Co-operation Ireland Board members, rep)rt and financial slaternents Y•ar •nded 31 Docofflr 2022 Company number. Nl 015955
Co-operation Ireland Board members. report and financial statements Contents Page Board members and other information Board members, report 4-8 Statement of board members, responsibiltties in respect of the board member5, and the financial statements Independent audrtorfs report to the members of Covoperation Ireland 11>13 Stat8ment of incorne and retained earnings 14 Balance sheet 15 Cash flow stalement 16 Notes forming part of the financial statements 17-25
Co-operation Ireland Board members, report Board members and other information Board m•mb•r¥ Terence Brannigan John Bruton Jim Clerkin Terry Crossan Paula Dobriansky Pat Dohety Pai Farrell Chades Flanagan Dame Arfene Foster Sir George Hamilton Mary Heaney Ossie '1kennY Sir Julian Kir¥J Sheila McCl8lland Sir Malcolm McKibbin Dr. Christophef Moran Ichalrman) Dailhi O'CeallaMJh Sir Jonathan Phillips Trevor ngland Dame Margaret Rrtch Peter Robinson James Walsh Sir David WLMJtton Chlof Executive Peier Sheridan Secretary Joseph Cq)eland Reglstèred offlc• Unit 4 Murray's Excharge, 1-9 Linfield Road Belfast 8T12 5DR Audllor KPMG Chartered Accountants 1 Stokes Plate St. Stephen's Green DutAin 2 Bank•rd Ulster Bank Limited 11 - 16 Donegal Square East Belfast 8T15UB Sollcltors Elliot DulFy Garrett Royslon House 34 Upper Queen Street Belfast BT16FD Reglstered Number Nl 015955
Co-operation Ireland Board members, report Board members, report The board members of Ct>operation Ireland submit their report together with the audited financial statements of the company for the year ended 31 December 2022. Results The results for the year are set out on page 14 of the financlal statements. Governance The Trustees of Co-operation Iland operate as 8 dual Board and dual Sub-committees managing an organisation composed of two main legal entities. CoperatIon Ireland. registered as a charitable company in the Republic of Ireland (Companies Registration Office (CROI registration no.: 72194 and Charilies Regulator of Ireland regislralion no.: 20010799) and CTroperatTron Ireland. regislered as a charitable company in Northern Ireland (Companies House registration no.: N1015955. Charity Commission for Nl registration no.: 101318). The Northem Ireland company also has a trading subsidiary (Coperation Ireland Events Ltd (Companies House registration no: N1036713)1 lo manage large events. To ensure compliance with Nl and Rol jurisdictions, laws Trustees are always cognisant of the statutes and rules that apply to these separate Jurisdictions. An audit carried out by EY in 2020121 outlined several strategies as to how Ihe organisation can be more effective. Among the most consequential has been the creation of Board SucomMitteeS for members to lend their signfficant expertise to guiding our future strategy. These sulFcommittee5 are: Finance and Financial Sustainability Governance. Risk and Audit Strategy Marketing and Communication Nominations, Tenure. Skills and Successlon Plannln8 Stakeholder Relations Centenary/LeBacy Protocol/Brexit Future Leaders Programme. In the USA an organisation called Cwperation Ireland Inc., which is a related entity. through an operationally independent company based in New York supports the objectives of Co-operation Ireland by seeking finanaal resources for programmes and raising awareness of CcFoperation Ireland. C¢H)peration Ireland Inc. is not controlled by OperatIon Ireland and is not consolidated within the results of C operation Ireland. The Board members who hekl office at 31 December 2022 are listed on Page 3. Challenges The Stormont Govemment collapse, the Windsor Framework, shrinking budgets, and the cost of living crisis are all challenges facing operatIon Ireland. The Stormont government collapsed in January 2020, due to a political impasse over the Windsor Framework. This has created a number of challenges for charities such as C¢Foperation Ireland. Firstly, the framework is largely unsupported by one section of the communty which has impacted relationships - something CoperatIon Ireland exists to improve. In addition, with no ministers in place, outside of Peace Plus and existing programmes already agreed, no new prograrnme funding can be signed off without ministerial approval. Existing budgets have also been squeezed. Th8 cost of living crisis is also having an impaci on coperatiOn Ireland.
Co-operation Ireland Board members, report Financial Desprte the ongoing issues presented by the Covi(I pandemic and inflation. Co-operation Ireland wa5 able to continue its long tradition of working to bring people together throughout the 2022123 period against a backdrop of rK)lib'cal instability both nats'onally and dornestically. We are pleased to report a surplus of £5,534 for the year erKled 310ecember 2022. Staff and Offices Resources from the Dorniant Accounts Fund Nl operated by the National Lottery Communty Fund which supported VCSE organisations will allow us adapt to future challeNJes and be more financially resilient. co-operats.on Ireland has invested £1 IX)K in improviThJ working conditions for employees by adopting a hybrid work mc*Jel. We have also invested in new fumiture and lechnology to support our hybrid work model. The hybrid work model allows our employees to work from home some days and from the office on other days. This gives them the flexibility to choose the work arrangement that besl suils their needs. The new office is equipped with the latest technology, including V80 conferencing, to make it easy for employees lo collaborate and stay ¢onrled, regardless of where they are working. The dlgital transformation iniliative has focused on improving our communication and collaboration tools. The investmenl in hybrid working and digital transformaln is part of our commitmenl to creating a workplace Ihat is supportive of our employees. needs. We believe Ihal this investment will help us to attract and relain top talent. and to improve our productivity and innovation. Programmes The charity has emerged from the Covid lockdown perd restructured arKI better placed to embrace challenges ahead. Our flagship Future Leaders Programme entered its third year with an increase in numbers recruited. The innovative development stralegy designed by our staff seeks to offer practical training and support to young people across the island to prepare Ihem to tske on leadership roles in the future. Recruitment is n¢)w underway for the next intake. Fulure Leaders was jusl one of fflany prograrnmes operated by CTroperation IrelarKI in the lasl year. Co-operation Ireland continues to operate froffl govemmenlal level right through to grass rools communities. This year our programmes have again focused on peacebuilding. but with In¢ased emphasis on the environment. Co-operation Ireland's flagship Local Authority Programme held a climate summit in Kilkenny Castle in November 2022 which was addressed Minister for the Environment. Climate and Communications Eamon Ryan before he flew to the COP27 Climate Conference in Egypt. Minister Ryan addressed local council chiefs from Northem Ireland and the Rewblic of who take part in the Local Authority Programme (LAP). In February the All Island Schools for Climate Action {AIS4CA> event saw young people from across the Island gather in Belfast's W5 centre. Schools from Cork, Galway, Longford. Belfast and Dublin were represented. AISCA is a partnership between CcH)peration Ireland. EcoEd4AII. the Education Authority for Northem Ireland (EANI) and Alison online training. In March PWC provided the location for the Uniting Communities Young Leaders and Ambassadors programme graduats'on. This programme offers young people a chance to develop their leadership and ambassadorial skills to become agents of social change within their communitTres, through sport and creative actfvlties. Unfting Communlties attracts signrficanl numbers form the migranl community.
Co-operation Ireland Board members, report Co-operation Ireland continues to work wtth our partners in the Department for Foreign Affairs. Irish Football Associats'on. Department for Cornmunits'es and The Executs've Office to rnaintain and conlinue existing programmes. Whatever the future holds. Co-operation Ireland will continue to use its experien and influence to build consensus around our shared future and wotk to create a shared space where the diversity of identities and traditions 15 respected. Co-operation Ireland looks forward to bidding for some of the new Peace Plus fijnding for which application5 are now open. By December 2023. C0pera.0n Ireland will have applied to operate seven new programmes under Peace Plus. The Peace Plus programme will provKJe É1.1 billion in funding from the European Union and British Govemment. which is more than the previous PEACE IV programme. Peace Plus programme has a broader scope than previous programmes, covering a Wer range of activities Ihal support peacebuilding, such as reconciliats'on, cross-border cooperation, and youth development. This will allow Co-operatson Ireland to be more creative and innovative in their approach to peacebuilding. The charity is also investing resources in how Artificial Intellence can be harnessed in the peace building environment. Fundralsing We had a very successful Pat Jennings golf dassic at Royal County Down Golf Club al the beginning of October 2022 when over 120 golfers took apart from across the islands. In October 2022 we hosted a black-tie dInf in Belfast in association with the Consular Association of Nl. Approximately 200 guests were present including Ambassadors. High Commissioners, Senior Diplomats, and Honorary Consuls based in Northem Ireland. The theme was celebrating diversity and increasing mullTrculturalism in Nl. Donats"ons were made to Cl. June 2022 again saw our Legal Dinner held in London. This 'Bloomsday' themed event is a highlight of the LorKlon legal calendar. Looking ahead. Co-operation Ireland will hold a Rugby Wofld Cup Cycle Challenge that will see 50 participants cyde between 2023 wodd cup venues in France. All have raised sponsorship money to take part. Communlcatlon and Engagement Co-operation Ireland's cornmunications continues to take place mostly across our intemet and website channels. Engagement continues to be led by CEO Peter Sheridan. A snapshot is as follows= EU Negotiating Team George and Angela Moore Foundation Joint SOLACEICCMA meeting Department for Foreign Affairs in Oublin Board member Sir Geor8e Hamilton as Chalr of the Co-operation Ireland Legary CommSttee and CEO Peter Sheridan gave evidence to the Council of Europe on the current Nl Troubles and (Legacy and Reconciliation) Bill. J05hua Rozenberg BBC Radio 4 interview at Cl Offices recorded for a future pro8ramme linked to 25 year5 of the 8elfastlGFA Dublin FM Radio on the work of Ctroperation Ireland Engagement with Ni and Rol political parties on a weekly basis. Interview5 Wlth BBC relating to the impact on the peace process of continuing dissident violence
Co-operation Ireland Board members, report Death of Our Joint Patron, HM Queen Elizabeth11 The Queen was our joint patron with President Michael D Higgins. Our Chairperson and CEO were invited to and attended the funeral service of Her Majesty Queen Elizabeth11 at WestTninster Abbey on 19th September 2022. Post Balance Sheet Events In Ihe absence of the Nominations, Tenure, Skills and Succession Planning Commtttee being convened. reviews of the charity's Memoranda and Articles of Association {M&Asl We formally delegated lo the Slrategy Committee al the 29rh September 2022 Board meeting. The Committee commissioned buslness and charity law experts, Mason Hayes Curran (Dublin) and Edwards & Co (Belfast) to carry oul the revIeV and make recommendations thal would make Ctroperation Ireland compliant with the regulatlons of the Charity Regulators in both Jurisdictions. Further legal advice on mechanisms for retention of institutional knowledge and expertise was also sought along with any relevant terms of reference. The M&As were agreed by the Slrategy Committee on 3rd February 2023 and then at the Board meetsng on 91h June 2023. With minor amendments approval to revise the M&As was received from: Charilies Regulator of Ireland Minister for Enterprise, Trade and Employrnent Charity Commission for Northern Ireland At EGMS held on Slh September 2023, the following proposals were formally and unanimously adopted: a. Revised Memorandum and Articles of AssocIatn for cperatIOn Ireland (Dublin) b. Revised Memorandum and Articles of AssociatK)n for Cwperalion Ireland (Belfast) c. Tems of Reference of the Council of cOperatIon Ireland. d. Desuiption of the Role of PreSent of CoperatIon Ireland. In compliance with the new Articles of Association, there was a staged step down of relevant Trustees and this was managed in accordance Nwth the resignations. order sel out in the paper entitled 'Board and Committee Planning, (May 2023) which m8ant at the AGM on 151h September 2023 the following Trustees r8tlred: o Terry Crossan Paula Dobriansky Pat t)oherty Mary Heaney Christopher Moran (Chairperson) James Walsh The Members of the Board of COperation Ireland are grateful to Terry Crossan. Paula Dobriansky, Pat Doherty, Mary Heaney, Christopher Moran (Chairperson) and James Walsh for their advice arld support during their lenures as Trustees of the chanty. The new Memofandum and Articles of Association contain powers for the Board to set up a Council of Govemors. The Council of Govemors was established at the EGM and its Tems of Reference adopted. This included a document entitled 'The Role of the President, was also fomially adopted to facilitste any future appointment. At the Board meeting to be held immediatety following the AGMS on 151h September 2023, the Board will: Elect a new Board Chairperson Issue invitations to those it deems would be appropriate members of the Council and who are prepar8d to comrnit to complying with the T8ms of R8f8renc8 for th8 C(MJncil of Governors. The number of members appointed to the Council of Govemors will be a minimum of three and maximum of frfieén. Those eligible to be Members of the Council of Govemors will include formèr Directors of Co-operation Ireland and such other persons as the Board may determine having régard to the r8levant experience and skillsèt of the car)didat8.
Co-operation Ireland Board members, report Give consideration to the appoinlment of a Chair for the Cthjncil of Governors who is prepared and willing to take on the role of President of cOperatIon Ireland and complying wth the requirements of the role outlined in the d(Kument entitled 'The Role of the President. Review the committ structure including considering the establishment of the Nominats'ons and Tenure Comrnitt which can then look at the skills balance on the Board and consider future potential nominats'ons. The establishment of a Stakeholder Relations Comrnittee will also be an Impnt consKleration. There have been no other significant events sinc8 year end that would require disclosure in or amendment of these financial statements. Dlsclosure of Infomiatlon to audltor The directors who held office at the date of approval of this board members. report confim) that, so far as they are each aware, there is no relevant audil infomation of whTrch the company's audilor is unaware and each board member has taken all the steps that ought lo be taken as a board member lo make themselves aware of any relevant informab'on and to establish that the company's auditor is aware of that In preparing the board members. report, the members have taken the small companies exemption under Section 414 IBI of the Companies Act 26 (Strategic and Directors, Report) Regulations 2013, not to prepare a strategic report for presentation with these financial statements. Strategic report In preparing the board members, report, the members have taken the small companies exemption under Sectson 414 (8) of the Companies Acl 2006 (Strategic and Directors, Report) Regulations 2013. not to prepare a strategic report for presentation with these financial statemenls. Audltor Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG will therefore continue in offi. On behalf of the board Board member Board member Dated 15 Septembef 2023
Co-operation Ireland Statement of board members, responsibilities in respect of the tard members, and the financial statements The directors are responsible for preparing the directors. report and the financial statements in accordance with applicable law and regulations. Company law requires the dlr8ctors lo preparé financial statemènts for each financial yéar. Undèr that law they have elected to prepare the financial statèments in accordance with FRS 102 Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland. Under Cornpany law the directors musl not approve the financial stalements unless they are sats'sfied thal they give a true arKY fair view of th8 state of affairs of th8 company and of lh8 profit or loss of the company for that pèriod. In preparing these financial siat8rn8nts. th8 directors are required to.. select suitable accounling policies and then apply them consistently: make judgements and estimates that are reasonable and Prudent: state whether applicable Accounting Stsndards have been followed. subject to any material departures disclosed and explained in the financial statements.. assess the company s ability to continue as a going concem, disclosing, as applicable. matters related to going concem,. and use the going concem basis of accounting unless they either inlend to liquidate the company or to ase operations or have no realistic altemattve bul to do so. The directors a responsible for keeping adequate accounting records thal are sufficient to show and explain the company's transactions and disdose wtth reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply wtth the Companies Act 2006. They are responsible for such intemal controls as they detemine is necessary to enable the preparation of financial statements that are free from matenal misstatement, whether due lo fraud or error, and have general responsibility for tsking such sleps as are asOnablY open to them to safeguard the assets of the company and to Pfevent and detecl fraud and other irregularities. On behalf of the board Tw•rtc• Board member Board m8mber Dated 15 September 2023
KPMG Th8 SLS&st Bwkjw B5t BTI 3LP Independent auditor's report to the members of Co-operation Ireland Report on th• audll of the finan¢lal statements Oplnlon We have audited the financial ststements of Ctroperation Iland (Ihe company") for the year ended 31 December 2022 set out on pages 14 to 25, which comprise the stalement of income and retained eamings. the balance sheet, the cash flow statement and related notes. including the summary of signfficant accounting policies set out in note 2. The financial reporting framework thal has been applied in their preparation is UK Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland. In our opinion: (l) the financial statements give a true and fair view of the state of the company s affairs as at 31 December 2022 and of its surplus for the year then ended" the financial statements have been properly prepared in accordance with FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland,. and the financial statements have been prepared in accordance with the requirements of the Companies Acl 21X)6. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (-ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance wilh elhical requirements Ihat are relevant to our audit of financial statements in the UK. including the Finanaal Reporting Council IFRCI'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concem The directors have prepared Ihe financial statemenls on the going concern basis as they do nol intend to liquidate the company or to cease its operations, and as they have concluded that the company's financial position means that this is realistic. They have also concluded that there are no malerial uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the dale of approval ol the financial statements (Ihe going concem pericrfj"). In our evaluation of the directors. conclusions. we considered the inherent risks to the cofflpany's business Th)del and analysed how those risks might affect the rnPany s financial resources or ability to continuè operations over the going (x)nc8m p8ri(xJ. In auditing the financial statements, we have conduded that the directors. use of the going concem basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have perfomied, we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the company s ability to continue as a going concern for a perSod of at least twefve months from the dale when the financlal ststernents are authorised for issue. 10
Independent auditor's report to the members of Co-operation Ireland (continued) Report on the audft of the financlal statements (continued) Conclusions relating to going concern (continued) Our resp)nsibiltties and the responsibilities of the directors wth resFect to going concem a described in the relevant seclions of this repcKt. However. as we cannot dICt all future events or condttions and as subsequent events may resutt in outcomes that are inconsistent wrth judgements that were reasonable at the ts'me they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation. Detectlng Irregularttles Includlng fraud We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understsnding of the enb"ty's industry. regulatory environment and other external factors and inquiry with the directors. In addition. our risk assessment procedures included.. inquiring with the directors as to the Company s policies an¢J procedures regarding compliance wilh laws and regulations and prevention and detection of fraud: inquiring whether the directors have knowledge of any actual or suspected non- compliance wilh laws or regulations or alleged fraud: inspecting the Company's regulatory aTrd leg81 correspondence,. and reading Boardlaudrt committee minutes. We discussed idenlified laws and regulations. fraud risk factors and the need lo remain alert among the audrt team. The Company is subject to laws arKI regulations that dillY affect the financial statements including companies and financial reporting legislation and taxation legislation. We assessed the extent of compliance wilh these laws and regulations as part of our procedures on the related financial statement items. including assessing the financial statement disdosures and agreeing them to supporting documentstion when reSsary. The Company. is not subject to other laws and regulations where the consequences of non-cornplian could have a material effect on amounts or disclosures in the financial staternents. Auditing standards limit Ihe required audit procedures to identify nonmplI3n with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, rf any. We assessed events or condrtions that could indicate an incentive or pressure lo commit fraud or provide an opportunity to commit fraud. As required by auditing standards. we perf0ml procedures to address the risk of management override of controls and the risk of fraudulent venue recognition. On thls audit we do not believe there Is a fraud risk related to revenue recognition. In response to risk of fraud, we also perfonned procedures including: idenlrfying joumal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transacb'ons; assessing SnIfICant accounting estimates for bias. and assessing the disclosures in the financial statements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some malerial misststements in the financial stalements. even though we have properfy planned and performed our audrt in accordance with auditing standards. For example. the further removed non- compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial stalements, Ihe less likety the inherently limited prcKedures required by audrting standards would Identify it.
Independent auditor's report to the members of Co-operation Ireland (continued) Report on the audft of the financlal statements (continued) Dotectlng Irregularftlos Includlng fraud (continued) In addition. as with any audit, there remains a higher risk of rrfjn-deteclion of irregularities, as these may involve collusion. forgery. intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non•compliance and cannol be expected lo detect non•compliance wilh all laws and regulations. Other inforniation The directors a responsible for the other infonmation presenled in the Annual Report together with the financial statements. The other infomiation comprises the infomiation included in the directors. report. The financial ststements and our auditor's report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other infomiation and, accordingly, we do not express an audit opinion or. except as explicrtiy stated below. any fomi of assurance conclusion thereon. Our responsibilty is to read the other informatK)n and. in doing so, consider whether. based on our financial statements audit work, the infomiatK)n therein is materially misstated or inconsislent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information. Oplnlons on other matters prescrfbed by the Companles Act 2006 Based solely on our work on Ihe other informalion undertaken during the course of the audit: we have rK)t entIfied material misstatements in the directors, report or the strategic report; in our opinion. the infonnation given in the directors, report and the strategic report is consistent with the financial statements.. in our opinion. the directors. report and the strategic report have been prepared in accordance with the Companies Act 2006. Matters on whlch we are requlred lo report by exceptlon Under the Companies Aci 2006 we are required to report to you rf, in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have not been receiv8d from branches not visited by us: or the financial stsiements are in agreement with the accounts'rvJ records and returns; or certain disclosures of directors. remuneralion specrfied by law are nol made; or we have rl received all the infomiation arml explanations we qUIre for our audit,, or the directors were not entitled to take advanlage of the srnall cornpanies exemption from the requirement to prepare a strategic report. We have nothing to report in Ihese respects. 12
Independent auditor's report to the members of Co-operation Ireland (continued) Respectlve responslbllltles and restrlctlons on use Responslbllttlo8 of dlrnctors for tho flnanclal statements As explained more fully in the directors. responsibilities statement set out on page 9, the directors are resnsIble for.. the preparation of the financial statements including being satisfied that they give a true and fair view: such internal conlrol as they determine is necessary to enable the preparation of financial slalemenis Ihal are free from matenal misstatement. whether due to fraud or error., assessing the company's ability to continue as a going concem. disclosing. as applicable. matters related to going concem; and using the going concem basis of accounting unless they either intend to liquidate the company or to cease operations, or h8ve no realistic altemative but to do so. Auditorfs 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, other irregulanties or error, and to issue an opinion in an auditor's report. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accdance with ISAS (UK> will always detect a material misststement when it exists. Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. A fuller description of our responsibilities is provided on the FRC'S website at www.frc.or .uklauditorsres nsibilities. The purpose of our audlt work and to whom we owe our responsibllities Our pOrt is made solely to the company's members. as a body. in accordan Yth Chapter 3 of Part 16 of the Companies Act 2006. Our audtt work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extenl permrtted by law. we do not accept or assume responsibility to anyone other than the company and the company's members. as a br. for our audtt work. for this report. or for the opinions we have formed. 22 September 2023 Séamus Abraham for and on behalf of KPMG Chartered Accountant8, Statutory Audrt Flmi I Stokes Place St. Stephen s Green Dublin 2 13
Co-operation Ireland Statement of income and retained eamings for the year ended 31 December 2022 Note 2022 2021 Income Donalions Other income (fund raising events. project inc(Nne) 3 1 .325,151 938,736 1.470,159 535.830 2,263,887 2.005,989 Programme costs (2,216,932) (1.960.545 Programme Surplus 46,955 45,444 Other expenditure Administration expenses Interest payable (41,092) (329) (42,145} {172} Total other expenditure (41.421) (42,317) Surplus for year 15 3,127 The surplus arises from continuing aclivities. The company had no other comprehensive income in the currenl year or the preceding financial year olher than those dealt with in the statement of income and retained earnings. The notes on pages 17 to 25 form part of these financial ststements. 14
Co-operation Ireland Balance sheet as at 31 December 2022 Note 2022 2021 Fixed assets Tangible assets Financial assets 3,976 8,419 10 3,977 8.420 Current assets Ctroperation Ireland (Dublln) Co operation Ireland Events Llmited Debtors Cash at bank and in hand Restricted cash 239.880 2,482 11 2S4.853 12 34.659 12 404,400 252.536 7.162 526.301 531.874 1.190.399 Creditors.. amounts falling due within one year Bank Overdraft CcFoperation Ireland Events Limited 13 (416,692) (61,624 (1.139,983) (33,609> (6,833) 1478,316) <1.146.816) Not ¢urr•nt ass•ts 53,558 43,583 Net assets 57,535 52,003 Reserves Reserves surplus 15 57,535 52.003 The notes on pages 17 to 24 form part of these financial slatements. The financial statements were approved by the t)oard members on 15 September 2023 and signed on their behalf by: Board Member Board Member 15
Co-operation Ireland Cash flow statement for the year ended 31 December 2022 Note 2022 2021 Cash flows from operating aclivitbes Surplus for the year Adjustments for.. Depreciation of tangible fixed assets Interest payable Decreasel(Increase) in Irade and other deblors Decrease in trade and other creditors 5,534 3,127 5.701 172 {268,036) 1177.219) 329 159,721 (696.517) Net cash from operatlng actlvftles (524,987) (436.255) Cash flows from investing activities Acquisits'on of tangible red assets (1.503) (8.854) Net cash from investing activities (1.503) (8.854) Cash flows from financing activities Interest paid 1329) (172) Not cash from finanelng actlvltl•$ {329) (172) Net decrease In cash equlvalents (526.8191 (445.281 Net cash at beginnlng of year 12 499.854 945,135 Net cash at end of year 12 {26,965) 499.854 16
Co-operation Ireland Notes forming part of the finanaal statements Status The cornpany is limited by guarantee and does fbot have a share caprtal. Each member has undertaken to contribute an amount not exedIng STG£1 towards the liabilities of the company in the event of its winding up. Accounting FlIcIeS Co-operation Ireland (-the companK) is a company limited by guarantee and incorporated. domlclled and registered in Northem Ireland. The registered number is Nl 015955 and the address of its registered office is Unit 4, Murray's Exchange,1-9 Linfield Road, Belfast. BT12 5DR These financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Repong Standard applicable in the UK and Republic of Ireland ("FRS 102-). The presentation currency of these financial slatements is sterfing. The accounting policies sel out below have, unless olherwise slated. been applied consistentty to all Periods presented in these financial statements. Judgemenls made by the board members. in the applicalion of the accounting policies Ihat have significant effecl on the financial statements and estimales with significanl risk of malerial adjuslment in the next year are discussed in note 17. The financial slatemenls are prepared on Ihe historical cost basis. Golng concern Co-operation Ireland is managed on a unffied basis with its sister company Cwperation Ireland in Dublin. with fundraising events and programmes being undertaken jointly and revenues and costs shared by the two companies. The financial statements have been prepared on a going concem basis. This presumes that Ihe company will continue in operats'onal existence for the foreseeable fiJture having adequate resources (including financial resources) to meet its obligations as they fall due. The organisation foresees that rt has sufficient credit facilities lo meet its debts as Ihey fall due for next twelve months. Basic financial instruments Trade and other debtorslcredltors Trade and other debtors are recognised inrtially at transaction Pfice plus attributsble transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost uslng the effective interest method, less any impaimient losses in the case of trade debtors. If the arrangement consb'tutes a financing transaction, for example if payment is deferred beyond nonnal business tems, then it is measured at the present value of future payments discounted at a market rale of interest for a similar debt instrument. 17
Co-operation Ireland Notes (continued) Accounting policies (continued) Basic financial instruments (continued) Interest-bearing borrowings classified as basic financial instruments Interest-bearing borrowings are recognised initialty at fair value less attributable transaction costs. Subsequent to inttial recognrtion, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalenis comprise cash balances and call deposits. Bank overdrafts Ihat are repayable on demand and form an integral part of the company's cash management are induded as a component of cash and cash equivalents for the wrpos8 only of the cash flow statement. Tanglble fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Leases in which the entity assumes subsiants.ally all Ihe risks and rewards of ownefship of the leased asset are clasSifd as finance leases. The entity assesses at each reportiThJ date whether langible fixed assets (inclLKling those leased under a finance lease) are impaired. Depreciation is charged to Ihe profit and loss account on a straight-line basis over the estimated useful lives of each part of an ilem of tangible fixed assets. The estimated useful lives are as follows: Fixlures and fittings Office equipment 20% straight line 33.33°k120% straighl line Depreciation methcmjs. useful lives and residual values are reviewed rf there is an indication of a sTrgnificant change since the last annual reporting date in the pattem by which the cornpany expects to consume an asset's future economic benefits. Employee benefft5 Defined contributson plans A defined contributs'on plan is a post-employment benefft plan under which the company pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contributTron pension plans are recognised as an expense in the profit and loss account in the per?trJs during which services are rendered by empk>yees. Income Ctroperation Ireland receives income from the Northem Ireland Executtve. local govemment, European Union, fundraising events, private donors, Cctroperalion Ireland (Dublin) and profits from Ctroperation Ireland Events Limrted and delivers programmes to promote a peaceful and stable Island where people of all backgrounds live and work together for a better future. 18
Co-operation Ireland Notes (continued) Accounting policies (continued) Income recognition Income is included in the financial slatements on a cash receNable basis subject to deferral of income that relates to wogramme experKliture incurred after Ihe year end. The cofnpany and its sister company in Dublin cTroperate on a number of fund raising activities and the income is recognised in the financial statements of the recipient. Some of the costs are shared and there is a transfer between both companies at the year end to ensure an equitsble distribution of income. The company derives a proportK)n of its incom8 from voluntary donations. The board has taken reasonable steps and controls to ensure that, as far as it reasonably can. it is satisfied that the income as recorded is complet8. Expen8e8 Pmgramme costs Programme costs expenditure are analysed between the relevant programmes based on direct expenditure costs which cannot be attributed ¢Jirectly lo each of Ihe programmes are alk)cated lo the programme activities in proportion to Ihe ts.me spent on these programmes. The balance of costs are included as administration expenses. Operatlng lease Payments made under operating leases are recognised in the profrt and loss account on a straht- line basis over the term of the lease. Forelgn currency Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate reading at the date of the transacts'on. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the statement of income and retained eamings. Interest rnceivable and interest payable Interest incorne and interest payable are recognised in the statement of income and retained earnings as they accrue, using the effective interest rate method. 19
Co-operation Ireland Notes (continued) Donations and other income 2022 2021 GovemmentlPublic Body donations Corporate and privaie donats.ons Olher inrne 1,277,367 47.784 938.736 1.392,073 78.086 535,830 2,263,887 2,005,989 The Company receNed a govemment grant of £50,OIX) (2021 £75,000) in relation to the Department for Communities Nl COV Recovery Fund . Ctroperation Ireland was appointed as an intem)ediary tK)dy of the Department for Communities Small Capital Grants programme in 2019. After review of contractual arrangements il was delennined Ihat coperatIon Ireland was acting as an agent in respect of this scheme. This has resulted in Agent fees of £57.131 (2021.. £135.600) being recognised in relalion lo the scheme. £756.526 of grants were paid to participanis of Ihe scheme in Ihe year (2021.. £1,461.923). The scheme has now ended. Taxation cOperatIon Ireland is regarded by HMRC as established for charitable purposes only. and accordingly is exempt from corporation tax. Interest payable 2022 2021 On bank overdraft 329 172 Surplus for year 2022 2021 The surplus has been arrived at after charging the following items.. Depreciation Auditor's remuneration 5.701 5.000 5,000
Co-operation Ireland Notes (continued) Staff numbers and costs The average number of persons ernployed by the company during the year analysed by category was as follo. 2022 Number 2021 Number Management Administration Project staff 31 28 31 The aggregate payrdl costs of these persons were as follows: 2022 2021 Wages and salaries Social Security (NIC) Retirement benefrt 1,105,979 112,432 87,205 990.596 92.924 80.384 1.305.616 1.163,904 RetSrement benefft The company operates a defined contribution retirement benefit scheme for rtain employees. The retirement benefit charge for the year was £87,205 2021.. £80,384). The amount accrued at the yeaf-end was £9,630 (2021." £8,619). 21
Co-operation Ireland Notes (continued) Tangible fixed assets Fixtures and ffttings Office equipment Total Cost At beginning of year Additions 64.609 175 234.539 1.328 299.148 1.503 At end of year 64,784 235,867 300,651 Depreclatlon At beginning of year Charge for year 63,579 227,150 29).729 5.946 At end of year 64,645 232,030 296,675 Net Ix>ok value 31 December 2022 139 3.837 3.976 31 December 2021 1.030 7.389 8.419 10 Flnanclal fixed assets 2022 2021 Shares in subsidiary undertakings Subsldlary undertaklngs Name and registered offKe County of incofj)orat Details of Investments PmportA?n Held Principal Activity Covoperation Ireland Events Limited Northem Ireland 1 ordinary shares of £1 each 100% Fundraising Based audited financial statements for the year ended 31 December 2022 the company had a surplus of £Nil (2021.. £Nil) and capital and reserves of £1 (2021.. £1).
Co-operation Ireland Notes (continued) 11 Debtors: amounts falling due within one year 2022 2021 Trade debtors Other debiors and ppaYments 229,120 25,733 172.303 80.233 254,853 252.436 Debtors are stated net of a provision for irnpaiment of £Nil (2021.. £Nil). 12 Cash and cash equlvalenlslbank overdrafts 2022 2021 Cash at bank and in hand Bank overdraft 34,659 (61,624) 533,463 (33,609) Cash and cash equivalents per cash flow sL1tement (26,965) 499.854 13 Creditors.. amounts falling due within on8 yèar 2022 2021 Trade creditors Accruals Other credttors Deferred income 138,648 55,556 123,633 45,524 526,301 410,918 222,488 416,692 1.139.985 23
Co-operation Ireland Notes (continued) 14 Related party transactions Covoperation Ireland and its sister company in Dublin co<>perate on a number of fund-raising athvities. The income from these activtties is received by both companies and some of the costs are shared. During 2022, C(Foperation Ireland Dublin transferred a net surn of £430.000 (2021.. £218.872) to Ctroperation Ireland in Belfast to ensure an equitable distributs'on of income. At 310ecernber 2022 Ctroperation Ireland in Belfast was owed £239,880 (2021.. £404.400) from Ctroperation Ireland in Dublin. Ctroperatlon Ireland Events Limited, a subsldiary company, was set up in August 1999 to run certain fundraising events. The profits from these events in the year was £117.270 (2021.. £5.839). C Operation Ireland in Belfast donated £117.270 to Co-operation Ireland Events Limited during the year. At 31 December 2022. C(Foperation Ireland in Belfast was owed £2,482 by Co operation Ireland Events Lirnited (2021 . Co opefats.on Ireland Belfast owed £6, 833 to Ctroperats'on Ireland Events Limiled} Contributions from board members during the year amounled lo £Nil (2021.. £NI7). During the year an amount of £Nil (2021.. £Nil) paid to CMperation Ireland Inc. a relaled ents.ty as outlined in the Board members report. 15 Reconclllatlon of movements In refArves 2022 2021 Surplus at beginning of year Surplus for the year 52,001 5.534 48.874 3.127 Surplus at end of year 57,535 52.003 16 Leasing commitments The total future minimum lease payments under non-cancellable operats'ng leases are payable as follows: Land and buildings 2021 2022 Less than one year Between one and five years More Ihan fNe years 17,887 35.772 14.905 17.887 50,677 24
Co-operation Ireland Notes (continued) 17 Accounting estimates and judgements In the application of the company's accounling policies, which are described in note 2. the board members are required to rnake judgements. estimates and assumptions about the carying amounts of assets that are not readily apparent from other sources. The estimates and a550ciated assumptions are based on historical experience and other factor5 that are considered to be relevant. Aclual results may drffer from these estimates. The estimates and underlying assumptions are reviews on an ongoing basis. Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised rf the revision affects only that pericmj or in the period of the revision and future periods if the revisNJn affects imjth cuent and future perNJds. (li) Recoverability of debtorn The company has made judgements vthen assessing the impairment of its debtors. Outstanding balances have been grouped on Ihe basis of similar nsk characteristics and impairment has been reviewed with reference lo historical loss experience updated for current conditions. (111) Revenue recognlllon The company's revenue recognilion policy involves Critical accounting judgements in relation to the timing of recognition and appropriate deferral of uneamed income. 18 Post balance sheet events There have been no other significanl events since the balance sheet dale which would require disclosure in or amendment of these financial statements. 19 Approval of financlal statements The financial statements were approved by the board members at a meeting held on 15 September 2023. 25
Appendices The follong infomiation does not fomi part of the audited statutory financial statements and is included solely for infonnation puSeS.
Co-operation Ireland Appendix 1: Other income for the year ended 31 December 2022 2022 2021 Transfer from Coperation Ireland {Dublin) Donation from Ctroperation Ireland Evenls Limited BostonlNew York Cycle Future Leaders Prograrnrne Wornen's Leadership Clference Pride of place awards Pat Jennings Golf Legal Dinner Diplomatic Dinner Antrim Coast Cycle NCS Participants Fees 430,000 117,270 218,872 5.839 364,992 966 11,109 3,984 8,597 1,818 300.919 2.891 5,825 1,092 392 938,736 535,830
Co-operation Ireland Appendix 2: Programme costs for the year ended 31 December 2022 Exchange programme 2022 2021 Grants and development Programme cosls 720,566 1,020,729 607,250 954,89) 1.741,295 1,562.140 Local authorlty programme Local authority all island forum Pride of place programme 7.238 42,806 8,496 13,222 50.044 21,718 Fundraising programme Other events expendrture Programme costs Future Leaders Pro3ramme costs 3.395 124,578 61,361 143.931 4,355 27,474 46,117 100.307 333.265 178.253 Communlcatlons programm• Annual reporunewsletter public fylations Programme costs 130 5.786 146 3.232 5.916 3.378 Small Capital Grants programme Safe Retum Fund 40,675 94,252 55,251 40,675 149.503 National Youth Council 45.737 45.553 Total 2,216,932 1,960.545
Co-operation Ireland Appendix 3: Administration costs for the year ended 31 December 2022 2022 2021 Administration Salaries IT Rent and rates Telephone and postage Travel and expenses of meetings Insurance Consultancy and professional fees Printing, stationery and publications Leasing Light and heat Cleaning and canteen Miscellaneous Repairs and renewals Bank charges Depreciation." Office equipment 23,141 3,424 24.330 3.759 5.265 2.070 400 1.307 1,556 1,158 565 2,607 209 53 1,320 894 1,266 216 585 459 806 834 Total administralion costs 41.092 42.145