Irish Manuscripts Commission Annual Report 2007...Irish Manuscripts Commission Annual Report 2007...

Irish Manuscripts Commission

Annual Report 2007

Irish Manuscripts Commission45 Merrion Square, Dublin 2.T: (00 353 1) 6761610F: (00 353 1) 6623832E: [email protected]: www.irmss.ie

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Coimisiún Lámhscríbhinní na hÉireann

Tuarascáil Bhliantúil 2007

Chairman’s report 4Introduction 4Board,committeesandsubcommittees 4Editorialandpublicationscommittee 5Subcommittees 5Digitisationtaskforce 5Strategicreviewcommittee 6Staff 7Services 7Publicationsandonlineprojects 7Analecatahibernica40 7Thegreatparchmentbookofwaterford 8Digitisation 8Qub/jstorandanalectahibernica 9Thompsongaleandstatepapersonline 9Finance 9Company information 11Directors 11Secretary 11Companyregistrationno. 11Registeredcharityno. 11Registeredoffice 11Auditors 12Bankers 12Solicitors 12The irish manuscripts commission limited directors’ report for the period ended 31 december 2007 13Principalactivity 13Resultsanddividends 13Stateofaffairs 13Directorsandtheirinterests 13

Directors’responsibilities 14Booksofaccount 14Auditors 14Independent auditors’ report to the members of the irish manuscript commission limited 15Respectiveresponsibilitiesofdirectorsandauditors 15Basisofopinion 16Opinion 16Income and expenditure account 17Balance sheet 18Cash flow statement 19Notes to the financial statements 201. Accountingpolicies 201.1.Basisofpreparation 201.2.Income 201.3.Tangiblefixedassetsanddepreciation 201.4.Leasing 201.5.Stock 201.6Pensions 201.7 Taxation 20

2. Income 213. Surplusfortheyear 214. Employees 215. Pensioncosts 226. Tangibleassets 227. Stocks 228. Debtors:amountsfallingduewithinoneyear 239. Creditors:amountsfallingduewithinoneyear 2310. Reconciliationofmovementsinfunds 2311. Relatedpartytransactions 2412. Ultimateparentundertaking 2413.Approvaloffinancialstatements 24

Contents

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IrishManuscriptsCommission

Chairman’s Report

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IntroductionTheIrishManuscriptsCommission(IMC),whichwasestablishedin1928,wasincorporatedasacompanylimitedbyguaranteeon24January2006.Thedirectionof IMCasapublisherofprimarysourcesfor Irishhistoriescontinuedtoevolveduring2007andtheworkoftwonewsubcommittees(detailedbelow)hasprovidedastimulusintermsofevaluatingtheleadingroleIrishManuscriptsCommission(IMC)occupiesaspublisherofprimarysourcesandalsothewaysinwhichIMCcanimprovetheserviceitprovidesandthewayinwhichthatserviceisdelivered.

TheCommissioncontinuestoraiseitsprofilethroughadvertisinginpopularjournalsandtheplanned improvementsto itswebsitewillenhancethewaysinwhichIMCmaterialcanbeaccessedandpurchasedbypeopleinIrelandandthroughouttheworld.

Board, committees and subcommitteesThereare21members/directorsoftheIrishManuscriptsCommissiondrawnfromtheacademiccommunityandculturalinstitutionsthroughoutIreland.

In2007theboardoftheCommissionconsistedofthefollowing21members:JamesMcGuire(Chairman),UniversityCollegeDublin;MauriceBric,UniversityCollegeDublin;NicholasCanny,Moore Institute,NUI,Galway;DavidCraig,Director,NationalArchivesofIreland;MaryDaly,UniversityCollegeDublin;David Dickson, Trinity College, Dublin; Mairead Dunlevy; David Edwards,UniversityCollege,Cork;ChrisFlynn,DepartmentofArts,SportandTourism;JamesKelly,StPatrick’sCollege,Drumcondra;MichaelKennedy,Documentson Irish Foreign Policy, Royal Irish Academy; Máire Mac Conghail; JohnMcCafferty,MícheálÓCléirighInstitute,UniversityCollegeDublin;DeirdreMcMahon, Mary Immaculate College, Limerick; Aongus Ó hAonghusa,Director, National Library of Ireland; Thomas O’Connor, NUI Maynooth;RuánO’Donnell,UniversityofLimerick;MaryO’Dowd,Queen’sUniversityofBelfast; JaneOhlmeyer,TrinityCollege,Dublin;AnngretSimms,UniversityCollegeDublin;GerrySlater,Director,PublicRecordOfficeofNorthernIreland(PRONI).ThefollowingarehonorarymembersoftheCommission:FrancisJ.Byrne,LouisCullen,GeoffreyHandandBrianTrainor.

The directors of both the National Library of Ireland and the NationalArchives of Irelandare ex-officiomembers of theCommission, as is thechiefexecutiveofthePublicRecordOfficeofNorthernIreland.

IMCmembersMáireMacConghailandMaryDalysatontheboardoftheoutgoingNationalArchivesAdvisoryCouncil.

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Editorial and Publications CommitteeThefunctionofthisstandingcommitteeistoreviewpublicationproposalssubmittedtotheCommissionaccordingtosetcriteriaandtorecommendfurther action as appropriate to the full Commission. The Commissioneitherdeclinesaproposaloracceptsitinprinciple.MembersoftheEditorialandPublicationsCommitteein2007wereJamesMcGuire,NicholasCanny,DavidEdwards,JamesKelly,MichaelKennedy,MáireMacConghail,MaryO’DowdandJaneOhlmeyer.

SubcommitteesDuringthecourseof2007twosubcommitteeswere formed.ThefirstofthesewastheDigitisationTaskForce,whichwasconvenedatthebehestoftheDepartmentofArts,SportandTourism(DAST)andexaminedtheissueofdigitisationwithaviewtoformulatingapolicydocumentforIMConthesubject.ThesecondwastheStrategicReviewCommittee,whichwasconvenedtodevelopastrategicplanforIMCfortheperiod2008–11.

Digitisation Task ForceDigitisation is an issue of increasing significance in both the culturalheritageandtheartsandhumanitiescommunities.TheDigitisationTaskForce(DTF),chairedbyProfessorJaneOhlmeyer,wasdrawnfrommembersoftheCommissionandfromstakeholderinstitutionsthroughoutIreland.TheDTFheldthreeordinaryandtechnicalmeetingsbetweenJanuaryandMarch2007anditsactivityculminatedinameetingwithsubjectmatterexpertsonFriday27April.

This was followed by a seminar with an invited audience from acrossgovernment, cultural heritage and humanities sectors, held on the 28April2007withkeynotespeakersGenevièveAllard(LibraryandArchivesCanada),SeamusRoss(HumanitiesAdvancedTechnologyandInformationInstitute), Dirk Roorda (Data Archiving and Networked Services, TheNetherlands)andSusanSchreibman (AssistantDean,DigitalCollectionsandResearch,UniversityofMaryland). In keepingwith the spirit of thesubjectmatter,thepresentationsbytheinternationalpanelwererecordedandareavailableaspodcaststogetherwiththeirslidepresentationsontheIMCwebsiteatwww.irishmanuscripts.ie.ThepolicydocumentproducedbytheTaskForcewaspresentedtotheCommissioninMay2007anditisalsoavailable(inPDFformat)ontheIMCwebsite.

The recommendations contained in the policy documentwere formallypresented to Niall Ó Donnchú, Assistant Secretary General, DAST on 27SeptemberbyJamesMcGuireandJaneOhlmeyer.

Members of the DTF included: Jane Ohlmeyer (chairperson), TrinityCollege,Dublin;MauriceBric(UniversityCollegeDublin),NicholasCanny(Moore Institute, NUI Galway), Chris Flynn (Department of Arts, SportandTourism),ThomasO’Connor(NUIMaynooth)andGerrySlater(Public

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Irish Manuscripts CommissionDigitisation Policy

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RecordsOfficeofNorthernIreland)fromIMCandCatrionaCrowe(NationalArchivesofIreland),JohnKeating(NUIMaynooth),JohnMcDonough(IrishVirtualResearchLibraryandArchive,UniversityCollegeDublin),KatherineMcSharry(UniversityCollegeDublinLibrary),MarieReddan(NUIGalwayLibrary), Brian McKenna (National Library of Ireland Library) and LarryMurray (PublicRecordsOfficeofNorthern Ireland) representingsomeofthestakeholderinstitutions.

Strategic Review CommitteeIn July 2007 a second subcommittee, the Strategic Review Committee(SRC),wasconvenedtoformulateastrategicplanforIMCgoingforward.Thisplanwillprioritiseobjectives for theperiod2008–11 for IMCas theleadingprimarysourcespublisheranddetailactionsthatwillenablethoseobjectivestoberealised.ThemembersoftheSRCmetthreetimesinthelatterhalfoftheyear includingameetingheldon12November2007atCrokeParkwheretheservicesofaprofessional facilitatorwereengagedtooptimisetheoutcomeofdeliberations.TheSRCwillpresenttheirfinalreporttothefullCommissioninMay2008.ThiswillthenbepresentedtotheDepartmentofArts,SportandTourism.

The members of the SRC are: James McGuire (chairman), UniversityCollege Dublin; Nicholas Canny, Moore Institute, NUI Galway; DavidEdwards,UniversityCollegeCork;ChrisFlynn,DepartmentofArts,Sportand Tourism; James Kelly, St Patrick’s College, Drumcondra; MichaelKennedy,Documentson IrishForeignPolicy,Royal IrishAcademy;MáireMac Conghail; JohnMcCafferty,Mícheál Ó Cléirigh Institute, UniversityCollegeDublin;DeirdreMcMahon,Mary ImmaculateCollege,UniversityofLimerick;MaryO’Dowd,Queen’sUniversityofBelfast; JaneOhlmeyer,TrinityCollegeDublin;AnngretSimms,UniversityCollegeDublin;GerrySlater,Director,PublicRecordsOfficeofNorthernIreland.

StaffWitheffectfromNovember2007apart-timeadministrativeassistantwassuppliedonaweeklycontractbasisbySelectAppointmentsPLC.ThishasgreatlyassistedwiththeordinaryadministrationofIMC.

ServicesSince the establishment of its website in 2004, IMC has received anincreasing number of contacts by e-mail, phone and letter post frommembers of the general public. These contacts are both national andinternational, regularlycomingfromAustralia,NewZealand,theUnitedStatesandcontinentalEurope.

AsfaraspossibleIMCendeavourstohelpinquirersandfacilitatesaccessto material contained in earlier volumes of Analecta Hibernica (oneof themost frequent requests) aswell as to itspublications thatarenolongerinprint.Theyear2007sawthedevelopmentofseveraldigitisation

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projectsinvolvingIMCmaterial(seebelow)whichwillenhancehandlingofsuchqueriesandalsopointsthewayforwardintermsofaccesstoandpreservationofIMC’sentirepublishedworkssince1930.

Publications and online projectsThere were a number of exciting developments regarding onlinepublishing contracts involving old and new IMC publications. The year2007sawthepublicationofthe40thvolumeofAnalectaHibernica,IMC’sserialpublication.Thesecondinourtownbookseries,NiallByrne’seditionofThegreatparchmentbookofWaterford,waspublishedlatein2007,andfollowsonfromthepublicationofBrídMcGrath’seditionoftheTheminutebookofthecorporationofClonmel,1608–1649(2006).

Analecata Hibernica 40Published in December 2007, Analecta Hibernica volume 40 contains arangeofprimarydocumentsdealingwiththemedieval,earlymodernandmodernera.Amongthehighlightsare‘TheLucasdiary,1740–41’editedbyBrianÓDálaigh.Thisisafascinatingfarmdiaryandcommonplacebookprovidinganaccountoflivestock,farmexpenditureandtheemploymentofdaylabourers,andmanyothermattersinthelifeofamemberoftheChurchofIrelandbelowthebetter-documentedlevelofthegentry.Itspublication,withanextensiveindex,makesavailableoneofthemostvaluableaccountsofrurallifeandeconomyinthefirsthalfoftheeighteenthcentury.AnotherhighlightofAnalectaHibernicavolume40isPatrickKelly’seditionofSirWilliamDomville’s‘AdisquisitiontouchingthatgreatquestionwhetheranactofparliamentmadeinEnglandshallbindthekingdomandpeopleofIrelandwithouttheirallowanceandacceptanceofsuchactinthekingdomofIreland’.The‘DomvilleDisquisition’isacknowledgedasoneofthemostimportant statements in support of the legislative independence of thekingdomofIreland,andPatrickKellyherepresentsadefinitivetext,withallthevariantreadings.AnalectaHibernica40alsocontainsobituarynoticesof two past members of the Irish Manuscripts Commission—MargaretGriffithandBreandánMacGiollaChoille.

The Great Parchment Book of WaterfordPreserved in theWaterfordMuseum of Treasures, the Great ParchmentBook is an exceptional record of an Irishmunicipality. Compiledmostlybetween the mid-fifteenth and mid-seventeenth centuries, it includescopiesofrecordsrelatingtothecityofWaterforddatingbacktotheearlythirteenthcentury.Itprovides,therefore,adetailedaccountofthehistoryofWaterfordfromthemedievalperiodthroughtotheturbulentyearsofthe 1640s.Writtenoriginally inNormanFrench, LatinandEnglish,NiallByrne’seditionincorporatesEnglishtranslationsofallthetextsandthusmakesthisvaluablemanuscriptaccessibletoawidereadershipforthefirst

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time.Ofparticularinterestaretheillustratedfolios,themostsignificantofwhichare reproduced in full colour.They reveal thedisquietwithin themunicipal community at the religious and political changes of the latesixteenthandseventeenthcenturies.

Itwasdecidedinmid-2007thatpublicationoftwomajorprojects—TheoHoppen’s Papers of the Dublin Philosophical Society, 1683–1709 (in twovolumes)andElizabethanneBoran’sThecorrespondenceofJamesUssher,archbishopofArmagh,1600–1656(inthreevolumes)—intendedfor2007,shouldproceedin2008.Giventhesizeofbothoftheseeditions,itwasnotconsidered prudent to publish until IMC could be assured that its highstandardsofpublicationwouldnotbecompromised.

DigitisationDigitisationinallitsmanifestationsseemstohavepervadedtheworkoftheCommissionin2007.Intandemwiththeworkofitsownsubcommittee,IMCwascontactedbytwocommercialpartnerswithproposalstoincludeIMCpublicationsinsignificantonlinedigitalprojects.

IMC was invited to submit all current and future issues of its serialpublication Analecta Hibernica to a joint project between the SpecialCollectionsUnitofQueen’sUniversityBelfast(QUB)andJSTORentitled‘ADigitalLibraryofCoreResourcesonIreland’orDLCMI.Thesecondproposalwas made by the former Thompson Gale (now Cengage Learning) inconnectionwithIMC’svolumesintheCalendarofStatePapersseries.

QUB/JSTOR and Analecta HibernicaThe joint QUB/JSTOR project, over a period of two years, will digitiseandmake available in a sustainableway at least 100 journal titles, 205monographs and 2,500pages ofmanuscript all relating to Irish StudiesandincludingIMC’sjournalAnalectaHibernica.TherehasbeenamarkedincreaseinIrishStudiesintheBritishIsles,Europe,NorthAmericaandtheAntipodesandbyitsverynatureitisamultidisciplinarysubjectinvolvinghistory, geography, language, literature and the natural sciences. Fewcomprehensivee-resourcesexistfor IrishStudies,andrelevantmaterialstendtobescattered.Againstthisbackdrop,QUBwaswellplacedtoleada ground-breaking project to augment the e-resources on Irish Studiesavailable to scholars around the world. Through separate agreementswithanumberofjournalpublishers,includingIMC,currentin-copyrightjournals will be made available online together with out-of-copyrightlegacytitlesaswellasallowingaccesstoexistingIrishStudiese-resources.One of themany positive side-effects of this agreement for IMC is thefact that thedigitisedfilesgeneratedduringtheQUB/JSTORprojectwillbemadeavailable to IMCandas suchwillbe included in itsownplansto digitise andmake available IMC publications as part of its remit topromotesaccesstoprimarysourcesforIrishhistories.

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Thompson Gale and State Papers OnlineInthelatterpartof2007theCommissionagreedtoparticipateinaseconddigitisationproject:StatePapersOnlineisaprojectofThonpsonGalenowThompson Gale (now Cengage Learning). This important collection is aseriesofEnglishgovernmentdocumentsoriginatingfromthesixteenthandseventeenthcenturiesthatcontaininformationoneveryfacetofdomesticandoverseasgovernment, includingsocialandeconomicaffairs, lawandorder,religiouspolicy,crownpossessionsandintelligencegatheringaswellasBritain’sinternationalrelationsandforeignpolicy.Thepapersfeaturetheoffice archives and correspondenceof the secretaries of state serving themonarch as facsimilemanuscript documents accessed directly or via thefullysearchableCalendarentries(abstractsortranscriptions).IMCisinvolvedinproducingneweditionsforseveralofthevolumesrelatingtoIrelandandhasagreedinprincipletomakethesevolumesavailabletotheThompsonGaleprojectsubjecttoadelayofsixmonthsfromprintpublication.

FinanceI would like to acknowledge the funding that IMC receives from theDepartmentofArts,SportandTourism.Withoutthegrant-in-aidprovidedby the department, IMC couldnot carry out its remit.Our current grantshould enable us to complete our publications programme for 2007–8.Relianceonthisfundingunderpinsallofourplanningforthecomingyear.

I would also like to pay tribute here to the members of the CulturalInstitutions Unit at DAST who have liaised with IMC on behalf of thedepartment throughout 2007: EamonnMacAnBheatha, PeadarCaffreyandVeraKelly.WelookforwardtocontinuingtheimportantrelationshipwehavebuiltupoverrecentyearsinordertoconsolidateIMC’sfunctionsasapublisherofprimarysourcesforIrishhistoriesandculturesaswellasdevelopingitspositionasanimportantlinkbetweentheculturalheritagecommunityandthewidercommunityofhumanitiesresearchers.

In conclusion Imust reiteratewhat Iwrote inmy report for 2006: thatIMCmembersreceivenoremunerationforanindispensablecontributionthatmakesitpossiblefortheCommissiontofulfillitsremit.Thistraditionof service to both scholarship and the state has beenmaintained sincethe Commission’s foundation in 1928. Only the chairperson receives anhonorarium.

OnbehalfoftheCommissionIwouldliketocongratulateSeamusBrennan,T.D. onhis appointmentasMinister forArts, Sport andTourism in June2007andtoassurehimoftheCommission’sdeterminationtobeworthyofthetrustplacedinit.

James McGuire chairmanJanuary2008

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Company Information

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DirectorsJamesMcGuire(Chairman),UniversityCollegeDublinMauriceBric,UniversityCollegeDublinNicholasCanny,MooreInstitute,NUI,GalwayDavidCraig,Director,NationalArchivesofIrelandMaryDaly,UniversityCollegeDublinDavidDickson,TrinityCollegeDublinMaireadDunlevyDavidEdwards,UniversityCollegeCorkChrisFlynn,DepartmentofArts,SportandTourismJamesKelly,StPatrick’sCollege,DrumcondraMichaelKennedy,DocumentsonIrishForeignPolicy,RoyalIrishAcademyMáireMacConghailJohnMcCafferty,MícheálÓCléirighInstitute,UniversityCollegeDublinDeirdreMcMahon,MaryImmaculateCollegeLimerickAongusÓhAonghusa,Director,NationalLibraryofIrelandThomasO’Connor,NUIMaynoothRuánO’Donnell,UniversityofLimerickMaryO’Dowd,Queen’sUniversityofBelfastJaneOhlmeyer,TrinityCollege,DublinAnngretSimms,UniversityCollegeDublinGerrySlater,Director,PublicRecordOfficeofNorthernIreland

SecretaryCathyHayes

Company Registration No.414351

Registered Charity No.CHY17206

Registered Office45MerrionSquare,Dublin2,Ireland

AuditorsDuignan,Carthy,O’Neill,84NorthumberlandRoad,Ballsbridge,Dublin4

BankersBankofIreland,39StStephen’sGreenEast,Dublin2

SolicitorsDonalT.McAuliffe&Co.,57MerrionSquare,Dublin2

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Limited Directors’ Report for the period ended 31 December 2007

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Thedirectorspresenttheirreportandthefinancialstatementsfortheyearended31December2007.

Principal ActivityThe company was incorporated on 24 January 2006 and commencedtradingonthesamedate.

The principal activity of the company in the year under review is thepublication of literature promoting awareness and access to primarysourcematerialsrelatingtothehistory,heritageandcultureofIreland,andthiswillremaintheprincipalactivityofthecompanyfortheforeseeablefuture.

Results And DividendsThe surplus for the year after providing for depreciation amounted to€7,661(2006–€34,928).

Thedirectorsproposetoretainthissurplustofundfutureprojectsinthecomingyears.

State of AffairsIn the opinion of the directors, the state of affairs of the company issatisfactoryandthereisnomaterialchangesincethebalancesheetdate.

ThedirectorsofTheIrishManuscriptsCommissionLimitedareawareofthestatutoryobligationsinrelationtoprovidingafairreviewofthecompany’sdevelopmentandperformance.Thedirectorsaresatisfiedthattheprincipleriskfacingthecompanyistheavailabilityofcontinuedfundingfromthegovernment.Thedirectorshaveaddressedthisbycompetentspendingofthefundsreceived.

Directors and their InterestsThecompanyis limitedbyguaranteeanddoesnothaveasharecapital.Everymemberofthecompanyundertakestocontributetotheassetsofthecompanyintheeventofitsbeingwoundupwhilehe/sheisamemberorwithinoneyearafterhe/sheceasestobeamember,forpaymentofthedebtsandliabilitiesofthecompanycontractedbeforehe/sheceasestobeamember,andofthecosts,chargesandexpensesofwindingup,andfortheadjustmentoftherightsofthecontributoriesamongthemselves,suchamountasmayberequired,notexceedingoneeuro.

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Directors’ ResponsibilitiesCompany law requires the directors to prepare financial statements foreachfinancialyearwhichgiveatrueandfairviewofthestateoftheaffairsofthecompanyandofthesurplusordeficitofthecompanyforthatyear.Inpreparingthese,thedirectorsarerequiredto:

- selectsuitableaccountingpoliciesandapplythemconsistently;

- makejudgmentsandestimatesthatarereasonableandprudent;

- preparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethatthecompanywillcontinueinbusiness.

Thedirectorsareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable accuracy at any time the financial position ofthecompanyandtoenablethemtoensurethatthefinancialstatementscomplywiththeCompaniesActs1963to2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraudandotherirregularities.

Books of AccountThe measures taken by the directors to ensure compliance with therequirementsofSection202,CompaniesAct,2001,regardingproperbooksofaccountare the implementationofnecessarypoliciesandproceduresfor recording transactions, the employment of competent accountingpersonnel with appropriate expertise and the provision of adequateresourcestothefinancialfunction.Thebooksofaccountaremaintainedat45MerrionSquare,Dublin2.

AuditorsThe auditors, Duignan Carthy O’Neill, Chartered Accountants, haveindicated theirwillingness to continue in office in accordancewith theprovisionsofSection160(2)oftheCompaniesAct,1963.

OnbehalfoftheBoard

James Ivan McGuire Máire Mac ConghailDirector Director19February2008 19February2008

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Independent Auditors’ Report

to the members of The Irish Manuscript Commission Limited

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We have audited the financial statements of The Irish ManuscriptsCommissionLimitedfortheyearended31December2007onpages17–24,whichcompriseoftheIncomeandExpenditureAccount,theBalanceSheetand the related notes. These financial statements have been preparedundertheaccountingpoliciessetoutonpage20.

This report is made solely to the company’s members, as a body, inaccordancewithSection193oftheCompaniesAct,1990.Ourauditworkhasbeenundertakensothatwemightstatetothecompany’smembersthosematterswearerequiredtostatetotheminanauditor’sreportandforno other purpose. To the fullest extent permittedby law,wedonotacceptorassume responsibility toanyoneother than the companyandthecompany’smembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.

Respective responsibilities of directors and auditorsAsdescribedonpages 13–14 the company’sdirectorsare responsible forthe preparation of financial statements in accordance with applicablelawandGenerallyAcceptedAccountingPracticeinIrelandincludingtheaccounting standards issued by the Accounting Standards Board andpublishedbytheInstituteofCharteredAccountantsinIreland.

Ourresponsibilityistoauditthefinancialstatementsinaccordancewithrelevant legal and regulatory requirements and International StandardsonAuditing(UKandIreland).

Wereporttoyououropinionastowhetherthefinancialstatementsgivea trueand fairview inaccordancewithGenerallyAcceptedAccountingPractice in Ireland and are properly prepared in accordance with theCompanies Acts, 1963 to 2006. We also report to you whether in ouropinion: proper books of account have been kept by the company; andwhethertheinformationgivenintheDirectors’Reportisconsistentwiththefinancialstatements.Inaddition,westatewhetherwehaveobtainedall the information and explanations necessary for the purposes of ouraudit andwhether the company’s balance sheet and its profit and lossaccountareinagreementwiththebooksofaccount.

We report to themembers if, in our opinion, any information specifiedby law regarding directors’ remuneration and directors’ transactions isnot disclosed and, where practicable, include such information in ourreport.WereadtheotherinformationcontainedintheAnnualReportandconsiderwhether it is consistentwith theauditedfinancial statements.

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ThisotherinformationcomprisesonlyoftheDirectors’Report.Weconsiderthe implications for our report if we become aware of any apparentmisstatementsormaterialinconsistencieswiththefinancialstatements.

Ourresponsibilitiesdonotextendtoanyotherinformation.

Basis of opinionWe conducted our audit in accordancewith International Standards onAuditing(UKandIreland)issuedbytheAuditingPracticesBoard.Anauditincludesexamination,onatestbasis,ofevidencerelevanttotheamountsanddisclosuresinthefinancialstatements.Italsoincludesanassessmentofthesignificantestimatesandjudgementsmadebythedirectorsinthepreparation of thefinancial statements, and ofwhether the accountingpolicies are appropriate to the company’s circumstances, consistentlyappliedandadequatelydisclosed.

Weplannedandperformedour audit so as to obtain all the informationand explanationswhichwe considered necessary in order to provide uswith sufficient evidence to give reasonable assurance that the financialstatementsarefreefrommaterialmisstatement,whethercausedbyfraudor other irregularity or error. In forming our opinion we also evaluatedthe overall adequacy of the presentation of information in the financialstatements.

OpinionInouropinionthefinancialstatements:- give a true and fair view, in accordance with Generally AcceptedAccountingPracticeinIreland,ofthestateofthecompany’saffairsasat31December2007andofitssurplusfortheyearthenended:and

- havebeenproperlypreparedinaccordancewiththerequirementsoftheCompaniesActs,1963to2006.

Wehaveobtainedalltheinformationandexplanationswhichweconsidernecessary or thepurposes of our audit. In our opinion, properbooksofaccounthavebeenkeptbythecompany.Thefinancialstatementsareinagreementwiththebooksofaccount.

Inouropinion,theinformationgiveninthedirectors’reportonpages13–14isconsistentwiththefinancialstatements.

Duignan Carthy O’NeillCharteredAccountantsRegisteredAuditors84NorthumberlandRoadBallsbridgeDublin4

19February2008

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Accounts

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Income and Expenditure AccountIncomeandExpenditureAccountfortheyearended31December2007.

Continuing Operations

2007 2006

Notes € €

Income–BookSales 16,908 35,710

Royalties 2 487 -

RoomRental 220 -

ProjectCostofsales (69,493) (53,163)

Operating (deficit) (51,878) (17,453)

DepartmentofArts,SportsandTourismGrant 193,085 160,000

Administrativeexpenses (133,726) (107,718)

Surplus for the year 3 7,481 34,829

Interestreceivableandsimilarincome 180 99

Retained surplus for the year 7,661 34,928

Retainedsurplusbroughtforward 34,298 -

Retainedsurpluscarriedforward 42,589 34,928

Therearenorecognisedgainsorlossesotherthantheprofitorlossfortheabovetwofinancialyears.

ThefinancialstatementswereapprovedbytheBoardon19February2008andsignedonitsbehalfby

JamesIvanMcGuire MáireMacConghailDirector Director

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Balance SheetBalanceSheetasat31December2007.

2007 2006

Notes € €

Fixed Assets

Tangibleassets 6 18,796 5,688

Current Assets

Stocks 7 28,602 46,147

Debtors 8 4,895 8,305

Cashatbankandinhand 239,326 143,743

272,823 198,195

Creditors: amounts fallingdue within one year 9 (94,199) (14,124)

Net Current Assets 178,624 184,071

Total Assets Less Current Liabilities 197,420 189,759

Capital and Reserves

CapitalContribution 154,831 154,831

IncomeandExpenditureAccount 42,589 34,928

Funds 10 197,420 189,759

ThefinancialstatementswereapprovedbytheBoardon19February2008andsignedonitsbehalfby:


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Cash Flow Statement

CashFlowStatementfortheyearended31December2007.

2007 2006

€ €

Reconciliation of operating profit to netcash inflow from operating activities

Operatingprofit 7,481 34,829

Depreciation 5,054 1,422

Decrease/(Increase)instocks 17,545 (46,147)

Decrease/(Increase)indebtors 3,410 (8,305)

Increaseincreditors 80,075 14,124

Net cash inflow /(outflow) from operating activities 113,565 (4,077)

Cash Flow Statement

Net cash inflow /(outflow) from operating activities 113,565 (4,077)

Returns on investments and servicing of finance 180 99

Capital expenditure (18,162) (7,110)

Deferred Income - -

Increase /(Decrease) in cash in the year 95,583 (11,088)

Reconciliation of net cash flow to movement in net funds

Increase /(Decrease) in cash in the year 95,583 (11,088)

CapitalContribution - 154,831

Changeinnetfundsresultingfromcashflows 95,583 143,743

Net funds at 1 January 07 143,743 -

Net funds at 31 December 2007 239,326 143,743

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Notes to the Financial StatementsNotestotheFinancialStatementsFortheyearendedDecember31st2007

1. Accounting Policies

1.1. Basis of preparation

ThefinancialstatementshavebeenpreparedinaccordancewithaccountingstandardsgenerallyacceptedinIrelandandIrishstatutescomprisingtheCompaniesActs,1963to2006.AccountingStandardsgenerallyacceptedinIrelandinpreparingfinancialstatementsgivingatrueandfairviewarethosepublishedbytheInstituteofCharteredAccountantsinIrelandandissuedbytheAccountingStandardsBoard.

1.2. Income

Incomerepresentsthetotalincomereceivedfrombooksalesrelatedtotheyear.

1.3. Tangible fixed assets and depreciation

Depreciationisprovidedatthefollowingannualratescalculatedtowriteoffthecostlessresidualvalueofeachassetoveritsexpectedusefullifeonthestraightlinebasis,asfollows:

Fixtures,fittingsandcomputers–20%

Thecarryingvaluesofthetangiblefixedassetsarereviewedannuallyforimpairmentinperiodsifeventsorchangesincircumstancesindicatethatthecarryingvaluemaynotberecoverable.

1.4. Leasing

Rentalspayableunderoperatingleasesarechargedagainstincomeonastraight-linebasisovertheleaseterm.

1.5. Stock

Stocksofbooksarevaluedatthelowerofcostandnetrealisablevalue.Assalesvolumesofbookspublishedareattheirhighestlevelsinthefirsttwoyearsfollowingtheirdateofpublication,directorsareoftheopinionthatonlybookspublishedwithintwoyearsoftheyearendbeincludedinthestockvalue.Theremainderofbookstockshavebeenprovidedagainstaseitherslowmovingorobsolete.

1.6 Pensions

Thepensioncostschargedinthefinancialstatementsrepresentthecontributionpayablebythecompanyduringtheyear.

Theregularcostofprovidingretirementpensionsandrelatedbenefitsischargedtotheincomeandexpenditureaccountovertheemployees’servicelivesonthebasisofaconstantpercentageofearnings.

1.7 Taxation

Thecompanyisexemptfromtaxationduetoit’scharitablestatus.(Charitytaxnumber:17206)

2. Income

ThetotalincomeofthecompanyfortheperiodhasbeenderivedfromitsprincipalactivitywhollyundertakeninIreland.

25

AnnualReport2007

3. Surplus for the year

2007

Period 24/01/2006

– 31/12/2006

€ €

Thesurplusfortheyearisstatedaftercharging:

Depreciationoftangibleassets 5,054 1,422

Directors’remuneration 10,500 10,500

Operatingleaserentals

-Plantandmachinery 687 -

Auditors’remuneration 3,812 3,630

andaftercrediting:

Governmentgrants (193,085) 160,000

Thereisacontingentliabilitytorepaygovernmentgrantsreceivedifthegrantisnotusedforthepurposeforwhichitwasadvanced.

4. Employees

NumberofemployeesTheaveragemonthlynumbersofemployeesduringtheperiodwere:

2007

Period 24/01/2006

– 31/12/2006

Number Number

Numberofemployees 2 2

Thestaffcostsareanalysedintheprofitandlossaccountasfollows:

2007

Period 24/01/2006

– 31/12/2006

€ €

Salariesandpension 47,972 16,226

Pension 5,426 1,623

Directors’remuneration 10,500 10,500

Socialwelfarecosts 5,225 2,637

69,123 30,986

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5. Pension Costs

Pensioncostsamountedto€5,426(2006–€1,623).

6. Tangible assets

Fixtures & fittings Total

Cost € €

At1January2007 7,110 7,110

Additions 18,162 18,162

At31December2007 25,272 25,272

Depreciation

At1January2007 1,422 1,422

Chargefortheperiod 5,054 5,054

At31December2007 6,476 6,476

Net book values

At31December2007 18,796 18,796

At31December2006 5,688 5,688

Thecompanywasincorporatedonthe24January2006andwasgiftedfurnitureandotherofficeequipmentworthanestimatedvalueof€48,710byTheIrishManuscriptsCommission.Theseassetsarerecognisedintheaboveadditionsatanominalvalueof€1.

7. Stocks

2007 2006€ €

Finishedgoods–Books 28,602 46,147

28,602 46,147

Stocksofbookshavebeenvaluedatthelowerofcostandnetrealisablevalue.

27

AnnualReport2007

8. Debtors: amounts falling due within one year

2007 2006

€ €

PrepaymentsandaccruedIncome 4,895 8,305

9. Creditors: amounts falling due within one year

2007 2006

€ €

Othertaxesandsocialsecuritycosts 715 -

OtherCreditors 3,910 -

Accruals 35,161 14,124DeferredIncome 54,413 -

94,199 14,124

10. Reconciliation of movements in funds

2007

Period 24/01/2006

– 31/12/2006

€ €

Surplusfortheyear 7,661 34,928

CapitalContribution - 154,831

Openingshareholders’funds 7,661 189,759

189,759 -

197,420 189,759

Capital Contribution Thecompanywasincorporatedonthe24January2006andwasgifted€130,730cashand€24,100stockofbooksfromTheIrishManuscriptsCommission.Furnitureandotherofficeequipmentwerealsogiftedandhavebeenincludedinthefinancialstatementsatanominalvalueof€1.Thisgivesatotalcapitalcontributionof€154,831.

Duetothenatureofthebookspublished,directorsareoftheopinionthatsalesofbookspublishedareattheirhighestinthefirsttwoyearsfollowingtheirdateofpublication.Forthisreasontheyhavetakentheviewthat,ofthebookscontributedtothecompany,onlybookspublishedwithintwoyearsoftheyear-endbeincludedinthecapitalcontribution.Theremainderofbook-stockshavebeenprovidedagainstaseitherslowmovingorobsolete.

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11. Related party transactions

Directorsarereimbursedforanyexpensesincurredduringthecourseofcarryingouttheirduties.TheChairmanreceivesahonorariumfortheyearthatamountsto€10,500.Nothirdpartytransactionstookplaceduringtheyear.

ThecompanyhaveagreedwiththeOfficeofPublicWorksthatnorentwillbepayablefortheuseofofficespace.

12. Ultimate parent undertaking

ThecompanyiscontrolledbyitsMembersandtheBoardofDirectors.

13. Approval of financial statements

ThefinancialstatementswereapprovedbytheBoardon19February2008andsignedonitsbehalfby:


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entire as he finds it

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