Irish Dlaspora Foundatlon TnJstees' and Direciors. Report for the Year ended 31 January 2023 Irish Diaspora Foundation (A company limited by guarantee) Trustees, and Directors, Report and Accounts for Year ended 31 January 2023 NN 'AC11450X4* 05101r224 COMPANIES HOUSE Company number 04060923 (England and Wales) Charity number 1086775 Page l of 19
Irish Diaspora Foundation Trustees, and Director5. Report for the Year ended 31 January 2023 Contents Page Trustees'lDirectors' Annual Report Independent Examiner's Report Statement of Financial Activities io Balance Sheet li Notes to Financial Statements 12-19. Page 2 of 19
Irish Diaspora Foundation Trustees, and Directors. Report for the Year ended 31 January 2023 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 2023. Reference and Administration details Charity name.. Charity reglstratlon number: Company number: Prlncipal address arbd registered office: Irish Diaspora Foundation 1086775 0406123 I Irish Town Way Cheetham Hill, Manchester M8 OAE Irish Diaspora Foundation is a company limited by guarantee not having any share capital. Trustees'/Dirertor's POnSIbl11t1eS The TrusteeslDirectors are responsible for preparing 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 prepare the financial statements in accordance with UK GAAP Igenerally accepted accounting practice) Under company law directors must not approve the financial statements unle5$ they are satisfied that they give true and fair view of state of affairs of the company and of profit and loss account for that period. In preparing these financial statements. directors are required to select suitable accounting 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 accountin8 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 CompaniesArt 2006. They are responsible for safeguarding the assets ofthe company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 of 19
Irtsh Diaspora Foundation Trustees, and Dirertors, Report fof the Year ended 31 January 2023 Tru51eeslDirectors At the date of approval of this report the charity trustees and directors were as follows Paul Ezekiel Stanion Michael Gerard Forde Martin Connolly Brian Bernard Kennedy Martin Logan Rose Agnes Morris Trustees are appointed by majority vote of existing trustees/dirertors Other relevant Information Registered Office I Irish Town Way Cheetham Hill Manchester M8 OAE Bankers The Co Operative Bank PIC PO Box 250 Skelmersdale WN8 8NT Structure. Governance and Management l- Governing Document The Foundation is a charitable company limited by guarantee. incorporated on 29 August 2000 and registered as a charity on 25 May 21. It was established under a memorandum of association which outlines Its objects and powers and is governed under its articles of association It has a use of limited exemption. In the event of the company being wound up members are required to contribute an amount not exceeding £ l as detailed in the charity's memorandum and articles of association. 2-Introduction The Irish Diaspora Foundation (IDFI is a registered charity founded in 20 and based at the Irish World Heritage Centre. It5 aims and objectives are to advance education of the wider community on all aspects of Irish Culture ènd Heritage. and the positive contribution of Irish emigrants worldwide. This is achieved through promotion and development of Irish arts, history, cultural heritage and sporting activities 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 bring appropriate knowledge and and expertise to the board. Page 4 of 19
Irish Diaspora Foundation Truyees. and Director5. Report for the Year ended 31 January 2023 2.2- Staff The Irish Diaspora Foundation employs three members of staff in an administrative capacity. The positions of Culture and Education Officer and Cultural Support Officer have not yet been filled. 2.3-Volunteer5 The Irish Diaspora Foundation currently has 8 volunteers who often support delivery of cultural event5 and one-off projects. 3- Goal Soccer Centre The sublet to Northwind 5s Ltd tla Goals S-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- Ongoing projects and activitles 4.1-Funding During the year 3 rental has continued to be received from Goals 5-a-side football, and other organisations and a rental was received until 31st August 2022 from NHS in connection with Covid 19 vaccinations. 4.2- Manchester Irish Centre Llmited Manchester Irish Centre Limited (MICLI 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 Tn&stees' and Dirertors. Report for the Year ended 31 January 2023 4.3- Partnerships The Trustees of the Irish Diaspora Foundation welcome every opportunity to work in partnership with local. regional and national organisations, and particularly with the local cultural, charity and voluntary sector. In addition, they are highly Committed to advancing the aims and objertives of the Foundation through the provision of a diverse platform of activities with the education and learning sectors locally and regionally. We believe that partnership leads to more effective and efficient operation, and that the pooling of resources. experience and skills can bring enhanced delivery for the Manchester Irish community and the general public who avail themselves of the charity. The Irish Diaspora Foundation has well established partnerships with a large number of organisations ranging from one-off consultations to ongoing project5 and activities. Pl?n5 to diversify our publics and to extend the reach and depth of our engagement with the Irish Diaspora partnerships involves greater collaboration with established and emergent sectors. This includes the burgeoning Festival sector in Greater Manchester and other local ethnic Communities. During the past year, collaboration with these organisations increased markedly from the previous year as demand and participation normalised following the limited programme in the recovery after the Covid19 lockdown. More Irish World Heritage based activities occurred. and those delivered on social media and video conferencing lessened. The folEowing are examples of the charities and organisations we have collaborated with over the past year. Claddagh Association of Irish Dance", Conradh na Gaeilge. British Association of Irish Studies, Manchester Metropolitan Universitv. Comhaltas in Britain. Manchester Citv Council. LiverDool Institute of Irish Studies. Manchester Irish Festival. Ukrainian Centre Manchester. Irish Youth Foundation. Centre for New WritinR - Universitv of Manchester. Manchester PiDe Band. Lancashire GAA. St Wilfred's CCE. Irish TV in the UK. Manchester Irish Education Grouo. Manchester Irish in Britain. Manchester Irish LanRua2e Group. AII FM Manchester Irish Radio. Irish Step Dance GrouDS. Manchester Irish Writers. Irish Communitv Care Manchester. Page 6 of 19
Irish Diaspora Foundation Trustees, and Oirettors, Ret)ort for the Year ended 31 January 2023 4.4- Cultural and Education Programmes The Irish Diaspora Foundation aims to provide a diverse programme of activities throughout the year to attract members of the Irish community and other cultural groups. The programmes delivered from February 2022 in the evening classes and workshops included the Manchester Irish Writers. St Wilfred's traditional musicians, Conradh na Gaeilge Gaelic language, Claddagh Association of Irish Dance for adults, Pipe Band practice. and the Manchester Irish Education Group. The latter continued a regular input through meetings and classes. and co-ordinated the annual National One Day Irish Conference in the March Irish Festival programme. and a memorial service in November for the deceased members of the Irish community. Participants from the other cultural classes took part in concerts. performances and the St Patrick's Day Parade. Varied activities were on offer for the Manchester Irish Festival. including the St Patrick's Dav Parade from the IWHC to the Manchester Arena roundabout. It was well attended both in terms of numbers actively involved. and of spectators along the four mile route. Throughout the year Trustees, volunteers and cultural group leaders continued to provide social media updates in order to maintain contact with the wider Irish community, and to enhance their well-being and participation, as well as encouraging them back to the IWHC for social entertainment and other activities. The local Irish Radio, all FM. and Irish TV in the UK, together with the IWHC staff have been active in promoting the increasing number of events and activities on offer. Page 7 of 19
Irish Diaspora Foundation Trustees. and Directors, Report for the Year ended 31 January 2023 Financial Perfomiance The Statement of Financial Activities is set out on page 10 and shows a deficit of £179.189 12022: a deficit of £8,185) on total income generated of £269,42912022= £298,110). The Balance Sheet on page 11 shows total net assets of £506,61712022- £685,806). The net assets are split between unrestricted and restricted funds. further detai15 of which can be seen in note 14 of these financial statements. The Irish Di35pora Foundation (the Charity} has continued to be challenged financially during the year, with the legacy impact of Covid 19 on cultural and entertainrnent venues. the cessation of the rental agreement with NHS part way through the financial year, the cost-of-living crisis. and other external factors all having a negative effect on activities and the finances of the Charity. The rent receivable under the NHS rental agreement during the period was £119,186 12022= £187,967) A5 such the Board have considered the going concern basis of preparation of the 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 regime, section 419121 of the Companies Act 2006. Approved by the Board o and signed on their behalf by Brian Kennedy ITrusteel Martin Connollv ITrusteel Page 8 of 19
Irish Diaspora Foundation Trustees. and DirectOfS' Report for the Year ended 31 January 2023 Independent Examiner's Report to the Trustees of Irish Diaspora Foundation I report to the charity trustees on my examination of the accounts of the charity for Year ended 31 January 2023 which are set out on pages Ioto 19. Respect responsibtlitles of trustees and examiner As the charity's trustees of Irish Diaspora Foundation land also its directors for the purpose of company lawl you are responsible for the preparation of accounts in accordance with the requirements of the companies Act 2CK)61'the 26 Act'l. Having satisfied myself that the accounts of Irish Diaspora Foundation are not required to be audited under part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under sertion 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Dirertions given by the Charity Commission under section 14515) Ibl of the 2011 Act. Independent Examiner's statement Since the Irish Diaspora Foundation's gross income exceeded £250.LXX). your Examiner must be a member of a body listed in section 145 of the 2011 Charities Act. I confirm that l am qua14fied to undertake the examination because l am a member of the Institute 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 connection with the examination giving me cause to believe= l- accounting records were not kept in respect of Irish Diaspora Foundation as required by section 386 of the 2c6 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 of the 2006 Act other 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 accounts have not been prepared in accordance with the methods and principle5 of the Statement of Recommended Practice for the accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I would draw attention to note 1.1 on page 12 of the accounts which explains the material uncertainty in respect of preparing these accounts on a Going Concern basis due to the current renegotiation of the Charity's financing arrangement5. Although the Trustees are optimistic that the necessary funding will be achieved, if the restructuring of the current loans is unsuccessful then it is unlikely that the Charity can continue as a going concern. Apartfrom the matter referred to in the preceding paragraph, I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Paul Roper IFCAI McKellens Ltd 11 Riverview The Embankment Business Park Vale Road. Heaton Mersey Stockport. SK4 3GN Date:.... Page 9 of 19
Irish Diaspora Foundation Trustees, and Dirertor5' Report for the Year ended 31 January 2023 Statement of Financial Activities for the Year ended 31 January 2023 Unrestritted Restrirted Fund Fund 2023 2023 Total Funds 2023 Unrestricted Restricted Fund Fund 2022 2022 Total Funds 2022 Note: Incoming resources Grants Rent receivable Irlsh government grant Emigrant Support Programme From charitable activities Fund raising 4,000 265.429 12,0(K) 272,967 13,143 25,143 272.967 265,429 Totsl incoming resources 269.429 269,429 284.967 13,143 298.110 Less.. Resources expended Charitable activities Other Expenditure 4 {177.532) 1206.9581 1384.4901 {136,140) 1170,1351 1306.2751 Total resources expended 1177,5321 1206.958) {384.4901 1136.140) 1170.1351 1306.2751 Net lexpenditUfel/income for year Net resources before other recogni5ed gairtrs/{losses) 91,897 1206.9581 (115.0611 148,827 1156.9921 18,1651 91.897 1206.958) 1115.0611 148.827 1156.9921 18.165) Other recognised gains/(lossesl Provision for doubrful debt Surplus on Revaluation (267.182) {267,182) 203,054 203.054 Net movement in fund Reconcsliation of funds Total funds brought forward {175.28SI 13,9041 1179,1891 148,827 1156.9921 18,165} 390.201 295.605 685,806 241.374 452,597 693.971 Total funds brought forward Net movement in funds in year 390.201 1175.2851 295,605 685.806 {3,904) 1179,1891 241,374 452,597 148.827 1156,9921 693.971 18,165) Total funds carried forward 214.916 291.701 506,617 390,201 295,605 685,806 Page 10 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 january 2023 Balance Sheet as at 31 January 2023 Notes 2023 2022 Fixed assets Tangible assets Investments Investment in subsidiary Total fixed a55ets 1,272,995 1,325,(KJO 1,420.411 1,025,0(K) io 2.597,996 2,445,412 Current a55ets Debtors Cash at bank and in hand Total current assets li 90.919 12.168 103.087 316,947 95,430 412.377 Creditors: Amount falling due within one year 12 11.640.279) 11.581.704) Net current assets1 (liabilitlesl 11.537.192) 11.169.327} Totsl assets less Current liabilities 1,060.804 1,276,085 Creditors: Amounts falling due after more than one year 13 1554,1871 {590,2791 Total net assets 506,617 685,806 Funds of charity Unrestricted funds Restricted funds Total funds 14 214,916 291,701 506,617 390,201 295,605 685,806 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 obtsin an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 21J)6. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the Trustees o and signed on their behalf Brian Kennedy (Trusteel Martin Connolly (Trust Pa8e 11 of 19
Irish DiaspoTa Foundation Trustees, and Directors, Report for the Year ended 31 January 2023 Notes to the Financial Statements for the Year ended 31 January 2023 l-Ba5is of Preparation 1.1 Going concern The Trustees have prepared these Financial Statements on a Goin8 Concern basis, with material uncertainty. The material uncertainty relates to the fact that the Charity has a commitment to a bullet repayment of circa £560K in respect of a bank loan, which is due in September 2024. The Trustees are currently in discussion with an existing stakeholder with a view to restructuring the entire debt on the Balance Sheet in order to repay the bank debt in full. with that stakeholder taking over all the debt. It is anticipated that the debt would be restructured over timescales, and with interest and repayment terms that are more advantageous to the Charity. If the bank debt is repaid in full as part of this restructure. the Trustees believe that the Charity 15 a going concern and will continue to trade for a period of at le35t twelve months from the date of approval of these Financial Statements. If the debt is not restrurtured. it is unlikely that sufficient funds will be available to make the bullet payment. hence the material uncertainty. On the basis that the debt is restructured. the Trustees have reviewed the projetted financial cornmitrnents and cash flows for the next twelve months. and they consider that the Charity's income, together with the contribution towards central costs from its trading subsidiary. are sufficient to cover its costs until at least January 2025. IDF has contracts providin8 medium to long term rental income from Goals soccer centre, Metrolink parking and Beacon NHS scanner unit, which underpin the Board's financial assumptions. The Trustees are also exploring the possibility of granting a long term sub-lease on a portion of the land to a local business to further strengthen the future annual guaranteed income stream. On the basis outlined above, and subject to the satisfrdctory debt restructure, the 803rd are of the opinion that IDF will have sufficient resources to continue to service its activities for at least a further twelve months from the date of approval of these Financial Statements. The Trustees therefore believe that the Charity can operate as a going concern. but with material uncertsinty. and the Financial Statements have accordingly been prepared on that basis. 1.2 Basi5 of preparatlon of Financial Ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. effective l January 2019, and the Companies Act 2006. The Charity meets the definition of a public benefit entity under FRS 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 restriction5 on their expenditure imposed by the donor or through the term5 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. Page 12 of 19
Irish Diaspora Foundation Trustees. and Directors, Report for the Year ended 31 January 2023 2- Accounting Policies 2.1- Incoming resources a)- All incoming resources are included in the statement of financial artivities (SOFA) when the charity is 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. b)-Where incoming resources have related expenditure l e. g with fundraising or contract income) the attributable resource5 and expenditure are reported gr055 in the SOFA. c)-Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. d) Contractual income and performance related grants are only included in the SOFA once goods have been delivered/performed. e) Gifts 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. f) Donated services and facilities 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 resources. 2.2- Resources expended a) Expenditure is recognised on an accrual basis as a liability is incurred. b) Charitable expenditure comprises those costs incurfed 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. cl Governance costs include costs a550ciated with meeting the constitutional and statutory requirements of the charity and could include the costs of preparation and audit or independent examination of statutory accounts, cost of trustees, meetings and of legal and professional advice. d) Capital grants are presented ir) the accounts a5 incoming resources. The depreciation of the fixed assets is recognised in the SOFP against the associated fund. e) All costs are allocated between the appropriate expenditure cate8ories of 50FA on a basis designed to reflect the use of resources. Costs relating to a particular activity are allocated directly. others are apportioned on an appropriate basis. 2.3- 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 a 250 year lease commencing on 20June 2012 from the Manchester City Council. Fixed assets with a value less than £1 are not capitalised. 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 IO% straight line Pa8e 13 of 19
Irish Diaspora Foundation Tru5tees' and Directors, Report for the Year ended 31 January 2023 3- Incoming resources from activities to further the charity's objects Total 2023 Total 2022 Unrestricted Restrirted Unrestricted Restricted 3.1 Grants (individual sources in excess of £IO.000 pal 12,000 22,000 3.2 The Irish Government 3.2.Grants (individual sources less than of £IO.000 pal 3,143 3.143 4,000 12,000 13,143 25,143 4- Totsl $Our(e5 expended Total 2023 Total 2022 Unrestricted Restricted Unrestricted Restricted 4.1 Staff wages 4.2 Light, Heat and insurance 4.3 Accountancy, & professional fees 4 .4 Stationery, postage, advertising 4.5 8ank charges and interest 4.6 Maintenance and Repairs 4.7 Charitable purpose expenditure 4.8 Miscellaneous 4.9 Depreciation 79,695 71,547 601 3.826 474 4,194 38.525 324 83,889 110,072 925 5.886 92,174 32,906 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 7.848 69,692 32,435 91.71X] 11.517 21.389 9.358 9,358 61,864 58.638 58,638 61,864 177,532 206,958 384.490 136.140 170,135 306.275 5- Net incorning resources for the year 2023 2022 This is stated after charging: Depreciation Impairmentllsurplus) on Revaluation Governance costs Independent examiner's fee 58.638 {203.OS41 61,864 925 (143.4911 850 62,714 2023 2022 6.1 Staff costs Gross salaries/waEes and benefits in kind Employer's national insurance contributions Employer's Pension Contributions 80.212 2,720 957 83,889 67,449 5,294 978 73,721 Page 14 of 19
Irish Diaspora Foundation Trustees. and DI¢10r5. Report for the Year ended 31 January 2023 6.2 Average number of fvlftime equivalent 2023 2022 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 emoluments above £60.IXM). 7- Trustee5 rernuneration and related party transactions 7.1 Neither the trustees nor any person connected to them have received any remuneration or payment for individual expenses during the period12022 £Nill 7.2 Manchester Iwi5h Centre Ltd Manchester Irish Centre Ltd is a mutual society which works closely with Irish Diaspora Foundation. It operates out of the property known as the Irish World Heritage Centre on a rent free basis. The two entities have several mutual trustees. At 31 January 2023, there was a balance of£267.18212022- £267.182) due from Manchester Irish Centre Ltd. In the opinion of the Trustees this debt is unlikely to be recoverable. and full provision has therefore been made in these Financial Statements. 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 commenced trading on 4th February 2022. At 31January 2023. there was a balance of£39.266 due from Irish Town Manchester Limited. Group accounts have not been prepared on the basis that the group is a small group as set out in S383 Companies Art 2006 and the Charities SORP. Page 15 of 19
Irish Diaspora FoundatioTr Trustees, and Directors. Report for the Year ended 31 January 2023 8- Tanglble Flxed Assets Long Lease1Id Premises FixtyS and Fittings Total Cost As at 31 January 2022 Additions Revaluation As at 31 J3nuary 2023 I.425.{7 277,122 1,702.122 8.168 8,168 1170,0001 285,290 1,540,290 1170,CI)01 1.255,CrfJO Oepreciatlon A5 at 31 January 2022 Charged this period Revaluation As at 31 January 2023 38,902 34,152 173,OS4} 242,809 24.486 281,711 58.638 173.0541 267,295 267,295 Net book value As at 31 January 2023 As at 31 January 2022 1.255,LKK) 1.386.098 17.995 1.272,995 34.313 1.420,411 The leasehold property was valued on 22 June 2023 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 is incorporated in these Financial Statements to 31 January 2023. Depreciation on Long Leasehold Premises has been provided for the year. The Trustees do not consider that the value of the leasehold property has changed significantly between 31st January 2023 and the date of valuation. This valuation has accordingly been incorporated in these Financial Statements. Page 16 of 19
Irish Diaspora Foundation Tru5tees' and Directors, Report for the Year ended 31 January 2023 Historical Costs Fixed assets shown at revalued amounts would normally have been shown at cost as follows Long Leasehold Premises £ Total As at 31 January 2022 Additions Asat 31January2023 4.864,937 4,864,937 4.864,937 4.864,937 Depreciation As at 31 January2022 Charged for Year As at 31January 2023 843.477 97.298 940,775 843.477 97,298 940.775 Net book value As at 31 January 2023 As at 31 January 2022 3.924,162 4,021.460 3,924.162 4,021,460 9-fixed Assets Investment 2023 2022 Land leased to Northwind 5s Ltd 1.325.OlX) 1,025.(Krf) Part of the land attached to the Irish World Heritage Centre has been sublet to Northwind 5$ Ltd tla Goals at an annual rent of £75.504. This land was valued on 22 June 2023 together with the Leasehold Property, and this valuation has been incorporated in the Financial Statements to 31st January 2023. Il>lnvestment in Subsidiary Undertaklng 2023 2022 Irish Town Manchester Limited The Company is a ILM wholly owned subsidiary of Irish Diaspora Foundation. and was incorporated on 3rd December 2021 (number 137813311. The Company's registered office is I Irish Town Way. Cheetham Hill. Manchester M8 OAE. Trading commenced on 4th February 2022, and the principal activity is the provision of hospitality services. including catering, bar. venue hire and funrtion facilities. The company'$10s5 for the year ended 31st January 2023 was £8.306. and its net liabilities at that date were £8,305. Paee 17 of 19
Irish Diaspora Foundation Tru5tees' and Directors, Report for the Year ended 31 January 2023 11- Debtors Amount falling due within one year Trade debtors Other Debtors Accrued Incorne Amount owed by group and associated undertakings Provision for doubtful debt from associated company 2023 2022 36.097 15,556 306,448 1267,1821 90,919 24,177 10,000 282,770 316,947 12- Creditors . amounts falling due within one year 2023 2022 Bank Loans and overdrafts Loan from Manchester City Council Trade and expense creditors Social security and other taxes Other creditors and accruals 40,843 1.555.540 28.743 3,855 11,298 1,640,279 44,876 1.493,329 21.227 14,250 8,022 1,581,704 At 31st January 2023, the loan from Manchester City Council included atcrued interest of £397,874 The accrued interest amount is for the last eight years since the Start of the loan in January 2015. The loan from Manchester City Council is secured by debenture dated 20 January 201S which includes a fixed charge over all the borrowers, right. title and interest in the existing rent account subject to the deed of prioritie5 held by the Co operative Bank plc. The loan from Manchester City Council is repayable on demand. 1> Credltors '. amounts falling due after more than one year 2023 2022 Bank loans 554,187 554,187 590,279 590,279 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 a150 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 is a full unlimited cross company guarantee between Irish Diaspora Foundation and Manchester Irish Centre Limited. Page 18 of 19
Irish Dlaspora Foundation Trustees, and Dirertors, Report for the Year ended 31 January 2023 Bank Loans 2023 2022 Repayable in one year or less Of on demand Repayable between one and two years Repayable between two and five years Repayable in five years or more 40.843 554,187 44.876 46,583 543,696 595,030 635,155 14- Funds Held Balance B/F Incoming Outgoing Other gains Resources Resources & losses Balance CIF Restricted Fund Emigrant and community support fund Property fund 51.160 244.445 51,160 240,541 {172.8061 168.902 Unrestricted Fund 390,201 269,429 {177.5321 1267.1821 214,916 685,806 269,429 1350,3381 98,280 506,617 The Emigrant and Community Support Fund relates to income received specificallv to cover wages and other costs incurred under the 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 relating to its refurbishment and other colls. 15- Assets held Restricted Unrestricted Funds Funds Tangible Fixed Assets Investments Current Assets Current Liabilities Creditors over l Year 1.255.000 1,325,(K)O 17.995 1.272,995 1.325,C(11 240.816 11.778,CQ81 1554,1871 240,816 11.734.112) 143.896) 1554,1871 291,701 214,916 506,617 Page 19 of 19