REGISTERED COMPANY NUMBER: N1031122 (Northern Ireland) REGISTERED CHARITY NUMBER: HMRC XR13983 Report of the Trustee5 and Financial Statements for the Year Ended 31 March 2024 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 Finaneial Statements FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of th¢ Independent Auditors Statement of Financial Activities io Balance Sheet Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 22
ST PA TRICK VISITOR CENTRE LIMITED Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended J l March 2024. 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 AIYD ACTIVITIES Objeetives and aims The main objective of the company is to provide a focal point for tourists, pilgrims and the local community to learn more about 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 rnany years of the 'troubles' in Mid Down and bring coTnmunities together particularly children through our Cross Community Education Programme. This ProamMe is developing links not just between schools from different faith5 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 io meet those objectives include the following:" monitoring of service and standards of customer contact to ensure that standards 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 Officer or another knowledgeable person. detailed planning on how to handle all manner of questions and emergencies which may arise; - opening and closing times should always be what has been advertised and reflect standard toutism times; implementation of a customer care ethos. Public benefit The Trustees are confident that the Charitable aims of St Patrick Visitor Centre Limited satisfy the principles of public benefit as defmed 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 plalming its fvttjre activities. The Saint Patrick Centre enhances public understanding of and access to Irish history by providing tbe only pern]anent exhibition in the World about Saint Patrick in Downpatrick, Northern 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 Ireland selected by the government to bring increased prosperity and tourism revenue to future generations here. As a result the Saint Patrtck Centre primarily claims charitable statu5 under the Charities Act as an organisation by providing public benefkt 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 ethos 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 ITeland? This has a direct benefit to the community groups and schools who participate, an indirect benefit within their communities as well as a wider benefit throughout Northern Ireland. As a result, the Saint Patrick Centre also claims 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 Trustees FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable aetivities The Centre is a private charitable organisation which typically attracts incieasing numbers of local and international vÈsitors every year. This year has been very different but we have still supported as far as was possible our Cross Community Education Programme and hosted cross community art exhibitions in its Art Gallery, hosts the Churches Together Organisation, Downpatrick Citizens Advice, U3A workshops and many other charitable activities.The Centre has also developed a new guiding walkkng trail called Saint Patrick's Way the Camino of Ireland in association with Tourism NI and provides guided walking experiences which supports local transport operators, local cafés and hotels. During the Christmas season ihe Centre provides a Giving Tree and collects presents for disadvantaged children through social services. FINANCIAL REVIEW Principal funding sources Beyond trading activities, which accounts for the majority of income, Newry, Mourne and District Council provide a grant of £131,000 and the other funding income comes from The Irish Department of Forei Affairs, the Ancient Order of Hibernians in America and the Heritage Recovery Fund. Investment poliey and objectives Aside from retaining a prudent amount in reserves each year most of the charity's funds are to be spent in the short terni so theie are few funds for long tenn invesknent. All funding is Grants received in advance are to be invested in replenishing the exhibitton. Reserves policy The Management Committee has examined the charity's requirements for reserves in light of the main risks to the organisation. A policy has been established whereby unrestricted funds not committed or invested in tangible assets held by the charity should be 6 months of the annual budgeted expenditure. Budgeted unrestricted expenditure for the 24125 is approximately £696,000 and therefore the target is £350,000 of general unrestricted funds. The reserves are required to meet the working capital requirements of the charity. The acthal reserves at 31 March 2024 arnount to £106,513 which is below the target figure of £350,000. In calculating unrestricted reserves the trustees have excluded funds already spent on tangible fixed assets of £3,969,076
ST PATRICK VISITOR CENTRE LIMITED Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS The company plans continuing most of the activities outlined above in the forthcoming years and to develop the following strategic objectives of the future:. l. To deliver a successfvl, efficient and effective commercial operation within the constraints of budget annually provided by Newry Mourne and Down Council and other funding agencies. 3. To maxirni5e 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 so that there is a cohesive marketing approach for the St Patrick Visitor Centre. 8. To develop new experiences including Saint Patrick's Camino as an activity-based guided walk. 9. To develop cafe facilities 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 ttust. and constitutes a limited company, limited by guarantee, as defmed by the Companies Act 2006. The chaiity is controlled by its governing document, a deed of trust, and constitutes a lirnited company, limited by guarantee, as defmed 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 distinction of sex, race, political, religious or other opinion of a Visitor Centre with exhibits and collections. Recruitment and appointment of new trustees Saint Patrick Centre is governed by a Memorandum of Association. During 2022, 7 Ttustees 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 project 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 for agreement. In tenns of membership and organisational processes, the Board represents a wide spectrum of the local community and operate in such a way as to provide monitoring and support for the Director.
ST PATRICK VISITOR CENTRE LIMITED Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 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 the Director who in tum is accountable to the 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 is monitored through monthly reports to the Board including reports on opera¢ional and fmancial 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 New Trustees. Staff induction packs includes 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 H(Elc XR13983 Registered office 53a Market Street Downpatrick Co. Down BT30 6LZ Trustees M Crichton Newspaper Editor E McGrady Chartered Accountant Ms E Oweill Solicitor Dr J Harper V Mac Nabb BAKing Fr J Mcmanus Company Secretary T Campbell Auditors 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 Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 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 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trnstees to prepare financial statemenls for each financial year which give a true and faÈr view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expendlture, of the charitable company for that period. In preparing those fll)an¢ial statements, 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 fmancial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fmancial position of the charitable company and to enable them to ensure that the fancial statements comply with the Companies Act 2006. They 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 so far as the trustees are aware: there is no relevant audit inforniation of which the charitable company's auditors are unaware. and the tsustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that infonnation. AUDITORS The auditors, M.B.Mc Grady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trnstees on ry November 2024 and signed on its behalf by: Ms E Oweill - Trustee
Report of the Independent Auditors to the Members of St Patrick Visitor Centre Limited Opinion We have audited the financial statements of St Patrick Visitor Centre Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the fjnancial statements, including a summary of significant accounting 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 2024 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 requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilÉties under those standards are further described in the Auditors, responsibilities for the audit of the fmancial statements 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 lfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sutyicient and appropriate to provide a basis foi our opinion. Material uneertainty relating to going concern In auditing the f]nancial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fmdncial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast sigiificant 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 issue. Our responsibilitie5 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 infonnation. The other inforniation comprises the inforniation included in the Am]ual Report. other than the fmancial statements and our Report of the Independent Auditors thereon. Our opinion on the fmancial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. In connection with our audit of the fmancial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infomiation is materially inconsisteTht with the fJnan¢ial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we aTe required to detennine 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 mateTial misstatement of this Other inforn)ation, 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 undertaken in the course of the audit: the information given in the Report of the Trustees for the fmancial year for which the financial statements are prepared is consistent with the fmancial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requiTements.
Report of the Independent Auditors to the Members of St Patrick Visitor Centre Limited Matters on which Ive are required to report by exception In the light of the knowledge and understanding of the charktable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Ttee5. We have nothing to report in respect of the following matter5 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 not been received from branches not visited by us. or the financial statements are not in agreement with the accounting record5 and Teturns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Tn]stees. 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 fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trnstees determine is necessary to enable the preparation of fu)ancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no Tealistic alternative but to do so.
Report of the Independent Auditors to the Members of St Patrick Visitor Centre Limited Our responsibilities for the audit of the financial stattmellts Our objectives are to obtain reasonable assurance about whether the fmancial 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 assuTance, 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, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finoncial statements. The extent to which our procedures are capable of detecting 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 delect material misstatement5 in respect of Iegular1t]es, including fraud. The extent to which our procedures 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 operates within. we focused on specific laws and regulations which we considered may have a direct material effect on the fmancial 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 wilhin the audit team regullY and the team rematned alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's fanCIal statements to material misstatement, including oblaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, Suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws aThd regulations. To address the risk of fraud through management bias and override of controls, we.. perfomied anal>rtical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in detennining the accounting estimates set out in the notes were indicatlve of potential bias; and investÈgated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-cornpliance with laws and regulations, we designed procedures which included, but were not limited to-. agreeing fmancial statement 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 financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also Itmit the audit procedures required to identify non-compliance with laws and Tegulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Report of the Independent Auditors to the Members of St Patrick Visitor Centre Limited Material misstatements that arise due to 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 W1.frC.Org.ukAaudltOTsreSponSibl1itie5. This description forn]s part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with 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 members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do Thot accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body> for our audit work, for this report, or for the opinions we have fomled. Mr Malach Grady CA{S for and on eha f ofM.B.M¢ G Chartered Ac untants Statutory Auditors Raihmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS Lor atutory Auditor) I l November 2024
ST PATRICK VISITOR CENTRE LIMITED Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024 3113ll4 Total funds 3113123 Total funds Unrestricted fund Reslricted runds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 168,405 28,223 196,628 368,901 Other trading activities 005,261 605,261 518,773 Total 773,666 28,223 801,889 887.674 EXPENDITURE ON Raising funds 250,395 250,395 210,106 Charitable activitios Charitable activity 692,701 32,747 725,508 659,761 Total 943,156 32,747 975,903 869,867 NET INCOMEI(EXPENDITURE) (169,490) (4,524) {174,014) 17,807 RECONCILIATION OF FUIYDS Total funds brought forward 4,023 J84 226,219 4,249,603 4,231,796 TOTAL FUNDS CARRIED FORWARD 3,853,894 221,695 4,075,589 4,249,603 The notes fomi part of these financial statements io
ST PATRICK VISITOR CENTRE LJMITED Balanee Sheet 31 MARCH 2024 3113124 Total funds 3113123 Total funds Unrestricted fund Restrieted funds Notes FIXED ASSETS Tangible assets 12 3,747J81 221,695 3,969,076 4,098,151 CURRENT ASSETS Stocks Debtors Cash at baT 13 14 111,520 65,381 52,054 111,520 65,381 52,054 109,400 128,185 148,144 228,955 228,955 385,729 CREDITORS Amounts falling due within one year 15 (122,442) (122,442} (234,277) NET CURRENT ASSETS 106,513 106,513 151,452 TOTAL ASSETS LESS CURRENT LIABILITIES 3,853,894 221,695 4,075,589 4,249,603 NET ASSETS 3,853,894 221,695 4,075,589 4,249,603 FUNDS Unrestricted funds Restricted funds 17 3,853,894 221,695 4,023,384 226.219 TOTAL FUNDS 4,075,589 4,249,603 These fmancial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fmancial statement5 were approved by the Board of Trustees and authorised for issue on Fl November 2024 and were signed on its behalf by.. E ONeill - Trustee The notes forn) part of these financial statements
ST PATRICK VISITOR CENTRE LIMITED Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 3113124 31nn3 Notes Cash flows from operating activilies Cash generated from operations Tax paid (106,172) 19,294 338,335 (48,408) Net cash (used in)/provided by operating activities (86,878) 289,927 Cash flows from investing activities Purchase of iangible fixed assets (9,225) (250,788) Net cash used in investing activities (9,225) (250.788) Change in cash and cash equivalents in the reporting period Cash and cash equivalent5 at the beginning of the reporting period (96,103) 39,139 148,144 109,005 Cash and cash equivalents at the end of the reporting period 52,041 148,144 The notes forni part of these fmancial statements 12
ST PATRICK VISITOR CENTRE LIMITED Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET (EXPENDITURE}IINCOME TO NET CASH FLOW FROM OPERATING AcfivITIES 3113124 3113123 Net (expenditure)lincome for the reporting period (as per the Statement of Finaneial Activities) Adjustn)ents for: Depreciation charges Inciease in stocks Decrease in debtors (Decrease)/increase in creditors (174,014) 17,807 138,300 (2,120) 62,804 (131,142) 138,300 {34,611) 35,631 181,208 Net cash (used in)Iprovided by operations (106,172) 338,335 ANALYSIS OF CASH AND CASH EQUIVALEIYTS 3113n4 3113123 Notice deposits (less than 3 months) Overdrafts included in bank loans and overdraft5 falling due within one year 52,054 {13) 148,144 Total cash and cash equivalenls 52,041 148,144 ANALYSIS OF CHANGES IN NET FUI4IDS At 114123 Cash flow At 3113124 Net cash Casb at bank Bank overdraft 148,144 (96,090} (13) 52,054 (13) 148,144 (96,103) 52,041 Total 148,144 (96,103) 52,041 The notes forni part of these financial statements 13
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 CHARITIES RESERVES POLICY As at the 31 March 2024 St Patrick Visitor Centre Ltd's balance sheet shows total funds of £4,075,589 of which £3,849,370 is unrestricted. Per the Statement of Recommended Practice Accounting and Reporting by Charities" when calculating the amount of untestricted reserves trustees are required to exclude funds which have already been invested or designated for another pulyose. St Patrick Visitor Centre Ltd's a¢al unrestricted reserves as at 31 March 2024 were £106,513. In calculating the unrestricted amount the trustees have excluded funds already spent on langible fixed assets of £3,742,857. ACCOUNTING POLICIES Basis of preparing the financial statements The fmancial 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: 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),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial statements have beell prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities onc¢ the charity has entitlement to the funds, it s probable that the income will be Teceived and the amount can be measured reliably. Expenditure Liabilities are reCOlSed as expenditure as soon as there 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. Expenditure is accounted for on an acwls basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly 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 20/0 on cost 20/0 on cost Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Fund accounting Unrestricted fvnds 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 specifked by the donor or when funds are raised for particular restricted purposes. Further explanation of the narnre and pUOSe of each fund is included in the notes to the fll)ancial statements. 14 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 3113124 3113123 Donations Grants 32,855 163,773 6,167 362,734 196,628 368,901 Grants received, included in the above, are as follows.. 3113124 3113123 Department of Foreign Affairs Misc Grants Down District Council Northern Ireland Hotel Foundation Other grants 10,242 7,499 15,223 131,750 1,849 206,413 131,750 21,781 163,773 362,734 OTHER TRADING ACTIVITIES 3113124 3113123 Shop income Exhibition Restaurant Income Conference Income Educational Trips Tour Groups Miscellaneous 267,996 28,666 250,385 4,550 2,147 34,539 16,978 219,191 14,331 235,365 7,114 985 19,880 21,907 605,261 518,773 15 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS Other trading activities 3113124 3113123 Opening stock Purchases Closing stock 109,400 252,515 (111,520) 74,789 244,717 (109,400) 250,395 210,106 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Charitable activity 691,330 34,178 725,508 SUPPORT COSTS Governance costs Finance Totals Charitable activity 11,267 22,911 34,178 NET INCOMEI{EXPENDITURE) Net incomel(expenditure) is stated after chaigingl(crediting)'. 3113n4 3113123 Auditors, remuneration Depreciation - owned assets 6,500 138JOO 7,400 138,300 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 16 continued...
ST PA TRICK VISITOR CENTRE LIMITED Notes to th¢ Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 io. STAFF COSTS 3113124 3113123 Wages aThd salaries 344,138 314,829 344,138 314,829 The average monthly number of employees during the year was as follows: 3113124 21 3113123 16 Other Staff Administrative Staff Management Staff 25 20 No employees received emoluments in excess of £60,000. ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 162,488 206,413 368,901 Other trading activities 518,773 518,773 Total 681,261 206,413 887,674 EXPENDITURE ON Raising funds 210,106 210,106 Charitable aetivities Charitable activity 636,650 23,111 659,761 Total 846,756 23,111 869,867 NET INCOMEI(EXPENDITURE) (165,495) 183,302 17,807 RECONCILIATION OF FUNDS Total funds brought forward 4,188,879 42,917 4,231,796 TOTAL FUNDS CARRIED FORWARD 4,023,384 226,219 4,249,603 17 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements - eontinved FOR THE YEAR ENDED 31 MARCH 2024 12. TANGIBLE FIXED ASSETS Fixtures and rittings Freehold property Equipment Totals COST At l April 2023 Additions 4,030,557 2,724,223 9,225 94,186 6,848,966 9,225 At 31 March 2024 4,030,557 2,733,448 94,186 6,858,191 DEPRECIATION At l April 2023 Charge for year 1,692,460 80,611 970,763 54,484 87,592 3,205 2,750,815 138,300 At 31 March 2024 1,773,071 1,025,247 90,797 2,889,115 NET BOOK VALUE At 31 March 2024 2,257,486 1,708,201 3J89 3,969,076 At 31 March 2023 2,338,097 1,753,460 6,594 4,098,151 13. STOCKS 3113124 3113123 Stocks 111,520 109,400 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Tiade debtors Other debtors VAT Prepayments and accrued income 8,261 45,964 13,527 93,853 11,624 9,181 11,156 65,381 128,185 18 continued..
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statement5 - Colltinued FOR THE YEAR ENDED 31 MARCH 2024 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 31Dn3 Bank loans and overdrafts (see note 16) Trade creditors Corporation tax Social security and other taxes VAT Other creditors Accruals and deferred income 13 51,159 178,335 (19.294) 2,981 50,132 32,938 39,317 21,138 122,442 234,277 16. LOANS An analysis of the maturity of loans is given below.. 3113n4 3113123 Amounts falling due within one year on demand: Bank overdrafts 13 17. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds General fund 4,023,384 (169,490} 3,853,894 Restrieted funds Heritage Recovery Fund Tourism Nl 42,917 183,302 (858} (3,666) 42,059 179,636 226,219 (4,524} 221,695 TOT AL FUNDS 4,249,603 (174,014) 4,075,589 19 continued...
ST PATRICK VISITOR CENTRE LIMITED Note5 to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 773,666 (943,156) (169,490) Restricted funds Department of Foreign Affairs and Trade - ReconcilationlAnti-Sectarianism Funds Heritage Recovery Fund Tourism NI Hertiage OtTicer Funding 10,242 (10,242) (858) (3,666) (17,981) (858) (3,666) 17,981 28,223 (32,747) (4,524} TOTAL FUNDS 801,889 (975,903) (174,014) Comparatives for 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 NI 42,917 42,917 183,302 183,302 42,917 183,302 226,219 TOTAL FUNDS 4,231,796 17,807 4,249,603 20 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUIYDS - continued Comparative net movernent in nds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 681,261 (846.756) (165,495) Restrieted 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 A current year 12 months and prior year 12 month5 combined p051tion is as follows.. Net movement in funds At 3113124 At 114122 Unrestricted funds General fund 4,188,879 (334,985) 3,853,894 Restricted funds Heritage Recovery Fund Tourism Nl 42,917 (858) 179,636 42,059 179,636 42,917 178,778 221,695 TOTAL FUNDS 4,231,796 (156,207) 4,075,589 21 continued...
ST PATRICK VISITOR CENTRE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS - continued A current y¢ar 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrieted funds General fund 1,454,927 (1,789,912) (334,985) Restricted funds Department of Foreign Affair5 and Trade - ReconcilationlAnti-Sectarianism Funds Heritage Recovery Fund Tourism NI Hertiage Officer Funding 10,242 (10,242) (858) (6,871) (37,887) (858) 179,636 186,507 37,887 234,636 (55,858) 178,778 TOTAL FUNDS 1,689,563 (1,845,770) (156,207) 18. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 19. GOING CONCER St Patrick Visitor Centre Ltd is heavily dependent on an annual contribution from Newry, Down and Mourne District Council. A fonnal agreement has been made to provide ndillg for the year ended 31 March 2025. Based on this agreement the directors believe that this funding WIRI be adequate to enable the company to continue over the next twelve months. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis. 22