Prosper Group Financial Statements 2016

Financial
Statements
2016

2|Prosper Group Annual Report 2016 - Financial Statements

Prosper Social Care Services CLG
DIRECTORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31 December 2016

CONTENTS

Directors and Other Information Page
Directors' Report 3
Directors' Responsibilities Statement 4
Independent Auditor's Report 5
Consolidated Income and Expenditure Account 6
Consolidated Balance Sheet 7
Company Balance Sheet 8
Consolidated Reconciliation of Members' Funds 9
Consolidated Cash Flow Statement
Notes to the Financial Statements 10
11
12 - 17

Company Number: 558553

2

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

DIRECTORS AND OTHER INFORMATION

Directors John Delany
Mary Dowling

Noel Hickey
Dr. Mary Murphy
Kitty O'Connor
Seamus Smyth
Mary Walsh
Conor Sparks (Resigned 27 September 2016)

Company Secretary Mary Dowling

Company Number 558553

Registered Office Strand Street,
Skerries,

Co. Dublin.

Auditors OMAC Management Services Limited t/a W.O.McGrory
& Company
Certified Public Accountants and Statutory Audit Firm
Carlington Lodge
Dublin Road

Drogheda
Co. Louth
A92 Y38R
Republic of Ireland

3

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

DIRECTORS' REPORT

for the year ended 31 December 2016

The directors present their report and the audited financial statements for the year ended 31 December 2016.
The Company is limited by guarantee not having a share capital.
The company did not trade during the year.

Principal Risks and Uncertainties
The company's operations may expose it to financial risk which includes liquidity risk. In order to minimise this risk
the company will maintain sufficient funds to meet obligations as they fall due.
Directors and Secretary
The directors who served throughout the year, except as noted, were as follows:
John Delany
Mary Dowling
Noel Hickey
Dr. Mary Murphy
Kitty O'Connor
Seamus Smyth
Mary Walsh
Conor Sparks (Resigned 27 September 2016)
The secretary who served throughout the year was Mary Dowling.
Auditors
The auditors, OMAC Management Services Limited t/a W.O.McGrory & Company, (Certified Public Accountants)
have indicated their willingness to continue in office in accordance with the provisions of section 383(2) of the
Companies Act 2014.
Accounting Records
To ensure that adequate accounting records are kept in accordance with sections 281 to 285 of the Companies Act
2014, the directors have employed appropriately qualified accounting personnel and have maintained appropriate
computerised accounting systems. The accounting records are located at the company's office at Strand Street,
Skerries, Co. Dublin.

Signed on behalf of the board
Dr. Mary Murphy
Director
Mary Dowling
Director
2 October 2017

4

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

DIRECTORS' RESPONSIBILITIES STATEMENT

for the year ended 31 December 2016
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with
applicable Irish law and regulations.
Irish company law requires the directors to prepare financial statements for each financial year. Under the law the
directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and FRS 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting
Council. Under company law, the directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year
end date and of the surplus or deficit of the company for the financial year and otherwise comply with the Companies
Act 2014.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies for the company financial statements and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether the financial statements have been prepared in accordance with applicable accounting standards,

identify those standards, and note the effect and the reasons for any material departure from those standards;
and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records
which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial
position and surplus or deficit of the company to be determined with reasonable accuracy and enable them to ensure
that the financial statements and Directors' Report comply with the Companies Act 2014 and enable the financial
statements to be audited. They are also responsible for safeguarding the assets of the company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board
Dr. Mary Murphy
Director
Mary Dowling
Director
2 October 2017

5

INDEPENDENT AUDITOR'S REPORT

to the Members of Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

We have audited the group and parent company financial statements of Prosper Social Care Services CLG for the
year ended 31 December 2016 which comprise the Group Income and Expenditure Account, the Group Balance
Sheet, the Company Balance Sheet, the Group Reconciliation of Members' Funds, the Group Cash Flow Statement
and the related notes. The relevant 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.

This 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 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.

Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the
Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance
with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with
the Auditing Practice Board's Ethical Standards for Auditors.

Scope of the 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 group's and the parent
company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of
significant accounting estimates made by the directors; and the overall presentation of the financial statements. In
addition, we read all the financial and non-financial information in the Directors' Report to identify material
inconsistencies with the audited financial statements and to identify any information that is apparently materially
incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the
audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for
our report.

Opinion on financial statements
In our opinion the financial statements:
- give a true and fair view of the assets, liabilities and financial position of the group and parent company as at 31

December 2016 and of the group's surplus for the year then ended; and
- have been properly prepared in accordance with the relevant financial reporting framework and, in particular, the

requirements of the Companies Act 2014.

Matters on which we are required to report by the Companies Act 2014
- We have obtained all the information and explanations which we consider necessary for the purposes of our

audit.
- In our opinion the accounting records of the company were sufficient to permit the financial statements to be

readily and properly audited.
- The financial statements are in agreement with the accounting records.
- In our opinion the information given in the Directors' Report is consistent with the financial statements.

Matters on which we are required to report by exception
We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if,
in our opinion, the disclosures of directors' remuneration and transactions specified by sections 305 to 312 of the Act
are not made.

__________________________________
Paul Farrell
for and on behalf of
OMAC MANAGEMENT SERVICES LIMITED T/A W.O.MCGRORY & COMPANY
Certified Public Accountants and Statutory Audit Firm
Carlington Lodge
Dublin Road
Drogheda
Co. Louth
A92 Y38R
Republic of Ireland

2 October 2017

6

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 December 2016

Income Notes 2016 2015
4 € €
Expenditure
6 11,001,382 10,552,861
Surplus before interest 7
(10,803,234) (10,419,960)
Interest receivable and similar income ─────── ───────
Interest payable and similar expenses
198,148 132,901
Total Comprehensive Income
- 51
(6,374) (6,626)
─────── ───────
191,774 126,326
═══════ ═══════

Approved by the board on 2 October 2017 and signed on its behalf by:

Dr. Mary Murphy
Director

Mary Dowling
Director

The notes on pages 12 to 17 form part of the financial statements 7

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

CONSOLIDATED BALANCE SHEET

as at 31 December 2016

Fixed Assets Notes 2016 2015
Tangible assets 10 € €

Current Assets 11 12,883,574 12,147,530
Debtors ─────── ───────
Cash and cash equivalents
237,155 222,050
Creditors: Amounts falling due within one year 12 434,806 773,363
─────── ───────
Net Current Liabilities 13 671,961 995,413
15 ─────── ───────
Total Assets less Current Liabilities (1,092,911) (1,122,460)
─────── ───────
Creditors (420,950) (127,047)
Amounts falling due after more than one year ─────── ───────
12,462,624 12,020,483
Capital grants
(118,179) (198,543)
Net Assets
(5,418,378) (5,087,647)
Reserves ─────── ───────
Capital reserves and funds
Income and expenditure account 6,926,067 6,734,293
═══════ ═══════
Members' Funds
1,549,248 1,549,248
5,376,819 5,185,045
─────── ───────
6,926,067 6,734,293
═══════ ═══════

Approved by the board on 2 October 2017 and signed on its behalf by:

Dr. Mary Murphy
Director

Mary Dowling
Director

The notes on pages 12 to 17 form part of the financial statements 8

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

COMPANY BALANCE SHEET

as at 31 December 2016

Notes 2016 2015
€ €
Reserves
Members' Funds - -
═══════ ═══════

Approved by the board on 2 October 2017 and signed on its behalf by:

Dr. Mary Murphy
Director

Mary Dowling
Director

The notes on pages 12 to 17 form part of the financial statements 9

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

CONSOLIDATED RECONCILIATION OF MEMBERS' FUNDS

as at 31 December 2016

Retained Special Members Total
surplus reserve funds

€€€ €

At 1 March 2015 5,058,719 1,549,248 6,607,967 6,607,967
Surplus for the period ─────── ─────── ─────── ───────
At 31 December 2015
Surplus for the year 126,326 - 126,326 126,326
At 31 December 2016 ─────── ─────── ─────── ───────

5,185,045 1,549,248 6,734,293 6,734,293
─────── ─────── ─────── ───────

191,774 - 191,774 191,774

─────── ─────── ─────── ───────
5,376,819 1,549,248 6,926,067 6,926,067

═══════ ═══════ ═══════ ═══════

10

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2016

Notes 2016 2015
€ €
Cash flows from operating activities
Surplus for the year 191,774 126,326
Adjustments for:
Interest receivable and similar income - (51)
Interest payable and similar expenses 6,374 6,626
Depreciation 610,556 579,332
Amortisation of government grants (179,290) (169,124)
─────── ───────
Movements in working capital: 629,414 543,109
Movement in debtors
Movement in creditors (15,105) 350,823
(48,429) 79,065
Cash generated from operations ───────
Interest paid 565,880 ───────
972,997
Net cash generated from operating activities (6,374) (6,626)
───────
Cash flows from investing activities ───────
Interest received 559,506 966,371
Payments to acquire tangible fixed assets ───────
Receipts from sales of tangible fixed assets ───────
-
Net cash used in investment activities (1,269,909) 51
(793,755)
Cash flows from financing activities 20,447
New long term loan ─────── 3,708
New short term loan (1,249,462) ───────
Capital element of finance lease and hire purchase contracts ───────
Advances from connected parties (789,996)
Capital grants (138,691) ───────
2,752
Net cash generated from/(used in) financing activities (133,684)
(22,035) -
Net decrease in cash and cash equivalents 18 -
Cash and cash equivalents at beginning of financial year (33,665)
510,000 (22,712)
Cash and cash equivalents at end of financial year ───────
-
352,026 ───────
───────
(190,061)
(337,930) ───────
766,781
─────── (13,686)
428,851 780,467
═══════ ───────
766,781
═══════

11

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2016

1. GENERAL INFORMATION

Prosper Social Care Services CLG is a company limited by guarantee incorporated in the Republic of Ireland.
Strand Street, Skerries, Co. Dublin. 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.

2. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered
material in relation to the company’s financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2016 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).

Basis of preparation
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.

Income
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and
value added tax.

Tangible fixed assets and depreciation
Tangible fixed 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 fixed assets, less their estimated
residual value, over their expected useful lives as follows:

Land and buildings freehold - 4% Straight line
Long leasehold property - 2% Straight line
Plant and machinery - 15% Straight line
Fixtures, fittings and equipment - 15% Straight line
Motor vehicles - 25% Straight line

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.

Leasing and Hire Purchases
Tangible fixed assets held under leasing and Hire Purchases arrangements which transfer substantially all
the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their
cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in
respect of these obligations are treated as consisting of capital and interest elements, with interest charged to
the Income and Expenditure Account.

Trade and other debtors

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.

Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to
the cost of assets being acquired. Investment income earned on the temporary investment of specific
borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for
capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are

incurred.

12

Prosper Social Care Services CLG

(A company limited by guarantee, without a share capital) continued

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2016

Trade and other creditors

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.

Taxation
The company has not yet commenced trading and therefore no taxation issues arise.

Capital grants
Capital grants received and receivable are treated as deferred income and amortised to the Income and

Expenditure Account annually over the useful economic life of the asset to which it relates. Revenue grants
are credited to the Income and Expenditure Account when received.

Basis of consolidation
The consolidated financial statements include the financial statements of the holding company and all its
subsidiary companies made up to 31 December 2016.

3. PERIOD OF FINANCIAL STATEMENTS

The comparative figures relate to the 10 month period ended 31 December 2015.

4. INCOME

The income for the year has been derived from:-

2016 2015
€ €

HSE - Section 39 and other income 10,633,266 10,193,637
Residential respite – voluntary contributions 114,587 127,801
Rent receivable 52,430 54,080
Amortisation of government grants and other operating income 201,099 177,343

─────── ───────
11,001,382 10,552,861
═══════ ═══════

The whole of the company's income is attributable to its market in the Republic of Ireland and is derived from
the principal activity as a provider of non-statutory services to adults with an intellectual disability in the
County Meath and Fingal areas.

5. OPERATING SURPLUS 2016 2015
€ €
Operating surplus is stated after charging/(crediting):
Depreciation of tangible fixed assets 610,556 579,332
Amortisation of Capital grants (179,290) (169,124)

═══════ ═══════

6. INTEREST RECEIVABLE AND SIMILAR INCOME 2016 2015
€ €

Bank interest - 51
═══════ ═══════

7. INTEREST PAYABLE AND SIMILAR EXPENSES 2016 2015
€ €

On bank loans and overdrafts 2,098 4,398
Hire purchase interest 4,276 2,228
─────── ───────
6,374 6,626
═══════ ═══════

13

Prosper Social Care Services CLG continued

(A company limited by guarantee, without a share capital)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2016

8. EMPLOYEES AND REMUNERATION

Number of employees
The average number of persons employed (including executive directors) during the year was as follows:

2016 2015
Number Number

Front line and support staff - less than €65,000 188 188
Salary band 65,001 to €70,000 3 3
Salary band €70,001 to €80,000 5 2
Salary band €80,001 to €90,000 - 2

Salary band €90,001 to €100,000 1 2
Salary band €110,001 to €120,000 1 -
Salary band €120,001 to €130,000 - 1
─────── ───────
198 198
═══════ ═══════

The staff costs comprise: 2016 2015
€ €

Wages and salaries 6,601,456 6,451,403
Social welfare costs 706,840 687,334
Pension costs 368,200 342,625

─────── ───────
7,676,496 7,481,362

═══════ ═══════

The above salary bands include pay, employee pension contributions and benefits in kind where applicable.

The Chief Executive Officer (who oversees both Prosper Fingal CLG and Prosper Meath CLG) received
remuneration and short term benefits as follows: - taxable pay €108,938, medical insurance of €1,620 and
employee pension contributions of €9,370 during the year.

Key management compensation including salaries and other short term employee benefits totalled €799,239
during the year (2015 - €830,523).

The directors do not receive any remuneration for their services provided as board members of the company.

9. SURPLUS ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY

In accordance with section 304 of the Companies Act 2014 a separate Income and Expenditure Account for
the company has not been presented in these financial statements. The surplus dealt with in the financial
statements of the parent company was €0 (2015 - €0).

14

Prosper Social Care Services CLG Land and Long Plant and Fixtures, Motor Total
buildings leasehold machinery fittings and vehicles
(A company limited by guarantee, without a share capital) €
freehold property € equipment €
NOTES TO THE FINANCIAL STATEMENTS € € € 17,933,113
1,367,047
for the year ended 31 December 2016 12,870,327 2,015,971 1,462,734 556,223 1,027,858 (290,166)
1,185,573 - 2,859 10,575 168,040
10. TANGIBLE FIXED ASSETS - - - - (290,166) ───────
Group 19,009,994
─────── ─────── ─────── ─────── ─────── ───────
Cost 14,055,900 2,015,971 1,465,593 566,798 905,732
At 1 January 2016 5,785,583
Additions ─────── ─────── ─────── ─────── ─────── 610,556
Disposals (269,719)
2,519,078 591,503 1,293,384 492,965 888,653
At 31 December 2016 347,806 39,558 37,946 76,515 108,731 ───────
- - - - (269,719) 6,126,420
Depreciation ───────
At 1 January 2016 ─────── ─────── ─────── ─────── 727,665 ───────
Charge for the year 2,866,884 631,061 1,331,330 569,480 ───────
On disposals 12,883,574
─────── ─────── ─────── ─────── ═══════
At 31 December 2016 12,147,530
11,189,016 1,384,910 134,263 (2,682) 178,067 ═══════
Net book value ═══════ ═══════ ═══════ ═══════ ═══════
At 31 December 2016 10,351,249
═══════ 1,424,468 169,350 63,258 139,205
At 31 December 2015 ═══════ ═══════ ═══════ ═══════

15

Prosper Social Care Services CLG 2016 2015
€ €
(A company limited by guarantee, without a share capital)
- 117,661
NOTES TO THE FINANCIAL STATEMENTS 97,666 67,630
139,489 36,759
for the year ended 31 December 2016 ───────
237,155 ───────
11. DEBTORS ═══════ 222,050

Group 2016 ═══════
Trade debtors €
Other debtors 2015
Prepayments €

12. CREDITORS 5,955 6,582
Amounts falling due within one year 133,684 130,932

Group 39,333 22,578
Bank overdrafts 237,292 415,767
Bank loan 163,288 196,387
Net obligations under finance leases
and hire purchase contracts - 32,919
Trade creditors 513,359 317,295
Taxation (Note 14) ─────── ───────
Other creditors 1,092,911 1,122,460
Accruals ═══════ ═══════

13. CREDITORS 2016 2015
Amounts falling due after more than one year € €

Group 39,680 178,371
Bank loan 78,499 20,172
Finance leases and hire purchase contracts ───────
118,179 ───────
Loans ═══════ 198,543
Repayable in one year or less, or on demand (Note 12)
Repayable between one and two years ═══════

Net obligations under finance leases 139,639 137,514
and hire purchase contracts 39,680 178,371
Repayable within one year ───────
Repayable between one and five years ─────── 315,885
179,319 ═══════
14. TAXATION
═══════
Group
39,333 22,578
Creditors: 78,499 20,172
PAYE ─────── ───────
117,832 42,750
═══════ ═══════

2016 2015
€ €

163,288 196,387

═══════ ═══════

16

Prosper Social Care Services CLG continued

(A company limited by guarantee, without a share capital)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2016

15. CAPITAL GRANTS DEFERRED 2016 2015
Group € €

Capital grants received and receivable 5,489,514 5,489,514
At 1 January 2016 510,000 -
Increase in year
─────── ───────

At 31 December 2016 5,999,514 5,489,514
─────── ───────
Amortisation
At 1 January 2016 (401,867) (232,743)
Amortised in year (179,269) (169,124)
─────── ───────

At 31 December 2016 (581,136) (401,867)
─────── ───────
Net book value
At 31 December 2016 5,418,378 5,087,647

At 1 January 2016 ═══════ ═══════
5,087,647 5,256,771

═══════ ═══════

16. STATUS

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 of 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.

Company

The company had no material capital commitments at the year-ended 31 December 2016.

18. CASH AND CASH EQUIVALENTS 2016 2015
€ €

Cash and bank balances 434,806 773,363
Bank overdrafts (5,955) (6,582)

─────── ───────
428,851 766,781

═══════ ═══════

19. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the board of directors on 2 October
2017.

17

2|Prosper Group Annual Report 2016 - Financial Statements

2|Prosper Group Annual Report 2016 - Financial Statements