ids. chartered accountants Company Registration No. 1150776 (England and Wales) THE HONOURABLE THE IRISH socIErY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 IDS CharteredAccountants LLP 23125 Queen Street COLERAINE Co Londondery BT52 1BG
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY CONTENTS Page Legal and administrative information Trustees. report Independent audito¢s report 10-12 Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes lo the financial statements 16-30
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY CHARITY INFORMATION Charity reglstratlon number 1150776 Registered office PO Box 270 Guildhall LONDON EC2P 2EJ Auditor IOS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 16G Bankers Danske Bank Corporate Banking Centre POBox183 BELFAST BTI 6JS Investment managers Cazenove Capital Management 1 London Wall Place LONDON EC2Y SAU CCLA Fund Managers Ltd 1 Angel Lane LONDON EC4R 3AB Solicitors Elliott Duffy Garrett 40 Linenhall Street BELFAST BT2 8BA
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY CHARITY INFORMATION List of Trustees 2023-24 Governor: Alderman Sir William Bowater Russell {to 061031241 Aldemian Vincent Keaveny, CBE (from 07103124} Deputy Governor: Charles Edward Lord OBE, JP, Deputy Aldermen: Robert Piclon Seymour Howard GregoryJones, KC Commoners: Anne Corbeti bA8ry Durcan, JP John Foley John Griffiths Shravan Jashvanlrai Joshi MBE, Deputy Eamonn James Mullally Hugh Selka Oliver Sells, KG (Deputy Govemor Elect from 24110123} James St John Davis Philip Woodhouse Dawn Linsey Wright, Deputy Offlcers: Society's Representative (Northern Ireland) & Secretary: Edward Monlgomery, MBE, DL (to 281021241 Secretary & Chlef Executive Duane FaYr&ll {from 01111123) Asslstant Secretary.. Candya Famier
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2024 The trustees are pleas8d to present their annual report 8nd financial statements for the year ended 30 April 2024. The 8ccounts have been prepared in accordance with the accounting policies s61 Dut in note I to the account8., the Charities Aet 2011,. and Accounting and Reporting by Charities- Statetnent of Recomrnended Practice applicable to charili8s preparing their accounts in accordance with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2015}. WHO ARE WE? Established through Royal Charters granted by King Jatnes l in 1613 and King CharIes11 in 1662, The Honourable The Irish Society ha5 since then maintained interests and managed tts ownership in land, buildings and rivers for the benefit of the community of County Londonderry and adjoining areas. A modernising Supplemental Charterwas granted to the Irish Society on 20 Decèmber 2012. The Society is regisEered as a charlly with the Charity Commission for England and Wales - Registration number1150776. OBJECTIVES The Honourabl? The Irish Society is a self-funding, cross-comrrunity charitable organisalion whoso Mission is lo work with key partners for the economic and social benefrt of Northem Ireland". Tho Society's objects are defined in the 2012 Supplgmental Charter as follows.. The promotiori Df any exclusively charitable purpose for the benefit of the community of the County of Londondery and neighbouring areas including those within the following descriptions.. the advancement of education., the advancement of cilizgnship or community development. the advancement of the arts, culture, heTht8ge OT science. the advancement ofamateur sport- the advancement of environmental protection or improvement., andlor the relief of those in need by roason of youth, age, ill-heallh, disability, financial hardship oi other disadvantage. Led by a team of trustees comrnitted to ensuring that the Society continues to make a p0sVe impact by remaining contemporary, credible and relevant in everything that it does. the Society works to support communities throughout the northwest. We do this primarily through grant-making and distribuling granls to a range of organisalions and causes in our area of benefit. The Society's trustees are ably supported in this work by 8 Local Advisory Committ88 of Councillors from Causeway Coast and Glens Borough Council (CCGBC}' Dery City and Strabane District Council IDCSDC) and Mid Ulster District Council (MUDC). Our grant-making supports communty activities that span education, sports, culture, heritage and engagement. We also achieve this Ihrough our custodianship of the Rivor Bann and tributaries and the support of angling communities across the Bann and Foyle systems. The Society's support of angling over the last 20 years has been focused on adopting a more sustainable approach to our historical comrnercial fisheries works.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Education has always been a key focus of thè Society's work throughout Ihe course of our history, including funding and directly managing the delivery of primary education years before this became a statutory requirernent. This focus has grown and developed in response to changes in policy and legislation over many years. We maintain and continue to develop our founder's links with five primary schools in the northwest. Beyond those direct link5, W8 conlinue to develop our support for education more widely and now support 8 number of schools, youth work inilialives and early years settings across the northwest. We also support scholarships in futther and higher education institutions. Finally, the Society supports wider civic engagement both in the northwest and linknng the northwest to the City of London. We do this through annual visits from the Lord Mayor of the City of London 8nd the Corporation's Chair of Policy & Resources. This work promotes a range of innovative developments h8ppening in the northwest and positions them in the context of wider east-west opportunitiès. This work also links SGhools into opportunities to VlSlt Ihe City of London. ACTIVITIES ACHIEVEMENTS & PERFORMANCE OVERVIEW The 2023-24 business year was one of significant change for the Society. The year commenced with the news that the Society's long seNing Secretary and Representative, Edward Montgomery, MBE, DL, would retire during this business year. The year came to a close as a new Governor was installed. AIdenn8n Sir William Russell completed his term of offic& in March 2024 and Alderman Vincent Keaveny, CBE took on the role of Governor becoming the first Irish national Govemor of the Soclety in Its history. During the course of thg year, a significant recruitment exercise was undortak8n for the post of S8cretarylCEO. In November 2023, Duane Farrell took on the role and worked alongside Edward Montgomery for a four month period before he retired in February 2024. The Society Continued lo adapt working practices in the aftermath of the pandemic. Thls allowed operations to balance both in-person meetings with online and hybrid approaches to support govemance activities. Most significantly, th8 rglurn of formal visits has allowed the charity's trustees to continue to withess first hand Ihe great work undertaken by the organisation's grantees as well as develop a wider range of rglationships lo support the Society's work in Northern Ireland. We were also delighted to welcotne the City of London's newly appoinled Town Clerk, lan Thotnas, CBE. on the programme of visrts and to support his understanding of Ihe historical and modern context to the Corporation's relationship with Northern Ireland and, in particular, the northwest. The Society wishes lo place on record its thanks to the Corporation for hosting a dinner event al Drapers, Hall in February to lebrate the City of London's long connection with Northem Ireland. The event was an important opportunity lo bring together key Stakeholders and hear about the ongoing work of the Society in Northern Ireland.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 CHARITABLE GRANTS Applications for small grants to local 'nol-for-profiV organisalions can be made through a simple process- by e- mail, post or via the Society's webstte (www.honourableirishsociety.org.ukl. All applications are scrutinised by a Local Advisory Committee {LAC} which has existed since 1974 and is comprised of cross-paty elected representatives now drawn from three local authorities the North-west establlshed in April 2015: Causeway Coast & Glens BoTough Council; Derry City & Strabang District Council., and Mid Ulster District Council. Our grants programme is open lo all communities and support5 groups and acuvities operaling throughout the north west on themes includlng education. community engagetnent, sports, culture, heritage among others. Over th6 course of the 2023-24 year, the Society dlstribuled nearly £270,000 In 143 grants across all of our grants work. Th8 support of a number of p8rtn8rs has been koy and the Sodely has been able lo achieve a much greater charitable impact in Northern Ire18nd in recent years, thanks to tho a¢live support of City Livery Companies and the Clty of London Corporation. The trustees again acknowledge with much gratitude donations from: Tho Drapers. Company- an annual donation to th6 Socievs small grants programma of £30,000 per annum. plus a further £10,000 for the Co-operation Ireland project described b@low in Ihe Education section. Thg Clothworkers, Foundatlon - a continuing donation of £20,000 lo the Northern Ireland Fund, enabling the Society to reach out lo other parts of Nl beyond the North Wesl. Thè City of London Corporation- again boosllng the Society's general grant-making ability by £30.000- Dffs8tting reduced income from (apllal tied up in a potential proporty development sile in Coleraine. SCHOOLS & EDUCATION SUPPORT Prlmary Schools (Ballougry, Culmore, D H Christle Memorlal. The Irish Society's and Millburnl: Although all have been in the slate oonlrolled sector for m8ny years. the Societls trustees continuo to maintain a special link and18vel of financlal support for five PTimary schools In County Londonderry that were origillally founded by the Irtsh Socl8ty for both Protestant and Catholic chIldn beeen the ages of four and 11. As In previous years, the Society contributed to annual prize-glving for puplls completing thelr primary educal(on and a donation was also made to each school at Chiislmas time towards festivities for the children. This year, for the first tlme since 2019, of the schools wore able to visit the City of London wth a large number of pupils and teachers. Across the five primary schools, over 1,300 children still benefit every year from the Society's Support. Against a backdrop of a difficult publi¢ expendtture environment resulting In extremely challenging school budgets, the Society is proud to be able to provide some financial support fDr those SGhools. The Society continues lo maintain a watching brief on the future of Ballougry PS. The school has been identified ft>r Glosure by the Education Authority. The school communlty has been very acllve in Gampaigntng about the continued need for its existence while the Departmènt of Education undertake their own delibèrations on closure. We welcotned the Department's declsion to confirrn th8 school's ongoing operatlons for the 2023-24 acadetnic year. However, we are also concerned that a cycle of one-year reprieves is crgating an uncertain environment which. In turn, affects the decisions mad8 by parents about placing children within a school whose future is uncertaln. The Society was also delighted to support Culmore PS as they nsler their own fvture. A poll of parents indicated strong support for the school to progress a programme of work to become integrated. In the 2023-24 year, the Society provided a grant to allow the Principal to come out of the Glassroom for one day a week and focus on building the cas8 for change for consideration. The Society was this year ablg to fund Hatchory In the Classroom once again- an environfflental project for primary schools along the Lower Bann corridor. Stephen Mcllwaine, tho n8wly-appoinled project leader, has been very successfvl Sn delivering the project in nine primary schools along the Lower Bann corridor, pairing mainly Cathollc schools wllh mainly Protestant ones for extra community benefit.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Secondary Schools: During the year, the Irish Society again partnered with Enterprise Causeway to deliver a Careers Convention in April 2024 with £56.000. enabling the event to lake plac8 to the benefit of over 1,300 children from schools all over the North-west. Without th8 Society's ftjnding, this event (whith retumed b a tradition81 fac6 to face format) would not have happened. The Society also continued to support the Star Programme linking Llsneal College and St Mary's College in Londonderry and provided funding support to St Cecilia's College in Derry towards the engagement of a schools counsellor to work with children on improving mental health and wellbeing and support the school community on increasing instances of Emotional School Based Avoidan (ESBA). Trustees were delighted to visit the school in October 2023 and hear first hand about the impact of this work. Al further and higher education level, a new bursary programme was initiated with the North West Regional College in Londonderry and Litnavady, with seven students receiving bursaries of £1,000. This is a three year corntnitrnent to support disadvantaged young people undertaking vital ttareer training in the tradtional skills areas. The ftJnd was generotjsly augtnented by a donation from an individual who wished to remain anonymuus. We also continued lo provide a scholarship granl to two students from the School of Medicine Mth Ulster University on the Magee campus to support them wilh their studies. COMMERCIAL PROPERTY ESTATE The kay points relating to the Society's commercial propety porttolio during the year weré as follows: Income ovgrall rose slightly during the year as most of the Society's tenants returned to full trading after th9 pandemic, despite the difficult economic and political situation in Northem Ireland and th& effects of the wider UK cost of living crisis. Outline planning permission was granted for a scheme on a site owned by the Society in Castlero&. The scheme will be comprised Of high-quality riverside apartments and some commercial spaces. The Society is delighted that the scheme has been approved and will be working to idgntify Developers to bring this scheme to fruition in the 2024-25 year. Work has commenced on outllne planning permission for the Spanboard site behind the Society's offices in Castleroe. During a visit in the spring, ttU5tees met with consultants to confirm the site's 2018 tnast8rplan and commission a programme of community engagemellt and wider works in order to develop 8 high quality application. The situation with regard to the Coleraine shops continues lo improve. At year end, all f units have been leased. Three of these five units are operating with the other Lwo commencing operations in the 2024-25 business year. As well as supporting the Soaety's charttable operations through income generation, this commercial propety stock plays an important role in driving footfall, situated as it is on the edge of the town centre. There has been engagem&nt with thg trustees of a Cityentre church In Londondery, tenants of the Society, to ty to help them to find a new use for Ihe disused building and halls. OTHER GRANTS During the year, a rang8 of small community grants and a smaller number of larger grants were made by the Society. Thg larg8sI of thes8 remains our stjpport for Covoperation Ireland in delivering a youth support programme. In th8 year. £20.000 was donated lo a programme for young leaders and former National Citizen Servlce students in Londonderry. Fifteen young people benefited from in-depth personal itnprovement training and working with other young people from a wide geographical area on social and community projects. An additional £5,000 wènt to support Co-Eiperalion Ireland's work in bringing other young people froffl Northgm IrBland. the Republic of Ireland and England together for the project. other larger grants wore made to a wide variety of organisalions in need, such Bs.- Cavell Nurses Trust to support nurses and care staff in difficulties, a grant distributed by Derry City and Strabane District Council to support Walled City animation projects to generate tourism in Londonderry, a music81 bursary to Jazzlife Alliance to encourage young jazz musicians and once again helping mental health charity Ashes to Gold n Coleraine to get young and disabled people into fishing and outdoor activitles.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 It is the policy of the tnjstees to gener21e sufficIet income lo pay for the Socievs charitable purposes and managemonl each year, while rnalnlalning the overall valuo of th6 Society's assets, so that il may continue lo achieve ils charitable objectives into the future. The trustees aim lo spend increased resoUeS each year on harilable activities based on budgeted income and expenditure. while at the same time maintaining sufficiènt reseNes lo meet any expected capltal requirements. The Society has a number of mainly commercial properties and properfy inleresls in Nothern Ireland whlch it uses lo generat8 income for grant-giving purposes in support of its activities. The propety portfolio wa5 professionally revalued in early 2021 with a total restated value of £3.8m lup from £3.2m in 20161. It Is the policy of the Society to undertake a review of this portfolio every 5 years. The Society a150 has an inv8slment portfolio managed on a discretionary basis by exlemal fLtnd managers - CCLA Fund Manager5 Ltd and Cazenove Capital Management. The portfolios are monitored by th9 trustees against industry benchmarks and a specific tsrget. The Society's cash investments are deposlted In the chartbes pooled fund operated by the City of London Corporation and managed extemally on its behalf. AI 30 April 2024 free reserves 8mounted to £12,156.39012023- £11.724.4781- see Balance Sheet al paga 14. REVIEW OF CHARITABLE ACTIVITIES IN THE YEAR This year has been an exceptional one for the Society- Tha decision of the Court to facilitate a detailed and thorough handovgr has.resulled in a higher than anticipated expendilure. Tog8lher with a number of other items, this exceptional expBndilur8 has resulted in a deflclt al year end of £108.151. Against this backdrop, Iho performance of the mafkets have Improved which has improved th& valuation of the So(iety's financlal investrnents al year end. At year end, ihe Society's Investments had increased in value by £375,334 over the course of thls financial year. Overall this indicates that an operating doflcll of £108,151 has been offset by Ihe unrealised gains on investments to indicate a net movement in fvnds of £267,183. It is the policy of the Society to have in place a resetve5 policy which supports effective governance and allows the Society to discharge its duties and responslbililies. In line with accep16d best pracbce, il is the policy of the Society to ensure that a minimum of 6 months operating exp&ndiiure is held In free reserv8s by the Society to support this r6sponsibility. PLANS FOR FUTURE PERIODS The SoGiety has been supporffjng communities In the northwest for over 400 years now and plans lo take the opportunity of new leadership In lh8 org8nis81ion to reflect on how wg can best continue lo serve those communities and deliver publlc benefit. In order to do this, the Soa8ty has commenced a proces5 to build a new slraleglc framework for our actNtties over th8 n8Xt 25 years. Thls process commenced when trustees took some time away from the normal course of govemance meetings to reflecl on our perfomance and to understand more about the current ¢h811enge8 belng faced by those w8 SUPPOrt. As the year cAme lo a close, trustees approved a plan of stakeholder engagement to support the organisation on this journey and lo consider how we can maximise our impact. Through cx)nsidering 8 SWOT and PESTLE analysis, the Soclety recognises that m8ny challenges and opportuniknes exist to increase our charftable lrnpact in the years ahead.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 STRUCTURE, MANAGEMENT & GOVERNANCE The Society is administered by a Court of 15 trustees, which meets at least four times a year. All are Aldermen or Common Councilors of the City of London Corporation and elected onto the Court of the Irish Society by fellow members of the Court of Aldermen and Common Council. Trustees for the period covered by the Report & Financial Statetnents are listèd under Charity Information. The Society requires 811 trustees to commit lo a written Code of Conduct governing their behaviour. all new trustees are given an introduction to the work of the Society and provided wilh copies of r8cent accounls and minutes of meetings,. and are encouraged to participate in at least one fomial visit to Northem Ireland as early 85 possible follorng appolntment, to see the operations of the Society and the difference its grants make to the community. The Charity's Sewlary & CEO is based in Coleraine, Northern Ireland, and the Assistant Secretary at Guildhall in London. The trustees confirm that they are aware of the Guidance promulgated by the Charity Commission under th8 Charities Act 2011 in relation to Public Bonefit. They also recognise their obligation lo have regard thereto and - from the feedback reIVed from grant recipients- are confident that their activities are delivering Public Benefit. The Irish Society's Court has appointed a Finance Committee (chaired by the Deputy Govemorl lo consider and monitor its financial position and recommend the approval of the annual financial statements to tts Court members. Committee members during the accounting year were as follows-. Charles Edward Lord, OBE, JP (Chairl; Eamonn Mullally (Vice Chairl- Alderman Robert Howard., Alderman Vincent Keaveny (ex-officio as Govemor from 07103120241,. Hugh Selka,. Oliver Sells. KC (ex-officio as Depuly Governor Elect from- 24110120231,. James Sl John Davis,. Philip Woodhouse (ex-officio as Chair of Bann Division Committeel-, and Dawn Wrtght. Common Councilors Nick Bensted-smilh, JP and Simon Duckworth, OBE, DL have been COThOPted to the Finance Committee for investment matters. KEY MANAGEMENT PERSONNEL REMUNERATION The board of trustees and the Secretary are the key management personnel in charge of directing, controlling, running and operating the Society on a day to day basis. All trustees give of their tim6 freoly and no trustee remuneration was paid in the year. Delails of reimbursed expenses and related party transactions are disclosed in the notes to the a(xounts (see pago 241. Trustees are required lo disclose all relevant interests,. register them with the Secretary., and, in accordance with the Society's policy. withdraw from discussion I decisions where a potential conflict of interest arises. The Assistant Secretary maintsins a Register using information drawn from the Clty of London Corporation's declarations of interest. The seCretas salary Is reviewed annually and, like that of other staff, normally increased in accordance with avarage earnings. In view Df the natur8 of the Society, its economy of operations, and the extensive use of professional adwsgrs, the trustees consider that a multiple of up to three limes the median average salary for UK employees is appropriate for the role of Secretary. The remunerats'on is also benchmarked with grant-making charities of a sirnilar size and activity to ensure that the level set is fair and not out of line with that generally paid for similar roles. RISK MANAGEMENT Trustees are mindful of the Society's Policy on Risk and elements of the Risk Fiegister are reviewed al every Couri meeting on a rolling basis lo ensure that all relevant risks are given due consideration and the Register is updated in its entirety over a 12-month period. Overall, the trustees consider that the assets of the Society will Continue to be well diversified. A review led by a professional risk and health and safety consultant covering the Society's operations, buildings and policies has continued Ihroughout the 2023-24 year, lo ensure that matters are kept up to date.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 STATEMENT OF THE COURfs RESPONSIBIUTIES The Court is responsible for preparing a trustees. annual report and financial statements in accordance wth applicable law and Relevant Financial Reporting Framework. The Court is required to prepare financial statements for each year, which give a true and fair view of Ihe stale of affairs of the Society and of the Incorning resources and application of resources of the Society for that pgriod. In preparing those finanaal staternents, the Court is required seiecl sullable accountlng policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP; make judgements and estim81es that are reasonable and prudent- state whether applicable accounting standards hav8 been followed, subject lo any materlal departures disclosed and 8xplained in th8 financial slatem8nts; prepare the financial statements on a going concem basis unless tt is inappropriala to presume that the Society will contlnu8 in business. The Court is responsible for maintalning propor accounting records that disclose with reasonable accuracy at any time th8 financial position of the Society and to enable them lo ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations. 11 is also r8sponsible for safeguarding the assets of the Society and hence for laking roasonable 8t&ps for the prevention and detection of fraud and other irregularSlles. The Court is responsible for the maintenance 8nd integrity of the charity and financial information included on the chèrills website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial 5tatem8nts. AUDITOR In accordance with the company's articles. a resolution proposing that IDS Chartered Accountants LLP be reappointed as auditor of the company will be put al 8 General M861ing. DISCLOSURE OF INFORMATION TO AUDITOR Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the audllor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and lo esiablish that the auditor is aware of such information. The Trustees report was approved by Order of the Court derman Governor Incent Keaveny. CBE 22 October 2024
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HONOURABLE THE IRISH SOCIETY Opinion We have audited Ihe financial statements of The Honourable The Irish Society (the 'Society'l for the year ended 30 April 2024 which comprise the statement Df financial actimties, the balance sheet, tha Statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard appliGahl8 in thg UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praobcel. In our opinion, the financia5 statements: give a true and fair view of the state of Ihe charills affairs as at 30 April 2024 and of it5 incoming resources and application of resources, 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 Charities Act 2011. Basis for opinion We conducted our audit in accordance with Internalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are indèpendent of the Society in accordance wtth the elhlcal requiretnents that ar8 relevant to our audit of the financial stateTllents in thè UK, including the FRC'S Elhical Standard. and we have fulfilled OLtr other pthical responsibilities in accordan with Ihese requirements. We believe that the audit evidence we have obtained is suffici8nt and appropri8t8 to provide a basi5 for our opinion. Conclusions relating to going concern In auditing th8 financial statements, we have conclud8d that the trustees, use of the going concem basis of accounting in the preparation of the finanal Statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signlflcant doubt on the Society's ability to continue as a going concem for a period of at least twelve months from when the financial statements are 8Uthorised for Issue. Our responsibilities and the responsibilities Df the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprÈses the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infoymation contained within the annual report. Our opinion on the financial statements does not oover the other inforrnalion and we do not expres5 any form of assurance conGlusion thereon. Our responsibility is to read the other informatior* and, in doing so, Gonsider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audil, or otherwise appears to b8 materially misstated. If we identify such rnaterial inconsistenci8S or apparent material misstatements, we 8re required lo determine whethèr this gives rise to 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 hav8 nothing to r8port in this regard. Matters on whlch we are required to report by exception We have nDthing to report in respect of the following matters Sn relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with trustees, report-, or sufficient accountlng records have not be8n k8Pt', or the financial statements are not in agre8menl with the accounting r8wrds,' or we have not r8ceived all th8 informatlon 2nd explanations we require for our audit.
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HONOURABLE THE IRISH SOCIETY Responsibilities of trustees As explained more fully in the Statement of the Court's Responsibilities, the Court is responsible for the preparation of the finanGi31 statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misslalement, wlielher due to fraud or error. In prèparing the financial statements, the trusteGs are iesponsible for assessing the Society's ability lo contihup as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operation8, or have no realistic allemalive bui to do so. Auditor's responsibilities for the audit of the financial statements Wè have been appDinted as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having eff8ct thereunder. Our objectives are to obtain reason8ble assurance about whether the financial statements as a whole are fre8 from material misslaternenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assuran but is nol a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material if, iridividually or in the aggregate, they could reasonably be expected to inflLJence the economic decisions of users takon on the basis of these financial stal8menis. The extent to which oui procedures ars capable of detecting irregularities, including fiaud, is delail6d below. Our appioach to identifying and assessing the risks of material mi5Statement in respect of irregularities including fraud and non-cornpliance wllh laws and regul81ion8, Was 8s follows.. we identified the laws and Tegulalions applicable lo the Society through discussions with trustees and management, and from our commercial knowledge and experien of the sector,. we assessed the extent of compliance with the laws and regulations identiffed above through making enquiries of management and inspecting legal correspondence. We assessed the susceptibility of the Society's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management 88 to where they considered there was SuSptibilIlY to fraud, their knowledge Df actual, suspected and alleggd fraud,. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations., and performing an31yli¢al procedures to Identify any unusual or unexpected relationships. testing joumal 8ntries to identify unusual transactions- assessing whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias- investigating the rationale behind signfficant or unusual transactions. In response lo the risk of Srregularities and non-compliance with laws and regulations, we design8d procedures which included, bul were not litnlled to.. agreelng financlal statements disclosures to undertying supporting dDcumentalon,' enquiring of management as lo actual and potential litigation and claims. reviewing correspondence with HMRC, relevant regulators and the Society's legal advisors. There are Inherent Ilmitations in our audlt procedures described above. The more removed laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit ProdureS required to identify non-compliance with laws and regulations to enquiry of the directots and other fflanagement and the inspection of regulatory and legal corresponden, rf any. Materfal misstatements that arise due to fraud c8n be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities Is available on th8 Financial Reporting Council'8 websits at.. htlps'.11 www.frc.org.uklaudilDrsrespDnslbilitles. This description forms part of our auditorfs report. 11
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HONOURABLE THE IRISH SOCIETY This report is mad8 solely to the Society's trustees, as a body, in accordance with the Charillgs Act 2011. Our audit work has been undertaken so that we might state lo the Societys trustees Ihose Thatters we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlent pemiitted by law, we do not accept or assume responsibilily io anyone other than the Society and the Societys trustees as a body for our audit work. for this report, or for the opinions we have fomied. Mr lan Donaghey MBE, (Senior StatutoryAuditorl for and on behalf of IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londond8rry BT52 1BG 22 October 2024 IDS Chartered Accountants LLP is eligibSp for appointment as auditor of the Society by virtue of its eligibility for appointment as auditor of a company under section 1212 of tho Companies Act 2006. 12-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 APRIL 2024 Unrestricted Restricted funds funds 2024 2024 Total Total 2Q24 2023 Notes Incotne and endowments from: Donations and grants Other trading activities Investment income Oih8rincome 30,000 314,980 265,614 11,509 62,000 92,000 314,980 265,614 11,509 80,000 340,143 253,075 4,144 Total inc0e 622,103 62,000 684,103 677,362 enditure on- Managing funds 3,618 3,618 6,598 Charitable activities 728,036 60,600 788,636 629,452 Total resources expended 731,654 60,60D 792.254 636.050 Tradlng surplusl(deficit) (109.5511 1,400 1108,1511 41.312 Net unrealisod gainslllossesl on inv8Stmonts 15 375,334 375.334 (294,2091 Net movement in funds 265,783 1,400 267.183 1252,8971 Fund balances at 1 May 2023 As originally reported Adjustment lo r(4Stricted funds (see below) As restated 11,899,398 1S6.130 12,065,528 166,130 12,065,529 12,318,425 (166,130) 12,065,529 12,318,425 Fund balances at 30 April 2024 12,331,311 1,400 12,332,711 12,065,529 Adjustment fr)r restricted funds paid Dut in PriDrye8rs but 811ocated as unrestrict8d fvnds. The statement of financlal activities includes all gains and losses recognised in the year. All income and oxpendilure derive from continuing aclivilies. 13-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY BALANCE SHEET ASAT30APRIL 2024 2024 2023 Notes Fixed assets Tangible assets Investment properties Investments 16 17 18 674,947 3,802,000 7.681,099 691,016 3,802,000 7,308,941 12,158,046 11,601,957 Current assets Debtors Cash at bank and In hand 19 185,974 212.654 190,954 261,114 398,628 452,C68 Creditors= amounts falling due within one year 20 (223,9621 1188,4971 Net current assets 174,666 263,571 Total assets less ¢urrent liabilities 12,332,711 12,065,529 Income funds Restricted funds Unrestricted funds General unrestricted funds Revaluation reserve 21 1,400 166,130 12,156,390 174.921 11,724,478 174,921 12,331,311 11,899,399 12,332,711 12,065,529 Thefi ancial statements were 8pproved by the Trustees on 22 October 2024 Trustee 14-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 27 1309,2571 1234,4181 Investing activities Purchase of tangible fixed assets Purchase of investments Schroders fees deducted at source Investment income received 14,375} (3,592) 2,045,931 (10.006) 253,075 (6,5981 265,614 Net cash generated from investing activities 254,641 2,285,408 Net ¢a5h used in financing activities Net Idocreaselllncrease In cash and cash equlvalents (54,6161 2.050,990 Cash and cash equivalents at beginning of year 261,114 252,648 Cash and cash equivalents at end of year 212,654 261,114 15-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountin9 poll¢les Charity information The Honourable The Irlsh Society is a public benefit entity as defined by FRS102. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Charities Act 2011 and "Accounting and Reportlng by Charities= Statem@nt of Recommended Practice applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102). (as amended for accounting periods commencing from 1 January 20161. The Society is a Public Benefit Entity as defined by FRS 102. The financial stalémenls are prepared in 5terllng, which is th& functional currency of the Soclety. Monetary 8rnounts in these finanaal slalements are rounded to the nearest £. The financlal slatements have been prepared under the histOriC81 cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financlal instruments at fair va5ue. The prfnclpal accounting policies 8dopted are sel out below. la Golng concern At the time of approving the accounts, the trustees have a reasonable expectation that the Society has adequate resources lo continue in operaknonal existence for the fores88able future. Thus the tnjstees continue lo adopt the going concern basis of accounting in preparing the aOunts. With respacl to the next reporbng period. the most significant areas of uncertainty Ih8t affect the carrying value of assets held by th& Society are the levels of investment tuM 8nd the perfotmance of investment markets {see the Risk Managem9nt and Financial Revlew 8eclions of the Truste8s' report for more infomiation). 1.3 Charitable funds Unrestricted funds ar6 avallable for use at the discretion of the trustees In furtherance of their charitabl8 objectives. Restricted funds are subject lo specific condilions by donors as lo how they may be used. The purposes and uses of th8 restricted fvnds are s8t out in notes 3 and 8 to the financial statements. 1.4 Incomlng resources All incom8 is recognised once- the Charity has enbuement to th8 income" it is probable that the income will be received- and the amount of InCe receivable can be measured reliably. Turnovar Is m8asured at the falr valu8 of the consideration recetved or receivable and represents amounts receivable for goods and servlces provided in the normal course of bu5inass, not of dis¢ounts, VAT and other 5al8s related taxes. 16-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies (Continued) 1.5 Re5our¢es expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Society to that expenditure, il is probable that settlement will be required and the amount of the obllgation can be measured reliably. All expenditure is accounted for on an accrLJals basis. Al expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is Gharged against the expenditure heading for which It was incurred. The costs of generating funds consists solely of investment management foas. Costs of charitable activities inclLtde grants made, govemance costs and an apportionment of support costs as shown in Note 8. Support costs have been allocated bètween governance costs and other support costs. Support costs include office and staff costs and have been allocated to the activity cost category or on a basis consistent with th8 use of resources- e.g. staff costs by the time spenl, and other costs by their usage. Governance costs comprisB all costs involving the public accountabiltiy of the Society 2nd its compliance with regulation and good pmclice. Governance costs include the governance arrangements which relate to the general running of the charity as opposBd to the direcl management functions in generating funds. service delivery, pioject work and grant making. These costs include such items as external legal advice, Trustees, expenses aro associated with vislts to Northern Ireland. The allocation Df 5UPPOrt and governance costs is analysed in Note 12. 1.6 Tangible fixed assets The Societrf5 properties were valued in the prior fin8nci81 year by O'connor Kennedy Turtte, Chartered Surveyors, prowding a market value as at 30 April 2021, in line with the Sociely's intentions of carrying OLrt a formal valuatton of ils prop.erties every five years in accordance with FRS 102. Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to writ8 off th8 Cost or valuation of assets less their residual values over their useful lives on the following bases: Leasehold land and buildings Motor vehicles and boats Furniture and office equipment Straight line over 50 years 25 % straight line 20Yo straight lin8 The gain or Ioss arising on the disposal of an asset is det8rmined as the difference between the Sale proceeds and the carrying value of the asset, and is recognised in the statement of finanrial activities. other properties occupied by the Society 8re not treated as investment properties. These are depreciated on a straight line basis over fifty years. They are similarly valued at least once in every fivg years and included in the above report. 17-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies (Continued) 1.7 Investment properties Investment property, which is propety held lo eam rentals andlor for capital appreciation, is measured using the fair value model and statod at its fair value al the reporting end dale. The surplus or deficit on revaluation is recognised in net incomellexp6nditurel for the year. No depreciation is provided on investment propees, in accordance with accounting standards. The majorily of the inveslmelll properties which are genemting rental income are valued by reference to yield. Those which are not generating rental income have been valued al the Trustees. besl e51imates. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measur8d at fair value at each reporting date. Changes in fair value are recognised in net incomellexpèndilure) for the year. Transaction costs are expensed as incurred. Th8 Society does not acquire put options, derivatives or other complex fiaancial instruments. The main ftirm of finanGial risk faced by the Society is that of volatility in equity markets and investment tnarkets due to wider econotnic conditions, Ihe attitude of investors to investment risk, and chang8s in sents.menl concerning equities and wtthin particular s8Ctc>rs or sub sectors. Realised gains and losse5 I gains and losses ar8 taken to the Statement of Financial Activities as they arise. Re81ised galns and losses on inv8strn8nls are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the fitst day of the financial y8ar. Unrealised gains and losses are calculated as the differance belwegn the fair value at the year end and their carrying valuo. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.9 Impairmont of fixed assets At each reporting end date, the Society reviews the carrying amounts of ils tangible assets to determine whether theff is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable arnounl of the asset is estimated in order to determine the extenl of Ihe impairment loss lif any). Recoverable amount is the higher of fair value less costs to sell and valu8 in use. In assessing valu8 in usg, the estimated future cash ffuws are discounted to their present valtje using a pre-lax oliscount rate that rBflecls Current market assesstnenls of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carying amount of the asset is reduced to Its recover8ble amount. An impaimient loss is recognised immediately in incomel (expendilurel for the year, unless the relevant asset is carried at a revalued amount, in which c8se the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only rf, th6 reasons for the impaiment loss have ceased to apply. Where an impairment loss subsequently reverses, th8 carrying amount of the asset is increased to the revised estlmate of Its recoverable amount, but so that the increased carrylng amount does not excegd the carrying amount that would have been d8termined had no impairment loss bgen recognised for the asset in prior years. A reversal of an impaimient loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, In which case the reversal of the impaiment loss is treated as a revaluation increase. 1.10 Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, olh8r short-term liquid inveslmellts with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 18-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies (Continued) 1.11 Financial Instruments The Society has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Society's balan sheet when the Society becomes party to the contractual provisions of the Inslrumenl. Financial a58ets and liabililies are offset. with the net atnounts presented in the financial 5taternents, when ther8 is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnancial assets Basic financlal assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenlly carried at amortised cost using the effective interest method unless the arrangement conslitules a financing transaction, where the transaction is measured 81 the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financlal liabilities -Basic financial liabilities, including creditors and bank loan5 are initi811y recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fure payments discounted at a market rat8 of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subseqLJently carried at amorttsed Gosl, usirtg the effective interest rale method. Trade creditors are obllgations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. AmoLJnts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial 118bilities Financial liabilities are derecognised when the Society's contractual obligations expire or are discharged or canc8lled. 1.12 Taxation The Society is not liable to tax on capital gains, rent, Investment income and certain other income. 1.13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's serwces are received. Temiination benefits are rècDgnised immediately as an expense when the Society is demonstrably committed to temiinate the employment of an employee or to provide termination beneffts. 19-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30APRIL 2024 Critical accounting estimates and judgements In the application of the Society's accounting policies, the twstees are required to make judgements, estimate5 and assumptions aL>out the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical eyperience and other factors that are considered to be relevant. Actual results aY differ from these estimates. The eslimales and underfying assumptions are reviewed on an ongoing basis. Revisions lo accounttng estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both Cuont and futu periods. Critical judgements Valuation of investment properties Inveslment properties were revalued as al 30 April 2021. It is the Society's policy to obtain external valuations every 5 years. Donations and grants Unrestricted Restrlcted funds funds Total Total 2024 2024 2024 2023 Donations and grants 30,000 62,000 92,000 80.000 For the year ended 30 April 2023 30,000 50,OOD 80,000 Donations and gifts Grant from Drapers Clothworkers grant Annual contributions to small grants 2023-24 (8th year of10} Drapers to Co-operation Ireland Others- JS for NWRC 30,000 20,000 30,000 20,000 20,000 20,000 30,000 30,000 10,000 2,000 30.000 10,000 10,000 2,000 30.000 62,000 92,000 80,000 -20-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Incom8 from other trading activitles Unrestricted Unrestricled funds funds 2024 2023 Commercial propBrty rent Fishing, coarse, game and sporting 181.280 133.700 173,162 166.981 Other trading aclivities 314,9BO 340.143 Investment Income Unre5trlcted Unrestricted funds funds 2024 2023 Dividends- 8qulli98 265,614 253,075 Othor Income Unrgstricted Unrestricted funds fuiids 2024 2023 Other incom8 11,509 4,144 Managlng fund¥ Unrostrlctgd Unrestricted funds funds 2024 2023 Investment management fees 3,618 6,598 3,618 6,598 21
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Charitable activities Education Community Environmontal Development Protection & Improvement Total 2024 Total 2023 Grant funding of activities (see note 101 114,512 127,499 24,220 266,228 244,199 Share of support costs {see note 121 Share of goveTnance costs (see note 121 86,653 86,653 259,959 433,265 340,770 17,828 17,828 53.484 89,140 44,481 218,991 231,980 337,663 788,636 629,452 Analysis by fund Unrestricted funds Restricted funds 188.212 30,781 202.161 29,819 337,663 728,036 60,600 218,993 231,980 337,663 788,636 Forthe year ended 30 April 2U23 Unrestricted funds Restricted funds 198,918 21,057 132,924 18,943 257,610 589,452 40,000 219.975 151.867 257.610 629,452 Net movement in funds 2024 2023 The net movernent in funds is stated after chargingl(creditingl-. Fees payable for tho audit of the charity's financial statements Depreciation of owned tangible fixed asset5 2,400 20,445 2,400 20,093
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 10 Grants payable Education Community Environmental DBvelopment Protection & Improvement 2024 Total 2024 Total 2023 2024 2024 Grants to inslilulions.. Advisory Committee Clothworkors Drapers London Budget Other 10,500 3,500 15,281 85,231 56,230 25,800 14,019 29,700 1,720 68,450 29,300 29,300 137,431 66,464 20,000 19,750 137,935 (2,703} 22,500 114.512 125,749 24,220 264,478 241,446 Grants to indlviduals 1,750 1,750 2,750 114,512 127,499 24,220 266,228 244,196 The Society makes grants for a8sistsnc8 in lin8 With its airns of promoting the welfare of County Londonderry and adjoining areas in Northern Ireland. Grants are made on a cross-community basis to losal organisalions and individuals for deserving causes and lo local primary, secondary and tertiary educational establishments. Details of some of the London grants that the Society paid out during the year can be seen in the Trustees, Report (pages 4-5). Full details of all Advisory Commitree, Drapers, and Clolhwotkers, grants can be found on the Society's website. Grants payable are payments tnade in fvrtherance of the charitable objectives of the Society- 11 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the Society during the year. Expense claims tolalling £2,387 (2023.. £4,319) were reimbursed by the Society for travel and subsistence on behalf of five trustees. 23-
ids. chartered accountonts THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 12 Support Cost5 Support Governance costs COSts 2024 2023 staff costs Depreciation Rent, rates, insLJrance & utilities Repairs & maintenan Advertising, PR, & printing Telephone Computer & website costs Motor & travel Legal & professional {Nl property) Audit & accountancy Bad debt provision General (office sundries, stationery, subscriptions) 229,298 20,445 29.984 48,399 3,854 2,524 5,745 43,883 31.634 2,178 9,325 5,997 47,860 277,158 20,445 29,984 48,399 3,854 1524 5,745 43,883 31,634 2,178 9,325 5,997 232,189 20,093 26,522 1T,970 1,514 2,972 1.011 28,508 30,227 2,029 12,279 4,919 Audit fees Accountancy Legal and professDnal foes (non property) 2,400 1,600 37,279 2,400 1,600 37,279 2,400 1.600 1.023 433,262 89,139 522401 385.254 Analysed between Charitable activities 433,265 89,140 522,405 385.251 Governance ¢osts includes payments to the auditors of £2,400 (2023 £2,400) for audit fees, and additional accounts pr8paralion work of £1,600 (2023 - £1,600). This has been an exceptional year in terms of expenditure for the Society. Further details on this are included in the Trustees Report. 24-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 13 Employee5 Number of employees The average monthly number of full time equivalent employees during the year was.. 2024 Number 2023 Number Direct charitable acliwties Administratio Employment Gosts 2024 2023 Wages and salaries Social security costs Oth8r pension costs 214,847 23,103 39,208 180,670 19,667 31,852 277,158 232,189 No member ofthe Court received any remun8ration. The number of employees who received total ernployee benefits (excluding employer p&nsion costs} of more than £60,000 is as follows-. 2024 Number 2023 Number £60,001-£70,000 £70,001-£80,QOO 14 Taxation The charity is exempt from tax on Income and gains falling withln section 505 of the Taxes Act 1988 or section 252 of th8 Taxation of Ghargeable Gains Act 1992 to the extent that these are applied to its charitable objoots. 1S Net gainsl(lossesl on investments Unrestricted Unreslricted funds funds 2024 2023 Nel unrealised gain[lOSses) on investments 375,334 (294,209) -25-
ids. ¢hartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 16 Tangible fixed assèts Lèasohold Motor vehlcl•8 Fumlturn and land and and boats office bullding5 equlpmant Total Cost or valuatlon At 1 May 2023 Addittons 780,000 57,875 21,880 4,375 859.755 4,375 At 30 April 2024 780,000 57,875 26.255 864.130 Depreciation and impaimient Al 1 May 2023 Deprecialron charged In the year 100,969 15,600 47,112 3,287 20,657 1,558 168,738 20,445 At 30 April 2024 116,569 50,399 22.215 189,183 Carrying amount At 30 April 2024 663,431 7.476 4.040 674,947 At 30 April 2023 679,031 10.762 1.223 691,016 Land and buildings wilh a carry7ng amount of £780,000 were revalued at 30 April 2021 by O'connor Kennedy Turtle. independent valuers not connected wlh the Society on the basis of market value. The valuation nforms to Intemational Valuation Standards and was based on recent mark&t transactions on ami's length terms for slmilar propertl8S. The Society owns paintings, silver and other fixed assets in Northern Ireland, which are included al a £Nil book value but were valued in June 2011 by Danny Kinahan Fine Ari & Antiques at £272,630. The Soclety also owns some silver items, ftve badges of office, a 17th Century Icopyl Royal Charter and a modem Charter, all nom)ally held in London and together valued al £100,000. No further valuations have been oblained since June 2011. 17 Investment property 2024 Falr value At 1 May 2023 and 30 April 2024 3,802.000 Investment property comprises a numb8r of dlfferent commercial properli8s. The fair value of th8 investment Properties has been arrived al on the basis of a valuation Caled out at 30 April 2021 by O'connor Kennedy Turtle Chartered Surveyors, who are not connected wtth the Society. The valuation was made on an open market valu8 basis by reference to matkel evidence of transaction prtces for similar properiies. It is the accounting policy of the company to obtain independent valuations for investrnent properties every fve year5. -26-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 18 Fixed asset investments Listed Other Cash held by investments Investments investment managpr Total Cost or valuation At 1 May2023 Movement in cash held 7,308,658 372,439 281 (2811 7,308,941 372,158 At 30 April 2024 7,681,097 7,681,099 Carrying amount At 30 April 2024 7,681,097 7,681,099 At 30 ApTiI 2023 7,308,658 281 7,308,941 19 Debtors 2024 2023 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued illcome 114.224 64,693 7,057 131,329 51,654 7,971 185,974 190,954 20 Creditors: amounts falling due withln one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 27,436 12.644 106,930 76,952 31,707 1,829 128,650 26,311 223,962 188,497 -27-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 21 Restricted funds The restricted funds of the charity comprise fhe unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 May 2023 Incoming resources Resources expgnded Balances restated At 30 April 2024 166,130 62,000 160,60DI 1166,1301 1,400 Previous year: At l Nlay 2022 Incornlng resources Re50urce5 expended Transfers At 30 April 2023 156,130 50.000 (40,000) 166,130 22 Unrestrlcted funds The unrestricted funds of the charity cornprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specffic purpos6s. At 1 May 2023 Incomlng resources Resources expended Balances restated Gains and Iossgs At 30 April 2024 General funds 11,899,398 622,103 (731,6541 166,130 375,334 12,331.311 Previou5 year: At 1 May 2022 Incomlng resources Resources expended Tr3nsfors Gains and los*s At 3Q April 2023 General funds 12,162,296 627,362 (596,0501 1294,209) 11,899,399 -28-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 23 Retirement benefit schemes Defined contrlbution schemes The Soci8ly operates a Pension Schame providing benefits based on final pensionable pay for all of its 8rnployees. The assets of the Scheme are held separately from those of the Society in the City of London Corpo¥ration Pension Fund. The Scheme is a funded, defined benefit scheme. However it is a150 classified a5 a multi-employer scheme under FRS 102. Although the employer's contributions are affected by a surplu5 or deficit in the scheme, the employer is unable to identify ils share of the underlying assets and liabilities in the stheme on a consistent and reasonable basis. As a result. the Scheme is accounted for as if il were a defined contribution scheme, as required by FRS 102. The eniploy8r's contributions mad8 to the Scheme in the period were £39,208 12022.. £31.8521, with an employer's contribution rate of 17.5Yo of pensionable pay. Employee's contributions were beiween 5.5 /0 and 12.5ty/D of pensionable pay. Valuation date 31 March 2022 31 March 2019 Value of assels1smDOthedl Value of liabilities £1,370m £1,404 £1,063m £1,176m Funding level of accrued benefits Investment return on future conlributiolls per annum Investment return on accumulated assets per annum Pension increases per annum Rate Df price inflation 98Yo 4.6D/. 4.61/1. 90% 5.7U/. 5.70 2.60 24 Analysls of net assets between funds Unrestricted Restricted 2024 2024 Total Unrestrlcted Re5trlcted 2024 2023 2023 Total 2023 Fund balances at 30 April 2024 are repr8senl8d by- Tanglble assets Investment propertigs Investments Current assetsl{liabilities) 674,947 3,802,000 7,681,099 174,665 674,947 691,016 3,802,000 3,802.0(x) 7,681,099 7,308,941 174.665 263,571 691,016 3,802,000 7,308,941 263,571 12,332,713 12,332,713 12,065,527 12.065,527 -29-
ids. chartered accountants THE HONOURABLE THE IRISH SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 25 Operating lease commitments Lessee At the repotting end date the Society had oulstandlng commitments for futtjre minimum lease payments under nOn-CanlIable operating leases, which fall due as follows.. 2024 2023 Within one year 550 550 Lessor This refers to the monthly Licence to Occupy arrangement with the City of London Corporation in respect of the SoGiety's office at Guildhall, London. 26 Related party transactions Remuneration of key management personnel The rernuneration of key management personnel was as follows- 2024 2023 Aggregate compensation 124,533 85,414 The Soaety considers its key management personnel to Gomprise the Tnjstees and the Socievs Secretary & Representative (Northem Ireland}. No gLtarantees have been given or received. 27 Cash generated from operations 2024 2023 Surplusl(deficit) for the year 267,183 (252,8971 Adjustments for: Investment income recognised in statement of finenci81 activities Fair valuè gains and losses on investments Depreciation and impalrment of tangible fixed assets (265.614) 1375,334) 20,445 (253,0751 294,209 20,093 Movements in working capital-. Decreasel(increase) in deblDrs Increaselldecrease) in creditors 4,980 35,465 16,0331 {43,3131 Cash absorbed by operations (312,8751 (241,0161 -30-
ids. chartered accountants Our Mission Stateinent: 'To work in partnership for the economic and social benefit of Northern Ireland, For more inforniation abctjt how to join u5 in helping communities In Northern Ireland, contact us at. office Irishsoc161 .co.uk or visit our website at: www.honou.rableirishsociet -or 31