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

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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

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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

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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

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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 p0s￿Ve 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.

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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.

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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 chIld￿n be￿een 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 ￿ns￿ler 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.

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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 City￿entre 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.

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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 sufficIe￿t 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 resoU￿eS 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.

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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
follo￿rng 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 re￿IVed 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 seCreta￿s 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.

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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

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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 finan￿al 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 SuS￿ptibilIlY 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 Pro￿dureS 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 inc0￿e
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 a￿Ounts.
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 InC￿e 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 prope￿es,
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 fu￿re 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 Cu￿ont 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 Ca￿led 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-Can￿lIable 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