COMPANY REGISTRATION NUfv18ER: N1047957 CHARifi REGISTRATION NUMBER: 100269 Aras Cholmcille Trust Company Limited by Guarantee Unaudited Financial Statements 30 September 2019 ")961TIBX* 042020 COMPANIES HOUSE JNI CLAREMOUNT FM LIMITED Chartered accountant 43 Clarendon Street Derry BT48 7ER
Aras Cholmcille Trust Company Limited by Guarantee Financial Statements Year ended 30 September 2019 Page Truslees. annual report (incorporating Ihe directorfs report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of finanaal posttion Notes to the financial statements
Aras Cholmcllle Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 30 September 2019 The trustees, who are also the directors for the wrposes of company18w, present their repN)rt and the unaudited financ1 stalemenis of the charty for the year ended 30 Seplernr 2019. R•ferènce and administrative dotails Registered charity name Afas Cholmcille Trust Charity registrallon number 100269 Company registration number N1047957 Principal office and registed 43 Cl*endon Street Dery BT48 7ER The truste•s Rev David Latimer Mr Ivor Doherty Mr GK)vanni Doran Indewndent Examlner Mr Gerry Hear Claremounl Chartered accounl8nls 43 clandOn Street Dery BT48 7ER
Aras Cholmcille Trust Company Limited by Guarantse Truste•s' Annual Report (Incorporating the Dlrectorfs Report) fr•ntlhu8d) Year ended 30 September 2019 Structure. governance and management The company is limited by guarantee and does not have any share capital. The company i8 governed and managed by the board of directors. The directors who served the company throughout the period are shown on page 1. The registered offiee and details of olhei professional advisors are also Itsled on The board of directors cary out their governan role thr(MJghout the year by way of meetings on a monthly basis lo review the perforniance of the company and to make decisions regarding the company's finanual and operational matters. The directors govem Ihe aclivilies of the company in line th the objectives sel out in the goveming d0ments of the ch¥ity, namely the Memorandum and Artdes of AssclatiOn and the charlS ¢onstilutK)n. AchlevemeDts and performan The cenlre, which opened in June 2014. has so far attracted more than 1,600 visitors who have been able lo view video material recreating the city as rt was before the walls were erected. There is also a facsimile Book of Kells and range of Otr illuminated manusuipts dating from the 14th century. Large-seale illustraled books for children based on the legends about Columba have also been created along with audio recordirvJs ol the legends by local people in tN)th Insh and English. The centre's education programme is available to all schcd5 and among the young people who have benefited from this resource are 30 A4evel RE students who visited lo research an element of their curriculum, Celtic Chrislkqnity and a range of Pn"mary schocds who have participated in workshops related lo the legacy of Columba. A ser$ of evenls. such as Halloween storytelling, a Culture Night and Christmas craft fairs have already engaged the Wer community throughout the year. Visitors lo the City have enjoyed their informative visits to the Centre and have left their positive and suppoth've ommenls in our Visitors, Book. The Centre opened a new café in November 2017 seryiThJ a selection of tlems Iuding Soup. Sandwiches. Scone5 and 2 range of drinks. Financial review The nel outgoing resources for the per1j wa5 £6.305. The company reserves al the year end were {£44.6591 of which £38,214 is unrestricted funds and1£82.873) is reslricled funds. The trustees aim to have a reserve covering at least three months expenditure al any given lime. The full results are set out in the COUnts which fomi of this rewt. Plans for fvture periods The organisation plans conb"nuing the activities outlined above in the fiythwming years subject to satisfactory generalion of income and funding arrangements. Small company provisions This report has been prepared in accordance with the wovi8*)ns aFvlicable to CoMpanS entitled lo the small companies exemplK>n. The trustees, annual rert was approved on 27 November 2019 and signed on behalf of the board of trustees by.. Mr l Doherty Trustee Doran Trustee
Aras Cholmcille Trust Company Limited by Guarantee Independent Examlner's Report to the Trustees of Aras Cholmcille Trust Year ended 30 September 2019 I rert on the fancial statements for the year eIed 30 September 2019, Nthich comprise the slalement of finala1 activities (induding income and expenditure account), stalemenl of financial position and the related notes. RespKtive rnsponsibilities of trustees and •xaminer The charitys tmslees (who are also the directors of wmpany for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2(. Having satisfied myseff that the charty is not subject lo audit under company law, and is eligible IC in(Jependent examination. rt is my responsibility to-. examine the aceounts under section 65 of Charittes Act.. to follow the proeedures laid down in the general Directions given by the Charity Commission for Northern IrelaThd urrtjer secl#)n 65(9Xbl of the Charilies Act. aThJ to stale whether particular matters have come to my attent#)n. Basls of independent examinerfs report I have examined your charity accounts as required un(ler section 65 of the Charities Act and my examination was carried out in aOrdance wrth the general Directions given by the Charity Commission for Northern Ireland under sedion 65t9Xb) of the Charities Act. The examination included revEw of the accounting records kept by the charity and a comparison of the accounts kyesenled with those records. 11 also induded consideration of any unusual items or disclosure5 in the accounts. and seeking explanations from the trustees corwning any such matters. My role 15 to state whether any material matters have (xime lo my attention giving me cause to believe.. That accountin9 records were not kept in acc(dance with seclion 386 of the Compans Act 2006 That the accounts do not accord with Ise lUntIng records That the accounts do not comply with the accounliThJ requirements of sectKJn 396 of the Companies Act 2006 and with the methods and principles of Ihe Charit$ Statement of Recommended Practice appluble lo charil*s kyeparing their accounts in a¢¢ordance with Ihe Financial Reporting Stsndard applicable in the UK and Republic of IrelarKI. That there is further infomiatK)n needed for a proper understanding of the accounts lo be rea¢hed.
Aras Cholmcille Trust Company Limited by Guarantee Independent Examinerfs Report to the Trustees of Aras Cholmcille Trust Year ended 30 September 2019 Independent examinerfs ststement I have completed my examinalion arKI have concems in respect of the mallers {1) to {4} listed above and, in connection wth following the Directions of the Clty Commission for Northem Iretand, I have found no matters that require drawing lo your attention. Mr Gerry Heaney Chartered accountant 43 Clarendon Street Derry BT48 7ER 27 November 2019
Aras Cholmcille Trust Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) 30 September 2019 2019 Restricted funds Total funds Total funds 2018 UNestricled fijnds Income and endowments Donations and legacies Total incom8 5.615 35.989 41.604 73.343 5.615 35,989 41,604 73,343 Expendlture Expenditure on charitable activiti.es Total expenditure 47.9)9 47.909 44,942 47,909 47.909 44,942 Net {expenditure)fincome and not rnovemen¢ in funds 5.615 (11,920) 16.3051 28.401 Reconciliation of funds Tot81 funds brought forward Total funds carried forward 32.599 (70.953) {82,873) 138,3541 144.659) (66,755) (38.354) 38.214 The statement of financial aclNilies includes all gains and losses recogniwj in the year. l income and expenditure derNe from continuing activit$. The noteg on paq•s 7 to 14 forn1 p•rt of the#e finandal statements.
Aras Cholmcille Trust Company Limited by Guarantee Statement of Flnancial Position 30 Seplember 2019 2019 2018 Flxed assets TaThJible fixed assets 11 1.480.106 1,512,996 Current assets Debtors Cash at bank and in hand 12 40 21.904 14,908 14.908 21.944 Creditors: amounts falling due wiihin one year Net current ass•ts 13 4.792 55,417 10.116 133.473) 1,479,523 Total assets less cuffenl liabilitles 1.490.222 Cr•ditors.' amounts falling due aft•r more than one year Not liabilitiès 14 1,534,881 1.517.877 {44,659) 138,354) Funds of the ch¥ity Restricted funds Unrestricted funds {82.873} 38,214 {70,953} 32,599 {38.3541 Total charfty funds 17 (44.659) FCK the year ending 30 September 2019 the charity was entitled to exemption from audit under wlio 477 of the Companies Act 2CM)6 relaliNJ to small companies. Trustees, responsibilities.. The mefflbers have not required the charity lo obtain an audit of its finala1 statements for the year in question in accordance wilh section 476,. The trustees acknowledge Iher responsibilrties for complying wth.the requirements of the Act wrth respect lo accounting records arKI Ihe Fryaratn of financial statements. These financial statements have been prepared in accordartt with the FwovisKins applicable lo companies subject lo the small compan. regime. These financial slalements were approved ty the board of trustees and authorised for issue on 27 November 2019 and are signed on behalf of the ard by.. Mr l Doherty Trustee Mr G Doran Trnstee Th• notes on pages 7 to 14 filmi of these fin•nclal statements.
Aras Cholmcille Trust Company Limited by Guarantee Notes to Ihe Financial Statements Year ended 30 septeMr 2019 General information The charity is a private company limited by guarantee, registered in Northem Irdand and a registered charity in Northern Irdand. The address of the registered Off is 43 Clarendon Street, Dery, BT48 7ER. Statement of compllance These financial slalemenls have been wepared in coMplne with FRS 102. 'The Financial ReportiThJ Standard applicable in the UK and the Republic of Ireland.. the Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard appluble in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 102)) and the Charilies Act (Nthern Ireland) 2008. Accounting policiès Basls of preparallon The financi81 statements have eft wepared on the histor1 cost basis, as modrf*d by the revaluation of certain financial assets and liab.l1i and inveslment properties measured at fair vdue through income or experKJiture. The financial stslements are rKepargJ in slerlirKJ. which is the fijncnal currency ol the entity. Golng concern There are no material unCertaintS atwl Ihe charlS ability to continue. The organisation reiVed a £50.000 loan from an associated Fyomoler vthich was used to fund the resloralion of the visitor and education centre. The promoter is not seeking repayment until such limes as the Charity has aVlable surtAus funds. The loan balance is included in creditors at the year end date. The additional short4erm liabilities of the (Kganisalion were repaid after the year end from funds received from funding dIeS and income generated from charilable ath"vities. Fund acry>unting Unrestricted funds are available for use at the diScretn of the trustees to further any of the harsty'5 purposes. Designated funds a unrestricted funds eamithed by the trustees for particular future project or Commitment. Restred fund$ are subjected to restrictions on Iheir expenditure dedared by the donor or through the terms of an appeal, and fall into one of fvK) suIAasses.' reslricied income fvnds or endowment furth.
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (wJthJwdJ Year ended 30 September 2019 Accounting pollcles fcwllnu Incoming resources All irwming resources are induded in the slalement of financial activities when enlillemenl has passed lo the charity.. il is probabfe that the ermiC benefrts associated wilh the Iransaclitin will flow lo the charity and the amount can be reliably measured. The following specrfi¢ pdicies are applied to partKular calewies of income.. income from donations or grants is reccgnised when there is evidence of enlillemenl to the gift. receipt is probable and ils amount can be measured rdiatJy. legacy irMe is recognised when receipt is probable and entillement is established. Irome from donated goods is measured at the fair value of the goods unless this is impractical to measure rellay. in whh case the value is derrved from the cost lo the donor or the estimated resale value. t)onaled fxililies aTrJ services are recognised in the accounts vthen received rf the value can be re[blY measured. No amounts are induded for the contribution of general volunteers. income from contracts for the supply of services i8 recTr3ni8ed th the delivery of the contracted service. This is classthed as unreStre funds unless the is a contractual requirement for rt lo be spent on a partthlar purFose and relumed rf unspent. in which case il may be regarded as restricted. Resources expended Expenditure is recognised ¢)n an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and is das$rf uThJer head1r5 of the statement of rinancial activities lo which il relates.. oxpendilure on raising funds includes the costs of all fundraisir& activitS. events, non•charitable tra(ling activities. and the sale of donate(I goods. expenditure on charilable activities indudes all costs incurred by a charity in undertakin9 a¢tivilies that further ils ¢harilable aims for Ihe benefit of its beneficiaries. including those support costs and costs rdating to the govemance of the charity apportioned to charitable activities. other expeThJiture includes all expendilufe that is neither related lo raising funds for the chanty nor p&t of its expenditure on charitable activities. All costs are allctaled to expendrture categories refiecting the use of the resource. Direct costs attributable lo a single activty are alloeated directty to that activity. Shared costs are apportioned betsveen the activities tw contr"rbule to on a reasonable. justifiae and consislenl basis. Tangible assets Tangible a55els are initialty recorded at $1. and subsequenty slated al cost less any accumulated depreciatw and impairment 1055es. Any tsngible assets carried at revalue¢J amounts are recorded at the fair value at the dale of revaluation le55 any subsequent accumulated dewec1a1n and subsequenl accumulaled impairment losses.
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (¢onknuffdJ Year ended 30 September 2019 Accounting policies fconthwd) Tangiblo assets An increase in the carrying amount of an asset as a result of a revalualDn, is recognised in other recognised gains and losses, unless it reverses a charge impairment that has previously been recognised as eXnditUTe within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluatK)n. is reeognised 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 fina181 activrties. Depreclation Depreciation is calculated so as to write off the cost or ¥aatiOn of an asset, less ils residual Vae, over the useful economic lrfe of that asset as foll¢yws.' Freehold Property 2% straight line Impalrment of flxed assets A review for indulors of impaim)ent is carried out al each reporknng dale, with the recoverable amoJnl being eslimaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior irnpairmenls we also revEwed for ssible reversal at exh repryting date. For the purposes of impaimient lesb"ng. when it is not possible lo estimate the recoverable amount of an indivKlual asset, an estimate is made of the recoverable amounl of the cash-gererating unil lo which the asset beloThJs. The Sh-generalIng unil is the smallest identifiable group of assets that indudes the asset and generates cash inflows that largely independent of the cash infflows from other assets or groups of assets. For impairment testing of goodwill. the goodwll acquired in a business combination is, from the acquisition dale. allocated lo each of the ¢ash4Jeneraling units that are expected lo benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the ¢harity are assigned lo those units. Government grants Govemmenl grants are recognised at the fair value of the asset received or receivable_ Grants are not recognised until there is reasonable assurance that the chanty will comply with the conditions attaching to them and the grants will be received. Where the grant does not imFKJse spe(Jfied future performance-related conditions on the recipient, il 15 recognised in income when the grant proceeds are received OT receivable. Where the grant does impose specrfied future perfomiante-relate(I conditions on the recipient. it i8 recnISed in income only when the performancelated condblions have been mel. Where grants iecetved are prior to sats'sfying the revenue rewnition criteria, they are recognised a$ a Financial instruments A financial asset or a financAI liability is rec(MJnise(l onty when the charty becomes a party to the conlraclual provisions of the instrument.
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (fj(wthu•rfJ Year ended 30 September 2019 Accounting poliGies fcontsnwdj Financial inslruments (¢onllnwdJ Basic financial instruments are Initial recogriised al the amcyJnt receNable or payable including any related transath.on costs. Current assets and ujrrent liabililEs are subsequentty measured al Ihe cash or other consideralron expected lo be paid or received and not discounted. Debt instrumenlg are 5ub5equenly measured at amortised cost. Where investments in shares a publicty traded or the fair value can otherwise be measured rdiably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Al otr such investments are subsequently measured at eosl less impairment. Other financial instruments, induding derNatives. are inilially renised at fair value, unless payment for an asset is deferred beyond rM)rmal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the FKesent value of the future payments discounted al a market rale of interest for a similar debt instrument. Other financial instruments are subsequenty measured at fair value, with any changes recognised in the stslemenl of financial activities, wilh the exception of hedging instruments in deSnated hedging relationship. Financi81 assets that are rneasud al cosl or amortised cost are reviewed ft)r objective evidence of impairment at the end of each rewrling date. If there is objeclive ev*Yence of impairment, an impairnient loss is recconised under the appropriate heading in the slalemenl of financial aclivilies in which the initial gain was recognise(l. For all equity instruments regardless of significance. arKI other financial assets that are individually signrficanl. these are assessed individually for impairmenl. Other financial assets are eithef assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognise(l immediately, to the extent that Ihe reversal (Joes not result in a carrying amount of the financial asset that exceeds what carrying amount would have been had the impaimienl nol previously been recognise(l. Limited by guaranlee The company is limited by gvaranlee and. theref(e, there ks no issued share capllal. Donations and legacies unStrICted Funds ReStrted Total Funds Funds 2019 Oonations Donatn5 5,615 5,615 -10-
Aras Cholmcille Trust Company Limited by Guarantee Notes to the Financial Statements (continwdj Year ended 30 September 2019 Donations and l•gaci•s fconttnue Unrestricted FuThls Restrle(l Total Funds Fun(Is 2019 Grants Derry and StrabarE Council Lottery Lodgement Govemment grant income 2.993 2,993 32.996 32,996 5.615 35,989 41,604 unreskn.cted Funds ReStrted Tolal Funds Funds 2018 Donations Donations 4,321 4.321 Grants Derry and Strabane Cwncil Lottery Lodgemenl Governmenl grant income 36,026 32.996 36.026 32.996 4.321 69,022 73,343 Expenditurg on ¢haritable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2019 Rates & water Light & heal Insura[e Repairs & maintenarte W8geslsal8ries Telephone Gener81 Offe Costs Cleaning and conSumaeS Accountsncy Fees Exhibition and event cosls Depreciation Suptx)rt costs 392 4.017 1.505 2.061 1,882 1,882 879 510 1.190 617 32.890 392 4.017 1.505 2.061 1,882 1,882 879 510 1.190 617 32,890 47.909 47,909 11
Aras Cholmcille Trust Company Llmited by Guarantee Notes to tho Financial Statements (c¥d) Year ended 30 September 2019 Expendlture on charllable activitles by fund type Uffestricled Funds RestrKled Total Funds FuTrJs 2018 Rates & water Light & heat Insurance Repairs & mainlenance Wageslsalaries Telephone General Office Costs Cleaning and consumables Accountancy Fees Depreciation Support costs 747 4.297 1.477 87 747 4.297 1.477 87 981 2,235 270 593 1,500 32,702 53 2.235 270 593 1.500 32.702 53 44,942 44.942 Expenditure on charitabk activitles by activity type Exhibrtions and EduCatn Support ¢osl$ Total funds 2019 Rates & water Light & heal Insurance Repairs & maintenance Wageslsalaries Telephone General Office Costs Cleaning and conSumate Exhibition and event costs Accountancy Fees Depreciation Bank ¢harges 392 4.017 1.505 2.C61 1.882 1.882 879 510 617 1,190 32,8 392 4.017 1,505 2,061 1,882 1.882 879 510 617 1,190 32,890 84 47.825 47.909 Exhibitions Total funds 2018 Education Support costs Rates & water Light & heal Insurance Repairs & maintenance Wageslsalaries Telephone General Office Costs Cleaning and consumables DeFKeciation Accountancy Fees Bank charges 747 4.297 1.477 87 747 4.297 1.477 87 2.235 270 593 32.702 2.235 270 593 32,702 53 53 44.889 53 44.942 -12-
Aras Cholmcille Trust Company Limlted by Guarantee Notes to the Financlal Statements Year ended 30 September 2019 Net lexpendituie)fincome Nel {expenditureyincome is sL8ted aftw chargin{Creditig). 2019 2018 Depreciation of tangible fixed assets Loss on disposal of herttage assets 32,890 617 32.8 120 Staff cosls The tolal staff costs and emFAoyee benefits for the rewtirMJ pemd are analysed as fdlows: 2019 2018 Wages and salaries The average head count of employees during the year was Nil12018: Nill. 1.882 981 No employee reeerved employee benefits of more than £60.OfKI during the year (2018.. Nil). 10. Trustee remuneralion and expenses No rernuneration or other benefrts from ernployment wth the chariiy or a related entity were received by the trustees 11. Tangible fixed assets Freehold property Cost At 1 Oct 2018 and 30 Sep 2019 DepreGlatlon Al 1 Oclobef 2018 Charge for the year At 30 Septemb¢r 2019 Carrylng amount At 30 September 2019 AI 30 September 2018 1.644.517 131.521 32.890 164.411 1,480,106 1.512,996 12. 1)ebtors 2019 2018 Other debtors 40 13-
Aras Cholmcille Trust Company Limited by Guarantee Notss to the FinancSal Statements Year ended 30 September 2019 13. Creditots: amounts falllng due within ono ygar 2019 2018 Trade creditors Social security arKI other taxe5 Parish Loans Other creditors 3.262 3.555 362 50.0 1.500 1,500 4,762 55.417 14. CrltOrS. amounts falling due after more one year 2019 2018 Deferred Credit- Government Grants Parish Loan 1.484,881 50.000 1.517.877 1.534,881 1,517,877 15. Deferred Income 2019 2018 At 1 Oclob¥ 2018 Amount released lo income 1.649.777 1.649,777 (164,896) {131,900) 1.484,881 1.517.877 At 30 September 2019 16. Govemmènt grants The amounts rec(*Jnised in the financial statements for 9ovemmenl grants are as follows.. 2019 2018 Recognised in creditors= Deferred govemmenl grants due after miffe th one year Recognised in income from donaknons and legac$.. Government grants income 1.484.881 1.517,877 32.996 32,996 17. Analysis of charitabl• funds Unrestrlcted funds At 30 September 2019 1 Octotw 2018 Income Expendrture General funds 32.599 5.615 38,214 Restricted funds At 30 September 2019 At 1 October 2018 Income Expenditure Restricted Fund (70.9531 35.989 (47,909> 182.8731 14-