the children’s cultural centre limited financial ... · requirements of the companies acts, 1963...

THE CHILDREN’S CULTURAL CENTRE LIMITED


FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2013

CHARITY REGISTRATION NUMBER: CHY 11334

COMPANY REGISTRATION NUMBER: 222774


1

CONTENTS

Page

DIRECTORS AND OTHER INFORMATION 2

DIRECTORS’ REPORT 3

INDEPENDENT AUDITORS’ REPORT 8

STATEMENT OF FINANCIAL ACTIVITIES 10

BALANCE SHEET 11

CASH FLOW STATEMENT 12

NOTES TO THE FINANCIAL STATEMENTS 13


2

DIRECTORS AND OTHER INFORMATION

Directors Sheila de Courcy (Chair)

Helen O’Donoghue

Marie McLoughlin

John Coolahan

Donnchadh Ó Madagáin

Catherine Byrne

Brian Lavery

Gerry Smyth

Secretary Arthur Lappin

Company Number 222774

Registered Charity Number CHY 11334

Registered Office 11A Eustace Street

Temple Bar

Dublin 2

Auditors Gaby Smyth & Co.

Chartered Accountants and Registered Auditors

92 Merrion Road

Ballsbridge

Dublin 4

Business Address 11A Eustace Street

Temple Bar

Dublin 2

Bankers AIB Bank

7/12 Dame Street

Dublin 2

EBS Building Society

2 Burlington Road

Dublin 4

Solicitors Kirwan McKeown James Solicitors

22 Kildare Street

Dublin 2


3

DIRECTORS’ REPORT

The directors submit their report together with the audited financial statements for the year ended 31st March

2013.

STRUCTURE, GOVERNANCE & MANAGEMENT

The company is a charity and hence the Report and Results are presented in a form that complies both with the

requirements of the Companies Acts, 1963 to 2012 and the Statement of Recommended Practice (SORP) as

issued by Charity Commissioners for England and Wales in March 2005.

Legal Status

The Children’s Cultural Centre Limited (The Ark) is a company registered in Dublin, Ireland (Registration

Number 222774), which was incorporated under the Companies Acts, 1963 to 1990 and is a company limited

by guarantee not having a share capital. The objects of the company are charitable in nature and it has

established charitable status.

Appointment of Directors

At the Annual General Meeting in every third year, at least one third of the board members shall retire from

office, but shall be eligible for re-election following resignation.

Directors

The present directors of the board are as follows:

Sheila de Courcy (Chair)

Helen O’Donoghue

Marie McLoughlin

John Coolahan

Donnchadh Ó Madagáin

Catherine Byrne

Brian Lavery

Gerry Smyth

Mary Ruth McDaid resigned as director on 20th

June 2012. Brian Lavery and Gerry Smyth were appointed as

directors on 5th

September 2012. There were no changes in directors between 31st March 2013 and the date of

signing the financial statements.

Members

Members of the charitable company guarantee to contribute an amount not exceeding €1 to the assets of the

charitable company in the event of winding up.

Company Secretary

Arthur Lappin replaced Eina McHugh as company secretary on 7th

September 2012.

Risk Review

The main financial risks to The Ark emanate from possible changes in Arts Council funding and other major

public funding from the Department of Arts, Heritage and the Gaeltacht (formerly known as the Department

of Tourism, Sport and Culture), and the Department of Education and Skills. Any major decrease in corporate

sponsorship and private/philanthropic donations could also have a negative financial risk to the organisation.

The Ark’s fundraising strategy is aligned with The Ark’s overall organisational strategy.

OBJECTIVES AND ACTIVITIES

The Ark is a unique, purpose built cultural centre open year round serving children both in schools and outside

of school. The building is in the heart of Dublin’s Temple Bar, where children aged 2 to 12 can explore out

theatre, music, literature, art, film, dance and multi-disciplinary commissions. Our programme of world class

performances, exhibitions and creative workshops changes every few weeks, so children, families and

teachers expect a different experience every visit. The Ark compliments and supports the primary school

education curriculum linking the arts and education through programming and the provision of other

supportive resources for teachers. We provide professional development where possible to festivals and

venues around Ireland on an annual basis.


4

DIRECTORS’ REPORT

ACHIEVEMENTS AND PERFORMANCE

The Ark continued to operate prudently and successfully sought opportunities to strengthen and develop both

established and new funding streams and programming partnerships to enhance the quality of our work for

children.

Public funding was a major source of funding to The Ark for the year ending 31st March 2013, with principle

support from The Arts Council and significant support from The Department of Education and Science.

Temple Bar Cultural Trust support The Ark through the provision of the premises by way of a cultural use

agreement. In addition to partnerships, income was kindly generated from grant, foundation and donor

support.

Programming Highlights

The Ark welcomed audiences of 30,838 to its programmes, through school classes, teacher’s workshops,

family and public events, outreach work, special events and touring.

During the financial year ending 31st March 2013, The Ark produced and presented the following cultural

programmes spanning within its custom-built centre in Temple Bar, in addition to national touring:

Theatre Performances and Workshops

The Tale of the Titanic ‘Live Literature’ – Public performances held on 14th

April 2012.

A Christmas Carol ‘Live Literature’ – Performances by Aaron Monaghan and Bryan Burrows for the public

and for schools held on 1st to 22

nd December 2012.

Zoe’s Play by John McArdle – Performances for the public and for schools held on 9th

to 30th

March 2013.

Big Bad Wolf Theatre – Workshops for the public and for schools held on 19th

February to 6th

April 2013.

Theatre Workshops for Toddlers – Workshops held on 12th

February to 6th

April 2013.

International Theatre

The Dublin Theatre Festival 2012 – Performances for the public and for schools held on 29th

September to

16th

October 2012.

White, Scotland – Performance held on 28th

September to 4th October 2012.

‘Ha, Ha, Ha’, Belgium – Performances held on 6th

and 7th

October 2012.

Mouth Open Story Jump Out, UK – Performances held on 9th

to 11th

October 2012.

Potato Needs a Bath, Scotland – 12th

to 14th

October 2012.

Visual Arts

Toddler Tuesdays, various artists – Workshops held on 26th

June to 31st July 2012.

Shape Shifters with Jole Bortoli – Public workshops held on 4th

to 6th

August 2012.

Toddler Workshops with Kate Wilson – Workshops held on 10th

to 17th

November 2012.

Mandscape – Visual arts exhibitions for the public and for schools held on 12th

January to 6th

April 2012.

Music

Culture Night 2012 – Public performances and workshops held on 21st September 2012.

Celebrating Young Performers – Public performances held on 2nd

to 22nd

December 2012.

Tradfest 2013 – Performances and workshops for the public and for schools held on 25th

to 27th

January 2013.


5

DIRECTORS’ REPORT

Tiny Traddies – Workshops for toddlers 24th

to 27th

January 2013.

Literature

Telling Tall and Tiny Tales for the Public 2012 – Exhibition, workshops and storytelling held on 3rd

to 29th

April 2012.

Telling Tall and Tiny Tales 2 for Schools and the Public 2012 – Exhibitions, workshops and storytelling held

on 30th

October to 29th

November 2012. The following six events are part of this Telling Tall and Tiny Tales

Experience:

Meet Oliver Jeffers, for schools – Performances held on 27th

September 2012.

Skulduggery Pleasant Extravaganza – Performances held on 31st October 2012.

Halloween Story Telling with Niall De Burca – Performances held on 31st October 2012.

Niamh Sharkey – Performances held on 3rd

November 2012.

Make a Mini Book with Jole Bortoli – Workshops held on 10th

to 17th

November 2012.

PJ Lynch Illustration Workshop – Workshops held on 24th

November 2012.

Multi-Disciplinary

Awakening Curiosity (Schools) – Exhibitions and workshops for schools held on 14th

April to 22nd

May 2012.

Awakening Curiosity (Public) – Exhibitions and workshops for the public held on 23rd

June to 6th

August

2012.

Celebrating Euro Science Open Forum – Various public events and activities held on 6th

to 15th

July 2012.

Open House 2012 – Public architecture tours held on 6th

October 2012.

Touring and Outreach

The Girl who forgot to Sing Badly – Performances for the public and schools at the South Bank, London and

Cork Mid Summer Festival held in June 2013.

The Creative Self, Professional Development for Teachers

Awakening Curiosity – Teachers information evening held on 21st and 22

nd May 2012.

Reading the Visual for Teachers – Workshops held on 24th

October 2012.

Creative Book Making for Teachers – Workshops held on 14th

November 2012.

An Introduction to Irish Traditional Music for Teachers – Workshops held on 24th

January 2013.

Immersive Theatre in the Classroom – Workshops held on 5th

February 2013.

The Ark Lab and Professional Development for Artists

Andy Manly; Theatre for Children – Workshops for practitioners held on 27th

September 2012.

Professional Development Workshop for Traditional Musicians – Workshops held on 25th

January 2013.

In Conversation with Anu and Punchdrunk – A talk for practitioners held on 6th

February 2013.

Practitioner’s workshop with Punchdrunk – Workshops held on 5th

and 6th

February 2013.


6

DIRECTORS’ REPORT

FINANCIAL REVIEW

The end of the year saw a net deficit of €24,340 compared with a net deficit of €98,762 in the prior year.

12 Months 15 Months

Ended Ended

Financial Report for the Year Mar ‘13 Mar ‘12

Incoming Resources € €

Grants 851,928 956,228

Support in Kind 60,796 70,542

Sponsorship 1,132 1,208

Fundraising 43,860 46,532

Rental Income 4,950 3,560

Interest Income 2,116 6,344

Programme Income 118,636 88,111

Co-Production Income 10,250 23,850

Other Income 37,330 80,085

1,130,998 1,276,460

Resources Expended

Fundraising, Publicity and Marketing 245,389 317,246

Programming Costs 730,267 828,246

Governance Costs 118,886 159,188


1,155,338 1,375,222

Net Outgoing Resources (24,340) (98,762)

Results for the Year

The net outgoing resources for the year amounted to €24,340. The results for the year, the balance sheet and

the cash flow statement are set out on pages 10 to 12.

Events Since the Year End There have been no significant events affecting the company since the year-end.

Investment Policy The policy of the board of directors is to invest any monies where risk is kept to a minimum. Hence, to date

any funds that have accrued have been held in fixed term deposit accounts with AIB Bank and EBS.

Reserves Policy The board of directors’ budget and reserves policy requires that:

Prudent and adequate budgetary controls are in place to ensure that the resources of the company are

not depleted unnecessarily.

A baseline reserve should be maintained in a readily realisable form and used for any cash flow

requirements.

The reserves and use of any surplus to the baseline reserve is reviewed regularly by the board of

directors.

Developments and Plans for the Future

The Ark, through participation and mentorship on the DeVos Institute ‘arts management programme’ at the

Kennedy Center, will develop a new strategy for 2013-2016. The Ark is also currently developing a three year

artistic programme from 2013 to 2016 to aid partnership and fundraising potential.


7

DIRECTORS’ REPORT

ACCOUNTING RECORDS

The directors acknowledge their responsibility under Section 202 of the Companies Act 1990 to keep proper

books and records for the company. The books and records are kept at 11A Eustace Street, Temple Bar,

Dublin 2.

DIRECTORS’ RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each financial year which give a true

and fair view of the state of affairs of the company and of the profit and loss of the company for that period. In

preparing those financial statements, the directors are required to:

Select suitable accounting policies and then apply them consistently.

Make judgements and estimates that are reasonable and prudent.

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that

the company will continue in business.

The directors are responsible for keeping proper books of account which disclose with reasonable

accuracy at any time the financial position of the company and to enable them to ensure that the

financial statements comply with the Companies Acts, 1963 to 2012 and the accounting standards

issued by the Accounting Standards Board (Generally Accepted Accounting Practice in Ireland).

They are also responsible for safeguarding the assets of the company and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities.

Auditors

The auditors, Gaby Smyth & Co., have indicated their willingness to continue in office in accordance with the

provisions of Section 160(2) of the Companies Act, 1963.

On behalf of the board:

Donnchadh Ó Madagáin Sheila de Courcy

5th

September 2013


8

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS

OF THE CHILDREN’S CULTURAL CENTRE LTD.

We have audited the financial statements on pages 10 to 17. These financial statements have been prepared

under the accounting policies set out in the statement of accounting policies on page 13.

RESPECTIVE RESPONSIBILITIES OF DIRECTOR AND AUDITORS

As described on page 7, the directors of the company are responsible for the preparation of financial

statements in accordance with applicable law and accounting standards issued by the Accounting Standards

Board and promulgated by Chartered Accountants Ireland (Generally Accepted Accounting Practice in

Ireland).

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory

requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion,

has been prepared for and only for the company’s members as a body in accordance with Section 193 of the

Companies Act, 1990 and for no other purpose. We do not, in giving this opinion, accept or assume

responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it

may come save where expressly agreed by our prior consent in writing.

We report to you our opinion as to whether the financial statements give a true and fair view, in accordance

with Generally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with the

Companies Acts, 1963 to 2012. We also report to you whether in our opinion: the company has kept proper

books of account; and whether the information given in the directors’ report is consistent with the financial

statements. In addition, we state whether we have obtained all the information and explanations necessary for

the purposes of our audit and whether financial statements are in agreement with the books of account.

We also report to you, if in our opinion, any information specified by law regarding directors’ remuneration

and directors’ transactions is not disclosed and, where practicable, include such information in our report.

We read the director’s report and consider the implications for our report if we become aware of any apparent

misstatement within it.

BASIS OF OPINION

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by

the Auditing Practices Board. An audit includes an examination, on a test basis, of evidence relevant to the

amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates

and judgments made by the directors in the preparation of the financial statements, and of whether the

accounting policies are appropriate to the company’s circumstances, consistently applied and adequately

disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered

necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial

statements are free from material misstatement, whether caused by fraud or other irregularity or error. In

forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial

statements.

OPINION

In our opinion, the financial statements give a true and fair view, in accordance with Generally Accepted

Accounting Practice in Ireland, of the state of the company’s affairs at 31st March 2013 and of its results for

the period then ended and have been properly prepared in accordance with the Companies Acts 1963 to 2012.


9

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS

OF THE CHILDREN’S CULTURAL CENTRE LTD.

We have obtained all the information and explanations we considered necessary for the purposes of our audit.

In our opinion, proper books of account have been kept by the company. The financial statements are in

agreement with the books of account.

In our opinion, the information given in the directors’ report on pages 3 to 7 is consistent with the financial

statements.

Jill Percival

For and on behalf of

Gaby Smyth & Co.

Chartered Accountants

and Registered Auditors

92 Merrion Road

Ballsbridge

Dublin 4

5th

September 2013


10

STATEMENT OF FINANCIAL ACTIVITIES


12 Months 12 Months 12 Months 15 Months

Ended Ended Ended Ended

APP Mar ‘13 Mar ‘13 Mar ‘13 Mar ‘12

€ € € €

Unrestricted

Funds

Restricted

Funds

Total

Funds

Total

Funds

Incoming Resources

Incoming Resources from

Generated Funds

Voluntary Income II 811,084 101,640 912,724 1,026,770

Activities for Generating Funds II 45,142 4,800 49,942 51,300

856,226 106,440 962,666 1,078,070

Incoming Resources from

Charitable Activities

Programme Income II 118,636 - 118,636 88,111

Co-Production Income - 10,250 10,250 23,850

118,636 10,250 128,886 111,961

Other Incoming Resources II

Other Income 37,330 - 37,330 80,085

Investment Income 2,116 - 2,116 6,344

39,446 - 39,446 86,429

Total Incoming Resources 1,014,308 116,690 1,130,998 1,276,460

Resources Expended

Cost of Generating Funds

Fundraising, Publicity and

Marketing III 245,389 - 245,389 317,246

Charitable Expenditure

Programming Costs III 613,577 116,690 730,267 828,246

Governance Costs IV 118,886 - 118,886 159,188

Support in Kind 60,796 - 60,796 70,542

Total Resources Expended 1,038,648 116,690 1,155,338 1,375,222

Net Outgoing Resources (24,340) - (24,340) (98,762)

There were no recognised gains or losses other than the incoming/outgoings for the above two financial

periods.

The financial statements were approved by the Board on 5th

September 2013 and signed on its behalf by:



11

BALANCE SHEET

AT 31ST MARCH 2013



Mar ‘13 Mar ‘13 Mar ‘12 Mar ‘12

Note € € € €

Fixed Assets

Tangible Assets 8 135,314 168,673

Current Assets

Cash at Bank and in Hand 472,497 152,705

Debtors 9 37,823 58,710

510,320 211,415

Current Liabilities

Creditors: amounts due within one year 10 (470,778) (144,295)

Net Current Assets 39,542 67,120

Total Assets less Current Liabilities 174,856 235,793

Financed by Capital and Reserve

Opening Funds 11 67,834 166,596

Net Funds for Period 11 (24,340) (98,762)

Deferred Capital Grants 12 131,362 167,959

174,856 235,793

The notes set out on pages 13 to 17 form an integral part of these financial statements.

The financial statements were approved by the directors on 5th

September 2013 and signed on its behalf by:



12

CASH FLOW STATEMENT


12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Reconciliation of Net Outgoing Resources to Net Cash

Inflow/(Outflow) from Operating Activities


Depreciation 38,570 53,637

(Increase)/Decrease in Debtors 20,887 (33,568)

Increase/(Decrease) in Creditors 326,483 14,496

Capital Grants Released (36,597) (46,607)

Net Cash Inflow/(Outflow) from Operating Activities 325,003 (110,804)

Cash Flow Statement

Net Cash Inflow/(Outflow) from Operating Activities 325,003 (110,804)

Capital Expenditure (5,211) (1,295)

319,792 (112,099)

Reconciliation of Net Cash Flow to Movement in Net Funds

(Note 13)

Increase/(Decrease) in Cash in the Year Ended 31st March 2013 319,792 (112,099)

Net Funds at 1st April 2012 152,705 264,804

Net Funds at 31st March 2013 472,497 152,705


13

NOTES TO THE FINANCIAL STATEMENTS


1. Statement of Accounting Policies

1.1 Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are

considered material in relation to the company’s financial statements.

Basis of Preparation

The financial statements have been prepared in accordance with the applicable accounting standards

generally accepted in Ireland and Irish statute comprising the Companies Acts, 1963 to 2012. Accounting

standards generally accepted in Ireland in preparing the financial statements giving a true and fair view

are those published by Chartered Accountants Ireland and issued by the Accounting Standards Board.

The financial statements are presented in a form which complies with the Statement of Recommended

Practice (SORP) for Charities as issued by the Charities Commissioners for England and Wales in March

2005. Compliance with SORP is not mandatory for Irish Charities, however the company has adopted a

number of its disclosure requirements. As a result of adopting the SORP for Charities, the Financial

Statements include a detailed statement of financial activities.

1.2 Incoming Resources

Activities for generating funds, investment income, income from charitable activities and other income

represent total income generated by the company and are accounted for on a cash receipts basis.

1.3 Grant Income

As far as it is practical, grant income is reflected in the statement of financial activities in the period in

which the expenditure for which the grant was applied is incurred and is credited to unrestricted funds.

Grant income received that is restricted to its purpose by the wishes of the donor is taken to restricted

funds.

1.4 Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation, which has been reasonably calculated and

consistently applied. Depreciation is provided at rates calculated to write off the cost less

residual value of each asset over its expected useful life, as follows:

Communications Systems 10% per annum on a straight line basis

Office Equipment 20% per annum on a straight line basis

Computer Equipment 20% per annum on a straight line basis

Fixtures & Fittings 10% per annum on a straight line basis

1.5 Capital Grants

Capital grants are amortised, and released to the statement of financial activities, over the period of the

estimated useful life of the asset to which they relate.

1.6 Intangible Income

Intangible income, which comprises donated services, is included in income at a value which is an

estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable.

Management estimate that intangible income received during the year ending 31st March 2013 totalled

€60,796 (period ending 31st March 2012: €70,542). The company appreciates this gesture of ‘support in

kind’ and also the support funding of other funders during the period.

1.7 Resources Expended

Resources expended are analysed between publicity/marketing, programming costs and governance costs.

Where costs cannot be directly attributable, they are allocated on a basis consistent with the use of

resources.


14



2. Net Outgoing Resources 12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Net Outgoing Resources are stated after debiting:

Depreciation on Tangible Assets 38,570 53,637

Auditors Remuneration 4,305 5,971

3. Incoming Resources



APP Mar ‘13 Mar ‘13 Mar ‘12 Mar ‘12

Unrestricted Restricted Total Total

Funds Funds Funds Funds

€ € € €

Incoming Resources

Income from Generated Funds II 856,226 106,440 962,666 1,078,070

Income from Charitable Activities II 118,636 10,250 128,886 111,961

Other Incoming Resources II 39,446 - 39,446 86,429

1,014,308 116,690 1,130,998 1,276,460

4. Allocation of Support Costs

The company allocates its support costs over publicity/marketing, programming costs and governance costs.

The support costs are allocated on a basis that is consistent with the use of resources, as shown below.

Marketing/ Programming Governance

Publicity Costs Costs

€ € €

Support Costs

General Office 25,075 98,100 48,215

Finance Costs 117 650 298

Payroll Expenses 126,728 343,140 65,126

Legal and Professional Fees - - 942

Audit and Accountancy Fees - - 4,305

151,920 441,890 118,886

5. Employees

12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

Number Number

The average number of employees during the period was:

Programme (6 full-time) 6 6

Temporary Programme* 4 1

Core Administration (3 full-time, 1 part-time) 4 4

Core Technical (1 full-time staff, 1 part-time) 2 2

Core Cleaning (1part-time) 1 1

Total 17 14

* Includes 4 temporary staff – artists employed for the duration of specific programme or casuals for

maternity and holiday cover.


15



6. Employment Costs

12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Wages and Salaries 522,013 573,991

Employers PRSI 52,688 57,197

Pension Costs 14,419 22,642

589,120 653,830

None of the directors received emoluments or payments for professional or other services during the period.

7. Taxation

The company, as a charitable organisation, is exempt from Corporation Tax, Income Tax, and Capital Gains

Tax.

8. Tangible Assets

Office

Equipment

20%

Fixtures

& Fittings

10%

Computer

Equipment

20%

Comm

Systems

10%

Total

€ € € € €

Cost

Op. Bal. 1st April 2012 104,985 221,573 137,130 106,543 570,231

Additions at Cost 768 - 4,443 - 5,211

Cost Adjustment - - (237) - (237)

Cl. Bal. 31st March 2013 105,753 221,573 141,336 106,543 575,205

Depreciation

Op. Bal. 1st April 2012 103,042 123,511 71,317 103,688 401,558

Charge for Period 1,622 16,466 19,986 496 38,570

Depreciation Adjustment - - (237) - (237)

Cl. Bal. 31st March 2013 104,664 139,977 91,066 104,184 439,891

Net Book Value

Op. Bal. 1st April 2012 1,943 98,062 65,813 2,855 168,673

Cl. Bal. 31st March 2013 1,089 81,596 50,270 2,359 135,314

9. Debtors

12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Trade Debtors 8,743 26,169

Prepayments 24,683 24,291

Other Debtors 4,397 8,250

37,823 58,710


16



10. Creditors: Amounts falling due within one year

12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Trade Creditors 44,745 39,504

PAYE Account 9,825 7,316

PRSI Account 6,946 5,555

Credit Card 5,983 4,031

Accruals 7,137 8,263

Deferred Income 390,532 78,450

Sundry Creditors 5,610 1,176

470,778 144,295

Deferred income includes €300,000 received, in advance, from the Arts Council for the financial year 31st

March 2014.

11. General Fund



Mar ‘13 Mar ‘13 Mar ‘13 Mar ‘12

Unrestricted Restricted Total Total

€ € € €

Opening Balance at Beginning of

Period 67,834 - 67,834 166,596

Incoming Resources 1,014,308 116,690 1,130,998 1,276,460

Resources Expended (1,038,648) (116,690) (1,155,338) (1,375,222)

Closing Balance at End of Period 43,494 - 43,494 67,834

12. Capital Grants Deferred

12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Capital Grants Deferred at Beginning of Period 167,959 214,566

Capital Grants Amortised to Revenue (36,597) (46,607)

Capital Grants Deferred at End of Period 131,362 167,959

13. Analysis of Changes in Net Funds

Opening Cash Closing

Balance Flows Balance

€ € €

Cash at Bank and in Hand 152,705 319,792 472,497

152,705 319,792 472,497


17



14. Related Party Transactions

The Company has identified the following transactions which are required to be disclosed under the terms of

FRS 8 “Related Party Disclosures”.

The Ark Trust

Several directors with The Ark are also trustees of The Ark Trust. During the year, The Ark received

donations of €17,381 from The Ark Trust. The Ark received a donation of €25,000 on behalf of The Ark

Trust. The Ark transferred this donation to The Ark Trust in March 2013. The Ark also re-charged solicitors

fees onto The Ark Trust amounting to €923.The balance due from The Ark Trust at 31st March 2013 was

€923. (At 31st March 2012: €Nil). The balance due to The Ark Trust at 31

st March 2013 was €Nil. (At 31

st

March 2012: €Nil).

15. Comparatives

During 2011, the company changed its year end from 31st December to 31

st March. As a result the financial

statements in the prior year were prepared for the 15 month period ending 31st March 2012. The comparatives

represent the 15 months ended 31st March 2012.

16. APB Ethical Standards – Provisions Available to Small Entities

In common with other organisations of our size and nature the directors engage the auditors to assist in the

preparation of the financial statements.

17. Approval of Financial Statements The financial statements were approved by the Board on 5

th September 2013 and signed on its behalf by:



18

SUPPLEMENTARY INFORMATION

The following pages are for the directors only and do not form part of the statutory accounts.


19

APPENDIX I

DETAILED STATEMENT OF FINANCIAL ACTIVITIES


12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Incoming Resources

Voluntary Income (Appendix II) 912,724 1,026,770

Activities for Generating Funds (Appendix II) 49,942 51,300

Investment Income (Appendix II) 2,116 6,344

Incoming Resources from Charitable Activities (Appendix II) 128,886 111,961

Other Incoming Resources (Appendix II) 37,330 80,085

Total Incoming Resources 1,130,998 1,276,460

Resources Expended

Fundraising, Publicity and Marketing (Appendix III) 245,389 317,246

Programming Costs (Appendix III) 730,267 828,246

Governance Costs (Appendix IV) 118,886 159,188


Total Resources Expended 1,155,338 1,375,222



20

APPENDIX II

INCOMING RESOURCES


12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Voluntary Income

Arts Council Grant 550,000 750,000

Other Grants 301,928 206,228


912,724 1,026,770

Activities for Generating Funds

Donations & Sponsorship 1,132 1,208

Fundraising 43,860 46,532

Rental Income 4,950 3,560

49,942 51,300

Investment Income

Interest Income 2,116 6,344

Incoming Resources from Charitable Activities

Programme Income 118,636 88,111

Co-Production Income 10,250 23,850

128,886 111,961

Other Incoming Resources

Merchandise Sales 349 404

Reimbursed Expenses 327 33,044

Capital Grant Released 36,597 46,607

Other Income 57 30

37,330 80,085


21

APPENDIX III

RESOURCES EXPENDED


12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Fundraising, Publicity and Marketing

Courier 217 704

Postage 7,127 28,853

Hospitality 1,300 1,462

Other Fundraising Costs 3,671 8,751

Marketing Expenses 65,779 73,897

Marketing Consultant / Public Relations 15,375 15,175

Support Costs 151,920 188,404

Total Fundraising, Publicity and Marketing Expenses 245,389 317,246

12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Programming Costs

Gross Salaries 11,961 12,792

Programme Development 19,609 10,145

Touring Costs and Expenses 14,914 34,663

Artist Fees 121,524 139,735

Artists/Performer Expenses 4,044 8,320

Design Fees 11,887 6,746

Programme Expenses 953 8,053

Staffing Fees 32,435 28,496

Production Fees 23,065 20,467

Production Costs 20,200 40,917

Volunteer Programme 1,191 398

Direct Programme Costs - Other 14,710 12,362

Programme Research and Development 11,884 16,334

Support Costs 441,890 488,818

Total Programming Costs 730,267 828,246


22

APPENDIX IV

RESOURCES EXPENDED


12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Governance Costs

General Office 48,215 71,229

Finance Costs 298 350

Payroll Expenses 65,126 80,965

Legal and Professional 942 673

Audit and Accountancy 4,305 5,971

Total Governance Costs 118,886 159,188


23

APPENDIX V

RESOURCES EXPENDED


12 Months 15 Months

Ended Ended

Mar ‘13 Mar ‘12

€ €

Detailed Support Costs

Gross Salaries 520,576 573,126

Pension Cost 14,419 39,001

Organisational Development 13,315 29,313

Audit Fees 4,305 5,971

Legal and Professional Fees 942 673

Transport 38 313

Depreciation on Communication Systems 496 620

Depreciation on Fixtures and Fittings 16,466 20,583

Depreciation on Office Equipment 1,622 3,180

Depreciation on Computer Equipment 19,986 29,254

Box Office 3,495 2,214

Human Resources 4,879 5,823

Insurance and Rates 14,358 17,752

Utilities 23,923 22,891

Telephone 8,937 10,986

Information Systems 7,859 10,923

Office Maintenance 7,186 4,886

Office Supplies 2,687 2,004

Postage 2,546 1,918

Courier 143 105

Staff Events/Entertainment 1,625 2,669

Bank Service Charges 1,065 1,251

Building 21,150 21,008

Canteen 844 1,223

Cleaning 11,763 16,553

Storage 7,897 11,974

General Overheads 174 196

Total Support Costs 712,696 836,410

Note: Support costs are allocated between publicity/marketing, programming costs and governance costs.

Where costs cannot be directly attributable, they are allocated on a basis consistent with the use of resources.

See note 4.

the children’s cultural centre limited financial ... · requirements of the companies acts, 1963...

Documents