Clondalkin Community Property Development Company CLG
T/A Oakfield Trust

Request for audit and related service

Clondalkin Community Property Development CLG (T/A Oakfield Trust) invites proposals for the provision of auditing and associated professional services from 1st January 2024.

If interested, please submit a proposal by email to Marie Duffin (mduffin@oakfieldtrust.ie) by close of business on Friday 13th October 2023

Background Information

Clondalkin Community Property Development CLG (T/A Oakfield Trust) is a Clondalkin-based Social Enterprise and registered Charity with CRA (CRA No. 20041861) providing the following services nationally: - Social Enterprise Funding and Support - Property Management and Development - Project Development Loans and Grants, find us at www.oakfieldtrust.ie

Funding

Our primary source of trading income is rental income from our property portfolio in Clondalkin, Dublin. We currently have a property portfolio of 5 commercial properties in Clondalkin. Of these premises, 3 are owned by Oakfield Trust and have been let to anchor tenants (all social enterprises / community organisations, while 2 other properties are leased and sub-let to community-based organisations.

Oakfield Trust also receives a management fee for managing a small commercial business park (Nangor Road Business Park) in Clondalkin under Nangor Road Management CLG.

Staff

OT currently employs 2 members of staff (full time) who are based in their registered office in Unit 3 Oakfield, Ninth Lock Road, Clondalkin, Dublin 22, D22 H5H0

Finance Staff

OT employs a manager/administrator who takes care of the day-to-day financial operations. Management accounts are prepared monthly, and quarterly accounts are reviewed in detail against budget and forecast with the Board of Trustees.

Accounting Records

The accounting software currently used by the organisation is Surf Accounts, supporting documents are prepared in Excel.

Timetable of OT Audit Year

• Financial year end is December 31st
• Draft accounts available by mid- February
• Audit carried out Mid-March
• Review of preliminary figures with management/Board members and the auditor
• Review and approval of accounts by OT Board of Directors Mid-April

Income

Total income for 2022 was €227,000 with an expected similar income for 2023.

Financial statements

Financial Statements for the year ended 31st December 2022 are available on request.

OT Requirements

OT is seeking to engage a firm who will provide the full range of auditing services required in order to fulfil its statutory obligations, to comply with relevant accounting and reporting standards and best practice.

Annual Auditing Services Required

The range of services for which the successful supplier may be responsibility include, but are not restricted to:

Auditing

• Conduct an annual financial audit of OT in accordance with the relevant standards applicable in Ireland and applicable law
• Evaluate the appropriateness of accounting policies used
• Ensure the financial statements comply with directives applicable to the charity sector including circular 13/2014
• Conclude on the appropriateness of the directors’ use of the going concern basis for the preparation of the accounts
• Evaluate and advise on the overall presentation, structure, and content of the financial statements
• Identify if other information (non-financial) included in the annual reports is materially consistent with the financial statements

Communication

• Promote effective two-way communication between the management and the board of OT and the auditor
• Carry out a pre-audit meeting to discuss the forthcoming audit and provide an overview of the planned scope and timing of the audit
• Confirm, in writing, matters discussed and any agreed actions
• Keep management and Board updated on relevant developments in accounting and taxation matters
• Present/review draft audited accounts with the manager and Board. Including any audit findings, as and when required
• Prior to the board signing off on the accounts - ensure a member of the firm attends the Board meeting and makes a presentation to the Board on the findings of the audit

Accounting

• Provide assistance to the company secretary by preparing and lodging and returns with Companies Registration Office
• Assist and advise on any other filing requirements e.g., Revenue Commissioners

Proposed Contract

The contract will be for an initial three-year period commencing on 1st January 2024 (to undertake the 2023 annual audit) and will be subject to annual appointment by the Board of Directors at the AGM

Retention of access to CTDG records

During the course of work with OT the auditing services supplier will have access to various documentation. You will be required to only take away copies of any documentation required for audit purposes and any such documentation must be destroyed after 7 years, with the exception of documentation that is agreed to be of continuing significance.

Confidentiality:

All the information contained in this document is confidential to OT and is given on the basis that this confidentiality will be strictly observed by all proposed Tenderers and will not be disclosed to any other party without the prior consent of OT.

Notification of Acceptance:  

OT shall notify acceptance of the tender to the successful firm as soon as reasonably practicable, and in any event by 31st December 2023.

Tax Clearance:

The successful firm must be in possession of valid tax clearance certificate for the duration of the contract. Such a valid tax clearance certificate from the Irish Revenue Commissioners must be produced by a successful Tenderer before execution of the contract.