4978467 fl_; Association of Friends of St. Patrick's Hospital Limited St. Patrick's Hospital Foundation) Financial statements For the year ended 31 December 2011 Registered no: 66863 Company Number: 66863 ASSOCIATION OF FRIENDS OF ST. HOSPITAL LIMITED (the "Company") We hereby certify that the attached Directors' Report, Auditors' Report, Profit and Loss Account and Balance Sheet are true copies of the documents for the financial year ended 31 December 201 I laid or to be laid before the Annual General Meeting of the Company. Dir ct Secretary 3660483 Association of Friends of St. Patrickis Hospital Limited (company limited by guarantee and not having a share capital) Directors' report and financial statements Contents Directors and other information 1 Directors' report - 2 Statement of directors' responsibilities 3 Independent auditor's report 4 - 5 Statement of accounting policies 6 Income and expenditure account 7 Balance sheet . 8 Cash flow statement Notes forming part of the financial statements l0 - I3 Association of. 'Friends of St. Patrick' Hospital Limited (company limited by guarantee and not having a share capital) - Directors and other information Directors Mr. M. Walsh (Chairman) (appointed 15/4/20] 1) Mr. J. Saunders (immediate past chainnan) Mrs. A. Cunningham (appointed 1 1/ 1/201 1) Mrs. M. Donnelly (appointed 1 l/1/2011) Ms. T. Wall (appointed 1 l/1/2011) Mrs. C. Preston (ex ofiicio) (appointed 1 1/ 1/201 1) Mr. G. Scully (appointed 24/2/2012) Mr. C. McDonnell (appointed 28/5/2012) Mr. P. Gilligan (ex officio) Mr. F. Byme (resigned 15/4/201 l) Secretary Mr. F. Byrne Banker Bank of Ireland 2 College Green Dublin 2 Solicitors Goodbody IFSC North Wall Quay Dublin 1 Auditor KPMG Chartered Accountants . Stokes Place St. Stephen's Green Dublin 2 Registered office St. Patrick's University Hospital James's Street Dublin 8 Association of Friends of St. Patrick's Hospital .Limited (company limited by guarantee and not having a share capital) Directors report The directors present their annual report together with the audited financial statements for the year ended 31 December 2011. Principal activities, business review and future developments The principal activities of the company are those associated with the organisation and carrying out of fundraising activities. During the year a number of successful events were carried out raising significant funds. The directors anticipate that these activities will continue for the foreseeable future, although funds raised may be reduced due to the overall economic climate. The principal risks and uncertainties relate to the company's ability to continue to raise funds. Directors and directors' interests As the Association of Friends of St Patrick's Hospital Limited is a company limited by guarantee, none of the directors has any financial interest in the company. Accounting records The directors believe that they have complied with the requirements of section 202 of the Companies Act, 1990 with regard to books of account by providing appropriate expertise and adequate resources to the finance function. The books of account of the company are maintained at St. Patrick's University tb A Di clor Director Hospital, James Street, Dublin 8. Auditor In accordance with Section 160 (2) of the Companies Act, 1963, the auditors, KPMG, Chartered Accountants, will continue in office. On behalf of the board o.Q.o/i/ 3* 2012 Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) Statement of directors' responsibilities The directors are responsible for preparing the directors' report and financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for_each financial year. Under that law the directors are required to prepare the financial statements in accordance with Generally Accepted Accounting Practice in Ireland, comprising applicable law and the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland. The company's financial statements are required by law to give a true and fair view of the state of affairs of the company and of its profit or loss for that year. In preparing the financial statements, the directors are required to: I select suitable accounting policies and then apply them consistently; I make judgements and estimates that are reasonable and prudent; and I . 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 enable them to ensure that the financial statements comply with the Companies Acts, 1963 to 2012. They are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities. The directors are also responsible for preparing a directors' report that complies with the requirements of the Companies Acts, 1963 to 2012. On behalf of the board Director Director m_m 35; 2012 . I Independent auditor's report to the members of the Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) We have audited the financial statements of the Association of Friends of St. Patrick's Hospital Limited for the year ended 31 December 2011, which comprises the profit and loss account, the balance sheet, and 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 I93 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 auditors' 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 fonned. Respective responsibilities of directors and auditors The statement of directors' responsibilities on page 3 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 Practice in Ireland). Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and lntemational 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 2012. We also report to you whether, in our opinion: 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 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 misstatements within it. Basis of opinion We conducted our audit in accordance with auditing standards 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. Independent auditor's report to the members of the Association of Friends of St. Patrick's Hospital Limited company limited by guarantee and not having a share capital) (continued) Basis of opinion (continued) 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: 0 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 2011 and of its surplus for the year then ended; 0 have been properly prepared in accordance with the Companies Acts 1963 to 2012; Other matters We have obtained all the information and explanations which 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 is consistent with the financial statements. lam QMXQ Patricia Carroll For and on behalf of KPMG Chartered Accountants, Statutory Audit Firm 1 Stokes Place St Stephens Green Dublin 2 31 October 2012 Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) Statement of accounting policies For the year ended 31 December 2011 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 generally accepted accounting practice in Ireland 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. Income Incomes comprises of membership fees, donations and monies received from organising fund raising events. Income is recognised on an accruals basis. Grants Grants received are shown as deferred income and credited to the profit and loss account by instalments on a basis to offset any matching expenditure incurred during the period. Tangible fixed assets Fixed assets are stated at cost less accumulated depreciation. . Depreciation on computer equipment is based on an estimated useful life of 5 years. Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) Income and expenditure account For the year ended 31 December 2 01 I 9 month Year ended period ended Note 31 December 31 December 2011 2010 EUR 6 Income - continuingactivities 512,273 377,987 Direct expenditure (49,536) (149,290) Total income, net of related expenditure 1 462,737 228,697 Other expenditure: Administration and promotion Of Friends of St. Patrick's 2 (15,991) (5,391) Donation to St. Patrick's University Hospital 3 (325,601) (250) Surplus for year 121,145 223,056 Reconciliation of movement in accumulated surplus 9 month Year ended period ended 31 December 31 December 2011 201 0 EUR EUR At beginning of year 452,001 228,945 Surplus for the year/ period 121,145 223,056 At end ofyear 573,146 452,001 The company had no recognised gains or losses inthe financial year or the precedingiinancial period other than those dealt with in the income and expenditure account and accordingly no statement of total recognised gains and losses is presented. On behalf of the board gfitfldiir 2012 Director Association of Friends of St. Patrick' Hospital Limited (company lirnited by guarantee and not having a share capital) Balance sheet as at 3! December 2011 Note Fixed assets 5 Current assets Cash at bank Debtors 6 Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Net assets Represented by: Accumulated surplus On behalf of the board Director 31 December 2011 EUR 7,734 578,345 20,528 598,873 (33,461) 565,412 573,146 573,146 573,146 9 month period ended 31 December 2010 EUR 9,844 574,420 51,301 625,721 (183,564) 442,157 452,00] 452,001 452,001 3 2012 Director Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) Cash flow statement for the year ended 31 December 2011 31 December 2011 Note (-3 Net cash inflow/(outflow) from operating activities 9 3,925 Net cash outflow from capital expenditure Purchase of fixed assets 5 - Increase/(decrease) in cash in the year 3,925 Reconciliation of net cash flow to movement in net funds as at 31 December 2011 31 December 2011 EUR Net cash at bank Opening balance at the beginning of year/ period 574,420 Closing balance as at 31 December 201 1 578,345 Increase/(decrease) in cash in the year 3,925 9 month period ended 31 December. 2010 (l 82,608) (10,547) (193,155) 9 month period ended 31 December 2010 EUR 767,575 574,420 (193,155) Association of Friends of St. Patrick' Hospital Limited (company limited by guarantee and not having a share capital) Notes forming part of the financial statements .1 Income, net of related expenditure Income, net of related expenditure, comprises monies received from fundraising events, donations and membership fees. 2 Administration and promotion of Friends of St. Patriclt's 9 month period ended 31 December 31 December 2011 2010 EUR This amount comprises the following: Stationery and promotion 6,050 3,061 Professional fees 450 827 Membership to Medical Research Charities Group 800 800 Depreciation 2,110 703 Medical Research Charities Group administration fee 5,874 - Bank charges 707 - 15,991 5,391 3 Donation to St. Patrick's University Hospital During the year ended 31 December 2011 the company donated (2010: EUR250) to St. Patrick's University Hospital. - 4 Taxation The company is regarded as a charity by the Revenue Commissioners within the meaning of Section 848A, Taxes Consolidation Act 1997, and consequently its income is exempt from taxation. 10 Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) Notes forming part ofthefinanciai statements 5 Tangible Fixed Assets Cost Computer equipment EUR At beginning and end of year 10,547 Depreciation At beginning'ofyear 703 Charge during the year 10 At end of year I 2,813 Net book value At beginning of year 9,844 At end of year 7,734 6 Debtors 9 month period ended 31 December 31 December 2011 2010 6 EUR Debtors 8,275 35,135 Prepayments 12,253 12,689 Amounts owed from St. Patrick's -- 3,477 University Hospital 20,528 51,301 Association of Friends of St. Patrick's Hospital Limited (company limited by guarantee and not having a share capital) Notes formin part of the financial statements 7 Creditors: amounts falling due within one year 9 month period ended 31 December 31 December 2011 201 0 EUR EUR Deferred grant income 17,499 137,499 Bank overdrafi - 33,600 Other creditors 3,075 12,465 Amounts owed to St. Patrick's University Hospital 12,887 - 33,461 183,564 8 Share capital The Association of Friends of St. Patrick's Hospital Limited is a company with no share capital and limited by guarantee. The guarantee of the members amounts to EUR1.27 per member. 9 Reconciliation of operating surplus to net cash inflow/(outflow) from operating activities 9 month period ended 31 December 31 December 2011 2010 EUR EUR Surplus for the year 121,145 223,056 Depreciation 2,110 703 Decrease (increase) in debtors 30,773 (51,301) Decrease in creditors (150,103) (355,066) Net cash inflow/(outflow) from operating activities 3,925 (182,608) Association of Friends of St. Patrick' Hospital Limited company limited by guarantee and not having a share capital) Notes forming part of the financial statements 10 Related party transactions The related parties of Association of Friends of St. Patricks University Hospital, as defined by FRS8 'Related Party nature of the relationship and theextent of the transactions with them are summarised below: 9 month period ended 31 December 31 December 2011 2010 EUR EUR Amounts due from St. Patrick's University Hospital - 3.477 Amounts owed to St. Patrick's University Hospital 12,887 - Amounts owed from St. Patricks University Hospital arise from donations paid directly to St. Patrick's University Hospital. . During the period, there were three to four full time employees working in fundraising in the company and all employee costs are home by St Patriclds University Hospital. In addition, routine office and overhead expenses were paid directly by St. Patrick's University Hospital on behalf of the company. 11 Approval of financial statements The financial statements were approved by the board on 31 October 2012. 13