Irlsh Diaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2025 Irish Diaspora Foundation (A company limited by guarantee) Trustees, and Directors, Report and Accounts for Year ended 31 January 2025 AEDVSIFN 2411012025 COMPANIES HOUSE A12
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Company number 04060923 (England and Wales) Charity number 1086775 Page l of 19
Irish Dlaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 Contents Page Trustees'/Directors' Annual Report Independent Examiner's Report Statement of Financial Activities 10 Balance Sheet 11 Notes to Financial Statements 12-19. Pa8e 2 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 The Trustees present their Annual Report and the Directors, Report (as required by company law) together with Financial Statements for the year ended 31 January 2025. Reference and Administration details Charity name: Charity registration number: Company number: Prlncipal address and registered office: Irish Diaspora 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'/Director's responsibilities The Trustees/Directors are responsible for preparing the directors, report and the financSal statements in accordance with applicable law and regulations. The company law requires the directors to prepare the financtal statements for each financial year. Under the law director5 have elected to prepare the financial statements in accordance with UK GAAP (generally 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 financlal statements, directors are required to select suitable accounting policies arbd 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 dlrectors 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 2006. They are responsible for safeguarding the assets of the company and hence for takin8 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 2025 Trustees/Dirertors 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 Michael Gorman Tyustees are appointed by majority vote of exlstlng trusteesldlrectors Other relevant Informatlon Reglstered Office I Irlsh Town Way Cheetham Hlll 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 2001. 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-Introductlon The Irish Diaspora Foundation {IDFI is a registered charity 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 partnershlp with other Irlsh organisations and community groups. 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
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 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 5$ Ltd tla Goals 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. On8olng projects and actlvltles 4.1-Fundlng During the year rentals have continued to be received from Goals 5-a-side football, and other or8anisations. 4.2- Manchester Irish Centre Limited Manchester Irish Centre Limited (MICL) is a mutual society (registered number 24907R) This society works closely with the Irish Diaspora Foundation(IDFI 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 thelr joint lease. Page 5 of 19
Irish Dlaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 4.3- Partnerships The Trustees of the Irish Diaspor3 Foundation welcome every opportunity to work in partnership with local, regional and national organisations, and in particular with the local educational and cultural groups, charities and the voluntary sector. We are highly committed to advancing the aims and objectives of the Irish Diaspora Foundation by informing the public about the heritage of Ireland and its history in dance, music, literature, art and sport. A diverse programme of activities with schools, colleges and universities, locally and nationally, is provided by the charltv. We believe that partnerships lead to more effective and efficient operation. The pooling of resources, experSences and skills can lead to enhanced delivery for the Manchester Irish community, the general public and other local ethnic groups and funders, who avail themselves of the charity. During the past year, collaboration with these organisations increased significantly from the previous year as demand and participation continued to normalise following the previous years of limited programmes in the recovery after the lockdown and on-going cost of living problems. Cultural organisations, artists and charities that have collaberated wlth the Irlsh Dlaspora Foundation on projects and performances over the past year at the Irish World Heritage Centre include: Claddagh Association of Irish Dance, Conradh na Gaeilge, Irish in Britain, Manchester Metropolitan Universitv. Comhaltas in Britain Manchester Branch. Manchester Citv Council. Liverpool Institute of Irish Studies. Manchester Irish Festival. Ukrainian Centre Manchester. Irish Youth Foundation, Centre for New WritinR - Universitv of Manchester, Manchester Pipe Band. Lancashire GAA. St Wilfred's CCE. Irish TV in the UK. Manchester Irish Education Group, Manchester Irish LanouaRe Group. Modern. Folk. C&W and traditional music GrouDS and Show Bands Irish SteD and Dance GrouDS. Manchester Irish Writers. Irish Communitv Care Manchester, The Anthony Burgess Centre, Manchester Central Library, Working Class Movement Library, Manchester City of Literature, Manchester cultural Partnership, Manchester Histories, Hawkseed Theatre, TALIHA Podcasts, Celtic Thoughts, Irish Mancunian Page 6 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 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 2024 included the evening classes and workshops coordinated by the Manchester Irish Writers, St Wilfred's traditional musicians, Conradh na Gaeilge Gaelic Irish language group, Claddagh Association of Irish dance for adults, Irish Step Dance classes for young people, Pipe Band practice, and also academic presentations by the 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 Irlsh Festival programme, and a memorial service in November for the deceased members of the Irish communitv. Participants from the other cultural classes took part in concerts, performances and the St Patrick's Day Parade, preceded by Gaelic Mass. A varied programme of events was on offer for the Manchester Irish Festival Includin8 the St Patrick's Day Parade from the Irlsh World Herltage Centre. It was well attended both In terms of numbers participating, and those viewing along the four mile route. The parade was led by a number of civic dignitaries representing Manchester City Council, Trafford and Salford Councils, together with the High Sheriff of Greater Manchester and the Consulate General of Ireland for the North of England. Irish Community Care continued to provide a weekly luncheon activity for the over 50's together with facilities for advisory services. Television programmes showing GAA football, Hurling, Soccer and Rugby matches are available to members, friends and customers generally in the Wild Geese Bar. Throughout the year Trustees, volunteers and cultural group leaders again provSded Social media updates in order to maintain contact with the wider Irish community, and to enhance and promote their well-being, as well as encouraging them to enjoy the facilities at Irish World Heritage Centre for social entertainment and other events. The local Irish Radio, all FM, and Irish TV in the UK, together with the IWHC staff continued to advertise and promote the increasing programme of events and services being held at the Irish World Heritage Centre. Pa8e 7 of 19
Irish Diaspora Foundation Twstees, and Directors, Report for the Year ended 31 January 2025 Financial Performance The Statement of Financial Activities is set out on page 10 and shows a deficit of £157,055 12024: £184,821) on total income generated of £307,181 (2024: £240.949). The Balance Sheet on page 11 shows total net assets of £164.741 {2024: £321,796). 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 negative effect on activities and the finances of the Charitv. As such the Board have considered the going concern basis of preparation of the Financial Statements, further detai15 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 419 (21 of the Companies Act 2006. Approved by the Board on and signed on their behalf by Brian Kennedy (Trusteel Martin Connollv ITrustee) Page 8 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 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 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 land also its director5 for the purpose of company law) you are responsible for the preparation of accounts in accordance wlth the requirements of the companies Act 2006 ('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'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14S {5) Ib) of the 2011 Act. Independent Examiner'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 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 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 glve 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 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 IFRS 102). I have no concerns and have come across 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 {FCA) McKellens Ltd 11 Rivep4iew The Embankment Business Park Vale Road. Heaton Mersey Stockport, SK4 3GN Page 9 of 19
Irlsh Dlaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2025 Statement of Financial Actlvitles for the Year ended 31 January 2025 Unrestricted Restrlcted Fund Fund 2025 2025 Total Funds 2025 Unrestricted Restricted Fund Fund 2024 2024 Total Funds 2024 Note: Incoming resources Grants Rent receivable Donation Irlsh government grant Emigrant Support Programme From charitable actlvities Fund raising 15,000 150,949 75,000 15,000 150,949 75,000 165,956 141,225 165,956 141,225 Total incoming resources 307,181 307,181 240,949 240,949 Less.. Resources expended Charltable actlvltles Other Expendlture 4 {250,4371 (213,799) 1464,236) {186,684) {239,086) {425,770) Total resources expended {250,4371 (213,799) 1464,236) {186,6841 {239,086) {425,770) Net {expenditure)/income for year Net resources before other recognised gains/llosses1 56,744 (213,799) 1157,055) 54,265 {239,086) {184,821) 56,744 (213,799) {157,0551 54,265 (239,086} (184,8211 Other recognlsed galn51(losses) Provision for doubtful debt Surplus on Revaluation Net movement in fund Reconciliation of funds Total funds brought forward 56,744 (213,799) 1157,055) 54,265 (239,086) {184,821) 269,181 52,615 321,796 214,916 291,701 506,617 Total funds brought forward Net movement in funds in year Fund Transfer 269,181 52,615 321,796 56,744 (213,799) {157,055) (212,344) 212,344 214,916 291,701 506,617 54,265 (239,086) (184,821) Total funds carried forward 113,581 51,160 164,741 269,181 52,615 321,796 Page 10 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 Balance Sheet a5 at 31 January 2025 Notes 2025 2024 Flxed assets Tangible assets Investments Investment in subsidiary Total fixed assets 1,211,231 1,325,000 1,239,880 1,325,000 10 2,536,232 2,564,881 Current assets Debtors Cash at bank and in hand Total current assets li 37,413 1,399 38,812 36,233 2,126 38,359 Creditors: Amount falling due withln one year 12 {2,410,303) 12,281,444) Net current assets / (Ilabllltles) 12,371,491) {2,243,08S) Total assets less current liabilities 164,741 321,796 Creditors." Amounts falling due after more than one year 13 Total net assets 164,741 321,796 Funds of charlty Unrestricted funds Restricted funds Total funds 14 113,581 51,160 164,741 269,181 52,615 321,796 For the financial year in question the company was entitled to exemptlon 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 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 onlc O(!JlfL .1.02 and signed on their behalf Brian Kennedy (Trus Martin Connolly {Trustee} Page 11 of 19
Ir5sh Dlaspora Foundation Trustees, and Direttors, Report for the Year ended 31 January 2025 Notes to the Flnanclal Statements for the Year ended 31 January 2025 l.l-Basis of Preparation The Trustees have prepared these Financial Statements on a Going Concern basis. The Charlty had a commitment to a bullet repayment of clrca £SSIK In respect of a bank loan, which was due in September 2024. The Trustees worked hard to secure the future of the Centre via discussions with an existing stakeholder with a view to restructuring the entire debt on the Balance Sheet in order to repay the £551K bullet bank debt in full, with that stakeholder taking over all the debt. The Trustees are pleased to report that the bullet payment was made, funded by a new loan from that stakeholder, which has secured the longer-term future of the Charity. On the basis that the debt will be restructured, the Trustees 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 contrlbution to central costs from its trading subsidiary, are sufficient to cover the Charity's costs until at least October 2026. 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 continuing to negotiate the grantln8 of a lon8-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 , the Trustees believe that the Charity is a going concern, and will continue to trade for a period of at least twelve months from the date of approval of these Financial Statements. 1.2 Basis of preparation of Financial 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 policv. 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 objectlves 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 2025 2- Accounting Policle5 2.1- Incoming resources a)- All incoming resources are included In the statement of financial activities (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 ( e. g with fundraising or contract income) the attributable resources and expenditure are reported gross in the SOFA. c)-Grants and donations are only included in the SOFA when the charity ha5 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) 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. fj 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 15 not recognised in these accounts. h) Foreign currencies: transactions In forelgn currencies are translated into sterling at the rate rulin8 on the date of the transaction. Exchange differences are taken into account in arriving at net incoming resources. 2.2- Resources expended a) Expendlture is recognised on an accrual basis as a liability 15 incurred. b) Charitable expenditure comprises those costs incurred by the charlty 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 meetin8 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, meetin85 and of legal and professlonal 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 relatir)8 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 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 Pa8e 13 of 19
Irish Diaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2025 3- Incoming resources from activities to further the charity's objects Total 2025 Total 2024 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 pa) 15,000 4- Total resources expended Total 2025 Total 2024 Unrestrlcted Restricted Unrestrlcted 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 charges and interest 4.6 Maintenance and Repairs 4.7 Miscellaneous 4.8 Depreciation 96,635 126,004 9,690 5,945 778 11,385 96,635 148,239 9,690 5,945 156,069 13,393 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 22,235 155,291 2,008 34,265 34,265 33,935 33,935 250,437 213,799 464,236 186,684 239,086 425,770 5- Net Incoming resources for the year 2025 2024 This is stated after charging: Depreciation Impairment/(Surplusl on Revaluation Governance costs . Independent examiner's fee 34,265 33,935 1, 195 35,460 1,195 35,130 2025 2024 6.1 Staff costs Gross salaries/wages and benefits in kind Employer's national insurance contributions Employer's Pension Contributions 91,430 3,852 1,353 96,635 81,007 2,413 1.048 84,468 Page 14 of 19
Irish Diaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 6.2 Average number of fulltlme equlvalent 2025 2024 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 15 the workplace pension provider for the charity. 6.4 There are no employees with emoluments above £60,000. 7- Trustees remuneration and related party transactlons 7.1 Neither the trustees nor any person connected to them have received any remuneration or payment for individual expenses during the period (2024 . £Nil) 7.2 Manchester Irlsh 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 2025, there was a balance of £267,182 {2024- £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 the 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 2025, there was a balance of £58,185 due to 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 Act 2006 and the Charities SORP. Page 15 of 19
Irish Diaspora Foundatlon Trustees, and Directors. Report for the Year ended 31 January 2025 8- Tanglble Fixed Assets Long Leasehold Premises Fixtures and Fittings Total Cost As at 31 January 2024 Additions Revaluation As at 31 January 2025 1,255,000 286,110 1,541,110 5,616 5,616 1,255,000 291,726 1,546,726 Depreciation As at 31 January 2024 Charged this period Revaluation As at 31 January 2025 31,705 31,705 269,525 2,560 301,230 34,26S 63,410 272,085 335,495 Net book value As at 31 January 2025 As at 31 January 2024 1,191,590 1,223,295 19,641 1,211,231 16,585 1,239,880 The leasehold property was valued on 22 June 2023 by a natlonal 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 2023. Depreciation on Long Leasehold Premlses has been provided for the year. The Trustees do not consider that the value of the leasehold property has changed significantlv since the date of the revaluation. Page 16 of 19
Irlsh Dlaspora Foundation Trustees, and Directors, Report for the Year ended 31 January 2025 Hirtorical 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 2024 Additions As at 31 January 2025 4,864,937 4,864.937 4,864,937 4,864,937 Depreclatlon As at 31 January 2024 Charged for Year As at 31 January 2025 1,038,073 97,298 1,135,371 1,038,073 97,298 1,135,371 Net book value As at 31 January 2025 As at 31 January 2024 3,729,566 3,826,864 3,729,566 3,826,864 9-Flxed Assets Investment 2025 2024 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. This land was valued on 22 June 2023 together with the Leasehold Property, and this valuation was incorporated in the Financial Statements to 31st January 2023. The lease end date Is 2138. 10-Investment In Subsldiary Undertakin8 2025 2024 Irish Town Manchester Limited 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 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 hospitalitv services, including catering, bar, venue hire and function facilities for the Irish and wider communities. The company's profit, after taxation, for the year ended 31st January 2025 was £8,845, and its net assets at that date were £13,025 During the year donations amounting to £140,000 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 2025 11- Debtors Amount falling due wlthln one year Trade debtors Other Debtors and Prepayments Accrued Income Amount owed by group and associated undertakings Provision for doubtful debt from associated company 2025 2024 34,67S 2,738 267,182 {267,182) 37,413 33,188 3,045 267,182 {267,182) 36,233 12- Creditors . amounts falling due withln one year 2025 2024 Bank Loans and overdrafts Loans 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 2,304,941 29,688 7,464 10,025 58,185 2,410,303 At 31st January 2025, the original loan from Manchester City Council included accrued interest of £606,970 The accrued interest amount is for the last ten years since the start of the loan in January 2015. This loan from Manchester City Council is secured by debenture dated 20 January 2015 which includes fixed charge over all the borrowers, right, title and interest in the existing rent account. This loan from Manchester Clty Councll Is repayable on demand. At 31st January 2025, the new loan from Manchester City Council included accrued interest of £16,668, accrued since the date of the loan, 10th September 2024. Monthly repayments of this loan are being made at an ageed rate, and the balance of the loan is repayable on demand. Thls loan is secured in accordance with the above debenture dated 20 January 2015. Page 18.of 19
Irish Diaspora Foundatlon Trustees, and Directors, Report for the Year ended 31 January 2025 13- Creditors . amounts falllng due after more than one year 2025 2024 Bank loans Bank Loans 2025 2024 Repayable in one year or less or on demand 561,420 The 8ank Loan was fully repaid on 10th September 2024. 14- Funds Held Balance 8/F Incoming Outgoing Resources Resources Fund Transfer Balance CIF Restrlcted Fund Emigrant and communitv support fund Property fund 51,160 1,455 51,160 1213,799) 212,344 Unrestricted Fund 269,181 307,181 {250,437) 1212,3441 113,581 321,796 307,181 1464,236) 164,741 The Emlgrant 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 given solely in respect of the property owned by the charity and relating to its refurbishment and other costs. Page 19 of 19