Irlsh Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 Irish Diaspora Foundation (A company limited by guarantee) Trustees, and Directors, Report and Accounts for Year ended 31 January 2024 Company number 040609231England and Wale51 Charity number 1086775 ADEUGRwO 3011012024 COMPANIES HOUSE A12
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Irlsh Dlaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2024 Contents Page Trustees'/Directors' Annual Report Independent Examiner's Report Statement of Financ5al Activities io Balance Sheet 11 Notes to Financial Statements 12-19. Page 2 of 19
Irish Dlaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 The Trustees present their Annual Report and the Directors, Report (as required by company lawl together with Financial Statements for the year ended 31 January 2024. Reference and Administration details Charlty name: Charity registration number: Company number: Principal address and registered office: Irlsh Dlaspora Foundation 1086775 04060923 I Irish Town Way Cheetham Hill, Manchester M8 OAE Irish Diaspora Foundation is a company limited by guarantee not having any share capital. Trustees'/Dlrector's responslbllltles The Trustees/Directors are responsible for preparing the directors, report and the financial statements in accordance with applicable law and regulations. The company law requires the dlrectors to prepare the financlal statements for each financial year. Under the law directors have elected to prepare the financial statements in accordance with UK GAAP18enerally accepted accounting practice) Under company law directors must not approve the financial statements unless 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 ba515 unless it is inappropriate to presume that company will continue in business. The directors are responsible for keeping adequate accountlng records that are suff icient 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 2006. They are responsible for safeguarding the assets of the 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 2024 Trustees/Directors 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 Kennedv Martin Logan Rose Agnes Morris Michael Gorman Appointed 10th April 2024 Trustees are appolnted by majority vote of existing trustees/directors Other relevant Informatlon Reglstered Offlce I Irlsh Town Way Cheetham Hill Manchester M8 OAE Bankers The Co Operatlve Bank PIC PO Box 250 Skelmersdale WN8 8NT Strurture. Governance and Management l- Governlng Document The Foundation is 3 charitable company limited by guarantee, incorporated on 29 August 2000 and registered as a charity on 25 May 2001. It was establlshed 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 mernorandum and articles of association. 2-Introductlon The Irish Diaspora Foundation {IDFI is a registered char5ty founded in 2000 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 activities at the Irish World heritage Centre and by working in partnership with other Irish or8anisations and community 8roups. 2.1- Board of Trustees The Board of Trustees consists of seven people, all of whom bring appropriate knowledge and and expertise to the board. Page 4 of 19
Irlsh Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 2.2- Staff The Irish Diaspora Foundation employs three members of staff in an administrative capacity. 2.3-Volunteers The Irish Diaspora Foundation currently has 8 volunteers who often support delivery of cultural events and one-off projects. 3- Goal Soccer Centre The sublet to Northwind 5s Ltd t/a 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- On8oln8 projects and actlvltles 4.1-Fundin8 During the year rentals have continued to be received from Goals 5-a-side football, and other organisations. 4.2- Manchester Irlsh Centre Llmlted Manchester Irish Centre Limited {MICL) 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 owr)ed 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 lessor5 of a sub-lease relating to part of the land incorporated in their joint lease. Page 5 of 19
Irish Diaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2024 4.3- Partnershlps 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. As well as being highly committed to advance the aims and objectives of the Irish Diaspora Foundation to inform the public about the heritage of Ireland and its history and culture in dance, muslc, literature, art and sport, we provide a diverse platform of activities with the education and learning sectors locally and regionally. We believe that partnership leads to more effective and more efficient operation, and that the pooling of resources, experiences and skills can lead to enhanced delivery for the Manchester Irish Community and the general public who avail of the charity and share our culture. We continue to enhance well established partnerships with a large number of organisation5 ranging from one-off consultations to regular projects and weekly activities. Ongoing plans to diversify our publics and to extend the reach and depth of our engagement with the Irish Oiaspora partnerships involve greater collaboratlon with established and emergent sectors including the bur8eonin8 Festlval sector in Greater Manchester and other local ethnic communities and funders. During the past year, collaboration with these or8anisations increased markedly on the previous year as demand and participation continued to normalise following the previous years of limited programmes in the recovery after the Covid19 lockdown and cost of living crisis. Below are examples of the charitles and organisations we have collaborated with over the past year. Claddagh Association of Irish Dance, Conradh na Gaeilge, Irish in Britain, Manchester Metropolitan Universitv. Comhaltas in Britain Manchester Branch. Manchester Cltv 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 Wllfred's CCE. Irlsh TV In the UK. Manchester Irish Education Grouo. Manchester Irish LanRua%e Group. Folk GrouDS and Show 8ands Irish SteD Dance GrouDS. Manchester Irish Writers. Irish Communitv Care Manchester. Pa8e 6 of 19
Irlsh Dlaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2024 4.4- Cultural and Education Programmes The Irlsh Dlaspora Foundation aims to provide a dlverse programme of activities throughout the year to attract members of the Irish community and other cultural groups. The programmes delivered from February 2023 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 and St Patrick's Gaelic Mass 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, performance5 and the St Patrick's Day Parade. A varied programme of events was on offer for the Manchester Irish Festival including the St Patrick's Day Parade from the Irish World Heritage Centre. It was well attended both In terms of numbers participating, and those viewing along the four mile route. Television programmes showing GAA football, Hurling, Soccer and Rugby matches are available to members in the Wild Geese Bar. 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 and promote their well-bein8, as well as encouraglng them to enjoy the facilities at Irish World Heritage Centre for social entertalnment and other events. The local Irish Radio, all FM, and Irlsh TV in the UK, together with the IWHC staff have been active in promotin8 the Increasing number of events and services on offer. Page 7 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 Financial Performance The Statement of Financial Activities is set out on page 10 and shows a deficit of £184,821 (2023: £179,189) on total income generated of £240,949 (2023: £269,429}. Rental income a fallen as a result of the cessation of the NHS agreement in August 2022. The Balance Sheet on page 11 shows total net assets of £321,79612023: £506,617). The net assets are split between unrestricted and restricted funds, further details of which can be seen in note 14 of these financial statements. The Irish Diaspora Foundation (the Charity) has continued to be challenged financially during the year, with the legacy impact of Covid 19 on cultural and entertainment venues, the cessation of the rental agreement with NHS in 2022, the cost-of-living crisis, and other external factors all having a negative effect on activities and the finances of the Charity. As 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 wlth the small company regime, section 419 (21 of the Companies Act 2006. Approved by the Board o signed on their behalf by Brian Kennedy (Trustee) Martin Connolly (Trustee) Page 8 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 Independent ExamlTher's Report to the Trustees of Irlsh Dlaspora Foundatlon I report to the charity trustees on my examination of the accounts of the charity for Year ended 31 January 2024 which are set out on pages 10 to 19. Respect responsibilities of trustees and examiner As the charity's trustees of Irish Diaspora Foundation (and also its directors for the purpose of company law) you are responsible for the preparation of accounts in accordance with the requirements of the companies Act 20061'the 2006 Act,). 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 section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Dlrectlons given by the Charity Commission under section 145151 Ib) of the 2011 Act. Independent Examlner's statement Since the Irish Diaspora Foundation's gross 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 Institute of Chartered Accountant5 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 givin8 me cause to believe: l- accounting records were not kept in respect of Irish Diaspora Foundation 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 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 wlth the methods and principles 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 {FRS 102). I have no concerns and have come across no other matters in connection wlth the examlnatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Paul Roper (FCAI McKellens Ltd 11 Riverview The Embankment Business Park Vale Road. Heaton Mersey Stockport, SK4 3GN Page 9 of 19
Ir15h Dlaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 Statement of Financial Actlvities for the Year ended 31 January 2024 Unrestricted Restricted Fund Fund 2024 2024 Total Funds 2024 Unrestricted Restricted Fund Fund 2023 2023 Total Funds 2023 Note! Incoming resources Grants Rent receivable Donation Irish government grant Emigrant Support Programme From charitable activitie5 Fund raising 15,000 150,949 75,000 15,000 150,949 75,000 4,000 265,429 4,000 265,429 Total Incomlng resources 240,949 240,949 269,429 269,429 Less: Resources expended Charltable actlvltles Other Expendlture 4 1186,684) 1239,0861 {425,770) 1177,532) (206,9581 1384,490) Total resources expended {186,684} 1239,086) (425,770} 1177,532} 1206,958) 1384,490) Net (expenditurel/income for year Net resources before other recognised gains/(losses) 54,265 (239,086) 184,821 91,897 206,9S8 115,061) 54,265 (239,086) 1184.821) 91,897 {206,958) (115,061) Other recognised galns/(losses) Provision for doubtful debt Surplus on Revaluation (267.182) (267,182 203,054 203,054 Net movement in fund Reconclllatlon of funds Total funds brought forward 54,265 1239,086) {184,821) 1175,285) {3,904) (179,1891 214,916 291,701 506,617 390,201 29S,60S 68S,806 Total funds brought forward Net movement in funds in year 214,916 291,701 506,617 390,201 54,265 (239,086} {184,821) (175,285) 295,605 685,806 13.904) (179,189) Total funds carried forward 269,181 52,615 321,796 214,916 291,701 506,617 Page 10 of 19
Irlsh Diaspora Foundation Trustees, and Oirectors, Report for the Year ended 31 January 2024 Balance Sheet as at 31,January 2024 Notes 2024 2023 Flxed assets Tangible assets Investments Investment in subsidiary Total fixed assets 1,239,880 1,325,000 1.272,995 1,325,000 10 2,564,881 2,597,996 Current assets Debtors Cash at bank and in hand Total current assets 11 36,233 2,126 38,359 90,919 12,168 103,087 Creditor5: Amount falllng due within one year 12 12.281.444) (1,640,279) Net current assets / (Ilabllltles) 12,243,085) {1,537,192) Total assets less current Ilabllltles 321,796 1,060,804 Creditors: Amounts falling due after more than one year 13 (554,187) Total net assets 321,796 506,617 Funds of charlty Unrestricted funds Restricted funds Total funds 14 269,181 52,615 321,796 214,916 291,701 506,617 For the financial year in question the company was entitled to exemption under sectlon 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 questlon in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of account5. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the Trustees o signed on their behalf Brian Kennedy {Tru Martin Connolly (Trustee) Page 11 of 19
Irlsh Dlaspora FoundatSon Trustees, and Directors, Report for the Year ended 31 January 2024 Notes to the Flnanclal Statements for the Year ended 31 January 2024 l-Basls of Preparation The Trustees have prepared these Financial Statements on a Going Concern basis. The Charity had a commitment to a bullet repayment of circa £551K in respect of a bank loan, which was due in September 2024. The Trustees have worked hard to secure the future of the Centre via discussions with an existing stakeholder wlth a view to restructurin8 the entire debt on the Balance Sheet In order to repav the £551K bullet bank debt in full, with that stakeholder taking over all the debt. The Trustees are pleased to report that the entire debt has been restructured in September 2024, and that the bullet payment has been made, which has secured the long-term future of the Charity. On the basis that the debt is restructured, the Trustee5 have further reviewed the projected financial commitments and cash flows for twelve months from the date of approval of these Financial Statements. The Trustees consider that the Charity's income, together wlth the contribution to central costs from its trading subsidiary, are sufficient to cover the Charity's costs until at least November 2025. Irish Diaspora Foundation has contracts and agreements providing medium to long term rental income from Goals Soccer Centre, Metrolink parking and Beacon Medical Services NHS scanner unit, which underpin the Board's financial assumptions. In addition, the Trustees are exploring the possibility of granting a long-term sub-lease on a portion of the land to a local leisure business to further strengthen the future annual guaranteed income stream. As the bank debt has now been repaid in full as part of the restructure, the Trustees believe that the Charity is a going concern, and will continue to trade for a perlod of at least twelve months from the date of approval of these Financial Staternents. 1.2 Basls of preparatlon of Flnanclal Statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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 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. Page 12 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 2- Accounting Policies 2.1- Incomin8 resources al- All incoming resources are included in the statement of financial activities (SOFA) when the charity is entitled to the resource5, the quantum can be determined with reasonable accuracy, and in the opinion of the trustees, virtual certainty of receipts is perceived. bl-where incoming resources have related expenditure ( e. g with fundraising or contract income) the attributable resources and expenditure are reported gross in the SOFA. cl-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 sterllng 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 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 rneetlng the constitutional and statutory requirements of the charity and could include the costs of preparation and audlt or independent examination of statutory accounts, cost of trustees, meetings and of legal and professional advice. d) Capital grants are presented in the accounts as 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 categories of SOFA on a basis designed to reflect the use of resources. Costs relatin8 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 subjett to a 250 year lease commencing on 20 June 2012 from the Manchester City Council. Fixed assets with a value less than £100 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 Page 13 of 19
Irlsh Diaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2024 3- Incoming resources.ffom actlvities to further the charity's objects Total 2024 Total 2023 Unrestricted Restricted Unrestricted Restricted 3.1 Grants (individual sources in excess of £10,000 pa) 3.2 The Irish Government 15,000 3.2 Grants {individual sources less than of £10,000 pal 4,000 4,000 Is,000 4,000 4,000 4- Totsl resources expended Total 2024 Total 2023 Unrestricted Restricted Unrestricted Restricted 4.1 Staff wages 4.2 Light, Heat and insurance etc 4.3 Accountancy, & professional fees 4,4 Stationery, postage, advertising 4.5 Bank char8es and interest 4.6 Maintenance and Repair5 4.7 Miscellaneous 4.8 Depreciation 80,235 85,643 3,920 3,902 496 12,488 4,233 46,115 2,110 2,100 143,868 6,725 84,468 131,758 6,030 6,002 144,364 19,213 79,695 71,547 601 3,826 474 21,389 4, 194 38,525 324 2,060 91,700 . 11,517 83,889 110,072 925 5,886 92,174 32,906 33,935 33,935 58,638 58,638 186,684 239,086 425,770 177,532 206,958 384,490 5- Net Incoming resources for the year 2024 2023 This is stated after char8ln8: Depreciation Impairment/{Surplus) on Revaluation Governance costs . Independent examiner's fee 33,935 58,638 (203,054) 1,195 35,130 925 1143,491) 2024 2023 6.1 Staff costs Gross salaries/wages and benefits in kind Employer's national insurance contributions Employer's Pension Contributions 81,007 2,413 1,048 84,468 80,212 2,720 957 83,889 Page 14 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 6.2 Average number of fulltime equivalent 2024 2023 Employees in the year 6.3 Staff Penslon Scheme The charity operates a defined contribution pension schemes for its employees. The charity started the pension scheme from Oct 2017. The People's Pension is the workplace pension provider for the charitv. 6.4 There are no employees with emoluments above £60,000. 7- Trustees remuneratlon 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 period (2023 £Nil) 7.2 Manchester Irlsh Centre Ltd Manchester Ir5sh Centre Ltd is a mutual society which works closely with Irish Diaspora Foundation. It operates out of the property known as the Irish World Herita8e Centre on a rent free basis. The two entities have several mutual trustees. At 31 January 2024, there was a balance of £267,182 (2023 - £267,182) due from Manchester Irish Centre Ltd. In the opinion of the Trustees this debt is unlikely to be recoverable, and full provision was accordingly made in the 2023 Accounts. 7.3 Irlsh 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 31 January 2024, there was a balance of £20,167 due to Irish Town Manchester Limited. Group accounts have not been prepared on the basls that the group is a small group as set out in S383 Companies Act 2006 and the Charities SORP. Page 15 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 8- Tanglble Flxed Assets Long Leasehold Premlses Fixtures and Fittings Total Cost As at 31 January 2023 Additions Revaluation As at 31January 2024 1,255,000 285,290 1,540,290 820 820 1,255,000 286,110 1,541,110 Depreciation As at 31 January 2023 Charged this period Revaluation As at 31 January 2024 267,295 2.230 267.29S 33,93S 31,705 31,705 269,525 301,230 Net book value As at 31 January 2024 As at 31 January 2023 1,223,295 1,255.000 16,585 1,239,880 17,995 1,272,995 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 was incorporated in the Flnancial 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 since the date of the revaluation. Page 16 of 19
Irlsh Dlaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 Historical Costs Fixed assets shown at revalued amounts would normally have been shown at cost as follows Long Leasehold Premises £ Total Cost As at 31 January 2023 Additions As at 31 January 2024 4,864,937 4,864,937 4,864,937 4,864,937 Oepreclatlon As at 31 January 2023 Charged for Year As at 31 January 2024 940,775 97,298 1,038,073 940,775 97,298 1,038,073 Net book value As at 31 January 2024 Asat 31 January 2023 3,826,864 3,924,162 3,826,864 3,924,162 9-Flxed Assets Investment 2024 2023 Land leased to Northwind 5s Ltd 1,325,000 1,325,000 Part of the land attached to the Irish World Heritage Centre has been sublet to Northwind 5s Ltd t/a Goals at a current annual rent of £91,862. Thls land was valued on 22 June 2023 together with the Leasehold Property, and thls valuation was incorporated in the Financial Statements to 31st January 2023. The lease end date is 2138. 10-Investment in Subsidiary Undertaking 2024 2023 Irish Town Manchester Llmited The Company is a 100% wholly owned subsidiary of Irish Diaspora Foundation, and was incorporated on 3rd December 2021 (number 13781331). The Company's registered off ice 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 function facilities for the Irish and wider communities. The company's pre-tax profit for the year ended 31st January 2024 was £13,133, and its net assets at that date were £4,180 During the year donations amounting to £75,000 were made to Irish Diaspora Foundation by Irish Town Manchester Limited. Page 17 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2024 11- Debtors Amount falling due within one year Trade debtors Other Debtors and Prepayment5 Accrued Income Amount owed by group and associated undertakings Provision for doubtful debt from associated company 2024 2023 33,188 3,045 267,182 (267,182) 36,233 36,097 15,556 306,448 (267,182} 90,919 12- Credltors . amounts falllng due wlthin one year 2024 2023 Bank Loans and overdrafts Loan from Manchester City Council Trade and expense creditors Social security and other taxes Other creditors and accruals Amount owed to group and associated undertakings 561,420 1.652,910 29,725 3,755 13,467 20,167 2,281,444 40,843 1,55S,540 28,743 3,855 11,298 1,640,279 At 31st January 2024, the loan from Manchester City Council included accrued interest of £495,244 The accrued interest amount is for the last nine years since the start of the loan In January 2015. The loan from Manchester City Councll 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. 13- Creditors ' amounts falling due after more than one year 2024 2023 Bank loans 554,187 554,187 Bank Loans 2024 2023 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 561,420 40,843 554,187 561,420 595,030 The Bank Loan has been fully repaid on 10th September 2024. Page 18 of 19
Irish Diaspora Foundation Trustees, and Dirertors, Report for the Year ended 31 January 2024 14- Funds Held Balance B/F Incoming Outgoing Other gains Resources Resources & losses 8alance C/F Restricted Fund Emigrant and communlty support fund Property fund 51,160 240,541 51,160 1,455 {239,086} Unrestricted Fund 214,916 240.949 (186,6841 269,181 506,617 240,949 (425,7701 321,796 The Emigrant and Community Support Fund relates to income received specifically to cover wages and other costs incurred under the Government of Ireland ESP, and other specific community projects The Property Fund relates to income glven solely in respect of the property owned by the charity and relating to Its refurbishment and other costs. 15- Post Balance Sheet Events The Bank Loan was repaid on 10th September 2024. A new Loan was taken out with Manchester City Council on 10th September 2024. Page 19 of 19