Clharlty r¢glstTAtIOlJ Dumber A149787 CompxDy rtglstrstiou llumber 8221411 {Englalld and Wilej) THE LONDON IRISH CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTFMBER 2023
THE LOI¥DON IIUSH CENTRE LEGALAND ADMINIsfRATIVE INFORMATION Trustees Ms Rosaleen Blair CBE Icljairyerson) Mr Patri¢k Doh¢rty Mr Michael O'CoJJntsr Ms Mary Kerriga Mr Tom Goddard MrAlex O'CiimeidE Ms Maura McGowan Mr D C Hutkt Ms Orla Ralston h4r E Bracken Ms A Miirphy Mr Thomas ConnaUgt0D Mr Sean Qvana8h (Appointed 8 &tobEI' 2022) (AppoÉnted 5 Decemb 2022) (Appointed l Aiigust 20231 (Appoittted l August 20231 {Appoiiited 9 NovMib¢r 2023) (Appointed 9 November 2023) Chief EAe£utlve Officer Mr S M&cCormaic Cbarlty lil Ellwand And W#les 1149787 Company number 8¥21421 R¢glstered office 50- 52 Camden Square London NWI 9XB Aiiditor 1Chard Place Dobsoth Services Limit¢d Ground Floor 1- 7 StationRoad Ciawley WesÉ Sussex RHIO IEfF
THE LONDON IRISH CEI¥TRE CONTENTS Page Trust¢e5 report Statement of Trustees respthisibilities Indet*ndellt auditor's report Stat¢m¢nt of finoA¢ial a¢tiviti¢s 9-10 Balance sheet Stat¢tN¢nt of cash flow 12 Notes to the financial slAtemellts 13-24
THE LONDON IRISH CENTRE TRUSTEES REPORT (INCLUDIIYG DIRECTORS, REPORT) FOR THE YE4R ENDED 30 SEPTEMBER 2023 The Trust¢e5 present their at)nual report and fjnancial stst¢inenls for the year ended 30 Septcmber 2023. The financial slatenjenls have been prepared in a¢corda]]c¢ with the accouiitlllg poli¢ies set out in note I to tht fTnatLcial 8tatemeiits and comply with th¢ Charity's nieiiiotanduii) and article5 of association, Itae Compajiies Act 2006 and "Ac¢ouiitit)g and Rcporting hy C.liarities.' Statettjeiit of 14ecommend¢d Practice applicable to cliarities prepariiig their a01)tS in accordance with the Financial R¢portiThg Standard applicable itt the UK ld Republic of IrelaThd IFRS 11)21" leffcct2v¢ l Jattuary 2019). Obje¢tiv¢¥ and Aetlvffitffi¢8 The Chaiity aims to empower and enrich lives through Irish community and culture. Th¢ Charity a150 Supports Oth Irish hai'ity and community organisations through th¢ provision of either free or hfdvily subsidised spaee at the CamdeD centre for meeting$, ¥duiution, and ¢Y¢nts. The Charity delivers projects in lin¢ with its charitable objectives tlkrough a network of services delÉvered prÉm%rily •Gr055 London. Som¢ s¢rvi¢¢s ar¢ d¢liY¢red virtually to other lo¢ation$. se1¢¢5 include advice, support, befriendin& aiml sobial activitÉes aimed at empoweritig people, tmproving health atld w¢llb¢ing. aud promoting commiiThity ¢onn¢ctions for people at risk of isolation. The s¢rvi¢es are delivered both r¢motely via social media aTJd wtb platfom]s as well as via direbt far¢ lo facc cll8agcmcnt. Thc charity provides edllcation atjd learning opportuntties for all age groiips 4tJd promotes Irish Art, CiilttC alld Heritage through a large programm¢ of events at the Camden Centr¢, on-liii¢ and at pop-up ¢vents across London. The Charity masntsins one of the lar8est onlin¢ Irish ¢ommulliti¢s in BritaiM providing a foninJ for networking, discussion, and siipport. The Camden Ceiitre also remains ali important and a¢S$ible hub. providing affordable oifice Space for a iiutnber of resident or8anisation8 and event space for tjie local cDnJmunily as well as a htsm¢ lind focal pciDt for our staff and voluiiteers. AChIeveents perforallre Communlty S¢rvie¢s.' London remains the win¢lpal location itt the UK for expatiiate Irith of whom need easy acce5S to th¢ broad range of s¢rvi¢es provided by th¢ Charity. S¢ctions of the trish community hav¢ signifi¢anl support needs arvund mtal health, physityril hedih, fia[h(¢s, housing attd addietion with th¢ a8¢ d¢mographi¢ of our Client bas¢ broadening significantly throughout the lastyeay. Diiriog the18st twelve mot)th$ oyr work has become far more focused on the needs that have arisen ¢e of the ongoing ft¢rmAth of th¢ Covid-19 pand¢mi¢, ¢ompoiind¢d by th¢ cost-(>f-liYing crisis. Overall demand has increased throughout the year by almosl Fifly per cenl. We h*vv 41w vb¥¢rY¢d that the needs of those seeknns support are mor¢ complex, requiring more time and r¢sour¢es. W¢ ar¢ proud and grateMI for the skil]s of our staff in this regard. Staff from oui Wellbeing team have ¢otJtinued to provide hot luttchtg. food parcels. clothin& and sociHI club8 hoth online and iii person, Ou¥ b¢fri¢nding servi¢¢s liave also grown, providing 0t0-one support ofj how to get online, gain a¢¢ess to health s¥rvi¢es ur simply lo provide ¢4)mfort. Duriiig th¢ ytar we have also contiVed to ben¢fJt from a high iiumber of Yolunteers. We remai extremely grateful for their support. Arts and Ciilture.. We have continued to expand online with increasing Social niedia engagenient and an ongoing programm¢ of ¢vents. Culttir¢ teams hove ¢ontiiiu¢d to build on their progranune of Irish cultural activilies provided iii th¥ ofiangll&84 music, arts, and literalure. HÈrit#g¢: With th¢ assistan of th¢ Ronk Foitndation, Time to Shine gTaiit. we expanded the llumber of exhibitions at the Centre and ¢ontribiited to others by providing finan¢ial support thanks to gellerou5 beiiefactor5, namely the 'lrish Nurs¢s Oral Histoiy, proj¢¢É and t1 Ultan Cowley lI¢¢tIOn, the'story of the Navvy., Gatheilng: The LIC continues to be a fo¢al point for the Community. for celtbrations and tributes, evidenced by m&Yimum ¢apa¢ity free ti¢k¢ted ¢vents for th¢ simultaii¢ous live screeng with RTE of 'Fillding Brigid, hosted by Siob]ian M¢Swe¢n¢y in February aiid by the iiiusical tribute la Sinéad O'coiinor in July, tkne latter of ivhieh received global medi Coverage. pag¢ I
THE LONDON IRISH CENTRE TRUSTEES REPORT (INCLUDIIYG DIRECTORSI REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Fundlmg.. We are llicredibly grateful to the li'i5h Government for their ¢omtiiiu¢d support includiTh8 throu tlie Emigrant Support Pr(Igramme, adminislered a1UallY by 1C Dq)artineiEt of Forrign Affairs 2nd Trade. Miis ainouiited to circa 23Yo of tlie Clkarity's Dverall incomc in the fiscal year. We bave also seen att itt¢re&se ITh local con)munity partn¢rslups parti¢ulaYly with Catnden and Isli]igto Councils. We look fonvard to ¢xpanding and str¢ngtli¢i)ing thes¢ p&itnerslup$ in the coming years. Financial leview Thr Tnistc¢s report that the Chaiity re¢ord¢d an op¢raling deficit of £58k after Gharging depreciation of £164k. Th¢ defIcit niarks a signifiGant improv¢m¢nl over the previoiis year despÉte the continuitjg ramp up in the Venu¢ ond additional iitility ad payroll costs due to ongoing infiationary pr¢ssur¢s. The Trustees reFK>rt th&t the Charity was able to meet the increased demand for 5etvi¢es pla¢ed on it post pandemsc and IA dealing with the ¢ost-of-living ¢risis iIllg r¢serves. The Charity ihcieased staff to 37 from 32 10 ¢n$ure it could deliver its high-quality serviG¢s tv the ¢ommiinity it serve5 il) th ce of ri5iag dCfftdd oiKI to operate the Venue. Thc cash reserves remained largely the sam¢ at £1.5m. It is the policy of the Charity that iinrestri¢t¢d fvn(Ls which have Jiot bccn dcsignatcd for a specifi¢ use should be mainlairned at a Icvcl to covcr 3 mortths, net expen(littw¢. Net expenses are defined as the total expellse that 15 cxpeGt¢d to be iii¢urr¢d or likely to be occurred and known at thc tinie of the assessment I¢ss ony iTU)m¢ that is likely to be earned drillg ihe sartje period witb eerlainty- The Trus¢¢e5 CDll5id¢r thal r¢¥wv¢s al this level will ellsure that, in th¢ event of a sibmificant drop in ndkt)g, they will be able to ¢ontinue the Charity's ¢urrait a¢tiviti¢s while eonsideratloll IS given to way5 in which additionol nds nay be raised. Plans for futhre perlods Planning prrmission to redevelop th¢ London li'ish Centre {LIC) wa5 foi'jnally grant¢d in May 2024 on signing of the 5106 (121 piillripl¢ it Wa5 ¥ronled in September 20201. The buildillg is deteriorating. this inpacts $viC¢S fm'eatens future rinallcial sustainability. Due to poor layout attd ageillg fac2litEC5, running r03ts are imcreasing and the ability to maximÉse 1coMe from the premises 18 exhaSt¢d. Acccs5ibility poscs problenis for savi¢e delivery. Consequeiitjy, the charity 1$ planllEDg to redevelop the building, maintaining the historic villas on Camden Souare. Th¢ ofthe develop[ent l5 ID: otyer world-cl&ss community and cultural facilities and resouv¢es to ¢noble enhall¢ed l expslldcd delivery of London Irish Centre's seivfftce portfolio. Supptsrt finattci&l sustainability for th¢ LIC'S gervices tl]rough effective iitilization of the expanded facilities and resouY¢es. Be fiilly a¢¢essible and incliisive, removing bariiers in siippvrt olour warm welLome. Creat¢ art impn]ved destination for the Ii'ish cojnmunity and wider commimity, as well as an important ailtural Asset for London. Ci¢at¢ a m()dern, flexible and safe workin8 envÈronmetht for staff ad volunteers. Feare Community kit¢hens, café bar5 and mixed-usc events spa¢es iiicludillg a d¢di¢at¢d cinema, theatr¢ and concert hall, h¢ritag¢ C¢iit¥¢ and creative stLidios. Build Irrsh Liiliure, creativity and heritsge into the dcsigtt. layout and fabric of the build to celebrate the story of the Irish itt Loiidon Crealt an ¢iihaii¢¢d W¢llbcing Hub offcTiThg activitle& education. SOCI spa¢e and IncheS. FeatiiiE improved, exhibttion spaces and digital aYchivc5 and library. Have ¢nviromK¢iital siistainability front and cele in th¢ d¢sigll ana build, tncliiding new green spaces and ¢nviron]n¢ntal 'excellence' to rcdiice environmental impact. Potentially offev acwmmodation for both the Ylilllerable alld artl5t sIden¢e spa¢es page 2
THE LONDON IRISH CENTRE TRUSTEES REPORT ONCLUDINC DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Extotnal evalu4tloD of the chArity The charity ha5 ]Daintaincd Advice Quality Stalkdai'd {AQS) and the Quality iii Befriending a¢¢reditations and coiitiiiu¢5 it8 memb¢rship of the LtYi1 Wage FondatIOji. Tlie Trustees very fftnuch appreciak the higli quality of srrvice given to the Londoii Irish Centr¢ Charity by its Staff, TTUSt¢es, and niemb¢r5 of COEnmittees as well as the in¢r¢asing nutkjber tsf volunteers who supported the charity 2023. The Twstees are deeply grate1 foi. the fmattcial support from the mally donors, foundations and trusts that prtsvtde financial support as well as the illdividllal$ who provide valuable pro&btsno advice and consiiltancy. As alffadyj Stated, we 8r¢ P#tti¢ula]ly grateful to the Irish Governin¢nt foy their ¢ontiniE¢d 5UPPOrt tholig the Emigrant Support Progtamttte and Cultiul Irelattd grants. strlltlllrèj governanee The Chief Execiitive oifi¢er (CEO) provides leadership alld stratcgic dÉrectioJi lo the Ghai'ity, and reports to the Board. The CEO is svpport¢d by & Maiiagenlent Tram ivith respot15ibility for day-tiwlay management of fiinctions rclatlng to Community Services. culr¢. Venue artd Oper&tiotts. Tlie Board is respotjsible for oversight and govemance and develops tlie $trat¢gi¢ direction for the Cliarity lil collabor2tia with tlie CEO. The Board meets a of six times per ycai. aiid Tiustces liave ¢ombinEd ¢xperii5¢ at senior and executive level in aoUntn¢y, taw, constructioii, finan¢e. arts, cultural activity, wider pub]i¢ policy. Five Board sub- con?miitees cover comtnullity seryi¢¢s, fJnaty¢e, cultlwe, development and a sixth provide5 g¢tteral OVCL'sight. TlieTC are currejitly I l TrSteeS in place, with RDsaleeii Rlair CBE, cha and Mike Oconllor CBE, Vice Chair. collaboTating wilh tlie remaining Trustee Board. We are extremely gixt¢ful for all tbeiT ongoing gyid&nc¢ and support. Th¢ Trustees, who are a]so the d1CtorS for the purpose of company law, attd who served during th? ye4r and up to th¢ dote of signatllre of the fjnancial 5tatem¢nts were.. Ms Rosaleen Blair CBE Ichiirperson} MrNyall Jacobs Mr Patrirk l)oheity Mr Michael O'contjor Ms Mary Kerrigan .'r(km Goddaiyl MrAl¢x O'Cinn¢ide Mr Mi¢hAel Roddy Ms MHura McGowan Mr D C Hiillt Mr S M Keiinedy Ms Orla Rolston Mr E Bra¢ken MSA Murphy Mr Thomas Connaughton Mr Seaii Cayanagh (ReSlgtd 30 Jiille 2023) (Resigned 4 Mar¢li 2024) (Appointed 8 October 20221 (Appointed 8 O¢tober 2022 and resÈgncd 27 March2023) (Appointed 5 December 2022) IAppoiRtcd l August 2023) (Appointed l August 20231 (Appointed 9 Novemb¢r 2023) (Appoiiited 9 Noveiiiber 2023) In accordance wlth the Articles oFAssoGiation, the directors rettre by rotation, aRd, bEing eligible, offer them$¢lves for re- election. p&g¢ 3
THE LONDON IRISH CENTRE TRUSTEES REPORT {INCLUDINC DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Th¢Tte¢S r¢port was approved by the Board of Ttees. MSR Er CBE (Chairperson) Mr Patrick DDhwty Trustee Trustee Date.. 2510612024 page 4
THE LONDON IRISH CENTRE STATEMENf OF TRUSTEES RESPONSIBILITIES FOR THE FEAR ENDED 311 SEPTEMBER 21123 The Trusl¢r& who are also the dir¢¢tors of The Lolldoii Irish C¢ntre for the purpose of ¢0iiipaiiy law, are responsible for preparijig the Trustees Report alid tlic financial 51atetneiits in a¢¢ordAn¢e ivith &pplic&ble law aod United Kitsgdom A¢counling Standards (United Kingdo Gellerdlly Ac¢¢ptedAceounting Practic¢). Compaoy Law requires the Trustees to prepaTe financial statem¢Dts foi. each fJiwici&l year whi¢li give a true and fair view of the slate of affasrs of the Charity and of th¢ incoming resources and applicutioll of r¢sour¢¢s, itlcluding the income and exp¢ndituYe. of the charitable company for that year. In preparing these fjnattclal stpt¢m¢nts. the Trusters are requir¢d to.. select suitsblE acrouttting policies and then &pply them consistently,. - observ¢ the methods and prillciples in the Charities SORP. mak¢ judgements and estimates that are reasonable and prud¢nt: state whether applicablc UK Aceountijig StandaTd5 have been followed. subject to any material departures disclosed and explained in the fInG1[ 5tateJnellts' and prepare the financial statemcllts on the going ¢ott¢ern basis unless it 15 inappropriate to presume that the Charlty will continlle in opcration. The Trusl¢¢s or¢ r¢sponsibl¢ for keeping adequate a¢¢ounting records that di*10 with reasonable acr at any time the financial position uf the Charity and eiiable th¢ni to ¢Dsiirc that the fit)ancial staten)ents comply witlj the Companies Act 2006. They are &lso iesponsible for safegiiaiy]in8 the assets of the Clyarity and hen¢e for tiking reasonable steps for the prevenÉÈon ai?d detcction of fraud and othBr irregularities. page 5
THE LONDON IRISH CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LONDON IRISH CENTRE Opinio We have audited the finaTh¢ial statemettts of Th¢ London Irish C¢ntre (the 'Clwity') for ttie y¢Rr ended 30 S¢pt¢mb¢r 2023 which coinprise the stat¢n)¢nt of financial activities, th¢ balan¢¢ sheet, th¢ statement of cash flows and notes to the financial stalemeThts. incl&iditEg significant accountillg policies. The financial i?poiling fiwllework that has been applied in their prepailtion is &pplicable law and United Kingdom A¢¢ouThting Stand8rds, incliiding FIDanc81 Reporting StaTard 102 The rinaNcial R¥poR'lillg Siandordappllcable fhe UK ÉE Republic of liÈloAd (Ujitcd Kin8dom Generally Accepted Accounling PTactice)- Itk our opinion, th¢ finan¢ial statements.. give a true and fair Yiew of the state of the ¢haritable Company's affairs as at 30 Septstnber 2023 atid of its incoming resources and application of re50urce5, for th¢ year then ended; have be¢n properly prepared in o¢Gordance with Uiiitcd Kiiigdom Generally Accepted Aceountitkg Ptactice. and have been prepared iTh accordatJc£ witli the requirements of tlie CompaNÈes Act 2006. B$i8 for opilllo We conducted our audit in a¢Gordan¢e wilh Internatiot)al Statidards oil Auditing (UK) IISAS (UK)) and appli¢abl¢ law. Our responsibilities UtKler those standards &i'e furtlier described in the Audilor's 1¥spoi1bTlilJeS Aop. Ihg aiidif Gf ihe fr0clO1 stulemenls 5eGlion of our r¢pDrt. We are indepcttdcnt of thc Charity in accordanc¢ with the ethical requirements thaf ar¢ relevallt lo our audit of the finatt¢ial stat¢m¢nts ith the UK, including the FRC'S Elhic&l Standayd, and we have fulfilled our other ¢thical responsibiliti¢5 in accordanc6 with th¢s¢ ]rouirements. W¢ b¢li¢ve that the audit evidellce we have obIaiTh i¥ 5uffivi¥Thl appi'opriate to provid¢ a basis for our opinion. Conclu$lons relatlng to going ¢oDcern In aiiditing the fjnancial state2nent5, we hav¢ ivnrluded that the ThtteS use of the going concern basis of cOuNtIng in th¢ preparation of the fLnancia] stat¢ments is appropriate. Bssed on thc work wc have performed. we have not identified any material uncertaittties relating to evcnts or ¢otkditions that, individually or collectively may ¢t significant doubt ¢in the Charity's ibility to continiie as a going Lonc¢Tn for a p¢iiud ofat least twelve mooths from when the finanGial stut¢Jnents are aiiiborised for issue. Our responsbilitieS a[ the FC5pon5ibiliti¢5 of the Trustees witb r¢sp¢¢t to goin8 wnc¢m are described in tbe r¢lev&nl sections of this report. other informgtloll The ather information compriscs the infortt)atioii included in the anDyal report other thall the financial staleTll¢nts and Olir aiiditols report thereon. The Trustees resp0115iblc for the other inform&tion ¢ontained witliin tlie annual report. OUT OPITiiOII on thr fin8n¢ial statements does iiot cover the othei. iiifuTtnatii)ii and we do tt express any fonn of a55llTance concliision th¢reon. Ovr responsibility is to read the other inforniation and. in doing so, consid¢r ivhether flie otkner itiformatioTh is matcrially in¢onsisl¢iit witl) the financial stat¢nients or Diir kntswledg¢ obtaiiied in the course of tlic audit, or otherwise appears to be materially ini.sstatcd. If wc idcntify sueb material Ancothsistencies or apparent niaterial misstatements, we are rcquircd to detemjine whether this gives rise to a material mis5tat£mcnt in the financial statein¢nts th¢m8elves. If, based the work w¢ have perfonned, w¢ ¢on¢lude tliat there is a tnaterial misstat¢m¢nt of this otlier infonnktion, we are required to report that fact. Wc have llothing to report in thi5 regard. Matter8 which we #Ye r¢qulred to report by exception We have notliing to repoit in r¢spe¢t of th¢ followillg matter5 Itl Telation to which the Charities (Accounts pnd R¢portsl Regulations 2008 requir¢ us to r¢port to yoii if, in our opinion-. the information gEven in tlie financial statements 1$ inconsistent in any mat¢rial respect with the Trustees report,. or suifi¢ient accounting records have not been kept. or the fit)ancial stat¢n)¢nts arc Lot in )gre¢m¢iit with th¢ a0Vilting words. or we hav¢ not (61ved all the lDfornt10n aiid planatiOnS we require for our audit. page 6
THE LONDON IRISH CENTR INDEPENDENT AUDrroRIS REPORT (CONTINUED) TO THE TRUSTEES OF THE LOIYDON IRISH CENTRE Rtsponsibilities of Tnlstees As explained more ]lY the statement of Twstees r¢sponsibililies. tli¢ Trustees. who are also the diirctors of the Charity ftsr the purpose of Company law, alE r¢sponsibl¢ foi. the preparotion of the financial stat¢ment5 and for being satisfied that th¢y give O true and fair view. and for such internal control as the T$t det¢Tmine is ne¢essary tt> enable ihe preparation of financial 5tat¢m¢nts that arc free frotn materÉal mÈ$statem¢nt, wh¢th¢r du¢ to fraiid or Error. ITL Pitparing the fJnancia] slalement$, the Trustees are responsible for a5scssin8 the Cliarity's ability to ctsrttittue a5 a going concern, disclosin& as appli¢able, mAlt¢rs r¢l3ted to going coiicern aiid usiiig the gofftng ¢on¢em basis of Kcounting Ulliess the TheeS either intend to liquidate ihe ¢harilable company or to cease operations, or hav¢ no realisti¢ alternAtive but to do so. udltor'5 reSPIMl8ibilili¢s for the iudlt of tbe fIllalltial statement5 We have beeii appointed a5 auditor und¢i' spxlion 144 of the rItieS Act 2011 and report ill accordance with the Act and relevant regulations made or having etTect thereunder. Our objcctivcs arc to obtain reasiinable assuYanGe about whether the f8¢121 statemet$ a8 a whole are free from m&terial mÉsstatetnent, whether due to fraud oi. error. artd to issiie ali auditovs K¢POrt that includes our opinion. Rtasottabl¢ a55uraiic¢ 15 8 high level of a$svran¢¢ but is not a guarante¢ that an audit cojiducted ill accordaiice with ISAS IUKI will always d¢te¢t a material misstatemttjt whell Ét exis1 Misst4t¢tll¢tLls Gan arise from fraud or eriyii. ld are ¢ok)sid¢red material if, individually or in die aggregate, they could Teasoiiably b¢ expe¢ted to infiuence the ecoiiotnic decisions of users taken on the basis uf these financial $tal¢ments. Th¢ ¢xtent to iyhich our pro¢edur¢5 arc capablc of detecting irregularities, liluding fraud, is detailed below. We have made 6nquErics of managemellt, and triistees. regarding the procedures relating to ida1tifylt evaluating and complying with law5 regulations and whether they were aware ofany in$tan¢es of iion-cotnplianc¢' detecting alld respondins to the risks of fraud 8nd whether they hav¢ knowledge of any acthaI, suspected or alle8ed 3. the intemal Controls established to mitigat¢ risks related to fraud or non-compliance with l&ws and regul#tLons.' Discussion arnohg the eftga8ement team regarding how 3od where fraud might occur IA the financiil statements and any potential illdicators of fraud.As part of thi5 discussion. w¢ identified potential for frHud atkd or error in the folloiving areas.. Revenue recognition - this was tested $ub$taThtively foy fimdr&isAng attd evellts iThcom¢, we p¢rfomi¢d proof in total testing ovei. grant income Management override of controls- we Kviewed mallag¢Tti¢nt a¢¢oiints and large journals to discover any ¢vid¢n¢¢ of management override Valuatioll of land al buildsng5 - w¢ revi¢w¢d th¢ building for 5iglls of impairni¢nt and recent valuation infornialion to conf th¢ land buildings were included within the a¢¢ounts accurately W6 Qblained att understanding of the l¢gal and fEgulatory fratnework that the Charttable Company op¢rat¢s in. foGusing on those laws and r¢gulations thal bad a direct effect on Ihe finattcial st&t¢ments or that had a fut)damental ejfect the optTatioJ Df the Charitable Comp8ny. Th¢ key laws and r¢giilatior15 we considered in this context included th¢ UK Compat)i¢s Act. Charities A¢L data protection regulations, heRlth and safety and employment le8islation. Di5Giission was had with Jnan2geJnent and the trust¢¢5 and allLO]Wt the ellgagement t¢am to 8aiii an iiiid¢rslaiiding tsf the entities ¢u¥rent adtvittes, authori$ati¢)n pio¢edures aiid effectiveness of the control enYEr0Jllttlt. Our understsllding wa5 test during th¢ audit woi'k and the sysl¢ms ond ¢ontrols in pla¢e were found to bE operati8 effectively. The engag¢m¢nt partn¢r has r¢vi¢w¢d th¢ t¢om sele¢ted to uttdertake the engageJneDt at]d ensure that they have suffi¢ient ctsmpEtence and are capable of idenlifyitjg aijd recogttising non-compliallce wEth laws and re8ulations. No iionv¢omplin¢e was id¢Thtified. Afilrtber descriptioll of our responsibilities is available OA the Finan¢ial R¢portiiig Coiin¢il's website at: http5'./lwwiv.froorg.ukl auditorsitSP0115ibilities. This description forms part of our auditoes report. pfjgr 7
THE LONDON IRISH CENTRE
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LONDON IRISH CENTRE
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity1s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or'assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Darren Harding ACA, FCCA, DChA (Senior Statutory Auditor)
Richard Place Dobson Services Limited Chartered Accountants Statutory Auditor
25/06/2024 Ground Floor I - 7 Station Road Crawley West Sussex RHI0 !HT
Rfohard Place Dobson Services Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
page 8
THE LONDON tRISH CENTRE STATEMENT OF FINANCIAL AcfivITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Currellt year Unre5tr1cted funds gEneral Unrestrkttd fuDds Designgt¢d 2023 R¢$trict¢d riinds Total TotAI 2023 2023 2023 2022 Note5 llltome and endoivments from: Donations and lega¢i¢s Chitable activities Inv¢stm¢nts Other ijicome 135249 1,923.463 133,934 26 135,249 2,525,985 133,934 108,500 1,534,281 152.710 1.350 602,522 Totsl lll¢omÈ 2,192,672 602.522 2,795,194 1.796,841 Charitable aclivities Other ¢xpendithre 2,072,786 45 128,918 652,334 2.854,038 45 2,213,760 13,420 li Total ¢xp¢nditure 2,072,831 128,918 652J34 2.854.083 2,227,180 Net incofftel(expendlturel gnd movemellt ID funds 119,841 (128,918} (49.812) 158,889) {430J39) Reconrili8tion of funds.. Fund balances at l October 2022 4,831,293 510,382 73,756 5.415,431 5,845,770 Fund bAlan¢¢s At 30 September 2023 4.951,134 381.464 23,944 5,356,542 5.415.431 Th¢ st4t¢ment of fin&tkcial activities includes all gaiDs ld losses reco8ni$ed iii the year. All inwmc and expenditwe derive from continuing activitl¢5. p)g¢ 9
THE LOIYDON IRISH CENTRE STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Prltsr fi]LaDcial yeAr Ullrestrieted Vnr¢$trict¢d fuud8 funds gelleril Deslgthaled 2022 2022 R¢$trleted nd5 TOIRI 2022 2022 Notes Income and ¢ndowm¢nts from: Donations and Icgacies Charitable activitics Investm¢t)ts Othcr incom¢ 56,500 1,015,003 152,710 1,350 52,000 519,278 108,500 1.534,281 152,710 l.350 Total incom¢ 1,225,563 571,278 1,796,841 Charitable a¢livities Other expendIre 1,694,232 13,420 519,528 2.213.760 13,420 li Totsl expendlture 1,707.652 519.528 2.227,180 Net iDcomel(¢xpeDditllr¢) and movem¢llt in fid& 1482,089) 51,750 1430,339) Reconelllatlon of funds: Fund balatjces at l O¢t(ther 2021 5.313,382 510,382 21006 5,845,770 Fund bAIAllees at 30 Septtmbtr 2022 4.831293 510.382 73.756 5,415,431 pagt 10
THE LONDON IRISH CENTRE BALANCE SHEET ASAf30 SEPTEMBER 2023 21123 2022 Notes Flxed A$$et$ Tangible assets Jnvestmellt property 13 14 4,778,056 263,000 4,909,455 263,000 5,041,056 5.172,455 Curr¢nt a&s¢t Stocks D¢btors Casli at bank and in hand 15 16 18,156 190,707 1.522,818 134.354 1,602,321 1,731,681 1,736,675 Creditor$: ajnounty falling due witbill olle year 17 1,416,195 1.493.699 Net CUent assets 315,486 242.976 Total assets less crr•t li9billtles 5,356,542 5.415.431 Tli¢ funds of the Charlty Restricted liOe fiJnd5 Unrestricted fvnds- 8¢neral UDrestr&cted fvnds- Designated 19 23,944 4,95 1,134 381.464 73,756 4,831,293 SIOJ82 20 5,356,542 5,415,431 The Company 1$ entitled to the exemptioii fron) Ilie aiidil requii'ement ¢oiitain¢d in s¢¢tion 477 of th¢ compani Act 2006. for the ye2r endcd 30 September 2023, altliaugh an audit has beeji carried out under sectiofftj 144 of the ChaTitiesAci 2011. The direGtoi% acknowledge tlieir responsibilitÉes for Complying with the requitemcnts of the Cotnpanies Act 2006 with respect to accolintig records and the preparatioD of financial statements. Th¢ m¢mbers have not required the compaJ]y to obtain audit of tts financial statemeiits under the r¢quÈr¢m¢nts of the ComplI¢S Act 2006, for tIK year in qu£5tion in accorda¢£ with 5CCtioJi 476. These fin3iicial ststeinents have b¢en pr¢paTed 111 a¢¢oTdan¢¢ with th¢ provisioiis appli¢able to companies S4Tbj¢ct to the 5rllall compallies regime. ncial 2510612024 ments We approved by tlic Trust ort ......................... MB Ros&i Trusttt lair CBB (ChgirpersoTh) Mr Patrick Doherty Trustee Company registration number 8221421 lEBIalld and Wales) page 11
THE LONDON IRISH CEIYTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 21123 2022 Notes C8$h flow8 fiom operAtillg Aetlvltles Cash absorbed by operations 23 (181.3151 (171,637) Investlng actlvities Purchase of tangible fixed assets Investment iftcomc re¢eived (32.122) 133,934 {16,423) 152,710 Net tb gtnergted from Étkvesting activities 101,812 136,287 r4et (h used IA #ctlvltles Ntt detrease Ill tasli tAsh equivaleiits (79,5031 {35,350) Cash aiid cash equivalents at beginning of year 1,602.321 1,637,671 Cash tosh equlvalents 8t eDd of year 1,522,818 1.602.321 page 12
THE LONDON llUSH CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R EIVDED 30 SEPTEMBER 2023 Aceou]Lting poIlel¢s ChAI.lty lllformatÉo The London Irish C¢ntre is a prÉvats Company limited by Euardntee incorporated in England and Wales. Th¢ r¢gi$t¢red oifict is 50- 52 Camd¢n Square, Londoll, NWI 9XB. 1.1 Ateomlltiiig CoVentIon The fjttattcial s¢at¢ments have been prepared in ac¢ordan¢e with the Charity's n1Oindm aiid articles of association, the Companies Act 2006. FRS 102 "The FinancÉal Reporting Statjdard applirable in the UK arnd ti¢public of IIElalld" {"FRS 102") and the Charities SORP "AccouThtit)g and Reportittg by Charitics.. Ststemcnt of Rccojnmcllded Practicr applicable to ¢h4riti¢s preparing their accounts in aoian¢¢ with the Finan¢i&l Reporlllig Standard applicabl¢ in th¢ UK and Republi¢ of Ireland (FRS 11)21" (¢ffcctive l Jat)uary 2019). The ChaTLIy 15 a Public Benefit Entity as defined by FRS 102. Th¢ fjllancial statejnellts are prepared in sterlin& whi¢h is the functional curreD¢y of th¢ Charity. Mon¢tary aTnounts in these fancIal statements ar¢ roiinded to th¢ n¢ar¢st £. The fiJ]ancial 8takm¢Thts have been prepared uThd¢r the lustorirAI cost conv¢ntion, modified to Include inY¢stm¢n¢ properties at foir value. The prijjrtpal aGcoiEnting policie5 adopted 3et out below. 12 Goillg ¢oneerll At thc tiinc of approving the finanrial statements, the Trustees hay¢ a reasonable expectation thal the Charity has deqliate iesour¢es fo wtttinue in operational existenec for le foYcscc&bl¢ future. Thus the'l-rustees continue to adopt th¢ goii)g ¢oii¢ern bwis of a¢¢ounting in preparing the fitaancial statejnejits. 1.3 Charitable funds G¢neral futlds aTC unrestrÈcted funds and are available for use at the digcretEon of th¢ Tru5t¢es in furth¢ran¢¢ of the getrol objectives of the charlty and whi¢h have not beeli designated for otheT purposes. ReytrA¢ted Funds are accounted for iii accordance willi the partt¢ulat temis of trth%t aTisill8 from the ¢xpr¢ss or implied wishes of donojs in so far as these are intended to be binding oil the ¢harity. Restricted fvnds are Jnainly llsed for the wages and s8laries of project worker5 attd th¢ proj¢¢t ru1mli costs. 1.4 Income VJluntèry income or Capital i$ included iti the Statement of Financial A¢tiviti¢s when the company is leg&lly entitled to it, ils fJThan¢ial value Can be q111cd with reasonablc cthainty And tbeiE is re*sotsabl¢ certainty of it5 Ultinte receipt. Entitl¢mellt to l¢ga¢i¢s is cOldered ¢stabli5hed when the company ha$ been notified of a distribution to be mad¢ by the exerutDrs. Ittcome rerrivEd ill advRllC¢ of due [fOrManCe under a ¢ot)tra¢t is a¢coullted for as deferred Encojne until eariied. Gi?nfs for a¢tiviti¢s are recognised as income Wh the related conditiotI5 for Itgal entillement have been met. All other ith¢om¢ is ac¢ount¢d for ott an aGG¢ua15 basis. page 13
THE LONDON IRISH CENTRE NOTES TO THE FINANCIAL STATEMKNfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Aecountlllg poilele$ (Continued) Jncome from thAritiblt activities Incoine from charitable acttvitie5 includ¢ inGom¢ Eamed from tlie supply of servic¢5 uiider contractual arrattg¢tE]ets and from perfonnance irlated 8rant5 which have eotiditioffts that specify the provision of paiticulat services to b¢ proyided by the cojnpany. lllcome from governnient and other co-fundeis is r¢cognis¢d wh¢n the wmpany is leIlY elltitled io the in¢on)¢ be¢&use it is fulfilling the condition5 CDlltain¢d in th¢ r6lal¥d fiinding dgreemetits. Where a grant is received i advance, its recogtkstion is deferred atld inGlud¢d iti ¢reditors. W¢re entitl¢ment o¢¢urs before income is received, it is ared in debtors. Grants from govErnnicllt5 and otlier co.fu1crS typically include oli¢ of th¢ following type3 of cortditions.. - Performance ba5¢d eoTkditiOL)$'. whereby the ¢ompaThy is contractually entitl¢d to thEill8 only to t[ extent that thE Core objectives of tjie grant agreement aT¢ achieved. Wh¢re tht company is mcctijig thc corc objcctives of a grant agreement. it reco8nises the related expedIttlr¢. to the extent that it is reimbursable by ihe dollor, as income. -Time based conditions.. wheteby the Company is ¢ontrActually ¢ntitled to fidIng on the coThdition that it is iitilised in a particiilar period. In these the compally r¢cognises th¢ inwme to the ¢xt¢Tht it is Litiiised within the period 5pecifi¢d ill the agreement. In the absence of siich conditions, asmiThg that r¢¢eipt is probabl¢ and lh¢ amourtt can be reliably measured grant iCoMe is recogtsised once the company is nolified of ¢ntitlement. Grants received tnwards capital ¢xpenditur¢ or¢ ¢r¢dited to tIK Statement of Firtittcxal Activities when re¢eived or receivable. wliicliever is earlier. 1.5 Expenditure .xpenditiire is recognised once tliere ts a legal or constructive obligation to trattsfer ecLinoniic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the gmount of th¢ obligation ¢an be mrasured reliably. Expenditur¢ is classified by activity. The cost5 of each activity are madc up of th¢ total (>f dirttt cost8 and sharcd costs, including %upport cost.% involved in undcrlaking cach activity. Direct costs attributable to a sEngle activity are allocated directly to that a¢tÈvity. Shared costs wliich coiitribute to more than OIK activity and support costs ivhi¢h 8r¢ not attributabl¢ to a single adtvity ar¢ apportioned between those activitie5 on a ba515 C0115iSt¢ttt witl) the use of resources. C¢titTal slaif¢05ts we allocated on the basis of time spenL and depreciation Charges are Allo¢&ted on th¢ poi%EoJTr of the assct's use. 1.6 Tallgible fixed asstts Tan¥ible fixed assets are sLiÉed al cost or at valiiation, less ac¢umiil&ted depreciation. Th¢ charge to depreciation is calciilated to write off the original cost or valuation of tangible fLxed a5s¢ts, less their tImat¢d r¢sidual v4Sue. over t[ir ¢xp¢¢t¢d useful liv¢s as follows.. Freehold land and buildings Leasehold land alld building5 Plallt and equipment Fixbjres aDd fittings 2Yo Straight linc 2YTr Straight lin¢ 150/0 Straight line 15Q/o Straight line The gain or loss ai'ising on the disposal of all asset is determined as the dIffenCe b¢twe¢n the sale proceeds aThd the carrying value of the asset, and is recognised in the statement of fLnanGial activities. page 14
THE LOIWON IRISH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Aecowitillg policies {Colltillued) 1.7 Investment prop¢rty lllvesfment propeity pi'op¢ty h¢ld eitli¢r to earn rental incoEne, or for capitd &ppre¢iation {incliiding fvtiire r dcvelopnient) or for both, but iiot for sale in Éh¢ ordinary course of bLlSln¢SS. Iiivesthi¢nt property is iiiitially iiieg5È1Ted at 05¢ which illcludes the purcEwe cost and any d1CtlY attributable pendi)re. Investmettt property IS 5ub5eque]Itty v&lued at its fatr value at eath r¢portiDg date, by prof¢ssional ¢xternal valu¢rs. The diff6rencc between the fair value of an investment piDperty at te reporting date and its canying value prior to the vlluatiort is recogllised in the St4t¢m¢nt of Financial A¢tiviti as a fair value gaiii or loss. Any gain or loss on disposal of tk investment property (calculated as the differenw b¢tWEen the Aet proceeds from disposal and th¢ rry1Thg amount of the iletnl i5 recogni5ed in the Staten)ent of Fiiian¢ial A¢tivities. 1.8 Impalrment of rued assets An impairment loss occurs when tlie carrying amount of an asset exceeds its recoverable amoullt. At year end, the trultces assess whether tli¢re is any indication tIt aji asset is impaire(1. If there is no lildition of impairment, tknen the truste¢s do not estimate the recoverable amouJ]t. If there is an indication of ijnpaimi¢nt, then tJi¢ trustee5 will estiniate the IE¢ov¢rabl¢ amount. An impairinent Ios5 will be recognised if, and only if, tlie recovetablt amount of the assct is less tljan ihe carrying amouiit. Tli¢ recoverable &tnoullt of asset is the liigher of its fair value le55 C051s to scll the asset ai its valu¢ in use. 1.9 Stocks Stocks are stated at the lower of cost estimated Selling price less costs to complete ond s¢ll. Cos¢ cnprISeS direct materia15 ftnd, where applicable, direct labour costs and those overheads that have be¢Ji inCued in brittgiTr¥ Ihe stlKks to their present location and coridilion. It¢ins h¢ld for distribiitioii at no or notllinal COllSideration are MealIed the lower of replacement cost aiid cost. realisable value the estimated Selling pri¢¢ l¢ss all estimatsd costs of completioll and costs to be incurred in market]J, selling and di5tribiition. 1.10 C2sh gnd e4sh equivAlent5 Cash and Casli Equivalents comprise c&8h 8t bank aÈJd itb hand, demand deposits with banks and other 3hort-t¢rm highly liquid inve51ments with original maturities of. thiee months or less and bank overdrafts. In the statement of finaTr¢ial P05ltion, bank overdrafts air shown wi¢liin ¢rditors 1.11 Instrum¢nts Th¢ Charity ha5 elected to apply th¢ pivvisioiis of 8e¢tioll 11 'Basic FillaDcial Instruments, and Se¢tioll 12 '0th¢r Financial InstniMlts Issues, of FRS 102 to ail of its fin&n¢ial Instruments. Financial iijstruments are recOlised (he Charity's balance shtet wbell the Charity be¢omes party to the ctsntr&ctual provisio] of the instrument. FiDzncial assets &nd liabilities are offset, with the net amounts presented in the fJnaii¢ial Statemlts, when th¢re is legally )forceable right to set off the reco8ni$ed amounts and there is an intention to settle OJJ a ijet basis or tl) realise tlke asset and settle the liability simult&iieoiisly. Busl¢flnN*clul ussefs Basic fJnancEal assets, which iiiclude debtors and cash Jnd bank balance5, 8Te initially measDr¢d at trans&¢tion price in¢ludii)g transaclioii costs and are subsequejitly ¢arri¢d at aihortised e05t using the effective interest method utJ1¢55 the attaiig¢m¢nt con5titstes a finan¢ing transa¢lioii, wliere the trathsaGtIOh is m¢&sured at the present valu¢ of the future receipts discounted at 8 market rate of iiiteresl. Financial assets Classified as rectivable within on¢ y¢ar Ire not #mortised. page 15
THE LOM)ON IRISH CENfRE NOTES TO THE FINANCIAL STATEMEIYTS (CONTINUED) FOR THE YEAR ENDED 30SEPTEMBER 2023 Accounting policies Icontilllled) BuslefiiioKel(tl Ilrfblltiies B8si¢ financial li&bilities, includlttg ¢reditors are iiiilÈally recognised &t transaclaoTh pricE unless the arrangemertt ¢onstiÉules a fillaiicing trallsaction. wh6re th¢ debt instrument is i¢aSured al the pre5ellt value of th¢ fvture paynictjts dis¢ount¢d at a market rale of interest. TriiiallGial liabilities classificd as payablc within one year are not amoylised. Debt instriiments are silb5UcrnlIy carried at amortised cost, using th¢ ¢ffe¢tiv¢ interest rate methtyj. Trade creditors are obligation5 to pay for goods or services that have been acqed iu the ordillary Gourse of operations from suppliers. Amouiits p&yable are classified as ¢urrent liahilÉtics if payment is due wit1[ ont year or less. Ifiiot, they are prescntcd as Jjon-current liabilities. Trade Creditors ore wognised iiiitiaily at transaction pri¢e and siibs¢qii¢Thtly measured at amorlised cost the Cfftcti interest method. Dereeognllloii offlKftiielal Ilnbllllles Financial liabilities are derecognised when t]ic Charity's ¢ontrA¢thal obligations ¢xpire or are disdthrged or cancelled. 1.12 TRXlition No cutrcllt or deferred taxation arAses as the company has been granted ¢haritabl¢ ¢x¢mplion. IriEoov¢rable vllued added tax 15 expens¢d as incurred. Th¢ charity is exempt from taxation und¢r S505 Income Coryoration Taxes A¢t 1988. 1.13 Fmployee benefits The costof unused holiday eJtitlemen¢ 1$ re¢ognised in the period in which the einployee's servi¢¢5 are RCeld. Tcrnjinatton bellefits are re¢ognised ijnmediately as an expense when thr Chlty is d¢monstrably Committed to terthinate the elliploymcnt of an employee or to provide termination benefits. 1.14 RetlrethÈttl beoellls Payjnellls to defined contributiott retirement benefit s¢hem¢s are char8ed as an expettse as they fall due. I.IS Forelgn exrhange The LIC functional 7rrencY i5 Pound Sterling. Any in¢om¢ and ¢xpeiiditure occitr in foreign ¢vrrency (Euro) arc anslated into the charity's fimctÈOllal 1rTeGY {GBP). 1.16 Gr&nts reteiv#ble Whcre capital grants ai'¢ Te¢¢ived, they are aortIsEd over th¢ life of the asset and iii liTre with the depr¢ciatiom policy of tbe r1&5s of weL Crltlcgl gecoiLDtlng utiTnate$ #lld Judg¢meJts IA the application of the Charity's accounting policies. the Trustees are iEquired to ]nake jiidgen]ents, ¢5timat¢$ and a5sumptioiis obout th¢ carryillg aoU]It of a5sEts and Itabililies that arc iiot retilY apparent frotll other soiirces. Th¢ estimat¢s atkd asso¢Éated assiimptions are based on historical experience atid otlier factors that are ¢onsider¢d to be relcvallt. Acttial results may dÉffer from these estimates. The estimates ot]d underlyÈThg a55llnlPtions arc r6viewed oi) an 0]01n8 basis. Revisions to accounting e5tim&te& rccognised tli¢ period in which tlie estinte is revis¢d wher¢ tlie revisiot] affects only that period, or in the period of the revisioij and futre periods wherc the revision affects both ¢iirrei)l and future perlixls. The key ACCQiltiting estimat¢s and jUdgemet$ are.. Estimation of niark¢t value of investtllellt properties al th¢ fjnathcial year end. page L6
THE LONDON lllISH CENTR NOTES TO THE FINANCIAL STATEMENTS (COIYTINUED) FOR THE YE4R ENDED 30 SEPTEMBER 2023 Doll#titslls leycle5 Unrtstrltled UnrE5triGtEd fumds funds general general 2022 Restricted funds Total 21123 2022 2022 Donations ond legacies 135249 56,500 52,000 108,500 Income from ¢harlt4ble aetlvltiej Provlsloll of Provislon ¢bf Collthiunity arts 5ervAces eultHYAI events Total Pn)vt5ion of Provlsioll of cvmmunlty Arts gnd sei'yites Total evellts 2023 2023 2023 2022 2022 2022 Grallls and Donations Fundraisin8 activiti¢s Commcrcial activiti¢s Other ineome 1,292,933 25,628 18,028 498,070 446,697 166.858 IJIO.961 523,698 446.697 244.629 842,432 842,432 345,012 2T2,261 74,576 345,012 272,261 77,771 74.576 1,396J32 1,129,653 1525,985 917.008 617,273 1,534,281 ADaly5is by fund UnT¢slriLled fund5- geneTal Restricted futtds 793,810 602.522 1.129.653 1,923,463 602,522 397,730 519,278 617273 1,015,(Kb3 519,278 1,396,332 1,129,653 2,525,985 917,008 617,273 1.534.281 Ineome from lllvestments Unr¢$trleted Uttre5tritted funds funds 2023 21122 Rental iticom¢ 133.934 152,710 pag¢ 17
THE LONDON IRISH CENTRE NOTES TO THE FINANCIAL STATEMENTS (coiYfiNUED) FOR TIIE YEAR ENDED 30 SEPTEMBER 2023 other llltowe Unrestriettd Unrestricted funds Dds 2023 2022 Shop s&l¢s 26 1,350 Expelldlture o]k ¢bArltsbl¢ actlvltles Provision of Provi5ioN of COMlnIty Art5 RDd servites eultural events Total Provislon of Proylsion of toanmuDity rts $¢rvl¢¢$ ¢ultural evellls Tot91 21123 2023 2023 2022 21122 2022 Dhrect costs staff costs uth¢F Stffic05t5 Ctynmuttity develupmellt clLre I,-Iindraisillg Bar/V¢nu¢ Other Costs 901,550 314,291 115,003 436,392 1,337,942 314,291 115,003 170,416 127,445 313,373 245 604,970 183,710 77,439 512,460 1,117.430 183.710 77,439 161,046 51,735 210.703 140 170,416 127,445 313,373 161,046 51,735 210,703 245 140 1,331,089 1.047,626 2,378.715 866.259 935,944 1,802203 Share of support and goY¢rnan¢e ¢o$t8 ($e¢ not¢ 8) Siipport 294,096 163,473 Governance 17,754 457,569 17.754 268.331 43,657 99,569 367.900 43,657 .642,939 1211,099 2,854,038 1,178,247 1,035,513 2,213,760 Analysis by fund Unrestricted funds- general Unre%tricled funds- Designated Restricted funds 883,992 1,188,794 2,072,786 713205 981,027 1,694,232 128,918 630,029 128,918 652,334 22.305 465.(M2 54.486 519,528 1,642,939 1.211,099 2.854.038 1.178.247 k.035.513 2.213,760 pe 18
THE LOIYDON IRISH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Support Costs AUo¢#td to Aetlvffitles 2023 2022 DepreciatioD Lunch Club Expenses Repairs & Maint¢nanc¢ Festivals & Ciilture programthe It)suran¢¢ G¢n¢i'al Offi¢¢ Govcrnancc cost5 163.521 18,428 103,358 10.737 33,863 127,662 17.754 143.785 9,756 71,895 9,575 24,354 108,335 43,657 475,323 411,557 Analysed between.. Provision of ¢omn)unity services Provi$iDn of arts and cultiiral events 311,850 163,473 311,988 99,569 475,323 411,557 2023 2022 Governatsee eost$ compri$¢: Audit fees AccOli1a¢Y Legal and professional 15,431 l4,740 761 28,156 2,323 17,754 43,657 Governance costs icludeS payments to the auditors of£15,431 (2022- £14.470) for aiidit fc¢5. Trustees None of the Trust5 {or PEfsDnS ¢onn¢rl¢d with thttn) TerEiVEd any r¢mun¢ration L)r bEn¢fi15 from tke Charity duringtlie y¢ar. 10 Employ¢¢$ Th6 average mollthiy number of ¢mploy¢¢s during th¢ year was- 2023 Nuthber 2022 Number Fiill-tim¢ staff Part-time staff 27 io 24 Total 37 32 p#gE 19
THE LONDON IRISH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 10 Employee$ (CoRtlllued) Employrnent cost5 2023 2022 Wages and salaries Socizl 8ecurity cost5 other pension ¢osts 1,173,895 131,765 32282 1,1)05,500 97,083 14.847 1,337,942 1.117,430 Key Management Per50nllel Tlie truste¢s Coilder 5 m¢mbei's of staff to be key management persollnel. The total employment b¢n¢fits of key management personllel for 2023 was £200,317 (2022 9 msEnbeis of staff considered to be tnaDagement personnel nd were paid £254,020). Tlie A]umber of employees whose annual remunerati(m was more ihan £60,000 is as follow5.. 2023 Numb¢r 2022 Number li Othei. r05ts Unre8trlcted Unr¢strÉrt¢d fund5 funds gelltr#l general 2023 2022 Shops Cos15 Dcvtlopn)ent ploject 45 436 12,984 13,420 45 12 Thxatloll The ¢h&rity is ex¢rnpt from taxation on Its actlvities because all its income is applied for charitable purposes. pag¢ 20
THE LONDON IRISH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE Y&IR ENDED 30 SEPTEMBER 2023 13 TAngibl¢ fixed 8ss¢t$ Freehold IkRsehold la]td gDd bulldlng8 ajbd buildings PRHDI equipment Flx¢ure5 and rittlllg5 Tol41 Co$t At l Octob¢r2022 Additions 5,569.742 594,079 218,913 17,121 6,382,734 32,122 15.001 At 30 septemb 2023 5.569.742 594,079 15.001 236,024 6,414,856 Depreciation imp&itent At l October 2022 Depr¢(itiOll charged in tILe yeai 1,112,430 102.818 181,838 11,882 179,011 41.320 1,473,279 163,521 7,501 At 30 September 2023 1,215248 193.720 7,501 220,331 1,636,800 Carrylng amount At 30 S¢pt¢mb¢r 2023 4,354,494 400,359 7,500 15,703 4,778,056 At 30 September 2022 4.457,312 412,241 39,902 4,YOI),455 14 Iiivestment property 2023 F81rvRlue At l October 2022 and 30 S¢pt¢mb¢r 2023 263,000 Invc5tm¢nt propcrti¢s r¢nt¢d to ¢xt¢rnal partie5 have been accounted for 41 fair Y41u¢ based on an estimate by tILe trustees. 15 Stoeks 2023 2022 Finished goods and goods for resale 18,156 16 Debtors 2023 2022 Amoullts f#ll&llg due Ivlthln one yeir: other debtors Prepayin¢rnt$ and a¢¢rued income 134,643 56,064 107,262 27,092 190,707 134,354 pag¢ 21
THE LONDON IRISH CENTRE NOTES TO THE FINANCIAL STATEMKNfs (CONTINUED) FOR THE YEAR E]VDED 30 SEPTEMBER 2023 17 Creditors.. 4moullts fMIUng due wlthltt one year 2023 2022 Note$ Othei taxation and social security Deferird capital grants Trade Greditoi Othtr treditors Acctuals and deferred incolne 139,545 34,478 251,874 101,206 23,044 1,083,097 18 91,525 23,402 1.161.723 1,416,195 1,493,699 18 Deferred illcojlle 2023 2022 Othet deferred Income 251,874 Deferred come is inclied in ¢h¢ fman¢i81 stat¢m¢i)ts as follows.. 2023 2022 DefrrKed income is Ettcluded withln-. Curiellt liabilities 251,874 Movcmeftts in thcy¢ar'. Deferred income at l October 2022 Released from pmiou$ period5 251,874 125 1,874) 257,732 {5,8581 Deferred income at 30 Septeniber 2023 251,874 19 Restrltted funds Thr restrirtEd fiiods of the Gharity rompri5e the unexpeiided bal&C¢S of donatiOJLS and 8rallts beld on tn]st siibj¢¢t to spe¢ifi¢ conditions by donors as to how they may bc used. Movement in Ibnds ID¢omiiig Resol5 èxpeDded k Oclober2022 Mtsvement Ill [d.8 R¢$owru* BalallrE at eipettd¢d 30Sepkmbrr B&lAncc at l Oetober 2021 resoiiyc 2023 LICC Grant Funditjg 22.006 571,278 (519,5281 73,756 602,522 (652,334) 23.944 R¢stricted fiind$ are made up of money from th¢ government of Ireland . Emigrant Support Ptograinme. The funds are iestricted for the following pmjects.. l) Advict Seryice. 2) Commuiiity Health NavigatQT- 3) Core at)d Holistic Or8alliS&tion stsffing and Overheads- 4) Integrated Su]v0rs Suppoit Project: 51 Irish Culture. Digital Coi)nection & H¢rit)8e' 6) W¢llbeiii& and Elders P¢rson$ Servi¢e. page 22
THE LONDON IRISH CEINTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 19 Restrieted funds (ContiDued) 20 Unie5¢1'i¢ted funds- Designated Te in¢om¢ funds of th¢ ¢IrIty iTh¢lud¢ th¢ following d¢signat¢d fvnds wliich h&v6 be¢Th 5¢t asid¢ tsut of unrestricled funds by tli¢ trustccs for sp¢cifi¢ purpos¢s'. Bx]ancc Rt l October2022 Balxnceat expelliled 30 September 2023 R¢-delOpM¢Trt piDjecl SLO.382 (128,918) 381,464 The re-development project fvnd represent fimds held earniarked for the developmerttof the centr¢. 21 All8ly5is of net 4ssets behyeell fund5 UDre5tricted Unrestrlcted fiinds fullds gen¢Y#l Deslgniteil 2023 2023 R¢strkted fuDds Tot41 2023 2023 Fund b4lan¢es 4t 30 September 2023 are represented by: Tangible asscts 4.396,592 Investment properti¢s 263,000 Curr¢nt 8ssetsl(liabiliti¢s) 291,542 381.464 4.778,056 263,0 315,486 23,944 4,951,134 381,464 23.944 5,356,542 Unrestrlcted Ullreslrieted fMnd$ nds gen¢i'al D¢slgrÈated 2022 2022 Restrieted ttds Totgl 2022 2022 Futhd b*lanees at 30 SeptembeY2022 ay¢ repv¢sented by: Taiigibl¢ assets 4,39),073 Investment properties 263,1>00 Current a8selsl{liabilitiesl 169,220 510,382 4,gX>9,455 263,000 242,976 73.756 4,831,293 510,382 73.750 5,415,431 22 Reigted party trall5action5 There were no disclosablc Klated party traiactIOnS duri th¢ year {2022- no1). page 23
THE,LoNDON IRISH CENTR NOTES TO THE FINANCIAL STATEMEiYfs (CONTINUED) FOR THE YE4R ENDED 30 SEPTEMBER 2023 Cash generated from op¢i'#tloDs 2023 2022 Deficit for the yeay {58,889) (430,339) Adjusttnents for.. lllvestment income rewgnised statement of financial &ctiviti¢s Depreciatitsn and impaimi¢nt tsf taTrgible fjxed a85els {133,934) 163,521 (152.710) 143,785 m0ments in working ¢apital.. Ilttcrease} in stocks (In¢reaseyde¢rease in dEbtors In¢r¢as¢ in creditors {Decrcase) in dcfctTed incoin¢ (18,156) (56,353) 174,370 (251,874) 19,254 254,231 15,8581 Cash absorbed by operatl0115 (181,315) 1171,6371 24 Analy515 of changes kn net funds The Cliarity had iio material debt duri118 tlie year. page 24