REGISTERED COMPANY NUMBER: N1031122 {Northern Ireland) REGISTERED CHARITY NUMBEI R: HMRC XR13983 Report of the Trustees and Financial Statements for the Year Ended 31 March 2023 for ST PATRICK VISITOR CENTRE LIMITED M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
ST PATRICK VISITOR CENTRE LIMITED Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023 Page Report of th¢ Trustees Report ofthe Independent Auditors Statement of Financial Activities 10 Balanee Sheet Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Finaneial Statements 14 to 21 Detailed Statement of Financial Activities 22 to 23
ST PA TRICK VISITOR CENTRE LIMITED Report of the Trustees FOR THE YEAR NDED 31 MARCH 2023 The truslees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fmancial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The main objective of the company is to provide a focal point for tourists, pilgrims and the local community to learn more aboul the story of Patrick and his continuing relevance in modern Ireland and around the World. The Centre aims to regenerate the local tourist economy after many years of the 'troubles' in Mid Down and bring communities together particularly children through our Cross Communkty Education Programme. This Programme is developing lijths not just between schools from different faiths and traditions in Northern Ireland but also building bridges across the border, which is one of the main objectives. The strategies employed to assist the company to meet those objectives include the following:_ monitoring of service and standards of customer contact to ensure that slandards are kept. the Centre tailors service to the appropriate target audience. local history groups and interested parties, for example being met by the Director or Heritage Offic¢r or another knowledgeable person. detailed planning on how to handle all manTher of questions and emergencies which may arise. ensuring guides are suitably clothed and scripted to enhance the experience, opening and closing times should always be what has been advertised and reflect standard tourism times. implementation of a customer care ethos. Public benefit The trustees are confident that the charitable aims of Sl Patrick Visitor Centre Limited satisfy the principles of public benefit as defined in the Charities Act. They have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning its future activities. The Saint Patrick Centre enhances public understanding of and access to Irish history by providing the only pemianent exhibition in the World about Saint Patrick in Downpatrick, Northem Ireland. This has a direct benefit to the people of Mid Down and a wider benefit to the people of County Down. The Centre was one of five 'Signature Projects, for Northern Ereland selected by the government to bring increased prosperity and tourism revenu¢ to future generations here. As a result the Satnt Patrick Centre primarily claims charitable status under the Charities Act as an organisation by providing public benefit through the advancement of the arts, culture, heritage or science. The Saint Patrick Centre has a cross community schools programme promoting a greater understanding of Saint Patrick for Children and provides a shared community space. It advances community development and reconciliation through its eth05 of promoting Saint Patrick as a figure who can be understood and celebrated by all of the peoples of Northern Ireland as a result of its work with community groups and schools. What better role model to do this in modern Northern Ireland than someone from Britain who became the Patron Saint of Ireland? This has a direcl benefit to the Community groups and schools who participate, an indirect benefit within their communities as well as a wider benefit thyoughout Northern Ireland. As a result, the Saint Patrick Centre also claiins Charitable Status by providing public benefit through the advancement of education, as well as having the wider benefit of the advancement of Citizenship or community development.
ST PATRICK VISITOR CENTRE LIMITED Report of the Trustee5 FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENT AND PERFORMANCE Charitable activities The Centre is a private charitable organisation which typically attracts increasing numbers of local and international visitors every year. This year has been very different but we have still supported as far as was possible our Cross Cominunity Education Programme and hosted cross community art exhibitions in its Art Gallery, hosts the Churches Together Organisalion, Downpatrick Citizens Advice, U3A workshops and many other charitable activities.The Centre has also developed a new guiding walking trail called Saint Patrick's Way - the Camino of Ireland in association with Tourism Nl and provides guided walking experiences which supports local transport operators, local cafes and hotels. During the Christmas season the Centre provides a Giving Tree and collects presents for disadvantaged children through social services. FINANCIAL REVIEW Principal funding sources Beyond trading activilies, which accounts for the majority of income, Newry, Mourne and Down District Council provide a grant of £115,000 and the other funding income comes from The Irish Department of Foreign Affairs and the Heritage Recovery Fund. Investment policy and objectives Aside from retaining a prudent amount in reserves each year most of the charity'5 funds are to be Spent in the short temi so there are few funds for long term investment. All funding is Grants received in advance are to be invested in replenishing the exhibition. Reserves policy The Management Committee has examined ihe charity's requtrements for reserves in ligjt of the main risks to the organisation. A policy has been established whereby unrestricted funds not committed or invesled in tangible assets held by the charity should be 6 months of the annual budgeted expenditure. Budgeted unrestricted expenditure for the 22123 is approximately £696,000 and therefore the target is £350,000 of general unrestricted nds. The reserves are required to meet the working capital requirements of the charity. It should be noted that our reserves will be considerably depleted with the expenditure of £IOO,000 towards the refit of the Saint Patrick Centre Exhibition. This will be matched against £200,000 coming from Tourism Nl and will be spend before 3 1st March 2023. The actual reserves at 31 March 2023 amount to £68.447, which is below the target figure of £350,000. In calculating unrestricted resei'ves the trustees have excluded funds already spent on tangible fixed assets of £3,954,937.
ST PATRICK VISITOR CENTRE LIMITED Report of the Ti'ustees FOR THE YEAR ENDED 31 MARCH 2023 FUTURE PLANS The company plans continuing most of the activities outlined above in the forthcoining years and to develop the following slrategic objectives of the future:_ l. To deliver a successfijl, efficient and effective commercial operation within the constraints of budget annually provided by Newry Mourne and Down Council and other funding agencies. 3. To maximise visitor numbers to the Centre through effective product marketing. 4. To work in cooperation with those whose primary responsibility is to do so promote the facility to the Domestic. Rol and GB markets. 5. To develop international interest within the US and European markets in cooperation with those whose primary responsibility IS to do this. 6. To develop international Educational and Special Interest Markets. 7. To develop key partnerships within the public and private sectors 50 that there is a cohesive marketing approach for the St Patrick Visitor Centre. 8. To d¢velop new experiences including Saint Patrick's Caniino as an activity-based guided walk. 9. To develop cafe facilitie5 of excellence which provides income by attracting a local audience and can accommodate coach and Fly Drive business as well as conference business. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defmed by the Companies Act 2006. The charity is controlled by its governing document, a deed of trust, and constithtes a limited company, limiled by guarantee, as defined by the Companies Act 2006. Saint Patrick Visitor Centre was set up in July 1996 as a company limited by guarantee to: benefit the people of Downpatrick and the District of Down without distinction of sex, race, political, religious or other opinion of a Visitor Centre with exhibits and collections, drama and displays in relation to the history of St. Patrick and the area of benefit. provide for the advancement of public education in Downpatrick and the District of Down without dislinclion of sex, race, political, religiou5 or other opinion of a Visitor Centre with exhibits and collections. Recruitment and appoiiilment of new trustees Saint Patrick Centre is governed by a Memoranduin of Association. During 2022, 7 Trustees served on the Board of Saint Patrick Centre. New Members are elected at the Annual General Meeting. The Board provides a range of expertise and skills, including pi'oject management, accountancy and planning. The Board have a close working relationship with the Director and in this respect the Board has a good understanding of the project and is able to exercise appropriate levels of control. The Board meets monthly apart from during summer months. The minutes for each meeting are recorded and circulated prior to the next meeting foi. agreement. In tenns of membership and organisational processes, the Boord represents a wide spectrum of the local community and operate in such a way as to provide monitoring and siipport for the Director.
ST PATRICK VISITOR CENTRE LIMITED Report of the Trustee5 FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The company have a board of directors who meet monthly and are responsible for the strategic direction and policy of the company. All staff report to Ihe Director who in turn is accountable to Ihe Saint Patrick Centre Board. Given the scale of operation, these reporting lines are entirely appropriate. The Director has appropriate delegation rights from the Board, while control 15 monitored through monthly reports to the Board including reports on operational and fLnancial status of the project. Induction and training of new trustees Induction and training of new trustees On-going training is provided in-house by either the Director, the Administrative Manager or where necessary from external providers. In particular: A substantial induction pack has been prepared for recruits which deals with exhibition content. - Duty Managers include Director, Shop Manager, Front of House Manager and Finance and Administration Manager REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1031122 (Northern Ireland) Registered Charity number HMRC XR13983 Registered office 53a Market Street Downpatrick Co. Down BT30 6LZ Trustees M Crichton Newspaper Editor E McGrady Chartered Accountant Ms E O'Neill Solicitor Dr J Harper V Mac Nabb BAKing Fr J Mcmanus Company Secretary T Campbell Audilors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
ST PATRICK VISITOR CENTRI LIMITED Report of the Trustees FOR THE YEI AR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of St Patrick Visitor Centre Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of ihe slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of Ihe charitable company for that period. In preparing those financial statemenls, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. 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 charitable company will ¢ontiniie in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit infonnation of which the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforn]ation and to establish that the auditors are aware of that infonnation. AUDITORS The auditors, M.B.Mc Grady & Co, will be proposed for r¢-appoinlment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 12 December 2023 and signed on it5 behalf by.. MSE 'Neill - Trustee
Report of the Independent Auditors to the Members of St Patrick Vi5ltor Centre Limited Opinion We have audited the financial statemenls of St Patrick Visttor Centre Limited (the 'charitable company,) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounling policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 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 application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requiremenls of ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our Yesponsibilities under those slandards are further described in the Auditors, responsibiliti¢s for the audit of the financial statements section of our report. We are independent of the charilable company in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethical Standard, and we have lfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ¢vidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty relating to going concern In auditing the financial slalements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on ihe work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised for Èssue. OUT responsibilities and the responsibilities of the trustees with respect to going Concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other inforn]ation comprises the information included in the Annual Report, other than the fmancial statements and our Report of the Independent Auditors thereon. Our opinion on the financial slalements does not cover the other information and, except to the extent olhenvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, eonsider whether the other infonnalion is materially inconsistent with the financial stateinents or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work underlaken in the course of the audit.. the inforination given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial slatements. and the Report of the Trustees has been prepared in accordance with applicable legal requiremenls.
Report of the Independent Auditors to the Members of St Patrick Visitor Centre Limited Matters oi) iyhich we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of ihe following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have nol been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforn]ation and explanations we require for our audit; or the trustees were not entitled to lake advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable Company for the purposes of company law) are responsible for the preparation of the fanCIal statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error. In preparÈng the financial statements, the trustees ale responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend io liquidate the charitable coinpany or to cease operations. or have no realistic alternative but to do so.
Report ofthe Independent Auditors to the Members or St Patrick Visitor Centre Limited Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the Financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable 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 inisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on lh¢ basis of these financial statements. The extent to which our procedures are Capable of detecling irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedur¢s are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows-. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the sector the company operales within. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. and identified laws and regulations were communicated within the audit tearn regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's fmancial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledg¢ of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-coinpliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we: performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in detern)ining the accounting estimates set out in the notes were indicative of potential bias- and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial slalement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims. and reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fmancial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-coinpliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Report ofthe Independent Auditors to the Member5 of Sl Patrick Visilor Centre Limited Material misstatements that arise due lo fraud Can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fonns part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company'5 member5, as a body, in accordance wilh Chapter 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 embers those matters we are required to state to them in an auditors, 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 coinpany's members as a body, for our audit woi'k, for this report, or for the opinions we have formed. Mr Malac Gra FCA for and on b fofM.B.M Chartered Accountants Statutory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS lor Statutory Auditor) dy&Co 12 December 2023
ST PATRICK VISITOR CENTRE LIMITED Statement of Financial Activities FOR THE YEAR LI NDID 31 MARCH 2023 3113123 Total funds 3113122 Total fund5 Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 162,488 206,413 368,901 333,562 Other trading activities Jnvestment income 518,773 518,773 225,389 Total 681,261 206,413 887,674 558,960 EXPENDITURE ON Raising funds 210,106 210,106 E17,271 Charitable activities Charitable activity 636,650 23,111 659,761 582,714 Total 846,756 23,111 869,867 699,985 NET INCOMEI{EXPENDITURE) (165,495) 183,302 17,807 (141,025) RECONCILIATION OF FUNDS Total funds brought forward 4,188,879 42,917 4,231,796 4,372,821 TOTAL FUNDS CARRIED FORWARD 4,023,384 226,219 4,249,603 4,231.796 The notes form part of these financial statements 10
ST PATRICK VISITOR CENTRE LIMITED Balance Sheet 31 MARCH 2023 3113123 Total funds 3113122 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 13 3,954,937 143,214 4,098,151 3,985,663 CURRENT ASSETS Stocks Debtors Cash at bank 14 15 109,400 45,180 148,144 109,400 128,185 148,144 74,789 163,816 109,005 83,005 302,724 83,005 385,729 347,610 CREDITORS Amounts falling due within one year 16 (234,277) (234,277) (101,477) NET CURRENT ASSETS 68,447 83,005 151,452 246,133 TOTAL ASSETS LESS CURRENT LIABILITIES 4,023,384 226,219 4,249,603 4,231,796 NET ASSETS 4,023,384 226,219 4,249,603 4.231,796 FUNDS Unrestricted fund5 Restricted funds 17 4,023,384 226,219 4,188,879 42,917 TOTAL FUNDS 4,249,603 4,231,796 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 12 December 2023 and were signed on ils behalf by.. E O'Neill- Trustee The notes form part of these financial statements
ST PATRICK VISITOR CINTRE LIMITED Cash Flow Statement FOR THE YEAR ENDEI D 31 MARCH 2023 3113123 3113122 Notes Cash flows from operating activities Cash generated from operations Tax paid 338,335 (48,408) 146,066 Net Cash provided by operating activities 289,927 146,066 Cash flows from investing activities Purchase of tangible fixed assets Interest received (250,788) (77,146) Net cash used in investing activities (250,788) (77,137) Change in cash and cash equivalents in the reporting period Cash and Cash equivalents at the beginning of the reporting period 39,139 68,929 109,005 40,076 Cash and cash equivalents at the end of the reporting period 148,144 109,005 The notes fomi part of these financial statements 12
ST PATRICK VISITOR CENTRE LIMITED Notes to the Cash Flow Statement FOR THE YEI AR ENDED 31 MARCH 2023 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 3113123 3113122 Net ineome/(expenditure} for the reporting p¢riod (as per the Statement of Finaneial Activities) Adjustments for: Depreciation charges Interest received Increase in stocks Decrease in debtors Increase in creditors 17,807 (141,025) 138,300 134,012 (9) (7,089) 129,246 30,931 (34,611) 35,631 181,208 Net cash provided by operations 338J35 146,066 ANALYSIS OF CHANGES IN NET FUNDS At 114122 Cash floiv At 3113123 Net cash Cash at bank 109,005 39,139 148,144 109,005 39,139 148,144 Total 109,005 39,139 148,144 The note5 fomi part of these financial slateinents 13
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statement5 FOR THE YEAR ENDED 31 MARCH 2023 CHARITIES RESERVEt S POLICY A5 at the 31 March 2023 St Patrick Visitor Centre Ltd's balance sheet shows total funds of £4,249,603 of which £4,023,384 is unrestricted. Per the Statement of Recommended Practice Accounting and Reporting by Charities" when calculating the amount of unrestricted reserves trustees are required to exclude funds which have already been invested or designated for another purpose. St Patrick Visitor Centre Ltd's actual unrestricted reserves as at 31 March 2023 were £68,447. In calculating the unrestricted amount the trustees have excluded funds already spent on tangible fixed assets of £3,954,937. ACCOUNTING POLICIES Basis of preparing the financial statements The financial Statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical c05t convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the futkd5, it Is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as ihere is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendithre is accounted for on an accruals basis and has been classified under headings ihat aggregate all cost relal¢d to the category. Where costs cannot be diTectly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixtures and fittings Equipment 20/9 on cost 200/0 on cost 2% oncost Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Fund aceounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 14 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Finaneial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023 DONATIONS AND LEGACIES 3113123 3113122 Donations Grants 6,167 362,734 11,645 321,917 368,901 333,562 Grants received, included in the above, are as follows.. 3113123 3113122 Department of Foreign Affairs Misc Grants Down District Council Covid Grants Heritage Recovery Fund Tourism NI Northern Ireland Hotel Foundation Other granls 7,499 15,223 131,750 27,692 3,557 131,750 8,913 52,621 76,560 1,849 206,413 20,824 362,734 321,917 OTHER TRADING ACTIVITIES 3113123 3113122 Shop income Exhibition Restaurant Income Conference Income Educational Trips Tour Groups Miscellaneous 219,191 14,331 235,365 7,114 985 19,880 21,907 104,279 6,288 59,064 1,488 33,661 20,609 518,773 225,389 INVESTMENT INCOME 3113123 3113122 Deposit account interest 15 continued...
ST PATRICK VISITOR CEIYTRE LIMITED Notes to the Financial Statements Continued FOR THE YEAR ENDED 31 MARCH 2023 RAISING FUNDS Other trading activities 3113123 3113122 Opening stock Purchases Closing stock 74,789 244,717 (109,400) 67,699 124,361 (74,789) 210,106 117,271 CHARITABLE ACTIVITIES COSTS Support costs (see note 8} Direct Costs Totals Charitable activity 644,519 15,242 659,761 SUPPORT COSTS Governance costs Finance Totals Charitable activity 9,996 5,246 15,242 NET INCOME/(EXPENDITURE) Net incomel(expenditure) is stated after chargIn(crediting).' 3113123 3113122 Auditors, remuneration Depreciation - owned assets 7,400 138,300 7,333 134,012 io. TRUSTEES, REMUNERATION AND BII NEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustee5' expenses There were no trustees, expense5 paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. 16 continued...
ST PATRICK VISITOR CENTRE LIMITED Note5 to the Financial Statement5 - COTitinued FOR THE YEAR NDED 31 MARCH 2023 ii. STAFF COSTS 3113123 3113122 Wages and salaries 314,829 182,790 314,829 182,790 The average Monthly number of employees during the year was as follows., 3113123 16 3113122 Other Staff Administrative Staff Management Staff 20 No employees received emoluments in excess of £60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 218.743 114,819 333,562 Other trading activities Investment income 225,389 225.389 Total 444,141 114,819 558,960 EXPENDITURE ON Raising funds 117,271 117,271 Charitable activities Charitable activity 510,812 71,902 582,714 Total 628,083 71,902 699,985 NET INCOME/(EXPENDITURE) (183,942) 42,917 (141.025) RECONCILIATION OF FUNDS Total fund5 brought forward 4,372,821 4,372,821 TOTAL FUNDS CARRIED FORWARD 4,188,879 42,917 4,231,796 17 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023 13. TANGIBLE FIXED ASSETS Fixtures
nd
rittings Freehold property Equipment Totals COST At l April 2022 Additions 4,030,557 2,473,435 250,788 94,186 6,598,178 250,788 At 31 March 2023 4,030,557 2,724,223 94,186 6,848,966 DEPRECIATION At l April 2022 Charge for year 1,611,849 80,611 916,279 54,484 84,387 3,205 2,612,515 138,300 At 31 March 2023 1,692,460 970,763 87,592 2,750,815 NET BOOK VALUE At 31 March 2023 2,338,097 1,753,460 6,594 4,098,151 At 31 March 2022 2,418,708 1,557,156 9,799 3,985,663 14. STOCKS 3113123 3113122 Stocks 109,400 74,789 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113123 3113122 Trade debtors Other debtors VAT Prepayments and accrued income 13,527 93,853 11,624 9,181 4,076 147,177 4,485 8,078 128,185 163,816 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statevnents - continued FOR THE YEAR ENDED 31 MARCH 2023 16. CREDITORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 3113123 3113122 Trade creditors Corporation tax Social security and other taxes Other creditors Accriials and deferred incorne 178,335 (19,294) 2,981 32,938 39,317 50,221 29,114 2,981 19,161 234,277 101,477 17. MOVEMENT IN FUNDS Net movement in funds At 3113123 At 114122 Unrestricted funds General fund 4,188,879 (165,495) 4,023,384 Restrieted funds Heritage Recovery Fund Tourism Nl 42,917 42,917 183,302 183,302 42,917 183,302 226,219 TOTAL FUNDS 4,231,796 17,807 4,249,603 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 681,261 (846,756) (165,495) Restricted funds Tourism Nl Hertiage Officer Funding 186,507 19,906 {3,205) (19,906) 183,302 206,413 (23,111) 183,302 TOTAL FUNDS 887,674 {869,867) 17,807 19 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statemeiits - eontinued FOR THE YEAR ENDED 31 MARCH 2023 17. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 3113122 At 114121 Unrestricted funds General fund 4,372,821 (183,942) 4,188,879 Restricted funds Heritage Recovery Fund 42,917 42,917 TOTAL FUNDS 4,372,821 (141,025) 4,231,796 Comparative net movement in fvnds, included in the abov¢ are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 444,141 (628,083) (183,942) Restricted funds Department of Foreign Affairs and Trade - ReconcilationlAnti-Sectarianism Funds Heritage Recovery Flind Newry Mourne & Down Council Tourism NI Nl Hotel Federation 13,846 42,917 2,250 31,270 24,536 (13,846) 42,917 (2,250) (31,270) (24,536) 114,819 (71,902) 42,917 TOTAL FUNDS 558,960 (699,985) (141,025) A current year 12 month5 and prior year 12 months combined position is as follows: Net movement in funds At 3113123 At 114121 Unrestricted funds General fund 4,372,821 (349,437) 4,023,384 Restricted funds Heritage Recovery Fund Tourism Nl 42,917 183,302 42,917 183,302 226,219 226,219 TOTAL FUNDS 4,372,821 (123,218) 4,249,603 20 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2023 17. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net rnovement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,125,402 (1,474,839) (349,437) Restricted fullds Department of Foreign Affairs and Trade - ReconcilalionlAnli-Sectarianism Funds Heritage Recovery Fund Newry Mourne & Down Council Tourism Nl NI Hotel Federation Hertiage Officer Funding 13,846 42,917 2,250 217,777 24,536 19,906 (13,846) 42,917 (2.250) (34,475) (24,536) (19,906) 183,302 321,232 (95,013) 226,219 TOTAL FUNDS 1,446,634 (1,569,852) (123,218) 18. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2023. 19. GOING CONCERN St Patrick Visitor Centre Lid is heavily dependent on an annual contribution from Newry, Down and Moume District Council. A formal agreeinent has been made to provide funding for the year ended 31 March 2024. Based on this agreement the directors believe that this funding will be adequate to enable the company to continue over the next twelve months. On this basis the directors consider it appropriate lo prepare the accounts on a going concern basis. 21
ST PATRICK VISITOR CENTRE LIMITED Detailed Statement of Financial Activities FOR THE YEI AR ENDED 31 MARCH 2023 3113123 3113122 INCOME AND ENDOWMENTS Donations and legacies Donations Grants 6,167 362,734 11,645 321,917 368,901 333,562 Other trading activities Shop income Exhibition Restaurant Income Conference Income Educational Trips Tour Groups Miscellaneous 219,191 14,331 235,365 7,114 985 19,880 21,907 104,279 6,288 59,064 1,488 33,661 20,609 518,773 225,389 Investment income Deposit account interest Total incoming resources 887,674 558,960 EXPENDITURE Other trading activities Opening stock Purchases Cafe Purchases Closing stock 74,789 149,000 95,717 (109,400) 67,699 88,360 36,001 (74,789) 210,106 117,271 Charitable activities Wages Rates and water Lit and heat Telephone Postage and stationery Advertising Sundries Repairs and Maintenance Insurance MotorlTravel Costs Carried forward 314,829 3,783 34,533 3,470 5,528 18,595 11,368 44,351 10,696 6,222 453,375 182,790 2,116 21.655 3,900 4,357 38,036 11,667 46,866 9,320 1,297 322,004 This page does not form part of the statutory financial statements 22
ST PATRICK VISITOR CENTRE LIMITED Detailed Statement of Financial Activities FOR THE YEI AR ENDED 31 MARCH 2023 3113123 3113122 Charitable xclivities Brought forward Programme Costs Events Walking tours Bad Debt Depreciation of tangible fixed assets 453,375 7,121 29,159 16,051 513 138,300 322,004 13,874 39,235 10,304 134,012 644,519 519,429 Support costs Finance Bank charges 9,996 3,778 Govern9nee costs Auditors, reinuneration Corporation tax Professional Fees 7,400 (19,043) 16,889 7,333 52.174 5,246 59,507 Total resources expended 869,867 699,985 Net income/(expenditure) 17,807 (141.025) This page does not forni part of ihe statutory financial statements 23