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The Ireland Funds (A Company Limited by Guarantee, Not Having a Share Capital)

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The Ireland Funds (A Company Limited by Guarantee, Not Having a Share Capital) The Ireland Funds (A Company Limited by Guarantee, not having a Share Capital) Directors' Report and Financial Statements Year Ended 31 December 2014 The Ireland Funds Directors' Report and Financial Statements 2014 CONTENTS Page DIRECTORS AND OTHER INFORMATION 2 DIRECTORS'REPORT 3^7 INDEPENDENT AUDITORS'REPORT 8-9 ACCOUNTING POLICIES 10-11 STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 CASH FLOW STATEMENT 14 NOTES TO THE FINANCIAL STATEIVIENTS 15-19 UNRESTRICTED FUNDS SCHEDULE - UNAUDITED • 20 1 The Ireland Funds DIRECTORS AND OTHER INFORMATION Board of Directors Solicitors Hugo MacNeill (Chairman) Mason Hayes & Curran Jim Barry South Bank House Loretta Brennan Glucksman (resigned 16 September 2014) Barrow Street John Crimmins Dublin 4 Wark Cunningham David W Duffy (resigned 31 March 2015) Ronan Foley Thomas Gallagher Emer Gilvarry IVlichael Houlihan AIB Bank Caroline Kennedy 100-101 Grafton Street James McCarthy Dublin 2 David McRedmond John William Fitzpatrick (appointed 16 September 2014) Permanent TSB Sir Anthony O'Reilly 2-4 Upper Baggot Street Trevor Ringland Dublin 4 Alan Foy (appointed 16 September 2014) Danske Bank 1 Airton Close Tallaght Dublin 24 Secretary and Registered Office Rabobank Intemational Georges Dock House Nichola Lynch IFSC The Ireland Funds Dublin 1 25 St Stephen's Green Dublin 2 Company Registered Number: 160956 Charity Registered Number; CHY10798 Auditors PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm One Spencer Dock North Wall Quay Dublin 1 The Ireland Funds DIRECTORS" REPORT The directors submit their report together with the audited financial statements for the year ended 31 December 2014. Directors' responsibilities for financial statements The directors are responsible for preparing the annual report and the financial statements in accordance with applicable Insh law and generally accepted accounting practice in Ireland including the accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) and the Statement of Recommended Practice (SORP) as issued by the Charity Commissioners for England and Wales in October 2005. Irish company law requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to: • Select suitable accounting policies and then apply them consistently; • Make judgments and estimates that are reasonable and prudent; • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors confirm that they have complied with the above requirements in preparing the financial statements. The directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and Irish statutes compnsing the Companies Acts 1963 to 2013. 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. Books of account The measures taken by the directors to secure compliance with the company's obligation to keep proper books of account are the use of appropnate systems and procedures and employment of competent persons The books of account are kept at 25 St Stephen s Green, Dublin 2. Structure, governance and management Legal status and principal activities The Ireland Funds were founded in 1976 by Sir Anthony O'Reilly, former President, Chairman and CEO of the H.J. Heinz Company and by fellow Pittsburgh businessman Dan Rooney, owner of the Pittsburgh Steele rs football team and former US Ambassador to Ireland. The mission of The Ireland Funds is to be the largest worldwide network of Insh people, those of Irish ancestry and friends of Ireland, dedicated to supporting programmes of arts and culture, education, community development and peace and reconciliation throughout the island of Ireland. The Ireland Funds is the registered name of the company. The company was incorporated in Ireland on 22 June 1990 as a company limited by guarantee, not having a share capital. The registered company number is 160956. The Ireland Funds is recognised by the Revenue Commissioners as having registered charity status - registration number CHY 10798. As a registered charitable organisation, this report and results are presented in a form which complies with the requirements of the Companies Acts 1963 to 2013 and the Statement of Recommended Practice (SORP). 3 The Ireland Funds DIRECTORS' REPORT - continued Structure, governance and management - continued Legal status and principal activities - continued The Ireland Funds comply with the Statement of Guiding Principles for Fundraising. This statement offers donors and potential donors clarity on what they may expect from the charity, its representatives and its management. The Statement offers a set of overarching principles and guidance about how fundraising should be approached and organised. Organisation The Ireland Funds is one of the largest pnvate philanthropic organisations generating support from private donors across the world. The Ireland Funds is part of The Worldwide Ireland Funds: twelve independent organisations - The American Ireland Fund, The Australian Ireland Fund, The Ireland Fund of Canada, The Ireland Fund of China; The Ireland Fund of France. The Ireland Fund of Germany; The Ireland Fund of Great Britain: The Ireland Funds; The Ireland Fund of Japan; The Ireland Fund of Monaco, The Singapore Ireland Fund and The Ireland Fund of New Zealand. The Ireland Funds financial statements are applicable to The Ireland Funds in Ireland. Each of the overseas Ireland Funds is a registered charity or not for profit organisation in its own junsdiction. Board of Directors and Management The Ireland Funds is administered by the board of directors who are appointed for three year terms. The directors of the Board are listed on page 2, The Directors represent a diverse range of relevant expertise. No director can be appointed to any salaried position of the company. Two new directors were appointed during the year, Alan Foy and John Fitzpatrick, one Director, Loretta Brennan Glucksman, retired from the Board during the year, David Duffy retired from the board after the year end. The directors monitor the work of The Ireland Funds in detail at each board meeting. There are at least six board meetings held throughout the year. In between meetings, the day-to-day management of the organisation is delegated to Caitnona Fottrell (Director Ireland, The Ireland Funds). Financial information is subject to detailed review at Board level. The board is supported in this area by a Finance Committee which meet at least five times per annum and reports to the board on all financial issues. It is chaired by a board member. Its function is to keep under review the financial management of The Ireland Funds, its efficiency, effectiveness and accountability. The Finance Committee reports to the Board Other committees formed to support the work of the board include the Nominating and Governance Committee and Grants Committee, Objectives and activities ofthe charity Objectives The Ireland Funds was formed in 1976: • To further the relief of poverty in Ireland or elsewhere including, but without prejudice to the generality of this sub-clause, the provision of alms and other assistance to, or for the purpose of, any trust or body of persons whether incorporated or not, the sole purpose or objects of which are the relief of poverty in Ireland or elsewhere, and of which the capital, income and profits are applicable and applied to such purposes or objects only, • To promote peace, reconciliation and harmonious relations between all the people of Ireland by any lawful means. • To relieve all manner of human distress and suffering, both mental and physical, • To create, endow, establish or otherwise fund or grant educational scholarships, exhibitions and prizes and to provide funds for the conduct of seminars, meetings, lectures, courses and other activities for the advancement of education. 4 The Ireland Funds DIRECTORS" REPORT - continued Objectives and activities of the charity - continued Activities The Ireland Funds evaluates applications for funding and makes recommendations to the network of donors in the Worldwide Ireland Funds, The Funds focus on the following key areas - Arts & Culture, promoting culture and heritage and access to the arts; Community Development by investing in Ireland communities, assisting disadvantaged youth, promoting philanthropy in Ireland and assisting the elderly or Forgotten Irish; Education by providing access to education and supporting educational excellence and Peace & Reconciliation through supporting a shared future for Northern Ireland, The company offers a wide range of professional philanthropic services to individuals, families and corporations. Directors The names of the directors who held office at any time during the year are set out on page 2, Review of the year The company participated in a successful year for The Funds around the world. It did so by welcoming
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