Some Surprise
[updated February 15]
[updated February 15]
A copy of the first annual accounts of Rathlin Island Ferry Limited (RIFL) is now available from Companies House. As the company is in receipt of a £4 million subsidy from the Department for Regional Development spread over six years it's hardly surprising that these accounts must be audited.
Financial Information
(a) A copy of the Operator's Annual Report.
(b) A copy of the company's audited accounts; a copy of the audited accounts for the subsidised services; and audit certificates for both.
(c) Other financial information required for monitoring purposes.
However, this statement from the annual accounts paints a different story:
As described on the balance sheet you are responsible for the preparation of the financial statements for the period ended 31 May 2009 set out on pages 2 to 5 and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities from the accounting records and information supplied to us.
RIFL's sister company, Tithe Saoire Chleire Teoranta, is giving up its Cape Clear ferry contract at the end of February. Its accounts were available during the Rathlin ferry tender process but may not have been fully scrutinised. The 2006 accounts make for interesting reading. Loans to two other Co Cork sister companies (West Cork Coastal Cruises and CDM Togail Teoranta) are labelled 'These loans contravene Section 31 of the 1990 Companies Act'. What does it all mean?
Adds February 10
I've received further copies of Tithe Saoire Chleire Teoranta accounts. Those civil servants from Northern Ireland's DRD and DFP and Ireland's DCRGA who are following NALIL blog closely might care to look at the accounts for 2001 and 2002 (merged). Can they explain why the figures for 2001 are not identical in each of the same accounting year periods? Can DCRGA explain why this discrepancy is not reflected in its endorsement of the ferry operator?
I wonder in which accounts the St Sorney appears. Is it leased to RIFL? Would it be labelled an asset or a liability? It's currently tied up in Ballycastle Marina and doesn't appear to be in a fit state to immediately resume service.
Adds February 15
Division of subsidy between lifeline ferry and passenger only ferries
Canna 5/6 1/6 St Sorney
Canna 2/3 1/3 Rathlin Express
RIFL's sister company, Tithe Saoire Chleire Teoranta, is giving up its Cape Clear ferry contract at the end of February. Its accounts were available during the Rathlin ferry tender process but may not have been fully scrutinised. The 2006 accounts make for interesting reading. Loans to two other Co Cork sister companies (West Cork Coastal Cruises and CDM Togail Teoranta) are labelled 'These loans contravene Section 31 of the 1990 Companies Act'. What does it all mean?
Adds February 10
I've received further copies of Tithe Saoire Chleire Teoranta accounts. Those civil servants from Northern Ireland's DRD and DFP and Ireland's DCRGA who are following NALIL blog closely might care to look at the accounts for 2001 and 2002 (merged). Can they explain why the figures for 2001 are not identical in each of the same accounting year periods? Can DCRGA explain why this discrepancy is not reflected in its endorsement of the ferry operator?
I wonder in which accounts the St Sorney appears. Is it leased to RIFL? Would it be labelled an asset or a liability? It's currently tied up in Ballycastle Marina and doesn't appear to be in a fit state to immediately resume service.
Adds February 15
Division of subsidy between lifeline ferry and passenger only ferries
Canna 5/6 1/6 St Sorney
Canna 2/3 1/3 Rathlin Express
