Charlty reglstration number XR21418 Company registration number N1033956 (Northern Ireland) AN DROICHEAD LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
AN DROICHEAD LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Directors N McM8Ster p O Duinnin MBDuffy M Canning L Glenn A Martin l McGowan M Engram (Appointed 19 October 2022) (Appointed 1 June 2022) (Appointed 1 June 2022> (Appointed 1 June 2022) (Appointed 25 May 2023) Secretary p O Duinnln Charlly number XR21418 Company number N1033956 Prlnclpal address Larionad An Droichid 20 Cooke Street BELFAST BT7 2EP Registered office Larionad An DroiGhid 20 Cooke Street BELFAST BT7 2EP Auditor Kearney & Co 2nd Floor Donegall House 98-102 Donegall Street Belfast BT12W Bankers Bank Of Ireland 308-310 Ormeau Road Belfast BT7 2GE SolScltors Hewitt Gilpin Solicitors Thomas House 14-16 James Street South Belfast BT2 7GA
AN DROICHEAD LIMITED CONTENTS Page Trustees, report statement of Trustees, responsibilities Independent auditor's report Stalement of financial activities 10 Balance sheet Statemenl of cash flow8 13 Notes to the financial stalemenls 14-23
AN DROICHEAD LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Directors present their annual report and financial Statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and '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 IFRS 102). (as amended for accounting periods commencing from 1 January 2016) Reference and admlnlstratlve delalls: Directors N Mcmaster p O Duinnln MBDuffy C O'connell (Resigned 16th May 2023) L Glenn A Martin l McGowan M Canning M Engman (Appointed 25th May 2023) Secretary P Deeds (Resigned 23rd August 2023) p O Duinnln (Appointed 23rd August 20231 Charity number XR21418 Company number N1033956 Prlnclpal address Larionad An Drolchid 20 Cooke Street BELFAST BT7 2EP Reglstered offlce Larionad An Droichi 20 Cooke Street BELFAST BT7 2EP Auditor Kearney & Co Donegall House 2nd Floor 98-102 Donegall Street Belfast BT12GW Bankors Bank Of Ireland 306-310 Ormeau Road Belfast BT7 2GE Sollcltors Hewitt Gilpin Solicitors Thomas House 14-16 James Streel South Belfast BT2 7GA
AN DROICHEAD LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Objectlves and activlties The company's objects are specifically restricted to the promotion of the Irish language, arts and culture, the promotion and advancement of education through the medium of Irish language, and the promotion of the benefit of the inhabitants (hereinafter called "the benefiGiaries") who are resident in the South and East Belfast areas in particular but not exclusively (hareinafter Called the 'area of benefiÉ') without distinction of age, gender, disability, sexual orientation, nationality, elhnic identity, political or religious opinion, by associating the slalutory authorities, community and voluntary organisations and the inhabitants in a common effort lo advance education and the promotion of Irish language and culture and to provide facilities in the interests of social welfare for recreation or other leisure-time occupation, wilh th8 object of improving the conditions of life for the said beneficiaries and in particular: a. lo promote the benefit of the public and advance education in all matters relating to the Irlsh language, arts, music, crafls and Irish cultural heritage; b. to establish or secure or assist in the securing of the e5tabli5hment of arts and cultural facilities and to maintain or manage or co-operate with any statutory authority in the maintenanc8 and management of such facilities for actlvltles promoted by the company in furtherance of the above objects., c. to maintain, develop and manage or co-operate with any local education aulhorlty or statutory body in the maintenance and management of pr&school, primary school, afterschool and youth facilities educational and recreational facilities through the medium of Irish in the interests of social welfare for children, young people and their paientS-, d. to provide and facllltate trainlng for parents and carers of children in child development, parenting and other appropriate subjeds, e. to promote or assist in prornoling capacity building programmes and projects for the benefit of the inhabitants within the area of benefit who have need of such assistance as a result of their youth, age, disability or infirmity, or social and economic circumstances, in an effort lo increase the abilities, skills, self.esteem and self-¢onfid8nce of such communities in the area of benefit so that their conditions of life may b8 improved., f. to advance any other exclusively charitable purpos8 as the directots, may from tlme to tlme, decide in accordance with the law of charity.
AN DROICHEAD LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The policies adopled in furtherance of these objects are 1. Inform statutory and voluntary agencies, govemment, the Irish speaking community, and the general public locally, regionally nationally and internationally and act as a forum for the promotion of discussion of iesearch regarding all issues relevant to the Irish language and to groups, projects and initialives in the area of benefit. 2. Provision of daycare, playgioup and afterschool facilities onsite through the medium of the irish language. 3. Monitor and support the provision of educational research, facilities and practical assistance for Irish medium education, arts, community work and training projects in the area of benefil in the furtherance of the objects. 4. Provide, mainlain and equip or assist in the provision, Maintenance or equipment of facilities designed to carry out the objects ofAn Droichead. 5. Promote and carry out or assist in promoting ané carrying out research, suNeys, investigations and translations and publish th8 useful results Ih6reof th6 research, collate and disseminate information from statutory, private sector or other sources relevant to Ihe Irish language organisations and the general public, locally, regionally, nationally and inlernalionally. 8. Organise or assist in organising meetings, lectures, classes, exhibitions, drama, talks, workshops, book launches, pamphlets, leaflets or other documents or communications in furtherance of objects. 7. Procure to be written and printed, published, issued. distributed and circulated reports, periodicals, books, pamphlets, leaflets or other documents or communications in furtherance of objects. 8. Obtain, collect and receive money by way of grants, donations, bequests, legacies or other lawful method, and make or disburse granls or loans for charitable purposés in furtherance of the above objects provided that An Droichead shall not undertake any substantial permanent trading activities. 9. Purchase, take on lease or hire, or otherwise acquire any real personal property and any rights or privileges necessary for the promotion of the above objects and construct, maintain or aller any buildings or erections which An Droichead may think necessary for the promotion of the objects. 10. Make any regulations for any property which may be so acquired. 11. Subject to any consents which may for the lime being be required by law. sell, let, mortgage, disp)se of or turn to account all or any of the property assets of An Droichead with a view to the furtherance of ils objects. 12. SubjeGI to SUGh consents as may be Tequired by law, receive money on deposit or loan, or borrow or raise money in such a manner as An Droichead shall think lil to change any part of the property of An Droichead with repayment of the money so borrowed. 13. Invest the moneys of An Droichead not immediately required for the furtherance of the objects in o r upon such investments, securities or property as may be thought fit, subject nevertheless lo such consents {if any) as may for the lime being be imposed or required by law. 14. Recruit and train volunteers with relevant skills to carry out the objects of An Droichead. 15. Employ and pay any person {nol being a member of the management commitleel to supervise, organise and Garry out the work of An Draichead and make all reasonable and necessary provision for the payment of remuneration to employees. 16. Encourage and organise co-operation between An Droichead and government agencies, local authorilies, statutory bodies and voluntary and community bodies with similar aims in any part of the world in pursuit of the objects of An Droichead.
AN DROICHEAD LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Oirectors have paid due regard to guidan issued by the Charity Commission in deciding what activities the charity should undertake. Achlevements and performanco Flnanclal review An Droichead's income from day care fees continues to improve and has exceeded pre-Covid-19 pand8mic levels. Also cash balances have increased, net assets have been malntained and the Charity is able to maintain operating surplus. An Droichead contlnues to rely upon grants and day care fees. The directors plan a significant expansion of the day care provision through an extension of the premises. The directors will continue with the provlslon of day care, playgroup facilities at its maln sile through the medium of the Irish language. An Droichead has a rlsk management policy in place under which risks are identified and revi8wed by management on a regular basis. Procedures are in place to manage the risks. 11 Is the policy of the charily that unrestricted funds which have not been designated for a specrfic use should be maintained at a level equivalent to between three and six month's expenditure. The Directors consider that resétves at thls level wlll ensure that, in the event of a significant drop in funding, they will be able to continue the charity's Gurrent activities while consideration is given lo ways in which additional fund8 may be ralsed. This level of reserves has been maintained throughout the year. The Directors have assessed the major risks to which the charity is exposed, and are satisfied that syslems are in place to mitigate exposure to the major risks. Structur81 governance and management The charity is a company limited by guarantee incorporated on 2nd April 1998 and registered as a charity with The Charity Commission for Northern Ireland. The company was established under a Memorandum ofAssociatlon and is governed by its Articles of Association. The Directors who served during the year and up to the dale of signature of the financial statements were.. N Mcmaster K O'Dowd p O Duinnln MBDuffy S Hannity C O'connell M Canning L Glenn Amartin l McGowan M Engram (Resigned 1 June 2022) (Resigned 1 June 2022) (Resigned 1 S May 2023} (Appointed 19 October 2022) (Appointed 1 June 2022) (Appointed 1 June 2022) (Appointed 1 June 2022) (Appointed 25 May 20231
AN DROICHEAD LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Rocruitment and appolntment of management committee The directors of the company are also charily Iiustees for the purposes of Charily Law. Under the requirements of the Memorandum and Articles ofAssociation directors are elected at an Annual General Meeting by the members lin person, or through an authorised representative or by proxy). A retiring director shall, be eligible for re- nomination and election provided thal no director shall serve more than four consecutive three year tem)s on the board. In the case of a retiring director who has served for a total period of twelve consecutive years, helshe shall not be eligible for re-election to serv8 as a director for any further period until at least 12 months has expired since the end of hislher ninth year in office All new directors receive in-house induction and training appropriate to their roles None of the Directors has any beneficial interest in the company. All ofthe Directors are members of the company and guarantee to contribute £1 in the event of a winding up. Organlsatlonal Slructure An Droichead has a Management Committee, made up ofTrustees, The Committee meets regularly and are responsible for the strategic direction and policy of the charity. The day to day responsibility for the provision of the services rests with the Chief Executive. Key management personnel pay rates are agreed by the Trustees. Auditor The Board ofAn Droichead Limited approved re-appointm8nt of K8arney & co as their auditor for the year.
AN DROICHEAD LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Disclosure of Information to auditor Each of the Directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the audilor is aware of such information. The Trustees, report was approved by the Board of Directors. p O Dulnnln Secretary Dated.. 21 December 2023
AN DROICHEAD LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The directors, who also act as trustees for the charitable activities of An Droichead Limited, are responsibl8 for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company Law requires the DirectOTS to prepare financial statements for each financial year which give a truè and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing Ihese financial statements, the Directors 8re required to.. select suitable accounting policies and then apply thèm consistently- obseNe Ihe methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. stale whether applicable UK Accounting Standards have been followed, subject lo any malerial departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charily and enable them to ensur8 that the financial statemen ts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities.
AN DROICHEAD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF AN DROICHEAD LIMITED Oplnlon We have audited the financial statements of An DroiGhead Limited (the 'charity'l for the year ended 31 March 2023 which comprise the stalement of financial activities, the balance sheet, the statement of cash flows and notes to the financial slalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 rhe Fin8nGi81 R8porting Stand8rd applicable in the UK and RepubliG of Ireland (United Kingdom GenerallyAccepled Accounting Practice). In our opinion, the financial statements.. give 8 true and fair view of the stale of the charitable company's 8ffairs as at 31 March 2023 and of SIS 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 Gener811y Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. 8asls for oplnion We conducl&d our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and appllcable law. Our responsibilities under those standards are further described In the Auditorfs responsibiliti&s for the audit ol the financial st8ten?ents section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we havè fulfilled our olher ethical responsibilities in accordan wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded th81 the Trustees, usè of the golng concern basis of awounting in the preparation of the financi81 statements is approprlate. Based on the work we have performed, we have not Identified any material uncertainties relaling lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibllltles and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information Included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporl, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether th8 other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othewise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise to a material misstatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Oplnlons on oth&r matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees. report for the financial year for which the financial statements are prepared, which includes the diiectors, report prepared for the purposes of company law, is consislent with the financial statements- and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements.
AN DROICHEAD LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF AN DROICHEAD LIMITED Matters on whlch we are r8qulred to report by 8xception In the light of the knowledge and understanding of the charity and its environmenl obtained in the course of the audil, we have not identified material misstatements in the directors, report included within the Trustees, report. We have nothing lo report in respect of the following matters in relation lo which 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 records and returns- 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 Directors were not entitled to prep8re the financial statements in accordance with the small companies regime ané take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement ID prepare a strategic r&port. R8sponsibilities of Dlreclors As explained more fully in the statemenl of Trustees. responslblllties, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Directors are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Directors either inlend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Audltorf8 responslbllities for the audit of the financial stalements Our objectives are lo obtain reasonable assuranc8 about whether the financial statements as a whole are free from material misstalemenl, whether due lo fr8ud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always delect a material misslatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are Capable of detecting irregularities, including fraud, is detailed below. A further descriplion of our responsibilities is available on the Financial Reporting Council's website at.. hltps'.11 w.frc.org.ukjauditcrsfesponsibililies. Thi8 d8scripiion forms part of our auditor's report. This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 18 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so Ihal we might stale to the company's members those matters we are required lo slate to them in an 8uditor's report and for no other purpose. To the fullest extent permitted by law, we do not acp1 or assume responsibility to anyone other than the company and the Gompany's members as a body. for our audit work, for this report, or for the opinions we have formed. May Glbbons (Senlor for and on behalf of Ke tutory Auditor ney&Co 21 Dember 2023 Chartered Accountants Statutory Auditor 2nd Floor Donegall House 98-102 Donegall Street Belfast BT12W
AN DROICHEAD LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unreslricted Restrlcled funds funds 2023 2023 Total Unrestrlcted Restrlcted funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Charitable activities other trading activities 4.420 657,978 12,350 4,420 357,392 1,015,370 12,350 4,281 542,624 478 4,281 810,286 478 267.662 Total Incom8 674,748 357,392 1,032,140 547,383 267,662 815,045 Charitable activities 626,382 357,392 983,774 525,920 267,662 793,582 N61 Income and mov8m&nt In funds 48,366 48,386 21,463 21,463 Reconclllatlon of fund8: Fund balances at 1 April 2022 251,282 251,282 229,819 229,819 Fund balancos at 31 March 2023 299,848 299,648 2S1,282 251,282 The statement of financial activities includes all gains and losses recognised in the year. All income and exp8ndilure derive from continuing activities. 10-
AN DROICHEAD LIMITED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Fixèd assets Tangible assets 11 509,739 538,446 Current assets Debtors Cash at bank and in hand 12 183,385 16,665 138,811 2,588 200,050 141,399 Credltors: amounts falllng due wlthln one year 14 (61,546) {54,495> Net current assets 138,504 86,904 Total assets less current Ilabllltles 648,243 625,350 Credltors: amounts falllng due aft6r more than one yoar 15 (348.595) (374,068) Net assets 299,648 251.282 Income funds Unrestricted funds 299,648 251,282 299,648 251,282 The financial statements were approved by the Directors on 21 December 2023 11
AN DROICHEAD LIMITED BALANCE SHEET (CONTINUED) AS AT31 MARCH 2023 l McGowan Trustee Company Reglstratlon No. N1033956 12
AN DROICHEAD LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating activitles Cash generated fromllabsorbed by) operations 19 30,783 (16,199) Investlng actlvltles Purchase of tangible fixed assets (19,842) Net cash used In Investlng actlvltles {19,842) Flnancing activities Repayment of bank loans 19,367) (8,862) Net cash used in financing activitles (9.367) {8.8621 Net Increasel(decrease) In Cash and cash equivalents 21,416 (44,9031 Cash and cash equlvalents at beglnning ofyear (4.751) 40,152 Cash and cash equlvalents at end of yéar 16,665 <4,751) Relatlng to: Cash at b8nk and in hand Bank overdiafts included in creditors payable within one year 16,665 2,588 (7,339) 13-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcies Charlty Informatlon An Droichead Limited is a private company limited by guarantee incorporated in Northem Ireland. The registered office is Larionad An Droichid, 20 Cooke Street, BELFAST, BT7 2EP. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's Igoverning document], the Companies Act 200S, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irelané" { FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities= Statement ol Recommended Practice applicable to charilies preparing their accounts in accordance wilh th8 Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charity is a Public Benefil Entity as defined by FRS 102, The financial statements are prepared in sterling, which is the functlonal currency of the charily. Monetary amounts In these financial statements are rounded lo the nearest £. The financial statements have been prepared under the hlstorlcal cost convention. Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the lime of approving the financi81 $18tements, the Directors have a reasonable expectatlon that the charity has adequate resources to conlinue in operational existence for the forese8able future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial slalements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitab18 objectives. Reslricled funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes lo Ihe financial statements. Endowment funds 8re subject to specific conditions by donors that the capital must be maintained by the Gh8rity, 1.4 Income Income is recognised when the charity is legally entitled to il after any performan conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipl. Other donations are recognised once th6 charity has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donalions received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacie5 are recognised on receipl or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expecled. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expenditure All expenditure is recognised on an accruals basis as a liability and is incurred and classified u nder headings that aggregate all cost related to the category. Expenditure on charitable aclivities are costs incurred on the companies charitable operations including support cost5 and costs relating lo the governance to the company apportioned to charitable activates. 14-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounllng policies qcontlnued) 1.6 Tanglble flxed assets Tangible fixed assets are slated at cost net of depreciation and any impaimient loskes. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Land & Buildings Flxlures & Fitllngs Computers 2OA Straight line 250A Straight line 250/0 Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixèd asseis Al each reporting end date, the charity reviews the carrying amounls of its t8nglble and intangible assets to delermine whether there is any indication Ihal those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairmenl loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposils held at call with banks, other short-term liquid Investments with original m81urities of three months or less, and bank overdrafts. Bank overdr8fts are shown within borrowings in currenl liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financlal Instruments, and Sectlon 12 'Olher Financial Instruments Issues, of FRS 102 to all of its fin8ncial instruments. Financial instrum8nls are recognised in the charity's balance sheet when the charity becomes party to the contractual provlsions ol the Instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial stalemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtars and cash and bank balances, are initially me8sured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the presenl value of the fulure receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised.
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles (Continued) Basic financlal Ilablllties Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement ccnslitutes a financing transaction, where the éebl instrument is measured at the present valuè of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are ncl amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal liabilities Financial liabilities are der8cognised when the charity's contractual obligations explre or 8re discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which Ihe employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably eommilled lo terminal8 the employment of an employee or to provlde terminalion benefits. 1.11 Retlrement beneflts Payments to defin8d contribution retirement benefit schemes are charged as an expense as they fall due. crftlcal accountlng estlmate8 and judg6ment8 In the application of the charity's accounting policies, the Directors are requir8d to make Judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from olh&r sources. The eslimales and associated assumptions are based on historical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Income from donallons and legacles Un restricted funds 2023 Unrestrlcted funds 2022 Donations and gifts Membership fees 1,000 3,420 4,281 4.420 4,281 16-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Charltable actlvllles Charltablg incomo 2023 Total 2023 2023 2022 Sale of goods Day care fees Other charitable income Grants 9,039 9,039 402,625 402,625 325.460 12,960 471,866 603,706 603,706 1,006,331 9.039 1.015.370 810,288 Analysis by fund Unrestricted funds Restricted funds 648,939 357,392 9,039 657,978 357,392 542,624 267,662 1,006,331 9,039 1,015,370 810,286 Income from other tradlng actlvltie8 Unrestrlcted Unrestrlcted funds funds 2023 2022 Shop Income Sponsorships 8nd social lotteries 6.290 6.060 478 Other trading activities 12,350 478 17-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable aclivitlos 8xpendlture Charitabla Expenditure 2023 Charitabl• Expendlture 2022 Staff costs Educational Res & Materials Programm8 experises Minibus hire and Iravel expenses Professional Fees Other charitable expenditure 644,435 14,085 53,110 17.230 483,488 30.764 30,854 9,100 1,000 69,991 106,096 834,956 625,197 Share of support costs (see note 7) Share of governance costs (see note 71 142,818 6,000 163,385 5,000 983,774 793,582 Analysls by fund Unreslricled funds Restricted funds 626,382 357,392 525,920 267,662 983,774 793,582 18
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance costs costs 2023 Support Governance cosls costs 2022 Staff cosls Depreciation Training Bank fees & charges Loan interest Heat, Light & Water Telephone Postage, stationery and advertising Website costs Subscriptions Insurance Repairs and maintenance 26,330 28,708 1,824 717 10,374 15.428 2,019 26,330 28,708 1,824 717 10,374 15.428 2,019 34,006 29,692 1,333 993 10,878 10.853 1,578 34,006 29,692 1,333 993 10,878 10,853 1,578 27.255 27,255 19,924 2,525 1,795 6,254 19,924 2,525 1,795 6,254 3,191 7,072 3,191 7,072 19,900 19,900 43,554 43,554 Accountancy fees Audil fees 3,000 3.000 3,000 3,000 2,500 2,500 2,500 2,500 142,818 e,000 148,818 163,385 5,000 168,385 Analysed beeen Charitable activities 142,818 6,000 148,818 163,385 5,000 168,385 Governance costs includes payments to the auditors of £3,00012022- £2,500) for audil fees. Dlrector8 None of the Directors feceived any remuneration or benefits from the charity during the year. Employees The average monthly number employees during the year was., 2023 Number 2022 Number 49 48 19-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ernployees {Contlnued} Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 541,334 108,191 21,240 440,459 63,752 13.283 670,765 517,494 There were no employees whose annual remuneration was more than £80,000. 10 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11 Tanglble flxed assets Land & Bulldlngg Flxlures & Flttlngs Computers Total Cost At 1 April 2022 828,565 17,335 46,792 890,692 At 31 Marth 2023 826,565 17,335 46.792 890,692 Dépreclation and impalrment At 1 Aprll 2022 DepieGiation charged in the year 319,030 16,106 9,648 9,648 23,567 2,954 352,245 28,708 At 31 March 2023 335,136 19,296 26,521 380,953 Carrylng amount At 31 March 2023 491,429 {1,961) 20,271 509,739 At 31 March 2022 507,535 7,687 23,224 538,448 12 Debtor3 2023 2022 Amounts falllng due wlthln one year.. Other debtors 63,385 18,811 -20-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Debtors {Contlnued) 2023 2022 Amounts falllng due after more than one year: Other debtors 120,000 120,000 Total debtors 183,385 138,811 13 Loans and overdrafts 2023 2022 Bank ov8rdrafts Bank loans 7,339 173,593 164,226 164,226 180,932 Payable within one year Payable after one year 19,740 144,486 27,079 153,853 Amounts included above which fall due after five years.. Payable by inslalmenls 77,974 97,714 A debenture over 811 company assets supported by a Fixed Charge over each Folio held including th8 AN Droichead Childcare facilily al 20 Cooke Stfeet, Belfast, BT7 2EP. The term of the loan is 15 years, monthly repayments £1,645. Interest will be variable, being calculated as the greater of the underlying Bank of England bas rate plus 3¥0, or 60A. 14 Cr8ditors: amounts falllng due within one year 2023 2022 Notes Bank loans and overdrafts Other taxation and social security Deferied capital grants Other creditors 13 19,740 9,874 16,106 15.828 27,079 16,106 11,310 61,548 54,495 21
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 1S Credltors: amounts falllng due after more than one year 2023 2022 Notes Bank loans Deferred capital grants 13 144.486 204,109 153,853 220,215 348,595 374,068 16 Retirement beneflt schemos Deflned Gontrlbutlon Schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from Ihose of th8 charity in an indgp8ndently administered fund. The charge to profit or loss in respect of defined contribution schemes was £21,240 (2022 - £13,283>. 17 Unrestrlcted funds The unrestrlcled funds of the charity comprise the unexpended balances of donations and grants whlch are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by th8 trustees for specific purposes. At 1 Aprll 2022 Incomlng resources Resources At 31 March oxpended 2023 General funds 251,282 674,748 {626,382) 299,648 Prevlous year: At 1 April 2021 Incomlng resources Resources At 31 March expended 2022 General funds 229,819 547,383 (525,920) 251,282 18 Related party transactlons There were no disclosable related party transactions during the year (2022 - none). 22-
AN DROICHEAD LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 19 Cash generated from operations 2023 2022 Surplus for the year 48,365 21,463 Adjustments for.. Depreciation and impairment of tangible fixed assets 28,708 29,692 Movements in working capital.. (Increase) in debtors Increa5el(decrease) in creditors (Decrease) in deferred income <44,574) 14,390 (16,106) {16,440) (34,808) (16,106) Cash g8n8rat8d froml(absorbed by) operatlons 30,783 (16,199) 20 Analysls of changes In net Idebt}Ifunds At 1 Aprll 2022 Cash flov+sAt 31 Mar¢h 2023 Cash al bank and in hand Bank overdrafts 2,588 (7,339) 14.077 7,339 16,665 (4,751) 21,416 16,665 Loans falling due within one year Loans falllng due after more than one year (19,740) (153.853) 119,740) 1144,486) 9,367 1178,3441 30,783 (147,561) 23-