 2.530,380 2,600,625 14. Security The Bank of Ireland holds the following securiltes; Lcgal mortgage dated 0611112003 over 37 Great James Strect, Detty. Letler of set off dated 1010712009. 15. Analysls of net assets between funds Unrestricted Restricted Total Fund b