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REGISTERED COMPANY NUMBER: 07614886 (England and Wales)
REGISTERED CHARITY NUMBER: 327889
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FOR
THE IRELAND FUND OF GREAT BRITAIN
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THE IRELAND FUND OF GREAT BRITAIN
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 28
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THE IRELAND FUND OF GREAT BRITAIN
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their
report with the financial statements of the charity for the year ended 31 March 2025. The trustees have
adopted the provisions of 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 2019).
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THE IRELAND FUND OF GREAT BRITAIN
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
STRATEGIC REPORT
Financial review
The Ireland Funds Great Britain is pleased to report a record financial performance for the financial year to 31
March 2025.
Total income for the year was £2,123,534 (2024 £938,687), an increase of 125% on the 2024 financial year.
Income from donations and legacies amounted to £1,749,052.
Donations in the form of donor advised grants amounted to £1,629,331. Included in this figure were three
exceptional donor advised grants in the sum of £990,392 which may not be repeated in the current financial
year. Unrestricted income amounted to £119,721.
Grants in the sum of £1,695,870 were paid to fifty recipients. This compares to £492,440 paid to forty one
recipients the previous year.
The annual City Lunch and the Women in Business and Philanthropy Lunch are our two flagship events.
These raised a surplus of income over expenditure in the sum of £232,000 including pledges and donations.
Overheads for the year amounted to £226,022. These annual costs comprise salaries, premises and support
functions all of which were in line with the agreed budget.
A surplus of £58,645 was reported for the year which has been added to our reserves. Our reserves
increased to £495,962 as at 31 March 2025.
Reserves policy
The Trustees recognize their responsibility towards the preservation of the fund and in line with policy
maintain six months running costs separately. This is a prudent measure to cover any potential winding up
costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited
by guarantee, as defined by the Companies Act 2006.
The Ireland Fund of Great Britain is a registered charity, number 327889, and is a company limited by
guarantee which is governed by its articles of association.
The board of directors of IFGB (the "Trustees") have overall responsibility for the operations of the charity.
The Trustees hold regular meetings where they review the current strategy as progress is made. They also
discuss the wider issues of grant making and review the grant applications in line with our grant making
policy, the long-term relationship with many of the community groups that the charity supports on a_ regular
basis and the financial and investment performance of the IFGB.
The Trustees have reviewed the practices and procedures and considered the skills and expertise necessary
to continue to operate as an effective charity and are satisfied with the result. Two Trustees retired from the
Board and one new Trustees has been recruited. The Board is continuing to identify additional candidates,
and we expect to appoint further strong candidates as Trustees. New Trustees are appointed by the existing
Trustees without public advertising.
The Trustees have appointed a Grants Committee which is responsible for liaising with organisations which
the charity supports, or which are seeking our support. Grant applications are assessed, and
recommendations made for consideration by the board.
The Trustees have carried out a review of their strategic approach to the running of the charity and have
agreed on its priorities for the furtherance of the charity's objects.
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THE IRELAND FUND OF GREAT BRITAIN
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Key management remuneration
The remuneration of key management personnel is set by the Board of Trustees in line with the charity's
remuneration policy. Salaries are benchmarked against comparable roles within the sector to ensure they
remain fair, competitive, and proportionate to the responsibilities undertaken. Any changes to pay or benefits
for key management personnel are reviewed and approved by the trustees, who take into account
performance, market conditions, and the charity’s financial position.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07614886 (England and Wales)
Registered Charity number
327889
Registered office
The Green House
244-254 Cambridge Heath Road
London
E2 9DA
Trustees
B Walsh (Chair)
E Bastible
E P Bohill Retired January 2025
S R Conneely
S Doyle Joined August 2025
J Feeney Retired January 2025
E Finnan
R Godson
G Hayes
CT Hillery
P J Moore Joined Febraury 2025
R Naughton
S A O'Brien
D M Tiernan
Z P Webb
S V Whelan
Auditors
MC Audit Limited
Statutory Auditors
Lake House
2 Port Way
Port Solent
Portsmouth
Hampshire
PO6 4TY
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THE IRELAND FUND OF GREAT BRITAIN
;
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
Report of the nepes incorporating a strategic report, approved by order of the board of trustees, as the company WA(dnd.Al, Prod... ANd Signed on the board's behalf by: Snel ee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE IRELAND FUND OF GREAT BRITAIN
Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
iz o Undeiweek
Paul Underwood (Senior Statutory Auditor) for and on behalf of MC Audit Limited Statutory Auditors Lake House 2 Port Way Port Solent Portsmouth Hampshire PO6 4TY Date: . besees
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? ? ? ?
1,629,331 1,749,052
5
374,277
5
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5
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5
5
365,821 365,821 161,378
5 5
12,500 12,500
1,629,331 2,064,889 777,955
5
58,645 161,732
5 5
(2,102)
(2,102) 58,645 161,732
71,992 464,491 275,585
5 5
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THE IRELAND FUND OF GREAT BRITAIN
BALANCE SHEET 31 MARCH 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| FIXED ASSETS | Notes | £ | asrestated £ |
||||
| Tangibleassets | 14 | 1,917 | 2,758 | ||||
| CURRENTASSETS | : | ||||||
| ~ | Debtors Cashatbank |
15 | 12,302 566,591 |
123,164 454,997 |
|||
| 578,893 | 578,161 | ||||||
| CREDITORS | |||||||
| Amountsfallingduewithinoneyear | 16 | (84,848) | (143,602) | ||||
| NETCURRENTASSETS | 494,045 | 434,559 | |||||
| TOTALASSETSLESSCURRENTLIABILITIES | 495,962 | 437,317 | |||||
| NETASSETS | 495,962 | 437,317 | |||||
| FUNDS | 18 | ||||||
| Unrestrictedfunds Restrictedfunds |
426,072 69,890 |
365,325 71,992 |
|||||
| TOTALFUNDS | : | “aa | = 495,962 |
__s== 437,317 |
ThewdDLAZLLivwerAQPStatementscorreo. andwere Were signedapproved on its behalfby the by: Board of Trustees and authorised for issue on
The notes form part of these financial statements
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%B
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THE IRELAND FUND OF GREAT BRITAIN
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Tangible fixed assets are recognized as assets in the balance sheet when it is probable that future
economic benefits will flow to the charity and the cost of the asset can be measured reliably.
Individual fixed assets costing £500 or more are capitalised at cost.
Assets are initially measured at cost, which includes the purchase price and any directly attributable
costs necessary to bring the asset into working condition. After initial recognition, assets are carried at
cost less accumulated depreciation and any accumulated impairment losses.
The carrying value of tangible fixed assets is reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. If the carrying amount
exceeds the recoverable amount, the asset is written down immediately to its recoverable amount, and
the loss is recognized in the statement of financial activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted
purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at
the operating result.
Leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a _ straight
line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the
charitable company's pension scheme are charged to the Statement of Financial Activities in the
period to which they relate.
Financial instruments
The charity only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks
and other third parties and loans to related parties and investments in non-puttable ordinary shares.
Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other
short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are
shown within borrowings or current liabilities.
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$B
)B
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)B
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? ? 262,780 70,827 158,833 5
?
5
?
5
5
5 5 5 5 5
5
5 5 5
5
5
5 5 5
5
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5 5 5 5 5
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5
5
5,000
5
2,000
5
38,088
5
5,000
5
10,000
5
7,107
5
750
5
42,436
1,695,870 492,440
Governance
Management costs Totals
? ? ?
106,490 6,519 113,009
106,493 6,520 113,013
212,983 13,039 226,022
2025 2024
as
restated
Other
and trading Total Total
activities activities activities
? ? ? ?
69,212 138,423 138,040
5,796 5,796 11,592 10,059
12,329 24,658 5,078
3,901 3,902 7,803 9,139
5 5 5 248
5 5 5
438
499 499 998 3,897
1,565 1,565 3,130 2,826
2,734 2,735 5,469 697
5
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5 5 5
&B
? ? ? ? 106,073 212,142 182,947 5 5 5 373 421 420 841 674 106,493 212,983 183,994 2025 2024 as restated Other and trading Total Total activities activities activities ? ? ? ? 5 3,600 3,600 7,200 900 900 1,800 2,420 2,019 2,020 4,039 4,791 6,519 6,520 13,039 7,211 2025 2024 as restated ? ? 5 7,200 5 1,800 5 2,420 841 673 7,803 9,139 5
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2,845
5
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? ? 5,958 9,000 5
? ? 43,550 53,200 (43,550) (53,200) 5 43,550 5 43,550 2025 2024 as restated Restricted Total Total funds funds funds ? ? ? ? 5 1,917 1,917 2,758 69,890 578,893 578,161 5
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? ? ? ? ?
(27,174) 48,045 2,102 394,463
5 5
10,600 31,609
(27,174) 58,645 2,102 426,072
5 5
(4,087) 36,815
5 5
(5,018) 16,572
5 5
9,500 7,003 16,503
5 5
(2,102) 69,890
5
(27,174) 58,645 495,962
the above are as follows:
Incoming Resources Movement
resources expended in funds
? ? ?
430,603 (382,558) 48,045
63,600 (53,000) 10,600
494,203 (435,558) 58,645
5
358,467 (358,467)
5
365,821 (365,821)
5
892,543 (892,543)
5
12,500 (12,500)
5
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122,145 (39,750)
5
(18,741) 39,750
5
103,404
5
29,813
5
2,575 19,015
5 5
9,500
5
58,328
5
161,732
above are as follows:
Incoming Resources
resources expended
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THE IRELAND FUND OF GREAT BRITAIN
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
18. MOVEMENT IN FUNDS - continued
Transfers between funds
Transfers made have been recorded in order to bring the restricted fund balances in line with the grant
obligations creditor.
19. RELATED PARTY DISCLOSURES
During the year donations were received from trustees amounting to £47,885 (2024: £41,040) of which
£33,154 related to donor advised grants.
20. ULTIMATE CONTROLLING PARTY
The charitable company is not under the control of another entity or any one individual.
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