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← International Institute Of Risk And Safety Management

2025-06-30-accounts

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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FINANCIAL REVIEW OF THE YEAR

Our objective

IIRSM’s primary objective is to provide education, information, community 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 Commission’s Rules. During the year, we reviewed various policies, procedures and standards to support institutional growth and compliance.

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 2025 was £1,167,462 (2024: £1,173,932). Expenditure was £1,152,163 (2024: £1,132,564) resulting in a surplus of £15,299 (2024: surplus £41,368). This is a 1.3% surplus before investment gains/losses margin on income. While income has dropped 0.6%, our costs have risen 1.7%.

We made an £27,617 gain on our investments (2024: gain £46,133). This results in an overall surplus of £42,916 (2024: surplus £87,501)

The balance sheet as at 30 June 2025 shows total funds of £555,947 (2024: £513,031) of which £164,498 (2024: £83,892) is designated for tangible and intangible fixed assets. The remaining free reserves at the end of the year were £391,449 (2024: £429,139)

Cash flow management, cost control and going concern

under inflationary pressure, we were able to reduce our professional development costs. 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 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.

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.

The main decrease in income came from a drop in professional development. While some costs remained

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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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 mange 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 reviews 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:

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.

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 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.

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 of which phase one, the development of a new website, was completed in late 2023. Phase two, the introduction of a new CRM system was completed in January 2025. Phase three will be the move of in-house server applications to the cloud.

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.

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

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

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6. Ageing membership population

IIRSM may be unable to attract the appropriate level of younger members and 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.

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

STAFF AND VOLUNTEERS

Achieving our potential

Health and safety

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 part time staff employed by the Institute in the year was 10 (2024: 8). We continue to invest in the 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 1,386 (2024: 1,340) unpaid volunteers on committees, sub-committees, panels, working groups and in branches. IIRSM is not only grateful for their input but also their employees 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.

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, which was revised in 2024.

Organisational and operational risks are regularly re-evaluated 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. Trustees have reviewed a number of polices during the year.

Equity and diversity

IIRSM is committed to providing equal opportunities to job applicants, staff, students and volunteers, regardless of sex, sexual orientation, martial 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 to develop and maintain a diverse workforce of staff and volunteers at all levels.

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

LEGAL AND ADMINISTRATIVE DETAILS

Council and Trustees

Mrs Rosie Russell FIIRSM (2021), President

Ms Ruth Denyer MIIRSM (2019), Immediate Past President Mr Marc Phillp Brown FIIRSM (2021), retired December 2024 Mr Matthew Cox FIIRSM (2018) Ms Kayla Gahan FIIRSM (2021) Ms Courtney Tree CAANZ (2023) Ms Anna Murray (Keen) (2024) Mr Jonathan Biney FIIRSM (2024) Mr John Pares FIIRSM MCIPD (2024) (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:

Bankers:

Suite 107-108, Barclays 150 Minories, 1 Churchill Place, London EC3N 1LS London E14 5HP

CAF Bank Ltd 25 Kings Hill, Avenue Kings Hill, West Malling, Kent ME19 4JQ

Investments:

St James’s 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

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Board of Trustees, also known as Council, present their statutory report with the financial statements of IIRSM for the year ended 30 June 2025.

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

The report is also a Directors’ Report required by section 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 10 to 11 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 Practise on Accounting and Reporting by Charities (FRS 102).

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 purpose 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 5.

A special resolution was passed in December 2024 by the 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 the office.

Trustees need not be members of the Institute but are elected by the membership at large. Council may also coopt Trustees with specialist skill sets for a limited period.

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Trustees’ responsibilities

Auditor information

(In relation to these financial statements)

So far, the Trustees are aware:

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 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:

Induction and training of Trustees

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 fellowship, branches and membership and communications. A Chief Executive is appointed by Council to manage the day-to-day operations of IIRSM.

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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 operations for a six-month period. This is calculated as an operating cost of £357,293 (2024: £353,007) and covered by existing unamortised income remaining in the balance sheet (page 13) 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 £555,947 (2024: £513,031). 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.

2025 2024
£ £
Total Reserves, of which: 555,947 513,031
i. Designated reserves 164,498 83,892
ii. Volatilityof fixed assets valuation 20,000 20,000
iii. Designated reserves (ring-fenced for branches) 1,223 1,223
iv. Minimum required free reserves (15% of subscriptions in advance)
(Note 7)		 90,802 85,588
Net free reserves available for investment 279,424 322,328

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

INVESTMENT POLICY

Investment objective / Balanced Risk Profile / Medium

Summary

Our portfolio remains balanced between a mix of income generating funds and capital appreciation funds. The bespoke investment is positioned as medium risk and we will be re-evaluating this in the coming year.

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:

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. As inflation has risen, bank interest has not increased whereas the market returns have remained higher.

Our investments are 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 £615,342 (2024: £587,725).

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 9 December 2025.

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

Rosie Russell FIIRSM

President

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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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.

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.

1.8 Investment 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 company’s 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 charitable company will not continue to be a going

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.

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.

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1.10 Inventory

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

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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ACCOUNTING POLICY (CONTINUED)

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 revenuegenerating 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

The Trustees have assessed the intangible assets and agreed there are no external factors causing a need to impair the assets over a shorter time frame.

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.

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

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 Trustees.

1.19 Fixed asset investments

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

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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FINANCIAL STATEMENTS

Including an income and expenditure account. Statement of financial activities for the year ended 30 June 2025

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Income and expenditure Note 2025 2024
£ £
Income from charitable activities
Membership 997,683 978,942
Professional development 112,477 142,020
Trading activities
Income from events 47,233 47,781
Income from publication – 21
Other income 2,547 2,795
Investment income 7,522 (2,373)
Total income 1,167,462 1,173,932
Expenditure
Expenditure on raising funds 2.4 (288,558) (248,854)
Charitable activities
Membership 2.2 (714,586) (706,013)
Professional development 2.3 (149,019) (177,697)
Total expenditure (1,152,163) (1,132,564)
Net movement (loss) / gain on Investment 27,617 46,133
Net (deficit) / surplus 42,916 87,501
Fund balance at 1 July 513,031 425,530
Balance carried forward at 30 June being net movement in funds 555,947 513,031
The Statement of Financial Activities includes all gains and losses recognised in the current and preceding year.
All activities are derived from continuing operations. The Notes on pages 15-22 form part of the financial statements.
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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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BALANCE SHEET AS 30 JUNE 2025

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Note 2025 2024
£ £ £ £
Fixed assets
Intangible fixed assets 4 155,315 76,679
Tangible fixed assets 5 9,183 7,213
Investments 6 615,342 587,725
779,840 671,617
Current assets
Prepayments 32,631 28,733
Other debtors 14,758 32,370
Cash at bank and in hand 470,832 541,753
518,221 602,856
Current liabilities
Trade creditors 33,279 64,944
Tax and social security 13,933 10,780
Accruals 89,558 115,132
Subscriptions in advance under one year 7 572,427 543,477
709,197 734,333
Net current liabilities (190,976) (131,477)
Liabilities over one year
Subscriptions in advance over one year 7 32,917 27,109
Net assets 555,947 513,031
Reconciliation of funds
Unrestricted funds 10 391,449 429,139
Designated funds 11 164,498 83,892
Total funds 555,947 513,031
The accounts were approved by the Board of Trustees and
authorised for issue on 9 December 2025 and signed on their behalf. Rosie Russell
President
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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

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Note 2025 2024
£ £
Cash flows from operating activities
Cash (used in) / generated from operations See below 40,777 148,941
Net cash (outflow) / inflow from operating activities 40,777 148,941
Cash flow from investing activities
Purchase of property, plant and equipment and intangibles (119,220) 51,499
Disposal 35,918 77,479
Addition (35,918) (77,479)
Investment income 7,522 (2,373)
Net cash (used in) / generated from investment activities (111,698) (49,126)
Change in cash and cash equivalents in the reporting period (70,921) 99,815
Cash and cash equivalents at the beginning of the reporting period 541,753 441,938
Cash and cash equivalents at the end of the reporting period 470,832 541,753
Cash and cash equivalents consist of:
Cash at bank 470,832 541,753
Analysis of net cash At 1 July 2024 Cash flow At 30 June 2025
541,753 (70,921) 470,832
Reconciliation of net (outgoing) / incoming resources to net cash
2025 2024
inflow from operating activities
£ £
Net (outgoing) / incoming resources for year 42,916 87,501
Depreciation 5,155 3,023
Amortisation 33,459 31,772
Investment losses / (gains) (27,617) (46,133)
Investment income (7,522) (2,373)
(Increase) / Decrease in prepayments (3,898) (18,119)
(Increase) / Decrease in prepayments 17,612 48,166
Increase / (Decrease) in trade creditors, tax and Social Security (28,512) (14,353)
Increase / (Decrease) in accruals (25,574) 4,617
Increase / (Decrease) in deferred income 34,758 54,840
Net cash (outflow) / inflow from operating activities 40,777 148,941
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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS

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2.1 Expenditure analysis
Activity or programme
Activities
2025 undertaken Apportioned Total
cost
directly
£ £ £
Expenditure on raising funds (2.4) 267,231 21,327 288,558
Charitable activities
Membership (2.2) 352,033 362,553 714,586
Professional development (2.3) 106,366 42,653 149,019
725,630 426,533 1,152,163
Direct staff costs for raising funds have been charged under ‘Activities undertaken directly’
2024
Expenditure on raising funds (2.4) 227,226 21,628 248,854
Charitable activities
Membership (2.2) 338,329 367,684 706,013
Professional development (2.3) 134,440 43,257 177,697
699,995 432,569 1,132,564
2.2 Membership
Membership costs include any costs incurred to serve membership
2025 2024
£ £
Magazine print and mailing 99,174 96,506
Membership stationery 2,318 5,304
Helplines 5,681 5,276
Partnership costs 6,877 8,696
Branch network cost 61 6
Direct staff costs 237,922 222,541
Support costs and wages apportioned 362,553 367,684
714,586 706,013
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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2.3 Professional development

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2025 2024
£ £
Direct staff cost 106,366 134,440
Support costs and wages apportioned 42,653 43,257
149,019 177,697
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2.4 Expenditure on raising funds

2025 2024
£ £
Promotion and awareness raising 156,709 120,321
Publication 14,940 14,632
Direct staff cost 95,582 92,273
Support cost and wages apportioned 21,327 21,628
288,558 248,854

2.5 Governance cost

2025 2024
£ £
Legal andprofessional fees 3,633 500
Audit and accountancyFees 19,450 20,610
Institutional membership 3,400 4,192
Othergovernance costs 9,038 14,367
35,521 39,669

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2.6 Analysis of support costs

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2025 2024
£ £
Other staff costs 58,878 43,673
Premises costs 66,383 65,326
Communication costs 20,017 23,986
Business travel 2,895 7,021
Website and IT services 65,323 98,083
Health, safety and environment 77 –
Bank charges 18,732 18,866
Sundry expenses (inc. VAT adjustments) 9,906 (1,924)
Amortisation 33,459 31,772
Depreciation 5,155 3,023
Partnership costs 6,877 8,696
Events and exhibitions 12,599 14,662
Governance costs (2.5) 35,521 39,669
Staff cost apportioned 110,187 103,072
446,009 455,925
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3. Trustees and employee information

a) Trustee information

No remuneration was paid to the Trustees during the year (2024: £nil). Expenses in respect of travelling to meetings reimbursed during the year were zero (2024: 1) Trustees amounting to £nil (2024: £184)

b) Employee information

b)Employee information
2025 2024
Number Number
The average number of staff employed bythe Charitywas: 10 8
Employee costs during theyear were: £ £
Wages and salaries 441,078 430,953
Social Security 41,660 42,071
Pension costs 56,653 51,745
539,391 524,769
Salary band 2025 2024
£60,000 - 70,000 1 –
£80,000 - 90,000 – 1
£90,001 - 100,000 1 –

18

Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

3. Trustees and employee information

The total remuneration for key management personnel amounted to £242,432 (Including salaries and employee benefits) (2024: £222,638). 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 5. Total redundancy and termination payments during the year amounted to £nil (2024: £11,308), were recognised as an expense and did not give rise to a funding requirement.

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 Statement of Recommended Practice (SORP), the Companies 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)

• Pensions and other benefits.

IIRSM staff pay and benefits are benchmarked against similar organisations and are reviewed annually. The Chief Executive and the Director of Finance reviewed pay and benefits and recommended 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

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Computer Website Qualifications Total
software development
Assets £ £ £ £
1 July 2024 21,669 98,998 10,250 130,917
Additions during the year – 112,095 – 112,095
Disposal (10,349) (34,179) – (44,528)
30 June 2025 11,340 176,914 10,250 198,504
Amortisation
1 July 2024 14,518 36,032 3,688 54,238
Charge for the year 2,264 29,145 2,050 33,459
Disposal (10,349) (34,179) – (44,528)
30 June 2025 6,433 30,998 5,738 43,169
Net book value
At 30 June 2025 4,887 145,916 4,512 155,315
At 30 June 2024 7,151 62,966 6,562 76,679
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19

Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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5. Tangible fixed assets
Computer Office Total
hardware F&F
£ £ £
1 July 2024 14,806 1,232 16,038
Additions during the year 7,125 – 7,125
Disposal (6,871) – (6,871)
30 June 2025 15,060 1,232 16,292
Depreciation
1 July 2024 8,126 699 8,825
Charge for the year 4,905 250 5,155
Disposal (6,871) – (6,871)
30 June 2025 6,160 949 7,109
Net book value
At 30 June 2025 8,900 283 9,183
At 30 June 2024 6,680 533 7,213
6. Investments
2025 2024
£ £
Investments brought forward 587,725 541,592
Disposal proceed s (35,918) (77,479)
Additions 35,918 77,479
Net movement (loss) / gain 27,617 46,133
Market value at 30 June 615,342 587,725
Cost at 30 June 545,969 546,762
Equities (UK) 169,580 164,203
Equities (Overseas) 445,762 423,522
Total investments held 615,342 587,725
The Trustees consider the investments in equities to be material to IIRSM.
Investments in individual entities held at 30 June 2025 which are over 10% of portfolio by market value are:
Cost Market value
£ £
St James’s Place Bespoke 281,000 348,360
SJP Rowan Dartington 264,969 266,982
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20

Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

7. Subscription in advance

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2025 2024
£ £
Deferred a subscription at 1 July 570,586 515,746
Released during the year (570,586) (515,746)
Deferred in year 605,344 570,586
Carried forward at 30 June 605,344 570,586
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Membership subscriptions, corporate partnerships and training approval income received that relates to a subsequent financial accounting period is carried forward as deferred income. The income in advance balance of £605,344 included a balance of £92,805 (2024: £122,858) related to training classes, course approval fees and second year and third year membership subscriptions paid that relate to the period starting 1 July 2025.

8. Pension commitments

There is a £4,696 creditor in respect of pension contributions to the company auto enrolment pension scheme. The total pension costs for the year are £56,653 (2024: £51,745).

9. Future financial commitments

At 30 June 2025, the Institute has annual commitments under an operating leases as set out below:

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Land and buildings: 2025 2024
Leases expiring £ £
Within 1 year 9,600 28,800
Between 2 and 5 years – –
Total 9,600 28,800
Rent paid during the year 57,600 57,600
Others: 2025 2024
Leases expiring £ £
Within 1 year 3,340 3,340
Between 2 and 5 years 10,855 13,360
Over 5 years – 835
Total 14,195 17,535
Rent paid during the year 3,340 3,340
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21

Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

10. Analysis of funds 2025

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General funds Designated funds Total
£ £ £
General reserves at 1 July 2024 429,139 83,892 513,031
Addition in assets (119,220) 119,220 –
Operating surplus for the year 15,299 – 15,299
Transfers in designated funds 38,614 (38,614) –
Net gain on investments 27,617 – 27,617
Total funds at 30 June 2025 391,449 164,498 555,947
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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.

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||||| |---|---|---|---| |2024| |General reserves at 1 July 2023|358,342|67,188|425,530| |Addition in assets|(51,499)|51,499|–| |Operating surplus for the year|41,368|–|41,368| |Transfers in designated funds|34,795|(34,795)|–| |Net gain on investments|46,133|–|46,133| |Total funds at 30 June 2024|429,139|83,892|513,031|

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11. Analysis of net assets 2025

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||||| |---|---|---|---| |General funds|Designated funds|Total| |£|£|£| |Investments|615,342|–|615,342| |Fixed assets|–|164,498|164,498| |Net current liabilities|(223,893)|-|(223,893)| |Total net assets at 30 June 2025|391,449|164,498|555,947| |Total net assets at 30 June 2024|429,139|83,892|513,031| |2024| |Investments|587,725|–|587,725| |Fixed assets|–|83,892|83,892| |Net current liabilities|(158,586)|–|(158,586)| |Total net assets at 30 June 2024|429,139|83,892|513,031| |Total net assets at 30 June 2023|358,342|67,188|425,530|

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025 22

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 partner of IIRSM, Barnett Waddingham LLP paid £6,995 (2024: £11,000) of which Karla Gahan is an employee.

As a corporate partner of IIRSM MeiraGTx UKII Limited paid £5,149 (2024: £5,149) of which Rosie Russell is an employee and Courtney Tree is an employee.

As a corporate partner, the company sponsors the charities activities in exchange for branding opportunities and access to knowledge products. Any money that belongs to the next financial year has been deferred and will remain on the balance sheet.

During the year, 3 (2024: 2) Trustees paid to be members of IIRSM these membership subscriptions totalled £613 (2024: £298) and were made on an arm’s length basis at the open market value. Where Trustees are members, they all paid their subscriptions either individually or through their employer.

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025 23

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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 2025 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 in 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:

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. Based on the work we have performed, we have not

identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 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 that 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:

24

Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025

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INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Matters on which we are required to report by exception

Auditor’s responsibilities for the audit of the financial statements

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:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 7, 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.

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:

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Trustees’ Annual Report and Financial Statements for the year ended 30 June 2025 25

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INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Our conclusions are based on the audit evidence 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.

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

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The 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:

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 9 Appold Street, London EC2A ZAP

INTERNATIONAL INSTITUTE OF RISK AND SAFETY MANAGEMENT

Suite 107-108 150 Minories London EC3N 1LS