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
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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 bet￿een 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
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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
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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 be￿een 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
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chartered accountants
TRUSTEES. REPORT (CONTINUED)
FOR THE 11 MONTHS ENDED 31 MARCH 2025
Envi￿nment
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
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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
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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. cOn￿SsiOnary
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 be￿een 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 be￿een 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 fO￿ard 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
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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 acC￿danCe 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 be￿een 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, Se￿iCe
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 be￿een 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 incUr￿d.
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 be￿een 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 bet￿een 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 be￿een
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: