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An Smaoineamh Mor
Directors' report and financial statements
Period from the date of incorporation, . 16 December 2009, to 31 December 2010
Registered number: 478844

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An Smaoineamh Mor
Directors' report and financial statements
Contents

Page
Directors and other information Directors' report Statement of directors' responsibilities Independent auditor's report Statement of accounting policies Income and expenditure statement Balance sheet Cash flow statement Notes forming part of the financial statements 2 4
5 7

8 9
10 11 - 13

I

,

An Smaoineamh Mar
Directors' report and other information
Directors Laurence Crowley (Chairman) Austin Hogan
Eugence McCague

Martin Murphy

Secretary

Austin Hogan

Registered address

Arthur Cox Building Earlsfort Centre Earlsfort Terrace

Dublin 2

Bankers

AlB Sandyford Business Centre Dublin 18

Solicitors

Arthur Cox Arthur Cox Building Earlsfort Centre Earlsfort Terrace

Dublin 2

Independent auditor

KPMG I Stokes Place St. Stephen's Green
Dublin 2

· ..

An Smaoineamh Mar
Directors' report
for the period/rom the date a/incorporation, 16 December 2009, to 31 December 2010 The directors present their annual report and the audited financial statements for the period from the date of incorporation, 16 December 2009, to 31 December 2010. Principal activities, review of the business and future developments An Smaoineamh Mor (the "company") company limited by guarantee. is a not for profit organisation, which is incorporated as a

The company was established on 16 December 2009, in order to administer the "Your Country, Your Call" competition, which was the brainchild of Dr. Martin McAleese, the husband of President Mary McAleese. The competition was designed to find two major proposals that, when implemented, will transform the Irish economy, or significant elements of it, by creating opportunities for employment and prosperity. The competition was organised into two discrete phases. Phase I was to find the winning proposals and Phase 2 to deal with the implementation of the winning ideas. The competition opened on 17 February 20 I 0 and closed on 30 April 20 I 0, with more than 9,000 submissions. After a lengthy process of evaluation, the two winning proposals were unanimously selected by the judging panel. The winners of Your Country, Your Call, who each received a prize of € I00,000, were announced at the Aviva Stadium on 17 September 20 I0, as follows: I. Neil Leyden's "Creating an International Digital Services Centre", and 2. Cianan Clancy and Colm MacFhlannachadha's "The Data Island Strategy".

The company's principal source of income was provided in the form of non-refundable monetary donations from 13 corporate organisations and private individuals, amounting to €1,637,323 in aggregate. The company also earned finance income of €11,53? during the period. A number of organisations provided professional services to the company on a pro-bono basis, thus limiting the cost base of the company. The monetary donations utilised by the company in the period to 31 December 2010 amounted to €463,865 leaving a balance of EI, 184,995 available to be utilised. In addition, during the period under review considerable pro bono services were utilised by the company. From the outset of the initiative, it was always envisaged that the implementation and subsequent development phases of the project would require additional resources. The company is actively working to identify the appropriate future ownership and leadership structure to do this. Any surplus funds available to the company at the time of hand-over to the revised ownership/leadership structure will be transferred for the sole and specific purpose of funding implementation. Results and state of affairs The results of operations for the period and the balance sheet of the company are set out on pages 8 and 9 respectively. The company generated a surplus for the period of€l, 184,995.

2

An Smaoineamh M6r
Directors' report
for the period from the date of incorporation,

16 December 2009, to 31 December 2010

Directors and company secretary
The current directors are set out on page I. The directors who held office during the period were as follows: • Laurence Crowley, Chairman (appointed 16 December 2009); • Eugene McCague (appointed 16 December 2009); • Martin Murphy (appointed 16 December 2009); and • Austin Hogan (appointed 6 January 2010). On 6 January 20 I0, Austin Hogan was appointed as company secretary.

Compliance and corporate governance
The directors are committed to maintaining a high standard of corporate governance and they believe this is a key element in ensuring the proper operation of the company's activities. The board of directors met on four separate occasions during the period.

Going concern
The board of directors believes that the company has sufficient funds available to continue in operational existence for the foreseeable future and, in particular, to bring the winning projects to the implementation phase no later than September 2011. On that basis, the directors consider it is appropriate to prepare the financial statements on the going concern basis.

Books of account
The measures taken by the directors to ensure compliance Companies Act, 1990, regarding proper books of account are and procedures for recording transactions, the employment appropriate expertise and the provision of adequate resources account of the company are maintained at Unit 33, Blackthorn with the requirements of Section 202 the implementation of necessary policies of competent accounting personnel and to the financial function. The books of Road, Sandy ford, Dublin 18.

Independent auditor
During the period, KPMG, Chartered Accountants, were appointed as independent auditor. In accordance with Section 160(2) of the Companies Act, 1963, KPMG, Chartered Accountants, will continue in office.

On behalf of the board

L~ Director

14 June 2011

3

An Smaoineamh M6r
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and published by the Auditing Practices Board in the UK and Ireland. Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the company's state of affairs and the income and expenditure account 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; and to presume

prepare the financial statements on the going concern basis unless it is inappropriate 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 2009, and all regulations to be construed as one with those Acts. They are responsible for ensuring that the company otherwise complies with the provisions of those Acts relating to financial statements in so far as they are applicable to the company. 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. The directors are also responsible for preparing a directors' of the Companies Acts, 1963 to 2009. report that complies with the requirements

Director

L~4-Y

_Director

4

KPMG Chartered Accountants
1 Stokes Place St. Stephen's Green Dublin 2 Ireland

Independent auditor's report to the members of An Smaoineamh Mor
We have audited the financial statements of An Smaoineamh M6r for the period from date of incorporation, 16 December 2009, to 31 December 2010, which comprise the income and expenditure statement, the balance sheet, the cash flow statement and the related notes. These financial statements have been prepared under the accounting policies set out therein. 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.

Respective responsibilities of directors and auditors
The statement of directors' responsibilities on page 4 sets out the directors' responsibilities for preparing the directors' report and the financial statements in accordance with applicable law and the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practices 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). We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with the Companies Acts, 1963 to 2009. We also report to you, in our opinion whether proper books of account have been kept by the company; whether at the balance sheet date there exists a financial situation requiring the convening of an extraordinary general meeting of the company; 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 the company's 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 directors' report and consider implications for our report if we become aware of any apparent misstatement within it.

5
I(PMG. an IrIsh partnelshlp end a member firm of the K.PMG network. of Ir)dependellt member fIrms affiliated With KPMG International

Independent auditor's report to the members of An Smaoineamh Mar
Basis of audit opinion

(continued)

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes 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 judgements 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 as at 31 December 2010 and of its surplus for the period then ended; and the financial statements have been properly prepared in accordance with the Companies Acts, 1963 to 2009. Other matters 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.

Chartered Accountants Registered Auditor

14 June 2011

6

An Smaoineamh Mor
Statement of accounting policies
for the period from the date of incorporation, 16 December 2009, to 31 December 2010 The company's principal accounting policies all of which have been applied consistently throughout the financial period are set out below. Basis of preparation The financial statements have been prepared under the historical cost convention and comply with financial reporting standards of the Accounting Standards Board as promulgated by the Institute of Chartered Accountants in Ireland. The financial statements are prepared in Euro (€), being the functional currency of the company. Going concern The board of directors believes that the company has sufficient funds available to continue in operational existence for the foreseeable future and, in particular, to bring the winning projects to the implementation phase no later than September 2011. On that basis, the directors consider it is appropriate to prepare the financial statements on the going concern basis. Income Income, which primarily consists of monetary donations from corporate and private donors, is recognised in the period in which the company is entitled to the resource, receipt is virtually certain, and when the amount can be measured with sufficient reliability, which is generally when the monetary donations have been received by the company. Also included in income is finance income, which comprises interest income earned on bank deposits. Interest income is recognised as it accrues in profit or loss. Taxation There is no charge to taxation as the company has been granted charitable exemption by the Revenue Comm issioners. Cash Cash comprises cash held on deposit at banks and is available on demand.

7

An Smaoineamh Mor
Income and expenditure statement
for the period from the date of incorporation, 16 December 2009, to 31 December 2010 Notes Period ended 31 December

2010
€ Income - continuing activities 1,648,860 (463,865)

Operating costs
Operating surplus

1,184,995

Surplus

for the period

2

1,184,995

The accompanying

notes are an integrated part of these financial

statements.

The company had no recognised gains or losses in the period, other than those shown above and accordingly, no statement of total recognised gains and losses is presented. Approved by the board

Laurence Crowley
Director

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14 June 2011

8

An Smaoineamh M6r
Balance sheet
as at 31 December 2010 Note

31 December 2010 € 1,188,203 1,188,203

Current assets Cash and bank deposits

Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Net assets Capital and reserves Income and expenditure account Total capital and reserves

5

(3,208) 1,184,995 1,184,995 1,184,995

1,184,995 1,184,995

The accompanying

notes are an integrated part of these financial

statements.

Approved by the board

Laurence Crowley
Director ~~

~

14 June 2011

9

An Smaoineamh M6r
Cash flow statement
for the period from the date of incorporation,

16 December 2009, to 3 J December 2010
Notes Period ended 31 December 2010 € 1,188,203

Net cash inflow from operating activities

8
9

Increase in cash in the period

] ,188,203

The accompanying

notes are an integrated part of these financial

statements.

10

· ..

An Smaoineamh Mar
Notes to the financial statements
for the period from the date of incorporation, 16 December 2009,1031 December 2010 Income
The income for the period is analysed as follows:

Period ended 3] December 2010 €
Income from corporate and private donations Other income including finance income

1,637,323 11,537

],648,860 2 Surplus for the period
The board of directors did not receive any remuneration in their capacity as directors of the company during the period. The independent auditors provided their services on a pro-bono basis and received no fees for services rendered.

3

Employees
The average number of employees (including directors) during the period was as follows:

Period ended 31 December 2010
Number Management and administration 5

The aggregate payroll costs of these persons (excluding directors) were as follows:


Wages and salaries Social welfare costs

70,228 10,706 80,934

4

Taxation
The company has been granted charitable exemption by the Revenue Commissioners consequence is not subject to corporation tax.
11

and as a

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An Smaoineamh Mor
Notes (continued)
5 Creditors: amounts falling due within one year 31 December 2010


Trade creditors and accruals 3,208

6

Capital

commitments

At 31 December 20 I0, the company had no capital commitments.

7

Reconciliation

of movements

in reserves Income and expenditure account

Total


Balance at beginning of period Total recognised gains

€ 1,184,995 1,184,995

1,184,995 1,184,995

Balance at end of period

8

Analysis of cash flows for headings

netted in cash now statement 31 December 2010


Reconciliation of operating from operating activities: Operating surplus Increase in creditors surplus to net cash inflow 1,184,995 3,208

Net cash inflow from operating

activities

1,188,203

12

...

An Smaoineamh Mor
Notes (continued)
9 Reconciliation in net funds of net cash flow to movement 31 December 2010 € Increase in cash in period 1,188,203

Movement in net funds in the period Net funds at start of period

1,188,203

Net funds at end of period

1,188,203

10

Analysis of net funds At beginning of period € Cash in hand and at bank Cash flow € 1,188,203 At end of period


1,188,203

Net funds

1,188,203

1,188,203

11

Legal status of company The company is limited by guarantee and has no share capital. seven members. whose guarantee is limited to €O.OI each. As at 31 December 2010, there were

In accordance with Section 24 of the Companies Act, 1963, the company is exempt from including the word "limited" in its name. The company, as a charity, is exempt from reporting disclosure requirements (Amendment) Act, 1986. 12 Post balance sheet events There have been no significant events since the period end, which would require the adjustment of, or disclosure in, the financial statements. 13 Approval of financial statements of the Companies

The financial statements were approved by the board of directors on 14 June 20 II.
13

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