Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698136152194.pdf (Ireland)
An Cheim Computer Services Limited Directors Report and Audited Financial Statements for the Year Ended 31 August 2013 An Chcim Computer Services Limited Index Directors and other information Statement on Internal Control Directors’ Report Independent Auditors’ Report Income and Expenditure Account Balance Sheet page I 2-3 4-6 7-8 9 10 Notes on and forming part of the financial statements 11-16 An Cheim Computer Services Limited Directors and Ollier Inforniadon Dtreclors: Secretary: Maria Hinfelaar (Chairperson) Mary Kerr Joseph Ryan Noel O'Connor William Basscli Denis Cummins Bernard Mullarkcy Noel O'Connor Cliief Executive Officer: Derek Keeney Registered Office: Bankers: Fumbally Square Fumbally Lane Dublin S Allied Irish Banks Pic 1/4 Lower Baggot Street Dublin 2 Regislered number: 407564 Auditor: Comptroller and Auditor General Dublin Castle Dublin 2 Charily Number; CilY 17291 o ANCHEIM An Cheim Computer Services Limited Fumbally Square, Fumbatty Lane Dublin 8.
Ireland T +353 1 473 5202 E infooancheim.org W 'wnv AnCheim ie STATEMENT ON INTERNAL CONTROL Responsibility for the internal control system On behalf of the Board of Directors of An Cheim Computer Services Limited (the "Company"), tlie Chairman acknowledges the responsibility of the Board for ensuring that a robust system of risk management and internal control is in place in the Company.
The system is designed to manage rather than eliminate risk, and provides reasonable though not absolute assurance that assets are safeguarded, transactions authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected in a timely period.

Key Control Procedures (i) Management Responsibilities As set out above, the Board of Directors are responsible for the system of internal control and risk management.
A reporting framework has been put in place involving the Audit Committee and Internal Audit, as at (iii) below, and the system has been reviewed as evidenced below under tlie caption "Annual Review of Controls".

The An Cheim Audit Committee met on the following dates during the year ended SI®* August 2013: 12* December 2012.

• .

23^ May 2013.

• 27* August 2013.


(ii) Internal Financial Control The Board of Directors has put In place a system of internal financial control based on a framework of regular provision of information to management, administrative procedures including segregation of duties, and a system of delegation and accountability.
It includes: • • • • • Comprehensive budgeting system with an annual budget which is reviewed and agreed by the Board of Directors, Regular review by the Board of Directors of periodic and annual financial reports which indicate financial performance against forecast, Development of targets to measure financial and other performance, Development of defined capital investment control guidelines, and Development of formal project management disciplines.
2 AN CHEIM shared‘ervK PS‘•r.pr:S I'-is (iii] Reporting framework The Company has an Audit Committee and utilises the internal Audit function of DIT ("Internal Audit").

Internal Audit operates in accordance with the Code of Governance of Institutes of Technology in Ireland.

The work of Internal Audit is informed by analysis of the risk to which the Company is exposed, and annual internal audit plans are based on this analysis.

The plans are approved by the Audit Committee.


Annual Review of Controls We confirm that a formal review of the system of internal controls was carried out for the year ended 31 August 2013 in August 2013 by the Board of Directors of the Company based on a review of internal financial controls performed by DIT Internal Audit.
Actions have been agreed in respect of visa expenditure and producing a value for money report on outsourcing along with a review to establish if the benefits of central hosting have been achieved.

Plans to address these issues are being actively pursued by the Company.
There have been no material losses, contingencies and uncertainties disclosed in the financial statements or the auditor’s report on the financial statements resulting from weaknesses in internal control for the period covered by this Statement on Internal Control, Signed:/^ Mari/ Hin^asa^ Chan-person.
/ Derek Feeney I Chief Executive Officer 3 An Cheim Computer Services Limited Directors Report Tile Directors of the Company present dicir Report and llic Financial Stalcmcins for the year ended 31 August 2013.
Statement of Directors' Responsibilities The Directors arc responsible for preparing the Financial Siatcincnts in accordance with applicable Irish law and generally accepted accouniing practice in Ireland including the accounting sLandards i.ssued by the Accounting Standard.s Board and published by Chartered Accountants Ireland.
Irish Company law requires the Directors to prepare Financial Statements tbr each financial period which give a true and fair view of the stale of afiairs of the Company and of the suiplus or deficit of the Company for that period.

In preparing those Financial SlatcinenLs.

the Director.
the Director.

'; arc required to: • • • • ';elect suitable accounting policies and then apply them con.rislently; make judgcjnents and estimates that are reasonable and prudent; ensure applicable accouniing standards have been followed, subject to any material departures which arc disclosed and c.xplaincd in the Financial Statements: prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that (he Company will continue in bu-sine.ss.
The Directors are responsible for keeping proper accounting records which disclose wnth reasonable accuracy at any time the financial position of the Company and enable (hem to ensure that the Financial Statements comply wiili accounting standards generally accepted in Ireland and Irish Statute comprising the Companies Acts, 1963 to 2013.
They arc also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prcveniion and detection of fraud and other irregularities.

Books of Account The measure.s taken by the Directors to secure compliance with the Company's obligation to keep proper books of account arc the use of appropriate systettts and procedures and emploj'mcnl of competent person.^.

Tlie books of account are kept al the Conipany's premises at Fumbally Scpiare, Fumbally kine, Dublin 8.
Principal Activity Tlic Company has been joiiuty launched by the Department of Education and Sldlls and each of the Institutes of Technology eswblishcd pursuant to the Institutes of Technologies /\c(s 1992 to 2006, being Lctlerkcnny IT, IT Sligo, Alhlone IT, Galway-Majo IT.

Limerick IT, IT Tralee, Cork IT, Waterford IT, IT Carlow, ITTallaghi, Dun Ijjotihaire lADT, IT Bianchanisiown.

and Dundalk IT, the Dublin Institute of I'echnoiogies Acts 1992 to 2006, being Dublin IT.
(collecii\e!y, the ’’Institutes**) for the purposes of providing proven infot ination technology sj-slems that ha\e been modified specifically for the x arious Institutes.

In canning out its actit ilics the Company provides iinprox’cd communication and .scr< ice.s to .‘.ludenis and staff of the Institutes, as well a.s supporting new models of education delixeiy and management, enabling each of the Institutes to be more effective in their operations.
By virtue of the central matingement of .student, library, finance and HR infonnalion in relation to each of the In.siiiulc.s, the Company supports new way.s of delivering higher and crali education.

The Company is also responsible for the implementation of standardised Management Infonnalion Systems (“MIS") in the Instiiulc.s.

The piiiposc.s of the MIS programme being implcmenicil by the Company include the suijporiing of new WHS'S to pros ide educaiion.
facililutc difiercnl learning models in an ensironmeiit in wliich new sersi’ces are des eloped (c.g.

distance ieanting, lifelojig learning), as welt as ofiering improved sen ices for students and sialTof the Institutes.

4 An Cheini Computer Services Limited Directors Report (Continued) Review of Business Tlie Company was incorporated on 30 August 2005 to act as a vehicle to run the Management Information Systems ("MIS") Project within the Institutes as detailed in the Principal Activity note above.
The Company reports a nil surplus in the income and expenditure account for the year ended 31 August 2013 (2012 - Nil Surplus).

Tlie result has been arrived at after receiving income from the Higher Education Authority (previously the Department of Education and Skills) in the sum of €8,750,072, discharging expenditure of €8,750,802 and receiving interest of €730.

Future Developments Tlie Company’s strategic focus continues to be on the development of its existing core business.
Principal risks and uncertainties The Company continues to operate in an increasingly uncertain economic environment.

Nohvithstanding this, the Company has continued to be successful in delivering proven information technology systems for the various Institutes as detailed in the Principal Actirity note above.

The Company derives the majority of its income from the Higher Education Authority.
The Directors are satisfied that sufficient financial resources will be made available to meet the Company’s ongoing funding requirement.

Annual Review of Internal controls The Directors confirm that a formal review of the effectiveness of the system of internal controls for the year ended 31st August 2013 \vas performed by the Directors in August 2013.

Annual Governance Statement The Directors have implemented the Code of Governance of Irish Institutes of Technology.
Events since tlie Year End There have been no significant events affecting the Company since the year end.

Results for the Year 'Hie results for the year ended 31 August 2013 are set out on page 9.

5 An Cheim Computer Serxdces Linuted Directors Report (Continued) Directors On 15lh January 2013 Joseph McGarry resigned as a director.

On 23rd May 2013 bod) Michael Carmody and Janies Fennell resigned as directors.

On 27ili August 2013 Maria Hinfclaar was appointed as a director and chairperson.
On 26th February 2014 Bernard Muilarkey was appointed as a Director.

In accordance with the Articles of Association the appointment of Maria Hinfclaar and Bernard Muilarkey was only effective to the following Annual General Meeting al which both were re-appointed as Directors.
At the same Annual General Meeting for 2013 held on 14th May 2014 Mary Kerr and Joseph Rj-an were required to retire as Directors by Rotation and being eligible were rc’clccted The Directors did not hold any beneficial interests in the shares of the Company either at any time during the >'ear or at die end of the year.

Auditors The auditors, Comptroller and Auditor General, will continue in office.
On behalf of the Board Director: Director: 2014 Maria Hinfclaar Noel O’Connor 6 Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas An Cheim Computer Services Limited I have audited the financial statements of An Cheim Computer Services Limited (the financial statements) for the year ended 31 August 2013 under Section 5 of the Comptroller and Auditor General (Amendment) Act 1993.
The financial statements, which have been prepared under the accounting policies set out therein, comprise the accounting policies, the income and expenditure account, the balance sheet and the related notes.

The financial statements have been prepared in the form prescribed under the Companies Acts 1963 to 2013, and in accordance with generally accepted accounting practice in Ireland.
Responsibilities of the Directors Opinion on the financial statements In my opinion, the financial statements • • give a true and fair view, in accordance with generally accepted accounting practice in Ireland, of the state of the company’s affairs at 31 August 2013 and of its net result for the year then ended; and have been properly prepared in accordance with the Companies Acts 1963 to 2013.
Matters on which I am required to report by the Companies Acts 1963 to 2013 The Directors are responsible for the preparation of the financial statements, for ensuring that they give a true and fair view of the state of the company’s affairs and of its surplus or deficit, and for ensuring the regularity of transactions.
Responsibilities of the Comptroller and Auditor General I have obtained all the information and explanations that I consider necessary for the purpose of my audit, in my opinion, proper books of account have been kept by the company.

The financial statements are in agreement with the books of account.

My responsibility is to audit the financial statements and report on them in accordance with applicable law.
My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

My audit is carried out in accordance with the International Standards on Auditing (UK and Ireland) and in compliance with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements, sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of • whether the accounting policies are appropriate to the company’s circumstances, and have been consistently applied and adequately disclosed • the reasonableness of significant accounting estimates made by the directors in the preparation of the financial statements, and • the overall presentation of the financial statements.

I also seek to obtain evidence about the regularity of financial transactions in the course of audit.
In my opinion, the information given in the directors’ report is consistent with the financial statements.

Under Section 40 (1) of the Companies (Amendment) Act 1983, the convening of an extraordinary general meeting of the company is required if the net assets of the company are less than half of the amount of its called-up share capital at the balance sheet date.
At 31 August 2013, the net assets of the company, as stated in the balance sheet, are more than half of the amount of its called-up share capital and consequently, in my opinion, the convening of an extraordinary general meeting is not required.
Matters on which I report by exception I report by exception if • my audit noted any material instance where public money has not been applied for the purposes intended or where the transactions did not conform to the authorities governing them, or • • • the statement on the system of internal control does not reflect the company’s compliance with the Code of Governance of Irish Institutes of Technology, or the statutory disclosures of directors’ remuneration and of transactions with directors are not made, or I find there are other material matters relating to the manner in which public business has been conducted.
I ha'^ nothing to report in regard to those matters.
Colette Drinan for and on behalf of the Comptroller and Auditor General September 2014 An Ciieim Computer Services Limited Income and Expenditure Account for the Year Ended 31 August 2013 Income Expenditure Interest Payable and Similar Charges - Bank Interest - Interest on Late Pajonent of Taxation Interest Receivable Notes 4 6 2013 € 2012 € 8,750,072 18,868.751 (8,750,802) (18,874,761) (730) (6,010) 0 0 (196) (2,953) 730 9,159 Net results for the Year 7 __________ 0_ 0 The income arose solely from continuing operations.
Tliere were no recognised gains or losses other than those dealt with within tlic Income and Expenditure Account.

Tlie Company had no recognised gains or losses other than the result for tlie year as disclosed above and therefore no separate statement of total recognised gains and losses has been presented.
On behalf of the Board Director: Director: ^'7 Maria Hinfelaar Noel O’Connor 9 An Cheim Computer Services Limited Balance Sheet As At 31 August 2013 Assets Employed Fixed Assets Tangible Assets Current Assets Debtors Cash at Bank and in Hand Creditors (amounts felling due within one year) Net Current Assets Total Assets Less Current Liabilities Deferred Capital Funding Net Assets Represented by: Reserves Share Capital Income and Expenditure Account Notes 2613 € 2072 € 8 9 10 12 11 1,949,239 2,610,434 2,301,119 1,723,872 3,039,304 574,523 4,024,991 3,613,827 (4,024,989) (3,613,825) 2 2 1,949,241 2,610,436 (1,949,239) (2,610,434) 2 2 0 2 2 2 0 2 On behalf of the Board Director: Maria Hinfelaar Noel O’Connor An Cheim Computer Services Limited Notes to the Financial Statements for the Year Ended 31 August 2013 1 Accounting policies The significant accounting policies adopted by the Company are as follows: (a) Currency The Financial Statements arc prepared in Euro.
(h) Basis of Preparation The Financial Statements have been prepared under the historical cost convention in accordance with accounting standards generally accepted in Ireland and Irish Statute comprising the Companies Acts, 1963 to 2013.

Accounting Standards generally accepted in Ireland in preparing the Financial Statements giving a true and fair view are those published by the Chartered Accountants Ireland and issued by the Accounting Standards Board.
(c) Going Concern The Company relies on the Higher Education Authority and the Department of Education and Skills to fund its activities.

The Higher Education Authority has confirmed recurrent funding until 31 December 2014.

The Hitter Education Authority and the Department of Education and Skills have not given any indication that they will withdraw their support from the Company subsequent to 31 December 2014.
Accordingly the Financial Statements of the Company have been prepared on a going concern basis.

(d) Foreign Currencies Transactions denominated in foreign currencies are translated into Euro and recorded al the rates of exchange ruling at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies arc translated into Euro at the rates of exchange ruling at the Balance Sheet date.
(e) Taxation The Company is exempt from Corporation Taxation under a Charitable Status Order.

On this basis, no calculation in respect of Corporation Tax has been included in the Financial Statements.

(f) Stocks Expenditure on consumable stocks is charged to the Income and Expenditure Account as incurred.
(g) State Funding (i) State funding for Recurrent Expenditure is allocated by the Higher Education Authority (previously the Deparlincnl of Education and Skills) on a calendar year basis and is claimed on a monthly basis in accordance with a profile submitted to the Authority.
The funding reported in the Income and Expenditure Account has been matched to the expenditure to which it relates (ii) State Funding for Capital Expenditure (including funding for recunent purposes utilised for the purchase of fixed assets) is capitalised and credited to income over the estimated useful lives of the related assets.

(h) Tangible Fixed Assets Tangible Fixed Assets are stated al cost less accumulated depreciation.
11 An Cheim Computer Services Limited Notes to the Financial Statements for the Year Ended 31 August 2013 (continued) (i) Cost Prior to incorporation, fixed assets for the MIS Project were recorded in Dublin Institute of Technology Financial Records as An Cheim was treated as a Self Funded Project.

On incorporation all fixed assets in respect of the MIS Project were transferred by Dublin Institute of Technology to An Cheim Computer Services Limited at Net B<x)k Value.
(ii) Depreciation Depreciation is provided on tangible fixed assets on a straight line basis so as to write off the historical cost or valuation over their estimated useful lives.

Tlte estimated useful lives assigned to tangible fixed assets are as follows; Computer Equipment Computer Software Furniture and Equipment Leasehold Improvements Years 3 3 5 20 (iii) Operating Leases All operating lease rentals are charged to the income and expenditure account on a straight line basis.
2 Accounting Period These Financial Statements are for the year ended 31 August 2013.

3 Cash Flow Statement The Company is availing of the exemption in Financial Reporting Standard I and is not Including a Cash Flow Statement in these Financial Statements on the basis that it is a wholly owned subsidiary of Dublin Institute of Technology.
4 Income State Funding (Note 5) Release from Capital Funding Account (Note 12) 5 State Funding Received Allocated for Allocated for Recurrent Capital Expenditure Expenditure € € Recurrent State Funding Capital State Funding 5,913,35S - 2,054,619 120,979 201S € 2012 € 5,913,368 2,836,704 7,090,996 11,777,755 8,750,072 18,868,751 Deferred Income € (731,733) 0 Total e 7,236,254 120,979 5,913,368 2,175,598 (731,733) 7,357,233 12 An Cheim Computer Services limited Notes to the Financial Statements for the Year Ended 31 August 2013 (continued) 6 Expenditure Staff Maierials-andScryices: IT Service Costs Premises Costs Travel and Subsistence Costs Personnel Costs Professional Fees Audit Fees - internal - external audit of financial scitemcnts (Crowe Horwath - 2013, PwC - 2012) - statutory audit of financial statements (Comptroller and Auditor General) Communications Costs Stationery and Office Materials Costs Miscellaneous Costs Provision for Doubtful Debts Depreciation 2013 2012 € € 531,317 567,246 4,199,237 354,498 19,392 25,653 700,688 40 20,295 8.000 15,119 6,047 61,577 (27,765) 2,836,704 5,578,846 326,839 19,397 15,605 433,282 3,669 17,835 8,000 18,544 5,989 101,754 0 11,777,755 Total Expenditure 8,750,802 18,874,761 7 Results for the Year The result for the year has been arrived at after charging: Directors' emoluments Auditors' remuneration - internal - statutory audit - odier audit sendees Operating lease rentals (land and buildings) 2013 € - 40 8,000 20,295 143,278 2012 € - 3,669 8,000 17,835 143,278 13 An
 Cheim Computer Services Limited Notes to the Financial Statements for the Year Ended 31 August 2013 (continued) 8 Tangible Assets Cost Computer Equipment € Computer Software 6 Furniture & Equipment e Leasehold Improvements € Total € At 1st September 2012 3,525,535 14,383,960 86,237 65,667 18,061,399 Additions Disposals 65,944 (78.426) 2,109,655 0 0 0 0 0 2,175,599 (78,426) At 31 August 2013 3,513,053 16,493,615 86,237 65,667 20,158,572 Accumulated Depreciation At 1st September 2012 3,070,112 12,316,795 54,208 Charge for the Year Disposals 352,440 (78.336) 2,465,220 0 15,761 0 9,850 3,283 0 15,450,965 2,836,704 (78,336) At 31 August 2013 3,344,216 14,782,015 69,969 13,133 18,209,333 Net Book Amount: At 31 August 2013 168,837 1,711,600 16,268 52.534 1,949,239 At 1 st September 2012 455,423 2,067,165 32,029 _________55'817 2,610,434 Depreciation is calculated in accordance with the policy laid out in note 1(h).
9 Debtors loTl Funding for Capital Expenditure Strategic Funding for Capital Expenditure Dublin Institute of Technology InterCompany Account Prepayments 20J3 € 699,QSA 0 741,287 860,778 2012 € 1,378,075 16,000 732,207 913,022 2,301,119 3,039,304 14 An Cheim Computer Services Limited Notes to the Financial Statements for the Year Ended 31 August 2013 (continued) 10 Creditors (Amounts Falling Due Within One Year) Trade Creditors VAT Payable PSWT Payable Accruals and Other Creditors Deferred income 2ffJ3 e 20J2 € 573,196 15,204 76,663 833,958 2,525,968 59,675 34,928 45,668 215,852 3,257,702 4,024,989 3.613,825 Trade Creditors, Accruals and Other Creditors balances have varied due to the stage of completion of the loTl Funded Capital Expenditure Project and the timing of payments.
Tlic Deferred Income balance has decreased principally due to the timing of recurrent funding receipts.
11 Share Capital - Equity Authorised 20J3 e 20J2 e 1,000 Ordinary Shares of €1 each __________ 1,000 _______ Issued, Called Up and Fully Paid 2 Ordinary shares of €1 each Deferred Capital Funding Account Movements during the year 2 2 2013 e 2 2 2012 G Balance as at 31 August 2012 2,610,434 13,097,607 Additions State Funding Received State Capital Funding (Note 5) Allocated from State Recurrent Funding (Note 5) Disposals - Net Book Value Release to Income Amortisation in line with asset depreciation Balance as at 31 August 2013 120,979 2,054,619 311,110 979,472 2,175.598 1,290,582 (89) - 4,785,943 14,388,189 (2,836,704) (11,777,755) 1,949,239 2,610,434 Capital funding is accounted for in accordance with the Accounting Policy set out on page 10.
15 An Cheira Computer Services Limited Notes to the Financial Statements for the Year Ended 31 August 2013 (continued) 13 Reconciliation of Movement in Equity Shareholders Funds Opening Balance Result for the year Closing Balance 14 Capital Commitments 'ITie Company had the following capital commitments in existence at the balance sheet date.
Contracted For Not Contracted For 15 Operating Lease Commitments 2013 e 2 0 2012 € 2 0 2013 e 2012 e 917,507 221,925 1,378,609 3,447,317 2,296,116 3.669.242* Obligations pajuble in the year ended 31 August 2014 on operating lease agreements in place arc as follows: Land and Buildings Leases expiring within 1 year Leases expiring between two and five years Leases expiring after five years 16 Related Parties 2013 e 2012 € 143,278 143,278 143,278 143.278" An Cheim Computer Services Limited is wholly owned by Dublin Institute of Technology.
Transactions between the Company and Dublin Institute of Technology are not disclosed as the Company has taken advantage of the exemption available under FRS 8 “Related Party Disclosures” from disclosing such transactions.

The Company had no transactions with entities in which the Director hold an interest.

17 Approval of Financial Statements The Financial Statements of the Company for the year ended 31 August 2013 were approved by the Directors on 16