Company Registration Number: N1027039 Dun Uladh Limited IA company Ilmited by guarantee. not having a Share ¢apitall Directors. Report and Unaudlted Flnanclal Statements for the financial year ended 28 February 2023
Dun Uladh Limited IA company limited by guarantee, not having a share capitall CONTENTS Page Directors and Other Information Directors, Report Accountants, Report Income Statement ststement of Financial Position Reconciliation of Members. Funds Statement of Cash Flows 10 Notes to the Financial Statements Supp18m8ntary Information on Incom8 and Expenditure Account 16
Dun Uladh Limited IA company limited by guarantee. not having a share capital) DIRECTORS AND OTHER INFORMATION Directors Labhras O'murchu Colmain O'muimneachain Seamus Maccormai Tomas O Maoldomhnaigh (Resigned 28 November 20231 Padraig O'Dufaigh Padraig O'ceallaigh (Appointed 28 November 2023) Company Secretary Brendan McAleer Company Registration Number N1027039 Registered Offlce and Business Address Cultural Herttage Centre of Ulster Drumakilly Road Omagh Co. Tyrone BT79 OJP Ireland Accountants ECOVIS DCA Limited Chartered Accountants 27 Upper Mount Street Dublin 5 Ireland Bankors Bank of Ireland Omagh Campsie Co. Tyrone BT79 OAE Northern Ireland Solicitors Mumaghan Colton Solicitors 3 John Street Omagh Co. Tyrone BT78 1 DW Northern Ireland Eugene P Keams, B.C.L Solicitor 10 LowerAbbey Slreel Dublin 1 Ireland
Dun Uladh Limited IA company limited by guaranlee. not having a share capital) DIRECTORS, REPORT for the financial year ended 28 February 2023 The directors present their report and the unaudited financial statements for the financial year ended 28 February 2023. Principal Activity The organisalion is a charitable cornpany limited by guarantee. The company does not have a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute lo the net assets or liabililies of the company on winding up such amounts as may be required not exceeding one pound (£1). The principal activity of the company is that of the promotion of the cultural heritage of Ulster, particularly the music of the province. its history and culture. The company has established a Cultural Herrtage Centre for locals and vi511ors lo the region. The facilities provided include an exibition centre, display hall, recording facilities and a licensed bar. The company is a registered charity (reference no.. NIC100667) The company is limited by guarantee not having a share capital. Prlnclpal Rlsks and Uncertainties There are a number of factors which may materially and adversely affect our ability to achieve our objectives. These risks include.. -Threat of competitors -changes in external operating environment -Loss of funding -changes in customer buying behavior The organistion has adopted controls necessary to manage these risks and enable efficient execution of the company's business model. A risk management strategy in place which is reviewed and updated al each board meeting and a risk register has been established. Flnanclal Results The surplus for the financial year after providing for depreciation amounted to £3,403 (2022 - £62.731)- Directors The directors who served during the financial year are as follows-. Labhras O'Mur¢hu Colmaln O'muimneachain Seamus Maccormaic Tomas O Maoldomhnaigh (Resigned 28 November 2023) padraig O"Dufaigh Padraig O'ceallaigh {Appointed 28 November 2023) In accordance with the Articles of Association, padraig O Ceallaigh will retire by rotation and. being eligible. will offer himself for re-election. Polltical Contributions The ¢ompany did not make any disclosable political contributions in the Gurrenl financial year.
Dun Uladh Limited IA company limited by guarantee, not havlng a share capltall DIRECTORS, REPORT for the financial year ended 28 February 2023 Statement of Directors. Responsibilities The directors are responsible for preparing the Directors, Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial slatements for each financial year. Under that law Ihe directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the directors musl not approve the financial statements unless they are sat15fied that they give a true and fair view of Ihe slate of affairs of the ompany and of Ihe surplu5 or deficit of the company for that period. In preparing these financial statements, the directors are required lo: select suitable accounting policies and apply them consistently., make judgements and accounting estimates that are reasonable and prudent- prepare the financial slalemenls on the going conrn basis unless il is inappropriate to presume Ihat the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's Iransaclions and disclose wilh reasonable accuracy at any lime the financial position of the company 2nd enable them lo ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Post- Balance Sheet Events There have been no significant events affecting the company since the financial year-end. Special provi5ion5 relating to small Companies The above report has been prepared in accordance with the special provisions relating to small companies wilhin Part 15 ofthe Companies Act 20D6. On behalf of the board Labhras O'murchu Director Date: ZOL3
Dun Uladh Limited IA ¢ompany limited by guaranteE, not having a share capital) CHARTERED ACCOUNTANTS, REPORT to the Board of Directors on the Compilation of the unaudited financial statements of Dun Uladh Limited for the financial year ended 28 February 2023 In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statemenls of the company for the financial year ended 28 February 2023 as set on pages 7 to 14 which comprise the Income Statement. the Statement of Financial Position, the Reconciliation of Members, Funds, the Slalement of Cash Flows and the related noles from the company's accounting records and frorn information and explanations you have given to us. This report is made solely to the Board of Directors of Dun Uladh Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged lo compile. report lo Ihe company's Board of Directors that we have done so, and stale those matters that we have agreed to slate to them in this report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility to anyone other than the Company and ils Board of Directors, as a body, for our work or for this report. We h8ve carried out this engagement in accorLlance with guidance issued by Chartered Accounlanls Ireland and have complied with the relevant ethical guidance laid down by Chartèred Accounlanls Ireland relaling lo members undertaking the compilalion of financial slalemenls. You have acknowledged on the balance sheet for the year ended 28 February 2023 your duty lo ensure that Dun Uladh Limited has kept adequate accounting records and to prepare statutory financial statements that gtve a true and fair view of Ihe assets, liabilities, financial position and surplus of Dun Uladh Limited. You consider that Dun Uladh Limited is exempt from the statutory audit requiiemenl for the financial year. We have not been instructed lo carry out an audit or a review of the financial statements of Dun Uladh Limited. For this reason. we have nol verified the adequacy, accuracy or completeness of the accounting Tecords or information and explanations you have glven to US and We do not, therefore, express any opinion on the stalulory financial statements. ECOVIS DCA L TED Chartered Accountants and Slalulory Audit Firm 27 Upper Mount Street Dublin 5 Ireland Date: £7
Dun Uladh Limited IA company limited by guarantee, not having a share capital) INCOME STATEMENT for the financial year ended 28 February 2023 2023 2022 Notes Income 263,495 326,465 Expenditure {260,092) (263,7341 Surplus for the flnancial year 3.403 62,731 Total comprehenslve income 3,403 62,731 The notes on pages 11 10 14 form part of the financial slalements
Dun Uladh Limited A company Ilmited by guarantee. not havlng a shar• capital) Company Registratlon Number.. N1027039 STATEMENT OF FINANCIAL POSITION as al 28 February 2023 2023 2022 Notes Flxed Assets Tangible assets 230,168 203,902 Current Assets Debtors Cash and cash equivalents 17,128 161,961 5,262 206,012 179.089 211.274 Creditors.. amounts falling due within one year Net Current Assets (79,822) {18.5311 99,267 192,743 Total Assets less Curront Liabilities 329.435 396,645 Long Term Credltors 10 (128,555) 1133,6681 Net Assets 200,880 262,977 Reserves Sinking Fund Retained surplus 12 (65,5001 266.380 262,977 Equlty attrlbutable to owners of the company 200,880 262.977 These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The directors confirm that the members have not required the company lo obtain an audit of ils financial slalements for the financial year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for ensuring that the company keeps accounting COrdS which comply with soction 386 and for preparing financial slalemenls which give a true and fair view of the slate of affairs of the company as at the end of the financial year and of its profil and Ioss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial ststements, so far a5 applicable to the company. Approved by the Board and authorised for issue on 21. 11. 20 2&nd signed on Its behalf by Labhras DirectOT 'Murchu The notes on pages 11 10 14 fom part of the finanual slalements
Dun Uladh Limited (A company limited by guarantee, not having a share capital} RECONCILIATION OF MEMBERS, FUNDS as al 28 February 2023 Retained surplus Tolal At 1 March 2021 200,246 200,246 Surplu5 for the financial year 62,731 62.731 At 28 February 2022 262,977 262.977 Surplus for the financial year 3.403 3.403 Other movements in equity attributable to owners 165,5001 (65.500) At 28 February 2023 266,380 (65,5001 200,880
Dun Uladh Limited IA company limFted by guarantee. not having a share capital) STATEMENT OF CASH FLOWS for the financial year ended 28 Febnjary 2023 2023 2022 Note5 Cash flows from operating actlvities Surplus for the financial year Adjuslmenls for.. Depreciation Amortisation of govemment grants 3,403 62,731 28,401 15,113) 17,887 (5,4051 Movements in working capital.. Movement in stocks Movement in debtors Movement in creditors 26,691 75,213 247 12,228) 10,566 {11.866) 61,291 Cash generated from operations 76.116 83.798 Cash flows from Investing activities Payments to acquire tangible assets (54,667) {6.442) Cash flows from financlng activlt105 Sinking fund Movement (65,500) Net (decrease}lincrease in cash and cash equivalents Cash and cash equlvalents at beginning of finan¢lal year Cash and cash equlvalents at end of financial year (44,051) 206,012 77.356 128,656 161,961 206,012 10
Dun Uladh Limited NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 28 February 2023 General Information Dun Uladh Limited is a company limited by guarantee incorporated in Northem Ireland. Cultural Heritage Centre of Ulster. Drumakilly Road. Omagh. Co. Tyrone. BT79 OJP, Ireland is the registered office, which is also the principal place of business of the company. The nature of the cornpany's operations and its principal activib'es are set out in the Directors. Report. The financial slalemenls have been presented in Pound {£) which is also the functional currency of the company. Summary of Significant Accounting Policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. Staternent of compliance The financial statements of the company for the year ended 28 February 2023 have been prepared in accordance with Ihe Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 1021 issued by the Financial Reporting Council and in accordance with the Companies Act 2006. Basis of preparation The financial slalements have been prepared on the going concem basis and in accordance with the historical cost convention except for certain properties and financial instruments Ihal are measured al revalued amounts or fair values. as explained in the accounting policies below. Historical c05t is generally based on the fair value of the con5iderats.on given in exchange for assets. Income Turnover comprises the invoice value of goods supplied and services rendered by the company, exclusive of trade discounts and value added tax. Tangible assets and depreciation Tangible assets are slated at cost or at valuation, less accumulated depreciation. The charge lo depreciation is calculated to write off the original cost or valuation of tangible assets. less their 95timated residual value. over their expected useful lives as follows.. Land and buildings freehold Planl and machinery Fixtures. fittings and equipment Over the life of Asset 20 % straight line 200/0 straight line The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not bè recoverable. Trade and other debtors Trade and other debtors are initially recognised al fair value and thereafter staled at amort15ed cost using the effective interest method less impaimienl losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the CeIvableS are statsd at Cost less irnpaiment losses for bad and doubtful debts. Trade and other creditors Trade and other creditors are initially recognised al fair value and thereafter slated al amortised cost Using the effective interest rate method. unless the effect of discounting would be imrnalerial, in which case they are stated at cost. Taxatlon The company is a registered charity (reference no.. NIC1006671 and is therefore exempt from corporation tax. Long Terni Creditors Capital grants received and re1vable are treated as deferred income and amortised lo the Income Statement annually over the useful economic lile of the asset to whlch il relates. Revenue grants are credited to the Income Statement when received. 11
conlinued Dun Uladh Limited NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 28 February 2023 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are tran51aled at Ihe rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange njling al the date of the transaction. Non-monelary items that are measured al fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. Slgnif&cant accountlng judgemenls and key Sources of estimatlon uncertalnty GOING CONCERN The directors have prepared budgets and cash flows for a period of at least iwelve months from the date of the approval of the financial slatements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due. and to continue as a going concern. On this basis the direclors consider il appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustrnenls lo the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. The d1CtorS have considered the potential implications of Covid-19 durrng their assessmenl of the company's ability to continue as a going concern. Given the current economic resources of the company. in addition lo detailed projections and forecasts, the directors have concluded that the company will continue in existence for a period of 12 months post financial statements sign-off. These projections and forecasts were constructed using up to date financial information and conservative realistic assumptions derived from the directors, cumulative knowledge and experience. Employees The average monthly number of employees, including directors, during the financial year was 6.12022 - 7). 2023 Number 2022 Number Admin Employee Tangible assets Land and buildings freehold Plant and Fixtures, machinery flltings and equlpment Total Cost At 1 March 2022 Additions 692,876 63,446 87.351 54,667 843,673 54,667 At 28 February 2023 692,876 63,446 142.018 898,340 Depreciation At 1 March 2022 Charge for the financial year 513.126 8,695 63.446 63.199 19,706 639.771 28.401 At 28 February 2023 521,821 63.446 82,905 668,172 Net book value At 28 February 2023 171.055 59,113 230,168 At 28 February 2022 179,750 24.152 203,902 The Department of Culture, Heritage and the Gaellachl in the Republic of Ireland holds a charge over the company land and buildings comprising the Cultural Heritge Centre at Drumakilly Road, Omagh, Co Tyrone. 12
continued Dun Uladh Limited NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 28 February 2023 Debtors 2023 2022 Other debtors Prepayments and accrued income 15,009 2,119 1,395 3,867 17,128 5,262 Cash and ¢ash equivalent5 2023 2022 Cash and bank balances 161.961 206,012 Creditors Amounts falllng due withln one year 2023 2022 Client creditor balances Taxation and social security costs (Note 9) Other creditors Accruals 7,413 3.909 65,500 3,000 12,248 3,283 3,000 79,822 18,531 Taxatlon and social securlty 2023 2022 Creditors: VAT PAYE I NI 205 3,704 363 2,920 3,909 3,283 10. Capital Grants 2023 2022 Capital grants recelved and re¢elvable At 1 March 2022 516.200 516,200 Amortlsation At 1 March 2022 Amortised in financial year (382,5321 15,1131 (377.1271 {5,405) At 28 February 2023 (387,6451 1382.532) Net book value At 28 February 2023 128,555 133.668 At 1 March 2022 133.668 139,073 11. Events After the End of the Reporting Perlod There have been no significant events affecting the company since the financial year-end. Slnklng Fund 12. The directors elected to create a sinking of £65.500 during the financial year end 28th February 2023. 13
continued Dun Uladh Limited NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 28 February 2023 13. Income 2023 2022 Total Income Restricted Unr8Stricted Restricted Unrestrl¢t8d Arts Council Grant 74,254 74,254 45,472 Fermanagh Omagh District Council 20,595 20,595 8,100 Other Grants Comhallas Ceolloiri Eireann Grant 26.700 115,379 115.379 96.221 The Executive Office TEO Grants 3.567 3,567 25,427 4,592 Government Grant 19.851 Sales Fundraising & Event proceeds 10,163 10.163 13,991 8,973 8,973 8,682 Bar taking 1,061 1,061 240 Rent of Facilities Amortisation of Government Grant 24,390 24.390 21,784 5,113 5,113 5.405 Department of Finance 50,000 263.495 213,795 49.700 175,550 150,915 14
DUN ULADH LIMITED IA company Ilmlt¢d by guarantee. not havlng a sharg capltall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023 15
Dun Uladh Limited IA company limited by guarantee, not having a share capilall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS DETAILED INCOME STATEMENT for the financial year ended 28 February 2023 2023 2022 Income Sales FL¢ndraising and event proceeds Bar takings Rent of facilities Amortisation of govemment grants Arts Council grant Femanagh Omagh District Council Grant Comhallas Ceoltoiri Èireann grants Other grants The Executive Offic8 (TEO) Grants Govemmenl Grant- COVID Department of Finance (DOF) Grants - COVID 10,163 8,973 1.061 24,390 5,113 74,254 20,595 115,379 13.991 8.682 240 21,784 5,405 45,472 8.100 96,221 26,700 30,019 19,851 50.000 3,567 263,495 326.465 Expendlture Bar purchases Cultural activities Event expenses Movement in stock Wages and salaries Social security costs Rates Insurance Light, Heat & water Repairs and maintenance Printing. postage and stationèry Telephone Computer costs Travelling and accomodalion Legal and professional Accountancy Bank charges General expenses Adminislralion costs Depreciation 1,337 22.196 22,037 844 45,406 39.736 247 109,915 9,436 103,950 4,463 2,329 3,000 12,863 29,855 3,864 3,021 5.059 3,763 2,844 3.632 600 2,563 4.315 28.401 2,876 5.252 12,003 1,044 2,122 1.078 2,141 2,335 3,225 711 4.196 3,280 17,887 260.092 263,734 Net surplus 3,403 62,731 The supplementary information doe5 not form part of the financial statements 16