ids. Company Registration No. 1150776 (England and Wales} chartered accountants THE HONOURABLE THE IRISH SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE 11 MONTHS ENDED 31 MARCH 2025 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants CONTENTS Page Legal and administrative information Trustees, report 3- 11 Independent auditor's report 10-12 Statement of financial activities 15 Balance sheet 16 Statement of cash flows 17 Notes to the financial statements 18-33
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants CHARITY INFORMATION Charlty reglstratlon number 1150776 Reglstered offlce PO Box 270 Guildhall LONDON EC2P 2EJ Audltor IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG Bankers Dansk8 Bank Corporate Banking Centre POBox183 BELFAST BT16JS Investment manager8 Cazenove Capital Management 1 London Wall Place LONDON EC2Y SAU CCLA Fund Managers Ltd 1 Angel Lane LONDON EC4R 3AB Sollcltors Elliott Duffy Garrelt 40 Linenhall Street BELFAST BT2 8BA
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants CHARITY INFORMATION List of Trustees 2024-25 Governor: Alderman Vincent Keaveny, CBE Deputy Governor: Charles Edward Lord OBE, JP, Deputy Aldermen: Robert Picton Seymour Howard Gregory Jones, KC Common8r8: Anne Corbett Mary Durcan, JP (to 20103125) John Foley John Griffiths (to 201031251 Shravan Jashvantrai Joshi MBE, Deputy Eamonn James Mullally (to 20103125) Hugh Selka Oliver Sells, KC (Deputy Governor Elect to 22105125) James St John Davis Philip Woodhouse Dawn Linsey Wright (Deputy Governor Elect from 23105125) Dawn Margaret Frampton (from 23105125) Anthony David Fitzpatrick (from 22105125> Matthew Bell (from 22105125) Keith David Forbes Bottomley (from 221051251 Offlcers: Secretary & Chlef Executlve Duane Farrell Asslstant Secretary: Candya Farmer
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES, REPORT FOR THE 11 MONTHS ENDED 31 MARCH 2025 The trustees are pleased to present their annual report and financial statements for the 11 months ended 31 March 2025. The figures in this report reflect an 11-month year as the Society changes our financial year end to align with 31 March annually. For this reason, it is important to state that the comparison with last year's figures throughout this document is not a true comparison and reflects an 11-month total figure with last year's 12-month figure. The accounls have been prepared in accordance with the accounting policies sel out in note 1 to the accounts., the Charities Act 2011, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015}. The Society is a modern charity operated lo support communities in Northern Ireland, mostly bul not exclusively in the County of DerrylLondonderry. The Society has operated Sin 1613 as a chartered organisation and through that time has worked to support communities across the county and of Northem Ireland more generally. The Society has achieved this through the promotion of education, the management of property including for community use and the management of various rights granted to the Society in ils charter. Significantly, lh8 Society has been a funder of charitable activities across all communities in Nl over many years. The Society also works lo promote and facilitate links between London and a range of social, cultural and economic interests in County DerrylLondonderry and Northern Ireland more generally. A modernising Supplemental Charter was granted to the Irish Society on 20 December 2012. The Society is registered as a charity with the Charity Commission for England and Wales- Registration number 1150776. The Society's vision is of a future where peaceful communities thrive, healthy waterways flourish and connections are strengthened beteen the Northwest and the City of London. To work towards this, the Society's mission focuses on empowering communities through philanthfopy, preservation and partnership Led by a team oftrustees committed to ensuring that the Society continues to make a positive impact by remaining contemporary, credible and relevant in everything that it does, the Society works to support communities Ihroughout the northwest. The Society achieves this primarily through grant making and distributing grants to a range of organisalions and causes in our area of benefit. The Society's trustees are ably supported in this work by a Local Advisory Committee of Councillors from Council in the region. Our grant making supports charitable activilies that span community support, education, sports, culture, heritage and engagement. As custodians of fishing rights across Northern Ireland, our Ofganisation is committed to promoting responsible access to angling while delivering meaningful social, environmental, and economic benefits. By leasing fishing rights to local angling clubs, we enable inclusive participation in a recreational activity that supports mental well-being, encourages outdoor engagement, and strengthens communily connections. This work helps sustain rural economies through angling-related tourism and local business activity. The activities of these clubs also contribute significantly through the annual endeavours towards environmental stewardship demonstrated among club members who actively contribute to habitat conservation and waterway protection. The Society also aim to preserve and enhance Northem Ireland's natural heritage by ensuring that angling remains a sustainable and accessible pursuit for future generations. These objectives underpin our broader mission to support healthy communities, protect aquatic ecosystems, and maintain the cultural value of angling across the region. The Society's support of angling over the last 20 years has been focused on adopting a more sustainable approach to our historical commercial fisheries works. The organisation remains concerned about the range of circumstances which ar& currently affecting our waterways and wider eco-systems and the potential for these circumstances to negatively affect the sustainability of angling in the medium term.
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES. REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Education has always been a key focus of the Society's work throughout the course of our history. including funding and directly managing the delivery of primary education hundreds of years before this became a statutory requirement. 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 5 primary schools in the northwest. Beyond those direct links. we continue to develop our support for education more widely and now support a number of schools, youth work initiatives and early years settings across the northwest. We also support scholarships in further and higher education institutions. Finally, the Society supports wider civic engagement both in the northwest and linking the northwest to the City of London. We do this through our support of annual visits from the Lord Mayor and the Chairman of Policy & Resources of the City of London Corporation. This work promotes a range of innovative developments n the Northwest and positions them in the contexl of wider east-west opportunities. This work also links local schools into opportunities to visit the City of London. OVERVIEW Change has continued to be a strong theme in the Society's work over the course of the 202412025 year as the organisalion developed a new strategic framework to guide its work in the coming years. A significant programrne of stakeholder engagement was completed and key people and organisations across Northern Ireland and London supported this exercise through attending events and meetings and engaging with the Society on the important role we can play. During the reporting period, trustees undertook a series of structured visits lo Northern Ireland. designed to deepen engagement with local stakeholders and inform Ihe development of the Society's emerging strategic framework. These visits provided valuable opportunities lo explore key themes including education, reconciliation, and environmental stewardship-particularly in relation lo the Sociews role as a fishery owner. Trustees met with representatives from local angling clubs lo discuss the Society's evolving strategy around river environments and sustainable access to fisheries These consultations highlighted the important role clubs play in conservation and community engagement and helped shape proposals for future collaboration and support. In the education sector, Trustees attended prize-giving ceremonies at legacy schools and held roundtable discussions wilh school principals and earty years experts. These engagements provided insight into the challenges facing local education providers and helped identify potential areas where the Society could make a meaningful contribution, particularly in early years development and educational underachievement. Reconciliation was a key theme of the Autumn Visit, with Trustees participating in slakeholder events and museum tours in DerrylLondonderry that explored the region's complex history and Current efforts to build understanding across communities. Meetings with civic leaders, community organisalions, and academic experts helped reinforce the Society's commitment to supporting peacebuilding and inclusive development. These activities have directly informed the strategic framework currently under development, ensuring that the Society's future direction is grounded in local context, stakeholder insight, and a commitment to long-temi impact. CHARITABLE GRANTS Applications for small grants to local not-for-profit organisations can be made through a simple process- by e- mail, post or via the Society's website {www,honourableirishsociety.org.ukl. Applications are scrutinised by a Local Advisory Committee (LACI which has existed since 1974 and is comprised of cross-paty elected representatives drawn from three local authorities in the North-west established in April 2015.. Causeway Coast & Glens Borough Council-, Derry City & Strabane District Council, and Mid Ulster District Council. Our grants programme is open to all communities and supports groups and activities operating throughout the Northern Ireland and the Northwest in particulr on themes including education, community engagement, sports, culture. heritage among others. Over the course of the 24-25 year, the Society distributed £213,167 in over 130 gran15 to a range of organisations
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES, REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Education The Society's grant making in education is broad and inclusive, supporting children and young people from early years through to post-primary and further education. The aim is to raise educalional attainment, promote inclusion, and ensure that children and young people-regardless of background or ability-can thrive in safe, supportive environments. The Society's grants help schools and groups address sustain their activity, innovate in teaching and learning, support individual students and respond to the needs of their communities. Over the course of the 24-25 year, grants are awarded to.. Primary and Post-Primary Schools.. Funding supports priz&giving, STEM and ICT equipment, sensory and outdoor learning spaces, after-school clubs, and enrichment activities. For example, grants have enabled schools lo purchase interactive whiteboards, develop sensory rooms for children with additional need5, and run extracurricular clubs such as LEGO therapy and music tuition. Early Years and Playgroups.. Many grants are directed to rural and urban playgroups, helping them lo purchase educational toys, outdoor play equipment, and resources to support language and social development. These grants are particularly important in areas of deprivation, ensuring that all children have access to high-quality early learning experiences. Special Educational Needs and Inclusion.. The Society has funded sensory areas, communication alds for non-verbal children, and inclusive sports equipmenl, helping lo break down barriers to participation and learning. Educational Charities and Programmes.. Support Is also given to organisations delivering mental health education, literacy and language programmes (including Irish language initialivesl, and projects that help children transition beeen educational stages or cope with bereavement and Iraurna. Further and Higher Education.. The Society provides grant support lo both Ulster University and North West Regional College in order to provide a small number of scholarship grants to students in their inslitulions. Community The Society's community grants are designed to strengthen social cohesion, support vulnerable groups, build resilience, promote inclusion, and improve quality of life. By supporting grassroots organi5ations, the Society helps communities respond to local challenges, celebrate diversity, and create opportunities for all. Key areas of support include-. Community Associations and Halls.. Grants help local groups run intergenerational events, social clubs, and community festivals. Funding is used for equipment, venue improvements, and activities that bring people together, reduce isolation, and build local pride. Women's and Men's Groups.. Support for women's centres, men's sheds, and similar organisations enables them to run heallh and wellbeing programmes, skills workshops, and social activities. These projects often target older people, carers, and those at risk of loneliness. Mental Health and Wellbeing.. The Society funds counselling services, peer support groups, and mental health education, particularly for young people and those affected by trauma, bereavement, or disadvantage. Sports and Youth Clubs.. Grants lo football, cricket, boxSng, and wheelchair basketball clubs help purchase equipment, run inclusive sessions, and support youth development. Many clubs use sport as a tool for cross-communily engagement and personal growth. Arts, Culture, and Heritage.. Funding supports local festivals, music bursaries, heritage projects, and language initiatives. These projects celebrate local identity, foster creativity, and encourage participation in cultural life.
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES. REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Envinment Environmental stewardship is a core theme in the Society's grant making, reflecting its historic role as a fishery owner and its commitment to sustainability. Environmental grants aim to protect and enhance natural habitats, promote sustainable use of resources, and foster a culture of stewardship. By working with local clubs and community groups, the Society ensures that environmental benefits are shared widely and that future generations can enjoy healthy, vibrant ecosystems. Key areas of support include.. Angling Clubs and River Conservation.. Grants to angling associations fund river maintenance, conservation equipment, and youth engagement activities. Projects include habitat restoration, bank protection. and educational events lo promote responsible fishing and biodiversity. Biodiversity and Green Spaces.. Funding is provided for wildflower meadows, community gardens, and ouldoor learning projects. These initiatives enhance local environments. support pollinators, and provide spaces for recreation and education. Environmental Education.. The Society supports programmes that teach children and adults aboul conservation, sustainability, and the importance of protecting natural resources. This includes "Hatchery in the Classroom" projects and partnerships with environmental charities. In summary.. The Society's grant making in 2024-2025 has been wide-ranging and impactful, supporting education, community, and environmental projects that address local needs, promote inclusion and sustain important activities. The support of a number of organisations and donors has been key to help us achieve this impact- the Society has been able to achieve a much greater charitable impact in Northern Ireland in recent years, thanks lo the active support of City livery companies and the City of London Corporation. The trustees again acknowledge with much gratitude these donations and the ongoing commitment of those organisations and donors lo the impact which the Society SUPPOrts In Northern Ireland. Supportlng Educatlon Beyond Grantmaklng The Honourable The Irish Society has a long and proud tradition of supporting education in County Derryl Londonderry, extending far beyond financial granlmaking. Our enduring relationship with five historic schools- Culmor8 Primary School, Ballougry Primary School, The Irish Society's Primary School, DH Christie Memorial Primary School, and Millburn Primary School-reflects our deep-rooted commilment to educational excellence and community development. These schools, founded by the Society centuries ago, continue to embody our values through their work in developing children and young people lo be future cilizens. In this financial year, the organisation is especially proud of our close engagement with Culmore and Ballougry schools as they pursue recognition as integrated schools. This journey represents a significant step towards fostering inclusive education that reflects the diverse communities they serve. The Trustees have been strong supporters of Ihis transition, recognising the importance of integrated education in promoting mutual understanding and respect among children from different backgrounds. We are heartened by the exceptionally high levels of parental support for this initiative, which underscores a shared vision for a more cohesive and inclusive future. The Society believes that high-quality education is fundamental to enabling children to thrive throughout their lives. Our involvement with these schools is not only a matter of heritage but a forward-looking investment in the potential of every child. We remain committed to working alongside school leaders, parents, and local communities to ensure thal these institutions continue to flourish as beacons of educational excellence and social cohesion. Each year. the Society also supports opportunities for these schools to visit London, including educational tours of the Guildhall and the Guildhall Gallery. These visits are designed to enrich the curriculum by offering pupils chance to explore civic history, art, and govemance in a meaningful and engaging way. The trustees view these experiences as valuable extensions of classroorn learning, helping to broaden horizons and inspire ambition among young learners.
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES. REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 STEWARDSHIP OF THE RIVER BANN The Society continues to take seriously its custodial responsibilities for the River Bann, recognising its ecological, recreational, and cultural significance to communities across Northern Ireland. This year, we were pleased to report a substantial increase in fish numbers recorded at the Portna fish counter, with 14,716 fish counted, up from 3,429 in the previous year. This encouraging rise reflects the potential for recovery and resilience in the river's ecosystem when conditions are favourable. While we welcome this progress, the Society remains deeply concemed about the persistent challenges to water quality. particularly the recurring algal blooms obsetved throughout the season. These blooms pose a serious threat to aquatic life, biodiversity, and the long-terrn su5tainabilily of angling and recreational use of the river. The trustees are clear that playing our part in improving water quality must be a central priority in our future work. Over the course of the year, the Society undertook significant engagement with local angling clubs. recognising their vital role in conservation and community wellbeing. These discussions have laid the groundwork for an ongoing discussion about a new partnership framework betsveen the Society and the clubs that adds to our existing relationship by focusing on conserving fish stocks, sustaining angling as a beneficial community endeavour, and collaboratively addressing water quality issues. This work was underpinned by a survey of angling clubs licensed by the Society, which revealed serious concerns about the sustainability of clubs and the ongoing pressures on fish populations. The Society is grateful for the honest and constructive feedback provided by the clubs and acknowledges the important voluntary conservation work they carry out year after year. Beyond Iheir environmental contributions. angling clubs provide significant social and community benefits, They offer inclusive spaces for people of all ages to connect with nature. develop skills, and build friendships. Angling promotes mental wellbeing, physical activity, and intergenerational engagement, making these clubs vital pillars of local life. The Society recognises and values the role these organisations play in fostering communty cohesion and enriching the lives of those who participate. The Society has concerns regarding the potential short and long-term impact of the recent weir refurbishment programme at Carnroe. The Society is actively monitoring the effects on the river and surrounding habitats and will continue to assess the implications for fish migration, water ftow, and ecological balance. This issue will form an important part of our future strategic planning and engagement with stakeholders.
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES. REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 COMMERCIAL PROPERTY ESTATE During the year. the Charity received rental income of £146,798. Based on market valuations, Irustees estimate that this represents a concession of approximately £41,000, foregone to advance charitable purposes. cOnSsiOnary lettings are considered a core element of the Charity's support to community and charitable organisations. By charging rents well below market levels, the Charity enables local organisations to focus their resources on services for the community. In the past year, tenants benefited from reduced rents equivalent to a substantial subsidy, directly supporting community activities such as youth work., community development and enterprise development. This is a significant way the Charity furthers ils purpose alongside grant-making The key points relating to the Society's commercial property portfolio during the year were as follows.. Income from the Society's property portfolio is reported on an 11-month basis and therefore not directly comparable to the figure for last year. A re-valuation of the Society's property estate was undertaken prior to 31 March 2025. This exercise resulted in an increase in the value of the Society's investment properties of £2,250,006. The Society's leasehold land and buildings also increased in value by £120.000. Over the course of this year, the Society was delighted to consult on a draft masterplan for the historical Spanboard site with the local community in Castleroe. Trustees recognise the potential of this proposed development to be a positive driver of regeneration as it will be a significant investment in the Icral area. The Society welcomed the positive engagement and feedback from people living in Caslleroe. The vision behind the plan is for the development of a vibrant riverfront within its natural setting along the western edg e of the Bann at Castleroe, by sensitively regenerating this derelict site,. including widening the functionsluses and capacity of the land,. improving the public accessibility beeen the river and Castleroe.. & facilitation of part of a wider pedestrianlcycle connection with Colerain8 town for the benefit of all the community, including assisting The Societies charitable functions. creating an exceptionally attractive village environment, while protecting the essence of the natural & archaeological features of the area in and around the Bann as a valued leisure and amenity asset. The feedback gathered from consultees has been important to inform the ongoing development of the plan. We were also delighted to progress the sale of the site at 38 Castleroe Road (previously referred to as the Lab Site). The site was agreed for sale by year end and the transaction will complete in the new financial year. FINANCIAL REVIEW It Is the policy of the trustees to generate sufficient income to pay for the Society's charitable purposes and management each year, while maintaining the overall value of the Society's assets, so that it may continue to achieve its charitable objectives into the future. The Iruslees aim to spend increased resources each year on charitable activities based on budgeted income and expenditure, while at the same time maintaining sufficient reserves to meet any expected capital requirements. In the interest of exercising effective govemance and proper resource management The Honourable The Irish Society will create reasonable reserves to reflect the organisational need to meet organisational liabilities. It is the aim of the Society's reserves policy to hold no less than 3 months and no more than 6 months of reserves to support this responsibility. The Society has a number of mainly commercial properties and property interests in Northern Ireland which il uses lo generate income for grant-giving purposes in support of its activities. The property portfolio was professionally revalued in early 2025 with a total restated value of £6.052M (up from £3.8m in 2021). The Society also has an investment portfolio managed on a discretionary basis by external fund managers- CCLA Fund Managers Ltd and Cazenove Capital Management. The overall portfolios held by both companies experienced volatility with the value of investments decreasing by £189,329 at the end of the reporting period. The portfolios are monitored by the trustees against industry benchmarks and a specific target. The Society's cash investments are deposited in the charities pooled fund operated by the City of London Corporation and managed externally on its behalf. During the 202412025 year, the Society's Court designated 2 funds for the Society's reserves which are detailed in Note 22 of these accounts. The impact of this designation is that the Society's Free Reserves are expressed as a negative balance of {£343.864).
THE HONOURABLE THE IRISH SOCIETY ids. Chartered accountants TRUSTEES, REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 REVIEW OF CHARITABLE ACTIVITIES IN THE YEAR The change in reporting period in this financial year has a material impact on the performance being reported in this report. Total income of £611,416 {2024.' £684,103) set against total expenditure of £681,759 (2024.. £792,254) has resulted in a trading deficit of £70,163 {2024.' Deficit £108,151 }. The performance of the Society's investments, in particular the revaluation of the Society's investment property portfolio with an overall unrealised gain of £2,060,677, has mitigated this revenue performance resulting in a net position of £1,990,334 for the 11 month period ending on 31 March 2025. The ongoing volatility of the global financial market was a significant feature of discussion when the Society's Finance Committee met with Fund Managers al Cazenove and CCLA in March 2025. It is anticipated that the global geo-political environment will continue to result in short term fluctuations in the value of the Society's portfolio. PLANS FOR FUTURE PERIODS Looking ahead, The Honourable The Irish Society is committed to delivering a bold and forward-looking strategy that builds on our historic legacy while responding to the evolving needs of communities across the Northwest of Northern Ireland. Our plans for future periods are shaped by strong stakeholder engagement, which has been instrumental in identifying priorities, refining our strategic goals, and ensuring our work remains relevant and impactful. At the heart of our strategy is a vision of peaceful communities, flourishing waterways, and strengthened connections beeen the Northwest and London, We will continue to empower communities through philanlhropy, preservation, and partnership, focusing our resources on areas where they can deliver the greatest benefit. Key strategic goals include.. Strengthening access to early years provision, recognising its transfomative impact on lifelong outcomes Improving river environments, with a particular focus on water quality. biodiversity, and sustainable fish stocks. Promoting culture and heritage, as a means of fosterlng community cohesion and celebrating diversity. Growing our impact, through sustainable income generation, digital Iransformalion. and expanding cur supporter base. To achieve these goals, the Society will.. Maximise the benefit of our property portfolio, including regeneration initiatives such as the development of land at Castleroe. Enhance our digital infrastructure to improve communication, transparency, and stakeholder engagement. Establish new networks of support, such as the 'Friends of the Society. in London. to amplify our reach and influence. Develop an outcomes framework lo guide and measure the effectiveness of our work. We will continue to make grants that support impactful community-led projects, convene stakeholders to foster collaboration, and advocate for Ihe needs of communities. Our engagement with slakeholders-ranging from local councils and angling clubs to educational institutions and communily organisation>ha5 been central to shaping this Strategy. Their insights, experiences, and aspirations have helped us define a path fOard that is inclusive, ambitious, and rooted in the realities of those we setve. The Society also recognises the importance of reconciliation as a foundational element of our fulure work. Reconciliation in Northern Ireland remains a complex and essential challenge, rooted in historical, political, and social Contexts. Our strategy acknowledges the need to build positive relationships across communities, address the legacy of the past, and support cultural and attitudinal change. We are committed lo contnbuting to a more equitable and inclusive society, where all communities-regardless of background-can thrive together in peace and mutual respect.
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants TRUSTEES, REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 STRUCTURE, MANAGEMENT & GOVERNANCE The Society is administered by a Court of 15 trustees, which meets al least four b'mes a year. All are Aldermenl women or Common Councillors 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 Slatements are listed under Charity Information. The Society requires all trustees to Commit to a written Code of Conduct governing their behaviour,. all new trustees are given an introduction to the work of the Society and provided with copies of recent accounts and minutes of meelings,. and are encouraged to participate in at least one formal visit to Northern Ireland as early as possible following appointment, to see the operations of the Society and the difference its grants make lo community. The Charity's Secretary 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 the Charities Act 2011 in relation to Public Benefit, recognise their obligation to have regard thereto and- from the feedback received from grant recipients - are confident that their activities are delivering Public Benefit. The Irish Society's Court has appointed a number of Cornmittees including a Finance Committee; a Property Committee and a Bann Committee. The Society avails of specialist advice as and when required to support the work of governance. The Society wishes to formally thank the advisors and subject matter specialists who sit as advisors to the Society on those committees. KEY MANAGEMENT PERSONNEL REMUNERATION The Court and the CEO 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 time freely and no Irustee remuneration was paid in the year. Details of reimbursed expenses and related party transactions are disclosed in the notes to the accounts. Trustees are required to disclose all relevant interests; and withdraw from discussion I decisions where a potential conflict of interest arises. The Assistant Secretary maintains a Register using information drawn from the City of London Corporation's declarations of interest. The Secretary's salary is reviewed annually and, like that of other staff, normally increased in accordance with average earnings. In view of the nature of the Society, its economy of operations, and the extensive use of professional advisers, the trustees consider that a multiple of up lo three times the median average salary for UK employees is appropriate for the role of Secretary. The remuneration is also benchmarked with grant-making charities of a similar size and activity to ensure that the level sel 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 Management. Trustees consider that risk is effectively managed within the organisation, including through regular attention lo the Risk Register at appropriate levels. In terms of financial risk, the trustees consider that the assets of the Society will continue to be well diversified. 10-
THE HONOURABLE THE IRISH SOCIETY ids. chartered occountants TRUSTEES. REPORT (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 STATEMENT OF THE COURT'S RESPONSIBILITIES The Court is responsible for preparing a trustees, annual report and financial statements in accordance with 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 the stale of affairs of the Society and of the incoming resources and application of resources of the Society for Ihat period. In preparing those financial statements, the Court is required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., make judgements and eslimales that are reasonable and prudent.. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statemenls on a going Goncern basis unless it is inappropriate to presume that the Society will continue in business. The Court is responsible for rnaintaining proper accounting records that dlsclose with reasonable accuracy al any lime the financial position of the Society and lo enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations. It is also. responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irre9ularities. The Court is responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. 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 audil, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomiation and to establish that the auditor is aware of such information. The Trustees report was approved by Order of the Court Alderman Vi Governor cent Keaveny, CBE 15 October 2025 11
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HONOURABLE THE IRISH SOCIETY Oplnlon We have audited the financial statements of The Honourable The Irish Society (the 'Society') for the 11 months ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes lo the financial statements, including a summary of significant accounting poliaes. 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 applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements., give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the 11 months then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi,, and have been prepared in accordance with the CharitiesAct 2011. 8asls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK} (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditoffs responsibilitl8s for the audit ol the financial statements section of our report. We are independent of the Society in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Society's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibililies and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infom7ation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. 12-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HONOURABLE THE IRISH SOCIETY Responslbllities of trustees As explained more fully in the Statement of the Court's Responsibilities, the Court is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Society's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of th8 flnanclal statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in acCdanCe with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, was as follows.. • we identified the laws and regulations applicable to the Society through discusslons with trustees and management, and from our commercial knowledge and experience of the sector., we assessed the extent of Complian with the laws and regulations identified 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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., considering the internal controls in place to rnitigate risks of fraud and non-compliance with laws and regulations.. and perfoming analytical procedures to idantify any unusual or unexpected relationships- testing journal entries to identify unusual transactions., assessing whether judgernents and assumptions made in determining the accounting estimates were indicative of potential bias., investigating the rationale behind significant or unusual Iransaclions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statements disclosures to underlying supporting documentation., 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 limitations in our audit procedures described above. The more removed laws and regulations are from financial transactions, the less likely it is that we would become aware of norFcompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can 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 the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 13-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HONOURABLE THE IRISH SOCIETY This report is made solely to the Society's trustees. as a body. in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Society's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the Society and the Society's trustees as a body for our audit work, for this report, or for the opinions we have formed. oger allas (Senlor Statutory Auditor) For and on behalf of IDS Chartered Accountants LLP, StatuloryAuditor Chartered Accountants 23125 Queen Street COLERAINE Co Londonderry 8T52 1BG 15 October 2025 IDS Chartered Accounlanls LLP is eligible for appointment as auditor of the Society by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 14-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE 11 MONTHS ENDED 31 MARCH 2025 Unrestrlcted funds 2025 Restricted funds 2025 Total Total 2025 2024 Notes Income and endowments from: Donations and legacies Other trading activities Investments Other income 31,480 268,097 239,401 9.428 63,010 94,490 268,097 239.401 9,428 92,000 314,980 265,614 11,509 Total Income 548,406 63,010 611,416 684,103 Expendlture on: Managing funds Charitable activities 7,268 620,294 7,268 874,491 3,618 788,636 54,197 Total expendlture 627,562 54,197 681.759 792,254 Net gainsl{losses) on investments 16 2,060,677 2,060,677 375,334 Net Income 1,981,521 8,813 1,990,334 267,183 Other recognlsed galns and losses: Revaluation of tangible and intangible fixed assets 513,569 513,569 Net movement In funds 2,495,090 8,813 2,503,903 267,183 Reconclllatlon of funds: Fund balances at 1 May 2024 12,331,312 1,400 12,332,712 12,065,529 Fund balances at 31 March 2025 14,826,402 10,213 14,836,615 12,332,712 All income and expenditure derive from continuing activities. 15-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Flxed assets Intangible assets Tangible assets Investment properties Investments 16 17 18 20 277,000 908,953 6,052,006 7,529,770 674,947 3,802,000 7,681,099 14,767,729 12,158,046 Current assets Debtors Cash al bank and in hand 19 32,332 175,132 185.974 212,654 207.464 398,628 Credltors: amounts falllng due wlthln one year 21 (138,578) 1223,962) Net current assets 68,886 174,666 Total as86ts lass current Ilabllltles 14,836,615 12,332,711 Income fund8 Restricted funds 22 10,213 1,400 Designated funds General unrestricted funds Revaluation reserve 23 14,758,770 (620,858) 688,490 1166,130) 12,322,520 174,921 14,826,402 12,331,311 14,836,615 12,332,711 The financial statements were approved by the Trustees on 15 October 2025 Trustee 16-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants STATEMENT OF CASH FLOWS FOR THE 11 MONTHS ENDED 31 MARCH 2025 2025 2024 Notes Cash flov from operatlng actlvltles Cash absorbed by operations 29 {237,1321 (312,875) Inv8Sting actlvltles Purchase of tangible fixed assets Purchase of investrnenls Schroders fees deducted at source Investment income received (1,792) {38,000} (4,375) 3,176 265,614 239,402 Net cash generated from Investlng actlvltles 199,610 264,415 Net cash generatod from flnanclng actlvltles Net decrease In cash and cash equlvalents (37,5221 {48.460) Cash and cash equivalents al beginning of 11 months 212,654 281,114 Cash and cash equlvalents at end of 11 months 175,132 212.654 17-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE 11 MONTHS ENDED 31 MARCH 2025 Accountlng pollcles Charity Informatlon The Honourable The Irish Society is a public benefit entity as defined by FRS102. 1.1 Reportlng perlod During the year, the charity changed it's reporting period from 30 April to 31 March in order to align with the more commonly used 31 March year annually. As a result, these financial statements cover a short accounting period of 11 months from 1 May 2024 to 31 March 2025. Comparative figures shown are for the 12 months to 30 April 2024, and therefore may not be directly comparable. 1.2 Accountlng conventlon The financial statements have been prepared in accordance with the Charities Act 2011 and 'Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (as amended for accounting periods commencing from 1 January 2018). The Society is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, modified lo include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The Principal accounting policies adopted are set out below. 1.3 Golng concern At the time of approving the accounts, the trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Society are the levels of investment retum and the performance of investment markets (see the Risk Management and Financial Review sections of the Trustees, raport for more information). 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purp)ses and uses of the restricted funds are set out in notes 3 and 8 to the financial statements. 1.5 Incoming resources All income is recognised once.. the charity has entitlement to the income., it is probable that the income will be received., and the amount of income receivable can be measured reliably. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business. net of discounts, VAT and other sales related taxes. 18-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Accountlng pollcles (Continued) 1.6 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Society to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. The costs of generating funds consists solely of investment management fees. Costs of charitable activities include grants made, govemance costs and an apportionment of support costs as shown in Note 8. Support costs have been allocated beeen 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 nSIStenI with the use of resources- e.g. staff costs by the lime spent, and other costs by their usage. Governance costs comprise all costs involving the public accountability of the Society and its compliance with regulation and good practice. Governance costs include the governance arrangements which relate to the general running of the charity as opposed lo the direcl management functions in generating funds, SeiCe delivery, project work and grant making These costs include such items as external legal advice, Trustees, expenses are associated with visits to Northern Ireland. The allocation of support and govemance costs is analysed in Note 12. 1.7 Intanglble flxed assets other than goodwlll Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisalion and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill al the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow lo the entity and the fair value of the assel can be measured reliably., the intangible asset arises from contractual or other legal rights., and the intangible asset is separable from the entity. Amortlsation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. LicencelRights 19-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Accounting pollcles (Contlnued) 1.8 Tanglble flxed assets The Society's properties were valued in the current financial year by O'connor Kennedy Turtle. Chartered Surveyors, providing a market value as at 20 March 2025, in line with the Society's intentions of carrying out a formal valuation of its properties 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 write off the 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 200h slraighl line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Other properties occupied by the Society are 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 five years and included in the above report. 1.9 Investment propartles Investment propety, which is property held to earn rentals andlor for capital appreciation, is measured using the fair value model and stated at its fair value al th8 reporting end date. The surplus or deficit on revaluation is recognised in nel incomellexpenditurej for the year. No depreciation is provided on investment kyoperties. in accordance with accounting standards, The majority of the investment properties which are generab'ng rental income are valued by reference to yield. Those which are not generating rental income have been valued at the Trustees, best estimates. 1.10 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditurel for the year. Transaction costs are expensed as incUrd. The Society does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Society is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Reallsed gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the firsl day of the financial year. Unrealised gains and losses are calculated as the difference beteen the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.11 Impalrni8nt of fixed assets At each reporting end date, the Society reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any). -20-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Accountlng policles {Continuedl Recoverable amount is the higher of fair value less costs lo sell and value in use. In assessing value in use, the estimated future cash flows are discounted lo their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adiusted. If the recoverable amount of an asset is estimated lo be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in incomel (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. ere an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revalualb?n increase. 1.12 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.13 Flnanclal Instruments The Society has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Society's balance sheet when the Society becomas party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel 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 flnanclal assets Basic financial assets, which include debtors and cash and bank balances, 8re initially measured at transaction price including transaction costs and are subsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al 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. Baslc flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabillties Financial liabilities are derecognised when the Society's contractual obligations expire or are discharged or cancelled. 21
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) 1.14 Taxatlon The Society is not liable to lax on capital gains, rent, investment income and rtain other income. 1.15 Employee beneflts Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and Judgements In the application of the Society's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assurnptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Valuatlon of Investment propertles Investment properties were revalued as at 20 March 2025. It is the Society's policy to obtain extemal valuations every 5 years. Donatlons and grants Unrestrlctod Restrleted funds funds Total Total 2025 2025 2026 2024 Donations and grants 31,480 63,010 94,490 92,000 For the 11 months ended 30 Aprll 2024 30,000 62,000 92,000 Donatlons and glfts Grant from Drapers Clothworkers grant Annual contributions to small grants 2024-25 (9th year of 10) Drapers to Co-operation Ireland other 30,000 20.000 30,000 20,000 30,000 20,000 30,000 30.000 10.000 4,490 30,000 10,000 2.000 10,000 3,010 1,480 31,480 63,010 94,490 92,000 -22-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Income from other trading activities Unrestrlcted Unrestricted funds funds 2025 2024 Commercial property rent Fishing, coarse, game and sporting 146,798 121,299 181,280 133,700 Other trading activities 268,097 314,980 Investment Income Unrestrlcted Unrestricted funds funds 2025 2024 Income from unlisted investments Dividends - equities 800 238,601 265,614 239,401 265,614 Other Income Unrestrlcted Unrestricted funds funds 2026 2024 Other income 9,428 11,509 Managlng funds Unrestrlcted Unrestricted funds funds 2025 2024 Investment management fees 7,268 3,618 7,268 3,618 -23-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 Charltable activities Education Communlty Envlronmental D&v8lopment Protectlon & Improvement Total 2025 2024 Grant funding of activities (see note 10) 101,875 97,992 13,300 213,167 266,228 Share of support costs (see note 12) Share of governance costs (see note 12} 81,447 81,447 244.342 407,236 433.265 10,817 10.817 32,452 54,086 89,140 194.141 190,258 290,094 674,491 788,636 Analysls by fund Unrestricted funds Restricted funds 167,386 26.755 163,614 26,642 289,294 800 620,294 54,197 194,141 190,256 290,094 674,491 For th8 11 months onded 30 Aprll 2024 Unrestricted funds 188,212 Restricted funds 30,781 202,161 29,819 337,663 728,036 60,600 218,993 231,980 337,663 788,636 Net movement In funds 2025 2024 The net movement in funds is stated after chargingl(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 2,400 4,354 2,400 20,445 -24-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 10 Grants payable Educatlon Communlty Envlronmental Development Protection & Improvement 2025 Total 2025 Total 2024 2025 2025 Grants to institutions.. Advisory Committee Clothworkers Drapers London Budget Drapers to Co-operation Ireland Othef 17,150 3,800 9,945 57,470 10,000 3,010 40,600 16,900 9,742 30,000 1,000 58,750 20,700 20,487 98,970 10,000 3,010 68.450 29,300 29,300 137,431 800 11,500 101,375 97,242 13,300 211,917 284,478 Grants to individuals 500 750 1,250 1,750 101,875 97,992 13,300 213,167 286,228 The Society makes grants for assistance in line with its aims of promoting the welfare of County Londonderry and adjoining areas in Northern Ireland. Grants are made on a cross-community basis lo local organisalions and individuals for deserving causes and to 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 Committee, Drapers, and Clothworkers, grants can be found on the Society's website. Grants payable are payments made in furtherance of the charitable objectives of the Society. 11 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the Society during the 11 months. Expense claims tolalling £36912024.. £2,387} were reimbursed by the Society for travel and subsistence on behalf of one trustee During Ihe period payments were made on behalf of the trustees totalling £16,726. These payments reflect the cost of facilitating the annual programme of visits in Spring, Summer and Autumn each year by trustees to lead stakeholder engagement locally. -25-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 12 Support costs Support Governance costs costs 2025 2024 Staff Costs Depreciation Rent, rates, insurance & utilities Repairs & maintenance Advertising, PR, & printing Telephone Computer & website costs Motor & travel Legal & professional (Nl property) Audit & accountancy Bad debt provision General (office sundries, stationery, subscriptions) 215,454 4.354 24,613 42,669 5,839 2,318 4,660 34,045 59,992 2.205 6,854 4,233 39,822 255,277 4,354 24,613 42,669 5,839 2,318 4,660 34,045 59,992 2,205 6,854 4,233 277,159 20,445 29,984 48,399 3,854 2,524 5,745 43,883 31,634 2,178 9,325 5,994 Audit fees Accountancy Legal and professional fees (non property) 2,400 2.550 9,313 2,400 2,550 9,313 2.400 1,600 37,279 407,236 54,088 461,322 522,403 Analysed beeen Charitable activities 407,236 54,086 461,322 522,405 Governance costs includes payments to the auditors of £2,400 (2024 - £2,400) for audit fees, and additional accounts preparation work of£2,550 (2024 - £1,600). 26-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 13 Employees Number of employees The average monthly number of full time equivalent employees during the 11 months was.. 2025 Number 2024 Number Direct charitable activities Administration Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 198,470 20,399 36,407 214,848 23,103 39,208 255.276 277,159 No member of the Court received any remuneration. The nurnber of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows.. 2025 Number 2024 Number £60,001-£70,000 £70,001-£80,000 14 Taxatlon The charity is exempt from tax on income and gain5 falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable GainsAct 1992 to the extent that these are applied to its charitable objects. -27-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 15 Galns and losses on Investments Unrestricted Unrestrlcted funds funds 2025 2024 Gainsl(losses} arising on.. Revaluation of investments Revaluation of investment properties (189,329} 2,250,006 375,334 2,060,677 375,334 16 Intanglble flxed assets LIGonGolRlght8 Cost At 1 May 2024 Revaluation 277,000 At 31 March 2025 277,000 Amortlsatlon and Impalrment At 1 May 2024 and 31 March 2025 Carrylng amount At 31 March 2025 277,000 At 30 April 2024 -28-
THE HONOURABLE THE IRISH SOCIETY ids. Chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 17 Tanglble flxed assets Leasehold Motor vehicles Furnlture and land and and boats office bulldlngs gqulpment Totsl Cost or valuatlon At 1 May 2024 Additions Revaluation 780,000 57,875 1.792 26,255 864,130 1,792 120,000 120,000 At 31 March 2025 900,000 59,667 26,255 985,922 Depreclatlon and Impalrment At 1 May 2024 Depreciation charged in the 11 months Revaluation 116,569 50,399 3,239 22,216 1,115 189,184 4,354 (116,569) {116,569) At 31 March 2025 53,638 23,331 76,969 Carrylng amount At 31 March 2025 900,000 6.029 2,924 908,953 AI 30 April 2024 663,431 7,476 4,040 874,947 Land and buildings with a carrying amount of £900,000 were revalued at 20 March 2025 by O'connor Kennedy Turtle, independent valuers not connected with the Society on the basis of rnarket value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The Society owns paintings, silver and other fixed assets in Northern Ireland, which are included at a £Nil book value but were valued in June 2011 by Danny Kinahan Fine Art & Antiques at £272,630. The Society also owns some silver items, five badges of office, a 17th Century (copy) Royal Charter and a modern Charter, all normally held in London and together valued al £100,000. No further valuations have b*n obtained since June 2011. 18 Investment property 2025 Falr value At 1 May 2024 Net gains or losses through fair value adjustments 3.802,000 2,250,006 At 31 March 2025 6,052,006 Investment propety comprises a number of differenl commercial properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out al 20 March 2025 by O'connor Kennedy Turtle Chartered Surveyors, who are not connected with the Society. The valuation was made on an OFen market value basis by reference to market evidence of transaction prices for similar properties. It is the accounting policy of the company to obtain independent valuations for investment properties every f5ve years. -29-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 19 Debtors 2025 2024 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 17,229 8,472 6,631 114,224 64,693 7,057 32.332 185,974 20 Flxed asset Investments Llsted Other Investments Investments Total Cost or valuatlon At 1 May 2024 Additions Movement in cash held 7,681,097 38,000 {189,329) 7,681,099 38,000 (189,329) At 31 March 2025 7,529,768 7,529,770 Carrylng amount At 31 March 2025 7,529,768 7,529.770 At 30 April 2024 7,681,097 7,681,099 21 Credltors." amounts falllng due wlthln one year 2025 2024 other taxation and social security Trade creditors Other creditors Accruals and deferred income 27,436 12,644 106,930 76,952 43,777 65,329 29,472 138,578 223,962 -30-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 22 Restrlcted funds The reslricled funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 May 2024 Incomlng resources Resources expended Balances At 31 March restated 2025 1,400 63,010 154,1971 10,213 Prevlous year: At 1 May 2023 Incomlng Resource$ resources gxpended Balances restated At 30 Aprll 2024 166,130 62,000 (80,600) {166,130} 1,400 23 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and granlors as to how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 May 2024 Incomlng resources Resources expended Transfers Galns and At 31 March losses 2025 Sustainability fund Property fund General funds 7,529,770 7,229,000 (627,562) (14,758,770} 7,529,770 7,229,000 (620,8581 12,156,391 548,406 2,060,677 12,156,391 548,406 (627,S62) 2,06CI,677 14,137,912 Revalualion reserve 174,921 513,569 688,490 12,331,312 548,406 {627,562) 2,574,246 14,826,402 Prevlous year: At 1 May 2023 Incomlng resources Resources expended Transfers Galns and losses At 30 Aprfl 2024 General funds 11,724,477 822,103 (731,654) 166,130 375,334 12,156,390 11,724,477 622,103 (731,654) 166,130 375,334 12,156,390 Revalualion reseNe 174,921 174,921 11,899,398 622,103 1731,654) 166,130 375,334 12,331,311 31
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE 11 MONTHS ENDED 31 MARCH 2025 24 Retlrement beneflt schemes Defined contrSbutlon schemes The Society operates a Pension Scheme providing benefits based on final pensionable pay for all of its employees. The assets of the Scheme are held separately from those of the Society in the City of London Corporation Pension Fund. The Scheme is a funded, defined benefit scheme. However il is also classified as a multFemployer scheme under FRS 102. Although the employer's contributions are affected by a surplus or deficit in the scheme, the employer is unable to identify its share of the underlying assets and liabilities in the scheme on a consistent and reasonable basis. As a result, the Scheme is accounted for as if it were a defined contribution scheme, as required by FRS 102. The employer's contributions made to the Scheme in the period were £36,407 (2024.. £31,852), with an employer's contribution rate of 21 % of pensionable pay. Employee's contributions were between 5.80/0 and 8.50/0 of pensionable pay. Valuation date 31 March 2022 31 March 2019 Value of assets (smoothed) Value of liabilities £1,370m £1,404m £1,063m £1,176m Funding level of accrued benefits Investment return on future contributions per annum Investment return on accumulaled assets per annum Pension increases per annum Rate of price inflalion 98¢ 4.6% 4.6% 2.9Q/o 2.90/9 900 5.7Vo 5.7¥0 2.6% 2.6. 25 Analysls of net assets between funds Unrestrlcted Restrlcted 2025 2026 Total Unrestrlcted Restrlcted 2026 2024 2024 Total 2024 Fund balances at 31 March 2025 are represented by.. Intangible fixed assets Tangible assets Investment properties Investments Current assetsllliabilities) 277.000 908,953 6,052,006 7,529,770 58,673 277,000 908,953 674,947 6,052,006 3,802,000 7.529,770 7,681,099 68,886 173,266 674,947 3,802.000 7,681,099 174,666 10,213 1,400 14.826,402 10,213 14,836,615 12,331.311 1,400 12,332,711 26 Events after the reportlng date One of the society's investment properties, valued at £1,000,000 by independent valuers OKT in March 2025, was sold after the year-end for consideration in the amount of £1,100,000. 32-
THE HONOURABLE THE IRISH SOCIETY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 11 MONTHS ENDED 31 MARCH 2025 27 Operatlng lease comm5tments Lessee At the reporting end date the Society had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2025 2024 thin one year 550 550 Lessor This refers to the monthly Licence to Occupy arrangement with the City of London Corporation in respect of the Society's office at Guildhall, London. 28 Related party transactlons Remuneratlon of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 89,369 124,533 The Society considers its key management personnel to comprise the Trustees and the Society's Secretary. No guarantees have been given or received. 29 Cash absorbed by operatlons 2026 2024 Surplus for the 11 months 1,990,334 267,183 Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investment properties Faif value gains and losses on investments Depreciation and impairment of tangible fixed assets 1239,401) (2,250,006) 189,329 4,354 {265,6141 {375,334) 20,445 Movements In working capltal: Decrease in debtors (Decreasellincrease in creditors 153,642 (85,384) 4,980 35,465 Cash absorbed by operatlons 1237,132) 1312,875) -33-
ids. chartered accountants Our Mlsslon Statement: 'To work In partnershlp for the economlc and soclal beneflt of Northern Ireland, For more Informatlon about how to Joln us In helplng communltles In Northern Ireland, contact us at: or vlslt our wgbslte at: