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2021-09-30-accounts

Company Number: 8221421 Charity Number: 1149787

The London Irish Centre

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

Annual Report and Audited Financial Statements

for the financial year ended 30 September 2021

ALLEN TULLY & CO 19 Palace Square London SE19 2LT

The London Irish Centre (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 5
Independent Auditor's Report 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 - 22
Supplementary Information relating to the Financial Statements 24 - 25

2

The London Irish Centre (A company limited by guarantee, not having a share capital) REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

Chief Executive Officer

Charity Number in England and Wales

Company Number

Registered Office and Principal Address

Auditors

Ms Rosaleen Blair CBE (Chairperson) Mr Nyall Jacobs Mr Michael O'Connor Mr Patrick Doherty Ms Mary Kerrigan Mr Tom Goddard Mr Ian McKim Mr Alex O'Cinneide Mr Michael Roddy Ms Maura McGowan Ms Anna Doyle (Resigned 20 November 2020)

Mr Paul Knowles

1149787

8221421

50-52 Camden Square London NW1 9XB

ALLEN TULLY & CO 19 Palace Square London SE19 2LT

3

The London Irish Centre (A company limited by guarantee, not having a share capital) TRUSTEES' ANNUAL REPORT

for the financial year ended 30 September 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 30 September 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 The London Irish Centre present a summary of its purpose, governance, activities, achievements and finances for the financial financial year 30 September 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 £7,091,096 (2020 - £6,853,038) and liabilities of £1,245,326 (2020 - £1,085,937). The net assets of the company have increased by £78,669.

Trustees

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

Ms Rosaleen Blair CBE (Chairperson) Mr Nyall Jacobs Mr Michael O'Connor Mr Patrick Doherty Ms Mary Kerrigan Mr Tom Goddard Mr Ian McKim Mr Alex O'Cinneide Mr Michael Roddy Ms Maura McGowan Ms Anna Doyle (Resigned 20 November 2020)

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. The London Irish Centre subscribes to and is compliant with the following:

Auditors

The auditors, ALLEN TULLY & CO 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:

_____ _____ Ms Rosaleen Blair CBE (Chairperson) Mr Nyall Jacobs Trustee Trustee

4

The London Irish Centre (A company limited by guarantee, not having a share capital) TRUSTEES’ ANNUAL REPORT

for the year ended 30 September 2021

Principal Activities

The Charity delivers projects in line with its charitable objectives through a network of services delivered across London. Services include advice, support, befriending, and social activities aimed at empowering people, improving health and wellbeing, and promoting community connections for people at risk of isolation. The services are delivered both remotely via social media and web platforms as well as via direct face to face engagement. The charity provides education and learning opportunities for all age groups and promotes Irish art, Culture and Heritage through a large programme of events at the Camden Centre, on-line and at pop-up events across London.

The Charity maintains one of the largest online Irish communities in Britain, providing a forum for networking, discussion, and support. In this respect, over the last eighteen months we have seen a significant increase in numbers engaged across our social media platforms which has shown no sign of dissipating as the threat of the pandemic recedes.

The Camden Centre also remains an important and accessible hub, providing affordable office space for a number of resident organisations and event space for the local community as well as a home and focal point for our staff and volunteers.

Structure, Governance & Management

The Chief Executive Officer (CEO) provides leadership and strategic direction to the charity, and reports to the Board. The CEO is supported by s Senior Management Team with responsibility for day-to-day management of functions relating to Community Services, Culture and Operations.

The Board is responsible for oversight and governance and develops the strategic direction for the Charity in collaboration with the CEO. The Board meets a minimum of four times per year and Trustees have combined expertise at senior and executive level in accountancy, law, construction, finance, arts, cultural activity, and wider public policy. Five Board sub-committees cover community services, finance, culture, development and a sixth provides general oversight.

There are currently 12 Trustees in place, with our Chair, Rosaleen Blair CBE now in post for over twelve months. She is ably assisted by Mike O`Connor CBE, Trustee and Vice Chair, working alongside the remaining Trustee Board. We are extremely grateful for all their ongoing guidance and support

Achievements and Performance

Community Services : London remains the principle location in the UK for expatriate Irish many of whom need easy access to the broad range of services provided by the Charity. Sections of the Irish community have significant support needs around mental health, physical health, finances, housing, and addiction with the age demographic of our client base broadening significantly throughout the last year.

During the last twelve months our work has become far more focused on the needs that have arisen as a consequence of the Covid-19 pandemic, with overall demand progressively increasing throughout the year. We have also needed to support an increasing number of people Charity with complex needs. And are proud and grateful for the skills of our staff in this regard.

Staff from our Wellbeing team have continued to provide hot lunches, food parcels, social clubs both online and in person. Our befriending services have also grown providing one to one support on how to get online, gain access health services or simply to provide comfort. During the year we have also continued to benefit from a high number of volunteers. This has been a cross generational increase and in the early months retained a higher percentage of working professionals albeit this has reduced as more normal working practices started to return. We nevertheless remain extremely grateful for their support.

Arts and Culture : In 2021 we have continued to expand online with increasing social media engagement and an ongoing programme of events. Alongside this, despite the lingering impacts of the pandemic, our Culture teams have continued to build on their programme of Irish cultural activities provided in the areas of language, music, arts, and literature, including new schools and education workshops reflecting a collaboration with 100+ artists and 20+ community groups and partners. We have also developed new strategic partnerships with Mayor of London, Brough councils, IFI, Culture Ireland & Tourism Ireland.

The London Irish Centre (A company limited by guarantee, not having a share capital) TRUSTEES’ ANNUAL REPORT

for the year ended 30 September 2021

Complimentary Activities: The Charity supports other Irish charity and community organisations through the provision of either free or heavily subsidised space at the Camden centre for meetings, education, and events.

Funding : We are incredibly grateful to the Irish Government for their continued support including through the Emigrant Support Programme, administered annually by the Department of Foreign Affairs and Trade. This amounted to circa 30% of the Charity's overall income in this fiscal year. We have also seen an increase in local community partnerships particularly with Camden & Islington Councils. We look forward to expanding and strengthening these partnerships in the coming years.

Future Plans

The London Irish Centre building has been deteriorating over a number of years and this continues to impact on services and threatens future financial and service delivery sustainability. Poor layout and ageing facilities, together with increased running costs also constraints are ability to maintain and grow an income from the premises themselves.

The decision was therefore taken in 2018 to seek approval to redevelop the building, maintaining the historic villas on Camden square. Coffey Architects were chosen following a competitive tender and support provided via a strong Design Team with oversight from a Development Committee which included experts from construction and development. The charity undertook extensive consultation with a wide range of stakeholders throughout 2019 & 2020 and based on this groundwork we were very excited and pleased to receive outline Planning Permission in September 2020.

The aim of the development is as follows:

Momentum slowed as the full impact of the Pandemic was felt in all areas of the Charity. However, plans remained under constant review and in early 2021 the Board appointed a highly experienced external team to review the LIC and capital development plan for a post-Covid world. This review has restated the pressing need to develop the Centre and is informing detailed project planning and refreshed strategic planning as we look forward to the new financial year ahead.

External evaluation of the charity

The charity has maintained Advice Quality Standard (AQS) accreditation, has been awarded the Quality in Befriending accreditation and continues its membership of the Living Wage Foundation.

The Trustees very much appreciate the high quality of service given to the London Irish Centre Charity by its staff, Trustees, and members of committees as well as the increasing number of volunteers who supported the charity in 2020.

The Trustees are deeply grateful for the financial support from the many donors, foundations and trusts that provide financial support as well as the individuals who provide valuable pro-bono advice and consultancy. As already, stated, we are particularly grateful to the Irish Government for their continued support though the Emigrant Support Programme and Culture Ireland grants.

The London Irish Centre (A company limited by guarantee, not having a share capital) TRUSTEES’ ANNUAL REPORT for the year ended 30 September 2021

Financial Review

The Trustees are pleased to report that the Charity recorded an operating surplus of £79k after charging depreciation of £144k, which was very much in line with Budgeted expectations in what was a difficult year with Covid 19 restrictions in place for a large part of the year. This surplus is largely due to grants from the Irish government comprising £0.46m derived from the ESP programme, but it also reflects grants from new providers such as the Lottery fund, Camden council and the Rank Foundation alongside our traditional Grant providers.

Therefore, total Income is reported at £1.54m which is comparable to the income reported in 2019/20 of £609k, as that year had benefitted from an additional grant from the Irish Government to the Development Fund of £0.67m. Excluding this grant, total income is 4.2% down on last year. However, it is pleasing to note that total expenses decreased by £208k (12.5%) to £1.46m.

The Charity staff numbers reduced by 2 to 34 with a loss of its temporary staff, but it continues to deliver its highquality services to the community it serves. The Charity remains alert for the need to balance the Community needs with the Development Strategy and in this respect, it should be noted that the Cash reserves of £1.63m includes £0.5m of funds designated to be expensed towards meeting its development strategy.

Nevertheless, the Trustees remain confident that, whilst recognising the economic uncertainty, the Charity can continue to maintain and grow its services to meet the unrelenting demand and remain optimistic that the Charity will continue to meet the demand for its services delivered to our core client base in the coming financial year.

The London Irish Centre

(A company limited by guarantee, not having a share capital) STATEMENT OF TRUSTEES' RESPONSIBILITIES

for the financial year ended 30 September 2021

The trustees, who are also directors of The London Irish Centre 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:

________ Ms Rosaleen Blair CBE (Chairperson) Trustee

________ Mr Nyall Jacobs Trustee

5

INDEPENDENT AUDITOR'S REPORT to the Members of The London Irish Centre

(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 The London Irish Centre ('the company') for the financial year ended 30 September 2021 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including the summary of significant accounting policies set out in note 10. 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.

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 12 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:

6

INDEPENDENT AUDITOR'S REPORT

to the Members of The London Irish Centre

(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:

The procedures are capable of detecting misstatements in respect of irregularities, including fraud, to a reasonable level of assurance. It is not guaranteed that the audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

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:

7

INDEPENDENT AUDITOR'S REPORT to the Members of The London Irish Centre

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

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 19 Palace Square London SE19 2LT

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

8

The London Irish Centre

(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 30 September 2021

**Unrestricted ** Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds
2021 2021 2021 2020 2020 2020
Notes £ £ £ £ £ £
Incoming Resources
Voluntary Income 13.1 142,549 10,000 152,549 214,357 2,038 216,395
Charitable activities
- Grants from governments 13.2 354,764 740,178 1,094,942 441,230 634,756 1,075,986
and other co-funders
Investments 13.3 255,876 - 255,876 311,155 - 311,155
Other income 13.4 38,286 - 38,286 676,821 - 676,821
─────── ─────── ─────── ─────── ─────── ───────
Total incoming resources 791,475 750,178 1,541,653 1,643,563 636,794 2,280,357
─────── ─────── ─────── ─────── ─────── ───────
Resources Expended
Charitable activities 14.1 656,960 682,383 1,339,343
905,072
612,625
1,517,697
Other expenditure 14.2 123,641 - 123,641
153,138
-
153,138
─────── ─────── ─────── ─────── ─────── ───────
Total Resources Expended 780,601 682,383 1,462,984
1,058,210
612,625
1,670,835
─────── ─────── ─────── ─────── ─────── ───────
Net incoming/outgoing 10,874 67,795 78,669
585,353
24,169
609,522
resources before transfers
Gross transfers between - - -
-
-
-
funds
─────── ─────── ─────── ─────── ─────── ───────
Net movement in funds 10,874 67,795 78,669
585,353
24,169
609,522
for the financial year
Reconciliation of funds
Balances brought forward at 25 5,812,890 (45,789) 5,767,101
5,227,537
(69,958)		 5,157,579
1 October 2020
─────── ─────── ─────── ─────── ─────── ───────
Balances carried forward 5,823,764 22,006 5,845,770
5,812,890
(45,789)		 5,767,101
at 30 September 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 12 to 22 form part of the financial statements

9

The London Irish Centre

(A company limited by guarantee, not having a share capital) Company Number: 8221421

BALANCE SHEET

as at 30 September 2021

2021 2020
Notes £ £
Fixed Assets
Tangible assets 20 5,299,817 5,430,158
─────── ───────
Current Assets
Debtors 21 153,608 93,274
Cash at bank and in hand 1,637,671 1,329,606
─────── ───────
1,791,279 1,422,880
─────── ───────
Creditors: Amounts falling due within one year 22 (987,594) (822,347)
─────── ───────
Net Current Assets 803,685 600,533
─────── ───────
Total Assets less Current Liabilities 6,103,502 6,030,691
Grants receivable 23 (257,732) (263,590)
─────── ───────
Net Assets 5,845,770 5,767,101
═══════ ═══════
Funds
Restricted trust funds 22,006 (45,789)
Unrestricted designated funds 510,382 594,291
General fund (unrestricted) 5,313,382 5,218,599
─────── ───────
Total funds 25 5,845,770 5,767,101
═══════ ═══════

The total unrestricted funds includes a revaluation reserve of £(2,920,702) (2020 - £(2,920,702))

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

________ Ms Rosaleen Blair CBE (Chairperson) Trustee

________ Mr Nyall Jacobs Trustee

The notes on pages 12 to 22 form part of the financial statements

10

The London Irish Centre STATEMENT OF CASH FLOWS

for the financial year ended 30 September 2021

2021 2020
Notes £ £
Cash flows from operating activities
Net movement in funds 78,669 609,522
Adjustments for:
Depreciation 144,000 126,128
Interest receivable and similar income (2,787) (4,732)
Amortisation of capital grants received (5,858) (5,858)
─────── ───────
214,024 725,060
Movements in working capital:
Movement in debtors (60,334) 59,079
Movement in creditors 165,247 220,543
─────── ───────
Cash generated from operations 318,937 1,004,682
─────── ───────
Cash flows from investing activities
Interest received 2,787 4,732
Payments to acquire tangible assets (13,659) (462,857)
─────── ───────
Net cash generated from investment activities (10,872) (458,125)
─────── ───────
Net increase in cash and cash equivalents 308,065 546,557
Cash and cash equivalents at 1 October 2020 1,329,606 783,049
─────── ───────
Cash and cash equivalents at 30 September 2021 28 1,637,671 1,329,606
═══════ ═══════

11

The London Irish Centre

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

for the financial year ended 30 September 2021

1. GOVERNMENT OF IRELAND: DEPARTMENT OF CULTURE, HERITAGE AND GAELTACHT

The charity received a grant of £500,000 from the Department of Culture, Heritage and the Gaeltacht and Culture Ireland. The grant is to support and promote the use of the Irish language and to facilitate the development of the Gaeltacht and Islands. The grant is to be used for the preparatory and construction work for the redevelopment of the London Irish Centre in line with the development plan presented in October 2019. The grant has been classified as unrestricted designated funds in the accounts and an amount of £220,142 has been deferred to the next financial year. The funds must be fully utilised by 31 December 2021 on the project, in agreement with the Office of Public Works.

2. BOROUGH OF CAMDEN: ADVICE NETWORK GRANT

A grant of £40,000 was received from the Borough of Camden to provide advice on the following topic area: - Advice and Advocacy for Older People (£10,000)

The funds are restricted and were fully utilised during the reporting period.

3. DEVELOPMENT PROJECT

The London Irish Centre is planning to develop the existing site as a world-class Irish community and cultural centre. The existing building is deteriorating and this impact on services and does not support financial sustainability. Ireland and London deserve a world-class Irish community and cultural centre.

Subject to a strategic review of post COVID pandemic needs and commercial opportunities, the LIC intend to create mixed-use, flexible spaces to provide a varied mix of services to a diverse community, to dramatically improve accessibility and enhance cultural and educational activities. The project once approved is expected to be completed in 2025.

4. RENT PAYABLE

At year ended 30 September 2021, the charity owes £14,400 to LB of Hammersmith and Fulham for rent. Both parties have agreed on annual payments of £4,800 over the next three years.

5. FINANCIAL INSTRUMENTS

Cash and cash equivalents: Funds held in current accounts amount to £1,110,565 and a total amount of £527,106 is held in Savings accounts.

Account Receivables: The charity has debtors which are included in Note 21 and are at amortised cost. They include prepayments for insurance and upcoming events, VAT refund and accrued income. Account Payables: The charity has creditors which are included in Notes 22 and are at amortised cost. They include amounts owed to HMRC, prepaid income for upcoming events, accruals and deferred income.

6. OTHER GRANTS RECEIVED

12

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

continued

for the financial year ended 30 September 2021

7. THE RANK FOUNDATION: TIME TO SHINE PROGRAMME

A grant of £37,832 was received as part of the Time to Shine Programme for the year from January 2020 to December 2021. The funds are restricted and has been fully utilised by the end of December 2021.

8. GOVERNMENT OF IRELAND: EMIGRANT SUPPORT PROGRAMME

A grant of £503,831 was approved for the year from 1st July 2021 to 30th June 2022. The funds are restricted for the following projects: 1) Advice Service £155,000; 2) Community Health Navigator £27,000; 3) Core and Holistic Organisation Staffing and Overheads £140,831; 4) Integrated Survivors Support Project £50,000; 5) Irish Culture, Digital Connection & Heritage £50,000; 6) Wellbeing and Elders Persons Service £81,000. Three months grant income was utilised in this accounting period. Nine month grant income amounting to £377,873 has been deferred to the 2021-22 year and will be utilised by 30th June 2022.

A capital grant of £500,000 was received in financial year 2020 from the Government of Ireland Emigrant Support Programme (ESP) which is specific to the LICC Development Project and its associated costs. The grant has been classified as unrestricted designated funds in the accounts and covers the period from 1 July 2019 to 30 June 2020. An amount of £174,430 is currently deferred in the next financial year.

9. GENERAL INFORMATION

The London Irish Centre 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.

13

continued

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

for the financial year ended 30 September 2021

10. 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 30 September 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".

Fund accounting

The following are the categories of funds maintained:

Restricted funds

Restricted Funds are accounted for in accordance with the particular terms of trust arising from the express or implied wishes of donors in so far as these are intended to be binding on the charity. Restricted funds are mainly used for the wages and salaries of project workers and the project running costs.

Unrestricted funds

General funds are unrestricted funds and 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.

Designated Funds are unrestricted funds that have been set aside by the Trustees for the purpose of the LICC Development Project only.

14

The London Irish Centre

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

continued

for the financial year ended 30 September 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.

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.

Cash and Cash Equivalents

Cash and Cash Equivalents comprise cash at bank and in hand, demand deposits with banks and other shortterm highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within creditors.

Impairment of Assets

An impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. At year end, the trustees assess whether there is any indication that an asset is impaired. If there is no indication of impairment, then the trustees do not estimate the recoverable amount. If there is an indication of impairment, then the trustees will estimate the recoverable amount. An impairment loss will be recognised if, and only if, the recoverable amount of the asset is less than the carrying amount. The recoverable amount of an asset is the higher of its fair value less costs to sell the asset and its value in use.

Rental and Leasing

Rental payable is dealt with in the profit and loss account as incurred over the period of the rental agreement.

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:

15

The London Irish Centre

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

continued

for the financial year ended 30 September 2021

Investment properties

Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business.

Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Statement of Financial Activities as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Statement of Financial Activities.

Debtors

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.

Trade and Other 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.

Creditors

Trade and Other Creditors are initially recognised at fair value and therafter 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.

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

Where capital grants are received, they are amortised over the life of the asset and in line with the depreciation policy of the class of asset.

Foreign currencies

The LIC functional currency is Pound Sterling. Any income and expenditure which occur in foreign currency (Euro) are translated into the charity's functional currency (GBP).

11. 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.

12. 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.

13. INCOME
13.1 DONATIONS AND LEGACIES Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Sundry Income 67,545 - 67,545 75,064
Sundry Donations 75,004 10,000 85,004 141,331
─────── ─────── ─────── ───────
142,549 10,000 152,549 216,395
═══════ ═══════ ═══════ ═══════

16

The London Irish Centre

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

continued

for the financial year ended 30 September 2021

13.2 CHARITABLE ACTIVITIES Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Community Services 226,196 652,541 878,737 939,339
Arts & Culture 128,568 87,637 216,205 136,647
─────── ─────── ─────── ───────
354,764 740,178 1,094,942 1,075,986
═══════ ═══════ ═══════ ═══════
13.3 INVESTMENTS Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Rental and Investment Income 255,876 - 255,876 311,155
═══════ ═══════ ═══════ ═══════
13.4 OTHER INCOME Unrestricted Restricted 2021 2020
Funds Funds
£ £ £ £
Shop Sales 285 - 285 4,455
Development Project 38,001 - 38,001 672,366
─────── ─────── ─────── ───────
38,286 - 38,286 676,821
═══════ ═══════ ═══════ ═══════
14. EXPENDITURE
14.1 CHARITABLE ACTIVITIES Direct Other Support 2021 2020
Costs Costs Costs
£
£		 £ £ £
Community Services 664,246
31,971		 419,758 1,115,975 1,393,029
Arts & Culture 110,237
-		 113,131 223,368 124,668
───────
───────		 ─────── ─────── ───────
774,483
31,971		 532,889 1,339,343 1,517,697
═══════
═══════		 ═══════ ═══════ ═══════
14.2 OTHER EXPENDITURE Direct Other Support 2021 2020
Costs Costs Costs
£
£		 £ £ £
Shop Costs 994
-		 - 994 4,195
Development project 103,134
5,775		 13,738 122,647 148,943
───────
───────		 ─────── ─────── ───────
104,128
5,775		 13,738 123,641 153,138
═══════
═══════		 ═══════ ═══════ ═══════

17

The London Irish Centre

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

continued

for the financial year ended 30 September 2021

14.3 SUPPORT COSTS Charitable Other 2021 2020
**Activities ** Expenditure
£ £ £ £
Lunch Clubs Expenses 18,572 - 18,572 90,866
Repairs & Maintenance 58,032 - 58,032 77,644
Festivals and Culture programme 111,085 - 111,085 42,085
Rent, rates and service charges 13,240 2,452 15,692 41,754
Insurance 18,466 - 18,466 15,898
General Office 68,231 49 68,280 82,518
Travel and Repatriation 42,278 8,369 50,647 75,378
Legal & Professional (Governance) 49,985 2,868 52,853 59,868
Audit Fees (Governance) 9,000 - 9,000 6,000
Depreciation 144,000 - 144,000 126,128
─────── ─────── ─────── ───────
532,889 13,738 546,627 618,139
═══════ ═══════ ═══════ ═══════
15. ANALYSIS OF SUPPORT COSTS
Basis of 2021 2020
Apportionment £ £
Lunch Clubs Expenses Activity 18,572 90,866
Repairs & Maintenance Activity 58,032 77,644
Festivals and Culture programme Activity 111,085 42,085
Rent, rates and service charges Staff Time 15,692 41,754
Insurance Activity 18,466 15,898
General Office Staff Time 68,280 82,518
Travel and Repatriation Activity 50,647 75,378
Legal & Professional (Governance) Usage 52,853 59,868
Audit Fees (Governance) Administration 9,000 6,000
Depreciation Unrestricted Activities 144,000 126,128
─────── ───────
546,627 618,139
═══════ ═══════
16. NET INCOMING RESOURCES 2021 2020
£ £
Net Incoming Resources are stated after charging/(crediting):
Depreciation of tangible assets 144,000 126,128
Auditor's remuneration:
- audit services 9,000 6,000
Amortisation of grants receivable (5,858) (5,858)
═══════ ═══════
17. INVESTMENT AND OTHER INCOME 2021 2020
£ £
Rent receivable - other income 247,231 300,565
Amortisation of capital grants received 5,858 5,858
COVID-19 Grant received 3,403 30,211
Bank interest 2,787 4,732
─────── ───────
259,279 341,366
═══════ ═══════

18

continued

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

for the financial year ended 30 September 2021

18. EMPLOYEES AND REMUNERATION

Number of employees

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

2021 2020
Number Number
Full-time Staff 17 17
Part-time Staff 5 7
Trustees 12 12
─────── ───────
34 36
═══════ ═══════
The staff costs comprise: 2021 2020
£ £
Wages and salaries 751,374 741,693
Social security costs 67,163 51,633
Pension costs 15,384 16,913
─────── ───────
833,921 810,239
═══════ ═══════

19. EMPLOYEE BENEFITS

The CEO is the key manager for the LIC and was paid a salary of £60,000 in the financial year. No other employee received employee benefits (excluding employer pension costs) of more than £60,000 (€70,000) for the reporting period.

20. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Land and Investment Long Fixtures, Total
buildings properties leasehold fittings and
freehold property equipment
£ £ £ £ £
Cost
At 1 October 2020 5,569,741 263,000 594,079 107,161 6,533,981
Additions - - - 13,659 13,659
─────── ─────── ─────── ─────── ───────
At 30 September 2021 5,569,741 263,000 594,079 120,820 6,547,640
─────── ─────── ─────── ─────── ───────
Depreciation
At 1 October 2020 906,793 - 158,075 38,955 1,103,823
Charge for the financial year 102,818 - 11,882 29,300 144,000
─────── ─────── ─────── ─────── ───────
At 30 September 2021 1,009,611 - 169,957 68,255 1,247,823
─────── ─────── ─────── ─────── ───────
Net book value
At 30 September 2021 4,560,130 263,000 424,122 52,565 5,299,817
═══════ ═══════ ═══════ ═══════ ═══════
At 30 September 2020 4,662,948 263,000 436,004 68,206 5,430,158
═══════ ═══════ ═══════ ═══════ ═══════

19

The London Irish Centre

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

The London Irish Centre
(A company limited by guarantee, not having a share capital)		 The London Irish Centre
(A company limited by guarantee, not having a share capital)
NOTES TO THE FINANCIAL STATEMENTS continued
for the financial year ended 30 September 2021
21. DEBTORS 2021 2020
£ £
Other debtors 72,731 49,196
Taxation and social security costs 28,414 1,981
Prepayments and accrued income 52,463 42,097
─────── ───────
153,608 93,274
═══════ ═══════
22. CREDITORS 2021 2020
Amounts falling due within one year £ £
Payments received on account 22,710 80,816
Trade creditors 75,574 136,744
Taxation and social security costs 23,983 20,719
Other creditors 8,003 6,664
Accruals and deferred income 857,324 577,404
─────── ───────
987,594 822,347
═══════ ═══════
23. GRANTS RECEIVABLE 2021 2020
£ £
Capital grants received and receivable
At 1 October 2020 292,880 292,880
─────── ───────
Amortisation
At 1 October 2020 (29,290) (23,432)
Amortised in financial year (5,858) (5,858)
─────── ───────
At 30 September 2021 (35,148) (29,290)
─────── ───────
Net book value
At 30 September 2021 257,732 263,590
═══════ ═══════
At 1 October 2020 263,590 269,448
═══════ ═══════
24. RESERVES
Revaluation Funds Total
reserve
£ £ £
At 1 October 2020 2,920,702 2,846,399 5,767,101
Surplus for the financial year - 78,669 78,669
─────── ─────── ───────
At 30 September 2021 2,920,702 2,925,068 5,845,770
═══════ ═══════ ═══════

20

continued

The London Irish Centre

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

for the financial year ended 30 September 2021

25. FUNDS
25.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Total
Funds Funds Funds
£ £ £
At 1 October 2019 5,227,537 (69,958) 5,157,579
Movement during the financial year 585,353 24,169 609,522
─────── ─────── ───────
At 30 September 2020 5,812,890 (45,789) 5,767,101
Movement during the financial year 10,874 67,795 78,669
─────── ─────── ───────
At 30 September 2021 5,823,764 22,006 5,845,770
═══════ ═══════ ═══════
25.2 ANALYSIS OF MOVEMENTS ON FUNDS
Balance **Income ** Expenditure Transfers Balance
1 October between 30 September
2020 funds 2021
£ £ £ £ £
Restricted funds
Restricted (45,789) 750,178 682,383 - 22,006
Unrestricted funds
Designated (unrestricted) 594,291 38,738 122,647 - 510,382
General (unrestricted) 5,218,599 752,737 657,954 - 5,313,382
─────── ─────── ─────── ─────── ───────
5,812,890 791,475 (780,601) - 5,823,764
─────── ─────── ─────── ─────── ───────
Total funds 5,767,101 1,541,653 1,462,984 - 5,845,770
═══════ ═══════ ═══════ ═══════ ═══════
25.3 ANALYSIS OF NET ASSETS BY FUND
Fixed Current Current Long-term Total
assets assets liabilities deferred
- charity use income
£ £ £ £ £
Restricted trust funds - 285,596 (281,164) 17,574 22,006
─────── ─────── ─────── ─────── ───────
Unrestricted designated funds 661,170 279,437 (430,225) - 510,382
Unrestricted general funds 4,638,647 1,226,246 (276,205) (275,306) 5,313,382
─────── ─────── ─────── ─────── ───────
5,299,817 1,505,683 (706,430) (275,306) 5,823,764
─────── ─────── ─────── ─────── ───────
5,299,817 1,791,279 (987,594) (257,732) 5,845,770
═══════ ═══════ ═══════ ═══════ ═══════

26. 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.

27. RELATED PARTY TRANSACTIONS

21

The London Irish Centre

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

continued

for the financial year ended 30 September 2021

No trustee received any benefits from an employment with the charity or a related entity. No trustee expenses have been incurred.

28. CASH AND CASH EQUIVALENTS 2021 2020
£ £
Cash and bank balances 1,456,542 1,303,397
Cash equivalents 181,129 26,209
─────── ───────
1,637,671 1,329,606
═══════ ═══════

29. POST-BALANCE SHEET EVENTS

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

22

THE LONDON IRISH CENTRE

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

SUPPLEMENTARY INFORMATION

RELATING TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021

NOT COVERED BY THE REPORT OF THE AUDITORS

23

The London Irish Centre

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

Operating Statement

for the financial year ended 30 September 2021

2021 2020
£ £
Income
Donations 100,866 183,831
Lunch Club Meals 1,327 12,258
Other Income 62,885 58,000
Shop Sales 285 4,455
Government of Ireland - Emigrant Support Programme 474,708 457,500
LB of Camden - 5,000
Culture Ireland 24,805 15,694
Benevolent Society of St Patrick 12,088 31,000
Irish Youth Foundation 10,500 17,500
Irish Episcopal Council for Emigrants 22,711 29,603
Other Grants 173,718 153,074
Cultural Activities 127,831 49,802
ICT Pensioners Clubs 1,576 6,286
Event Income 120,151 281,861
Big Lottery Fund 85,284 -
Trust for London Grant 41,250 50,088
Development Project Grant 22,389 583,039
─────── ───────
1,282,374 1,938,991
─────── ───────
Cost of generating funds
Shop Cost of Sales 994 4,195
Event Expenditure 27,288 90,416
Development Project direct costs 43,696 53,642
─────── ───────
71,978 148,253
─────── ───────
Gross surplus 1,210,396 1,790,738
─────── ───────

The supplementary information does not form part of the audited financial statements

24

The London Irish Centre

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

Operating Statement

for the financial year ended 30 September 2021

2021 2020
£ £
Expenses
Wages and salaries 751,374 741,693
Social security costs 67,163 51,633
Staff defined contribution pension costs 15,384 16,913
Staff training 12,673 4,732
Lunch Clubs 14,972 84,102
ICT Pensioners Clubs 3,600 6,764
Grants paid 10,458 49,397
Festivals & Cultural Programs 111,085 42,085
Rent, Rates & Service Charge 15,692 41,754
Insurance 18,466 15,898
Light and heat 27,429 35,105
Repairs and maintenance 58,032 77,644
Printing, postage and stationery 6,873 17,335
Advertising 15,249 9,638
Telephone 11,186 13,975
Hire of equipment 2,495 3,252
Travel and repatriations 37,974 70,646
Legal and professional 50,643 56,923
Payroll Services 1,850 2,230
Accountancy 360 715
Auditor's/Independent Examiner's remuneration 9,000 6,000
Bank charges 5,048 3,213
Exceptional administration items - 44,807
Depreciation 144,000 126,128
─────── ───────
1,391,006 1,522,582
─────── ───────
Miscellaneous income
Rent receivable - other income 247,231 300,565
Amortisation of capital grants received 5,858 5,858
COVID-19 Grant received 3,403 30,211
Bank interest 2,787 4,732
─────── ───────
259,279 341,366
─────── ───────
Net surplus 78,669 609,522
═══════ ═══════

The supplementary information does not form part of the audited financial statements

25