Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2022 Irish Diaspora Foundation (A company limited by guarantee) Trustees, and Directors, Report and Accounts for Year ended 31 January 2022 Company number 04060923 {England and Wales) Charity number 1086775 lllllWWlllUWWlll •A8FK2)OX* 2811012022 COMPANIES HOUSE Page l of 19 A10
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Irish Diaspora Foundation Trusiees. and Directors, Report for the Year ended 31 January 2022 Contents Page Trustees'/Dirertors' Annual Report Independent Examiner's Report Statement of Financial Artivities io Balance Sheet li Notes to Financial Statements 12-19. Page 2 of 19
Irish Diaspora Foundation Ttee5, and Dirertors, Report for the Year ended 31 January 2022 The Trustees present their Annual Report and the Directors, Report las required by company lawl together with Financial Statements for the year ended 31 January 2022. Reference and Admlnlstratlon detsils Charity name". Charity reglstratlon number. Company number: Principal addrw and registered office: Irish Diaspora Foundation 1086775 I Irish Town Way Cheetham Hill. Manthester M8 OAE Irish Diaspora Foundation is a company limited by guarantee not having any Share copitsl. Trustees'/Dlrectorfs re5pon5ibllities The Trustees/Directors are responsible for preparin8 the directors, report and the financial statements in accordance with applicable law and regulations. The company law requires the directors to prepare the financial statements for each financial year. Under the law directors have elected to Pfepare the financial statements in accordance with UK GAAP (generally accepted accounting practice) Under company law directors must not appro¥e the financial statements unless they are satisfied that they give true and fair view of state of affairs of the company and of profit and10s5 account for that period. In preparing these financial statements, directors are required to seled suitable accountinE policies and apply them consistently make judgement and accounting estimates that are reasonable and prudent prepare financial statement on going concern basis unless it is inappropriate to presume that company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure the financial statements comply with Companies Act 2(K)6. They are responble for safeguardingthe assets ofthe company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 of 19
Irish Diaspora Foundation Trustees. and Directors. Report for the Year ended 31 January 2022 TrusteeslDirertors At the date of approval of this report the charity trustees and directors were as follows Paul Ezekiel Stanion Michael Gerard Forde Martin Connollv Brian Bernard Kennedv Martin Logan Rose Agnes Morris Trustees are appointed by majority vote of existin8 trysteesldirectors Other relevant InforntIon Registered Office I lrfsh Town Wav Cheetham Hlll Manchester M8 OAE Bankers The Co Operative Bank PIC PO Box 250 Skelmersdale WN8 8NT Structure. Governance and Management l- Governlng Document The Foundation 15 a charitable company limited by guarantee. incorporated on 29 August 20LK) and registered as a charity on 25 May 21XII. It Was established under a memorandum of association which outlines its objects and power5 and is governed under its articles of association It has a use of limited exemption. In the event ofthe company beingwound up members are required to contribute an amount not exceeding £ l as detailed in the charity's memorandum ènd articles of association. 2-Introdurtion The Irish Diaspora Foundation IIDF) is a re8lStered charity founded in 2(X)O and based at the Irish World Heritage Centre. Its aims and objectives are to advance education of the wider community on all aspects of Irish Culture and Heritage, and the positive contribution of Irish emigrants worldwide. This is achieved through promotion and development of Irish arts. history, cultural heritage and sporting artivities at the Irish World heritage Centre and by working in partnership with other Irish organisations and community groups. 2.1- Board of Trustees The Board of Trustees consists of six people. all of whom brin8 appropriate knowledge and and expertise to the board. Page 4 of 19
Irlsh Diaspora Foundation Tw5tees' and DirectOf5' Report for the Year ended 31 January 2022 2.2- Staff The Irish Llasporo Foundation employs three members ofstsff in an administative capacity. The position5 of Culture ond Education Officer and Cultural Support Officer have not yet been filed. 2.3-Volunteers The Irish Diaspora Foundation currently has 8 volunteers who often support delivery of cultural events and one-off projects. During the past year their participation was reduced because of the cessation of a full cultural programme due to Government Covid 19 restrictions. 3- Goal Soccer Centre The sublet to Northwind 5s Ltd tla Goa15 5-a-side football opened on the site in February 2015 and has been trading alongside the Irish World Heritage Centre since that time. providing an annual income to the centre from a long term lease arrangement. 4- Ongolng pro*¢ts and artivities 4.1-Fundlng When fully operational in previous years. the primary source of funding of The Irish Diaspora Foundation was the Irish Government's Emigrant Support Programme. administered by the Irish Abroad Unit of the Department of Foreign Affairs and Trade and the Emba54 of Ireland. supplemeted by small amounts of funding from other collaberative partners. This was considerably reduced due to the cessation of the full cultural programme due to Government Covid 19 regulations. During the year a rental has continued to be received from Goals 5-a-5tde football, and a rental has been received throughout the year from NHS in connection with Covid 19 vaccination5. 4.2- Manchester Irish Centre Limited Manchester Irish Centre Limited IMICLI is a mutual society {registered number 24907RI This society works closely with the Irish Diaspora Foundation{IDF} and has several mutual trustees. MICL operates Out of the Irish World Heritage Centre which is part owned by IDF and no rent is charged to MICL. MICL and IDF are joint lease holders of the land on which the property is built. MICL and IDF are also joint lessors of a sub-lease relating to part of the land incorporated in their joint lease. The rent from this sub- lease received during the year is included in the accounts under incoming resources Page 5 of 19
Irish Diaspora Foundation Trustees, and Directors. Report for the Year ended 31 January 2022 4.3- Partnerships The Trustees of the Irish Diaspora Foundation value Strongly the opportunity to work in partnership with local, regional and national organisations and particularly with the local cultural, charity and voluntary sector as well as being highly committed to advancing the aims and objectives of the Foundation through the provision of a diverse platform of activities with the education and learnin8 sectors locally and regionally. We believe that partnership leads to more effective and more eWi¢ient operation. and that the pooling of resouices. experience and ski115 can lead to enhanced delivery for the public5 served by the charity- The Irish Diaspora Foundation has well e5tabli5hed partnerships with a large number of organisations. Our dealings with these organisations can range from one-off consultations to ongoing projerts and activities delivered in partnership over a long period of time. Ongoing plans to diversify our publics and to extend the reach and depth of our engagement with the Irish Diaspora. involve greater collaborative partnerships with established and emergent sectors includinE the burgeoning Festival sector in Greater Manchester. During the past year collaberation with these organisations was limited and when it occurred it was mostly through social media and virtual meetings. The following are examples of the charities and organisations we have worked with over the past year. Claddagh Association of Irish Dance. Conradh na Gaeilge. British Association of Irish Studies, Manchester MetroDolitan Universitv. Comhaltas in Britain. Manchester Citv Council. Liverpool Institute of Irish Studies. Manchester Irish Festival. Llkrainian Centre Manchester. Irish Youth Foundation. Centre for New Writin%- University of Manchester. Ireland Funds Great Britain. Lancashire GAA. St Wilfred's CCE. Irish TV in the UK. Manchester Irish Education Group. North Manchester Radio FM. Manchester Irish LanRua%e Group. All FM Manchester Irish Radio. Buffalo University New York James Jovce Collection. Manchester Irish Writers. Irish Communitv Care Manchester. McGill Summer School. Pa8e 6 of 19
Irtsh Diaspora Foundation Trustee5' and Oirectors. Report for the Year ended 31 January 2022 Cultural and Educatlon Programmes The Irish Diaspora Foundation aims to deliver a diverse programme of activities throu8hout the year. The programmes delivered from February 2021 to January 2022 include the promotion of activity that addresses the larger prioritie5 Set by the 'Decade of Centenaries, to explore the history of Ireland during the Revolution. War of Independence. Civil War and Partition in the 1913-22 period. Information was shared on social media to highlight online webinars and conferences appertaining to this subject to allow some continuation of interest in this aspect of Irish history and heritage. It also included notice of activities designed to express and deliver our tore and strategic priorites aimed at expanding knowledge. awarenes5 and engagement with Irish arts. histories and heritage among Irish citizens and generations in diaspora. The members of Manchester Irish Writers. St Wilfred's traditional musicians and Manchester Irish Education Group continued a re8ular input throu8h the use of social media to hold virtual meetings and cla555es. From February 2020 and throughout 2020 and 2021 many scheduled events were cancelled including activities associated with the Manchester Irish Festival. includin8 the St Patrick's Day Parade in 2021. Government employment restrictions which began on 20th March 2020 let to a close down of the Irish World Heritage premise5. Other than for NHS u5e- hence the cessation of all cultural and social activities apart from those through social media and this pattern continued during 2021122. Throughout the year Trustees, volunteers and cultural group leaders continued to provide communications and updates to maintain contact with the wider Irish community to enhance and promote their well-being at a difficult and unusual time through the regular use of social media. the website, Twitter, Istragram, local Irish Radio and Irish TV in the UK. IWHC members were updated with regular e-mails and mailchimp. Page 7 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2022 Financial Performance The Statement of Financial Activities is set out on page 10 and shows a deficit of £8.16512021= a surplus of £47,348) on total income generated of £298.110 {2021= £119.6451. The Balance Sheet on page 11 shows total net assets of £685,80612021.. £693,9711. The net assets are split between unrestricted and restricted funds. further details of which can be seen in note 14 of these financial statements. In common with most businesses. the Irish Diaspora Foundation {the Charity) has continued to be challenged financially during the year. with Covid 19. the cost-of-living crisis and other external factors having a negative impact on the activities and finance5 of the Charity. As such the Board have considered the going concern basis of preparation of these financial statements, further details of which can be seen in note 1.1 to these financial statements. This report has been prepared in accordance with the small company regirne. section 419 (21 of the Companies Act 2006. Approved by the Board on .2.5/,:1 .y.t¥.b and signed on their behalf by Brian Kennedy (Trusteel Martin Connollv (Trusteel Page 8 of 19
Irish Diaspora Foundation TrueeS, and Dire¢tors' Report for the Year ended 31 January 2022 Independent Examiner's Report to the TNstees of Irish Diaspora Foundation I report to the charity trustees on my examination of the accounts of the charity for Year ended 31 January 2022 which are set out on pages 10 to 19. Respect responslbllltles of trustees and examiner As the charity's trustees of Irish Diaspora Foundation {and also its directors for the purpose of company lawl you are responsible for the preparation of accounts in accordance with the requirements ofthe companies Act 261'the 2006Act'l. avin8 satisfied myself that the accounts of Irish Diaspora Foundation are not required to be audited under part 16 of the 26 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l- In carrying out my examination I have followed the Direction5 given by the Charity Commi$5ion under section 145151 {bl of the 2011 Act. Independent Examiner's ststement Since the Irish Diaspora Foundation'5 gr0$5 income exceeded £250.000, your Examiner must be a member of a body listed in section 145 of the 2011 Charities Act. I confirm that l am qualified to undertake the examination because l am a member of the ID5titute of Chartered Accountants in England & Wales, which is one of the listed bodies I have completed my examination. I confirm that no matters have come to my attention in connertion with the examination 8ivin8 me cause to believe: l- accounting records were not kept in respect of Irish Diaspora Foundaiton as required by section 386 of the 2006 Act; or 2- the accounts do not accord with those records: or 3- The accounts do not comply with the accounting requirements of section 396 ofthe 2IXJ6 Actother than any requirement that the accounts give true and fair view which is not a matter considered as part of an independent examination- or 4- the account5 have Dot been prepared in accordance with the method5 and principles of the Statement of Recommended Practice for the accounting and reporting by charitie5 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. Paul Roper IFCAI McKellen5 Ltd 11 Riverview The Embankment Business Park Vale Road. Heaten Mersey Stockport, SK4 3GN Page 9 of 19
Irish Dlaspora Foundation Trustees, and Directors. Report for the Year ended 31 January 2022 ststement of Financlal Actlvltles for the Year ended 31 January 2022 unStrICted Restricted Fund Fund 2022 2022 Total Fund5 2022 Unrestricted Re5trirted Fund Fund 2021 2021 Total Funds 2021 Note! Incoming resources Grants Rent receivable Irlsh govemment grant Emigrant Support Programme From charitable activities Fund raising 12.(KM) 272.967 13.143 25.143 272.967 14.029 105.616 14,029 105,616 Total Incomlng resources 284,967 13.143 298.110 119,645 119,645 Less: Resources expended Charltable activities Other Expendlture {4.5111 13.3891 17,9001 12.4681 1110.4781 1112,946} 1136.1401 (170.135) (306.275) Total resources expended 1136.1401 1170.135) 1306,275} {6.9791 1113,8671 1120,846} Net lexpenditure)/income for year Net resources before other recogni5ed gainslllossesl 148,827 {156.9921 18.165) 112,666 1113,8671 11,2011. 148.827 (156,992) (8.165) 112,666 1113,8671 {1.2011 Other recognlsed galns/(losses) Provision for doubtful debt Surplus on Revaluation {34.553) 134.5531 83.102 83102 Net movement in fund Reconciliation of funds Total funds brought forward Prior year adjustment 148,827 1156,9921 (8,1651 78.113 {30,7651 47,348 241374 452,597 693.971 163,261 328459 154903 491.720 154,903 Total funds brought forward Net movement in fund5 in year Total funds carried forward 241.374 452,597 148.827 1156,9921 390.201 295,605 693,971 18.1651 685,806 163,261 78,113 241,374 483.362 130,7651 452,597 646,623 47,348 693,971 Page IQ of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2022 Balance Sheet as at 31 January 2022 Notes 2022 2021 Fixed a55ets Tangible a55ets Investments Investment in subsidiary Total fixed assets 1,420,411 1.025.( 1.468,969 1.025,0 io 2.445,412 2,493,969 Current assets Debtors Cash at bank and in hand Total current assets li 316,947 95.430 412.377 302.985 68.213 371.198 Credltors: Amount falllng due wlthln one year 12 11.581.704) 11,518.6551 Net current assets 11.169.327) 11,147.457) Total assets less cyrn1 liabilities 1,276,085 1.346.512 Creditors: Amounts falling due after more than one year 13 1590,2791 1652,5411 Total net assets 685,806 693,971 Funds of charity Unrestricted funds Restricted funds Totsl funds 14 390.201 295,605 685,806 241,374 452,597 693.971 For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Art with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companie5 subject to the small companies regime. Approved by the Trustees on LL and signed on their behalf Brian Kennedy (Trustee Martin Connolly {Trusteel Page llof 19
Irish Diaspora Foundation Twstees. and Directors, Report for the Year ended 31 January 2022 Notes to the Financial Statements for the Year ended 31 January 2022 l-Ba5is of Preparation 1.1 Going concern The Trustees of Irish Diaspora Foundation (the Charity) secured a contract with the NHS to rent part of the building as a Covid 19 vaccination Centre in January 2021. and this has continued until the end of August 2022. The Trustees have further considered the projected finanial commitments and cash flows of the Charity for a period extending for 12 months from the date of approval of these financial statements. The Trustees forecast that the surplus NHS rental income generated over the life of that additional NHS contrart rental income source is expected to cover the Charity's costs and any losses of Irish Town Manchester Limited IITMLI until circa January 2023. by which time the Trustees believe that ITML will be Profit making. Once ITML is profit making, it Is not expected to require significant trading support from the Charity other than the sharing of some central overhead cost5. The Charity also has contracts providing medium to long term rental income from Northwind 5's Limited {Goals soccer centrel and Metrolink (car parking spaces) which underpin the 8oards's forecast assumptions. Consequently. the Board believe the Charity has sufficient resources on its Balance Sheet to continue to service all its activities and creditors for at least twelve months from the date of signing these accounts. The Trustees consider therefore that the Charity can continue to operate as a going concern and the accounts have accordingly been prepared on a going concern basis. 1.2 Basis of preparation of Financial Statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, effective l January 2019, and the Companies Act 2CQ6. The Charity meets the definition of a public benefit entity under FR5 102. Assets and liabilities are initially recognised at historical cost or transaction value unless.other stated in the relevant accounting policy. 1.3 Fund Accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by trustees in furtherance of the general objectives of the charity. Restricted funds are Subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Restricted funds include a revaluation reserve representing the restatement of investment assets at market values. In the opinion of the Trustees, there are no critical estimates or judgements included in the accounts. 2- Accounting Policie5 2.1- Incoming resources aF All incoming resources are included in the statement of financial activities ISOFAI when the charity 15 entitled to the resources. the quantum can be determined with reasonable accuracy, and in the opinion of the trustees. virtual certainty of receipts is perceived. Page 12 of 19
Irlsh Diaspora Foundatlon Trustees. and Directors, Report for the Year ended 31 January 2022 b)-Where incoming resources have related expenditure { e. g with fundraising or contrart income) the attributable resources and expenditure are reported gross in the SOFA. c)-Grant5 and donations are only included in the 50FA when the charity has unconditional entitlement to the resour£es. d) Contractual income and performance related grants are only included in the SOFA once goods have been delivered/performed. el Glfts in kind for use by the charity are included in SOFA as incoming resources when receivable, recognised using a reasonable estimate of their value to the charity. fl Donated services and facilitie5 are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable. measurable and material, recognised at the estimated value to the charity. g) The value of voluntary assistance received is not recognised in these accounts. h) Foreign currencies-. transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at net incoming esources. 2.2- Resources expended a) Expenditure is recognised on an accrual basis as a liability is incurred. b) Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. c) Governance costs include costs associated with meeting the constitutional and statutory requirements of the charity and could include the cost5 of preparation and audit or independent examination of statutory accounts. c05t of trustees, meetings and of legal and professional advi. d) Capital grants are presented in the accounts as incoming resources. The depreciation of the fixed ssets is recognised in the SOFP against the associated fund. e) All costs are allocated between the appropriate expenditure categories of SOFA on a basis designed to reflect the use of resources. Costs relating to a particular artivity are allocated directly. others are apportioned on an appropriate basis. 2.> Assets Fixed assets represents capitalised professional fees. expenses incurred during the year and development works on the Irish World Heritage Centre. The land and buildings is subject to 3 250 year lease commencing on 20 June 2012 from the Manchester City Council. Fixed assets with a value less than £100 are not capitalised. Page 13 of 19
Irish Diaspora Foundation Trustee5' and Direttors. Report for the Year ended 31 January 2022 Depreciation is provided on tangible fixed assets so as to write off the cost. less any residual value, over their expected useful economic life. Leasehold property Fixtures. fittings and equipment 2 % straight line 10% straight line 3- Incomlllg resources from activitles to further the charity's objects Total 2022 Total 2021 Unrestricted Restrirted Unrestricted Restricted 3.1 Grants lindividual sources in excess of £10,000 pa) 12000 lo.? 22.0 14,029 14.029 3.2 The Irish Government 3.2 Grants (individual sources less than of £IO.000 pal 3.143 3.143 12.(KK) 13,143 25,143 14,029 14,029 4- Total resources expended Total 2022 Total 2021 Unre5trirted Restricted Unrestricted Restricted 4.1 Staff wages 4.2 Rent, rates and insurance 4.3 Accountancy. & professional fees 4 .4 Stationery, postage, advertising 4.5 Bank charges and interest 4.6 Maintenance and Repairs 4.7 Charitable purpose expenditure 4.8 Miscellaneous 4.9 Depreciation 70.035 32.616 766 5.101 206 18.058 3,686 17,562 413 2,747 69,486 14.377 73.721 50,178 1.179 960 2429 1168 960 6.940 3.338 4.511 2.170 69.692 32.435 78179 78,179 9.358 9,358 61,864 298 298 31,131 61.864 31131 136.140 170,135 306,275 6,979 113,867 120,846 5- Net incoming resour5 for the year 2022 2021 This is stated after charging: Depreciation Impairmentllsurplusl on Revaluation Governance costs '. Independent examiner's fee 61.864 31.131 {83.1021 850 62,714 850 151,1211 Page 14 of 19
Irish Diaspora Foundation Trustees, and Dirertots. Report for the Year ende(131 January 2022 6.1 Staff costs Gross salaries/wages and benefits in kind Employer's national insurance contributions Employer's Pension Contributions 67,449 5,294 978 73.721 960 960 6.2 Average number of fulltime equivalent 2022 2021 Employees in the year 6.3 stsff Pension Scheme The charity operates a pension schemes for its employees. The charity Started employees pension from Oct 2017. The People's Pension is workplace pension provider for the charity. 6.4 There are no employees with ernoluments above £60,(KX). 7- Trustees remuneration arKI related party transartions 7.1 Neither the trustees nor any person connetted to them have received any remuneration or payment for individual expenses durin8 the period12021 . £Nil) 7.2 Manchester Irish Centre Ltd Manchester Irish Centre Ltd is a mutual society which works closely with Irish Diaspora Foundation. It operates out of the property know as the Irish World Heritage Centre on a rent free basis. The two entities have several mutual trustees. At 31 January 2022. there was a balance of £267.18212021- £267.182) due from Manchester Irish Centre Ltd. 7.3 Irish Town Manchester Ltd Irish Town Manchester Limited, a wholly owned subsidiary of Irish Diaspora Foundation, was incorporated on 3rd December 2021. The company did not trade during the year ended 31stJanuary 2022. Trading commenced on 4th February 2022. At 31 January 2022, there was a balance of £15.588 due from Irish Town Manchester Limited. Page 15 of 19
lrfsh Diaspora Foundatbon Trustees, and Directors, Report for the Year ended 31 January 2022 8- Tangible Fixed Assets Long Leasehold Premises Flxtures and fittings Total Cost As at 31 January 2021 Additions Revaluation As at 31 January 2022 1,425.000 263.816 1,688,816 13.306 13,306 I,425.(M) 277.122 1.702.122 Depreciation As at 31January 2021 Charged this period Revaluation As at 31January 2022 4.750 34.152 215.097 27.712 219,847 61,864 38,2 242,809 281,711 Net book value As at 31January 2022 As at 31 January 2021 1.386,098 1.420,250 34,313 1.420.411 48,719 1.468.969 The leasehold property was valued on 30 November 2020 by a national firm of Chartered Surveyors and Property Consultants. Gerald Eve LLP, members of the Royal Institute of Chartered Surveyors. The valuation was made on an open market existing use basis. This valuation was incorporated in the financial statements to 31 January 2021. Depreciation on Long Leasehold Premises has been provided for the year. The Trustees are not aware of ony material changes in value of the leasehold propertv since this valuation. Page 16 of 19
liish Diaspora Foundation Trustees, and Oirectors, Report for the Year ended 31 January 2022 Historical Costs Fixed assets shown at revalued amounts would normally have been shown at cost as follows Long Leasehold Premises £ Total Cost As at 31January2021 Additions As at 31 January 2022 4,864.937 4.864.937 4.864.937 4,864,937 Depreciation Asat31January2021 Charged for Year As at 31 January 2022 746.179 97.298 843,477 746.179 97,298 843,477 Net book value As at 31 January 2022 As at 31 January 2021 4,021,460 4,118.758 4,021.460 4.118.758 9-Flxed Assets Investment 2022 2021 Land leased to Northwind 55 Ltd 1.025.IX I.025,() Part of the land attached to the Irish World Heritage Centre has been sublet to Northwind 55 Ltd t/a Goals at an annual rent of £70.IM). This land was valued on 30 November 2020 together with the leasehold property. IInVestMent in Subsidiary Undertakiwa 2022 2021 Irish Town Manchester Limited The Company was incorporated on 3rd December 2021, and did not trade during the year ended 31st January 2022 11- Debtors Amount falling due within one year Trade debtors Other Oebtor5 Accrued Income Amount owed bygroup and associated undertakings Provision for bad debt from subsidiary 2021 2020 24.778 11,025 24.177 io.o)o 282,770 518,196 1251.0141 302.985 316.947 Page 17 of 19
Irish Diaspora Foundation Trustees, and Directors. Report for the Year ended 31 January 2022 12- Creditors . amounts falling due within one year 2022 2021 8ank Loans and overdrafts Loan from Manchester City Council Trade and expense creditors Social security and other taxes Other creditors and accruals 44.876 1,493,329 21.227 14.250 8.022 1,581.704 46.927 1,444,764 462 18,916 7,586 1,518,655 At 31st January 2022. the loan from Manchester City Council includes accrued interest of £335,663. The accrued interest amount is for the last seven years since the start of the loan in January 2015. The loan from Manchester City Council is secured by debenture dated 20 January 2015 which includes a fixed charge over all the borrowers, right. title and interest in the existing rent account subject to the deed of priorities held by the Co operative Bank plc. The loan from Manchester City Council is repayable on demand. 1> Creditors . amounts falling due after more than one year 2022 2021 Bank loans 590.279 590.279 652.541 652,541 Bank loans and overdraft facilities are secured by a standard mortgage debenture to the Co operative Bank plc incorporating a fixed and floating charge dated 20 June 2012 over the assets of the company. The Co operative Bank plc also holds a deed of priorities dated 20 January 2015 which provides the bank with priority over the Manchester City Council for a sum of £l.Im plus interest and costs. The Co operative Bank plc also holds a first legal charge dated 20 June 2012 over registered leasehold property known as Land at Queens Road, Cheetham Hill. Manchester M8 8UR. There 15 3 full unlimited cr055 company guarantee between Irish Diaspora Foundation and Manchester Irish Centre Limited. Bank Loans 2022 2021 Repayable in one year or less or on demand Repayable between one and two years Repayable between two and five years Repayable in five years or more 44.876 46.583 543.696 46,927 48,399 604,142 635.155 699.468 Page 18 of 19
Irtsh Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2022 14- Funds Held Balance 81F Incoming Outgoing Other gains Resources Resources & losse5 Balance CIF Restricted Fund Emigrant and community support fund Property fund 51,160 401,437 51,160 244,445 13.143 (170,1351 Unrestricted Fund 241.374 284.967 (136.1401 390.201 693.971 298.110 {306,2751 685,806 The Emigrant and Community Support Fund relates to income received specifically to cover wages and othercosts incurred underthe Government of Ireland ESP. and other specific community projects The Property Fund relates to income given solely in respect of the property owned by the Charity and relatin8 to its refurbishment and other costs. 15- Assets held Restricted Unrestricted Funds Funds Tangible Fixed Assets Investments Current Assets Current Liabilities Creditors over l Year 1.386,098 1.025,000 12,991 399.386 11.538.205) 143.499) 159),279) 34,313 1.420,411 1.025,001 412,377 11.581.704) {590,2791 295.605 390,201 685.806 Page 19 of 19