tion number 17849 ‘Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Directors’ report and financial statements for the year ended 31 December 2014‘Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Contents Page Directors and other information 1-2 Directors’ report 3 Statement of directors’ responsibilities 4 Independent auditors’ report to the members 5-6 Income and expenditure account 1 Balance sheet 8 Cash flow statement 9 ‘Notes to the financial statements 10-14 Including statement of accounting policiesCumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having 2 Share Capital) Directors and other information Secretary ‘Niamh Philbin Company number 17849 Registered office ‘The Showgrounds Clifden Co. Galway Auditors Arkins Kenny & Co Unit 15 Galway Technology Park Parimore Galway Bankers Bank of Ireland Clifden Co. Galway Solicitors William B Gavin & Co 4 Devon Place ‘The Cresent Galway Member details Tom MacLochlainn (President) Jim Mullaney (Vice President) John Riordan (Secretary) Padraic Heanue (Treasures) John Varley (Vice President) Jane Andrews Kevin Bolger Jerry Mahon Noel Brett Andrew O'Donoghue Ciaran Curran Pierce O'Malley Gearoid Curran Dermot Power Padraic Hynes Frank Quinn Page1Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Mossie Joyce Keith Murray Michael Laffay Patrick Keaney Charity number CHY 5864 Page 2Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Directors! report for the year ended 31 December 2014 ‘The directors present their report and the audited financial statements for the year ended 31 December 2014, incipal activities and review of the business The principal activity of the company is engaging in maintaining the Stud Book of the Connemara Pony Breeders and also engaging in related act Results and dividends The results for the year are set out on page 7. Directors of the company The present membership of the board is listed on the ‘Directors and other information’ page Books of account The measures taken by the directors to ensure compliance with the requirements of Section 202, Companies Act, 1990, regarding proper books of account are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The books of account of the company are maintained at the Registered Office. Auditors ‘The auditors, Arkins Kenny & Co, have indicated their willingness to continue in office in accordance with the provisions of Section 160(2) of the Companies Act, 1963. This report was approved by the Board on and signed on its behalf by Director Director Page3Cumann Lucht Capaillini Chonamar (A Company Limited by Guarantee and not having a Share Capital) ‘Statement of directors responsibilities for the members’ financial statements The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and generally accepted accounting practice in Ireland including the accounting standards issued by the Financial Reporting Council and published by the Institute of Certified Public Accountants in Ireland Irish 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 surplus or deficit of the company for that period. The directors confirm that they have complied with the above requirements in preparing the financial statements, The directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the finaneial position of the company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and with Irish statute comprising the Companies Acts, 1963 to 2013. 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, On behalf of the board Director Date: Page 4Independent auditor's report to the members of (A Company Limited by Guarantee and not having a Share Capital) We have audited the financial statements of Cumann Lucht Capaillini Chonamara for the year ended 31 December 2014 which comprise the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Certified Public Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). This report is made solely to the company’s members, as a body, in accordance with Section 193 of the Companies Act, 1990. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. ies of directors and auditors As explained more fully in the Directors’ Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed: the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements 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 as at 31 December 2014 and of its profit for the year then ended; and ~ have been properly prepared in accordance with the requirements of the Companies Acts, 1963 to 2013, Matters on which we are required to report by the Companies Acts, 1963 to 2013, we have obtained all the information and explanations which we consider 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 is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Acts 1963 to 2012 which require us to report to you if, in our opinion, the disclosures of directors” remuneration and transactions specified by law are not made, Unit 15, John Kenny Galway Technology Park Page §Independent auditor's report to the members of (A Company Limited by Guarantee and not having a Share Capital) continued for and on behalf of Parkmore Arkins Kenny & Co Galway Certified public accountants 1 is certified a true copy. On behalf of the board Niamb Philbin Director Company secretary Page 6‘Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Income and expenditure account for the year ended 31 December 2014 ‘Continuing operations 2014 2013 Notes € € Turnover 2 389,570 448,724 Cost of sales (12,691) (32,912) Gross profit 376,879 415,812 Administrative expenses (454,346) (609,008) Other operating income 131,622 128,765 Operating profit/(loss) 54,155 (64,431) Interest payable and similar charges (3,677) (741) Profit on ordinary activities before taxation 50,478 (65,172) Tax on profit on ordinary activities : (36,328) Profit for the financial year 50,478 (101,500) ‘There are no recognised gains or losses other than the profit or loss for the above two financial years. On behalf of the board Director Director ‘The notes on pages 10 to 14 form an integral part of these financial statements. Page 7Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Balance sheet as at 31 December 2014 2014 2013 Notes € € € € Fixed assets Tangible assets 5 483,396 494,120 Current assets Stocks 16,665 29,176 Debtors 6 14,325 29,530 Cash at bank and in hand 39,991 117,192 120,981 175,898 Cre mounts falling due within one year 7 (91,895) (206,579) Net current liabilities (30,681) Total assets less current liabilities Accruals and deferred income 8 463,439 a Net assets 511,452 460,974 Reserves Revenue reserves account 511.452 460,974 Members' funds 9 460,974 ‘The financial statements were approved by the Board on and signed on its behalf by Director Director ‘The notes on pages 10 to 14 form an integral part of these financial statements. Page 8‘Cumann Lueht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Cash flow statement for the year ended 31 December 2014 Notes Reconciliation of operating profit to net ‘cash inflow from operating activities Operating profit Depreciation Decrease in stocks Decrease in debtors (Decrease) in creditors Government grant released Net cash inflow from operating activities Cash flow statement ‘Net cash inflow from operating activities Capital expenditure 10 Increase in cash in the year Reconciliation of net cash flow to movement in net funds (Note 11) Increase in cash in the year ‘Net cash inflow from issue of shares classed as financial liabilities Net funds at 1 January 2014 Net funds at 31 December 2014 Page 9 2014 50,478 11,594 12,311 15,205 (114,884) (1,235) (26,331) (26,331) (870) (27.201) (27,201) 117,192 89,991 2013 (101,500) 11,484 14,529 (8,300) 52,987 0.235) 27,035) 7,035) (30,154) (57,189) (57,189) 174,380 117,192Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Notes to the financial statements for the year ended 31 December 2014 1, Statement of 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. 1.1. Basis of preparation The audited financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and Irish statute comprising the Companies Acts, 1963 to 2013, Accounting Standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those issued by the Financial Reporting Council 1.2. Income policy Income represents the total invoice value, excluding value added tax, of sales made during the year. Tumover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods. 1.3. Tangible fixed assets and depres Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment loss. Cost includes all costs that are directly attributable to bringing the asset into working condition for its intended use. Depreciation Depreciation is provided on all tangible fixed assets, at rates calculated 10 write off the cost less estimated residual value, of each asset systematically over its expected useful life, as follows: Land and buildings = Straight Line over 50 years Leasehold properties ~ Straight line over the life of the lease Fixtures, fittings and equipment = 12.5% Straight Line 14, Stock Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost ineludes all costs incurred in the normal course of business in bringing the product or service to its present location and candition. Raw materials, consumables and goods for resale are valued at purchase cost on a first-in, firstout basis. 1.5, Taxation ‘The yearly charge for taxation is based on the profit for the year an« tax rates applying at the balance sheet date. calculated with reference to the Page 10‘Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Notes to the financial statements for the year ended 31 December 2014 continued 1.6. Government grants Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. 2. Income The total income of the company for the year has been derived from its principal activity wholly undertaken in Ireland, 2014 2013 € € Class of business Income 388.240 447,914 Grants 131,622 128,765 519.862 $76,679 Geographical market Ireland 389,570 448,724 389,570 Employees ‘Number of employees ‘The average monthly numbers of employees 2014 2013, (including the directors) during the year were: Office Staff Employment costs 2014 2013 € € Wages and salaries 123,030 166,751 Social welfare costs 13,582 17,598 136,612, 184,349 4, Transactions with directors ‘There were no related party transactions with the directors during the period, Page 11Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Notes to the financial statements for the year ended 31 December 2014 continued Landand Short Long Fixtures, 5. Tangible fixed assets buildings leasehold leasehold fittings and freehold property property equipment Total € € € € € Cost At] January 2014 329,596 368,630 120,310 839,645 Additions 870 - - - 870 Disposals / Grants (112,976) (67.867) = 63,761) (244,604) At31 December 2014 217490 300,763 21,109 56,549 595,911 Depreciation At] January 2014 50,860 - 32,639 100,921 ‘Charge for the year 4442 - 6.730 11,594 At31 December 2014 : 39,369 112,515 Net book values At31 December 2014 17,180 483,396 At31 December 2013 ‘The member are satisfied that the valve of the freehold land and buildings are not more than their market value. A portion of the land was purchased in 1966 with a covenant that in the event of the soceity selling the lands ‘of going into liquidation, the original seller has the option to buy back the lands for the price it was sold(£1,000) 6. Debtors 2014 2013 € € ‘Trade debtors 8,199 10,709 Evalon / Vat Refund Due 5,926 2,678 Prepayments and accrued income 16,143 Page 12‘Cumann Lueht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Notes to the financial statements for the year ended 31 December 2014 . continued 7. Creditors: amounts falling due 2014 2013, within one year € € Other creditors Trade creditors 69,944 Membership Fees Prepaid 41,900 Aceruals and deferred ineome 24.200 Taxation creditors PAYE/PRSI 37.442 56,049 VAT - 44,486 8 Accruals and deferred income 2014 2013 Government grants Atl January 2014 2,465 Released in year (1,35) At31 December 2014 Reconciliation of movements in members' funds 2014 2013, € € Surplus for the year 50,478 (101,500) Opening members’ funds 562,474 Closing members! funds 511,452 460,974 Page 13‘Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Notes to the financial statements for the year ended 31 December 2014 continued 10. Gross cash flows 2014 2013 € € Returns on investments and servicing of finance Interest paid G67) 4t) Capital expenditure Payments to acquire tangible assets (870) (30,154) LL. Analysis of changes in net funds Opening Cash Closing balance flows balance € Cash at bank and in hand 117,192 89,991 Net funds. 117,192 12, Company limited by guarantee The company is one limited by guarantee not having a share capital. The liability of each member, in the event of the company being wound up is €1.27. 13. Accounting periods ‘The current accounts are fora full year. The comparative accounts are for a full year. 14, Approval of financial statements ‘The board of directors approved these financial statements for issue on Page 14Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) 1g pages do not form part of the statutory accounts. Page 15,‘Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Members Subscriptions Inspection Fees Foal Registration ‘Ownership Transfer Fees Europeans Duplicate Passports Prefixs Microchips Performance Clinie Income Show Income Stallion parade Income Shop Sales / Capaillini Therapeutic Riding Courses December Show Other operating income Government grants received Detailed trading profit and loss account for the year ended 31 December 2014 2014 90,035 40,536 125,912 27,982 1,720 7,021 1,000 195 1,265 84,515 24135 5,294 630 1,330 389,570 131,622 131,622, 521,192 2013 106,342 45,495 160,608 26,715 6,650 1,060 285 L150 80,218 1,870 14,221 3,300 810 448,724 128,765 128,765 577,489Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Detailed Expenditure Account for the year ended 31 December 2014 2014 2013, € € € € Expenditure Wages and salaries 123,030 166,751 Employer's PRSI/NI contributions 13,582 17,598 Microchip 14,651 : Insurance 4,500 5,453 European Championships 4.605, Z Light and heat 3,694 4222 Repairs and maintenance 5,941 14,111 Postage 22,912 Printing & Stationary 58,452 Advertising 165 Marketing & Promotion 16,701 Registration & Inspection Costs 37,036 Parentage Testing Kits 86,173 Heritage Centre Costs 1,450 Telephone 5514 Computer costs 5,535 Spring Weekend Costs 3.343 Performance Clinic 2,378 Performance Sponsorship 1,250 Motor expenses 3,281 Judges Courses : Legal and professional 32,863 Consultancy 2,056 Accountancy 4,976 Audit 4,200 Bank charges 1,948 Amortisation of Grants (1,235) Council & Society Meetings 4,956 General expenses 2,026 Charitable donations - other 100 Subscriptions 190 Show Expenses 80,058 Christntas Show Expenses : ‘Therapeutic Riding 13,061 Depreciation Charge 11,484 454,346 609,008Cumann Lucht Capaillini Chonamara (A Company Limited by Guarantee and not having a Share Capital) Detailed Show trading profit and loss account and expenses schedule for the year ended 31 December 2014 2014 2013 € € € € Pony Show - Rent of Stables 1,040 900 Pony Show - Catalogue Sales 6,680 7,024 Pony Show - Advertising in Catalogue 1,535 2,745 Pony Show - Entry Fees 17,950 13,308 Pony Show - Loose Jumping 2,105 1,760 Pony Show - Gate Receipts 26,965 26,981 Pony Show - Sponsorship Classes 21.670 27.500 Pony Show - Bus Tour 570 84,515 80.218 Expenditure Administration 3.027 Ambulance 600 Catalogue 5,740 Catering Sponsors & Guest 1,440 Communications & Public Address 2,308 Judges 4,492 Loose Jumping Expenses 1,998 Parking 1,000 Prize Money 20,485 Promotion & Advertising 3,257 Public Liability Insurance 400 Repairs & Maintenance 100 Rosettes & Trophies 2,330 Sanitary Services 1,068 ‘Show Queen 314 Showdown : Stewards 5,186 Working Hunter Expenses 346 Domestic Arts 760 Christmas Show Expenses 2,050 International Tour 600 Music & Music Ride - Driving : Green Hunter Expenses 114s: Irish Daneing 700 ‘Temporary Stables 3,060 Sundry i Gross Profit 21,709