COMPANY REGISTRATION NUMBER: N1047957 CHARITY REGISTRATION NUMBER: 100269 Aras Cholmcille Trust Company LimAted by Guarantee Unaudited Financial Statements 30 September 2018 CLAREMOUNT Chartered accountant 43 Clarendon Street Dery BT48 7ER
Aras Cholmcille Trust Company Limited by Guarantee Financial Statements Year ended 30 September 2018 Page Trustees. annual report (incorporating the director's report) Independent examiner's reporl to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Aras Cholmcille Trust Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Directorfs Report) Year ended 30 September 2018 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2018. Reference and administrative dotails Reglstered charity name Aras Cholmcille Trust Charlty registration number 100269 Company registration number N1047957 Principal office and registered 43 Clarendon Street Derry BT48 7ER The trustees Rev Daviij Lalimer Mr Ivor Doherty Mr Giovanni Doran Independent Examiner Mr Gery He8ney Claremounl Chartered accountants 43 Clarendon Street Derry BT48 7ER
Aras Cholmcille Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {contlnu&dJ Year ended 30 September 2018 Structure, governance and management The company is limited by guarantee and does not have any share capital. The company is governed and managed by the board of directors. The directors who served the company throughout the period are shown on page 1. The registered office and details of other professional advisors are also listed on page 1. The board of directors carry out their governance role throughout the year by way of meetings on rnonlhly basis lo review the performance of the company and lo make decisions regarding the company's financial and operational matters. The directors govern the activities of the wmpany in line with the objectives sel out in the governing documents of the charity, namely the Memorandum and Articles of Association and the charitls constitution. Objgctives and activities Aras Cholmcille Trust through the resloralion of the Wee Nuns listed building houses a visitor and education cenlre, focusing on the shared history and heritage of Cholmcillelcolumba, considered as the "founding father" of Derry-Londonderry. The centre is open for visitors and runs a number of heritsge related events for children frorn schools throughout the area, local visitors and visitors from further afield. The organisation also offers the centre's facilities lo benefit the local community including cross community by giving them use of the available space in the building. Achievements and performancè The cenlre, which openeé In June 2014, has attracted visitors who have been able lo view video material recreating the city as il was before the walls were erected. There is also a facsimile Book of Kells and range of other illuminated manuscripts dating from the 14th century. Large-scale illustrated books for children based on the legends about Columba have also been created along with audio recordings of the legends by local people in both Irish and English. The centre's education programme is available to all schools and among the young people who have benefited from this resource are students who visited to research an element of their curriculum, Celtic Christianity and a range of Primary schools who have participated in workshops related lo the legacy of Columba. Visitors lo the city have enjoyed their informative visits lo the Centre and have left their positive and supportive comments in our Visitors, Book. Flnanclal revlew The nel incoming resources for the year was £28,401. The company reserves 21 the year end were 1£38,3541 of which £32,599 is unreslricled funds and {£70.953} is restricted funds. The trustees aim to have a reserve covering al least three months expenditure al any given lime. The full results are set out in the accounts which form part of this report. Plans for future periods The organisation plans continuing the activities outlined above in the forthcoming years subject to satisfactory generation of income and funding arrangements. In the coming year full use will be made of the exhibitions initiated first by the council, such as the Showbands Story.
Aras Cholmcille Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 30 September 2018 Small company provlslons This report has been prepared in accordance with the provisions applicable lo companies entitled to the small companies exemption. The Iruslees. annual report was approved on 08 March 2019 and signed on behalf of the board of trustees by.. Mr l Doherty Trust90 Mr G Doran Trustee
Aras Cholmcille Trust Company Limited by Guarantee Independent Examiner's Report to the Trustees of Aras Cholmcille Trust Year ended 30 September 2018 I report on the financial statements for the year ended 30 September 2018, which comprise the statement of financi81 activities (including income ane expenditure account), statement of financial position and the related notes. Respectlve responsibilities of trustees and examiner The chafily's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject lo audit under company law, and is eligible for independent examination, it is my responsibility lo.. examine the accounts under section 65 of the Charities Act., lo follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9}Ib) of the Charities Act.. and to stale whether particular matters have come to my attention. Basis of independent gxaminor's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65191{bl of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.11 also included consideration of any unusual iterns or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. My role is to slate whether any material matters have come to my allenlion giving me cause lo believe.. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the aGGounling requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. That there is further information needed for a proper understanding of the accounts lo be reached.
Aras Cholmcille Trust Company Limited by Guarantee Independent Examiner's Report to the Trustees of Aras Cholmcille Trust (Continued) Year ended 30 September 2018 Independent examiner's statement I have completed my examination and have no concerns in respect of the matters {1110 {4} listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland. I have found no n)atters that require drawing lo your attention. Mr Gerry Heaney Chartergd accountant 43 Clar6ndon Street Derry BT48 7ER 08 March 2019
Aras Cholmcille Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) 30 September 2018 2018 Restricted funds Total funds Total funds 2017 Unreslricled funds Note Incom8 and andowments Donations and legacies Charitable activities 4,321 69.022 73,343 67,988 1.231 Total income 4,321 69,022 73,343 69,219 Expenditure Expenditure on charitable activities Total expenditure 44,942 44,942 58,324 44,942 44,942 58,324 Net Ineome and net movement in funds 4,321 24,080 28.401 10,895 R9¢0nciliation of funds Total funds brought forward Total funds carried forward 28,278 195,0331 170,9531 166,755) 138,3541 (77,6501 166,7551 32,599 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The not85 on pages 8 10 16 form part of these flnanclal statom8nts.
Aras Cholmcille Trust Company Limited by Guarantee Statement of Financial Position 30 September 2018 2018 2017 Fixed assets Tangible fixed assets 12 1,512,996 1,545,887 Current assets Debtors Cash al bank and in hand 21,904 495 21,944 499 Credltors: amounts falling due within one year Nat current liabilities 14 55,417 62,268 33,473 61,769 Total assets less current liabilities 1,479.523 1,484,118 Creditors: amounts falling due after more than one yoar Net Ilabllltles 15 1,517.877 1,550,873 138,354) {66,7551 Funds of the charity Reslricled funds Unrestricted funds {70,9531 32,599 195,0331 28,278 Total charity funds 18 138,354) (66,7551 For the year ending 30 September 2018 the charity was enlilled to exemption from audit under section 477 of the Companies Act 2006 relating lo sm811 companie5. Trustees, responsibilities-. The members have not required the charity lo obtain an audit of ils financial slalemenls for the year in question in accordance wth section 476., The Iruslees acknowledge their Tesponsibililies for complying with the requirements of the Act with respect lo accounting records and the preparation of financial slalements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies, regime. These financial statements were approved by the board of Iruslees and authorised for issue on 08 March 2019, and are signed on behalf of the board by.. Mr l Doherty Trustee Mr G Doran Trustee The rtotÈs on pages 8 to 16 form part of these flnanclal stat•m•nts.
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 30 September 2018 General infomiation The charity is a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 43 Clarendon Street, D&rry, BT48 7ER. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 10211 and the Charities Act (Northern Ireland) 2008. Accounting policies Basis of preparation The financial slalemenls have been prepared on the historical cost basis, as modrfied by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability lo continue. The organisation received a £50,000 loan from an associated promoter which was used to fund the restoration of the visitor and education cenlre. The promoter is not seeking repayment until such limes as the Charity has available surplus funds. The loan balance is included in creditors at the year end dale. The additional short-lerm liabilities of the organisalion were repaid after the year end from funds received from funding bodies and income generated from charitable activities. Fund accounting Unrestricted funds are available for use al the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the twslees for particular future project or ommitmenl. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terrlls of an appeal, and fall into one of two sub-classes-. restricted income funds or endowment funds.
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements fcontinu•d) Year ended 30 September 2018 Accounting pollcles (GontrnuFdJ Incomlng resources All incoming resources are included in the slalemenl of financial activities when entitlement has passed lo the charity., il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categorie5 of income.. income from donations or grants is recognised when there is evidence of enlitlemenl to the grft. receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and enlillement is established. income from donated goods Is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as Ljnrestricled funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which il relates.. expenditure on raising funds includes the costs of all lundraising 8clivilies, events. non- charitable trading aclivilies, 8nd the sale of donated goods. expenditure on ch8ritable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries. inclEAding those support costs and costs relating to the governance of the charity apportioned lo charitable aclivilies. other expenditure includes all expenditure that is neilhor related lo raising funds for the Gharily nor part of ils expenditure on charitable aclivilies. All costs are allocated to expenditure categories refiecling the use of the resource. Direct costs attributable to a single activity are allocated directly to that aclivily. Shared costs are apportioned between the aotivities they contribute to on a reasonable. juslrfiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently staled al cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amount5 are recorded at the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements fcontinutrd) Year ended 30 September 2018 Accounting policios (continu8d) Tangible assets (oontinuedl An increase in the carrying amount of an asset as a result of 8 revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the slalemenl of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calcu121ed so as to WTite off the cost or valuation of an asset, less ils residual value, over the useful economic lrfe of that asset as follow5.. Freehold Property 20kn slraighl line Impalrment of fixed assets A review for indicators of impairment is carried out al each reporting dale, wth the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceed5 the recoverable amount, the asset Is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment lesling, when il is not possible lo estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unil lo which the asset belongs. The cash-generaling unil is the smallest identifiable group of assets that indude5 the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acouired in a business combination is. from the acquisition date, allocated lo each of the cash-generaling units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Governmgnt grants Government grants are recognised al the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants wll be Teceived. Where the grant doe5 not impose specified future performance-related conditions on the recipient, il is recognised in incorne when the grant proceeds are received or receivable. Where the grant does impose specified future performance-relaled conditions on the recipient, il is recognised in income only when the performance-relaled conditions have been met. Where grants received are prior lo satisfying the revenue recognition criteria, they are recognised as a liability. Flnancial instruments A financial asset or a financial liability is recogniged only when the charity becomes 8 party to the conlraclual provisions of the inslrumenl. 10-
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (Gontinu8dJ Year ended 30 September 2018 Accounting policies (contlnued) Flnancial instruments (contIntl} Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured al cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounted al a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the slalefflenl of financial aclivilies, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting dale. If there is objective eviden of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For 211 equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of irnpairment are recognised immediately. lo the exlenl that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not prevlously been recognised. Limited by guarantee The company is limited by guarantee and, therefore, there is no issued share capital. Donations and legacies Unrestricted Fund5 Reslricled Total Funds Funds 2018 Donations Donations 4,321 4,321 11
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 30 September 2018 Donations and legacies (continued) Unreslricled Funds Restricted Total Funds Funds 2018 Grants Derry City and Strabane District Council Lottery Lodgement Government grant income 36,026 32,996 36,026 32.996 4,321 69,022 73,343 Unreslricled Funds Re51ricled Total Funds Funds 2017 Donatlons Donations 20,603 20,603 Grants Derry City and Slrabane District Council Lollery Lodgemenl Government grant income 14,389 14,389 32,996 32,996 20,603 47,385 67,988 Charltable activities Unrestricted Totsl Funds Unreslricled Total Funds Funds 2018 Funds 2017 Admillance Fees 1,231 1.231 12-
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (contlnuodj Year ended 30 September 2018 Expenditure on charitable actlvities by fund type Unrestricted Funds Reslricled Total Funds Funds 2018 Rates & water Light & heal Insurance Repairs & maintenance Wageslsalaries Telephone General Office Costs Cleaning and consumables Accountancy Fees Depreciation Support costs 747 4,297 1,477 87 981 747 4.297 1,477 87 981 -13 2,235 270 593 1,500 32,702 53 2.235 270 593 1.500 32,702 53 44,942 44,942 Unrestricted Funds Reslricled Total Funds Funds 2017 Rates & water Light & heat Insurance Repairs & maintenance Wageslsalaries Telephone General Office Costs Cleaning and consumables Accountancy Fees Depreciation Support costs 3.295 1,647 1,640 12,447 2,090 522 115 2,500 32,890 1,125 58,271 3,295 1,647 1,670 12,447 2,090 545 115 2.500 32,890 1,125 23 53 58,324 Expenditure on charitable activitles by activity type Exhibitions and Education Support costs Total funds 2018 Rates & water Light & heat Insurance Repairs & maintenance Wageslsalaries Telephone General Office Cost5 Cleaning and consumables Accountancy Fees Depreciation Bank charges 747 4,297 1,477 87 981 2,235 270 593 32,702 1,500 747 4,297 1,477 87 981 2,235 270 593 32.702 1,500 53 53 44,889 53 44.942 13-
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (Gontinu8dJ Year ended 30 September 2018 Expenditure on charitable aetlvltles by actlvlty type Exhibitions and Education Support costs Total funds 2017 Purchases Rates & water Light & heal Insurance Repairs & maintenance Wageslsalaries Telephone General Office Costs Cleaning and consumablos Accountancy Fees Exhibition and Events costs Depreciation Bank charges 3,295 1,647 1,670 12,447 2,090 545 115 2,500 3,295 1,647 1,670 12,447 2,090 545 115 2,500 32,890 32,890 1,125 1,125 57,199 1,125 58,324 Indopendont Examiner Fees 2018 2017 Fees payable lo the independent examiner 750 1,250 10. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2018 2017 Wages and salaries 981 12,447 The average head count of employees during the year was 1 12017.. 41. No employee received employee benefits of more than £60,000 during the year {2017= Nill. 11. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related enlily were reiVed by the trustees 14-
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements {¢ontintsedJ Year ended 30 September 2018 12. Tangible fixod assets Freghold property Cost At 1 Oct 2017 and 30 Sep 2018 Depreciation At 1 October 2017 Charge for the year At 30 September 2018 Carrying amount At 30 September 2018 AI 30 September 2017 1,644,517 98.630 32,891 131,521 1,512,996 1,545,887 13. Debtors 2018 2017 Other debtors 40 14. Creditors.. amounts falllng due within ong year 2018 2017 Trade creditors Social security and other taxes Parish Loans Other creditors 3,555 362 50,000 1,500 6,406 362 50,000 5,500 55.417 62,268 15. Creditors: amounts falllng due after more than one year 2018 2017 Other creditors 1.517,877 1,550,873 16. Deferred income 2018 2017 At 1 October 2017 Amount released lo income 1.649,777 {131,9001 1,517,877 1.649,777 (98,9041 1,550,873 At 30 September 2018 15-
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements icontlnu8d) Year ended 30 September 2018 17. Governmgnt grants The arnounls recognised in the financial slalemenls for government grants are as follows.. 2018 2017 Recognised in creditors.. Deferred government grants due after more than one year Recognised in income from donations and legaGies'. Government grants income 1,517.877 1,550,873 32,996 32,996 18. Analysis of charitable funds Restricted funds At 30 Septembgr 2018 Al 1 October 2017 Income Expenditure Reslricled Fund {95.0331 69,022 144,9421 {70,953) Unrestricted funds At 30 September 2018 At 1 October 2017 Income Expenditure General funds 28,278 4,321 32.599 16-