Schools and Health Foundation
Annual Report and Unaudited Financial Statements for the financial year ended 31 December 2019
MFOR Audit Services Limited t/a Brophy Gillespie St Gall's House Milltown Dublin 14
REFERENCE AND ADMINISTRATIVE INFORMATION
Directors David Iredale, Kevin Gaughran, Brian Aylward, Turlough O'Sullivan, John Corbett (Resigned 25 November 2019), Elizabeth O'Brien, David Murphy (Resigned 25 November 2019), Martin O'Connor (Appointed 25 November 2019), Marian Hackett (Appointed 25 November 2019)
Company Secretary Helen Mitchell
Company Number 593029
Registered Office and Principal Address 4 Hermitage Court Rathfarnham Dublin 16
Accountants MFOR Audit Services Limited t/a Brophy Gillespie St Gall's House Milltown Dublin 14
DIRECTORS' ANNUAL REPORT
for the financial year ended 31 December 2019
The directors present their Directors' Annual Report, combining the Directors' Report and Trustees' Report, and the unaudited financial statements for the financial year ended 31 December 2019.
The financial statements are prepared in accordance with the Companies Act 2014, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Directors' Report contains the information required to be provided in the Directors' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The directors of the company are also charity trustees for the purpose of charity law and under the company's constitution are known as members of the board of trustees.
In this report the directors of Schools and Health Foundation present a summary of its purpose, governance, activities, achievements and finances for the financial year 2019.
The company is a registered charity and hence the report and results are presented in a form which complies with the requirements of the Companies Act 2014 and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the organisation has implemented its recommendations where relevant in these financial statements.
The company is limited by guarantee not having a share capital.
Financial Results
At the end of the financial year the company has assets of €8,402 (2018 - €2,514) and liabilities of €0.00 (2018 - €0.00). The net assets of the company have increased by €5,888.
Principal Risks and Uncertainties
The directors are responsible for the company’s system of internal controls and for reviewing its effectiveness. The internal control system is designed to manage, rather than eliminate the risk of failure to achieve the company’s business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.
Directors and Secretary
The directors who served throughout the financial year, except as noted, were as follows:
David Iredale Kevin Gaughran Brian Aylward Turlough O'Sullivan John Corbett (Resigned 25 November 2019) Elizabeth O'Brien David Murphy (Resigned 25 November 2019) Martin O'Connor (Appointed 25 November 2019) Marian Hackett (Appointed 25 November 2019)
The secretary who served throughout the financial year was Helen Mitchell.
Compliance with Sector-Wide Legislation and Standards
The company engages pro-actively with legislation, standards and codes which are developed for the sector. Schools and Health Foundation subscribes to and is compliant with the following: - The Companies Act 2014 - The Charities SORP (FRS 102)
Accounting Records
To ensure that adequate accounting records are kept in accordance with Sections 281 to 285 of the Companies Act 2014, the directors have employed appropriately qualified accounting personnel and have maintained appropriate computerised accounting systems. The accounting records are located at the company's office at 4 Hermitage Court, Rathfarnham, Dublin 16.
Approved by the Board of Directors on 27 March 2020 and signed on its behalf by:
Turlough O'Sullivan David Iredale
Director Director
DIRECTORS' RESPONSIBILITIES STATEMENT
for the financial year ended 31 December 2019
The directors are responsible for preparing the financial statements in accordance with applicable Irish law and regulations.
Irish company law requires the directors to prepare financial statements for each financial year. Under the law the directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the net income or expenditure of the company for the financial year and otherwise comply with the Companies Act 2014.
In preparing these financial statements, the directors are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2015); - observe the methods and principles in the Charities SORP - make judgements and estimates that are reasonable and prudent; - state whether the financial statements have been prepared in accordance with the relevant financial reporting framework, identify those standards, and note the effect and the reasons for any material departure from those standards; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and net income or expenditure of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and the Directors' Annual Report comply with Companies Act 2014 and enable the financial statements to be audited. 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.
Approved by the Board of Directors on 27 March 2020 and signed on its behalf by:
Turlough O'Sullivan David Iredale
Director Director
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)
The notes on pages 10 to 12 form part of the financial statements for the financial year ended 31 December 2019
Unrestricted Total Unrestricted Total
Funds Funds
2019 2019 2018 2018
Incoming Resources
Charitable activities
- Grants from governments and other co-funders 3.1 97,878 97,878 81,388 81,388
Resources Expended
Charitable activities 4.1 91,990 91,990 86,135 86,135
Net incoming/outgoing resources before transfers 5,888 5,888 (4,747) (4,747)
Gross transfers between funds - - - -
Net movement in funds for the financial year 5,888 5,888 (4,747) (4,747)
Reconciliation of funds
Balances brought forward at 1 January 2019 8 2,514 2,514 7,261 7,261
Balances carried forward at 31 December 2019 8,402 8,402 2,514 2,514
The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.
BALANCE SHEET as at 31 December 2019
2019 2018
Current Assets
Cash at bank and in hand 8,402 2,514
Net Current Assets 8,402 2,514
Total Assets less Current Liabilities 8,402 2,514
Funds
General fund (unrestricted) 8,402 2,514
Total funds 8 8,402 2,514
We, as Directors' of Schools and Health Foundation, state that (a) the company is availing itself of the exemption provided for by Chapter 15 of Part 6 of the Companies Act 2014,
(b) the company is availing itself of the exemption on the grounds that the conditions specified in section 358 are satisfied,
(c) the members of the company have not served a notice on the company under section 334(1) in accordance with section 334(2),
(d) we acknowledge the company's obligations under the Companies Act 2014, to keep adequate accounting records and prepare financial statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial year and of its profit or loss for such a financial year and to otherwise comply with the provisions of Companies Act 2014 relating to financial statements so far as they are applicable to the company.
Approved by the Board of Directors and authorised for issue on 27 March 2020 and signed on its behalf by
Turlough O'Sullivan David Iredale
Director Director
STATEMENT OF CASH FLOWS for the financial year ended 31 December 2019
2019 2018
Cash flows from operating activities
Net movement in funds 5,888 (4,747)
Cash generated from operations 5,888 (4,747)
Net increase in cash and cash equivalents 5,888 (4,747)
Cash and cash equivalents at 1 January 2019 2,514 7,261
Cash and cash equivalents at 31 December 2019 8,402 2,514
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2019
1. GENERAL INFORMATION
Schools and Health Foundation is a company limited by guarantee incorporated in the Republic of Ireland. The registered office of the company is 4 Hermitage Court, Rathfarnham, Dublin 16 which is also the principal place of business of the company. The financial statements have been presented in Euro (€) which is also the functional currency of the company.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2017 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)" and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Incoming Resources
Voluntary income or capital is included in the Statement of Financial Activities when the company is legally entitled to it, its financial value can be quantified with reasonable certainty and there is reasonable certainty of its ultimate receipt. Entitlement to legacies is considered established when the company has been notified of a distribution to be made by the executors. Income received in advance of due performance under a contract is accounted for as deferred income until earned. Grants for activities are recognised as income when the related conditions for legal entitlement have been met. All other income is accounted for on an accruals basis.
Income from charitable activities
Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the company. Income from government and other co-funders is recognised when the company is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors.
Grants from governments and other co-funders typically include one of the following types of conditions:
- Performance based conditions: whereby the company is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the company is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income.
-Time based conditions: whereby the company is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the company recognises the income to the extent it is utilised within the period specified in the agreement.
In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the company is notified of entitlement.
Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.
Resources Expended
All resources expended are accounted for on an accruals basis. Charitable activities include costs of services and grants, support costs and depreciation on related assets. Costs of generating funds similarly include fundraising activities. Non-staff costs not attributed to one category of activity are allocated or apportioned pro-rata to the staffing of the relevant service. Finance, HR, IT and administrative staff costs are directly attributable to individual activities by objective. Governance costs are those associated with constitutional and statutory requirements.
Cash at bank and in hand
Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
Taxation
No current or deferred taxation arises as the company has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
3. INCOME
3.1 CHARITABLE ACTIVITIES Unrestricted Restricted 2019 2018
Funds Funds
Donations 97,878 - 97,878 81,388
4. EXPENDITURE
4.1 CHARITABLE ACTIVITIES Direct Other Support 2019 2018
Costs Costs Costs
Donations 91,990 - - 91,990 86,135
4.2 SUPPORT COSTS 2019 2018
Support Costs - 2,290
5. ANALYSIS OF SUPPORT COSTS
2019 2018
Support Costs - 2,290
6. EMPLOYEES AND REMUNERATION
The staff costs comprise: 2019 2018
Wages and salaries 2,340 2,220
Wages and salaries related to local staff who were engaged in the charity's work in Sierra Leone.
7. RESERVES
2019 2018
At 1 January 2019 2,514 7,261
Surplus/(Deficit) for the financial year 5,888 (4,747)
At 31 December 2019 8,402 2,514
8. FUNDS
8.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Total
Funds Funds
At 1 January 2018 7,261 7,261
Movement during the financial year (4,747) (4,747)
At 31 December 2018 2,514 2,514
Movement during the financial year 5,888 5,888
At 31 December 2019 8,402 8,402
8.2 ANALYSIS OF MOVEMENTS ON FUNDS
Balance Income Expenditure Transfers Balance
1 January between 31 December
2019 funds 2019
Unrestricted income
Donation 2,514 97,878 91,990 - 8,402
Total funds 2,514 97,878 91,990 - 8,402
8.3 ANALYSIS OF NET ASSETS BY FUND
Current Total assets
Unrestricted general funds 8,402 8,402
9. STATUS
The company is limited by guarantee not having a share capital.
The liability of the members is limited.
Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are members, or within one year thereafter, for the payment of the debts and liabilities of the company contracted before they ceased to be members, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required, not exceeding €1.
10. CASH AND CASH EQUIVALENTS 2019 2018
Cash and bank balances 8,402 2,514
11. POST-BALANCE SHEET EVENTS
There have been no significant events affecting the Charity since the financial year-end.