TM ‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED 5711915 ABRIDGED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 CONTENTS PAGE Directors and Other Information 2 Statement of Directors’ Responsibilities 3 4 ‘Accountants’ Report Abridged Balance Sheet [Notes tothe Financial Statements‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED DIRECTORS AND OTHER INFORMATION DIRECTORS Ruth Woods Johnny Mutholland ‘SECRETARY Ruth Woods COMPANY NUMBER 86928 REGISTERED OFFICE 29 Windsor Place, Dublin 2 ACCOUNTANTS. Moran and Partners (Chartered Certified Accountants & Statutory Auditors, 30 Upper Drumcondra Road, Drumcondra, Dublin 9, BANKERS Bank of Ireland, Lower Baggot Street, Dublin 2 SOLICITORS Tobin Solicitors, Marshes Street, ‘Thomastown, Co, Kilkenny,‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED STATEMENT OF DIRECTORS’ RESPONSIBILITIES, ‘The directors are responsible for preparing the annual report and the financial statements in accordance with applicable Jaw and generally accepted accounting practice in ireland including the accounting standards issued by the Financial Reporting Council Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with Irish Generally Accepted Accounting Practice "Irish GAAP"). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a tru and fair view of the assets, liabilities and financial position ofthe company as atthe financial year end date and of the profit or loss of the company forthe financial year end and otherwise comply with the Companies Act, 2014. In preparing those financial statements, the directors are required to ‘select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent, state whether the statutory financial statements have been prepared in accordance with applicable accounting standards, identify those standards and note the effect and the reasons for any material departure from those standards, ‘© prepare the financial statements on the going concern basis unless iti inappropriate to presume thatthe company will continue in business. The directors are responsible for keeping adequate accounting records which correctly explain and record the transactions of the company, to enable at any time the assets, liabilities, financial position and profit ofthe company to be determined with responsible accuracy and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with Irish statute comprising the ‘Companies Act, 2014, They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities (On behalf of the board Qu Mwoods ‘Ruth Woods DIRECTORACCOUNTANTS? REPORT ‘TO THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED In accordance with our engagement leer dated 1 November 2015, we have compiled the financial statements set cout on pages 7 to 16 of The European Pensioneer Trustee Company Limited forthe year ended 31 March 2015. ‘This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report tothe Company’s Board of Directors, that we have done so, and state those matters that ‘we have agreed to state to them in this 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 Board of Directors, as 8 ‘body, for our work, or for this report. Respective Responsibilities of Directors and Reporting Accountants [As directors of the company you are responsible for ensuring that the company maintains adequate accounting records and for preparing financial statements which give a true and fair view and have been properly prepared in accordance with the Companies Act, 2014, You are responsible for deciding, on an annual basis, whether the company is entitled to avail of the exemption from statutory audit in accordance with Section 358 of the Companies ‘Act, 2014. It is our responsibility to compile the financial statements of The European Pensioner Trustee Company Limited from the accounting records, information and explanations supplied to us by the company. Scope of work We have carried out this engagement in accordance with the Rules of Professional Conduct and Ethical Guidance laid down by the Association of Chartered Certified Accountants. We have compiled these financial statements from the ‘accounting records, information and explanations supplied tous by the company. We have not audited or otherwise attempted to verify the accuracy or completeness of such records, information and explanations and, accordingly, express no opinion onthe financial statements. 30 Upper Dramcondra Ross Moren ant Padres Dublin 9. MORAN AND PARTNERS CHARTERED CERTIFIED ACCOUNTANTS 28 January 2015‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED ABRIDGED BALANCE SHEET AS AT 31 MARCH 2015 Notes suszois. (332014 € € FIXED ASSETS ‘Tangible fixed assets 2 663 1,863 CURRENT ASSETS ~ Debtors 98,674 73,363 ‘Cash at bank and in hand 55,150 413867 153,824 115,230 CREDITORS (Amounts falling due ‘within one year) 3 (93912) 125,910) NET CURRENT ASSETS(LIABILITIES) s9.912 (10,680) NET ASSETS/(LIABILITIES) 60,575 (817) CAPITAL AND RESERVES Called up share capital 4 2a 2a Capital redemption reserve 5 140 140 Profit and loss account 6 60,194 0,198) SHAREHOLDERS FUNDS/DEFICIT) (a) We, as directors of The European Pensioneer Trustee Company Limited, state that: 8) Thecompany is avaling itself ofthe aut exemption provied fr by Chapter 15 of Part 6 ofthe Companies Act, 2014, 1b) The company is availing itself of the exemption onthe grounds that Section 358 of the Companies Act, 2014 is complied with ©) No notice under subsection (1) of Section 334 ofthe Companies Act, 2014 has in accordance with subsection (2) ofthat section, been served onthe company 4) Thedirectors acknowledge the obligations ofthe company under this Act to: iL keep adequate accounting records and prepare statutory financial statements which can give ate and fir view ofthe assets, lisbilites and financial postion ofthe company a the end ofits financial year and ofits profs or Joss for such year and ii otherwise comply with the provisions of this Act relating to satutory nancial statements so far as they are applicable to the company. 2) we have relied on specific exemptions contained in Section 352 of the Companies Act, 2014 on the grounds that the company is ented tothe benef of those exemptions asa small company and thatthe abridged financial statements have been propery prepared in accordance wih setion 383 ofthe Companies Act, 2014 ‘The financial statements were approved by the Board on 29 January 2015 and signed on its behalf by Aled Qath MH vtoads fy MYtholland Ruth Woods pirECTOR DIRECTOR‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED NOTES TO THE ABRIDGED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015, ACCOUNTANCY POLICIES ‘The following accounting policies have been applied consistently in dealing with items which are considered ‘material in relation to the company’s financial statements @ o © @ © Basis of Preparation ‘The financial statements are prepared in accordance with generally accepted accounting practice in ireland and Irish Statute comprising the Companies Act 2014, under the historical cost convention as modified by the revaluation of land and buildings and comply with financial reporting standards of the Financial Reporting Couneil ‘The directors have reviewed the future funding requirements ofthe company and are satisfied that sufficient resources will be made available to assist the company in meeting its obligations forthe foreseeable future and accordingly the financial statements have been prepared on a going concern basis, Fee Income Fee income forthe year arises from the provision of pensioneer trustee services, stated net of VAT, and arses solely within the Republic of Ireland, ‘Tangible fixed assets ‘Tangible fixed assets are stated at original cost less accumulated depreciation. Depreciation is provided on straight line basis at rates calculated to write off the cost, less estimated residual value, of the individual ‘assets over their estimated useful lives atthe following annual rates: Office equipment 13% per annum itures & Fittings 33% per annum ‘Where it isthe opinion of the directors thatthe carrying values of the tangible fixed assets have been impaired they are written down to their value in use or nt realisabl value as appropriate Taxation Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have ‘been enacted or substantially enacted by the balance sheet dat. Deferred taxis recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred atthe balance sheet date. Provision is made at the rates ‘enacted or substantially enacted atthe balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and Tosses in tax assessments in periods different from those in which they are recognised in the financial statements. ‘A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis ofall lable evidence, it can be regarded as more likely than not that there willbe suitable taxable profits from. the future reversal ofthe underlying timing differences can be deducted, Provisions and Contingencies [No provisions or contingencies are included in the financial statements in accordance with Financial Reporting Standard 12 (“Provisions, Contingent Liabilities and Contingent Assets").‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED NOTES TO THE ABRIDGED FINANCIAL STATEMENTS, FOR THE YEAR ENDED 31 MARCH 2015(CONTINUED) 2. Tal D ASSETS Office Fixtures Equipment & Fittings Total € € € cost At /ar2014 38518 68,864 107,382 8131/3215 38,518 68,864 107,382 DEPRECIATION AL /a/2014 38280 67239 105,519 Charge for year 28 962 1.200 At31/872015 39518 68,201 106,719 NETBOOK VALUE Av3032015 Nil Av3132014 238 Inrespect ofthe prior year Office Fixtures Equipment & Fittings Total € € € cost ‘AU/42013 38518 66,873 105,391 ‘Additions : 1991 1991 AU3IBR014 38518 68,864 107,382 DEPRECIATION ‘At 1472013 37260 65,746 103,006 (Charge for year 1020 1493 2513, 13132014 38280 67,239 105,519 NETBOOK VALUE At3132014 Leas 1,863 3192013‘THE EUROPEAN PENSIONER TRUSTEE COMPANY LIMITED NOTES TO THE ABRIDGED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015(CONTINUED) 3. ‘TAXATION CREDITORS uns — san € € PAYE/PRSI : 1,148 vat 14,508 21884 14,508 4. SHARE CAPITAL susns ano € € ‘Authorised 49,890 ordinary shares of €1.269738 each 63,307 63,347 110 redeemable ordinary shares of €1.269738 each 140 140 63,487 63,487 Allotted, called up and fully pid 190 ordinary shares of €1.269738 each 5. CAPITAL REDEMPTION RESERVE susnois 313014 € € ‘ALL April 2014 M40 140 130 ‘At31 March 2015 6. RECONCILIATION OF MOVEMENT IN PROFIT AND LOSS RESERVES 3gn01s 318014 € € AtL April 2014 0,198) 21,223 Profiv(loss) forthe year 69,392 G0421) ‘At31 March 2015 0,194‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED NOTES 10 THE ABRIDGED FINANCIAL STATEMENTS, FOR THE YEAR ENDED 31 MARCH 2015 (CONTINUED) 7. RECONCILIATION OF Mt IN) HOLD! sus2o1s 332014 € € Opening shareholders funds (8817) 21,608 Profiu(loss) for the year 69392 (30421) Closing shareholders funds/(eficit) 60575 ea) 8 RELATED PARTY TRANSACTIONS ‘The following related party transactions occurred during the year: (@) ‘The company held ten separate bank accounts relating to Destiny Unit Trusts of Custom House Capital Limited, The funds held as at 31 March 2015 amounted to €22,914 and the transactions on these ‘accounts have not been recorded inthe financial statements ofthe company These funds have been recorded in the records of Customi House Capital Limited as being beneficially ‘owned by a number of Unit Trusts of which M & F Finance (Ireland) Limited isthe Trustee. The entre funds were transferred o the bank accounts of M & F Finance (Ireland) Limited subsequent to the year end. John Mulholland, a director of the company during the year, was also @ non-executive director of ‘Custom House Capital Limite. John Mulholland, a director of the company during the year, was also a director of M & F Finance (Greland) Limited until 25 November 2013, Ruth Woods, a director of the company, was a director of M & F Finance (Ireland) Limited until 26 Tanuary 2013. (©) A management charge inthe sum of €6,000 was charged to Mulholland Life and Pensions Limited, Ruth ‘Woods and Johnny Mulholland are also directors of Mulholland Life and Pensions Limited, 9. FINANCIAL COMMITMENTS ‘Atthe year end the following future capital expenditure had been authorised susans 3/3/2014 € Nil Nil Contracted for Not contracted for Land& Land & Buildings Buildings 3uBpols = 318RO1a ‘Operating lease commitments exis as follows: € € Expiring : Within 1 Year Nil Nil‘THE EUROPEAN PENSIONEER TRUSTEE COMPANY LIMITED NOTES TO THE ABRIDGED FINANCIAL STATEMENTS, FOR THE YEAR ENDED 31 MARCH 2015 (CONTINUED) 10. CASHFLOW STATEMENT ‘The company meets the size eriteria for a small company set out by the Companies Act 2014, and therefore in accordance with FRS 1: Cash Flow Statements, it has not prepared a cash flow statement. AL. DERERRED TAX susnes 31372014 € € Provided for in year Nil Nil ‘The company has a deferred tax asst of €91,185 as at 31 March 2015. This asset has not been recognised ‘nthe financial statements asthe directors are unable to satisfy themselves that i is more likely than nothat sufficient taxable profits will arise in the next accounting period, 12, CONTINGENCTES ‘The directors are not aware ofthe existence of any contingent liabilities. 13, DIRECTORS’ AND SECRETARY'S INTERESTS IN SHARES AND DEBENTURES In accordance with the Amticles of Association the directors need not retire by rotation. ‘The directors and secretary who held office at 31 March 2015 and 31March 2014 had no interests, other than those shown below, in shares ofthe company. ‘The European Pensioner ‘Name ‘Trustee Company Limit 31 March 2015, ‘31.March 2014 John Mulholland Ordinary shares of €1 each : 95 Ruth Woods Ordinary shares of €1 each 95 95 14, APPROVAL OF FINANCIAL STATEMENTS ‘The abridged financial statements for the year ended 31 March 2015 were authorised for issue and approved by the directors on 29 January 2016.