HORSE SPORT IRELAND
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Financial Ov
ervie
w
Annual Report
2013
The board of directors
Patrick Wall (Chairman)
Anne Cahill
Rita Dunne
Paddy Joe Foy
Neil Henry
Tony Hurley
Sean Kavanagh
Brian MacSweeney
Patrick McCarthy
Gerry McCloskey
Hugh McCusker
Harold McGahern
Peter Molloy
Liam Murphy
Kieran O'Gorman
Larry O'Neill
Georgia Stubington
Taylor Vard
Company secretary
Mark Bolger
Registered office
1st Floor
Beech House
Millennium Park
Oberstown
Naas
Co. Kildare
Auditor
Grant Thornton
Chartered Accountants & Registered Auditor
24 - 26 City Quay
Dublin 2
Bankers
Allied Irish Banks
41 South Main Street
Naas
Co. Kildare
Solicitors
Beauchamps
Riverside Two
Sir John Rogerson's Quay
Dublin 2
Frank Mulvey
Castle Buildings
Friary Road
Naas
Co Kildare.
Directors' Report
The directors present their report and the financial
statements of the company for the year ended
31st December 2013.
Principal activities and business review
The principal activity of Horse Sport Ireland is to
promote the sport horse sector in Ireland and to co-
ordinate the sport and leisure aspects of the industry.
Horse Sport Ireland is recognised as the governing
body for the equestrian sector in Ireland by the Olympic
Council of Ireland, The Irish Sports Council, Paralympics
Ireland, Fédération Equestre Internationale and Sport
Northern Ireland.
Results
The results for the year are set out in the company
Income and Expenditure Account on page 7. The
directors have not recommended a dividend.
Financial risk management objectives and policies
The directors consider that the principal risks and
uncertainties faced by the company are in the following
categories:
Economic risk:
The risk of increased interest rates and or inflation
having an adverse impact on served markets.
These risks are managed by innovative product
sourcing and strict control of costs.
Financial risk:
The directors of the company closely monitor the
company's trading activities to manage credit, liquidity
and other financial risk.
People in our business
The continued success of the company has been
achieved by the people working in it. There are many
long serving members of staff and the relatively low
turnover of personnel reflects the general policy of
providing good terms and conditions of employment
while dealing with staff, as well as the other
stakeholders in the business, in a fair and consistent
manner. Their continued loyalty and hard work is much
appreciated.
Important events since the year end
There have been no significant events affecting the
company since the year end.
HORSE SPORT IRELAND
COMPANY LIMITED BY GUARANTEE
A full set of the HSI Audited Financial Statements is filed with the Companies Registration Office.
54
HORSE SPORT IRELAND
Financial Ov
erview
Extract from the 2012 audited financial statements
We have audited the financial statements of Horse Sport Ireland for the year ended 31st December 2012 which
comprise the Income and Expenditure Account, Balance Sheet, Cash Flow Statement and the related notes.
These financial statements have been prepared on the basis of the accounting policies set out therein.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As described in the Statement of Directors' Responsibilities on pages 2 - 4, the company's directors are
responsible for the preparation of the financial statements in accordance with applicable law and Generally
Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards
Board and published by the Institute of Chartered Accountants in Ireland.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (UK and Ireland).
This report is made solely to the company's members, as a body, in accordance with Section 193 of the
Companies Act, 1990. Our audit work has been undertaken so that we might state to the company's members
those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company's members as a body, for our audit work, for this report, or for the opinions we have formed.
We report to you our opinion as to whether the financial statements give a true and fair view, in accordance with
Generally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with the Companies
Acts, 1963 to 2012. We also report to you whether in our opinion: proper books of account have been kept by
the company; whether, at the balance sheet date, there exists a financial situation requiring the convening of an
extraordinary general meeting of the company; and whether the information given in the directors' report is
consistent with the financial statements. In addition, we state whether we have obtained all the information and
explanations necessary for the purposes of our audit and whether the financial statements are in agreement with
the books of account.
We also report to you if, in our opinion, any information specified by law regarding directors' remuneration and
directors' transactions is not disclosed and, where practicable, include such information in our report.
We read the Directors' Report and consider the implications for our report if we become aware of any apparent
misstatement within it.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements. It also includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the financial statements, and of whether the accounting
policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming
our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Annual Report 2012
A full set of the HSI Audited Financial Statements is fi led with the Companies Registration Offi
ce.
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