irish manuscripts commission annual report 2007...irish manuscripts commission annual report 2007...
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Irish Manuscripts Commission
Annual Report 2007
Irish Manuscripts Commission45 Merrion Square, Dublin 2.T: (00 353 1) 6761610F: (00 353 1) 6623832E: [email protected]: www.irmss.ie
www.verm
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Coimisiún Lámhscríbhinní na hÉireann
Tuarascáil Bhliantúil 2007
Chairman’s report 4Introduction 4Board,committeesandsubcommittees 4Editorialandpublicationscommittee 5Subcommittees 5Digitisationtaskforce 5Strategicreviewcommittee 6Staff 7Services 7Publicationsandonlineprojects 7Analecatahibernica40 7Thegreatparchmentbookofwaterford 8Digitisation 8Qub/jstorandanalectahibernica 9Thompsongaleandstatepapersonline 9Finance 9Company information 11Directors 11Secretary 11Companyregistrationno. 11Registeredcharityno. 11Registeredoffice 11Auditors 12Bankers 12Solicitors 12The irish manuscripts commission limited directors’ report for the period ended 31 december 2007 13Principalactivity 13Resultsanddividends 13Stateofaffairs 13Directorsandtheirinterests 13
Directors’responsibilities 14Booksofaccount 14Auditors 14Independent auditors’ report to the members of the irish manuscript commission limited 15Respectiveresponsibilitiesofdirectorsandauditors 15Basisofopinion 16Opinion 16Income and expenditure account 17Balance sheet 18Cash flow statement 19Notes to the financial statements 201. Accountingpolicies 201.1.Basisofpreparation 201.2.Income 201.3.Tangiblefixedassetsanddepreciation 201.4.Leasing 201.5.Stock 201.6Pensions 201.7 Taxation 20
2. Income 213. Surplusfortheyear 214. Employees 215. Pensioncosts 226. Tangibleassets 227. Stocks 228. Debtors:amountsfallingduewithinoneyear 239. Creditors:amountsfallingduewithinoneyear 2310. Reconciliationofmovementsinfunds 2311. Relatedpartytransactions 2412. Ultimateparentundertaking 2413.Approvaloffinancialstatements 24
Contents
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Chairman’s Report
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IntroductionTheIrishManuscriptsCommission(IMC),whichwasestablishedin1928,wasincorporatedasacompanylimitedbyguaranteeon24January2006.Thedirectionof IMCasapublisherofprimarysourcesfor Irishhistoriescontinuedtoevolveduring2007andtheworkoftwonewsubcommittees(detailedbelow)hasprovidedastimulusintermsofevaluatingtheleadingroleIrishManuscriptsCommission(IMC)occupiesaspublisherofprimarysourcesandalsothewaysinwhichIMCcanimprovetheserviceitprovidesandthewayinwhichthatserviceisdelivered.
TheCommissioncontinuestoraiseitsprofilethroughadvertisinginpopularjournalsandtheplanned improvementsto itswebsitewillenhancethewaysinwhichIMCmaterialcanbeaccessedandpurchasedbypeopleinIrelandandthroughouttheworld.
Board, committees and subcommitteesThereare21members/directorsoftheIrishManuscriptsCommissiondrawnfromtheacademiccommunityandculturalinstitutionsthroughoutIreland.
In2007theboardoftheCommissionconsistedofthefollowing21members:JamesMcGuire(Chairman),UniversityCollegeDublin;MauriceBric,UniversityCollegeDublin;NicholasCanny,Moore Institute,NUI,Galway;DavidCraig,Director,NationalArchivesofIreland;MaryDaly,UniversityCollegeDublin;David Dickson, Trinity College, Dublin; Mairead Dunlevy; David Edwards,UniversityCollege,Cork;ChrisFlynn,DepartmentofArts,SportandTourism;JamesKelly,StPatrick’sCollege,Drumcondra;MichaelKennedy,Documentson Irish Foreign Policy, Royal Irish Academy; Máire Mac Conghail; JohnMcCafferty,MícheálÓCléirighInstitute,UniversityCollegeDublin;DeirdreMcMahon, Mary Immaculate College, Limerick; Aongus Ó hAonghusa,Director, National Library of Ireland; Thomas O’Connor, NUI Maynooth;RuánO’Donnell,UniversityofLimerick;MaryO’Dowd,Queen’sUniversityofBelfast; JaneOhlmeyer,TrinityCollege,Dublin;AnngretSimms,UniversityCollegeDublin;GerrySlater,Director,PublicRecordOfficeofNorthernIreland(PRONI).ThefollowingarehonorarymembersoftheCommission:FrancisJ.Byrne,LouisCullen,GeoffreyHandandBrianTrainor.
The directors of both the National Library of Ireland and the NationalArchives of Irelandare ex-officiomembers of theCommission, as is thechiefexecutiveofthePublicRecordOfficeofNorthernIreland.
IMCmembersMáireMacConghailandMaryDalysatontheboardoftheoutgoingNationalArchivesAdvisoryCouncil.
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Editorial and Publications CommitteeThefunctionofthisstandingcommitteeistoreviewpublicationproposalssubmittedtotheCommissionaccordingtosetcriteriaandtorecommendfurther action as appropriate to the full Commission. The Commissioneitherdeclinesaproposaloracceptsitinprinciple.MembersoftheEditorialandPublicationsCommitteein2007wereJamesMcGuire,NicholasCanny,DavidEdwards,JamesKelly,MichaelKennedy,MáireMacConghail,MaryO’DowdandJaneOhlmeyer.
SubcommitteesDuringthecourseof2007twosubcommitteeswere formed.ThefirstofthesewastheDigitisationTaskForce,whichwasconvenedatthebehestoftheDepartmentofArts,SportandTourism(DAST)andexaminedtheissueofdigitisationwithaviewtoformulatingapolicydocumentforIMConthesubject.ThesecondwastheStrategicReviewCommittee,whichwasconvenedtodevelopastrategicplanforIMCfortheperiod2008–11.
Digitisation Task ForceDigitisation is an issue of increasing significance in both the culturalheritageandtheartsandhumanitiescommunities.TheDigitisationTaskForce(DTF),chairedbyProfessorJaneOhlmeyer,wasdrawnfrommembersoftheCommissionandfromstakeholderinstitutionsthroughoutIreland.TheDTFheldthreeordinaryandtechnicalmeetingsbetweenJanuaryandMarch2007anditsactivityculminatedinameetingwithsubjectmatterexpertsonFriday27April.
This was followed by a seminar with an invited audience from acrossgovernment, cultural heritage and humanities sectors, held on the 28April2007withkeynotespeakersGenevièveAllard(LibraryandArchivesCanada),SeamusRoss(HumanitiesAdvancedTechnologyandInformationInstitute), Dirk Roorda (Data Archiving and Networked Services, TheNetherlands)andSusanSchreibman (AssistantDean,DigitalCollectionsandResearch,UniversityofMaryland). In keepingwith the spirit of thesubjectmatter,thepresentationsbytheinternationalpanelwererecordedandareavailableaspodcaststogetherwiththeirslidepresentationsontheIMCwebsiteatwww.irishmanuscripts.ie.ThepolicydocumentproducedbytheTaskForcewaspresentedtotheCommissioninMay2007anditisalsoavailable(inPDFformat)ontheIMCwebsite.
The recommendations contained in the policy documentwere formallypresented to Niall Ó Donnchú, Assistant Secretary General, DAST on 27SeptemberbyJamesMcGuireandJaneOhlmeyer.
Members of the DTF included: Jane Ohlmeyer (chairperson), TrinityCollege,Dublin;MauriceBric(UniversityCollegeDublin),NicholasCanny(Moore Institute, NUI Galway), Chris Flynn (Department of Arts, SportandTourism),ThomasO’Connor(NUIMaynooth)andGerrySlater(Public
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RecordsOfficeofNorthernIreland)fromIMCandCatrionaCrowe(NationalArchivesofIreland),JohnKeating(NUIMaynooth),JohnMcDonough(IrishVirtualResearchLibraryandArchive,UniversityCollegeDublin),KatherineMcSharry(UniversityCollegeDublinLibrary),MarieReddan(NUIGalwayLibrary), Brian McKenna (National Library of Ireland Library) and LarryMurray (PublicRecordsOfficeofNorthern Ireland) representingsomeofthestakeholderinstitutions.
Strategic Review CommitteeIn July 2007 a second subcommittee, the Strategic Review Committee(SRC),wasconvenedtoformulateastrategicplanforIMCgoingforward.Thisplanwillprioritiseobjectives for theperiod2008–11 for IMCas theleadingprimarysourcespublisheranddetailactionsthatwillenablethoseobjectivestoberealised.ThemembersoftheSRCmetthreetimesinthelatterhalfoftheyear includingameetingheldon12November2007atCrokeParkwheretheservicesofaprofessional facilitatorwereengagedtooptimisetheoutcomeofdeliberations.TheSRCwillpresenttheirfinalreporttothefullCommissioninMay2008.ThiswillthenbepresentedtotheDepartmentofArts,SportandTourism.
The members of the SRC are: James McGuire (chairman), UniversityCollege Dublin; Nicholas Canny, Moore Institute, NUI Galway; DavidEdwards,UniversityCollegeCork;ChrisFlynn,DepartmentofArts,Sportand Tourism; James Kelly, St Patrick’s College, Drumcondra; MichaelKennedy,Documentson IrishForeignPolicy,Royal IrishAcademy;MáireMac Conghail; JohnMcCafferty,Mícheál Ó Cléirigh Institute, UniversityCollegeDublin;DeirdreMcMahon,Mary ImmaculateCollege,UniversityofLimerick;MaryO’Dowd,Queen’sUniversityofBelfast; JaneOhlmeyer,TrinityCollegeDublin;AnngretSimms,UniversityCollegeDublin;GerrySlater,Director,PublicRecordsOfficeofNorthernIreland.
StaffWitheffectfromNovember2007apart-timeadministrativeassistantwassuppliedonaweeklycontractbasisbySelectAppointmentsPLC.ThishasgreatlyassistedwiththeordinaryadministrationofIMC.
ServicesSince the establishment of its website in 2004, IMC has received anincreasing number of contacts by e-mail, phone and letter post frommembers of the general public. These contacts are both national andinternational, regularlycomingfromAustralia,NewZealand,theUnitedStatesandcontinentalEurope.
AsfaraspossibleIMCendeavourstohelpinquirersandfacilitatesaccessto material contained in earlier volumes of Analecta Hibernica (oneof themost frequent requests) aswell as to itspublications thatarenolongerinprint.Theyear2007sawthedevelopmentofseveraldigitisation
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projectsinvolvingIMCmaterial(seebelow)whichwillenhancehandlingofsuchqueriesandalsopointsthewayforwardintermsofaccesstoandpreservationofIMC’sentirepublishedworkssince1930.
Publications and online projectsThere were a number of exciting developments regarding onlinepublishing contracts involving old and new IMC publications. The year2007sawthepublicationofthe40thvolumeofAnalectaHibernica,IMC’sserialpublication.Thesecondinourtownbookseries,NiallByrne’seditionofThegreatparchmentbookofWaterford,waspublishedlatein2007,andfollowsonfromthepublicationofBrídMcGrath’seditionoftheTheminutebookofthecorporationofClonmel,1608–1649(2006).
Analecata Hibernica 40Published in December 2007, Analecta Hibernica volume 40 contains arangeofprimarydocumentsdealingwiththemedieval,earlymodernandmodernera.Amongthehighlightsare‘TheLucasdiary,1740–41’editedbyBrianÓDálaigh.Thisisafascinatingfarmdiaryandcommonplacebookprovidinganaccountoflivestock,farmexpenditureandtheemploymentofdaylabourers,andmanyothermattersinthelifeofamemberoftheChurchofIrelandbelowthebetter-documentedlevelofthegentry.Itspublication,withanextensiveindex,makesavailableoneofthemostvaluableaccountsofrurallifeandeconomyinthefirsthalfoftheeighteenthcentury.AnotherhighlightofAnalectaHibernicavolume40isPatrickKelly’seditionofSirWilliamDomville’s‘AdisquisitiontouchingthatgreatquestionwhetheranactofparliamentmadeinEnglandshallbindthekingdomandpeopleofIrelandwithouttheirallowanceandacceptanceofsuchactinthekingdomofIreland’.The‘DomvilleDisquisition’isacknowledgedasoneofthemostimportant statements in support of the legislative independence of thekingdomofIreland,andPatrickKellyherepresentsadefinitivetext,withallthevariantreadings.AnalectaHibernica40alsocontainsobituarynoticesof two past members of the Irish Manuscripts Commission—MargaretGriffithandBreandánMacGiollaChoille.
The Great Parchment Book of WaterfordPreserved in theWaterfordMuseum of Treasures, the Great ParchmentBook is an exceptional record of an Irishmunicipality. Compiledmostlybetween the mid-fifteenth and mid-seventeenth centuries, it includescopiesofrecordsrelatingtothecityofWaterforddatingbacktotheearlythirteenthcentury.Itprovides,therefore,adetailedaccountofthehistoryofWaterfordfromthemedievalperiodthroughtotheturbulentyearsofthe 1640s.Writtenoriginally inNormanFrench, LatinandEnglish,NiallByrne’seditionincorporatesEnglishtranslationsofallthetextsandthusmakesthisvaluablemanuscriptaccessibletoawidereadershipforthefirst
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time.Ofparticularinterestaretheillustratedfolios,themostsignificantofwhichare reproduced in full colour.They reveal thedisquietwithin themunicipal community at the religious and political changes of the latesixteenthandseventeenthcenturies.
Itwasdecidedinmid-2007thatpublicationoftwomajorprojects—TheoHoppen’s Papers of the Dublin Philosophical Society, 1683–1709 (in twovolumes)andElizabethanneBoran’sThecorrespondenceofJamesUssher,archbishopofArmagh,1600–1656(inthreevolumes)—intendedfor2007,shouldproceedin2008.Giventhesizeofbothoftheseeditions,itwasnotconsidered prudent to publish until IMC could be assured that its highstandardsofpublicationwouldnotbecompromised.
DigitisationDigitisationinallitsmanifestationsseemstohavepervadedtheworkoftheCommissionin2007.Intandemwiththeworkofitsownsubcommittee,IMCwascontactedbytwocommercialpartnerswithproposalstoincludeIMCpublicationsinsignificantonlinedigitalprojects.
IMC was invited to submit all current and future issues of its serialpublication Analecta Hibernica to a joint project between the SpecialCollectionsUnitofQueen’sUniversityBelfast(QUB)andJSTORentitled‘ADigitalLibraryofCoreResourcesonIreland’orDLCMI.Thesecondproposalwas made by the former Thompson Gale (now Cengage Learning) inconnectionwithIMC’svolumesintheCalendarofStatePapersseries.
QUB/JSTOR and Analecta HibernicaThe joint QUB/JSTOR project, over a period of two years, will digitiseandmake available in a sustainableway at least 100 journal titles, 205monographs and 2,500pages ofmanuscript all relating to Irish StudiesandincludingIMC’sjournalAnalectaHibernica.TherehasbeenamarkedincreaseinIrishStudiesintheBritishIsles,Europe,NorthAmericaandtheAntipodesandbyitsverynatureitisamultidisciplinarysubjectinvolvinghistory, geography, language, literature and the natural sciences. Fewcomprehensivee-resourcesexistfor IrishStudies,andrelevantmaterialstendtobescattered.Againstthisbackdrop,QUBwaswellplacedtoleada ground-breaking project to augment the e-resources on Irish Studiesavailable to scholars around the world. Through separate agreementswithanumberofjournalpublishers,includingIMC,currentin-copyrightjournals will be made available online together with out-of-copyrightlegacytitlesaswellasallowingaccesstoexistingIrishStudiese-resources.One of themany positive side-effects of this agreement for IMC is thefact that thedigitisedfilesgeneratedduringtheQUB/JSTORprojectwillbemadeavailable to IMCandas suchwillbe included in itsownplansto digitise andmake available IMC publications as part of its remit topromotesaccesstoprimarysourcesforIrishhistories.
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Thompson Gale and State Papers OnlineInthelatterpartof2007theCommissionagreedtoparticipateinaseconddigitisationproject:StatePapersOnlineisaprojectofThonpsonGalenowThompson Gale (now Cengage Learning). This important collection is aseriesofEnglishgovernmentdocumentsoriginatingfromthesixteenthandseventeenthcenturiesthatcontaininformationoneveryfacetofdomesticandoverseasgovernment, includingsocialandeconomicaffairs, lawandorder,religiouspolicy,crownpossessionsandintelligencegatheringaswellasBritain’sinternationalrelationsandforeignpolicy.Thepapersfeaturetheoffice archives and correspondenceof the secretaries of state serving themonarch as facsimilemanuscript documents accessed directly or via thefullysearchableCalendarentries(abstractsortranscriptions).IMCisinvolvedinproducingneweditionsforseveralofthevolumesrelatingtoIrelandandhasagreedinprincipletomakethesevolumesavailabletotheThompsonGaleprojectsubjecttoadelayofsixmonthsfromprintpublication.
FinanceI would like to acknowledge the funding that IMC receives from theDepartmentofArts,SportandTourism.Withoutthegrant-in-aidprovidedby the department, IMC couldnot carry out its remit.Our current grantshould enable us to complete our publications programme for 2007–8.Relianceonthisfundingunderpinsallofourplanningforthecomingyear.
I would also like to pay tribute here to the members of the CulturalInstitutions Unit at DAST who have liaised with IMC on behalf of thedepartment throughout 2007: EamonnMacAnBheatha, PeadarCaffreyandVeraKelly.WelookforwardtocontinuingtheimportantrelationshipwehavebuiltupoverrecentyearsinordertoconsolidateIMC’sfunctionsasapublisherofprimarysourcesforIrishhistoriesandculturesaswellasdevelopingitspositionasanimportantlinkbetweentheculturalheritagecommunityandthewidercommunityofhumanitiesresearchers.
In conclusion Imust reiteratewhat Iwrote inmy report for 2006: thatIMCmembersreceivenoremunerationforanindispensablecontributionthatmakesitpossiblefortheCommissiontofulfillitsremit.Thistraditionof service to both scholarship and the state has beenmaintained sincethe Commission’s foundation in 1928. Only the chairperson receives anhonorarium.
OnbehalfoftheCommissionIwouldliketocongratulateSeamusBrennan,T.D. onhis appointmentasMinister forArts, Sport andTourism in June2007andtoassurehimoftheCommission’sdeterminationtobeworthyofthetrustplacedinit.
James McGuire chairmanJanuary2008
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Company Information
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DirectorsJamesMcGuire(Chairman),UniversityCollegeDublinMauriceBric,UniversityCollegeDublinNicholasCanny,MooreInstitute,NUI,GalwayDavidCraig,Director,NationalArchivesofIrelandMaryDaly,UniversityCollegeDublinDavidDickson,TrinityCollegeDublinMaireadDunlevyDavidEdwards,UniversityCollegeCorkChrisFlynn,DepartmentofArts,SportandTourismJamesKelly,StPatrick’sCollege,DrumcondraMichaelKennedy,DocumentsonIrishForeignPolicy,RoyalIrishAcademyMáireMacConghailJohnMcCafferty,MícheálÓCléirighInstitute,UniversityCollegeDublinDeirdreMcMahon,MaryImmaculateCollegeLimerickAongusÓhAonghusa,Director,NationalLibraryofIrelandThomasO’Connor,NUIMaynoothRuánO’Donnell,UniversityofLimerickMaryO’Dowd,Queen’sUniversityofBelfastJaneOhlmeyer,TrinityCollege,DublinAnngretSimms,UniversityCollegeDublinGerrySlater,Director,PublicRecordOfficeofNorthernIreland
SecretaryCathyHayes
Company Registration No.414351
Registered Charity No.CHY17206
Registered Office45MerrionSquare,Dublin2,Ireland
AuditorsDuignan,Carthy,O’Neill,84NorthumberlandRoad,Ballsbridge,Dublin4
BankersBankofIreland,39StStephen’sGreenEast,Dublin2
SolicitorsDonalT.McAuliffe&Co.,57MerrionSquare,Dublin2
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Limited Directors’ Report for the period ended 31 December 2007
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Thedirectorspresenttheirreportandthefinancialstatementsfortheyearended31December2007.
Principal ActivityThe company was incorporated on 24 January 2006 and commencedtradingonthesamedate.
The principal activity of the company in the year under review is thepublication of literature promoting awareness and access to primarysourcematerialsrelatingtothehistory,heritageandcultureofIreland,andthiswillremaintheprincipalactivityofthecompanyfortheforeseeablefuture.
Results And DividendsThe surplus for the year after providing for depreciation amounted to€7,661(2006–€34,928).
Thedirectorsproposetoretainthissurplustofundfutureprojectsinthecomingyears.
State of AffairsIn the opinion of the directors, the state of affairs of the company issatisfactoryandthereisnomaterialchangesincethebalancesheetdate.
ThedirectorsofTheIrishManuscriptsCommissionLimitedareawareofthestatutoryobligationsinrelationtoprovidingafairreviewofthecompany’sdevelopmentandperformance.Thedirectorsaresatisfiedthattheprincipleriskfacingthecompanyistheavailabilityofcontinuedfundingfromthegovernment.Thedirectorshaveaddressedthisbycompetentspendingofthefundsreceived.
Directors and their InterestsThecompanyis limitedbyguaranteeanddoesnothaveasharecapital.Everymemberofthecompanyundertakestocontributetotheassetsofthecompanyintheeventofitsbeingwoundupwhilehe/sheisamemberorwithinoneyearafterhe/sheceasestobeamember,forpaymentofthedebtsandliabilitiesofthecompanycontractedbeforehe/sheceasestobeamember,andofthecosts,chargesandexpensesofwindingup,andfortheadjustmentoftherightsofthecontributoriesamongthemselves,suchamountasmayberequired,notexceedingoneeuro.
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Directors’ ResponsibilitiesCompany law requires the directors to prepare financial statements foreachfinancialyearwhichgiveatrueandfairviewofthestateoftheaffairsofthecompanyandofthesurplusordeficitofthecompanyforthatyear.Inpreparingthese,thedirectorsarerequiredto:
- selectsuitableaccountingpoliciesandapplythemconsistently;
- makejudgmentsandestimatesthatarereasonableandprudent;
- preparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethatthecompanywillcontinueinbusiness.
Thedirectorsareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable accuracy at any time the financial position ofthecompanyandtoenablethemtoensurethatthefinancialstatementscomplywiththeCompaniesActs1963to2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.
Books of AccountThe measures taken by the directors to ensure compliance with therequirementsofSection202,CompaniesAct,2001,regardingproperbooksofaccountare the implementationofnecessarypoliciesandproceduresfor recording transactions, the employment of competent accountingpersonnel with appropriate expertise and the provision of adequateresourcestothefinancialfunction.Thebooksofaccountaremaintainedat45MerrionSquare,Dublin2.
AuditorsThe auditors, Duignan Carthy O’Neill, Chartered Accountants, haveindicated theirwillingness to continue in office in accordancewith theprovisionsofSection160(2)oftheCompaniesAct,1963.
OnbehalfoftheBoard
James Ivan McGuire Máire Mac ConghailDirector Director19February2008 19February2008
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Independent Auditors’ Report
to the members of The Irish Manuscript Commission Limited
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We have audited the financial statements of The Irish ManuscriptsCommissionLimitedfortheyearended31December2007onpages17–24,whichcompriseoftheIncomeandExpenditureAccount,theBalanceSheetand the related notes. These financial statements have been preparedundertheaccountingpoliciessetoutonpage20.
This report is made solely to the company’s members, as a body, inaccordancewithSection193oftheCompaniesAct,1990.Ourauditworkhasbeenundertakensothatwemightstatetothecompany’smembersthosematterswearerequiredtostatetotheminanauditor’sreportandforno other purpose. To the fullest extent permittedby law,wedonotacceptorassume responsibility toanyoneother than the companyandthecompany’smembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Respective responsibilities of directors and auditorsAsdescribedonpages 13–14 the company’sdirectorsare responsible forthe preparation of financial statements in accordance with applicablelawandGenerallyAcceptedAccountingPracticeinIrelandincludingtheaccounting standards issued by the Accounting Standards Board andpublishedbytheInstituteofCharteredAccountantsinIreland.
Ourresponsibilityistoauditthefinancialstatementsinaccordancewithrelevant legal and regulatory requirements and International StandardsonAuditing(UKandIreland).
Wereporttoyououropinionastowhetherthefinancialstatementsgivea trueand fairview inaccordancewithGenerallyAcceptedAccountingPractice in Ireland and are properly prepared in accordance with theCompanies Acts, 1963 to 2006. We also report to you whether in ouropinion: proper books of account have been kept by the company; andwhethertheinformationgivenintheDirectors’Reportisconsistentwiththefinancialstatements.Inaddition,westatewhetherwehaveobtainedall the information and explanations necessary for the purposes of ouraudit andwhether the company’s balance sheet and its profit and lossaccountareinagreementwiththebooksofaccount.
We report to themembers if, in our opinion, any information specifiedby law regarding directors’ remuneration and directors’ transactions isnot disclosed and, where practicable, include such information in ourreport.WereadtheotherinformationcontainedintheAnnualReportandconsiderwhether it is consistentwith theauditedfinancial statements.
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ThisotherinformationcomprisesonlyoftheDirectors’Report.Weconsiderthe implications for our report if we become aware of any apparentmisstatementsormaterialinconsistencieswiththefinancialstatements.
Ourresponsibilitiesdonotextendtoanyotherinformation.
Basis of opinionWe conducted our audit in accordancewith International Standards onAuditing(UKandIreland)issuedbytheAuditingPracticesBoard.Anauditincludesexamination,onatestbasis,ofevidencerelevanttotheamountsanddisclosuresinthefinancialstatements.Italsoincludesanassessmentofthesignificantestimatesandjudgementsmadebythedirectorsinthepreparation of thefinancial statements, and ofwhether the accountingpolicies are appropriate to the company’s circumstances, consistentlyappliedandadequatelydisclosed.
Weplannedandperformedour audit so as to obtain all the informationand explanationswhichwe considered necessary in order to provide uswith sufficient evidence to give reasonable assurance that the financialstatementsarefreefrommaterialmisstatement,whethercausedbyfraudor other irregularity or error. In forming our opinion we also evaluatedthe overall adequacy of the presentation of information in the financialstatements.
OpinionInouropinionthefinancialstatements:- give a true and fair view, in accordance with Generally AcceptedAccountingPracticeinIreland,ofthestateofthecompany’saffairsasat31December2007andofitssurplusfortheyearthenended:and
- havebeenproperlypreparedinaccordancewiththerequirementsoftheCompaniesActs,1963to2006.
Wehaveobtainedalltheinformationandexplanationswhichweconsidernecessary or thepurposes of our audit. In our opinion, properbooksofaccounthavebeenkeptbythecompany.Thefinancialstatementsareinagreementwiththebooksofaccount.
Inouropinion,theinformationgiveninthedirectors’reportonpages13–14isconsistentwiththefinancialstatements.
Duignan Carthy O’NeillCharteredAccountantsRegisteredAuditors84NorthumberlandRoadBallsbridgeDublin4
19February2008
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Accounts
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Income and Expenditure AccountIncomeandExpenditureAccountfortheyearended31December2007.
Continuing Operations
2007 2006
Notes € €
Income–BookSales 16,908 35,710
Royalties 2 487 -
RoomRental 220 -
ProjectCostofsales (69,493) (53,163)
Operating (deficit) (51,878) (17,453)
DepartmentofArts,SportsandTourismGrant 193,085 160,000
Administrativeexpenses (133,726) (107,718)
Surplus for the year 3 7,481 34,829
Interestreceivableandsimilarincome 180 99
Retained surplus for the year 7,661 34,928
Retainedsurplusbroughtforward 34,298 -
Retainedsurpluscarriedforward 42,589 34,928
Therearenorecognisedgainsorlossesotherthantheprofitorlossfortheabovetwofinancialyears.
ThefinancialstatementswereapprovedbytheBoardon19February2008andsignedonitsbehalfby
JamesIvanMcGuire MáireMacConghailDirector Director
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Balance SheetBalanceSheetasat31December2007.
2007 2006
Notes € €
Fixed Assets
Tangibleassets 6 18,796 5,688
Current Assets
Stocks 7 28,602 46,147
Debtors 8 4,895 8,305
Cashatbankandinhand 239,326 143,743
272,823 198,195
Creditors: amounts fallingdue within one year 9 (94,199) (14,124)
Net Current Assets 178,624 184,071
Total Assets Less Current Liabilities 197,420 189,759
Capital and Reserves
CapitalContribution 154,831 154,831
IncomeandExpenditureAccount 42,589 34,928
Funds 10 197,420 189,759
ThefinancialstatementswereapprovedbytheBoardon19February2008andsignedonitsbehalfby:
JamesIvanMcGuire MáireMacConghailDirector Director
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Cash Flow Statement
CashFlowStatementfortheyearended31December2007.
2007 2006
€ €
Reconciliation of operating profit to netcash inflow from operating activities
Operatingprofit 7,481 34,829
Depreciation 5,054 1,422
Decrease/(Increase)instocks 17,545 (46,147)
Decrease/(Increase)indebtors 3,410 (8,305)
Increaseincreditors 80,075 14,124
Net cash inflow /(outflow) from operating activities 113,565 (4,077)
Cash Flow Statement
Net cash inflow /(outflow) from operating activities 113,565 (4,077)
Returns on investments and servicing of finance 180 99
Capital expenditure (18,162) (7,110)
Deferred Income - -
Increase /(Decrease) in cash in the year 95,583 (11,088)
Reconciliation of net cash flow to movement in net funds
Increase /(Decrease) in cash in the year 95,583 (11,088)
CapitalContribution - 154,831
Changeinnetfundsresultingfromcashflows 95,583 143,743
Net funds at 1 January 07 143,743 -
Net funds at 31 December 2007 239,326 143,743
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Notes to the Financial StatementsNotestotheFinancialStatementsFortheyearendedDecember31st2007
1. Accounting Policies
1.1. Basis of preparation
ThefinancialstatementshavebeenpreparedinaccordancewithaccountingstandardsgenerallyacceptedinIrelandandIrishstatutescomprisingtheCompaniesActs,1963to2006.AccountingStandardsgenerallyacceptedinIrelandinpreparingfinancialstatementsgivingatrueandfairviewarethosepublishedbytheInstituteofCharteredAccountantsinIrelandandissuedbytheAccountingStandardsBoard.
1.2. Income
Incomerepresentsthetotalincomereceivedfrombooksalesrelatedtotheyear.
1.3. Tangible fixed assets and depreciation
Depreciationisprovidedatthefollowingannualratescalculatedtowriteoffthecostlessresidualvalueofeachassetoveritsexpectedusefullifeonthestraightlinebasis,asfollows:
Fixtures,fittingsandcomputers–20%
Thecarryingvaluesofthetangiblefixedassetsarereviewedannuallyforimpairmentinperiodsifeventsorchangesincircumstancesindicatethatthecarryingvaluemaynotberecoverable.
1.4. Leasing
Rentalspayableunderoperatingleasesarechargedagainstincomeonastraight-linebasisovertheleaseterm.
1.5. Stock
Stocksofbooksarevaluedatthelowerofcostandnetrealisablevalue.Assalesvolumesofbookspublishedareattheirhighestlevelsinthefirsttwoyearsfollowingtheirdateofpublication,directorsareoftheopinionthatonlybookspublishedwithintwoyearsoftheyearendbeincludedinthestockvalue.Theremainderofbookstockshavebeenprovidedagainstaseitherslowmovingorobsolete.
1.6 Pensions
Thepensioncostschargedinthefinancialstatementsrepresentthecontributionpayablebythecompanyduringtheyear.
Theregularcostofprovidingretirementpensionsandrelatedbenefitsischargedtotheincomeandexpenditureaccountovertheemployees’servicelivesonthebasisofaconstantpercentageofearnings.
1.7 Taxation
Thecompanyisexemptfromtaxationduetoit’scharitablestatus.(Charitytaxnumber:17206)
2. Income
ThetotalincomeofthecompanyfortheperiodhasbeenderivedfromitsprincipalactivitywhollyundertakeninIreland.
25
AnnualReport2007
3. Surplus for the year
2007
Period 24/01/2006
– 31/12/2006
€ €
Thesurplusfortheyearisstatedaftercharging:
Depreciationoftangibleassets 5,054 1,422
Directors’remuneration 10,500 10,500
Operatingleaserentals
-Plantandmachinery 687 -
Auditors’remuneration 3,812 3,630
andaftercrediting:
Governmentgrants (193,085) 160,000
Thereisacontingentliabilitytorepaygovernmentgrantsreceivedifthegrantisnotusedforthepurposeforwhichitwasadvanced.
4. Employees
NumberofemployeesTheaveragemonthlynumbersofemployeesduringtheperiodwere:
2007
Period 24/01/2006
– 31/12/2006
Number Number
Numberofemployees 2 2
Thestaffcostsareanalysedintheprofitandlossaccountasfollows:
2007
Period 24/01/2006
– 31/12/2006
€ €
Salariesandpension 47,972 16,226
Pension 5,426 1,623
Directors’remuneration 10,500 10,500
Socialwelfarecosts 5,225 2,637
69,123 30,986
26
IrishManuscriptsCommission
5. Pension Costs
Pensioncostsamountedto€5,426(2006–€1,623).
6. Tangible assets
Fixtures & fittings Total
Cost € €
At1January2007 7,110 7,110
Additions 18,162 18,162
At31December2007 25,272 25,272
Depreciation
At1January2007 1,422 1,422
Chargefortheperiod 5,054 5,054
At31December2007 6,476 6,476
Net book values
At31December2007 18,796 18,796
At31December2006 5,688 5,688
Thecompanywasincorporatedonthe24January2006andwasgiftedfurnitureandotherofficeequipmentworthanestimatedvalueof€48,710byTheIrishManuscriptsCommission.Theseassetsarerecognisedintheaboveadditionsatanominalvalueof€1.
7. Stocks
2007 2006€ €
Finishedgoods–Books 28,602 46,147
28,602 46,147
Stocksofbookshavebeenvaluedatthelowerofcostandnetrealisablevalue.
27
AnnualReport2007
8. Debtors: amounts falling due within one year
2007 2006
€ €
PrepaymentsandaccruedIncome 4,895 8,305
9. Creditors: amounts falling due within one year
2007 2006
€ €
Othertaxesandsocialsecuritycosts 715 -
OtherCreditors 3,910 -
Accruals 35,161 14,124DeferredIncome 54,413 -
94,199 14,124
10. Reconciliation of movements in funds
2007
Period 24/01/2006
– 31/12/2006
€ €
Surplusfortheyear 7,661 34,928
CapitalContribution - 154,831
Openingshareholders’funds 7,661 189,759
189,759 -
197,420 189,759
Capital Contribution Thecompanywasincorporatedonthe24January2006andwasgifted€130,730cashand€24,100stockofbooksfromTheIrishManuscriptsCommission.Furnitureandotherofficeequipmentwerealsogiftedandhavebeenincludedinthefinancialstatementsatanominalvalueof€1.Thisgivesatotalcapitalcontributionof€154,831.
Duetothenatureofthebookspublished,directorsareoftheopinionthatsalesofbookspublishedareattheirhighestinthefirsttwoyearsfollowingtheirdateofpublication.Forthisreasontheyhavetakentheviewthat,ofthebookscontributedtothecompany,onlybookspublishedwithintwoyearsoftheyear-endbeincludedinthecapitalcontribution.Theremainderofbook-stockshavebeenprovidedagainstaseitherslowmovingorobsolete.
28
IrishManuscriptsCommission
11. Related party transactions
Directorsarereimbursedforanyexpensesincurredduringthecourseofcarryingouttheirduties.TheChairmanreceivesahonorariumfortheyearthatamountsto€10,500.Nothirdpartytransactionstookplaceduringtheyear.
ThecompanyhaveagreedwiththeOfficeofPublicWorksthatnorentwillbepayablefortheuseofofficespace.
12. Ultimate parent undertaking
ThecompanyiscontrolledbyitsMembersandtheBoardofDirectors.
13. Approval of financial statements
ThefinancialstatementswereapprovedbytheBoardon19February2008andsignedonitsbehalfby:
JamesIvanMcGuire MáireMacConghailDirector Director
Trebar cach conoi a fintid oigi foric- Prudent is he who maintains his inheritance
entire as he finds it
www.verm
illiondesign
.com
www.vermilliondesign.com
Trebar cach conoi a fintid oigi foric- Prudent is he who maintains his inheritance
entire as he finds it