Paralympics Ireland

36 | Paralympics Ireland Annual Report | 2019 36 | Paralympics Ireland Financial Statements | 2019 15. 15. Events after the end of the financial year Events after the end of the financial year Subsequent to the financial year end, the Global health crisis of Covid 19 impacted Ireland which also gave Subsequent to the financial year end, the Global health crisis of Covid 19 impacted Ireland which also gave rise to an economic crisis. The immediate impact was the closure of the offices of Paraylmpics Ireland rise to an economic crisis. The immediate impact was the closure of the offices of Paraylmpics Ireland following Government advice to most businesse following Government advice to most businesses. The organisation has been able to function since then s. The organisation has been able to function since then with all staff able to work from home given that the IT infrastructure allows everyone to connect to the with all staff able to work from home given that the IT infrastructure allows everyone to connect to the relevant office data and applications. All staff continue to work for Paralympics Ireland. One relevant office data and applications. All staff continue to work for Paralympics Ireland. One of the key of the key events for 2020 was the Paralympic Olympic Games in Tokyo which were due to take place in August 2020. events for 2020 was the Paralympic Olympic Games in Tokyo which were due to take place in August 2020. The majority of the activity of Paralympics Ireland for the period to August 2020 was detailed work The majority of the activity of Paralympics Ireland for the period to August 2020 was detailed work associated with those games. In light of associated with those games. In light of the Global health crisis Tokyo 2020 has been rescheduled to August the Global health crisis Tokyo 2020 has been rescheduled to August 2021. This has had a regrettable impact on our athletes with the cancellation of group training and 2021. This has had a regrettable impact on our athletes with the cancellation of group training and competitions until further notice they will need to re competitions until further notice they will need to re-set all targeted performance plans set all targeted performance plans. From a financial perspective certain cost had been incurred in respect of Tokyo 2020. All of those costs have From a financial perspective certain cost had been incurred in respect of Tokyo 2020. All of those costs have been expensed in the 2019 financial statements. Given that the Games have been rescheduled to 2021 the been expensed in the 2019 financial statements. Given that the Games have been rescheduled to 2021 the organisation still expects to get benefi organisation still expects to get benefit from that expenditure. However discussions have not been finalised t from that expenditure. However discussions have not been finalised with various parties at this time in respect of deposits paid for the Games with various parties at this time in respect of deposits paid for the Games – e.g. Hotel Accommodation in e.g. Hotel Accommodation in Tokyo pre Games. The organisation had also received funds in advance in respect Tokyo pre Games. The organisation had also received funds in advance in respect of Tokyo 2020 from of Tokyo 2020 from Sport Ireland as set out in note 12 to the financial ftatements. Sport Ireland have advised the need to Sport Ireland as set out in note 12 to the financial ftatements. Sport Ireland have advised the need to ringfence that funding for the Paralympic Games now in 2021. The expenditure will be controlled on all ringfence that funding for the Paralympic Games now in 2021. The expenditure will be controlled on all 2020 costs however the resched 2020 costs however the rescheduling of the Games may give rise to some additional costs in 2021. uling of the Games may give rise to some additional costs in 2021. The organisation receives a significant portion of its funding from Sporting Ireland and has already received The organisation receives a significant portion of its funding from Sporting Ireland and has already received a significant percentage of its 2020 funding at the date of these financial st a significant percentage of its 2020 funding at the date of these financial statements. Although there is much atements. Although there is much uncertainty surrounding the final impact that Covid 19 will have on the Irish Economy and on all businesses uncertainty surrounding the final impact that Covid 19 will have on the Irish Economy and on all businesses operating in Ireland, based of the available information at this stage and the balance sheet position of operating in Ireland, based of the available information at this stage and the balance sheet position of Paralympic Paralympics Ireland at year end the directors continue to prepare the financial statement on the going s Ireland at year end the directors continue to prepare the financial statement on the going concern basis and are satisfied with the key judgements made in the financial statements. concern basis and are satisfied with the key judgements made in the financial statements. 16. 16. Approval of financial statements Approval of financial statements The board of directors approved The board of directors approved these financial statements for issue on these financial statements for issue on 10 10 th th April 2020 April 2020

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