Annual Financial Report for 2003-2004

Armagh Observatory and Planetarium

Annual financial report

for the year ended 31 March 2004


Annual financial report for the year ended 31 March 2004

Pages

Corporation governance and advisers 1

Governors' report 2

Armagh Observatory - Statement on Internal Control 3

Armagh Planetarium - Statement on Internal Control 4

The Certificate and Report of the Comptroller and Auditor General to the 5House of Commons

ARMAGH OBSERVATORY

Statement of financial activities 6

Statement of total recognised gains and losses 6

Balance sheet 7

Cash flow statement 8

Notes to the financial statements 9 - 20

ARMAGH PLANETARIUM

Statement of financial activities 21

Statement of total recognised gains and losses 21

Balance sheet 22

Cash flow statement 23

Notes to the financial statements 24 - 32

Shop and mail order trading and profit and loss account 33


Corporation governance and advisers

Board of Governors Management Committee

His Grace, The Most Rev. Dr R H A Eames (Chairman) His Grace, The Most Rev. Dr R H A Eames (Chairman) The Very Rev. Dean H Cassidy Dr F N Byrne (Deputy Chairman)The Venerable Archdn. R G Hoey Sir Kenneth Bloomfield The Rev. Canon J M Barton Professor L O'C DruryThe Rev. Canon W J A Dawson Professor P L DuftonDr E Haughey The Venerable Archdn. R G HoeyProfessor K L Bell Professor D A WilliamsThe Rev. Canon C F Moore Professor M R MerrifieldThe Rev. Canon H J W Moore Professor K L BellThe Rev. Canon R J N Porteus Dr Á DowneyThe Rev. Canon F D Swann Mrs S HoggThe Rev. Canon J W McKegney Mrs M CruickshankCouncillor R Gardiner-Watson Professor D Lynden-Bell (until June 2003)Professsor Sir Martin Rees (until September 2003) Mr T Nolan (until September 2003)Professor D Lynden-Bell (until March 2004)

Director - Observatory Director - Planetarium

Professor M E Bailey Dr T R Mason

Secretary Bankers - Planetarium

Mr L F Young Bank of IrelandEnglish Street ArmaghCo Armagh

Auditors Bankers - Observatory

Comptroller and Auditor General First Trust BankNorthern Ireland Audit Office English Street106 University Street ArmaghBelfast Co ArmaghBT7 1EU

Solicitors

Walker McDonald2-6 Edward StreetPortadownCo ArmaghBT62 3LX

1


Governors' report for the year ended 31 March 2004

The Governors present their report and the audited financial statements for the year ended 31 March 2004. The corporation is registered as a charity under section 505 of the Income and Corporation Taxes Act 1988.

Principal activities

The principal activities of the corporation are to advance the knowledge and understanding of astronomy and related sciences through the execution, promotion and dissemination of astronomical research nationally and internationally in order to enrich the intellectual, economic, social and cultural life of the community.

Statement of Governors' responsibilities

The Governors shall prepare financial statements in the form and on the basis determined by the Department of Culture, Arts and Leisure. The accounts are prepared on an accruals basis and give a true and fair view of the corporation’s state of affairs at the end of the financial year and of its income and expenditure, total recognised gains and losses and cash flows for the financial year. The accounts have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in October 2000 (SORP 2000). In preparing those financial statements the Governors shall:

select suitable accounting policies and apply them consistently (subject to changes arising on the adoption of new accounting standards);

make judgements and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the corporation will

continue in business.

The Governors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the corporation and which comply with the Audit and Accountability (Northern Ireland) Order 2003. They are also responsible for safeguarding the assets of the corporation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of the Directors’ responsibilities

The Accounting Officer of the Department of Culture, Arts and Leisure (DCAL) has designated the respective Directors of the Armagh Observatory and Planetarium as the Accounting Officers. Their relevant responsibilities as Accounting Officers, including their responsibilities for the propriety and regularity of the public finances and for the keeping of proper records, are set out in the Non-Departmental Accounting Officer Memorandum issued by the Department of Finance and Personnel.

Auditors

Under the Audit and Accountability (Northern Ireland) Order 2003, responsibility for the audit of the accounts of the Armagh Observatory and Planetarium has been vested in the Comptroller and Auditor General for Northern Ireland.

By Order of the Board

Secretary

Date:

2


Armagh Observatory - Statement on Internal Control As Accounting Officer for the Armagh Observatory I have responsibility for maintaining a sound system of internal control that supports the achievement of the policies, aims and objectives of the Armagh Observatory, whilst safeguarding public funds and the assets of the Armagh Observatory for which I am personally responsible in accordance with the responsibilities assigned to me by the Governors of the Armagh Observatory and Planetarium and in Government Accounting Northern Ireland.

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of the Armagh Observatory’s policies, aims and objectives, to assess the likelihood of the events occurring and the impact should they be realised, and to manage the risks effectively, efficiently and economically. The system of internal control has been in place in the Armagh Observatory for the year ended 31 March 2004 and up to the date of approval of the annual accounts, and accords with Departmental of Finance and Personnel guidance. The main procedures in place to monitor the effectiveness of the system of internal control are as follows.

Regular meetings with officials from the DCAL to consider both operational and strategic issues and matters relating to the system of internal control.

Continuous assessment of the quality of research through peer review of grant applications, applications for telescope time, and the submission of scientific papers to academic journals of national and international standing.

Peer review of the research quality, capability and output of the Observatory through participation in the periodic Research Assessment Exercise.

Regular reports by administrative staff on progress against principal financial targets and the projected financial outcome for the year and progress reports by staff responsible for major projects.

Detailed progress reports to the Management Committee and Board of Governors at their regular meetings, and inclusion of performance measures in the annual operating plan.

Annual reports from internal auditors to the Internal Audit Committee on the system of internal control, which provide an opinion on the adequacy and effectiveness of the system and contain recommendations for improvement.

Annual reports from external auditors to the Management Committee and the Board of Governors on the material issues relating to the annual accounts, which provide an opinion on whether the accounts give a true and fair view of the affairs of the organisation and of its incoming resources and application of resources.

Periodic review of the Armagh Observatory Risk Management Plan by the Director and the Administrator and an annual review by the Armagh Observatory and Planetarium Internal Audit Committee. The principal risks to the achievement of the Armagh Observatory’s policies, aims and objective have been identified and recorded in the Armagh Observatory Risk Management Plan together with the controls in place and any further controls required to manage the risk effectively, efficiently and economically. Reports on emerging issues and strategies to deal with any associated risks are made to the Management Committee and Board of Governors of the Armagh Observatory and Planetarium at their regular meetings.

As Accounting Officer, I have responsibility for reviewing the effectiveness of the system of internal control. My assessment is informed by the work of the internal auditors and the senior staff within the Armagh Observatory who have responsibility for the development and maintenance of the internal control framework, and by the comments made by the external auditors in their management letter and other reports. I have been advised on the effectiveness of the system of internal control and a plan to address weaknesses and ensure continuous improvement of the system is in place.

A number of minor internal control weaknesses were identified during the financial year 2003/2004 as part of the annual internal audit and appropriate action has been taken to resolve them.

Signed:

Director: Professor Mark Bailey

Date:

3


Armagh Planetarium - Statement on Internal Control

As Accounting Officer for the Armagh Planetarium I have responsibility for maintaining a sound system of internal control that supports the achievement of the policies, aims and objectives of the Armagh Planetarium, whilst safeguarding public funds and the assets of the Armagh Planetarium for which I am personally responsible in accordance with the responsibilities assigned to me by the Governors of the Armagh Observatory and Planetarium and in Government Accounting Northern Ireland.

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of the Armagh Planetarium’s policies, aims and objectives, to assess the likelihood of the events occurring and the impact should they be realised, and to manage them effectively, efficiently and economically. The system of internal control has been in place in the Armagh Planetarium for the year ended 31 March 2004 and up to the date of approval of the annual accounts, and accords with Departmental of Finance and Personnel guidance. The main procedures in place to monitor the effectiveness of the system of internal control are as follows.

Periodic review of the Armagh Planetarium Risk Management Plan by the Director and the Administrator and an annual review by the Armagh Observatory and Planetarium Internal Audit Committee. The principal risks to the achievement of the Armagh Planetarium’s policies, aims and objective have been identified and recorded in the Armagh Planetarium Risk Management Plan together with the controls in place and any further controls required to manage the risk effectively, efficiently and economically. Reports on emerging issues and strategies to deal with any associated risks are made to the Management Committee and Board of Governors of the Armagh Observatory and Planetarium at their regular meetings.

Detailed progress reports to the Management Committee and Board of Governors at their regular meetings, and inclusion of performance measures in the annual operating plan.

Regular meetings with officials from the DCAL to consider both operational and strategic issues and matters relating to the system of internal control.

Annual reports from the internal auditors to the Internal Audit Committee on the system of internal control, which provide an opinion on the adequacy and effectiveness of the system and contain recommendations for improvement.

Annual reports from external auditors to the Management Committee and the Board of Governors on the material issues relating to the annual accounts, which provide an opinion on whether the accounts give a true and fair view of the affairs of the organisation and of its incoming resources and application of resources.

Regular reports by administrative staff on progress against principal financial targets and the projected financial outcome for the year and progress reports provided by staff responsible for major projects.

As Accounting Officer, I have responsibility for reviewing the effectiveness of the system of internal control. My assessment is informed by the work of the internal auditors and the senior staff within the Armagh Planetarium who have responsibility for the development and maintenance of the internal control framework, and by the comments made by external auditors in their management letter and other reports. I have been advised on the effectiveness of the system of internal control and a plan to address weaknesses and ensure continuous improvement of the system is in place.

A number of minor internal control weaknesses were identified as part of the annual internal audit for the 2003/2004 financial year and appropriate action has been taken to resolve them.

Signed:

Director: Dr Tom Mason

Date:

4


The Certificate and Report of the Comptroller and Auditor General to the House of Commons and the Northern Ireland Assemby

I certify that I have audited the financial statements on pages 7 to 34 under the Audit and Accountability (Northern Ireland) Order 2003. These financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and the accounting policies set out on pages 10 and 25 to 26.

Respective responsibilities of the Governors, Directors and Auditor

As described on page 2 the Governors and Directors are responsible for the preparation of the financial statements in accordance with the Audit and Accountability (Northern Ireland) Order 2003 and Department of Culture, Arts and Leisure directions made thereunder and for ensuring the regularity of financial transactions. The Governors and Directors are also responsible for the preparation of the other contents of the Annual Report. My responsibilities, as independent auditor, are established by statute and I have regard to the standards and guidance issued by the Auditing Practices Board and the ethical guidance applicable to the auditing profession.

I report my opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Audit and Accountability (Northern Ireland) Order 2003 and Department of Finance and Personnel directions made thereunder, and whether in all material respects the expenditure and income have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them. I also report if, in my opinion, the Foreword is not consistent with the financial statements, if the Governors and Directors has not kept proper accounting records, or if I have not received all the information and explanations I require for my audit.

I read the other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements. I consider the implications for my certificate if I become aware of any apparent misstatements or material inconsistencies with the financial statements.

I review whether the statements on pages 3 and 4 reflect the Governors and Directors compliance with the Department of Finance and Personnel’s guidance on the Statement on Internal Control. I report if it does not meet the requirements specified by the Department of Finance and Personnel, or if the statement is misleading or inconsistent with other information I am aware of from my audit of the financial statements. I am not required to consider, nor have I considered, whether the Directors Statements on Internal control covers all risks and controls. I am also not required to form an opinion on the effectiveness of the Armagh Observatory and Planetarium’s corporate governance procedures or its risk and control procedures.

Basis of audit opinion

I conducted my audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts, disclosures and regularity of financial transactions included in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Governors and Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Armagh Observatory and Planetarium’s circumstances, consistently applied and adequately disclosed.

I planned and performed my audit so as to obtain all the information and explanations which I considered necessary in order to provide me with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by error, or by fraud or other irregularity and that, in all material respects, the expenditure and income have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them. In forming my opinion I have also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

In my opinion:

the financial statements give a true and fair view of the state of affairs of the Armagh Observatory and Planetarium at 31 March 2004 and of the net incoming resources of the Observatory and net outgoing resources of the Planetarium, total recognised gains and losses and cash flows for the year then ended and have been properly prepared in accordance with the Audit and Accountability (Northern Ireland) Order 2003 and directions made thereunder by the Department of Finance and Personnel; and

5


in all material respects the expenditure and income have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

I have no observations to make on these financial statements.

J M Dowdall CB Northern Ireland Audit OfficeComptroller and Auditor General 106 University StreetDate Belfast BT7 1EU

6


Armagh Observatory

Statement of financial activities

for the year ended 31 March 2004

Unrestricted Restricted Total Total funds 2004 funds 2004 funds 2004 funds 2003

Notes £ £ £ £Incoming resourcesDCAL grants 2 627,000 121,504 748,504 766,500Other grants and receipts 2 - 270,383 270,383 305,713Interest receivable 7,364 - 7,364 6,630Rents 5,334 - 5,334 1,995Miscellaneous income 805 - 805 461Donations - - - 225Proceeds from sale of assets 500 - 500 - Transfer to deferred income 12 - (78,699) (78,699) (223,926)Transfer from deferred income 12 33,000 190,926 223,926 105,460Total incoming resources 674,003 504,114 1,178,117 963,058

Resources expendedDirect expenditure of the corporation 3 606,316 133,766 740,082 706,794Fundraising and publicity 4 - - - - Management and administration of the corporation 6 99,782 152,737 252,519 168,792Capital expenditure 1,166 182,642 183,808 92,790Total resources expended 707,264 469,145 1,176,409 968,376

Net incoming/(outgoing) resourcesfor the year (33,261) 34,969 1,708 (5,318)Transfer between funds 16 30,659 (30,659) - - Net movement in funds (2,602) 4,310 1,708 (5,318)Balances brought forward at1 April 123,649 3,480 127,129 132,447Balances carried forward at31 March 14,15 121,047 7,790 128,837 127,129

All amounts above relate to continuing operations of the corporation.

The income and expenditure summary is included at Note 9.

Statement of total recognised gains and lossesfor the year ended 31 March 2004

There have been no gains or losses other than those recognised in the statement of financialactivities.

7


Armagh Observatory

Balance sheet at 31 March 2004

2004 2003Notes £ £

Tangible assets 10 1,464,644 1,396,466

Current assetsDebtors 11 145,961 55,029Cash at bank and in hand 180,316 373,589

326,277 428,618Creditors: amounts falling due within one year 12 (213,160) (317,209)Net current assets 113,117 111,409Total assets less current liabilities 1,577,761 1,507,875Creditors: amounts falling due after more than one year 13 (752,380) (684,202)Net assets 825,381 823,673

FundsUnrestricted 14 121,047 123,649Restricted 15 7,790 3,480Designated 17 696,544 696,544

825,381 823,673

The financial statements on pages 6 to 20 were approved on and were signed by:

Professor Mark Bailey, Director of the Armagh Observatory

8


Armagh Observatory

Cash flow statement for the year ended 31 March 2004

2004 2003Notes £ £

Net cashflow from operating activities (201,137) 120,980Returns on investments and servicing of financeInterest received 7,364 6,630Interest paid and similar charges - (20)

7,364 6,610Capital expenditurePurchase of tangible assets (183,808) (92,790)Capital grants received 183,808 92,790Proceeds from the disposal of fixed assets 500 -

500 -

Net cash (outflow)/inflow before financing and managementof liquid resources (193,273) 127,590Management of liquid resourcesMovement in First Trust deposit account 107,805 (56,474)Net cash (outflow)/inflow from management of liquid resources 107,805 (56,474)(Decrease)/increase in cash in the year 19, 20 (85,468) 71,116

Reconciliation of operating result to net cash flow

2004 2003£ £

Net outgoing resources per statement of financial activities 1,708 (5,318)Proceeds from sale of asset (500) - Interest received (7,364) (6,630)Interest paid and similar charges - 20Depreciation 115,630 105,051Deferred credit release (115,630) (105,051)(Increase)/decrease in debtors (90,932) 11,837(Decrease)/increase in creditors (104,049) 121,071Net cash (outflow)/inflow from operating activities (201,137) 120,980

9


Armagh Observatory

Notes to the financial statements for the year ended 31 March 2004

1 Accounting policies

These financial statements are prepared on the going concern basis under the historical cost convention, as modified by the revaluation of certain tangible fixed assets, and in accordance with The Audit and Accountability (Northern Ireland) Order 2003, directions made thereunder by the Department of Culture, Arts and Leisure and applicable accounting standards. The principal accounting policies are set out below.

Tangible fixed assets

The cost of tangible fixed assets is their replacement or purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost, or valuation, of tangible fixed assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows:

% Furniture and fittings 10 - 15 Office equipment 15 - 25 Scientific equipment 15 - 25 Land and buildings 2 Astropark 5 Land and buildings are included in the balance sheet at depreciated replacement cost or, where lower, the estimated value in use.

Government grants

Grants that relate to specific capital expenditure are treated as deferred income which is then credited to the income and expenditure account over the related asset's useful life. Other grants are credited to the statement of financial activities when received.

Pension costs

The corporation participates in the Northern Ireland Local Government Officers’ Superannuation Committee Pension Scheme (NILGOSC) which provides benefits based on final pensionable pay. The assets of the scheme are held separately from those of the corporation. The corporation is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by FRS 17 ‘Retirement benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the statement of financial activities represents the contributions payable to the scheme in respect of the accounting period.

Fund accounting

The corporation has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

Restricted funds

Grants or donations received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the organisation.

Unrestricted funds

Funds which are expendable at the discretion of the Governors in furtherance of the objectives of the corporation. In addition to expenditure on the provision of services, such funds may be held in order to finance capital investment and working capital.

10


Armagh Observatory

2 Incoming Resources

Department of Culture, Arts and Leisure

The accounts reflect the receipt of the following grants from the Department of Culture, Arts and Leisure (DCAL):

2004 2003£ £

Recurrent (unrestricted) 627,000 649,000Capital (restricted) 6,500 7,500Astronomy Infrastructure (restricted) 75,000 - Human Orrery (restricted) 40,004 - Buildings, Domes and Telescopes Restoration Project (restricted) - 60,000Southern African Large Telescope Project (restricted) - 40,000National Astronomy Meeting (restricted) - 10,000Transfer to Deferred Income (69,154) (160,186)Transfer from Deferred Income 160,186 88,250

Tranfer between funds 30,659 41,950

Other grants and receipts


£ £ £ £PPARC Research, Visitor and Travel grants - 67,334 67,334 100,763PPARC System Manager Support grant - 9,747 9,747 8,243PPARC rolling travel grant - 6,283 6,283 7,995Programme for Research in Third Level Institutions - Cosmogrid project - 4,407 4,407 36,549Miscellaneous travel grants - 5,458 5,458 3,486Heritage Lottery Fund - 160,222 160,222 125,778Environment and Heritage Service - 14,700 14,700 21,890INTAS - 1,602 1,602 - Meteorological Office grant - 175 175 175Other grants and receipts - 455 455 834

- 270,383 270,383 305,713

11


Armagh Observatory

3 Direct expenditure of the corporation


£ £ £ £Salaries and wages 526,031 59,194 585,225 556,925Meteorology data input agency costs 637 - 637 - Scholarship and training 9,034 985 10,019 8,375Travelling and subsistence 22,714 21,363 44,077 45,568Technical maintenance and computerconsumables 16,162 258 16,420 15,351Library and publications 13,105 - 13,105 21,564BT phone link 10,448 - 10,448 11,609JANET access service 3,061 - 3,061 2,846Southern African Large Telescope contribution - 37,000 37,000 38,000National Astronomy Meeting - 7,963 7,963 - Conferences - - - 1,606Historic books and instruments 1,306 - 1,306 - Visitor programme expenses 3,818 7,003 10,821 4,950

606,316 133,766 740,082 706,794

4 Fundraising and publicity


£ £ £ £- - - -

5 Travel and subsistence

Restricted travel and subsistence is funded in the main from external grant aid from the Particle Physics and Astronomy Research Council (PPARC).

12


Armagh Observatory

6 Management and administration of the corporation


£ £ £ £Insurance 16,460 - 16,460 15,331Heat, light and power 12,914 - 12,914 12,169Rates 241 - 241 - Property repairs 32,241 4,890 37,131 24,396Buildings, Domes and Telescopes restoration project - building refurbishment - 146,739 146,739 84,635Postage and telephone 6,141 - 6,141 5,439General expenses 6,655 - 6,655 5,143Cleaning costs 8,034 - 8,034 7,428Management Committee and meetings 2,239 1,108 3,347 3,657Office equipment 2,103 - 2,103 2,379Bank charges - - - 20Audit costs 3,891 - 3,891 4,057Other professional fees 5,090 - 5,090 - Stationery and advertising 3,773 - 3,773 4,138Depreciation - 115,630 115,630 105,051Release from grants reserve - (115,630) (115,630) (105,051)

99,782 152,737 252,519 168,792

7 Employee information

2004 2003£ £

Staff costsWages and salaries 529,819 507,973Social security costs 36,390 30,245Pension costs 19,016 18,707

585,225 556,925

Average staff numbers by major category:Number Number

2004 2003Directors 1 1Astronomers 5 5Research and research related staff 14 13Administration and librarian 4 4Computer support and grounds staff 3 3

27 26

Included within administration staff is Mr Lawrence Young, the corporation’s Administrator. His salary is apportioned on a 50:50 basis between the Observatory and Planetarium.

13


Armagh Observatory

8 Director's emoluments

2004 2003£ £

Aggregate emoluments 47,556 46,046Corporation pension contributions to defined benefit scheme 2,181 2,114

49,737 48,160

Retirement benefits are accruing to the director under a defined benefit scheme for each of the financial years.

9 Income and expenditure summary

2004 2003£ £

Gross income 994,309 870,268ExpenditureDirect charitable expenditure (note 3) 740,082 706,794Fund raising and publicity (note 4) 0 0Management and administration of the corporation (note 6) 252,519 168,792

992,601 875,586Surplus/(deficit) for the year 1,708 (5,318)

14


Armagh Observatory

10 Tangible fixed assetsScientific

EquipmentBuildings Astropark Furniture Office & Historic Total

and grounds Fittings Eqpt. telescopes£ £ £ £ £ £

Cost or valuationAt 1/4/03 2,164,063 367,490 76,071 76,718 587,313 3,271,655Additions 91,417 - 4,342 20,535 67,514 183,808Disposals (102,000) - - - - (102,000)

At 31 March 2004 2,153,480 367,490 80,413 97,253 654,827 3,353,463

DepreciationAt 1/4/03 1,096,920 146,997 72,488 69,621 489,163 1,875,189Charge for year 53,898 18,375 1,588 1,657 40,112 115,630Disposals (102,000) - - - - (102,000)

At 31 March 2004 1,048,818 165,372 74,076 71,278 529,275 1,888,819

Net book valueAt 31 March 2004 1,104,662 202,118 6,337 25,975 125,552 1,464,644Net book valueAt 31 March 2003 1,067,143 220,493 3,583 7,097 98,150 1,396,466

Tangible fixed asset additions of £183,808 as shown above were funded as follows:-

£DCAL grant Buildings, domes and telescopes restoration project -

Astronomy infrastructure and human orrery project 88,196Capital grant 6,500Recurrent grant 1,166

Heritage Lottery fund 79,735Research grants 8,211

183,808

The corporation’s Buildings and Grounds Improvement were valued at 31 March 2002 on the basis of depreciated replacement cost by Leighton Johnston Associates, Chartered Architects. If Buildings and Grounds Improvement had not been valued, they would have been included at the following amounts:

2004 2003£ £

Cost 580,345 488,928Aggregate depreciation (92,863) (83,832)Net book value based on historic cost 487,482 405,096

Depreciation on fixed assets for the year was £115,630 (2003: £105,051).

15


Armagh Observatory

11 Debtors

2004 2003£ £

Grant debtors 83,763 39,299Sundry debtors and prepayments 62,198 15,730

145,961 55,029

12 Creditors: amounts falling due within one year

2004 2003£ £

Trade creditors 67,165 26,419Accruals 6,232 5,800Deferred income 118,699 263,926Other creditors 21,064 21,064

213,160 317,209

Analysis of deferred income

2004 2003£ £

Balance at 1 April 263,926 145,460Transfer to statement of financial activities (223,926) (105,460)Transfer from statement of financial activities 78,699 223,926Balance at 31 March 118,699 263,926

13 Government grants reserve

Historictelescopes

Buildings Astropark Furniture Office Scientific Totalgrounds Fittings Eqpt. Eqpt.

£ £ £ £ £ £Balance at 1 April 2003 354,875 220,493 3,583 7,101 98,150 684,202Additions 91,417 - 4,342 20,535 67,514 183,808Amortised (53,898) (18,375) (1,588) (1,657) (40,112) (115,630)

392,394 202,118 6,337 25,979 125,552 752,380

16


Armagh Observatory

14 Unrestricted funds

Balance 1/4/2003

Incoming resources

Resources expended

Transfer between

funds

Transfer from deferred

income

Transfer to deferred

income

Balance31/3/2004

£ £ £ £ £ £ £Unrestricted funds 123,649 641,003 (707,264) 30,659 33,000 - 121,047

It is the policy of the Armagh Observatory to retain a sufficient level of unrestricted cash reserves based on a realistic assessment of future cash needs and other contingencies.

Grants for research purposes and for the project for the restoration of the historic building, domes and telescopes, together with other grants for specific purposes, are normally received in arrears. During the period between the expenditure being incurred and receipt of the corresponding grants, such projects must be funded from unrestricted funds. It is therefore necessary to retain an amount of cash reserves from such funds. A prudent level for such reserves is roughly 1/12th the annual DCAL income, approximately £60,000. In addition a contingency, currently estimated at £60,000, is required to provide a fund for development opportunities and possible exceptional expenditure not anticipated in the annual budget.

The total cash reserves, £120,000, represents approximately 10% of the total annual grant income of the Observatory.

This policy will be reviewed by the Director on an annual basis at the end of the financial year.

17


Armagh Observatory

15 Restricted funds

Balance Incoming Resources Transfer Transfer Transfer Balance1/4/2003 resources expended between from defrd. to defrd. 31/3/2004

funds income income£ £ £ £ £ £ £

DCAL grantsBuildings, Domes and Telescopesrestoration project - - (29,950) - 77,186 (47,236) - SALT 1,769 - (37,591) - 40,000 - 4,178Capital grant - 6,500 (6,500) - - - - Astronomy infrastructure/human orrery grant - 115,004 (93,086) - - (21,918) - National Astronomy Meeting - - (7,963) - 10,000 - 2,037

1,769 121,504 (175,090) - 127,186 (69,154) 6,215Other grantsEnvironmental Heritage Service - 14,700 (36,590) - 21,890 - - Heritage Lottery Fund - 160,222 (160,222) - - - - PPARC grants 1,792 83,364 (59,464) (27,649) 11,952 (8,645) 1,350Programme for Research in Third Level Institutions - Cosmogrid project - 4,407 (29,879) (3,526) 29,898 (900) - Meteorological Office grant 175 175 - (350) - - - INTAS grant (481) 1,602 (1,334) 213 - - - Miscellaneous travel grants - 5,458 (5,458) - - - - Miscellaneous grants - 455 (1,108) 653 - - -

1,486 270,383 (294,055) (30,659) 63,740 (9,545) 1,350

Donations 225 - - - - - 2253,480 391,887 (469,145) (30,659) 190,926 (78,699) 7,790

18


Armagh Observatory

DCAL grants

The Observatory received £121,504 from the DCAL during the year for the following restricted purposes.

Capital

Funding of £6,500 was provided for expenditure on certain equipment included under tangible fixed assets in the balance sheet.

Astronomy infrastructure grant

Funding of £75,000 was provided for the following: additional costs for the restoration of the historic telescopes; the replacement of the alarm and telephone systems; a conference held in Armagh and jointly organised by the Astronomical Science Group of Ireland and the Institute of Physics in Ireland; computer and other technical equipment; and improved external lighting around the Observatory buildings and grounds.

The Human Orrery

Funding of £40,004 was provided for the construction of a Human Orrery, a unique and innovative outdoor exhibit located in the Observatory grounds. The Human Orrery is an accurate scale model of the solar system including the positions and orbits of the six naked-eye planets, two comets and an asteroid. It seeks to engage visitors to the Observatory grounds in an involving and inspiring open-air exhibit and to introduce fundamental ideas about the Earth’s position in space to new audiences.

Other Grants and Receipts

PPARC research and visitor grants The Observatory received funding from the Particle Physics and Astronomy Research Council (PPARC) to fund a number of research projects during the year:

New Insights into Transition Region Dynamics: Observations versus Numeric Modelling. The Origin and Evolution of Protostars: Tracking with Magnetohydrodynamic Numerical Simulations. Solar Transient Events and their importance for Coronal Heating and Solar Wind Acceleration. The Origin of Hot Stellar Remnants.

These grants fund salary, travel and other direct costs of the research project and provide a contribution towards certain indirect running costs of the Observatory based on 46% of grant-aided salary costs.

PPARC system manager support grant

The PPARC provided a grant of £9,747 towards the salary costs of the computer systems manager.

19


Armagh Observatory

Programme for Research in Third Level Institutions – Cosmogrid project

The aim of the project, led by the Dublin Institute for Advanced Studies, is to study natural phenomena occurring in the cosmos using powerful computers connected by modern Grid technology. The project is funded by the Irish Higher Education Authority under the National Development Plan as part of the Programme for Research in Third Level Institutions. The Armagh Observatory is one of a number of collaborating institutions in this programme and will receive €370,180 over five years for staff and equipment to support its contribution to the project.

Heritage Lottery Fund and Environment and Heritage Service

During the year £160,222 was received from the Heritage Lottery Fund and £14,700 was received from the Environment and Heritage Service towards the cost of the project for the restoration of the buildings, domes and telescopes.

16 Analysis of transfer between funds

The transfer from restricted to unrestricted funds represent amounts received from the PPARC and Cosmogrid project which are to be used as a contribution to the general running costs of the Observatory.

17 Designated funds

2004 2003£ £

Land and buildings revaluation 696,544 696,544

18 Analysis of net assets between funds

DesignatedUnrestricted Restricted Total Funds Funds Funds Funds

£ £ £ £Tangible assets 1,104,662 7,930 352,052 1,464,644Current assets - 326,277 - 326,277Current liabilities - (213,160) - (213,160)Government grants reserve (408,118) - (344,262) (752,380)Net assets 696,544 121,047 7,790 825,381

19 Analysis of net funds

1 April 31 March2003 Cash Flow 2004

£ £ £Cash at bank and in hand 131,121 (85,468) 45,653Liquid resources 242,468 (107,805) 134,663Net funds 373,589 (193,273) 180,316

Liquid resources comprise short term deposits held at the bank.

20


Armagh Observatory

20 Reconciliation of net cash flow to movement in net funds

2004 2003£ £

(Decrease)/increase in cash in financial year (85,468) 71,116(Decrease)/increase in deposits (107,805) 56,474(Decrease)/increase in net funds in the year (193,273) 127,590Net funds at 1 April 373,589 245,999Net funds at 31 March 180,316 373,589

21 Pension costs

The corporation participates in the Northern Ireland Local Government Officers’ Superannuation Committee Pension Scheme (NILGOSC). This is a defined benefit scheme but the corporation is unable to identify its share of the underlying assets and liabilities. In accordance with the provisions of FRS 17, the contributions to the scheme are accounted for on a defined contribution basis.

An Actuarial valuation of the scheme was carried out as at 31 March 2001. At this date there was a surplus in the scheme, and this is being amortised over a period of approximately 12 years. As a result, employer contributions to the scheme for the four years to 31 March 2005 will remain at 4.6%, compared to a long-term rate of 11.9%. The next actuarial valuation will be carried out as at the 31 March 2004. Since the 2001 valuation, investment returns available on equity holdings have been very poor and yield expectations in other markets such as the bond markets have been lowered. The outlook for the 2004 valuation is that the employer contribution rates will be significantly higher than the 4.6% rate currently payable and the long-term rate is likely to lie significantly above the 11.9% long-term rate revealed at the 2001 valuation.

2004 2003£ £

The charge for the year in respect of this scheme amounted to: 19,016 18,707

22 Commitments

There is a contractual commitment to contribute £37,000 over a one year period to the Southern African Large Telescope Project.

23 Investment in Southern African Large Telescope Project

2004 2003£ £

Total investment at 1 April 111,096 73,096Additions 37,000 38,000Total investment at 31 March 148,096 111,096

2004 2003£ £

Provision for impairment at 1 April 111,096 73,096Provision in current year 37,000 38,000Provision for impairment at 31 March 148,096 111,096

Net book value at 31 March - -

The Southern African Large Telescope project involves the construction of a 10-metre class telescope with related buildings at the Sutherland Outstation of the South African Astronomical Observatory in Northern Cape Province. The main objective is to advance science and education in South Africa through the promotion of deep-sky astronomy, and by participating in the project the Armagh Observatory will attain rights to use the telescope in the future. The DCAL has provided funding of £200,000 to meet the Armagh Observatory’s financial commitment to the project.

21


Armagh Planetarium

Statement of financial activities for the year ended 31 March 2004


Notes £ £ £ £Incoming resourcesDCAL grants 2 370,000 217,000 587,000 464,000DCAL - Capital grant 2 - 6,448 6,448 7,423Admissions 12,892 - 12,892 11,745Sponsorship & donations 3 1,812 2,865 4,677 1,000Rents 4,532 - 4,532 4,155Interest receivable 68 - 68 8Miscellaneous income 3,379 - 3,379 1,345Outreach income 16,966 - 16,966 12,436Shop and mail order loss (9,895) - (9,895) (10,703)Transfer to deferred income 2 - (208,345) (208,345) (60,250)Transfer from deferred income 2 20,000 40,250 60,250 -Total incoming resources 419,754 58,218 477,972 431,159

Resources expendedDirect expenditure of the corporation 4 293,859 3,240 297,099 286,533Fundraising and publicity 5 16,574 - 16,574 5,298Management and administration of the corporation 6 100,292 82,398 182,690 119,119Capital expenditure 4,859 6,448 11,307 10,040Total resources expended 415,584 92,086 507,670 420,990

Net incoming/(outgoing) resourcesfor the year 4,170 (33,868) (29,698) 10,169Transfer between funds (33,868) 33,868 - -Net movement in funds (29,698) - (29,698) 10,169Balances brought forward at1 April 29,732 - 29,732 19,563Balances carried forward at31 March 17,18 34 - 34 29,732

All amounts above relate to continuing operations of the corporation.

The income and expenditure summary is included at Note 9.

Statement of total recognised gains and lossesfor the year ended 31 March 2004

There have been no gains or losses other than those recognised in the statement of financialactivities.

22


Armagh Planetarium

Balance Sheet at 31 March 2004

2004 2003Notes £ £

Tangible assets 10 1,569,391 1,682,767

Current assetsStock 11 13,385 5,548Debtors and prepayments 12 22,098 15,878Cash at bank and in hand 191,616 81,461

227,099 102,887Creditors: amounts falling due within one year 13 (232,240) (73,945)Net current assets/liabilities (5,141) 28,942Total assets less current liabilities 1,564,250 1,711,709Creditors: amounts falling due after more than one year 14 - (3,561)Government grant reserve 16 (684,859) (799,059)Net assets 879,391 909,089

FundsUnrestricted 17 34 29,732Designated 19 879,357 879,357

879,391 909,089

The financial statements on pages 21 to 33 were approved on and were signed by:

Dr Tom Mason, Director of the Armagh Planetarium

23


Armagh Planetarium

Cash flow statement for the year ended 31 March 2004

2004 2003Notes £ £

Net cashflow from operating activities 120,948 59,827Returns on investments and servicing of financeInterest received 68 8Interest paid and similar charges (1,646) (1,254)

(1,578) (1,246)Capital expenditurePurchase of tangible assets (11,307) (10,040)Capital grants received 11,307 10,040

- - Net cash inflow before financing 119,370 58,581FinancingRepayment of principal under hire purchase agreements (9,215) (2,178)

Increase in cash 21, 22 110,155 56,403

Net cash flow from operating activities

2004 2003£ £

Net outgoing/incoming resources per statement of financial activities (29,698) 10,169Interest received (68) (8)Interest paid and similar charges 1,646 1,254Operating (deficit)/surplus for the year (28,120) 11,415

Depreciation 130,183 134,559Deferred credit release (125,507) (132,384)(Increase)/decrease in stock (7,837) 4,055(Increase)/decrease in debtors (6,220) (1,542)Increase/(decrease) in creditors (excluding hire purchase) 158,449 43,724Net cash inflow from operating activities 120,948 59,827

24


Armagh Planetarium

Notes to the financial statements for the year ended 31 March 2004

1 Accounting policies

These financial statements are prepared on the going concern basis under the historical cost convention, as modified by the revaluation of certain tangible fixed assets, and in accordance with The Audit and Accountability (Northern Ireland) Order 2003, directions made thereunder by the Department of Culture, Arts and Leisure and applicable accounting standards. The principal accounting policies are set out below.

Tangible fixed assets

The cost of tangible fixed assets is their replacement or purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost, or valuation, of tangible fixed assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows:

% Digistar 10 Furniture and fittings 10 - 15 Office equipment 15 - 25 Scientific equipment 15 - 25 Land and buildings 2 Exhibits 15 Vehicles 25

Land and buildings are included in the balance sheet at depreciated replacement cost or, where lower, the estimated value in use.

Government grants

Grants that relate to specific capital expenditure are treated as deferred income which is then credited to the income and expenditure account over the related asset's useful life. Other grants are credited to the statement of financial activities when received.

Pension costs

The corporation participates in the Northern Ireland Local Government Officers’ Superannuation Committee Pension Scheme (NILGOSC) which provides benefits based on final pensionable pay. The assets of the scheme are held separately from those of the corporation. The corporation is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by FRS 17 ‘Retirement benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the statement of financial activities represents the contributions payable to the scheme in respect of the accounting period.

Leased assets

Where assets are financed by leasing agreements that give rights approximating to ownership ('finance leases') the assets are treated as if they had been purchased outright. The corresponding leasing commitments are shown as obligations to the lessor. Depreciation is charged to the profit and loss account on a straight-line basis over the shorter of the lease terms and the useful lives of equivalent owned assets. Lease payments are treated as consisting of capital and interest elements and the interest is charged to revenue in proportion to the reducing capital element outstanding.

Fund accounting

The corporation has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

Restricted funds

Grants or donations received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the organisation.

25


Armagh Planetarium

Unrestricted funds

Funds which are expendable at the discretion of the Governors in furtherance of the objects of the corporation. In addition to expenditure on the provision of services, such funds may be held in order to finance capital investment and working capital.

Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis. Provision is made, where necessary for obsolete, slow moving and defective stocks.

2 Department of Culture, Arts & Leisure

The accounts reflect the receipt of the following grants from the Department of Culture, Arts and Leisure (DCAL):-

2004 2003£ £

Capital (restricted) 6,448 7,423Theatre refurbishment/new projection equipment (restricted) 217,000 -Exceptional legal and other expenses (restricted) - 80,000Recurrent (unrestricted) 370,000 384,000Transfer to deferred income (208,345) (60,250)Transfer from deferred income 60,250 -Transfer between funds 33,868 272

3 Sponsorship and Donations

2004 2003£ £

Friends of the Planetarium (unrestricted) 1,812 -British Nation Space Centre - Astrogazers project (restricted) 800 -The Association for Science Education - Dill Faulkes Project (restricted) 65 -NIE "Astrogazers" project (restricted) 2,000 1,000

4,677 1,000

26


Armagh Planetarium

4 Direct expenditure of the corporation


£ £ £ £Salaries and wages 222,356 - 222,356 234,380Equipment leasing 7,325 - 7,325 11,542Travelling and subsistence 12,531 - 12,531 5,482Technical maintenance 32,475 - 32,475 20,066Library 3,674 - 3,674 1,315Production expenses 2,500 - 2,500 2,528Exhibitions and events 13,630 3,240 16,870 6,782Training 850 - 850 -Motor expenses (1,482) - (1,482) 4,438

293,859 3,240 297,099 286,533

5 Fundraising and publicity


£ £ £ £Advertising and brochures 14,424 - 14,424 4,927Hospitality 2,150 - 2,150 371

16,574 - 16,574 5,298

6 Management and administration of the corporation


£ £ £ £Insurance 24,186 - 24,186 21,594Heat, light and power 13,582 - 13,582 10,953Property repairs 4,498 - 4,498 5,167Postage and telephone 7,767 - 7,767 8,517General expenses 686 - 686 1,010Bank charges 868 - 868 766Audit and accountancy 5,186 - 5,186 4,837Other administrative costs 9,116 - 9,116 5,255Management Committee and meetings 1,839 - 1,839 1,243Theatre refurbishment - 82,398 82,398 -Exceptional legal fees - - - 39,750Rates 241 - 241 - Stationery 8,198 - 8,198 7,423Agency staff costs 19,449 - 19,449 10,429Depreciation 4,676 125,507 130,183 134,559Release from grants reserve - (125,507) (125,507) (132,384)

100,292 82,398 182,690 119,119

27


Armagh Planetarium

7 Employee information

2004 2003£ £

Staff costsWages and salaries 211,893 221,730Social security costs 16,116 14,994Pension costs 13,090 14,538

241,099 251,262

Average staff numbers by major category:Number Number

2004 2003Directors 1 1Education staff 3 3Mail order and shop 1 1Front desk and shop 1 1Administration 1 1Technical/Caretaker/Cleaner 3 3

10 10

Staff costs relating to Mr Lawrence Young, the corporation’s Administrator are appointed on a 50:50 basis between the Observatory and Planetarium. He is included within the administration staff in the Observatory.

8 Director's emoluments

2004 2003£ £

Aggregate emoluments 47,556 46,010Corporation pension contributions to defined benefit scheme 2,181 2,114

49,737 48,124

Retirement benefits are accruing to the director under a defined benefit scheme for both financial years.

9 Income and expenditure summary

2004 2003£ £

Gross income 466,665 421,119ExpenditureDirect charitable expenditure 297,099 286,533Fund raising and publicity 16,574 5,298Management and administration of the corporation 182,690 119,119

496,363 410,950(Deficit)/surplus for the year (29,698) 10,169

28


Armagh Planetarium

10 Tangible fixed assets

Digistar Buildings Café Equipment Exhibits Vehicle Totaland grounds

£ £ £ £ £ £ £Cost or valuationAt 1/4/03 535,376 2,749,000 14,081 443,820 162,092 8,702 3,913,071Additions - 2,050 - 6,448 2,809 5,500 16,807Disposals - - - - - - -At 31 March 2004 535,376 2,751,050 14,081 450,268 164,901 14,202 3,929,878DepreciationAt 1/4/03 481,839 1,170,240 14,081 398,009 161,784 4,351 2,230,304Charge for year 53,537 55,322 - 16,374 274 4,676 130,183Disposals - - - - - - -At 31 March 2004 535,376 1,225,562 14,081 414,383 162,058 9,027 2,360,487

Net book valueAt 31 March 2004 - 1,525,488 - 35,885 2,843 5,175 1,569,391Net book valueAt 31 March 2003 53,537 1,578,760 - 45,811 308 4,351 1,682,767

The net book value of fixed assets includes £5,175 (2003: £4,351) in respect of assets held under hire purchase agreements. Depreciationon these assets for the year was £4,676 (2003: £2,175).Tangible fixed asset additions of £16,807 as shown above were funded as follows:

£Capital grant DCAL 6,448Transfer from recurrent (unrestricted) grants 4,859Hire purchase 5,500

16,807

29


Armagh Planetarium

The corporation’s land and property were revalued at 31 March 2002 on the basis of depreciated replacement cost by Leighton Johnston Associates, Chartered Architects. If land and property had not been revalued, they would have been included at the following amounts:

2004 2003£ £

Cost 879,239 877,189Aggregate depreciation (249,040) (231,155)Net book value based on historic cost 630,199 646,034

11 Stocks

2004 2003£ £

Finished goods and goods for resale 13,385 5,548

12 Debtors

2004 2003£ £

Trade and grant debtors 5,379 7,186Prepayments 5,386 5,131VAT 11,333 3,561

22,098 15,878

13 Creditors: amounts falling due within one year

2004 2003£ £

Obligations under hire purchase agreements Note 15 2,812 2,966Trade creditors 8,492 4,899Accruals 12,591 5,830Deferred income 208,345 60,250

232,240 73,945

Analysis of deferred income

2004 2003£ £

Balance at 1 April 60,250 - Transfer to statement of financial activities (60,250) - Transfer from statement of financial activities 208,345 60,250Balance at 31 March 208,345 60,250

14 Creditors: amounts falling due after more than one year

2004 2003£ £

Obligations under hire purchase agreements Note 15 - 3,561

30


Armagh Planetarium

15 Obligations under hire purchase agreements

2004 2003£ £

Net hire purchase obligations fall due as followsIn one year or less, or on demand 2,812 2,966In more than one year, but not more than two years - 2,966In more than two years, but not more than five years - 595

2,812 6,527

16 Government grants reserve

Digistar Buildings Equipment Exhibits Totaland grounds

£ £ £ £ £Balance at 1 April 2003 53,537 699,403 45,811 308 799,059Additions - 2,050 6,448 2,809 11,307Disposals - - - - - Amortised (53,537) (55,322) (16,374) (274) (125,507)

- - 646,131 35,885 2,843 684,859

17 Unrestricted funds

Balance 1/4/2003

Incoming resources

Resources expended

Transfer between

funds

Transfer from deferred

income

Transfer to deferred

income

Balance31/3/2004

£ £ £ £ £ £ £Unrestricted funds 29,732 399,754 (415,584) (33,868) - 20,000 34

31


Armagh Planetarium

18 Restricted funds

Balance Incoming Resources Transfer Transfer Transfer Balance1/4/2003 resources expended between from defrd. to defrd. 31/3/2004

funds income income£ £ £ £ £ £ £

DCAL capital grant - 6,448 (6,448) - - - - DCAL grant - theatre refurbishment and eqpt. - 217,000 (8,655) - - (208,345) - Theatre refurbishment - - (73,743) 33,493 40,250 - - Faulkes and Astrogazer projects - 2,865 (3,240) 375 - - -

- 226,313 (92,086) 33,868 40,250 (208,345) -

DCAL capital grant

This is funding provided by the Department of Culture, Arts and Leisure for the purchase of items to capital equipment.

DCAL grant for the refurbishment of the Planetarium

Additional funding of £217,000 was provided by the DCAL for the refurbishment of the Space Theatre and new projection equipment. Expenditure amounting to £8,655 was incurred in the financial year and the balance of £208,345 was transferred to deferred income to fund expenditure in the financial year 2004/2005.

Other expenditure amounting to £73,743 was incurred in the general refurbishment of the Space Theatre in the financial year and this was funded by a grant of £40,250 provided by the DCAL in previous years together with £33,493 from recurrent funds.

Dill Faulkes Robotic Telescope and Astrogazers projects

Astrogazers provides support for school Astronomy clubs and allows pupils to work on projects and to promote their own school and other schools throughout Europe and Ireland. In the financial year the project received funding of £2,000 from the Northern Ireland Electricity Service and £800 from the British National Space Centre, Leicester.

The Dill Faulkes Robotic Telescope project will provide schools with observing time on research-grade telescopes in Hawaii and Australia. Funds amounting to £65 were received in the financial year from the Association for Science Education to provide information about the project to teachers and schools.

19 Designated funds

2004 2003£ £

Land and buildings revaluation 879,357 879,357

20 Analysis of net assets between funds

Designated Unrestricted Restricted Total funds funds funds funds

£ £ £ £Tangible fixed assets 1,525,488 43,903 - 1,569,391Current assets - 227,099 - 227,099Creditors: amounts falling due within one year - (232,240) - (232,240)Net current assets - (5,141) - (5,141)Creditors: amounts falling due after more than one year - - - - Government grant reserve (646,131) (38,728) - (684,859)Net assets 879,357 34 - 879,391

32


Armagh Planetarium

21 Analysis of net cash funds

1 April Cashflow Non cash 31 March2003 movement 2004

£ £ £ £Cash at bank and in hand 81,461 110,155 - 191,616Hire purchase (6,527) 9,215 (5,500) (2,812)Net funds 74,934 119,370 (5,500) 188,804

22 Reconciliation of net cashflow to movement in net cash funds

2004 2003£ £

Increase in cash in financial year 110,155 56,403Decrease in debt 9,215 2,178Change in net debt resulting from cash flows 119,370 58,581Non cash changesNew hire purchase obligations (5,500) - Movement in net funds in the year 113,870 58,581Net funds at 1 April 74,934 16,353Net funds at 31 March 188,804 74,934

23 Pension Costs

The corporation participates in the Northern Ireland Local Government Officers’ Superannuation Committee Pension Scheme (NILGOSC). This is a defined benefit scheme but the corporation is unable to identify its share of the underlying assets and liabilities. In accordance with the provisions of FRS 17, the contributions to the scheme are accounted for on a defined contribution basis.

An Actuarial valuation of the scheme was carried out as at 31 March 2001. At this date there was a surplus in the scheme, and this is being amortised over a period of approximately 12 years. As a result, employer contributions to the scheme for the four years to 31 March 2005 will remain at 6.2 %, compared to a long-term rate of 11.9%. The next actuarial valuation will be carried out as at the 31 March 2004. Since the 2001 valuation, investment returns available on equity holdings have been very poor and yield expectations in other markets such as the bond markets have been lowered. The outlook for the 2004 valuation is that the employer contribution rates will be significantly higher than the 6.2% rate currently payable and the rate is likely to lie significantly above the 11.9% long-term rate revealed at the 2001 valuation.

2004 2003£ £

The charge for the year in respect of this scheme amounted to: 13,090 14,538

24 Commitments

Capital Commitments

There is a contractual commitment at 31 March 2004 to future capital expenditure in the financial year 2004/2005 amounting to £24,500 for a space station model, which was not provided for in the accounts.

33


Armagh Planetarium

Shop and mail order trading and profit and loss accountfor the year ended 31 March 2004

2004 2003£ £

Sales 42,451 30,145

Less: cost of salesOpening stock 5,548 9,603Add: Purchases 35,037 16,190

40,585 25,793Less: closing stock (13,385) (5,548)

27,200 20,245Gross profit 15,251 9,900Gross profit % 35.9 32.8

Less direct expenses:Wages and salaries 18,743 16,882Travelling and subsistence 1,648 138Telephone and postage 2,603 1,346Advertising 400 700Stationery 192 273Bad debts - 38Exhibitions and events 741 570Bank interest and charges 778 488Production - 158General expenses 41 10Total expenses 25,146 20,603

Net loss for the year (9,895) (10,703)

34

Annual Financial Report for 2003-2004

Technology

Transcript of Annual Financial Report for 2003-2004