Trustees’ Annual Report and Financial Statements For the year ended 30 June 



President’s foreword 3 Message from our Risk assessment 19 Chief Executive 4 Our Staff and Accounting strategy 5 volunteers 20 policy 29 Legal and Celebrating Financial administrative success 6 Statements 31 details 21 Structure Equality Balance sheet governance and and diversity 9 as 30 June 2023 32 management 22 Delivering benefit Statement of cash Independent to public flowfor the year Auditor’s report 24 and partners 10 ended 30 June 2023 33 Notes to The Reserves policy 27 financial year ahead 16 statements 34 Financial review Investment policy 28 of the year 18 



3 

1 

## President’s foreword 

**IIRSM’S NEW VISION** is of a future of thriving organisations, within which people feel safe, supported and empowered to identify and manage risks, protecting their environments and lives. 

In 2023, we needed to look at our position and refocus to find our ‘why’. Rather than this being a radical shift in direction, this is part of IIRSM’s evolution. 

Spending time together with the Trustees, IIRSM leadership and some key thought partners was a really challenging and exciting piece of work that I hope will help us continue to build our impact and deliver on our objectives over the next few years. 

This year I have really valued getting to know the IIRSM team better. We are a small organisation and everyone plays a key part in our success. 

We are also a charity and IIRSM’s Trustees have the primary concern of representing the interests of the charity and delivering its objectives – focusing on what we need to do in today’s context and ensuring that we offer the expertise and knowledge in risk and resilience to stay relevant. 

I am proud of the values held by IIRSM and of the work done in getting this new direction finalised this year, making IIRSM fit for the future.” 

One of my highlights of this year was the Risk Excellence Awards. It was a great moment to reflect and acknowledge the great work being done by amazing people and Susan Bookbinder was a fabulous and thought-provoking host. 

In our work on the strategy, what we found most important to develop in our new focus was the sense of community that IIRSM offers its members and partners. We want to keep building on that factor of being part of a community which is inclusive and which brings in people who don’t already have a significant understanding of risk. The best risk leaders are those who are continually curious, 

and we want to support organisations to encourage that. Our last major survey of members, partners and key networks, conducted towards the end of 2022, aimed to glean an understanding of where risk management was headed this year. 

Overall, the survey showed that respondents felt health and safety was a priority in their company, but, importantly, said that it was now integrated into a wider risk management strategy. 

While people identified commonly considered risks such as financial/economic and environmental factors, supply chain problems and security and reputational management issues remain high on priority lists. The fallout from the pandemic figured strongly, along with the resulting changes from associated risk, such as working from home, hybrid working and welfare, both physical and mental. 

Coming out of the other side of Covid, there is an opportunity for us to play a part in more rounded conversations on the big developments in AI, cyber security and ESG, taking an evidence-based approach in thought leadership. 

Our new strategy will help IIRSM to focus on the things which have most impact for our members and partners by developing their knowledge, skills and competence, as well as clearly communicating the range of support and services offered by IIRSM and our communities. We offer our members _The Sentinel_ magazine, significant opportunities for professional development, and the chance to network and learn through events, branch meetings and webinars. 

My fellow Trustees and I have all been involved in different ways to support IIRSM and the work we do is certainly a group effort. 

I am proud of the values held by IIRSM and of the work done in getting this new direction finalised this year, making IIRSM fit for the future. 

**Ruth Denyer, IIRSM President** 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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2 

## Message from our Chief Executive 


**I AM DELIGHTED** to report that IIRSM membership continues to be accepted by a wider community, as organisations and government bodies support our focus on risk and resilience. 

We try to give our members best value in a very challenging financial climate and, as such, have reduced our costs significantly to enable us to keep membership fee increases to the minimum. To support our strategic review, we have revitalised our central team so as to ensure our focus remains on the delivery of our core educational products and member services and the development of our wider community groups. I am thankful for the input from all those staff members who left during the year for new roles and welcome their replacements. 

We are nothing without our members and their expertise. We are proud to celebrate a diverse membership and volunteer community. During the year, our volunteer activities continued their post-Covid bounce back. Our appointment of a Networks Manager in 2022 has significantly boosted our support levels for our community groups across the globe. 

Following Clive Johnson’s retirement from Council we were delighted to announce Ross Gooding as our built environment specialist on a number of key external committees, including HSE’s Construction Industry Advisory Committee (ConIAC) Managing Risk Well Group and the Construction Leadership Council (CLC) Building Safety Committee, among others. 

Further afield, our non-UK branches continue to support the growth of our membership, especially but not solely, in the Middle East. I am often impressed when I see IIRSM branding in far flung countries being proudly displayed by local members, with one common thread – their wish to spread best practice and education to all. Branches are a very tangible benefit of membership of IIRSM; they are developed by members but very much open for all to attend. If you are willing to give something back as a volunteer, a local branch is an ideal start for anyone. We are always looking for speakers and those looking to help support our networking operations. 

At the end of the financial year and, as a further boost to reducing costs, we successfully completed a move to new premises in the City of London. This brings us closer to a number of key partners and will maintain our ability to continue to support our flexible working policy, allowing us 

to retain and attract talent. 

We will continue to invest in our IT infrastructure and, during the year, a significant amount of effort has been put into the development of a new website, which we aim to launch in winter 2023. The website has been designed to give members easier access to the key educational benefits of membership. 

IIRSM takes its responsibilities for collaboration extremely seriously and, by working with the wider safety and health community, we were at the forefront of forming the Occupational Safety and Health Stakeholder Alliance this year. This alliance gives us the framework to build on a more collegiate approach to major incidents and gives a coordinated voice to the UK Government and departments. 

I would like to continue my thanks to members of our editorial panel, who provide support to our magazine editor, David Cameron, and his team at Connect Communications (Scotland). _The Sentinel_ remains a key member benefit, which was borne out in our recent member survey. The panel will continue to offer David technical and member insight to ensure the journal maintains its exceptional standards. 

The updated IIRSM strategy and a focus to bring greater value to corporate partners has given us the basis for an exciting future. To support these efforts, we will look to modernise and streamline our governing documents to ensure that IIRSM has the systems and structures in place for the 2030s, rather than the 1970s. It is our aim to complete this update programme in time for our 50th anniversary in 2025. 

Finally, I’d like to thank the IIRSM Trustees for their incredible support over the past year. I am acutely conscious that they do this in a purely voluntary capacity and the time they have given to IIRSM is very much appreciated. Andy Hawkes, Callum Irvine, Clive Johnson and Steve Smith all stood down this year. All have played significant roles in supporting and guiding the Institute, some over a considerable period of time. 

**Phillip Pearson, IIRSM Chief Executive** 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 3 

## Our strategy 

**THIS YEAR,** IIRSM redefined its vision, mission and values, with the aim of creating communities with professional and sustainable impact. Being an inclusive community is IIRSM’s point of difference from other organisations and is the basis of IIRSM’s new mission. 




A future of thriving organisations, within which people feel safe, supported and empowered to identify and manage risks, protecting their environments and lives. 

**Vision** 

To drive the holistic evolution of risk management in organisations, educating and protecting their people through our unique communities. 

**Mission** 

- Diversify income streams and maintain reserves in line with our policy; 

- Support people with developing their competence to safely manage risk; 

**Objectives** 

- Clearly communicate the range of support and services offered by IIRSM and our communities. 




**Collaboration Approachable Respect** We work as a We are open, We treat people community to helpful and with care, help each accessible dignity and other thrive. to all. professionalism. 

**Honesty Adaptable** We build We constantly trust through challenge responsible actions ourselves to and authentic respond andadapt relationships. quickly. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 4 

## Celebrating success 

## The Risk Excellence Awards 2023 

**WE WERE DELIGHTED** to bring individuals, teams and organisations who champion outstanding risk excellence back together in person for the IIRSM Risk Excellence Awards 2023 at Church House, London, in May. 

Following a record number of entries, the judges were thrilled to recognise the excellent work by individuals, teams and organisations and the impact they have had in risk management. 

Healthcare rm was awarded the new DEI Strategy of the Year award. Sponsored by Reckitt, this award recognised a team or organisation that has developed a clear strategy to create a workplace culture where everyone thrives and feels that they belong. 

Healthcare rm entered the DEI category because, according to Chief Executive Pamela Gellatly, it’s an area in which the organisation “walks the walk”. She said: “We have people of all ages and different genders, females in senior positions, neurodivergent people, older people and people from different backgrounds, including Indian, Nigerian, Caribbean and Eastern European. They all bring unique insights and benefits to our team.” 

Colas Rail UK won the Health and Wellbeing Strategy of the Year award, sponsored by Workplace Options. Head of Wellbeing Jude Tymon launched a wellbeing charter, emphasising the importance of good sleep, nutrition and exercise, as well as emotional, social and financial wellbeing. Jude said: “Winning this award is a great reflection of all the hard work that’s gone into our strategies. It takes time to change culture, but we are seeing very positive results.” 





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## 4 

## Celebrating success 

**CBRE PICKED UP** the International Risk Initiative of the Year award, while Proactive won the Technology Risk Initiative of the Year category. Dom Taylor, Director at Proactive, said: “We’re a very small team, steadily changing the face of risk in sport. Thank you IIRSM!” 

Robbie Canham, winner of the John Bennett Award for Exceptional Young Person of the Year, sponsored by healthcare rm, is a relative newcomer to his role as Safety, Health, Environment and Quality Manager at Terra Firma. However, he has been praised for his “leadership, direction and clarity” when working with colleagues. 

Sponsored by Baines Simmons, the Mentor of the Year award recognised the achievements of Jamiu Badmos, a versatile and passionate QHSSE, business sustainability and enterprise risk professional with more than 20 years’ experience. 

Nael General Contracting’s Alwathba Project was awarded the Barry Holt Award for Outstanding Risk Management Practice, sponsored by Cardinus Risk Management. 

QBE European Operations plc won the Risk Team of the Year award, sponsored by Barnett Waddingham. 

The IIRSM President’s Commendation, which recognises a member or leading industry risk professional who has made a major contribution to the advancement of risk management, went to Jonathan Gawthrop, an IIRSM Fellow and Executive Director for EMCOR UK. 

IIRSM was grateful to headline sponsor Cardinus Risk Management, supporting sponsors Sureteam and Yondr, category partners Barnett Waddingham, healthcare rm, Baines Simmons, Reckitt and Workplace Options, and drinks reception sponsor Paradigm Human Performance. 












Cardinus was once again thrilled to be the headline sponsor of the IIRSM Risk Excellence Awards. The management of risk is critical to the success of businesses and the health, safety and wellbeing of the global workforce and you are the best examples of why our profession is so important.” Andy Hawkes, CEO at Cardinus Risk Management 

Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 




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## 4 Celebrating success 

## Congratulating our Fellows 

Between July 2022 and June 2023, 57 risk professionals became IIRSM Fellows. Fellowship continues to be a popular benefit of IIRSM membership, offering recognition of strategic insight, risk expertise and business acumen from peers. IIRSM Fellows are changing the way organisations think and approach the management of risk around the world. 

This is a culmination of nearly 30 years’ work in the field of fire and risk engineering. I would like to thank IIRSM for recognising my contribution and electing me as a Fellow” 

Alison Phillips, Head of Fire Safety Risk Management, Ocado Group 

## **FELLOWS IN THE YEAR TO END JUNE 2023:** 


**----- Start of picture text -----**<br>
Azerbaijan 1<br>Egypt 1<br>France 2<br>Ghana 1<br>Greece 1<br>Ireland 1<br>India 2<br>Latvia 1<br>Malaysia 1<br>Oman 1<br>Philippines 1<br>Qatar 4<br>Saudi Arabia 2<br>United Kingdom 36<br>UAE 2<br>57<br>**----- End of picture text -----**<br>


Fellowship is something to be proud of, to show to others that I have achieved something exceptional, and they may take some confidence that as a Fellow I have met stringent conditions and that I may be regarded in IIRSM’s definitions as having strategic insight, risk expertise and business acumen, and put the wellbeing of my people at the forefront to drive performance.” Martin Bardle, Global Health and Safety, Security and Quality Compliance Director, Reckitt 

When people are looking at your experience or you are looking for a new role, it is important that the professional affiliations you have are recognised globally. It was when we were looking at becoming an IIRSM corporate partner that I decided to find out more about Fellowship. It struck me that I was at a point in my career where I could be giving back and can help give others advice and support.” 

Gary Eastham, Global Director of Health and Safety, Marsh McLennan 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 5 

In a post-course evaluation, when asked how they would rate the level of content of the course, 90 per cent said it was ‘excellent’, with all participants rating the trainer’s knowledge as ‘excellent’ and every participant stating that the course fully met their expectations. 

## Equality and diversity 


## The Hummingbird Bursary 

**THIS YEAR,** L’Oréal and IIRSM joined forces to create the successful Hummingbird Bursary to encourage greater representation among those responsible for managing risk at work. In the first phase, 10 applicants were selected and took part in the IIRSM Managing Health and Safety Risks - The Essentials training course, with places funded by L’Oréal. Bursary recipients were carefully selected by a judging panel with representatives from leading organisations in occupational safety and health and risk management. 

We were delighted by the number and quality of the applications. We saw excellent professionals already making a difference in health and safety. We hope that the bursary will support them in developing occupational health and safety, as well as promoting inclusion. We would also like to thank our judging panel partners, RoSPA, NEBOSH and OneWish.” 

In the second phase of the Hummingbird Bursary, nearly 50 people applied from which judges have selected applicants for 15 places, funded by L’Oréal, on the IIRSM Managing Risk - The Essentials training course in September 2023. They are from Zimbabwe, the UK, UAE, Nigeria, Keyna, Pakistan, Senegal and India. 

Thank you IIRSM, for the opportunity to take this course. The course streamlined my health and safety skills to greater heights, on to the right trajectory.” Alexander Ochelle, Health and Safety Specialist at Skylink Technologies Kenya, Hummingbird Bursary participant on the Managing Health and Safety Risks - The Essentials training course 

## One Percent Safer 

Around 100 risk and safety practitioners from Nigeria, India, Ghana, Pakistan and Egypt became IIRSM Affiliate members after making successful applications to the One Percent Safer Bursary scheme. The exciting initiative by two global leaders in risk and safety, IIRSM and charity One Percent Safer, aims to support the development of risk and safety professionals working in developing or emerging nations by giving them one year’s free membership of IIRSM at Affiliate level. One Percent Safer is a force for good in the world of safety and we’re pleased to play our part in helping risk and safety professionals lead the way by providing access to the many membership benefits we have to offer. 

Thiago Ramos, Global Health and Safety Manager, at L’Oreal 

The first group of Hummingbird Bursary participants were highly engaged with the IIRSM Managing Health and Safety Risks training course and passed their test with scores ranging from 80 per cent to 96.7 per cent. 

Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 




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## 6 Delivering benefit to public and partners 

**IIRSM IS AN** educational charity with the consequent obligation to work for the public benefit. IIRSM Council has considered the guidance published by the Charity Commission and concluded that the IIRSM’s core activities – as described in this report – satisfactorily address the principles of identifiable public benefit and demonstrate that the charity has fulfilled the public benefit requirement under Section 17 of the Charities Act 2011. 

## Occupational Safety and Health Stakeholder Alliance 

May 2023 saw the formation of a ground-breaking Occupational Safety and Health Stakeholder Alliance, which will offer a 360-degree perspective on critical safety and health issues for the first time. 

IIRSM, together with the British Occupational Hygiene Society (BOHS), British Safety Council (BSC), British Safety Industry Federation (BSIF), the Chartered Institute of Environmental Health (CIEH), the Chartered Institute of Ergonomics and Human Factors (CIEHF), Institution of Occupational Safety and Health (IOSH), National Examination Board in Occupational Safety and Health (NEBOSH) and the Royal Society for the Prevention of Accidents (RoSPA), signed a memorandum of understanding to create the alliance. 

Collectively, the members’ competencies span the full spectrum of occupational safety and health (OSH) considerations, including education and regulation, policy creation, professional standards and thought leadership. The alliance will provide a unified voice for the OSH industry, drawing on members’ expertise to inform and support OSH decision-making at a government policy maker and corporate level. 

The alliance members are delighted to be announcing its formation. This is a truly historic alliance with the potential to have a far-reaching positive impact on OSH management in the UK. It is a non-exclusive group that welcomes wider involvement in the delivery of its aims. 

It is committed to supporting the good practice that already prevails in the OSH space and to developing and implementing programmes, initiatives and activities that enhance it. The group will leverage members’ influence to deliver joint messaging and facilitate continuous progress on crucial OSH issues. They will also work to increase the visibility and value of the OSH profession and its wider set 


of disciplines and practices as well as highlighting its role in delivering OSH goals. 

## Retained EU Law (Revocation and Reform) Bill 

Many members of the alliance have already been engaged in lobbying with government departments to safeguard key UK safety and health legislation that is EU derived and covered by the Retained EU Law (Revocation and Reform) Bill. 

Together with voices from the health and safety sector, IIRSM called for the UK Government to scrap the arbitrary deadlines of the Retained EU Law Bill. Following pressure, the planned ‘sunset’ clause – which would have abolished all EU-derived laws retained in UK statue on 31 December 2023 – was removed and the Government pledged to carry out consultations before making significant reforms to retained EU law. The Bill received Royal Assent and became law on 29 June 2023. This will continue to be a focus area. 

## Membership growth 

Our focus is currently on growth of our corporate membership base, in order to diversify income streams but also to flex with trends in how membership bodies and benefits are perceived. More employers include membership as employee benefits today, and fewer individuals are able to – or need to – fund this themselves. To support this area, we have redefined our corporate packages and streamlined how we communicate our benefits. 

Concurrently, we need to retain the individual members we do have, as this has been our core income to date. We will continue to provide the services that are most used and engaged with, and ensure our communities and profiling opportunities are regularly promoted. We are running more digital and face-to-face events as well as providing opportunities for members to inform our insights and future products to ensure retention. 

## Corporate partners 

IIRSM has developed several corporate partnerships during the financial year, including with Dole UK, DFS, Google, Marsh McLennan, Meira GTX, QBE, Reckitt, Sonoco, SPL Powerlines and TUI Group, which opens up opportunities to them for new collaboration, networking, knowledgesharing and learning how to manage risk in the workplace 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 6 Delivering benefit to public and partners 

more effectively. Several of our partners – Baines Simmons, Barnett Waddingham, Cardinus Risk Management, Healthcare RM, Paradigm HP, Reckitt, Sureteam, Workplace Options and Yondr –  also enjoyed association with the IIRSM Risk Excellence Awards 2023 through sponsorship packages. 

## IIRSM Risk Management and Leadership Competence Framework 

Many of our partners are now working to the IIRSM Risk Management and Leadership Competence Framework, with the competencies and behaviours set at three levels of attainment linked to career progression and IIRSM membership grades. IIRSM’s framework supports the belief that risk management should be part of everyone’s responsibilities and it is a transferable skill from any sector, geographical location, organisation and job role. The framework is a useful vehicle to: 

- Help embed risk management as a core skill into all job roles and responsibilities. 

- Provide a consistent approach across an organisation to managing its risks, in all their forms. 

- Demonstrate how risk management enables innovation, performance and resilience. 

- Enhance decision making through raising capabilities to identify, communicate and act on risk. 

- Support HR teams to embed risk management competence into existing and new job roles. 

- Understand risk management professional development needs. 

- Integrate risk management into existing organisational policies, procedures and cultures. 

- Enhance career opportunities, as risk management is a required competence for many decision-making roles. 

## Bespoke training 

In addition to their staff improving their knowledge and skills through our core training courses, IIRSM partners are also developing bespoke training for their employees with our support.  In partnership with IIRSM, this year environmental services company Veolia UK & Ireland crafted a bespoke training programme to ensure that its Risk and Assurance team can identify and manage potential risks and develop a ‘risk reduction’ mindset. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 6 Delivering benefit to public and partners 

This training programme was delivered by Risk Evolves on behalf of IIRSM, and made available to all relevant members of the team, headed by Richard Hulland, Chief Risk and Assurance Officer for Northern Europe, amounting to approximately 80 people. 

Employees will now have a greater understanding of their roles as part of the wider organisation, understand the 15 strategic risks which Veolia faces and the active role they can play in reducing these, engage in effective risk communication, and develop a more curious approach to risk reduction. 

Our bespoke Risk Reduction training programme, developed in partnership with IIRSM, aims to change the way we approach things; to further develop the curious mindset of the Risk and Assurance team, and subsequently the business lines we support, as we aim to move forward in our journey from compliance through proactive risk towards an active risk culture.” 

We want to use our partnership with IIRSM to continue exploring improvements and developments in our maturity to also influence the wider industry from a risk perspective. I tell the team to keep looking and get involved in as much as possible so that our partnership with IIRSM continues to deliver value for both DFDS and IIRSM.” 

Richard Lait, Head of Safety, Security and Environment, DFDS Seaways 

Ben Jones, Head of Operational Training and Development, Veolia UK & Ireland 

It is important to lead continual improvement and IIRSM is well positioned to provide world-class support and champion professional development. Being an IIRSM partner provides us with wider business insight. When you areworking on a project or an initiative, you sometimes don’t realise that you are doing something ground-breaking, so being able to collaborate and network with others means you can benchmark your achievements on a bigger scale.Knowledge sharing is a big part of what we get from the partnership, including the professional development webinars and training.” 

Chris Snowden, Global EHS Director, Incora 

There are benefits to the partnership from a company marketing perspective, providing us with added visibility and kudos for our projects. It is also important for us to have access to like-minded people in the risk, health and safety community and IIRSM opens up access to knowledge through its webinars, resources and networks. Our online and on-site solutions are evolving across a broad spectrum of areas. We are able to support our customers to meet the needs of their workforces in multiple ways, and working in partnership with IIRSM helps us to do that even better.” 

Richard Lait, Head of Safety, Security and Environment, DFDS Seaways 

Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 




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## 6 Delivering benefit to public and partners 

## Membership engagement 

Our YouTube account, with its 1.29k subscribers, is home to webinars recorded during each Branch meeting, giving members further opportunity to view content, while the Professional Development Webinars are free to view for members on the Member Resource Hub. 

Together with our creative communications agency, Connect, in 2023 we took the decision to focus on two key monthly enewsletters – the news Update and the Diary – to engage with and inform our members. The newsletters’ open rates of between 43 per cent and 51 per cent continue to score above industry standard metrics for nonprofit organisations, with content covering all areas of risk. 

With the appointment of Connect, IIRSM has been increasing its presence on social media, particularly Instagram which we were not regularly posting to the previous year. This has resulted in a 743% increase in the number of accounts reached over the year and 497 profile visits (up 88%). 

We have also been working on improving our social media engagement using video and graphics to promote the Risk Excellence Awards, our key training courses, professional development webinars, branch meetings, the Member Resource Hub, new Fellows, corporate partnerships and news items. LinkedIn remains our key engagement platform, and now has more than 33,500 followers, while IIRSM also has a growing presence on Twitter, Facebook and Instagram. 


**----- Start of picture text -----**<br>
professional development webinars, branch meetings, the  Facebook has also seen growth in the<br>Member Resource Hub, new Fellows, corporate partnerships  number of page likes (up 89%) and visits<br>and news items. LinkedIn remains our key engagement  (up 93.5%). With the migration of Twitter<br>platform, and now has more than 33,500 followers, while  to X, not all analytics are available,<br>IIRSM also has a growing presence on Twitter, Facebook   however, the IIRSM profile on X now<br>and Instagram.  has more than 13,000 followers.<br>IIRSM LINKEDIN STATS<br>5,600 NEW<br>FOLLOWERS<br>(TOTAL FOLLOWERS   17,156 PAGE<br>=  33,500) 6,057 UNIQUE  VIEWS<br>VISITORS<br>816<br>COMMENTS<br>11,455  933<br>REACTIONS REPOSTS<br>**----- End of picture text -----**<br>



The bi-monthly magazine _The Sentinel_ continues to be a key member benefit and is available in both print and digital formats. This year, informative topics have included: 

- Transferrable former military personnel skills 

- What makes a Risk Excellence Award winner 

- What the Retained EU Law Bill means for businesses 

- Artificial intelligence - the threats and opportunities 

- IIRSM’s Strategy in depth 

- Health and safety in construction 

- Menopause at work 

- Mental health and wellbeing 

- The Russia-Ukraine war 

- Data-driven decision making. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 6 Delivering benefit to public and partners 

## Support and resources 

Our members have access to a range of benefits, external helplines and resources, including free HR, employment law and health and safety advice from Croner. We have begun promoting key articles and webinars from Croner via our enewsletters and social media to drive uptake of the helplines. In addition, We’re delighted to have renewed our partnership with Barnett Waddingham to provide members with access to valuable practical resources on the BW Risk Portal. 

Member Resource Hub. These were promoted via the Diary and Update email newsletters and social media. 

Professional Development Webinars and Branch meeting registrations have also been moved from the GoTo Webinar platform to Zoom, streamlining our internal process and improving user experience, particularly for our international audiences. Zoom Events will also be easier to integrate with the forthcoming new website and remove a barrier to registration. 

## Training courses 

## International branch network 

With members in more than 90 countries, IIRSM is committed to its growing global communities. Approximately 9,000 people attended the IIRSM branch meetings or watched the branch webinars on YouTube over the course of the year. The branches’ LinkedIn communities have increased from 7,000 to 13,000 followers. 

In the UK, the East Anglia, East Midlands, North East and Cumbria, and South West branches relaunched in 2023. Our volunteers played a large part in setting up these networks and hitting the ground running, with virtual meetings and webinars providing learning and networking opportunities on a regular basis. Voluntary activity is the lifeblood of any membership body and we are delighted that our networks are getting back to full capacity following the challenges they faced during the Covid pandemic. In line with our strategy to boost our community and inclusiveness we want to further improve our connections with our volunteers and support them in getting the most out of their Institute. 

## Professional Development Webinars 

This financial year, we aimed to: 

- Make our Professional Development Webinars more visible and attractive to members. 

- Optimise use of content with minimal impact to resources. 

- Improve attendance rates and perceived value to members. 

• Encourage non-members to become members. A relevant, focused series of Professional Development Webinars was developed in the areas of career development, focus, leadership, people and psychology, with members given access to webinar recordings via the 

This financial year, we had scheduled eight third-party training courses, seven of which were regularly cancelled due to low uptake. As the courses belonged to other providers, anything we were able to deliver was at low margin. As part of our efforts to scale back on resources used on activity that eroded our bottom line, we decided that priority should be growing our own training portfolio and increasing marketing, product development and administrative resources into these key courses. 

## Our key training programmes include: Managing Risk – The Essentials 

Risk management should be integrated throughout every organisation, no matter its type and size. On completion of this training, participants are able to use risk management to improve decision making, and apply practical tools to assess, manage and communicate risk. 

I found Managing Risk – The Essentials very useful. I have taken away several ideas to discuss with my line manager regarding our internal risk training that we provide for managers, in the hope that we can improve and provide the best training and knowledge for our staff.“ 

Jemma Morris, Health, Safety and Risk Technician – Governance, Westmorland General Hospital NHS Foundation Trust 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 6 Delivering benefit to public and partners 

Managing Health and Safety Risks – The Essentials This course provides delegates with an essential understanding of why employees should and how they can proactively play their role in managing health and safety within their area of work. Real-life case studies highlight the impact of events, along with video, discussion, group and reflective activities to understand how the theory applies to individuals’ own workplace scenarios. 

I really enjoyed the course and have taken away lots of knowledge that I will be able to use in my current role. I particularly liked being able to listen to other people’s experiences from all different industries. I learned a lot!” 

Jaime Leah Good, Risk and Safety Support Officer 

NEBOSH IIRSM Certificate in Managing Risk The NEBOSH IIRSM Certificate in Managing Risk helps delegates become better equipped to identify, evaluate, 

communicate and act on risk. It is particularly relevant for risk professionals looking to gain a broader view of risk beyond a specialism such as health and safety, quality, or business continuity. 

## External conferences and events 

Playing our part in global risk conferences and networking events is vital, with President Ruth Denyer and the IIRSM team speaking and exhibiting at a number of these over the course of the year, including: 

- Steve Harris presented on behalf the Institute aspects of our Managing Risk: The Essentials course at a conference in Riyadh, Kingdom of Saudi Arabia 

- The Chartered Quality Institute’s online CPD event Quality Live, at which Ruth joined expert speakers, panels and delegates from more than 20 countries. 

- The Verdantix EHS Summit: EHS Resilience In The Age Of ESG, where Ruth’s keynote speech focused on Moving the Dial on Risk Leadership. 

- Ruth was one of the world-class EHS leaders speaking at the 2023 EHS Congress, held in Berlin in May. Her talk on Day 1 about the symbiotic relationship between risk and safety followed an article in SHP on her time in the industry. The IIRSM team was also exhibiting at EHS Congress, talking with potential partners about the range of products and services IIRSM can offer. 

Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 




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7 

## The year ahead 

## Working to our strategy 

Part of our new strategy 2023 will involve collaboration and a big move forward was made in the formation of the Occupational Safety and Health Stakeholder Alliance with a number of other prominent safety and health organisations, which will offer a 360-degree perspective on critical safety and health issues for the first time. 

Adaptability is another of our core values and IIRSM must constantly challenge itself to respond and adapt quickly. This applies to scoping out businesses which will require support driven by new models and infrastructure developments such as in China, the Indian subcontinent and across the Middle East, especially Saudi Arabia. 

## Improving communications 

A key focus area for IIRSM is to clearly communicate the range of support and services offered by the organisation and its communities. The redevelopment of the website is now under way, with the aim of improving navigation, making training more accessible and interactive, and profiling member benefits and collaborative partnerships more effectively. 

## Learning Management System 

Finding new ways to monetise IIRSM’s flagship ‘Essentials’ courses supports our corporate objective to diversify income streams and also keeps IIRSM relevant and modern, providing flexible learning opportunities for those who are unable to put aside days for live learning. We have seized the opportunity provided by an in house client, who wished to deliver training to their staff, to convert our Managing Health and Safety Risks course into seven modules of elearning and will develop our Learning Management System to enable us to sell and deliver this programme as individual modules or as a full programme to a wider range of customers. Should there be an appetite for this, we will look to invest in the conversion of Managing Risk – The Essentials with the same approach and look to build an eLearning portfolio. 

## Digital transformation 

An upgrade of IIRSM’s website is essential if we are to improve performance. From a membership recruitment and retention perspective, our current system plays a significant part in our current challenges. The current website is difficult to navigate and outdated, time consuming and challenging to update, and lacks the seamless integration between platforms including MYIIRSM, the Member Resource Hub and any new developments, such as the Learning Management System. Without the renewal and payment processes being automated, membership renewal will drop further. Internally, the team is stretched and can only make processes more efficient with the supporting technologies. 

Investment in a new digital platform means that if, and when, we are to develop new products and services, we can then be confident that we have the infrastructure to support their successful rollout. With that in mind, we are working with Revolution Growth to develop a new fully functional website, expected to be live later in 2023. 

Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 




17 

## 7 


## The year ahead 

## Course approval improvements 

In response to feedback and as part of our ongoing development, we have begun the process of changing our Training Approval Scheme to Course Approval. It will still bring the value of IIRSM’s independent brand and educational standards together with our partners’ expertise to form an attractive and competitive partnership for the delivery of quality training. 

Changes have included: 

- Streamlined and online applications with quicker assessment turnarounds. 

- Alignment of approved courses to the IIRSM Leadership and Competency Framework. 

- Lower initial spend and time commitment making approvals more accessible. 

- Renewals and additions have a ‘light touch’ process and lower fees. 

We will still consider approving courses from all risk-related disciplines and the process will still provide confirmation that the training meets the quality standards and expectations of IIRSM. 

## Occupational Safety and Health Stakeholder Alliance focus 

While the UK has an enviable record in safety, there remains much to be done. But beyond safety, the subject of health, and specifically mental health, will be an immediate area of focus for Occupational Safety and Health Stakeholder Alliance. Mental health issues associated with the workplace account for more than 50 per cent of all workplace incidents according to statistics from the Health and Safety Executive. 

The UK is less well advanced regarding the mitigation of mental health issues than many of our EU counterparts. The consequences of this go far beyond the direct impact on individuals and their employers, including an alreadystretched NHS. An early priority for the alliance will be to prioritise, identify, develop and implement measures to equip the OSH profession to more effectively mitigate the risk factors giving rise to mental health issues in the workplace. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 8 

## Financial review of the year 

## Our objective 

and the significant investment assets held. Based on this, the Trustees believe that there is no material uncertainty that the charitable company will not continue to be a going concern and have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. 

IIRSM’s primary objective is to provide education, information and career support to members. The Board of Trustees continued to improve their governance during the year, ensuring members receive value and that we adhere to the Charity Commissions Rules. During the year, we reviewed various policies, procedures and standards to support institutional growth and compliance. 

## Fundraising activities 

IIRSM has a cost of raising funds in the financial statements in relation to generating income mainly from current and new members. The charity does not utilise external professional fundraisers or commercial participants to carry out fundraising activity and does not engage in face-to-face or telephone fundraising. We aim to build and maintain solid partnerships with our supporters and members and do not undertake activities to raise funds from those that could be classified as ‘vulnerable people’. Any approach to fundraising would take account of the Code of Fundraising Practice issued by the Fundraising Regulator. IIRSM has received no complaints about its fundraising activities either during the financial year or subsequently. 

IIRSM, as a charity delivering public benefit and operating as a membership body supporting its members, requires well managed resources and systems to deliver these objectives. 

## Annual results summary 

The income for the year to 30 June 2023 was £1,104,297 (2022: £1,223,274). Expenditure was £1,151,359 (2022: £1,189,211) resulting in a deficit of £47,062 (2022: surplus £34,063). This is a 10% decrease in income, while costs have reduced by 3%. 

We made an £18,450 gain on our investments (2022: loss £73,041). 

The balance sheet as at 30 June 2023 shows total funds of £425,530 (2022: 454,142) of which £67,188 (2022: 18,592) is designated for tangible and intangible fixed assets. The remaining free reserves at the end of the year were £358,342 (2022: £435,550) 


## Cash flow management, cost control and going concern 

The main reduction in income from membership occurred in the first half of the financial year and with the changes we made we were able to retain income and reduce costs, under inflationary pressure, to make a small surplus in the second half of year. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charitable company’s forecasts and projections and have taken account of the cash balances held due to subscriptions received in advance 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



19 

## 9 

## Risk assessment 

**THE RISKS TO** which the charity is exposed, as identified by the Trustees, have been reviewed and systems and procedures have been established to manage these risks. The Board of Trustees is satisfied that reasonable steps are being taken to limit the probability and impact of these risks. The senior leadership team (SLT) regularly review the risk register, especially when considering changes to agreed plans or potential new opportunities. Changes in risk items are reported to the Board of Trustees as a standing agenda item at every meeting. 

The major risks identified are set below: 

## 4. Cyber risks and GDPR 

The transition to a virtual working and member networking environment will result in additional cyber risks via use of malware (e.g., viruses and ransomware). These could result in data theft and identity fraud. Any data breach would result in reputational damage and possible regulatory fines. Control 

We have enhanced our cyber security training for all staff, maintained regular software updates, introduced stricter password controls and off-site server back-ups. We have also strengthened our IT security protocols. We keep our members’ personal data securely and do not disclose data to third parties for commercial use. 

## 1. Lack of adequate revenue growth 

A failure to generate enough income to fund core projects and to support the implementation of the Institute’s strategy. Control 

A new strategy and forecast has been developed with clear objectives to develop non membership subscription income streams. We have prioritised the development of new or rejuvenated products and services to generate sufficient income to support the implementation of the new strategy. 

## 2. Insufficient IT capacity 

A lack of investment in IT systems will directly impact on our ability to launch and deliver our three-year strategy. A robust IT system is fundamental to IIRSM’s long-term sustainability. 

## Control 

A commitment to a structured renewal of all IT equipment has been established. Trustees have agreed a technology transformation project, starting with the development and delivery of a new website in late 2023. 

## 3. Loss of organisational knowledge 

As staff move on during a period of change, loss of programme knowledge and competencies can impact the delivery of key plans and activity. Control 

## 5. Member retention 

Membership retention (and growth) is a continuing risk that could impact a significant income stream. Control 

We have worked to enhance membership value with the development of various mentoring and training offers. Our communities are growing in numerous localities with a dedicated member of staff in support. The Trustees’ strategy is on enabling a more practical approach to CPD so that members are not pressured to record numerous activities for an ambiguous value. IIRSM must be seen to be relevant to all at whatever stage of their career. 

## 6. Ageing membership population 

IIRSM is unable to attract the appropriate level of younger members and to maintain membership levels as older members retire. Control 

IIRSM is transitioning from being a membership organisation predominately for health and safety practitioners, to a membership body relevant to everyone involved in risk and safety management, which surveys have shown to be more appealing to younger groups. A focus on people development is attractive to individuals and corporate members. 

Key operational process are documented, more flexible working patterns have been introduced with a focus on internal communication to boost overall staff knowledge. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



20 

## 10 

## Staff and volunteers 

## Achieving our potential 

Council recognises that building and developing skills, competencies, teamwork, and motivation of employees is key to achieving IIRSM’s charitable aims. IIRSM employees are responsible for providing an effective and efficient service to members and ensuring that Committees and Panels can function successfully. Staffing has been stable during the year. 

The average number of full or part time staff employed by the Institute in the year was 9 (2022: 10). We continue to invest in training and development to strengthen the capabilities of employees and enable them to achieve their full potential. IIRSM’s policy for remuneration of key management personnel is covered in Note 3 to the financial statements. 

IIRSM members, affiliates and students are encouraged to become involved in the activities of the Institute and there are more than 1,320 (2022: 1,425) unpaid volunteers on committees, sub-Committees, panels, working groups and in branches. IIRSM is not only grateful for their input but also to their employers who support their participation by providing time and financial support for their attendance. IIRSM is also thankful to all those that have provided office space and utilities for meetings. The in-kind value of these resources cannot be reasonably quantified and measured and is not therefore recognised in the statement of financial activities. 

## Health and safety 

The activities carried out by IIRSM are mainly office based, however, it is recognised that employees and volunteers do travel and homework on occasions. These risks receive regular assessment and review in line with the general policy statement of health and safety objectives included in the employee handbook. 

Organisational and operational risks are regularly reevaluated by management within a documented system which includes a wider range of risk areas such as security and the environment. Staff members have and continue to receive appropriate health and safety training on the issues relevant to their obligations as employees and duty holders. 

We have developed a Safety Management System manual during the year and the manual includes our Risk policy, Health and Safety policy, Environment policy, Travel policy and Driving at Work policy. 

## Equality and Diversity 

IIRSM is committed to providing equal opportunities to job applicants, staff, students, and volunteers regardless of sex, sexual orientation, marital status, age, race, ethnic origin, religion or belief or disability. The Institute seeks to conduct all its activities in compliance with this principle and in full adherence to all applicable laws prohibiting discrimination in employment or service provision and develop and maintain a diverse workforce of staff and volunteers at all levels. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



21 

## 11 

## Legal and administrative details 

## Council and Trustees 

Ms Ruth Denyer MIIRSM (2019), President Mr Callum Irvine MIIRSM (2018), Co-President (retired December 2022) 

Mr Marc Phillip Brown FIIRSM (2021) Ms Stephanie Camm MIIRSM (2020) Mr Matthew Cox FIIRSM (2018) Ms Karla Gahan FIIRSM (2021) 

Mr Andy Hawkes SIIRSM ACII (2013), Past President (retired December 2022) Mr Clive Johnson MIIRSM (2014), Immediate Past President (retired December 2022) Mr John Nelson FIIRSM (2021) 

Mrs Rosie Russell FIIRSM (2021) 

Mr Stephen Smith ACMA (2021), resigned  January 2023 _(Year of appointment to Council shown in brackets)_ 

## Management Team 


Phillip Pearson Chief Executive 


Alec Stevens FCCA Director of Finance 


Sabreena Roberts Director of Professional Development 

Registered Office: 

Suite 107-108, 150 Minories, London EC3N 1LS 

## Bankers: 

Barclays, 1 Churchill Place, London E14 5HP CAF Bank Ltd, 25 Kings Hill, Avenue Kings Hill, West Malling, Kent ME19 4JQ 

## Investments: 

St James Place Wealth Management, 23 Kingsway, York House, London, WC2B 6UJ 

Auditors: 

Moore Kingston Smith LLP, 9 Appold Street, London EC2A 2AP 

Solicitors: 

Stone King LLP, Broad Quay House, Bristol BS1 4DJ 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



22 

## 12 

## Structure, governance and management 

## Statement of Trustees’ responsibilities 

The Board of Trustees also known as Council present their statutory report with the financial statements of IIRSM for the year ended 30 June 2023. 

The report has been prepared in accordance with Part 8 of Charities Act 2011. 

The report is also a Directors’ Report required by 415 of the Companies Act 2006. All the Trustees are also Directors of the charitable company. 

The annual accounts have been prepared in accordance with the accounting policies set out on pages 29-30 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws, the special provisions of part 15 of the Companies Act 2006 relating to small companies and with the Statement of Recommended Practice on Accounting and Reporting by Charities (FRS 102) (effective 01 January 2015) including update Bulletin 2. 

## Governance and administration 

The governing document of the charitable company is the Memorandum and Articles of Association. 

The charitable company is administered by a Board of Trustees, members of which constitute Directors for the purposes of company legislation and Trustees for the purposes of Charity legislation. New Trustees can be appointed by Council between Annual General Meetings (AGM), although these must be confirmed by the membership at the next AGM. The desired profile of members is reviewed periodically by the Board of Trustees and appropriate appointments are made to ensure a balanced Board. No external bodies have the power to appoint Trustees, and Council is ultimately responsible for the charitable company. The names of Trustees who served during the year are included on page 21. 

A special resolution was passed in August 2018 by a majority of members of the Institute to amend the Memorandum and Articles of Association. These continue to be reviewed annually. 

Good governance and leadership is essential for the success of the Institute and Council is committed to following the principles and recommended practice in the Charity Governance Code (as recommended by the Charity Commission, www.charitygovernancecode.org/en). These principles are organisational purpose, leadership, integrity, 

diversity, openness and accountability, Board effectiveness, decision-making, risk and control. 

## Appointment of Trustees 

The Trustees are elected at the Annual General Meeting. Each Trustee is appointed for a term of three years and may be reappointed for a further two terms before retiring from office. Trustees need not be members of the Institute but are elected by the membership at large. Council may also co-opt Trustees with specialist skill sets for a limited period. 

## Trustees’ responsibilities 

(In relation to these financial statements) The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires Trustees to prepare financial statements for each financial year. These give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to: 

- Select suitable accounting policies and apply them consistently 

- Observe the method and principles in the Charities Statement of Recommended Practice (SORP) 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping proper 

accounting records that comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence must take reasonable steps for the prevention and detection of fraud and other irregularities. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 12 

## Structure, governance and management 

## Auditor information 

So far as the Trustees are aware: 

- There is no relevant audit information of which the charitable company’s auditor is unaware of 

- The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

## Induction and training of Trustees 

A formal induction process is provided for all new Trustees. The programme includes: 

• Familiarisation with the role of IIRSM, the structure, governance and charitable objectives as well as the role and responsibilities of being a charity Trustee 

• Courses are held annually for all Trustees to enhance their understanding and to update them on developments in corporate governance. 

## Organisation 

Trustees are responsible for matters related to the policy and strategy. The Trustees may delegate any of their powers to sub-committees. Sub-committees have been established to cover Audit, Finance and General Purposes, Membership and Branches, Technical and Education and Training. A Chief Executive is appointed by Council to manage day to day operations of IIRSM. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 13 

## Independent Auditor’s report 

## Opinion 

We have audited the financial statements of International Institute of Risk and Safety Management (‘the company’) for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. 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’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 30 June 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, 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. 

significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from 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 there is 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. 

## Opinions on other matters prescribed by the Companies Act 2006 

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

- the information given in the Trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustees’ annual report have been prepared in accordance with applicable legal requirements 

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 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 13 

## Independent Auditor’s report 

## Matters on which we are required 

## to report by exception 

In the light of the 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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; 

- the financial statements are not in agreement with the accounting records and returns; 

- certain disclosures of Trustees’ remuneration specified by law are not made; 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ annual report and from preparing a strategic report. 

## Responsibilities of Trustees 

As explained more fully in the Trustees’ responsibilities statement set out on page 22, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 the Trustees 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 charitable 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 the Trustees either intend to liquidate the charitable company or to cease operations, or have 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 aggregate, they could reasonably 

be expected to influence the economic decisions of users taken on the basis of these financial statements. 

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. 

   - Our conclusions are based on the audit evidence 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



26 

## 13 Independent Auditor’s report 

obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. 

## Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 

Irregularities, including fraud, are instances of noncompliance 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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: 

- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. 

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

## Use of our report 

This report is made solely to the charitable 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 any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


## Luke Holt (Senior Statutory Auditor) 

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshire House, 9 Appold Street, London EC2A 2AP 

Date: 26 March 2024 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



27 

## 14 

## Reserves policy 

## Reserves 

The IIRSM’s reserves have been ring-fenced by the Board of Trustees for furthering the objectives of the institute, Information technology development, promotions, networking and as an operational contingency. 

The reserves policy is based upon financing membership operations for a six-month period. This is calculated as an operating cost of £390,208 and covered by existing unamortised income remaining in the balance sheet (page 32) as subscriptions in advance (Deferred income). Trustees 

agreed to maintain further minimum free reserves that are not committed for any operating cost which is either 15% of unamortised income or 15% of six months operating costs whichever is higher to cover shortfall in revenue. 

The current reserves are £425,530 (2022: £454,142). This is apportioned to a number of reserves, which is for the purposes of funding our operational costs if our income unexpectedly declines, and a number of specific reserves (e.g., Strategic investments). The allocation of funds to the specific reserves below is agreed by the Trustees. 


**----- Start of picture text -----**<br>
2023 2022<br>Total Reserves, of which: 425,530 454,142<br>i. Designated reserves 67,188 18,594<br>ii. Volatility of fixed assets valuation 20,000 40,000<br>iii. Designated reserves (ring fenced for branches) - 12,618<br>Minimum required free reserves (15% of subscriptions in advance)<br>iv. 77,362 73,934<br>(Note 7)<br>Net free reserves available for investment 260,980 308,996<br>**----- End of picture text -----**<br>


Designated reserves in i. were those that are invested in tangible and intangible fixed assets (Note 11) 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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## 15 

## Investment policy 

## Summary 

We would anticipate investing in environmental, social and governance (ESG) funds that enable our long-term capital growth. The UN Principles for Responsible Investments (UN PRI), the world’s leading proponents of responsible investment, also works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investors signatories in incorporating these factors into their investment and ownership decisions. 

IIRSM’s investment is split into two separate investments: 

- St James’s Place (SJP) Bespoke Portfolio. St James’s Place (SJP) became signatories to the UN Principles of Responsible Investors in February 2018. 

- Rowan Dartington Ethical and Environmental Portfolio. Rowan Dartington is 100% owned by SJP. This collective is invested in funds that incorporate into their decision making the impact companies have on the environment and a broad range of social issues, with the overarching intention of investing to bring a positive change. 

Our portfolio remains positioned close to neutral and more defensive as there is still a threat of recession, inflation and slowing growth. Throughout 2023, where models allow, we have gradually increased our weighting in fixed interest and certain equity markets where growth opportunities exist to hedge against inflation. 

## PRI performance over the last 15 years 

Our Investment Policy focuses on both capital preservation (i.e. safeguarding against inflation) and capital appreciation. The policy is in line with our Trustees’ risk appetite. We opted for a market-based investment as the bank interest earned was lower than the current low rate of inflation. This has resulted in the erosion of the monetary value which needed to be addressed given the size of the cash balance. 

Our investment is managed by St James Place, a leading investment management company. We invested £453,250 In December 2019 and with an addition of another £100,000 during 2022. The value of our investment has increased to £541,589 (2022: £523,142). 

## Donations 

No charitable or political donations were made. 

## Auditors 

A resolution to re-appoint Moore Kingston Smith as auditor will be proposed at the annual General Meeting to be held on 5 December 2023. 

## Small companies regime 

This report has been prepared in accordance with special provisions relating to small companies within Part 15 of the Companies Act 2006. 

Approved on behalf of the Board of Trustees of IIRSM. 

Ruth Denyer MIIRSM President 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



29 

## 16 

## Accounting policies 

## 1.1 Company information 

The Charitable company is registered and domiciled in England and Wales (Charity registration number 1107666 and Company Limited by guarantee registration number 5310696). The registered office is at Suite 107-108, 150 Minories, London EC3N 1LS. 

## 1.2 Basis of preparation 

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published on 16 July 2014. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS102 Charities SORP), the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. 

charitable company will not continue to be a going concern and have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. 

1.5 Subscription and other income from members Subscription income received that relates to a subsequent financial accounting period is carried forward as deferred income. 

## 1.6 Income from research and advice 

Incomes from research and advice contracts are recognised after the service has been delivered to the contractors and after they are satisfied with the work. 

## 1.7 Income from education and training 

Income from training approval is accounted for in the year to which it applies. Income received that relates to a subsequent financial accounting period is carried forward as a credit in the balance sheet and shown as deferred income. 

## 1.3 Exemption from group accounts 

The financial statements present information about the charity as an individual undertaking and not about its group. The charity has a wholly owned subsidiary IIRSM Solutions Limited which is dormant and has been since incorporation, consequently it is not considered necessary to prepare group accounts. 

## 1.4 Going concern 

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charitable companies forecasts and projections and have taken account of pressures on membership and trading income in the light of recent economic pressures. After making enquiries, the Trustees believe that there is no material uncertainty that the 

## 1.8 Investment income 

Income is accounted for in the year to which it applies. Income received that relates to a subsequent financial accounting period is carried forward as a credit in the balance sheet and shown as deferred income. 

## 1.9 Expenditure 

Expenditure is charged to the Statement of Financial Activities on the accruals basis. Expenditure is allocated directly to the expenditure headings as far as practically possible to reflect the activities of the Charity. Charitable expenditure consists of all expenditure relating to the activities carried out to achieve the objectives. Governance costs (which are included in support costs) represent those costs incurred for organisational administration and compliance with constitutional and statutory requirements. 

Support costs are allocated based on the proportion of income generated from each charitable activity, excluding other income and investment income. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



30 

## 16 

## Accounting policies 

## 1.10 Inventory 

Stock inventories are valued at the lower of cost of purchase or net realisable value. 

## 1.11 Intangible fixed assets and amortisation 

Intangible fixed assets comprise website, computer systems development and qualification development cost. Amortisation is provided on intangible fixed assets depending upon an assessment of the likely useful life of the assets as agreed by the Finance and General Purposes Committee at the time of purchase. 

All intangible assets meeting the revenue-generating requirements are capitalised. The useful life of these assets are assessed annually. Website Development Straight line over 5 years Database Development Straight line over 5 years Qualification Development Straight line over 5 years 

## 1.12 Tangible fixed assets and depreciation 

Tangible Fixed Assets are stated at cost and only those with an aggregate cost of more than £500 are capitalised. Depreciation is provided to write off the cost of the Fixed Assets over their estimated useful lives at the following annual rates: Computer hardware Straight line over 3 years Office Fixtures and Fittings Straight line over 3 to 5 years Exhibition Stand Straight line over 3 years The annual depreciation charge for Computer hardware, Office Fixture and Fittings and Exhibition Stands is sensitive to change in useful economic life and residual values of assets. These are reassessed annually. 

## 1.13 Foreign currency transactions 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities. 

transaction price. Debtors and creditors that are receivable or payable in more than one year, and not subject to a market rate of interest are, measured at the present value of the expected future receipts or payment discounted at the market rate of interest. Fixed Assets investments are basic financial instruments and are accounted for at their market value. 

## 1.15 Employee benefits 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee through, for example, redundancy, or to provide termination benefits. 

## 1.16 Pension contributions 

The charitable company makes contributions to each eligible employees’ pension fund. Contributions are charged to the Statement of Financial Activities as and when they become due. 

## 1.17 Designated and unrestricted funds 

The cost of tangible and intangible assets are designated funds. All other funds are unrestricted funds that can be utilised to achieve the Institute’s objectives. 

## 1.18 Critical accounting estimates and areas of judgement 

Intangible fixed assets comprise website, computer systems development and qualification development cost. Amortisation is provided on intangible fixed assets depending upon an assessment of the likely useful life of the assets at the time of purchase. All intangible assets meeting the revenue-generating requirements are capitalised. The annual depreciation charge for Computer hardware, Office Fixture and Fittings and Exhibition Stands is sensitive to change in useful economic life and residual values of assets. These are reassessed annually as approved by the Finance and General Purpose Committee. 

## 1.14 Basic financial instruments 

Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less. Debtors and creditors receivable or payable within one year of the reporting date are carried at their 

## 1.19 Fixed asset investments 

Investments are stated at fair value at the balance sheet date. The SOFA includes net gains and losses on revaluation and disposals throughout the year. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



31 

## 17 

## Financial statements 

Including an income and expenditure account. Statement of financial activities for the year ended 30 June 2023 


**----- Start of picture text -----**<br>
Income and expenditure Note 2023 2022<br>£ £<br>Income from charitable activities<br>Membership 946,285 1,089,670<br>Professional development 89,496 115,079<br>Trading activities<br>Income from events 65,482 13,638<br>Income from publication  37 620<br>Other income 2,259 4,106<br>Investment income 739 161<br>Total income 1,104,297 1,223,274<br>Expenditure<br>Expenditure on raising funds 2.4 (205,092) (205,185)<br>Charitable activities<br>Membership 2.2 (780,416) (813,698)<br>Professional development  2.3 (165,851) (170,328)<br>Total expenditure (1,151,359) (1,189,211)<br>Net (loss) / gain on Investment 18,450 (73,041)<br>Net (loss) / gain (28,612) (38,978)<br>Fund balance at 1 July 454,142 493,120<br>Balance carried forward at 30 June being<br>425,530 454,142<br>net movement in funds<br>**----- End of picture text -----**<br>


The statement of financial activities includes all games and losses recognised in the current and preceding year. All activities are derived from continuing operations. The notes on pages 34-41 form part of the financial statements. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



32 

## 18 

## Balance sheet as 30 June 2023 


**----- Start of picture text -----**<br>
Note 2023 2023 2022 2022<br>£ £<br>Fixed assets<br>Intangible fixed assets 4 62,261 13,074<br>Tangible fixed assets 5 4,927 5,518<br>Investments 6 541,592 523,142<br>608,780 541,734<br>Current assets<br>Prepayments 10,614 27,254<br>Other debtors 80,536 119,237<br>Fixed deposit 100,000 100,000<br>Cash at bank and in hand 341,938 356,245<br>533,088 602,736<br>Current liabilities<br>Trade creditors 79,459 41,378<br>Other creditors - 21.129<br>Tax and social security 10,618 15,399<br>Accruals 110,515 119,530<br>Subscriptions in advance 7 515,746 492,892<br>716,338 690,328<br>Net current liabilities (183,250) (87,592)<br>Net assets 425,530 454,142<br>Reconciliation of funds<br>Unrestricted funds 10 358,342 435,550<br>Designated funds 11 67,188 18,592<br>Total funds 425,530 454,142<br>**----- End of picture text -----**<br>


The accounts were approved by the Board of Trustees and authorised for issue on 5 December 2023 and signed on their behalf. 

Ruth Denyer President of the Council 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



33 

## 19 Statement of cash flows for the year ended 30 June 2023 


**----- Start of picture text -----**<br>
Note 2023 2022<br>£ £<br>Cash flows from operating activities<br>Cash (used in) / generated from operations see below 45,006 (44,844)<br>Net cash (outflow) / inflow from operating activities 45,006 (44,844)<br>Cash flow from investing activities<br>(60052) (6,698)<br>Purchase of property, plant and equipment and intangibles<br>Disposal 74,418 67,039<br>Addition (80,109) (166,472)<br>Disposal gain / (loss) 5,691 (557)<br>Investment income 793 161<br>Net cash (used in) / generated from investment activities (59,313) (106,527)<br>Change in cash and cash equivalents in the reporting period (14,307) (151,371)<br>Cash and cash equivalents at the beginning of the reporting period 456,245 607,616<br>Cash and cash equivalents at the end of the reporting period 441,938 456,245<br>Cash and cash equivalents consist of:<br>Cash at bank 441,938 456,245<br>At 30 June<br>Analysis of net cash At 1 July 2022 Cashflow 2023<br>456,245 (14,307) 441,938<br>Reconciliation of net (outgoing) / incoming resources to net cash inflow from operating activities 2023 2022<br>£ £<br>Net outgoing/incoming resources for year (28,612) (38,978)<br>Depreciation 3,676 4,421<br>Amortisation 7,781 18.652<br>Investment losses / (gains) (18,450) 73,041<br>Investment income (739) (161)<br>Decrease in prepayments 16,640 3,703<br>Increase in other debtors 38,701 (62,589)<br>Increasing trade creditors, tax and Social Security 12,171 15,598<br>Increase / (decrease) in accruals (9,015) (41,504)<br>Decrease in deferred income 22,854 (17,027)<br>Net cash (outflow) / inflow from operating activities  45,006 (44,844)<br>**----- End of picture text -----**<br>



Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



34 

## 20 

## Notes to financial statements 


**----- Start of picture text -----**<br>
2.1 Expenditure analysis<br>Activity or programme<br>2023 Activities Apportioned Total<br>Undertaken<br>cost 2023<br>directly<br>£ £ £<br>Expenditure on raising funds (2.4) 183,076 22,016 205,092<br>Charitable activities<br>Membership (2.2) 384,129 396,287 780,416<br>Professional development (2.3) 143,835 22,016 165,851<br>711,040 440,319 1,151,359<br>Direct staff costs for raising funds have been charged under ‘Activities undertaken directly’.<br>2022<br>Expenditure on raising funds (2.4) 183,341 21,844 205,185<br>Charitable activities<br>Membership (2.2) 400,085 413,613 813,698<br>Professional development (2.3) 148,484 21,844 170,328<br>731,910 457,301 1,189,211<br>**----- End of picture text -----**<br>


## 2.2 Membership 

Membership costs include any costs incurred to serve membership. 

||2023|2022|
|---|---|---|
||£|£|
|Magazineprint and mailing|134,168|150,738|
|Membershipstationary|1,858|11,298|
|Helplines|8,722|8,492|
|Partnershipcosts|10,060|6,026|
|Branch network cost|11,430|7,875|
|Direct staff costs|217,891|215,656|
|Support costs and wages apportioned|396,287|413,613|
||780,416|813,698|




Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



35 

## 20 

## Notes to financial statements 

## 2.3 Professional development 


**----- Start of picture text -----**<br>
2023 2022<br>£ £<br>Direct staff cost 143,835 148,484<br>Support costs and wages apportioned 22,016 21,844<br>165,851 170,328<br>**----- End of picture text -----**<br>


## 2.4 Expenditure on raising funds 

||2023|2022|
|---|---|---|
||£|£|
|Promotion and awareness raising|95,884|78,659|
|Publication|4,929|10,301|
|Direct staff cost|82,263|94,381|
|Support cost and wages apportioned|22,016|21,844|
||205,092|205,185|



## 2.5 Governance cost 

||2023|2022|
|---|---|---|
||£|£|
|Legal andprofessional fees|850|-|
|Audit and accountancyFees|12,350|10,470|
|Institutional membership|4,235|4,000|
|Othergovernance costs|8,934|14,615|
||26,369|29,085|




Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



36 

## 20 

## Notes to financial statements 

## 2.6 Analysis of support costs 


**----- Start of picture text -----**<br>
2023 2022<br>£ £<br>Other staff costs 72,595 32,282<br>Premises costs 86,624 83,697<br>Communication costs 24,023 35,541<br>Business travel 12,164 14,672<br>Website and IT services 81,983 89,070<br>Health, safety and environment 3,127 3,180<br>Bank charges 15,968 17,065<br>Sundry expenses (Inc VAT adjustments) 3,209 9,254<br>Amortisation 7,782 18,652<br>Depreciation 3,674 4,421<br>Partnership costs  10,060 6,026<br>Events and exhibitions 15,301 11,592<br>Governance costs (2.5) 26,369 29,065<br>Staff cost apportioned 102,800 120,379<br>465,680 474,916<br>**----- End of picture text -----**<br>


## 3. Trustees and employee information 

## a) Trustee information 

Remuneration paid to the Trustees during the year was £nil (2022:£nil). Expenses in respect of travelling to meetings reimbursed during the year was 1 (2022: 0) Trustee amounting to £184 (2022:£nil) 

## b) Employee information 

|b)Employee information|||
|---|---|---|
||2023|2022|
|The average number of staff employed bythe charitywas:|9|10|
|Employee costs duringtheyear were:|£|£|
|Wages and salaries|441,466|443,204|
|Social Security|31,051|51,239|
|Pension costs|53,501|56,697|
||526,019|551,140|
|Salaryband|2023|2022|
|60,000 - 70,000|3|2|
|70,000- 80,000|-|-|
|80,000 - 90,000|1|1|




Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



37 

## 20 

## Notes to financial statements 

## 3. Trustees and employee information 

The total remuneration for key management personnel amounted to £319,193 (including salaries and employee benefits) (2022: £315,910). Key management personnel are defined as persons having authority and responsibility for planning, Directing and controlling the activities of the charitable company whom the Board of Trustees have delegated significant authority or responsibility in the day to day running of the charitable company’s affairs. Key management personnel are shown on page 21. Total redundancy and termination payments during the year amounted to £39,120 (2022 £nil). This redundancy related to changes with key management personnel. 

## c) Remuneration policy 

IIRSM is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. In accordance with the Charities SORP, the Company’s Act 2006 and the Charities Act 2011, IIRSM discloses the following: 

- All payments made to trustees (no trustees receive ‘pay’ although they are entitled to claim for appropriate expenses) 

- The number of staff where salary, pension and other salary costs exceed £60,000 

• Pensions and other benefits 

IIRSM staff pay and benefits of benchmark against similar organisations and are reviewed annually. The finance and general purposes committee review pay and benefits and recommend to the IIRSM Council’s Officer Group for approval. These are incorporated in the annual budgets and approved by the Board of Trustees. 

## 4. Intangible fixed assets 


**----- Start of picture text -----**<br>
Computer Website Qualifications Total<br>software development<br>£ £ £ £<br>1 July 2022 10,349 13,660 73,184 97,193<br>Additions during the year  11,320 39,148 6,500 56,968<br>Disposal - - (69,434) (69,434)<br>30 June 2023 21,669 52,808 10,250 84,727<br>Amortisation<br>1 July 2022 6,304 7,818 69,996 84,118<br>Charge for the year 3,975 2,732 1,075 7,782<br>Disposal - - (69,434) (69,434)<br>30 June 2023 10,279 10,550 1,637 22,466<br>Net book value<br>At 30 June 2023 11,390 42,258 8,613 62,261<br>At 30 June 2022 4,045 5,842 3,188 13,075<br>**----- End of picture text -----**<br>



Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



38 

## 20 

## Notes to financial statements 

5. Tangible fixed assets 


**----- Start of picture text -----**<br>
Computer  Office  Total<br>hardware  F&F<br>£ £ £<br>1 July 2022 15,133 774 15,907<br>Additions during the year  3,084 - 3,084<br>Disposal (3,197) - (3,197)<br>30 June 2023 15,020 774 15,794<br>Depreciation<br>1 July 2022 10,083 305 10,388<br>Charge for the year 3,521 155 3,676<br>Disposal (3,197) - (3,197)<br>30 June 2023 10,407 460 10,867<br>Net book value<br>At 30 June 2023 4,613 314 4,927<br>At 30 June 2022 5,050 469 5,519<br>**----- End of picture text -----**<br>


## 6. Investments 

||2023|2022|
|---|---|---|
||£|£|
|Investments brought forward|523,142|496,193|
|Disposalproceed|(74,418)|(67,039)|
|Additions|80,109|166,472|
|Net investment (loss) /gain|12,759|(72,484)|
|Market value at 30June|541,592|523,142|
|Cost at 30June|523,142|496,193|
|Equities (UK)|173,346|158,439|
|Equities (Overseas)|368,243|364,703|
|Total investments held|541,592|523,142|
|The trustee is considered the investments in equities and cash to be material to IIRSM.|||
|Investments in individual entities held at 30June 2023 which are over 10% ofportfolio bymarket value are:|||
||Cost|Market value|
||£|£|
|StJames Place Bespoke|281,000|286,910|
|SJP Rowan Dartington|263,142|254,682|




Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



39 

## 20 

## Notes to financial statements 

## 7. Subscription in advance 


**----- Start of picture text -----**<br>
2023 2022<br>£ £<br>Deferred a subscription at 1 July 492,892 509,920<br>Released during the year (492,892) (509,920)<br>Deferred in year 515,746 492,892<br>Carried forward at 30 June  515,746 492,892<br>**----- End of picture text -----**<br>


Membership subscriptions, Corporate Partnerships and Training Approval income received that relates to a subsequent financial accounting. Carried forward as deferred income. The income in advance balance of £515,476 included a balance of £76,066 (2022: £492,892) related to three-year training approval fee and second year and third year membership subscriptions paid and relate to the period starting 1 August 2022. 

## 8. Pension commitments 

There were no creditors in respect of pension contributions to the company auto enrolment pension scheme. The total pension costs for the year are £53,501 (2022:£59,486) 

## 9. Future financial commitments 

|At 30June 2023, the Institute has annual commitments under an operatingleases as set out below:|At 30June 2023, the Institute has annual commitments under an operatingleases as set out below:|At 30June 2023, the Institute has annual commitments under an operatingleases as set out below:|
|---|---|---|
|Land and buildings|2023|2022|
|Leases expiring|£|£|
|Within 1year|57,600|76,800|
|Between 2 and 5years|28,800|-|
|Total|86,400|76,800|
|Rentpaid duringtheyear|76,800|76,800|
||||
|Others|2023|2022|
|Leases expiring|£|£|
|Within 1year|3,340|3,133|
|Between 2 and 5years|13,360|-|
|Over 5years|4,175|-|
|Total|20,875|3,133|
|Rentpaid duringtheyear|4,498|9,400|




Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



40 

## 20 

## Notes to financial statements 

10. Analysis of funds 2023 


**----- Start of picture text -----**<br>
General funds Designated funds Total<br>£ £ £<br>General reserves at 1 July 2022 435,549 18,593 454,142<br>Addition in assets  (60,052) 60,052 -<br>Operating loss of the year (47,062) - (47,062)<br>Transfers in designated funds 11,457 (11,457) -<br>Net gain on investments 18,450 - 18,450<br>Total funds at 30 June 2023 358,342 67,188 425,530<br>**----- End of picture text -----**<br>


General funds are free reserves that can be used as and when trustees of the charitable company decide. Designated funds are those that are invested in intangible and tangible fixed assets. 

|2022|2022|2022|2022|
|---|---|---|---|
|General reserves at 1July2021|461,897|34,968|493,120|
|Addition in assets|(6,698)|6,698|-|
|Operatingloss of theyear|34,063|-|34,063|
|Transfers in designated funds|23,073|(23,073)|-|
|Net loss on investments|(73,041)|-|(73,041)|
|Total funds at 30June 2022|435,550|18,592|454,142|
|||||
|11. Analysis of net assets||||
|2023||||
||General funds|Designated funds|Total|
||£|£|£|
|Investments|541,592|-|541,592|
|Fixed assets||67,188|67,188|
|Net current liabilities|(183,250)|-|(183,250)|
|Total net assets at 30June 2023|358,342|67,188|425,530|
|Total net assets at 30June 2022|435,550|18,593|454,142|
|2022||||
|Investments|523,142|-|523,142|
|Fixed Assets|-|18,592|18,592|
|Net current liabilities|(87,592)|-|(87,592)|
|Total net assets at 30June 2022|435,550|18,592|454,142|
|Total net assets at 30June 2021|458,152|34,968|493,120|




Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



41 

## 20 

## Notes to financial statements 

## 12. Limited liability 

The liability of each trustee is limited. Every member of the company undertakes to contribute a sum not exceeding one pound to the assets of the company if it is wound up. 

## 13. Related party transactions 

As a corporate supporter of IIRSM, Cardinus Risk Management Limited paid £9,000 (2022: £9,000) of which Andrew Hawkes is an executive director. 

As a corporate supporter of IIRSM, Barnett Waddingham LLP paid £9,500 (2022: £9,810) of which Karla Gahan is an executive director. 

As a corporate supporter of IIRSM MeiraGTx UKII Limited paid £3,750 (2022: £0) of which Rosie Russell is an executive director. 

During the year, 6 (2022: 10) Trustees paid to be members of IIRSM these membership subscriptions totalled £1,123 (2022: £897) and were made on an arm’s length basis at the open market value. 


Trustees’ Annual Report and Financial Statements For the year ended 30 June 2023 



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Suite 107-108
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London
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