Prosper Annual Report 2015

Prosper Fingal Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

11. TANGIBLE FIXED ASSETS Land and Long Machinery Fixtures Motor Total
€
buildings leasehold and and vehicles

freehold property equipment fittings

€ € € € €

Cost 10,296,707 1,977,879 1,309,129 477,020 631,896 14,692,631
At 1 January 2015 - - 708,777
Additions 678,138 - 30,639
477,020 631,896 15,401,408
At 31 December 2015 10,974,845 1,977,879 1,339,768

Depreciation 1,946,205 513,853 1,114,562 383,396 484,538 4,442,554
At 1 January 2015 219,496 39,558 109,120 31,098
Charge for the year 67,198 466,470
2,165,701 553,411 1,223,682 414,494
At 31 December 2015 551,736 4,909,024

Net book value 8,809,144 1,424,468 116,086 62,526 80,160 10,492,384
At 31 December 2015 8,350,502 1,464,026 194,567 93,624 147,358 10,250,077

At 31 December 2014

11.1. TANGIBLE FIXED ASSETS PRIOR YEAR

Land and Long Machinery Fixtures Motor Total
€
buildings leasehold and and vehicles

freehold property equipment fittings

Cost € € € € €
At 1 January 2014
Additions 10,275,126 1,977,879 1,272,046 475,396 622,176 14,622,623
Disposals 1,624
21,581 - 37,083 - 51,860 112,148
At 31 December 2014
- - - 477,020 (42,140) (42,140)
Depreciation
At 1 January 2014 10,296,707 1,977,879 1,309,129 631,896 14,692,631
Charge for the year
On disposals 1,740,270 474,296 1,015,443 352,298 448,673 4,030,980
205,935 39,557 99,119 31,098 67,198 442,907
At 31 December 2014 - - - - (31,333)
(31,333)
Net book value 1,946,205 513,853 1,114,562 383,396
At 31 December 2014 484,538 4,442,554

At 31 December 2013 8,350,502 1,464,026 194,567 93,624 147,358 10,250,077
8,534,856 1,503,583 256,603 123,098 173,503 10,591,643

50|Prosper Group Annual Report 2015

Prosper Fingal Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

12. DEBTORS

2015 2014

€ €

Trade debtors 115,439 -
Other debtors 42,198 83,319
Prepayments and accrued income 80,833
108,798

266,435 164,152

13. CREDITORS

Amounts falling due within one year 2015 2014

€ €

Bank overdrafts 2,845 263
Bank loan 130,932 130,932
Net obligations under finance leases
and hire purchase contracts 13,274 22,497
Trade creditors 278,839 185,124
Taxation (Note 15) 140,189 154,706
Other creditors
Accruals 32,919 5,808
191,157 209,386

790,155 708,716

Bank loans are secured by fixed charges over the company’s properties at:

Cherrygarth House, Drogheda Street, Balbriggan, Co. Dublin.
Seatown Road, Swords, Co. Dublin.
Doctor’s Lane, Rush, Co. Dublin.

14. CREDITORS

Amounts falling due after more than one year 2015 2014

€ €

Bank loan 178,371 312,055
Finance leases and hire purchase contracts 20,172 30,255

198,543 342,310

Bank loan and credit card balance due. 133,777 131,195
Repayable in one year or less, or on demand (Note 13) 130,932 130,932
Repayable between one and two years 47,439 181,123
Repayable between two and five years

312,148 443,250

Net obligations under finance leases and hire purchase contracts

Repayable within one year 13,274 22,497
30,255
Repayable between one and five years 20,172

33,446 52,752

Prosper Group Annual Report 2015|51

Prosper Fingal Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

15. TAXATION

2015 2014

€ €

Creditors: 154,706
PAYE 140,189

This represents PAYE, PRSI and USC due to the Revenue Commissioners.

16. PENSION COSTS - DEFINED CONTRIBUTION
Pension costs amounted to €239,205 (2014 - €274,598 )

17. CAPITAL GRANTS

2015 2014

€ €

Capital grants received and receivable 4,732,063 4,722,063
At 1 January 2015 - 10,000
Increase in year

At 31 December 2015 4,732,063 4,732,063

Amortisation (127,949) -
At 1 January 2015
Amortised in year (127,408) (127,949)

At 31 December 2015 (255,357) (127,949)

Net book value 4,476,706 4,604,114
At 31 December 2015

At 1 January 2015 4,604,114 4,722,063

Capital grants are secured on the property of the company. No grants were received during the year.

18. 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 € 1.27.

19. RESERVES
Special Reserve
Special reserve relates to transfers in prior years from Fingal Association for the Handicapped of subvention, motor

vehicles and title to property.

20. CAPITAL COMMITMENTS
The company had no material capital commitments at the year-ended 31 December 2015.



52|Prosper Group Annual Report 2015

Prosper Fingal Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

21. RELATED PARTY TRANSACTIONS

Conor Sparks is a member of the Board of Directors. He is a partner in Gerrard L. McGowan, solicitors who were engaged
during the period to provide legal advisory services. The value of these services was €6,908.

During the year the company shared certain administrative costs with Prosper Meath Limited - a related company by
virtue of having common directors. The value of these transactions in the year represented a charge from Prosper Fingal
Limited to Prosper Meath Limited of €86,227.

Seamus Smyth and Kitty O’Connor are members of the Board of Directors and are directors of Portmarnock Arch Club
Limited. During the year Portmarnock Arch Club Limited received a total of €28,501 from the company for provision of
shared services and expenses.

22. POST-BALANCE SHEET EVENTS

On 1st January 2016 Prosper Social Care Services Limited - trading as Prosper Group became the parent company of
Prosper Fingal Limited.

23. CASH AND CASH EQUIVALENTS

2015 2014

€ €

Cash and bank balances 65,193 563,288

Bank overdrafts (2,845) (263)

62,348 563,025

24. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the board of directors on 27 September 2016.

Prosper Group Annual Report 2015|53

54|Prosper Group Annual Report 2015

Prosper Fingal Housing
Association Limited

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

Directors’ Report and Financial Statements Page

for the year ended 31 December 2015

Contents

Directors and Other Information 56

Directors’ Report 57

Directors’ Responsibilities Statement 59

Independent Auditor’s Report 60

Income and Expenditure Account 61

Balance Sheet 62

Reconciliation of Members’ Funds 63

Cash Flow Statement 64

Notes to the Financial Statements 65

Prosper Group Annual Report 2015|55

Prosper Fingal Housing Association Limited

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

DIRECTORS AND OTHER INFORMATION

Directors Conor Sparks

Dr. Mary Murphy

Mary Dowling

Seamus Smyth

Kitty O’Connor

John Delany (Appointed 27 July 2015)

Noel Hickey (Appointed 27 July 2015)

Mary Walsh (Appointed 27 July 2015)

Pauline Cronin (Resigned 28 October 2015)

Michael Gorman (Resigned 28 October 2015)

Mary Grimes (Resigned 28 October 2015)

Company Secretary Mary Dowling (Appointed 27 July 2015)
Mary Grimes (Resigned 28 October 2015)

Company number 447579

Charity Number CHY 17998

Registered office Strand Street

Skerries

Co.Dublin

K34 TD61

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

Bankers Allied Irish Bank

Balbriggan Business Campus

Harry Reynolds Road

Co. Dublin

K32 XE12

Solicitors Gerrard L. McGowan

29 Thomas Hand Street

Skerries

Co. Dublin

K34 FC99

56|Prosper Group Annual Report 2015

Prosper Fingal Housing Association Limited

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

DIRECTORS’ REPORT

for the year ended 31 December 2015


The directors present their report and the audited financial statements for the year ended 31 December 2015.

Principal Activity and Review of the Business
The company is a provider of residential accommodation to adults with an intellectual disability in the Fingal area of County
Dublin and is a registered charity (CHY 17998).
The Company is limited by guarantee not having a share capital.
There has been no significant change in these activities during the year ended 31 December 2015.

Principal Risks and Uncertainties
The directors have identified the key risks to the Company’s business as follows -
Funding risk
The Company mitigates this risk by continuously reviewing it’s scale of operations in the context of available resources.
Internal control risk
There is a risk that the company’s transactions may not be appropriately authorised. This risk is minimised by the
implementation of procedures for the formal approval of all transactions.
Financial risk management
The Company’s operations expose it to financial risk which includes liquidity risk. In order to minimise this risk, the Company
maintains sufficient funds to meet it’s obligations as they fall due.

Financial Results
The surplus for the year after providing for depreciation amounted to €10,452 (2014 - €6,029).
At the end of the year the company has assets of €1,002,806 (2014 - €995,135) and liabilities of €168,877 (2014 - €171,658).
The net assets of the company have increased by €10,452.

Directors and Secretary
The directors who served throughout the year, except as noted, were as follows:
Conor Sparks
Dr. Mary Murphy
Mary Dowling
Seamus Smyth
Kitty O’Connor
John Delany (Appointed 27 July 2015)
Noel Hickey (Appointed 27 July 2015)
Mary Walsh (Appointed 27 July 2015)
Pauline Cronin (Resigned 28 October 2015)
Michael Gorman (Resigned 28 October 2015)
Mary Grimes (Resigned 28 October 2015)
The secretaries who served during the year were;
Mary Dowling (Appointed 27 July 2015)
Mary Grimes (Resigned 28 October 2015)

Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as
practicable about developments within the business.

Prosper Group Annual Report 2015|57

Prosper Fingal Housing Association Limited

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

DIRECTOR’S REPORT

for the year ended 31 December 2015

Post Balance Sheet Events
On 1st January 2016 Prosper Social Care Services Limited - trading as Prosper Group became the parent company of Prosper
Fingal Housing Association Limited.

Auditors
Dempsey Mullen Registered Auditors resigned as auditors during the year and the directors appointed OMAC Management
Services Limited t/a W.O.McGrory & Company, (Certified Public Accountants and Statutory Audit Firm), to fill the vacancy.

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

Conor Sparks Mary Dowling
Director Director
27 September 2016 27 September 2016

58|Prosper Group Annual Report 2015

Prosper Fingal Housing Association Limited

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

DIRECTORS’ RESPONSIBILITIES STATEMENT

for the year ended 31 December 2015

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 and promulgated
by the Institute of Chartered Accountants in Ireland. 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

Conor Sparks Mary Dowling
Director Director

27 September 2016 27 September 2016

Prosper Group Annual Report 2015|59

Prosper Fingal Housing Association Limited

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

INDEPENDENT AUDITOR’S REPORT

to the Members of Prosper Fingal Estates Limited

We have audited the financial statements of Prosper Fingal Housing Association Limited for the year ended 31 December 2015
which comprise the Income and Expenditure Account, the Balance Sheet, the Reconciliation of Members’ Funds, the Cash Flow
Statement, the Accounting Policies 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 and promulgated by the Institute of Chartered Accountants in Ireland.
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 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 company as at 31 December 2015 and of its
results 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

27 September 2016

60|Prosper Group Annual Report 2015

Prosper Fingal Housing Association Limited

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

INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 December 2015

2015 2014

Notes € €

Income 5 56,861 56,259

Expenditure (46,409) (50,230)

Total Comprehensive Income 10,452 6,029

The company has no recognised gains or losses other than the surplus for the year. The results for the year have been
calculated on the historical cost basis. The company’s income and expenses all relate to continuing operations.

Approved by the board on 27 September 2016 and signed on its behalf by:

Conor Sparks Mary Dowling
Director Director

Prosper Group Annual Report 2015|61

Prosper Fingal Housing Association Limited

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

BALANCE SHEET

as at 31 December 2015

2015 2014
Notes € €

FixedAssets 7 952,146 973,504
Tangible assets

Current Assets

Debtors 8 2,133 2,121
48,527 19,510
Cash and cash equivalents

50,660 21,631

Creditors: Amounts falling due within one year 9 (32,629) (32,629)

Net Current Assets/(Liabilities) 18,031 (10,998)

Total Assets less Current Liabilities 970,177 962,506

Capital grants 10 (136,248) (139,029)

Net Assets 833,929 823,477

Reserves

Capital reserves and funds 12 725,000 725,000
98,477
Income and expenditure account 108,929

Members’ Funds 833,929 823,477

Approved by the board on 27 September 2016 and signed on its behalf by:

Conor Sparks Mary Dowling
Director Director

62|Prosper Group Annual Report 2015

Prosper Fingal Housing Association Limited

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

RECONCILIATION OF MEMBERS’ FUNDS

as at 31 December 2015

Retained Special Total
surplus reserve

€ € €

At 1 January 2014 92,448 725,000 817,448

Surplus for the year 6,029 - 6,029

At 31 December 2014 98,477 725,000 823,477

Surplus for the year 10,452 - 10,452

At 31 December 2015 108,929 725,000 833,929

Prosper Group Annual Report 2015|63

Prosper Fingal Housing Association Limited

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

CASH FLOW STATEMENT

for the year ended 31 December 2015

2015 2014

Notes € €

Cash flows from operating activities

Surplus for the year 10,452 6,029

Adjustments for:

Depreciation 23,855 23,356

Amortisation of government grants (2,781) (2,838)

31,526 26,547

Movements in working capital: (12) 1,157
Movement in debtors - (12,701)
Movement in creditors

Cash generated from operations 31,514 15,003

Cash flows from investing activities (2,497) (1,417)
Payments to acquire tangible fixed assets

Net increase in cash and cash equivalents 29,017 13,586
Cash and cash equivalents at beginning of financial year 19,510 5,924

Cash and cash equivalents at end of financial year 16 48,527 19,510

64|Prosper Group Annual Report 2015

Prosper Fingal Housing Association Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

1. GENERAL INFORMATION

Prosper Fingal Housing Association Limited 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 2015 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. There
have been no transitional adjustments made.

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 and promulgated by the Institute of Chartered Accountants in Ireland.

Income
The company is approved to receive rental income under a contract for care approved by the Health Service Executive.

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 - 2% Straight line

Machinery and equipment - 20% Straight Line

Fixtures and fittings - 20% 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.

It is company policy to write off as expenses any renovations or refurbishment costs as incurred.

Trade and other debtors
Trade and other debtors are recognised at fair value.

Trade and other creditors
Trade and other creditors are recognised at fair value.

Taxation
The company is a registered charity and is therefore exempt from corporation tax.

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.



3. ADOPTION OF FRS 102

This is the first set of financial statements prepared by Prosper Fingal Housing Association Limited in accordance with
accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard
applicable in the UK and Republic of Ireland” (FRS 102). The company transitioned from previously extant Irish and UK
GAAP to FRS 102 as at 1 January 2014.

Prosper Group Annual Report 2015|65

Prosper Fingal Housing Association Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

4. DEPARTURE FROM COMPANIES ACT 2014 PRESENTATION

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.

5. INCOME

The whole of the company’s income is attributable to its market in the Republic of Ireland and is derived from the principal
activity of rental income under a contract for care approved by the HSE.

6. OPERATING SURPLUS

2015 2014

Notes € €

Operating surplus is stated after charging/(crediting): 23,855 23,356
Depreciation of tangible fixed assets
Amortisation of Capital grants (2,781) (2,838)

7. TANGIBLE FIXED ASSETS Land and Machinery Fixtures Total
and €
buildings and
fittings
freehold equipment
€
Cost € €
At 1 January 2015
Additions 1,041,707 10,774 1,830 1,054,311
- 2,497 - 2,497
At 31 December 2015
1,041,707 13,271 1,830 1,056,808
Depreciation
At 1 January 2015 75,765 4,310 732 80,807
Charge for the year 20,835 2,654 366 23,855

At 31 December 2015 96,600 6,964 1,098 104,662

Net book value 945,107 6,307 732 952,146
At 31 December 2015 965,942 6,464 1,098 973,504

At 31 December 2014

66|Prosper Group Annual Report 2015

Prosper Fingal Housing Association Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

7.1 TANGIBLE FIXED ASSETS PRIOR YEAR Land and Machinery Fixtures Total
and €
buildings and
fittings
freehold equipment
€
€ €
Cost
At 1 January 2014 1,040,290 10,774 1,830 1,052,894
Additions - 1,417
1,417 -
At 31 December 2014 1,830 1,054,311
1,041,707 10,774
Depreciation
At 1 January 2014 54,930 2,155 366 57,451
Charge for the year 20,835 2,155 366 23,356

At 31 December 2014 75,765 4,310 732 80,807

Net book value 965,942 6,464 1,098 973,504
At 31 December 2014 985,360 8,619 1,464 995,443

At 31 December 2013

8. DEBTORS

2015 2014

€ €

Other debtors 1,612 443
521 1,678
Prepayments and accrued income

2,133 2,121

9. CREDITORS

2015 2014

Amounts falling due within one year € €

Amounts owed to connected parties (Note 14) 22,712 22,712
9,917
Accruals 9,917

32,629 32,629

Prosper Group Annual Report 2015|67

Prosper Fingal Housing Association Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

10. CAPITAL GRANTS

2015 2014
€
€
144,762
Capital grants received and receivable

At 1 January 2015 144,762

Amortisation

At 1 January 2015 (5,733) (2,895)

Amortised in year (2,781) (2,838)

At 31 December 2015 (8,514) (5,733)

Net book value 136,248 139,029
At 31 December 2015

At 1 January 2015 139,029 141,867

These grants related to contributions towards the provision of a new premises and will be written off over the asset’s
useful life.

11. 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 €1.27.

12. RESERVES

Special Reserve
Special reserve has arisen as a result of transfer of title to properties in 2011 from Fingal Association for the Handicapped.

13. CAPITAL COMMITMENTS
The company had no material capital commitments at the year-ended 31 December 2015.

14. RELATED PARTY TRANSACTIONS

2015 2014
€
The following amounts are due to other connected parties: €
22,712


Prosper Fingal Limited 22,712

15. POST-BALANCE SHEET EVENTS

On 1st January 2016 Prosper Social Care Services Limited - trading as Prosper Group became the parent company of
Prosper Fingal Housing Association Limited.

16. CASH AND CASH EQUIVALENTS 2015 2014
€ €


Cash and bank balances 48,527 19,510

17. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the board of directors on 27 September 2016.

68|Prosper Group Annual Report 2015

Prosper Meath Limited

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

Directors’ Report and Financial Statements

for the year ended 31 December 2015

Contents Page

Directors and Other Information 70
Directors’ Report 71
Directors’ Responsibilities Statement 73
Independent Auditor’s Report 74
Income and Expenditure Account 75
Balance Sheet 76
Reconciliation of Members’ Funds 77
Cash Flow Statement 78
Notes to the Financial Statements 79

Prosper Group Annual Report 2015|69

Prosper Meath Limited

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

DIRECTORS AND OTHER INFORMATION

Directors Conor Sparks (Appointed 14 September 2015)

Mary Dowling (Appointed 14 September 2015)

John Delany

Noel Hickey

Mary Walsh

Kitty O’Connor (Appointed 14 September 2015)

Dr. Mary Murphy (Appointed 14 September 2015)

Seamus Smyth (Appointed 14 September 2015)

Sean McKeown (Resigned 28 October 2015)

Breda Rogers (Resigned 28 October 2015)

Hugh O’Brien (Resigned 28 October 2015)

Miriam McKenna (Resigned 28 October 2015)

Madge Cooke (Resigned 28 October 2015)

Mel O’Rourke (Resigned 28 October 2015)

Company Secretary Mary Dowling (Appointed 27 July 2015)
Maria Weldon (Resigned 28 October 2015)

Company number 10243

Registered office Beechmount Home Park

Navan

Co. Meath

C15 HWK8

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

Bankers Bank of Ireland

Market Square

Navan

Co. Meath

C15 T291

Solicitors Gerrard L. McGowan

29 Thomas Hand Street

Skerries

Co.Dublin

K34 FC99

70|Prosper Group Annual Report 2015

Prosper Meath Limited

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

DIRECTORS’ REPORT

for the year ended 31 December 2015

The directors present their report and the audited financial statements for the year ended 31 December 2015.

Principal Activity and Review of the Business
The company is a non-statutory provider of services to adults with an intellectual disability in the County Meath area and is a
registered charity (CHY 10243).

The Company is limited by guarantee not having a share capital.

There has been no significant change in these activities during the year ended 31 December 2015.

The company was previously registered as Meath Intellectual Disability Work Advocacy You Limited until 07/12/2015.

Principal Risks and Uncertainties
In common with many companies operating in the disability services sector the company faces the following principal risks -

increasing staffing, operational and compliance costs
responding to increased and changing needs of both clients and carers
staff recruitment and retention in the greater Fingal and Meath areas is a challenge
lack of capital expenditure by the State leads to additional operational and health and safety risks
attracting suitably qualified and committed board members
the nature of funding from the HSE (Health Service Executive) which is on an annual basis - it is not set and permanent
The directors are of the opinion that the company is well positioned to manage these costs and challenges on an ongoing
basis.

Financial Results
The surplus for the year after providing for depreciation amounted to €79,644 (2014 - €123,868).

At the end of the year the company has assets of €1,425,821 (2014 - €1,317,766) and liabilities of €884,064 (2014 -
€855,653). The net assets of the company have increased by €79,644.

Directors and Secretary
The directors who served throughout the year, except as noted, were as follows:

Conor Sparks (Appointed 14 September 2015) Seamus Smyth (Appointed 14 September 2015)
Mary Dowling (Appointed 14 September 2015) Sean McKeown (Resigned 28 October 2015)
John Delany Breda Rogers (Resigned 28 October 2015)
Noel Hickey Hugh O’Brien (Resigned 28 October 2015)
Mary Walsh Miriam McKenna (Resigned 28 October 2015)
Kitty O’Connor (Appointed 14 September 2015) Madge Cooke (Resigned 28 October 2015)
Dr. Mary Murphy (Appointed 14 September 2015) Mel O’Rourke (Resigned 28 October 2015)

The secretaries who served during the year were;
Mary Dowling (Appointed 27 July 2015)
Mary Grimes (Resigned 28 October 2015)

Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as
practicable about developments within the business.

Prosper Group Annual Report 2015|71

Prosper Meath Limited

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

DIRECTOR’S REPORT

for the year ended 31 December 2015

Post Balance Sheet Events
On 1st January 2016 Prosper Social Care Services Limited - trading as Prosper Group became the parent company of Prosper
Meath Limited.

Auditors
The auditors, OMAC Management Services Limited t/a W.O.McGrory & Company, (Certified Public Accountants and Statutory
Audit Firm) 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 group registered office at Strand Street, Skerries,
Co.Dublin.

Signed on behalf of the board

Conor Sparks Mary Dowling
Director Director

27 September 2016 27 September 2016

72|Prosper Group Annual Report 2015

Prosper Meath Limited

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

DIRECTORS’ RESPONSIBILITIES STATEMENT

for the year ended 31 December 2015

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.

Conor Sparks Mary Dowling
Director Director

27 September 2016 27 September 2016

Prosper Group Annual Report 2015|73

Prosper Meath Limited

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

INDEPENDENT AUDITOR’S REPORT

to the Members of Prosper Social Care Services Limited

We have audited the financial statements of Prosper Meath Limited for the year ended 31 December 2015 which comprise
the Income and Expenditure Account, the Balance Sheet, the Reconciliation of Members’ Funds, the Cash Flow Statement,
the Accounting Policies 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 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 company as at 31 December 2015 and of
its results 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

27 September 2016

74|Prosper Group Annual Report 2015

Prosper Meath Limited

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

INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 December 2015

2015 2014

Notes € €

Income 5 3,197,110 2,895,918

Expenditure (3,115,288) (2,768,822)

Surplus on ordinary activities before interest 81,822 127,096

Interest receivable and similar income 7 50 -
Interest payable and similar charges
8 (2,228) (3,228)

Total Comprehensive Income 79,644 123,868

The company has no recognised gains or losses other than the surplus for the year. The results for the year have been
calculated on the historical cost basis. The company’s income and expenses all relate to continuing operations.

Approved by the board on 27 September 2016 and signed on its behalf by:

Conor Sparks Mary Dowling
Director Director

Prosper Group Annual Report 2015|75

Prosper Meath Limited

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

BALANCE SHEET

for the year ended 31 December 2015

2015 2014

Notes € €

Fixed Assets 10 703,000 713,233
Tangible assets

Current Assets 11 62,420 406,600
Debtors 660,401 197,933
Cash and cash equivalents

722,821 604,533

Creditors: Amounts falling due within one year 12 (409,372) (332,610)

Net Current Assets 313,449 271,923

Total Assets less Current Liabilities 1,016,449 985,156

Creditors 13 - (9,415)
Amounts falling due after more than one year

Capital grants 15 (474,692) (513,628)

Net Assets 541,757 462,113

Reserves 541,757 462,113
Income and expenditure account

Members’ Funds 541,757 462,113

Approved by the board on 27 September 2016 and signed on its behalf by:

Conor Sparks Mary Dowling
Director Director

76|Prosper Group Annual Report 2015

Prosper Meath Limited

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

RECONCILIATION OF MEMBERS’ FUNDS

for the year ended 31 December 2015

Retained Total
surplus €
€

At 1 January 2014 338,245 338,245

Surplus for the year 123,868 123,868

At 31 December 2014 462,113 462,113

Surplus for the year 79,644 79,644

At 31 December 2015 541,757 541,757

Prosper Group Annual Report 2015|77

Prosper Meath Limited

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

CASH FLOW STATEMENT

for the year ended 31 December 2015

2015 2014

Notes € €

Cash flows from operating activities

Surplus for the year 79,644 123,868

Adjustments for:

Interest receivable and similar income (50) -

Interest payable and similar charges 2,228 3,228

Depreciation 89,007 75,450

Amortisation of HSE capital grants (38,936) (38,937)

131,893 163,609

Movements in working capital:

Movement in debtors 344,180 (264,055)
80,086
Movement in creditors 77,211

Cash generated from/(used in) operations 553,284 (20,360)
Interest paid (2,228) (3,228)

Net cash generated from/(used in) operating activities 551,056 (23,588)

Cash flows from investing activities

Interest received 50 -

Payments to acquire tangible fixed assets (82,481) (259,419)

Receipts from sales of tangible fixed assets 3,708 -

Net cash used in investment activities (78,723) (259,419)

Cash flows from financing activities (14,359) (21,834)
Capital element of hire purchase contracts

Net increase/(decrease) in cash and cash equivalents 457,974 (304,841)
Cash and cash equivalents at beginning of financial year 197,933 502,774

Cash and cash equivalents at end of financial year 20 655,907 197,933

78|Prosper Group Annual Report 2015

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

1. GENERAL INFORMATION

Prosper Meath Limited is a company limited by guarantee incorporated in the Republic of Ireland. Beechmount Home
Park, Navan, Co. Meath., 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 2015 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.
There have been no transitional adjustments made.

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
The company receives the majority of it’s income from the Health Service Executive (HSE).

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 - 2% Straight line
Long leasehold property - 2% Straight line
Machinery and equipment - 20% Straight Line
Fixtures, fittings and equipment - 20% Straight Line
Motor vehicles - 20% Reducing Balance

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 purchase 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 recognised at fair value.

Borrowing costs
All borrowing costs are recognised in the income and expenditure account in the period in which they are incurred.

Trade and other creditors
Trade and other creditors are recognised at fair value.

Employee benefits
The company makes deductions from employee salaries to a defined contribution pension scheme. The assets of the

scheme are held separately from those of the company in an independently administered fund operated by the National
Federation of Voluntary Bodies.

Taxation
The company is registered as a charity with the Revenue Commissioners and is therefore exempt from corporation tax.

Prosper Group Annual Report 2015|79

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

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.

3. ADOPTION OF FRS 102

This is the first set of financial statements prepared by Prosper Meath Limited in accordance with accounting standards
issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and
Republic of Ireland” (FRS 102). The company transitioned from previously extant Irish and UK GAAP to FRS 102 as at 1
January 2014.

4. DEPARTURE FROM COMPANIES ACT 2014 PRESENTATION

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.

5. INCOME

The income for the year has been derived from:-

2015 2014

€ €

HSE - Section 39 3,064,695 2,604,659
90,208
Department of Education and other grants 86,482 12,114

Donations 6,997 150,000
38,937
HSE - project funding -

Other operating income 38,936

3,197,110 2,895,918

Other operating income represents amortisation of capital grants.



The whole of the company’s income is attributable to its market in the Republic of Ireland and is derived from the principal
activity of provision of services to adults with an intellectual disability in the County Meath area.

6. OPERATING SURPLUS

2015 2014

€ €

Operating surplus is stated after charging/(crediting):

Depreciation of tangible fixed assets 89,007 75,450

Amortisation of Capital grants (38,936) (38,937)

7. INTEREST RECEIVABLE AND SIMILAR INCOME

2015 2014

€ €

Bank interest 50 -

80|Prosper Group Annual Report 2015

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

8. INTEREST PAYABLE AND SIMILAR CHARGES

2015 2014

€ €

Hire purchase interest 2,228 3,228

9. EMPLOYEES AND REMUNERATION

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

2015 2014

Number Number

Front line staff 60 58
Salary band €55,001 to €70,000 1 -
Salary band €70,001 to €80,000 - 1
Salary band €80,001 to €90,000 1 -
Salary band €90,001 to €100,000 - 1

62 60

The staff costs comprise: 2015 2014

€ €

Wages and salaries 2,028,149 1,623,314
Social welfare costs 212,620 183,800
Pension costs 103,420 80,365

2,344,189 1,887,479

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

Key management compensation comprising salaries and other short term employee benefits amounted to €141,767
during the year - €174,827 in 2014.

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

Prosper Group Annual Report 2015|81

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

10. TANGIBLE FIXED ASSETS Land and Long Machinery Fixtures Motor Total
vehicles €
buildings leasehold and fittings and
€
freehold property equipment equipment

Cost € € € €
At 1 January 2015
Additions 848,332 38,092 63,312 77,373 379,257 1,406,366
Disposals 5,443 - 46,383 - 30,655 82,481
- - -
At 31 December 2015 - (13,950) (13,950)
853,775 38,092 77,373
Depreciation 109,695 395,962 1,474,897
At 1 January 2015
Charge for the year 214,088 38,092 45,058 77,373 318,522 693,133
On disposals 42,689 - 17,680 - 28,637 89,006
- - -
At 31 December 2015 - (10,242) (10,242)
256,777 38,092 77,373
Net book value 62,738 336,917 771,897
At 31 December 2015
596,998 - 46,957 - 59,045 703,000
634,244 - 18,254
- 60,735 713,233

10 .1. TANGIBLE FIXED ASSETS PRIOR YEAR

Land and Long Machinery Fixtures Motor Total
vehicles
buildings leasehold and fittings and

freehold property equipment equipment

€ € € € € €

Cost 624,252 38,092 38,973 77,373 368,257 1,146,947
224,080 - 24,339 -
At 1 January 2014 11,000 259,419
Additions

At 31 December 2014 848,332 38,092 63,312 77,373 379,257 1,406,366

Depreciation 171,671 38,092 38,973 77,373 291,574 617,683
At 1 January 2014 42,417 - 6,085 - 26,948 75,450
Charge for the year
318,522 693,133
At 31 December 2014 214,088 38,092 45,058 77,373

Net book value 634,244 - 18,254 - 60,735 713,233
At 31 December 2014 76,683 529,264

At 31 December 2013 452,581 - - -

82|Prosper Group Annual Report 2015

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

11. DEBTORS

2015 2014

€ €

Trade debtors 2,222 406,600
Other debtors 46,531 -
Prepayments and accrued income 13,667 -

62,420 406,600

12. CREDITORS

Amounts falling due within one year 2015 2014

€ €

Bank overdrafts 4,495 -

Net obligations under finance leases 14,248
2,381
and hire purchase contracts 9,304
119,978
Trade creditors 131,927 -

Taxation (Note 14) 56,197 196,003

Other creditors 91,227

Accruals 116,222

409,372 332,610

13. CREDITORS

Amounts falling due after more than one year 2015 2014

€ €

Finance leases and hire purchase contracts - 9,415

Net obligations under finance leases

and hire purchase contracts

Repayable within one year 9,304 14,248
9,415
Repayable between one and five years -

9,304 23,663

14. TAXATION

2015 2014

€ €

Creditors: 56,197 119,978
PAYE

This represents PAYE, PRSI and USC due to the Revenue Commissioners.

Prosper Group Annual Report 2015|83

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

15. CAPITAL GRANTS

2015 2014

€ €

Capital grants received and receivable 612,689 612,689
At 1 January 2015

Amortisation

At 1 January 2015 (99,061) (60,124)

Amortised in year (38,936) (38,937)

At 31 December 2015 (137,997) (99,061)

Net book value 474,692 513,628
At 31 December 2015

At 1 January 2015 513,628 552,565

These grants related to contributions towards the provision of a new premises in Trim which will be written off over
the asset’s useful life.

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 €1.27.

17. CAPITAL COMMITMENTS
The company had no material capital commitments at the year-ended 31 December 2015.

18. RELATED PARTY TRANSACTIONS
John Delaney is a member of the Board of Directors. He is also a director of Ablevision Ireland Limited - a company that

was engaged to provide services during the year. The value of these services was €5,240.

Mary Walsh is a member of the board of directors and is also involved with Riding for the Disabled which was engaged to
provide services during the year. The value of these services was €3,600.

During the year the company shared certain administrative costs with Prosper Fingal Limited -a related company by
virtue of having common directors. The value of these transact ions in the year represented a charge from Prosper Fingal
Limited to Prosper Meath Limited of €86,227.

19. POST-BALANCE SHEET EVENTS
On 1st January 2016 Prosper Social Care Services Limited - trading as Prosper Group became the parent company of

Prosper Meath Limited.

84|Prosper Group Annual Report 2015

Prosper Meath Limited

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

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2015

20. CASH AND CASH EQUIVALENTS

2015 2014

€ €

Cash and bank balances 577,080 131,239
-
Bank overdrafts (4,495)
66,694
Cash equivalents 83,321

655,906 197,933

Bank balance adjustment 1 -

655,907 197,933

Cash equivalents represents monies held in deposit accounts.

21. CHANGE OF NAME
The company was formerly registered as Meath Intellectual Disability Work Advocacy You Limited until 7/12/2015.

22. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the board of directors on 27 September 2016.

Prosper Group Annual Report 2015|85

Notes

86|Prosper Group Annual Report 2015

Notes

Prosper Group Annual Report 2015|87

Notes

88|Prosper Group Annual Report 2015

Prosper Group
Strand Street,
Skerries
Co. Dublin
K34 TD61

Tel: 01 8493600