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The directors present their report and the audited financial statements for the financial year ended 31 December 2021.
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Principal Activity
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The principal activity of the company is the provision of a body to represent and support landlords in Ireland.
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The Company is limited by guarantee not having a share capital. |
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Financial Results
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The surplus for the financial year amounted to €50,039 (2020 – €66,058).
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At the end of the financial year, the company has assets of €117,589 (2020 – €83,827) and liabilities of €67,685 (2020 – €83,962). The net liabilities of the company have decreased by €50,039. |
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Directors and Secretary
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The directors who served throughout the financial year were as follows:
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Stephen Faughnan
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Thomas Reilly
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The secretaries who served during the financial year were:
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Thomas Reilly (Appointed 29 June 2022)
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Bernard Shanley (Deceased) (Resigned 29 June 2022)
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Future Developments
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The company expects to increase turnover and continue to enhance the services it provides to members in the coming year. |
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Post Balance Sheet Events
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There have been no significant events affecting the company since the financial year-end. |
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Auditors
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The auditors, Fitzgeralds, (Certified Public Accountant) have indicated their willingness to continue in office in accordance with the provisions of section 383(2) of the Companies Act 2014. |
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Statement on Relevant Audit Information
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In accordance with section 330 of the Companies Act 2014, so far as each of the persons who are directors at the time this report is approved are aware, there is no relevant audit information of which the statutory auditors are unaware. The directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and they have established that the statutory auditors are aware of that information. |
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Accounting Records
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The Directors acknowledge their responsibilities under Section 281 to Section 285 of the Companies Act 2014 to keep adequate accounting records of the company.
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Signed on behalf of the board
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[ ]
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___________________________
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Stephen Faughnan
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Director
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[ ]
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___________________________
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Thomas Reilly
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Director
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2 November 2022
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Report on the audit of the financial statements
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Opinion
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We have audited the financial statements of Property Owners Association of Ireland Company Limited by Guarantee (\’the company\’) for the financial year ended 31 December 2021 which comprise the Income and Expenditure Account, the Balance Sheet, the Reconciliation of Members\’ Funds and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” issued in the United Kingdom by the Financial Reporting Council.
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In our opinion the financial statements:
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–
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give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2021 and of its surplus for the financial year then ended;
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–
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have been properly prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
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–
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have been properly prepared in accordance with the requirements of the Companies Act 2014. |
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Basis for opinion
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We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the Auditor\’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors\’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company\’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other Information
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The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our Auditor\’s Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2014
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In our opinion, based on the work undertaken in the course of the audit, we report that:
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–
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the information given in the Directors\’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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–
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the Directors\’ Report has been prepared in accordance with applicable legal requirements.
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We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.
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In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited and the financial statements are in agreement with the accounting records. |
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Matters on which we are required to report by exception
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Based on the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors\’ report.
The Companies Act 2014 requires us to report to you if, in our opinion, the requirements of any of sections 305 to 312 of the Act, which relate to disclosures of directors’ remuneration and transactions are not complied with by the Company. We have nothing to report in this regard. |
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Respective responsibilities
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Responsibilities of directors for the financial statements
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As explained more fully in the Directors\’ Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements in accordance with the applicable financial reporting framework that give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the company\’s ability to continue as a going concern, disclosing, if applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operation, or has no realistic alternative but to do so. |
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Auditor\’s responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor\’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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A further description of our responsibilities for the audit of the financial statements is located on the IAASA\’s website at: <www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description of auditors responsibilities for audit.pdf.> The description forms part of our Auditor\’s Report. |
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The purpose of our audit work and to whom we owe our responsibilities
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Our report is made solely to the company\’s members, as a body, in accordance with section 391 of the Companies Act 2014. 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 any 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.
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[ ]
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__________________________________
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Dylan Fitzgerald
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for and on behalf of
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FITZGERALDS
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Certified Public Accountant and Registered Auditor
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Leinster Lodge
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Maynooth
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Co Kildare
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2 November 2022 |
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1.
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General Information
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Property Owners Association of Ireland Company Limited by Guarantee is a company limited by guarantee incorporated in the Republic of Ireland. Ashtown Business Centre, Navan Road, Dublin 15, Ireland is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors\’ Report. The financial statements have been presented in Euro (€) which is also the functional currency of the company. |
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2.
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Summary of Significant Accounting Policies
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company\’s financial statements.
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Statement of compliance
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The financial statements of the company for the year ended 31 December 2021 have been prepared on the going concern basis and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102). These are the company\’s first set of financial statements prepared in accordance with FRS 102
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Basis of preparation
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The financial reporting framework that has been applied in their preparation is 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.
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The company qualifies as a small company as defined by section 280A of the Companies Act 2014 in respect of the financial year, and has applied the rules of the ‘Small Companies Regime’ in accordance with section 280C of the Companies Act 2014.
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Cash flow statement
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The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
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Income
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Turnover comprises principally the subscriptions paid by the members. An increasing portion of turnover relates to advertising and course fees as well as the sale of rent books and other ancilllary items. The company is not registered for VAT |
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Tangible assets and depreciation
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Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
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Fixtures, fittings and equipment
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–
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15% Straight Line
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The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Trade and other debtors
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other creditors
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation
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Current tax represents the amount expected to be paid or recovered in respect of taxable income for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. |
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3.
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Departure from Companies Act 2014 Presentation
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The directors have elected to present an Income and Expenditure Account instead of a Profit and Loss Account in these financial statements as this company is a not-for-profit entity. |
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4.
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Employees
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The average monthly number of employees, including directors, during the financial year was 3, (2020 – 3).
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2021
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2020
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Number
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Number
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Administration
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3
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3
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═══════
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═══════ |
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5.
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Tax on surplus
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2021
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2020
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€
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€
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Analysis of charge in the financial year
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Current tax:
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Corporation tax
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–
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–
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|
═══════
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═══════
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Surplus taxable at 0.00%
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50,039
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66,058
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No charge to tax arises due to tax losses incurred. |
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6.
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Tangible assets
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Fixtures,
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Total
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fittings and
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equipment
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€
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€
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Cost
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At 1 January 2021
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3,813
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3,813
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───────
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───────
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At 31 December 2021
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3,813
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3,813
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───────
|
───────
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Depreciation
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At 1 January 2021
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3,813
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3,813
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───────
|
───────
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At 31 December 2021
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3,813
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3,813
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───────
|
───────
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Net book value
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At 31 December 2021
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–
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–
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═══════
|
═══════ |
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7.
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Debtors
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2021
|
2020
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€
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€
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Trade debtors
|
1,900
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2,100
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Prepayments
|
1,378
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1,353
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───────
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───────
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3,278
|
3,453
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═══════
|
═══════
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Trade debtors are under normal terms of credit and commercial terms and are not interest bearing and repayable on demand. |
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8.
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Creditors
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2021
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2020
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Amounts falling due within one year
|
€
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€
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Amounts owed to related parties (Note 12)
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–
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5,000
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Taxation
|
2,709
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2,805
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Other creditors
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14,805
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15,872
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Accruals
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9,536
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14,650
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───────
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───────
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27,050
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38,327
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═══════
|
═══════
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Trade and other creditors are payable at various dates in accordance with the usual suppliers and usual customary terms. Tax and social securities are repayable at various dates over the coming months in line with tax authority guidelines. |
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9.
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Creditors
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2021
|
2020
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Amounts falling due after more than one year
|
€
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€
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Directors\’ loan accounts
|
40,635
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45,635
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|
═══════
|
═══════
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10.
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Status
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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. |
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11.
|
Directors\’ transactions
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The following amounts are repayable to the directors:
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2021
|
2020
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€
|
€
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|
|
Stephen Faughnan
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|
40,635
|
45,635
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|
═══════
|
═══════ |
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12.
|
Related party transactions
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2021
|
2020
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|
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€
|
€
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|
Finance amounts owed to related parties
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–
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5,000 |
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The loan of €5,000, payable at the start of the year to Ashtown Business Centre Limited, was repaid during the year. Ashtown Business Centre Limited is controlled by Stephen Faughnan, a Director of Property Owners Association of Ireland CLG. The company also paid rent amounting to €22,420 (2020 – €22,481) to Ashtown Business Centre Limited for the use of its offices. |
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13.
|
Post-Balance Sheet Events
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|
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|
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There have been no significant events affecting the company since the financial year-end. |
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14.
|
Approval of financial statements
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|
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The financial statements were approved and authorised for issue by the board of directors on 2 November 2022.
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|
xxx
|
xxx
|
xxx |
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