THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Legal and Administralive Information Trustees, Report 24 Independent auditors, report Statement of financial activities Statement of financial position Notes to the financial statements 10-12
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 LEGAL AND ADMINISTRATIVE INFORMATION Trustees Brian Speers Mark Borland Darren Toombs Colin Mitchell Operational address Law Society House 96 ViGtoria Street Belfast BTI 3GN Independent auditors HM Chartered Accountants 6th Floor, East Tower Lanyon Plaza 8 Lanyon Place Belfast BT1 3LP Bankers Danske Bank Donegall Square West Belfast BTI 6JS First Trust Bank 35 University Road Belfast BT71NH Reglstored with the charity commlsslon for Northern Ireland NIC101277
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT The Trustees present their report and audiled financial statements for the Law Society of Northern Ireland Trust for the year ended 31 December 2024. The Trustees confirm that the report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's goveming document and the provisions of the Statement of Recommended Practice {SORP), applicable lo charities preparing their financial statements in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 as well as the Charities Act (Northern Ireland) 2008. Results and financlal revlew The trustees are pleased lo present the results for the year ended 31 December 2024. Incoming resources for the year were £8,441 12023.. £6.880} and after expenditure of £300 (2023.. £3001 there were net incoming re50ufGes for the year of £8,141 {2023-. (£6,580). At the year-end unrestricted funds sland at £196,32512023: £188,184). Structurei govemance and management The Charity is a charity established under a Deed of Trust dated 25 March 1992 which establishes the objects of the Charity and the powers of the Trustees. Appointment of Trustees The Trustees shall be the present office-bearers of the Law Society of Northern Ireland, in the case of each of them for so long as they hold office as President, Senior Vice-President, Junior Vice-President and Honorary Treasurer. The trustees who served during the year were.. Brian Speers Brian Archer Mark Borland Darren Toombs Colin Mitchell The Trustèe5 at lh8 date this report was approved. are listed on page 1. The Trustees musl offer their resignation after ceasing to be an office bearer in the Society. During the year to 31 December 2024, there were no more than four serving Trustees at any given lime. Purpose, objectlves and actlvltles The objectivé of the Trust is to make provision for any or all of the following.. The continuation and furtherance of legal education and the acquisition of legal knowledge., The Institute of Professional Legal Studies at the Queen's University of Belfast and any similar institution or body which is for the lime being established for charitable purposes., Scholarships, exhibitions, bursaries. prizes or grants to be awarded, given or made for thg fvrtherance of legal education or of research into the laws of Northern Ireland and of other jurisdictions., The discharge of charitable obligations (if any) imposed upon the Society by statute or otherwise.
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES. REPORT {CONTINUED) Achievementsi performance and future developments In the year no grant (2023 £nil) was made to the Law Society of Northern Ireland. The Trustees are considering the future of the charity in order to effectively fulfil its charitable objectives. Public beneflt The Charity Commission for Northern Ireland has published guidance to charity Trustees and provided guidance on the principles of public benefit to the advancement of education. The Trustees have considered the relevant guidance and are satisfied that all the charity's charitable activities fall within its objectives and result in considerable benefit to the public, as demonstrated in the section of this report dealing with achievements and performance. Reserves policy The Trustees aim to maintain the free reserves in unrestricted funds at a level which will allow them to consider grant applications from the Society for educational purposes. The Trustees are currently maintsining a minimum cover equivalent to two thirds of the annual grant application. The Trustees consider that this is an adequate level of cover. Funds held as Custodian Trustee on behalf of others The charity does not hold any funds as custodian for any other Trustee body. Statement of Trustees. responsibilities The Trustees are responsible for ensuring the financial statements are properly prepared in all material respects that gives the Trust's position at the end of the financial year and of the incoming resources and application of resources of the Trust for the financial year. In preparing the financial statements. the Trustees are required to: select suitable accounting policies and apply them consistently., observe the methods and principles in Ihe Charities SORP,. make judgements and accounting estimates that are reasonable and prudent;
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES. REPORT {CONTINUED) state whether the applicable accounting standards have been followed, subject to any matgrial departure disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis. unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of Disclosure of Information to Auditors So far as each of the Trustees in office at the date of approval of these financial statements is aware: there is no relevant audit information of which the charity's auditors are unaware- and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Reference and administrative details Administrative details are included on page 1. Independent auditors The auditors. Harbinson Mulholland, have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the Annual General Meeting. Trustees, report was approved and authorised for issue by the Trustees and signed on their behalf by: Colin Mitchell Trustee Date: 15 October 2025
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF LAW SOCIETY OF NORTHERN IRELAND TRUST Report on the audlt of the financlal statements Opinion In our opinion, Law Society of Northern Ireland Trust's financial statements (the'financial statements").. give a true and fair view of the state of the Trust's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards. comprising FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicablé law)., and have been prepared in accordance with the requirements of the Charities Act {Northern Ireland} 2008 and The Charities (Accounts and Reports) Regulation5 (Northern Ireland) 2015. We have audited the financial statements, which comprise.. the statement of financial position as at 31 December 2024. the statement of financial activities for the year then ended- the accounting policies,. and the notes to the financial statements, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) ("ISAs (UKI") and applicable law. Our responsibilities under ISAS (UK) are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained IS sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Trust in accordance with the elhical requirements that are relevant to our audit of the financial statements in the UK, whiGh includes the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. Concluslons relating to golng concern 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 Trust's ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Trust's ability to Continue as a going concern. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Reporting on other information The other infomiation Comprises all of the infomiation in the Financial Statements other than the financial statements and our auditors, report thereon. The trustees are responsible forthe other infomation. Ouropinion on the financial statements does not cover the other information and, accordingly. we do not express an audit opinion or any fomi of assurance thereon. In connection with our audit of the financial statements, our responsibility 15 to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit. orotherwise appears to be materially misstated. If we identify an apparent
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITORS, REPORT (CONTINUED) Reporting on other information (continued) material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misststement ofthe other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Based on our work undertaken in the Course of the audit, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 requires us also to report certain opinions and matters as described below. Trustees. Report Under the Charities (Accounts and Reports) Regulations (Northem Ireland) 2015 we are required to report to you if. in our opinion the information contained in the financial statements is inconsistent in any material respect with the Trustees. Annual Report. We have no exceptions to report arising from this responsibility. Responsibilities for the financial statements and the audit Responsibilities of the Trustees for the financial statements As explained more fully in the Statement of Trustee's responsibilities, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they 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 Trusl's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Trust or to cease operations. or have no realistic alternative but to do so. Auditors, responsibllities for the audit of the financial statements We are eligible to act and have been appointed as auditors under section 65{2)' of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance 15 a high level of assurance. but 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 users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to deted material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed below. Based on our understanding of the Trusuindustry, we identified that the principal risks of non-compliance with laws and regulations related to solicitors orders. data protection and employment, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act (Northem Ireland) 2008 and The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statement5 (including the risk of override of controls) by the trustees and those responsible for, or involved in. the preparation of the financial statements, and determined that the principal risks were related to posting of inappropriate joumal entries to manipulate profit and inappropriate recognition of revenue. Audit procedures performed included:
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITORS, REPORT (CONTINUED) Audltors, responslblllties for the audit of the flnancial statements (continued) Discussions with management including the consideration of known or suspected instances of non- compliance wilh laws and regulation and fraud- Identifying and testing unusual journal entries. in particularjournal entries posted with an unusual account combination. and performing unpredictable procedures There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial stalements is located on the FRC'S website at.. www.frc.or .ukJauditorsres onsibilities. This description forms part of our auditors, report. Use of this report This report, including the opinions, has been prepared for and only for the Trust's trustees as a body in aGcordance with section 65 of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act (Part 4 of the Charities (Accounts and Reports) Regulations (Norihern Ireland) 2015) and for no other purpose. We do not. in giving these opinions. accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 exception reporting Under the Charities (Accounts and Reports) Regulations (Northem Ireland) 2015 we are required to report to you if, in our opinion: sufficient accounting records have not been kept., 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. We have no exceptions to report arising from this responsibility. HMC artered Accountants 6th Floor, East Tower Lanyon Plaza 8 Lanyon Place Belfast BT13LP 2DzI
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 Incoming resources Voluntary income Investment income 8.441 8,441 6,880 6,880 Total incoming resources Outgoing resources Charitable activities Governance costs (300) (300) 8,141 (300) (300) 6.580 Total resources expended Net Incoming resources for the year Reconciliation of funds Total funds brought forward Total funds carried forward 188.184 196.325 181,604 188,184
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Note Current assets Cash at bank and in hand Creditors: amounts falling due within one year Net assets 202,625 194,184 (6,000) 188,184 (6,300) 196.325 The funds of the charity Unrestricted funds 196,325 188,184 The financial statements were approved by the trustees on 15 October 2025 Colin Mitchell Trustee
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS Basis of preparatlon The financial ststements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing theirfinancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015} - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act (Northern Ireland) 2008(13). Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s). Accounting policies The financial statements have been prepared under the historical cost convention and the Charilies SORP FRS 102. The principle accounting policies, which have been applied consistently, are set out below. Fund accounting Funds held by the charity are either: Unrestricted general funds- these are funds which can be used in accordance with the charitable objecls at the discretion of the trustees. Designated funds- these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds - these are funds that can only be used for particular restricted purposes within the object of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes. Incoming resources Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the in¢ome is to be expended in a future period.. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. Income reiVed from activities for generating funds are included when collected. Investment income is included when receivable. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Resources expended Resources expended are included in the SOFA on an accrual's basis. inclusive of any VAT which cannot be recovered. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them. Govemance costs include those costs associated with meeting the Constitutional and statutory requirements of the charity and include the audit fees and cost linked to the strategic management ofthe charity. Taxation No provision is required for taxation as the company is defined as a charity for taxation purposes. Audit fees Audit fees for this entity are paid by The Law Society of Northern Ireland. 10
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Critical accounting Judgements and estimation uncertainty Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Crltl¢al judgements in applying the entity's accounting policies There are no critical judgements in applying the company's accounting policies. Critical accounting estimates and assumptions There are no critical accounting estimates and assumptions. Voluntary income 2024 2023 Contribution from the Law Society of Northern Ireland Investment income 2024 2023 Interest received 8,441 6.880 Charitable activities 2024 2023 Grant aid to the Law Society of Northern Ireland Govemance costs 2024 2023 Auditors, remuneration 300 300 Creditors: amounts falllng due within one year 2024 2023 Amounts owed to related party (note 10) Accruals and deferred income 6,000 300 5,700 300 6,000 6,300 11
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Unrestrl¢ted funds 2024 2023 At 1 January Net incoming resources for the year At 31 December 188,184 181,604 6.580 188,184 8,141 196,325 10 Related party transactions The Law Society of Northern Ireland Trust is wholly controlled by The Law Society of Northem Ireland. The Society makes an annual contribution to the The Law Society of Northern Ireland Trust and receives grant aid from the Trust. Transactions and the balance with the related party are as follows- The Law Society of Northern Ireland ("the Society") Amounl of transaction 2024 2023 Nature of transaction Recharge of expenses relating to governance costs (300) (300) Amount owed to related party 2024 2023 Balance due to the Society- included in creditors (note 8) 11 Ultimate controlling party The Board of Trustees is considered to be the Charities ultimate controlling party. 12