Dccusign Envelope ID.. OA229663-6A2C-41AA-88B6-821D4352C452 Carn Media Dlrectors, report and unaudited flnanclal statements for the year ended 28 February 2018 Re8lstratlon No: N1053949 (Northern Irelandl Charlty No: XT27271
D(xxsStgn Envelope ID.. OA2296634A2C-41M-88B6-821D4352C452 Curn Medla Unauditedfintrnclalstutementsforthe yearended28 Februury 2018 Contents Page Isl Directors and adv55ors Strateglc report Directors, report Independent Examlners, report statement of Flnanclal ActSvltles and Statement of CompTehen51ve Income Statement of Flnancial Posltlot) statement of Cash Flows Statement of Changes In Equlty io Notes to the flnanclal statements 11-15 ASM
Dc¢uSiqn Envelope ID= I)A2296634A2C41AA-88B6421D4352C452 Curn Medlo Unwditedfinundalstatementsfvrthe yearended28 F¢lJruory2018 Poge 2 Directors and advisors Dlrectors Accountants Declan Devlin Cathal Hasson Sean Kerr Niall O'cathain ASM IMI Ltd Chartered Accountants The Diamond Centre Market Street Magherafelt Company Secretary Bankers Leanne Noonan Bank of Ireland IUKI plc 55 Main Street Maghera Reglstered Offlce Sollcltors An Carn Tirkane Road Maghera PJ McGuckln Hall Street Maghera ASM
DowSvJn Envelope ID.. OA229663.8A2C.41AA-B8B6-821D4352C452 Curn Medi UnauditedAlntsndalstutementsAorthe yeorended28 Febr¢wry2018 Poge2 Strateglc report Prln¢lpal activitles The principal actwity of the Company is to develop and produce short films, educational products and trainin8 and consultancy in multimedia skills, and a150 to offer in-house anlmation production seNices incorporating workshop based programme5 in schools and collegès. Business review Both the level of business arkd the year end financlal p051tion were considered sat15fartory given the objectives of the Company, and the directors expect that the current level of activity will be Improved for the foreseeable future. The results for the year are set out in the Statement of financial activities on page 7 and In the related note5. Prlnclpal rlsks and uncertaintles The key buslne5s rlsks and uncertalntles affectlng the Company are malntalnln8 sales levels and donatlons, The Company's management endeavour to mltigate these rlsks by Im plementlng regular strate8lc and operational review5. Key performance Indlcators The Company's dlrectors are of the opinion that analysls uslng key performance indlcators Is not necessary for an understanding of the development, performance or posltlon of the buslness. Flnanclal rlsk managément The Company does not actively use flnancial Instruments a5 part of it5 financial rlsk management. It Is exposed to the usual credSt rlsk5 and cash flows assoclated with selling on credlt and manage these risks through credit control procedures. The malorlty of the Companrfs activities Bre conducted in sterlin8ft Wlth the amount of trade in other currencies being minimal. Therefore the currency risk to the Company is mlnlmal. Future outlook The dlrectors remaln confident that the current level perfomiance will be Improved in the future and it is the Directors, intentlon to develop the present activitie5 of the Company. By Order of the Board DoGySloDedby'. O-'CAI(w Dlrector 29 November2018 ASM
Docuslgn Envelope 50.. OA229663-6A2C-41AA-88B6421D4352C452 Cam Med Unuuditedllnonciu15tutementsfvrthe year ended28 Februory2018 Poge 3 Directors, report The directors present their report and the unaudited financial ststements for the year ended 28 February 2018. Results The Statement of financlal activitie5 for the year is Set out on page 7. Dire¢tors The directors of the Company at 28 February 2018, who have all been dlrectors for the whole of the year ended on that date, are Ilsted on page l. Corporate governance Carn Medla is a company Ilmited by guarantee and as such It does not have share Capital. Every director being a member of the Executlve Commlttee undertakes to contribute to the assets of the Company, in the event of same belng wound up while he is a member, or wlthin one year after he ceases to be a member, for payment of debts and Ilablllties of the Company contrarted before he ceases to be a member, and of the costs, charges and expenses of windlng up, and for the adjustment of the rlghts of the contributors amon8 themselves, such amount as may be requlred not exceeding £1.00. The Company was incorporated on 17 February 2005 and Its governlng Instruments are the Memorandum and Artlcles of Associatlon. The address of the Companys re8lstered office, whlch15 also its prlncipal address, Is glven on pa8e I, The Company reglstered wlth the HM Revenue & Customs as a charitable body for taxatlon purposes (HM Revenue & Customs Charity No XT27271I on 10 December 2010. Remuneratlon The directors of the Company recelved no remuneration other than the relmbursement of out of pocket expenses. Commentary on the finantlal statements Finuncialstatements presentotlon The Company's finan¢i815tatements have been presented Sn the format set out as best practice by the Statement of Recommended Practice I'SORP'I, "Accounting by Charities. Issued by the Charity Commissioners In England and Wales. ASM
D(KuSl9n Envelope ID.. OA2kn834A2C.41AA-88B6-821D4352C452 Curn Medlts Unoudltedfinanclolstotementsforthe Poge 4 earended28 Febrnary2018 Dlrectors, report The Statement of Financial Activities I'SOFA") set out on page 7, focuses on showing the totsl incoming resources, both revenue and capStal, which have been made available to the Company durin8 the year and the way in which those resource5 have been used, whether as direct charltable expenditure in carrying out and supporting the Companws community driven actlvlties, or in the management and administration of the organisation itself. The SOFA also shows those incoming resources for the year received from sources which place restrictions on the way in whlch the Company can use the funds, and the level Of incoming resources that can be used by the Company without restrictlon, within the Company's charitable objects. Financlttl results ond thefundlng oAAuture work oth the level of actlvity and the year end financial positlon were considered satisfactory given the objects of the Company& and the dlrectors expect that this levèl of activlty wlll be Improved for the foreseeable fijture. The Statement of Flnancial Activltles shows a net decrease in unre5trlcted funds of £1,374 and no movement in restrlcted funds. Expendlture on equlpment The movements In flxed assets during the year are set out in note 7 to the flnancial statements. ReseNes The Company had nèt Ilabilltles of £5,656 at 28 February 2018. Dlrectofs, responslbllltSes statement The directors are responslble for preparlng the Strate8ic Report, the Dlrectors, Report and the financlal statements In accordance wSth appllcable law and regulatlons. Company law requires the dlrectors to prepare fSnanclal statements for each financial year, Under that law the directors have elected to prepare the financial statements In accordance with United Kingdom Generally Accepted Accounting Prartlce (United Kingdom Accountlng Standards and applicable lawl. Under company law the directors must not approve the financlal statement5 unless they are satisfied that they give a true and falr vlew of the state of the affairs of the Company and the proflt or10s5 of the Company for that year. In preparing these financlal statement5, the dlrectors are requlred to.. select sultable accounting policies and then apply them consistently,. make judgefflent5 and accounting estimates that are reasonable and prudent; state whether applicable UK Accountlng Standards have been followed, Subject to any material departure5, disclosed and explained in the financial statement5; and prepare the financial Statements on the golng concern basi5 unless It is inappropriate to presume that the Company will continue in business. ASM
Dwuslsn Envelcpe.ID.. OA229663•2C41M.8836421D4352C452 Carn Medlo Unuudltedfinon¢lttlstotsmentsAorthe yeurended28 Februury 2018 Poqe 5 Directors, report The directors are responsible for keeping adequate accounting records that are sufficient to Show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial p051tion of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the Company and hence for taklng reasonable Steps for the prevention and detection of fraud and other irregularities. Internal flnancial control The dlrectors have overall respon5iblllty for ensurin8 that the Company has in place an appropriate System of controls, financlal and otherwlse, to provide reasonable assurance that: the Company is operating efficiently and effectlvely,. its assets are safe8uarded agalnst unauthorised use or disposition; proper records are maintair7ed and financlal informatlon used wlthln the Company or for publicatlonls reliable,. and the Company complles wlth relevant laws and re8ulatlons, The Company's systems of flnanclal Control Ere deslgned to provide reasonable, but not absolute, assurance a8ainst materSal mls-statement or loss. Speelal provlslons relatlng to small slzed companles Thls report has been prepared in accordance with the speclal prov151ons of Part XV of the Companles Act 2006 relatlng to small slzed companie5, y Orderof the Board OrtuSl0n*ttby'. ALL L1'cal gOEQF2ZOfr8eF4%... Nlall Iycathaln Director 29 November 2018 ASM
Docuslgn Envelopg ID.. OA229663-6A2C41AA-88B6.821D4352C452 Crlrn Medio Unaudltedflnuncltslstotementslorthe yettrended28 Febr4wry 2018 Pooe 6 Independent Examiner's report to the Directors. of Carn Media We report to the directors, on our examination of the flnancial statements of Carn Medla for the year ended 28 February 2018. Responsibilitles and basis of port The directorfs of the Company are responsible for the preparation of the financial statements In accordance with the requirements of the Charitles Act (Northern Ireland) 2008. You are satlsfied that our charity is not requlred by charity law to be audited and have chosen Instead to have an independent examination. We report in respett of our examination of the charlty's financial statements as carried out under Sectlon 65 of the 2008 Act. In carryin8 Out our examination we have followed the general directiL)n5 by the Charity Comm15sion for Northern Ireland under Sectlon 65191 Ibl of the 2008 Act. Independent examlner's Statement We have completed our examlnation and we confirm that no matters have come to our attentlon In connection wlth our examlnatlon givin8 us cause to belleve that in any mater131 aspect. l. Accountln8 records were not kept as requlred by wlth Section 63 of the 2008 Act; or 2. The flnanclal statements do not accord wlth those records,. or 3. The Pinanclal statements do not comply wlth the accountlng requirements of the 2008 Act,, or 4, The financial statements do not comply wlth the applicable requlrements concernlng the form and contents of accounts set out In the Charltles (Accounts and Reports) Regulation 2008 other than any requirement that the accounts give a 'true and fair, vlew which is not a matter considered as part of an Independent examlnatlon. We conflrm that there are no other matters to whlch your attention should be drawn to enable a proper understanding of the accounts to be reached. ael McAllister ASM {Ml Ltd Chartered Accountants The Diamond Centre Market Street MaEher?felt 29 November 2018 ASM
Oocusign Enwelope ID.. OA229663*A2C41AA-88B6-821D4352C452 Corn Mediu Unuuditsdfinunclalstrtementsfor the yeurended28 February 2018 Puge 7 Statement of Financial Activities and Statement of Comprehensive Income Notes Unrèstrirted funds Restrlcted funds Total 20 Totsl 2017 IncominB resources Income from fundln8 bodies other income Total In¢omln8 resourcès 31,175 31,175 31,175 31,175 39,055 39,055 Resources expended Direct cheritable expendlture Management and adminlstration Total resouKes expended 14,136 18,413 32,549 14,136 18,413 32,549 13,298 20,199 33,497 Taxatlon Net movement In funds Other comprehensive Sncome for the year Total ¢omprehenslve Income for tha year 11,3741 11,3741 5,558 11,3741 11,374} 5,558 Re¢onclllatlon of movement In funds At l March 2017 Net movement In funds for the year At 28 February 2018 14,2821 11,3741 15,6561 14,2821 11,3741 15,6561 19,8401 5,558 14,2821 Net movement In funds Flxed assets funded vlè dlrert charltable expendSture Net movement In funds avallable for futurè activitles 11,3741 11,3741 5,558 11,3741 IL3741 5,558 All amounts above relate to the continulng operatlons of the Company. There Is no difference between the net movement In funds for the year stated above and thelr historlcal cost equivalents, Thè notes on pages 11 to 15 form part of these financlal statements ASM
DocuSvJn Envetope ID.. OA2298634A2C41M-88B&821D4352C452 arn Media Unuuditedllnonclalrtatementsfvrtheyearended28 February 2018 Page 8 Statement of Financial Position Notes 20 2017 Fixed a55ets Propertyi plant and equipment 3.576 5,321 Current assets Cash at bank 724 724 724 724 Credltors: amounts falllnE due within one yeai 9,918 10,214 Net ¢urrent assetsllliab115tlèsl 19,1941 19,4901 Total assets less Current liabllltlès 15,6181 14,1691 Deferred kn¢ome 113 Net assetsllllabllltlesl 15,6561 14,2821 Funds employed Unrestricted funds Restrlcted funds 133,2111 27,555 15,6561 131,8371 27,555 14,2821 The dlrectors have taken advantage of the exemptlon conferred by Artlcle 257A of the Companies (Northern Ireland) Ordèr 1986 not to have these flnanclal Statements audited and conflrm that no notlce ha5 been deposlted under Artlcle 2578121 of the Companles INorthern Ireland) Order 1986. The dlrectors acknowledge thelr responslbllltles ftsr ensuring that.. the Company keeps accountlng records which comply wSth Sectlon 386 of the Companles Act 20C6,' and the financial Statements glve a true and falr vlew of the state of affairs of the Company a5 Ot 28 February 2018 and of its deflcit for the year then ended In aceordance wlth the requirements of Section 396. and which otherwise comply with the requlrements of the Companles Art 2W6 relating to financial statements, so far a5 applicable to the Company. These flnanclal statements have been prepared in accordance wth the special provisions trf Part XV of the Companies Art 2006 relating to small slzed companies. The flnancial statements on pages 7 to 15 were approved and authorised for Issue bythe Board of Direttors o 29 November 2018 and were signed on its behalf bv.. Docu81unodby.' NAIL LI'CAIQAI Director Registratlon Number: N1053949 The notes on pages 11 tts 15 form part of thesefinancial statements ASM
DoGuSkJn Envelop8 ID.. OA2296834A2C41AA-B8BM21D4352C452 Carn Medl UnoudltedfJnaIl5tuteentsI0rthe yeor ended28 Februury 2018 Poge S Statement of Cash Flows 2018 2017 Net cash knfiow from operatkng activities 352 6,726 Retums on investments and 5ervlcing of flnan¢e Interest paid Net cash Inflow/{outflowl for returns on Investments and servicing of flnan¢e Taxatlon Capltal expendlture Purchase of property, plant and equipment Net ¢ash outflowfor caplt?l expenditure 16,5011 16,5011 Increa5elldecreasel In cash and cash equlvalents 352 225 Recon¢lllatlon of op¢ratln8 profit to net ¢a$h Inflow from operatlng actlvltles 2018 2017 Surpluslldeflcltl for the year Depreclatlon on property, plant and equlpmenl Amortlsatlon of capital grants and deferred Income Increaselldocreasel in trade credltors Increase/ldecreasel In other taxatlon and Social securlty Increase]Idecrèasel in other creditors and accruals Net cash Inflowlloutflowl from operating actlvltSes 11,3741 1,745 1751 5,558 1,501 1751 87 13451 6,726 3S2 Analysls of changes In net debt 2018 2017 Opening bal&nce Net cash flow Closlng balance 14,7371 352 14,3851 14,9621 225 14,7371 Chan8e In year 2018 2017 Analysls of balan Cash at bank and in hand Bank overdraft 724 724 15,1091 15,4611 14,3851 14,7371 352 352 The notes on page$ 11 to 15 form part of these financial statement5 ASM
Docuslgn Etwelcpelo.. 2g6634A2C41-8ets6-62lD4354S2 Corn Medlu Un¢7udltedfinun¢iolstatementsforthe yeurended28 Febru•ry2018 Poge IG Statement of Changes In Equity Share ¢apltal UnrestrFcted funds Restrlrted funds Total At l March 2016 Total comprehen51ve Income for the year At 28 February 2017 Total comprehenslve Income for the year At 28 February 2018 137,3951 5,558 131,8371 11,3741 133,2111 27,555 19,8401 5,558 14,2821 11,3741 15,6561 27,555 27,555 The notes on pages 11 to 15 form part of these financial statements ASM
De¢uSiw Envelope ID.. oA2263-6A2¢-4lAA-88BS42lo43s2c452 Carn Medla Unouditedfinunclalstatementsfortheyearended28 Febmury 2018 Puge 11 Notes to the financlal statements l. Prlncipal accounting poli¢le5 Carn Media is a Company limited by guarantee incorporated In Northern Ireland. The Company's flnancial statements have been prepared In compliance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 as it applies to the financlal statements of the Company for the year ended 28 February 2018. Bo5is of occountin The financial statements of Carn Media were approved for Issue by the Board of Dlrectors, on 29 November 2018, The financial statements have been prepared In accordance wlth applicable accounting standards. The flnancial statements are prepared In sterllng which Is the functional currency of the Companv. The financlal statements have been prepared In accordance wlth the recommendations contalned in the Statement of Recommended Practice I'SORW'I °Accountlng by Charities". Golng concem The Company made a deflclt for the year ended 28 February 2018 and, at that date, the Companvs liabllltles exceeded its assets, The abillty of the Company to continue as a going concern Is dependent upon contlnued support of funders, the contlnulng availabillty of banklng facllities and the return to profitability. The dlrectors consider that the Company will be able to renew its banklng facilitles and no matters have been drawn to their attentlons to suggest that renewal may not be forthcoming on acceptsble terms. In addition, the director5 are confident that the Company will return to profitable tradin8. After maklng enqulrles, the dlrectors have a reasonable expectatlon that the Company has adequate resources to continue in operatlonal existence for the foreseeable future. Accordingly they contlnue to adopt the going concern basis in preparing the financlal statements. Judgement t7nd key sources oAestlm4tion uncertalnty Preparation of the ftnancial statements requlres management to make slgnificant Judgement5 and estimates. The items in the financSal statement5 where these judgments and estimates have been made are summarised below. ASM
Dacuslgn Envebpa ID.. OA229f63-6A2C41AA-88B8421D4352C452 Carn Mediu Unouditedflnoncialstutementsfor theyeorended28 Februory 2018 Po9e 12 Notes to the flnancial statements Property, plant andequlpment Property, plant and equipment are stated at their purchase cost, net of depreciation and any provision for impairment. Depreciation Is calculated so as to write off the cost of tanglble fixed assets. less thelr estlmated residual values, on a straight Ilne ba515 over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows: Offlce equipment 25 Key occountlnqpollcles Income All Incomlng resources are reco8n15ed in the statement of Financial Activlties when the condltlons for receipt have been met and there is reasonable a55uran¢e of receipt. When an Incomin8 resource relating to a future accounting period Ss received, the amount Is treated as deferred income and it Is Included wlthln credltors In the balance sheet. Capltolqrunts Prlor to adoption of the SORP, grants speclfScally for capltal expendlture were credltecl to a deferred credit account and released to income and expendlture over the expected useful lives of the related assets. In accordance with the SORP, capltal grants receivable are recognised immediately In the Statement of Flnancial Activities unless they are restrlcted to future accountlng perlods or may become repoyable under the terms attached. Funds Carn Medla has various type5 of funds for whlch It is responsible and which require separate disdosure. These are as follow5: restricted Income fund5: income which is earmarked by the donor for speciflc purposes. Such purposes are within the overall aims of the Company,. and unrestricted funds.. funds which are expendable at the discretion of the dlrectors in furtherance of the objects of the Company. Such funds may be held in order to finance capltal investment and working capital. Manaqement und odmlntstrotion costs Management and administration costs relate to the costs of running the Company such as the costs of meetings, accountlng and statutory compliance and include any costs which cannot be specifically Identified to another expenditure classification. ASM
DwS¢on Env&bpe ID.. OA2296634A2C41M-88Bfr821D4352C452 Carn Medio Unoudited nanuolstotementsforthe yeor ended28 Februtsry2018 Page 13 Notes to the financial statements Deferred income Deferred Income relates to incoming resources in the current year which are specifically to fund actlvities in future accountlng periods. 2. Analysis of total resources expended stsff ¢ost5 Depreclatlon Other costs Total 2018 Total 2017 Dlrect charltable eKpenditure Management and adminlstratlon 1,745 12,391 14,136 13,298 17,051 17,051 1,362 13,753 18,413 32,549 20,199 33,497 1,745 3. Dlrectors, emoluments The directors recelved no emoluments during the year. 4. Employee Informatlon The average number of persons lincludlng executlve dlrectorsl employed by the Company during the year was.. 2018 Numb8r 2017 Number By a¢tlvfty Admlnistration Productlon 2018 2017 stsff ¢05ts (for the above personsl Wages and salaries Social security costs 16,814 243 17,OS7 17,369 122 17,491 5. Net movement in funds 2018 2017 Net movement In funds is stated aftercharging: A¢count8nts' remuneration Depreciation charge for the year.. Propety, plant and equSpment- owned 870 870 1,745 1,501 And after crediting: Capital grant amortlsation 75 75 ASM
Docuslgn Envalope ID: I)A229063-6A2C.41AA-88B6421D4352C452 Curn Medffl Unuuditedfinanclolstotementsfvr the yeorended28 Februory 2018 Poge 14 Notes to the financial statements 6. Taxation No provislon for taxation is required as the Company has charitable status approved by HM Revenue & Custom5. 7. Property, plant and equipment Offl¢e equlpment Total Cost At l March 2017 Additions Dlsposals At 28 February 2018 32,270 32,27CI 32,270 32,270 Depre¢latlon At l March 2017 Charge forthe yeai Disposals At 28 February 2018 26,949 1,745 26,949 1,745 28,694 28,694 Net book value At 28 Fèbruary 2018 3,576 3,576 At 28 February 2017 5,321 5,321 8. Credltors: amounts falllng due wlthln one year 2018 2017 Trade crethtors Bank overdraft Payroll taxes Accruals Other credltors 870 5,109 190 2,026 1,723 9,918 The bank overdraft is secured by a letter of guarantee from the Company directors. 870 5,461 134 2,026 1,723 10,214 ASM
Dwuslw Envelope ID.. Oh229663.6A2C-41M488e-821D4352C452 Curn Medla Unauditedfinonclalstotemert5fortheyearended28 February 2018 Puge IS Notes to the financial statements 9. Deferred income Capltal grants tost At l March 2017 Grants recelved durSng the year At 28 February 2018 300 300 Amortlsatlon At l March 2017 Amortlsatlon for the year At 28 February 2018 187 75 262 Net book valu¢ At 28 February 2018 38 At 28 February 2017 188 10. Contlngent Ilabllltles A contlngent liabillty exlsts to repay grants recelved should certain conditlons not be fulfilled by the Company. In the oplnlon of the director5 the term5 of the letters of offer have been complSed with and a liabllity Is not expected to arlse. There were no other contlngent Ilabilitles at 28 February 2018 or at 28 February 2017. 11. Capltal commltments The Company had no capltal commitments at 28 February 2018 or at 28 February 2017. 12. Sha re capltal The Company is a company Ilmited by a guarantee and It does not have a Share capital. Every director being a member of the Executive Committee undertakes to contribute to the assets of the Company. in the event of same belng wound up while he Is a member, or withln one year after he ceas@s to be a member, for payment of det)ts and Ilabilitles of the Company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contrlbutors among themselves, such amount as may be required not exceeding £1.00. 13. Ultimate controlling party The Company has no controlling party- ASM