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2021-03-31-accounts

Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital)

Annual Report and Audited Financial Statements

for the financial year ended 31 March 2021

Allen Tully & Co Chartered Certified Accountants and Statutory Auditor

19 Palace Square London SE19 2LT United Kingdom

Company Number: 5642515 Charity Number: 1115711

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) CONTENTS

Page
Reference and Administrative Information 3
Trustees' Annual Report 4
Statement of Trustees' Responsibilities 8
Independent Auditor's Report 9
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 144
Supplementary Information relating to the Financial Statements 23

2

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

Tom Wheeler (Chairperson) Maria Lane (Vice Chair) (Appointed 20 July 2020) Larry O'Leary (Vice Chair) (Appointed 20 July 2020) Barbara Carroll (Treasurer) Patrick Gormley (Secretary) Bridie Brennan Cecilia Byrne James Clare Christine Dobson William Faughnan Maura Haughey Margery Martin

Chairperson

Tom Wheeler

Chief Executive Officer Charity Number in England and Wales 1115711 Company Number 5642515

Nora Mulready

Registered Office and Principal Address

50-52 Camden Square London NW1 9XB

Auditors

Allen Tully & Co Chartered Certified Accountants and Statutory Auditor 19 Palace Square London SE19 2LT United Kingdom

Bankers

Allied Irish Bank (GB) Retail Business PO Box 52496 London NW3 9ED

3

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT

for the financial year ended 31 March 2021

The trustees present their Trustees' Annual Report, combining the Directors' Report and Trustees' Report, and the audited financial statements for the financial year ended 31 March 2021.

The financial statements are prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trustees' Report contains the information required to be provided in the Trustees' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The trustees of the company are also charity trustees for the purpose of charity law and under the company's constitution are known as members of the board of trustees.

In this report the trustees of Irish Elderly Advice Network present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 March 2021.

The company is a registered charity and hence the report and results are presented in a form which complies with the requirements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice (SORP) as issued by the Charity Commissioners for England and Wales in October 2005 (updated in 2008), the organisation has implemented its recommendations where relevant in these financial statements.

Financial Results

At the end of the financial year the company has assets of £51,316 (2020 - £37,329) and liabilities of £36,454 (2020 - £31,409). The net assets of the company have increased by £8,942.

Trustees

The trustees who served throughout the financial year, except as noted, were as follows:

Tom Wheeler (Chairperson) Maria Lane (Vice Chair) (Appointed 20 July 2020) Larry O'Leary (Vice Chair) (Appointed 20 July 2020) Barbara Carroll (Treasurer) Patrick Gormley (Secretary) Bridie Brennan Cecilia Byrne James Clare Christine Dobson William Faughnan Maura Haughey Margery Martin

In accordance with the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election.

Compliance with Sector-Wide Legislation and Standards

The company engages pro-actively with legislation, standards and codes which are developed for the sector. Irish Elderly Advice Network subscribes to and is compliant with the following:

Auditors

The auditors, Allen Tully & Co, (Chartered Certified Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Approved by the Board of Trustees on ________ and signed on its behalf by:

_____ _____ Tom Wheeler Barbara Carroll (Treasurer) Chairperson Trustee

4

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT

for the financial year ended 31 March 2021

The Irish Elderly Advice Network is a charity supporting older Irish people in and around the 32 Greater London boroughs. The aim is to alleviate poverty and distress, and to deliver a programme of educational and cultural projects which enhance people’s lives. Over the last year this organisation has successful in this provision and on behalf of all staff and Trustees, we are delighted to present this annual report.

Tom Wheeler Barbara Carroll

Vice-Chair Treasurer

Staffing Structure

Our current staff are as follows:

Funders

We are very grateful for the funding support we receive from the following trusts and other sources:

Since we began in 1993, our funding base has become stronger and we have been enabled to increase the level of service we provide.

Welfare

Our primary welfare objectives are to combat poverty, isolation and distress, to tackle housing issues and to advocate on behalf of individuals in the elderly Irish community who need our support. Other areas where individual elders need support are as follows:

Summary

It is hard to put into words what we have all lived through this past 12 months. The pandemic has changed the lives of all older Irish people, all older people, and in fact all people throughout the world. The Irish

5

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT

for the financial year ended 31 March 2021

Elderly Advice Network has had a year like no other, and we have worked hard to give the older Irish of London the care and support you deserved and needed during this time.

Our team of staff, volunteers and trustees has worked all year round - necessary to deal with the increased needs of our older community living through Covid. We are forever grateful to all those who made donations, and to all our funders, for ensuring we could add capacity to our charity at an historic time when more help was desperately needed.

Over the last year our welfare rights team, our cultural projects and our work on tackling isolation and giving practical help during the pandemic have together supported thousands of older Irish people across the 32 boroughs of London. We are also proud to have hosted two community vaccine days, and to have been vocal in persuading people to take the vaccine to protect themselves and others.

As we look towards the future, with services and projects relating to pensions, welfare rights, mental and physical health in older people, education programmes, arts programmes, the Irish Pensioners Choir, Irish Theatre, East London’s Irish Pensioners Forum, the Hackney Tea Dance, Irish music sessions, lunches and more, we will continue to give strong and dedicated support to the older Irish population of London.

We are honoured to have been recognised for our work by the Mayor of London, Sadiq Kahn, by former Taoisigh, Bertie Ahern and Enda Kenny, and by the President of Ireland, President Michael Higgins.

2020 – 2021 Service and Outreach:

• Daily advice service, Monday to Friday, 10am to 4.30pm via our Helpline and – when possible around Covid restrictions – face to face at the London Irish Centre, Camden

When Covid restrictions allowed, we operated the following:

Covid specific services:

Phone Helpline open 7 days per week, 9am to 8pm, March 2020 to March 2021

Food and prescription delivery service across 32 London boroughs

Doorstep visits to older people in lockdown – to tackle isolation

Folk and photography project – recording the experience of the older Irish in lockdown

Musical projects – helping people to sing and record from their own homes and share with others online

Phone befriending service – tackling isolation

Vaccine clinics in partnership with Hackney Public Health and the NHS

Home cooked food delivery service for older Irish people

Ipad training classes for older Irish people

Irish Elders newsletters – containing crucial information for older Irish people to help keep people safe from Covid

6

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT

for the financial year ended 31 March 2021

Appeals and tribunals

Following on from an incredibly busy year in 2019-2020 for appeals and tribunals, this year saw a great demand for professional advocacy at appeals and tribunals. The majority of these appeals and tribunals were for PIP and ESA and due to Covid the vast majority were by phone. The amounts won vary depending on backdated payments.

Housing

The Irish Elderly Advice Network has built a positive reputation for its housing work, as sadly within London there is an unsatisfactory provision of housing particularly for older Irish single men. However, we have a brilliant relationship with various housing associations and alms-houses across London, which has enabled us to secure good quality, safe housing for our clients. It was very difficult to keep re-housing work going during Covid, especially during the lockdowns, as people were not able to view properties. However, the housing need remained and we therefore continued with this work. We estimate that 14 people were rehoused during the Covid period and 20 further application were made by phone, to be completed quickly the following year. Each person housed was placed in excellent quality sheltered housing. All these are very happy with their new homes and to finally have a roof over their heads. This has made an enormous difference to their quality of life.

In addition, we also deal with housing issues and complaints such as substandard conditions, disrepair and maintenance issues. As we have maintained good relationships with contacts within various housing associations, we

are often able to have these issues investigated and dealt with quickly.

Culture

  1. Support for projects which address the needs of disadvantaged and vulnerable Irish emigrants, in particular the elderly

  2. Support projects which foster a more vibrant sense of community and Irish identity amongst the Irish abroad; to the benefit of both.

The Irish Elders Culture Office has continued to focus on empowering older Irish people and enriching their lives on a daily basis. We have a relentless focus on celebrating our Irish identity, preserving Irish history and culture and ensuring that older Irish people, through this work, enjoy their lives in an uplifting and rich way. Through our support for older Irish participation in song, drama, dance, art, history, music, trips, history education and more, we continue to meet these objectives and remain very proud of the work we do.

This was a huge challenge during Covid but we believe we carried out work that kept older Irish people active, engaged, and celebrated during the Covid lockdown periods. The most significant pieces of work were the book – May the Road Rise to Meet You – Irish Elders in Lockdown, and the film “Doorstep Conversations” – both of which were widely celebrated within the older Irish community, including a forward to the book written by Enda Kenny, former Taoiseach of Ireland.

All our projects place older Irish people at their heart, not only as recipients but as deliverers and drivers of the projects. We have committees of older Irish people who we work with to develop the projects. It is very important to our charity that older people are at the heart of developing the vision for the projects.

The work of the Irish Elderly Advice Network has continued well for another year, and we are grateful to all staff and volunteers for their wonderful work.

We look forward to the year ahead.

Trustees and CEO.

Finance Note from Trustees : IEAN’s Reserves Policy is 1.5 months.

7

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT

for the financial year ended 31 March 2021

Statement of Trustees’ Responsibilities

The trustees, who are also directors of Irish Elderly Advice Network for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the net income or expenditure of the company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Approved by the Board of Trustees on ________ and signed on its behalf by:

Tom Wheeler Chairperson

________ Barbara Carroll (Treasurer) Trustee

8

INDEPENDENT AUDITOR'S REPORT to the Members of Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital)

Report on the audit of the financial statements

Opinion

We have audited the company financial statements of Irish Elderly Advice Network ('the company') for the financial year ended 31 March 2021 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and notes to the financial statements, including the summary of significant accounting policies set out in note 4. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102.

In our opinion, when reporting in accordance with a fair presentation framework the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the Provisions Available for Audits of Small Entities, in the circumstances set out in Note 6 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

9

INDEPENDENT AUDITOR'S REPORT to the Members of Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the Statement of Trustees' Responsibilities set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we considered the following:

(i) The nature of the sector in which the charity operates, its control environment and financial performance. (ii) Making inquiries of trustees and senior management, including obtaining and receiving supporting documentation, concerning the charity’s policies and procedures relating to:

(iii) Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.

10

INDEPENDENT AUDITOR'S REPORT to the Members of Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital)

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

__________ Katherine Tully (Senior Statutory Auditor) for and on behalf of ALLEN TULLY & CO Chartered Certified Accountants and Statutory Auditor 19 Palace Square London SE19 2LT United Kingdom

...............................

11

Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an Income and Expenditure Account)

for the financial year ended 31 March 2021

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds
2021 2021 2021 2020 2020 2020
Notes
£		 £ £ £ £ £
Incoming Resources
Voluntary Income 7.1
39,269		 - 39,269 10,916 - 10,916
Charitable activities
- Grants from governments 7.2
-		 220,992 220,992 4,770 141,375 146,145
and other co-funders
Investments 7.3
2		 - 2 7 - 7
─────── ─────── ─────── ─────── ─────── ───────
Total incoming resources 39,271 220,992 260,263 15,693 141,375 157,068
─────── ─────── ─────── ─────── ─────── ───────
Resources Expended
Charitable activities 8.1
-		 251,321 251,321 14,304 140,569 154,873
─────── ─────── ─────── ─────── ─────── ───────
Net incoming/outgoing 39,271 (30,329) 8,942 1,389 806 2,195
resources before
transfers
Gross transfers between (35,553) 35,553 - - - -
funds
─────── ─────── ─────── ─────── ─────── ───────
Net movement in funds 3,718 5,224 8,942 1,389 806 2,195
for the financial year
Reconciliation of funds
Balances brought forward at
18
3,072		 2,848 5,920 1,683 2,042 3,725
1 April 2020
─────── ─────── ─────── ─────── ─────── ───────
Balances carried forward 6,790 8,072 14,862 3,072 2,848 5,920
at 31 March 2021
═══════ ═══════ ═══════ ═══════ ═══════ ═══════

The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.

The notes on pages 14 to 21 form part of the financial statements

12

Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital) Company Number: 5642515 BALANCE SHEET

as at 31 March 2021

2021 2020
Notes £ £
Current Assets
Debtors 15 - 10,000
Cash at bank and in hand 51,316 27,329
─────── ───────
51,316 37,329
─────── ───────
Creditors: Amounts falling due within one year 16 (36,454) (31,409)
─────── ───────
Net Current Assets 14,862 5,920
─────── ───────
Total Assets less Current Liabilities 14,862 5,920
═══════ ═══════
Funds
Restricted trust funds 8,072 2,848
General fund (unrestricted) 6,790 3,072
─────── ───────
Total funds 18 14,862 5,920
═══════ ═══════

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Board of Trustees and authorised for issue on ________ and signed on its behalf by

Tom Wheeler Chairperson

________ Barbara Carroll (Treasurer) Trustee

The notes on pages 14 to 21 form part of the financial statements

13

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2021

1. GRANTS

CITY BRIDGE TRUST

The charity has been awarded a grant of £150,000 over 5 years (£30,000 X 5) to contribute to the salary cost of the Head of Culture and associated office costs. Funding each year is conditional on written confirmation from the Irish Government of IEANs core funding.

The charity received £30,000 in the accounting period (year 2) which has been fully recognised and utilised.

GOVERNMENT OF IRELAND: COVID-19 REPONSE FUNDS

The charity received a Covid-19 response fund amounting to £25,460 for the Irish Elders Corona Coalition project. The grant is restricted to that specific purpose and was spent within three months of the receipt by the Embassy of the signed letter of acceptance. The grant has been recognised in the accounts and fully utilised during the reporting period.

The charity received a Covid-19 response grant amounting to £10,000 for the Christmas Book project. The grant is restricted to this specific project and has been recognised in the accounts and fully utilised by the end of the year 2020.

HACKNEY GIVING: COVID-19 GRANT

The charity received a grant amounting to £10,000 from The City and Hackney Public Health Team (distributed and managed by Hackney Giving on its behalf). The grant is restricted to the following specific project: "Irish Elders Corona Communication". The charity received an initial payment of £3,000 which has been recognised and fully utilised during the accounting period. Subsequent payments will be dependent on receipt monitoring information and evidence of successful delivery.

2. DEFERRED INCOME

GOVERNMENT OF IRELAND EMIGRANT SUPPORT PROGRAMME (ESP)

A grant of £124,900 was received for the year from 1st July 2020 to 30th June 2021.

The funds were restricted for the following projects: Irish Elderly Core Project £110,400 (less £500 clawback) and Irish Elderly Culture Office £15,000.

Nine months grant income was utilised in the period to 31st March 2021. Three months grant income amounting to £31,225 has been deferred to the 2021-22 year and will be utilised by 30th June 2021. Three months grant income amounting to £26,500 deferred from 2019-20 has been utilised this year.

3. GENERAL INFORMATION

Irish Elderly Advice Network is a company limited by guarantee incorporated in the United Kingdom. The registered office of the company is 50-52 Camden Square, London, NW1 9XB which is also the principal place of business of the company The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

14

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.

Basis of preparation

The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".

As permitted by the Companies Act 2006, the company has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.

Statement of compliance

The financial statements of the company for the financial year ended 31 March 2021 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".

Cash flow statement

The company has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement because it is classified as a small company.

Fund accounting

The following are the categorises of funds maintained:

Restricted funds

Restricted Funds contain the grants received to run specific projects for the benefits of the charity's main objectives and the associated expenditure which relate to the project workers' wages and salaries and the projects running costs for the benefit of older persons who are Irish residents in the UK.

Unrestricted funds

Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. They are for the promotion of any charitable purposes for the benefit of older persons (aged 60 and over) who identify themselves as Irish residents in the UK.

15

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

Incoming Resources

Voluntary income or capital is included in the Statement of Financial Activities when the company is legally entitled to it, its financial value can be quantified with reasonable certainty and there is reasonable certainty of its ultimate receipt. Entitlement to legacies is considered established when the company has been notified of a distribution to be made by the executors. Income received in advance of due performance under a contract is accounted for as deferred income until earned. Grants for activities are recognised as income when the related conditions for legal entitlement have been met. All other income is accounted for on an accruals basis. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received.

Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.

Income from investments is included in the year in which it is received.

Income from charitable activities

Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the company. Income from government and other co-funders is recognised when the company is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors.

Grants from governments and other co-funders typically include one of the following types of conditions:

-Time based conditions: whereby the company is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases, the company recognises the income to the extent it is utilised within the period specified in the agreement.

In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the company is notified of entitlement.

Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.

Resources Expended

Resources expended are recognised in the year in which they are incurred. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those incurred directly in support of expenditure on the objects of the charity and include project management. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Trade & Other Creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method except where the effect of discounting would be immaterial. In such cases they are stated at cost.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

16

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

Leasing

Rentals payable under operating leases are dealt with in the income and expenditure account as incurred over the period of the rental agreement.

Trade and Other Debtors

Trade and Other Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the company from government agencies and other co-funders, but not yet received at year end, is included in debtors. Debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash at bank and in hand

Cash at bank and in hand comprises cash on deposit at banks requiring less than three months’ notice of withdrawal.

The charity holds two bank accounts with AIB (GB). The year-end balances are: - Current account: £51,266

Taxation

No current or deferred taxation arises as the company has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.

The charity is exempt from taxation under S505 Income and Corporation Taxes Act 1988.

Grants receivable

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are received. All grants received are restricted as is the expenditure associated with the grants.

5. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There are no sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

6. PROVISIONS AVAILABLE FOR AUDITS OF SMALL ENTITIES

In common with many other charitable companies of our size and nature, we use our auditors to assist with the preparation of the financial statements.


preparation of the financial statements.
7. INCOME
7.1 DONATIONS AND LEGACIES Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Sundry Donations 39,269 - 39,269 10,916
═══════ ═══════ ═══════ ═══════
7.2 CHARITABLE ACTIVITIES Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Welfare Service - 165,992 165,992 109,945
Cultural Activities - 55,000 55,000 36,200
─────── ─────── ─────── ───────
- 220,992 220,992 146,145
═══════ ═══════ ═══════ ═══════
7.3 INVESTMENTS Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Investment Income 2 - 2 7
═══════ ═══════ ═══════ ═══════

17

Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

8. EXPENDITURE
8.1 CHARITABLE ACTIVITIES Direct Other Support 2021 2020
Costs Costs Costs
£ £ £ £ £
Welfare Service 101,836 517 94,548 196,901 118,625
Cultural Activities 35,000 - 19,420 54,420 36,248
─────── ─────── ─────── ─────── ───────
136,836 517 113,968 251,321 154,873
═══════ ═══════ ═══════ ═══════ ═══════
8.2 SUPPORT COSTS Charitable 2021 2020
Activities
£ £ £
Outings/Meetings/Events 53,836 53,836 8,257
Rent and Service Charges 16,959 16,959 16,048
Insurance 422 422 358
General Office 17,254 17,254 11,369
Legal & Professional (Governance) 4,704 4,704 4,091
Audit Fees (Governance) 2,509 2,509 2,509
Communication and Advertising 18,284 18,284 -
Depreciation - - 72
─────── ─────── ───────
113,968 113,968 42,704
═══════ ═══════ ═══════
9. ANALYSIS OF SUPPORT COSTS
Basis of 2021 2020
Apportionment £ £
Outings/Meetings/Events Staff Time 53,836 8,257
Rent and Service Charges Staff Time 16,959 16,048
Insurance Activity 422 358
General Office Staff Time 17,254 11,369
Legal & Professional (Governance) Usage 4,704 4,091
Audit Fees (Governance) Administration 2,509 2,509
Communication and Advertising Activity 18,284 -
Depreciation Unrestricted Activities - 72
─────── ───────
113,968 42,704
═══════ ═══════
10. NET INCOMING RESOURCES 2021 2020
£ £
Net Incoming Resources are stated after charging/(crediting):
Depreciation of tangible assets - 72
Operating lease rentals
- Office equipment 4,898 1,500
Auditor's remuneration:
- audit services 2,509 2,509
═══════ ═══════
11. INVESTMENT AND OTHER INCOME 2021 2020
£ £
Covid-19 Grant Received 9,757 -
Bank interest 2 7
─────── ───────
9,759 7
═══════ ═══════

18

Irish Elderly Advice Network (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

12. EMPLOYEES AND REMUNERATION

Number of employees

The average number of persons employed (including executive trustees) during the financial year was as follows:


follows:
2021 2020
Number Number
Project workers and Administration 5 3
Chief Executive Officer 1 1
─────── ───────
6 4
═══════ ═══════
The staff costs comprise: 2021 2020
£ £
Wages and salaries 122,971 100,536
Social security costs 12,021 10,327
Pension costs 1,844 1,006
─────── ───────
136,836 111,869
═══════ ═══════

The key management in the charity is the CEO and a remuneration of £38,500 is associated with this post.

13. EMPLOYEE BENEFITS

There are no employees who received employee benefits excluding employer pension costs) of more than £60,000 (€70,000) for the reporting period.

14. TANGIBLE FIXED ASSETS

14. TANGIBLE FIXED ASSETS
Fixtures, Total
fittings and
equipment
£ £
Cost
At 1 April 2020 1,649 1,649
Disposals (1,649) (1,649)
─────── ───────
At 31 March 2021 - -
─────── ───────
Depreciation
At 1 April 2020 1,649 1,649
On disposals (1,649) (1,649)
─────── ───────
At 31 March 2021 - -
─────── ───────
Net book value
At 31 March 2021 - -
═══════ ═══════
15. DEBTORS 2021 2020
£ £
Other debtors - 10,000
─────── ───────
- 10,000
═══════ ═══════

19

Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

16. CREDITORS 2021 2020
Amounts falling due within one year £ £
Accruals and deferred income 36,454 31,409
═══════ ═══════
17. RESERVES
2021 2020
£ £
At 1 April 2020 5,920 3,725
Surplus for the financial year 8,942 2,195
─────── ───────
At 31 March 2021 14,862 5,920
═══════ ═══════
18. FUNDS
18.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Total
Funds Funds Funds
£ £ £
At 1 April 2019 1,683 2,042 3,725
Movement during the financial year 1,389 806 2,195
─────── ─────── ───────
At 31 March 2020 3,072 2,848 5,920
Movement during the financial year 3,718 5,224 8,942
─────── ─────── ───────
At 31 March 2021 6,790 8,072 14,862
═══════ ═══════ ═══════
18.2 ANALYSIS OF MOVEMENTS ON FUNDS
Balance Income Expenditure Transfers Balance
1 April between 31 March
2020 funds 2021
£ £ £ £ £
Restricted funds
Restricted Funds 2,848 220,992 251,321 35,553 8,072
─────── ─────── ─────── ─────── ───────
Unrestricted funds
Unrestricted Funds 3,072 39,271 - (35,553) 6,790
─────── ─────── ─────── ─────── ───────
Total funds 5,920 260,263 251,321 - 14,862
═══════ ═══════ ═══════ ═══════ ═══════
18.3 ANALYSIS OF NET ASSETS BY FUND
Current Current Total
assets liabilities
£ £ £
Restricted trust funds 42,026 (36,454) 5,572
─────── ─────── ───────
Unrestricted general funds 9,290 - 9,290
─────── ─────── ───────
51,316 (36,454) 14,862
═══════ ═══════ ═══════

20

Irish Elderly Advice Network

(A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS

continued

for the financial year ended 31 March 2021

19. STATUS

The company is limited by guarantee not having a share capital.

The liability of the members is limited.

Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are members or within one year thereafter for the payment of the debts and liabilities of the company contracted before they ceased to be members and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors among themselves such amount as may be required, not exceeding £ 1.

20. RELATED PARTY TRANSACTIONS

There have been no transactions with trustees or related parties that require disclosure in the reporting period. None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity. No trustee expenses have been incurred.

21. POST-BALANCE SHEET EVENTS

There have been no significant events affecting the Charity since the financial year-end.

21