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← Centre for Cross Border Studies

2025-07-31-annual-report

Centre For Cross - Border Studies trading as Centre For Cross Border Cooperation (A company limited by guarantee)

Annual report for the year ended 31 July 2025

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Annual report for the year ended 31 July 2025

Pages
Reference and administrative details of the charitable company 2
Trustees’ report 3 – 7
Statement of Trustees’ responsibilities in respect of the Trustees’ report and
the financial statements 8
Independent auditor’s report to the members of Centre for Cross-Border Studies 9 - 12
Statement of financial activities (including income and expenditure account) 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 29

1

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Reference and administrative details of the charitable company

Members

The Queen’s University of Belfast Dublin City University

Trustees

Mr Peter Osborne Dr Maurice Manning Mr Philip McDonagh Mr Earl Storey Dr Walt Kilroy Ms Emer O’Gorman Professor John Doyle Sir David Sterling Professor John Garry Ms Elodie Fabre Ms Olwen Dawe Ms Eileen Weir Ms Laura Mahoney Dr Ryan Feeney Professor Markus Pauli Mr John Quinlivan Professor Aoife O’Donoghue

Chairperson Resigned 31[st] August 2025 Resigned 31[st] August 2025 Resigned 14[th] January 2025 Resigned 14[th] January 2025 Resigned 14[th] January 2025 Resigned 2[nd] September 2024

Commenced 1[st] January 2025 Commenced 14[th] January 2025 Commenced 2[nd] September 2024 Commenced 1[st] January 2025 Commenced 20[th] January 2025 Commenced 11[th] November 2025

Company Secretary Ms Emma Anderson

Registered office / Principal office

Centre for Cross-Border Studies Limited 39 Abbey Street Armagh BT61 7EB

Bankers

Ulster Bank Limited University Road Belfast

Bank of Ireland 11 Upper English Street Armagh

Solicitors

Carson McDowell Murray House 4 Murray Street Belfast BT1 6DN

Independent auditor

KPMG The Soloist Building 1 Lanyon Place Belfast BT1 3LP

Charity Commission NI number NIC 102197 Company registration number NI036854

2

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Trustees’ report for the year ended 31 July 2025

The Trustees present their report and the audited financial statements for the year ended 31 July 2025.

The information with respect to the Trustees set out on page 2 forms part of this report. The financial statements comply with Charities Act (Northern Ireland) 2008, as amended by the Charities Act (Northern Ireland) 2013, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

The Centre for Cross-Border Studies (“CCBS” or “the charitable company”, trading as Centre for Cross Border Cooperation) is a company limited by guarantee and as such is governed by its Memorandum and Articles of Association. The charitable company prepares and files annual accounts with Companies House.

The company has charitable tax status (reference number: XR31047). The charitable company registered with the Charity Commission for Northern Ireland in September 2015 and its Charity number is NIC 102197. The Governing Body of the charitable company is its Board of Trustees, who are responsible for the strategic direction of the Centre and meet four times a year. The day-to-day operational control is delegated to an employee, carrying the title Director, who is also in attendance at all meetings of the Board. The charitable company operates in an environment which promotes equality, tolerance and mutual respect.

Members

The members of the charitable company during the year, as set out in the revised Articles of Association are as follows:

The Queen’s University of Belfast; Dublin City University

In line with the Articles of Association the Trustees are as follows:

Trustees
Mr Peter Osborne Chairperson
Dr Maurice Manning Resigned 31stAugust 2025
Mr Philip McDonagh Resigned 31 August 2025
Mr Earl Storey Resigned 14thJanuary 2025
Dr Walt Kilroy
Ms Emer O’Gorman Resigned 14thJanuary 2025
Professor John Doyle Resigned 14thJanuary 2025
Sir David Sterling
Professor John Garry Resigned 2ndSeptember 2024
Ms Elodie Fabre
Ms Olwen Dawe
Ms Eileen Weir Commenced 1stJanuary 2025
Ms Laura Mahoney Commenced 14thJanuary 2025
Dr Ryan Feeney Commenced 2ndSeptember 2024
Professor Markus Pauli Commenced 1stJanuary 2025
Mr John Quinlivan Commenced 20thJanuary 2025
Professor Aoife O’Donoghue Commenced 11thNovember 2025

Of the Trustees, four are nominated by both Queen’s University Belfast and Dublin City University. In addition, up to four additional Trustees can be co-opted by the Board.

The respective members were involved in drafting the Articles of Association and have nominated their institutional representatives to the Board on this basis.

The current Board Members were fully briefed on the Centre for Cross-Border Studies mission and activities and were advised of their legal responsibilities as outlined in the Articles of Association.

3

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Trustees’ report for the year ended 31 July 2025 (continued)

Structure, governance and management (continued)

Trustees (continued)

The Centre for Cross-Border Studies has an induction programme for new Board Members, as part of which they receive a copy of the Board Members Handbook and are advised of their legal responsibility and requirements in regard to the code of conduct and conflict of interest. A skills audit is maintained and reviewed. The skills audit is used to inform the recruitment of new Board Members.

The related parties are set out in note 18. These include the members and other organisations where the trustees have declared an interest.

As the governing body of the charitable company, the Board has the responsibility for maintaining a sound system of internal control that supports the achievement of the charitable company’s policies, aims and objectives, whilst safeguarding sponsors’ funds and assets for which they are responsible. The system of internal control is designed to manage rather than eliminate risk, and to that extent it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. The accounting services for the charitable company are provided by Queen’s University Belfast and a review of the effectiveness of internal control is undertaken by the University’s Internal Auditors as part of their rolling audit plan. This involves the provision of an independent opinion on the adequacy and effectiveness of the system of internal control, with recommendations for improvement. The Board is satisfied that there is an ongoing process for identifying, evaluating and managing the charitable company’s significant risks.

Trustees do not receive remuneration for their role within the charitable company.

Risk management

The Trustees have overall responsibility for ensuring that the charitable company has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:

The primary risks associated with the Centre are in respect of financial sustainability. The Centre has well established and comprehensive controls in place to manage these risks including; comprehensive financial reporting and forecasting processes; a well-established team with considerable expertise and knowledge; and an established strategic planning process.

Objectives and activities/public benefit

The Mission of the Centre for Cross-Border Studies is to empower citizens and build capacity and capability for cooperation across sectors and jurisdictional boundaries on the island of Ireland and further afield. This mission is achieved through research, expertise, partnership and experience in a wide range of cross-border practices and concerns.

The public benefit of the Centre is in the advancement of practical cooperation and mutual understanding between Northern Ireland and Republic of Ireland as part of the movement towards peace and reconciliation on the island.

The Centre for Cross-Border Studies researches and develops co-operation across the Irish border in a wide range of practical areas, notably education, health, the economy, ICT and citizens’ information, and works with similar cross-border regional research bodies in other parts of Europe.

4

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Trustees’ report for the year ended 31 July 2025 (continued)

Objectives and activities/public benefit (continued)

The Centre has a specific and unique role in contributing to the increased social, economic and territorial cohesion of the island of Ireland through:

The Centre has developed a comprehensive strategy covering a range of activities designed to achieve its mission, specifically, the main activities of the Centre in the reporting period have included:

Achievements and performance

The statement of financial activities for the charitable company is set out on page 13.

The Trustees regularly review performance against a number of key criteria to ensure it continues to achieve its key aims and objectives. These measures include addressing information gaps and promoting and improving cross border cooperation.

Key achievements during the twelve months covered by this financial report include:

5

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Trustees’ report for the year ended 31 July 2025 (continued)

Achievements and performance (continued)

Financial review

During the year an amount of £523,961 (2024: £393,294) was received in grants, together with other income totalling £301,543 (2024: £324,133). After expenditure of £761,760 (2024: £671,081), the net income for the year amounted to £63,744 (2024: £46,346). Funds of £1,058,246 (2024: £994,502) were carried forward at 31 July 2025, of which £497,277 (2024: £461,217) related to restricted funds, i.e. funds which have been awarded by sponsors for a specific purpose and cannot be utilised for any other general purpose.

The Centre’s main funders during the period include government departments which support core activities including those listed in the achievements and performance section above. In addition the Centre receives membership funds from the members of Universities Ireland and SCoTENS.

Reserves policy

The charitable company’s policy is to retain a level of free reserves which matches the needs of the organisation both at the current time and in the foreseeable future. Its reserves policy is that necessary funds are retained for statutory liabilities and the remainder are to be expended within a rolling 36 months, which the Trustees consider appropriate to the charitable company’s circumstances and the timing of funding and expenditure. The charitable company has free reserves of £560,969 (2024: £533,285) relating to grants received for core funds, funding for the provision of administrative and training services and other sundry income. The charitable company’s reserves policy is reviewed annually. Free reserves are total funds, excluding restricted funds. The Trustees are satisfied with the year-end financial position and with the prospects for 2025-26. The main sources of funding are government grants and funding in respect of the provision of secretariat services.

Plans for future years

A key priority for the Centre will be to develop its Strategic Plan for the period 2026-2029, which will set out the thematic areas for the organisation’s future work. Two likely areas to be included will be cross-border labour mobility and building the capacity of civil society for cross-border collaboration. Additionally, at the end of 2023/24 the Centre was informed of the success of its application to PEACEPLUS, a programme managed by the Special EU Programmes Body (SEUPB), in support of its S2@25 project. This will see the Centre working in partnership with the Atlantic Technological University, and in collaboration with the implementation bodies under Strand 2 of the Good Friday/Belfast Agreement, in order to undertake research into the collective impacts of the Strand 2 bodies, develop a joint strategy and a training programme.

In the short-term (2025-2026), complementing the Centre’s strategic priorities as set out in the current and the Strategic Plan for 2026-2029, its activities will not only fulfil the commitments made to the Department of Further and Higher Education, Research, Innovation and Science as providers of core funding, but also those relating to the Centre’s Strategic Partnership with the Department of Foreign Affairs’ Reconciliation Fund which was extended into a fourth year, ending in April 2025. Under the Strategic Partnership, the activities to be undertaken fall under two overarching components: research to assess the ongoing status of conditions for cooperation and cross-border mobility; and outreach to build and maintain confidence for cooperation and cross-border mobility. Among the specific activities to be undertaken by the Centre in 2025-26 are the undertaking of quarterly surveys on the conditions for North-South and East-West cooperation, research on cross-border mobility, the continued convening of the Ad-Hoc Group for North-South and East-West Cooperation, and the continued promotion of the New Common Charter for Cooperation Within and Across these Islands.

6

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Trustees’ report for the year ended 31 July 2025 (continued) Plans for future years (continued)

The Strategic Partnership with the Reconciliation Fund finished at the end of April 2025, therefore one of the Centre’s essential priorities will be to identify alternative sources of funding for its activities.

Going forward into 2025-2026, the CCBS Board will continue to support the organisation and its staff in efforts to ensure the Centre maintains its profile and reputation for high-quality research as it operates in a post-Brexit and post-restructuring environment. This will include maintaining the Border People project’s importance within the Centre’s core activities, and ensuring CCBS continues to provide the highest standards of service to SCoTENS and Universities Ireland.

The financial sustainability of CCBS will continue to be a strategic goal and priority. In particular, efforts will be made to identify both project and core funding sources and to secure new funding streams.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving the Trustees’ Annual Report:

Political donations

No donations for political purposes were made during the current and preceding year.

Trustees’ indemnities

As permitted by the Articles of Association, the Trustees have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force.

Small companies’ exemption

In preparing the Trustees’ Report, the trustees have taken the small companies exemption under section 414(B) of the Companies Act 2006 (Strategic Report and Trustees’ Report) Regulations 2013, not to prepare a Strategic Report for presentation with these financial statements. The report has been prepared in accordance with the special provisions relating to small companies with part 15 of the Companies Act 2006.

Independent auditors

Pursuant to Section 487 of the Companies Act 2006, the auditors will be deemed to be reappointed and KPMG will therefore continue in office.

By order of the Board

Ms Emma Anderson Company Secretary Date: 14[th] April 2026

7

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Statement of Trustees’ responsibilities in respect of the Trustees’ report and the financial statements

The trustees are responsible for preparing the trustee’s report and the financial statements, in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as applied in accordance with the provisions of Companies Act 2006.

Under Company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources including its income and expenditure of the Charitable Company for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable it to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charitable Company and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the financial information included on the Charitable Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Board

Ms Emma Anderson Company Secretary Date: 14[th] April 2026

Centre for Cross-Border Studies Limited 39 Abbey Street Armagh BT61 7EB

8

Independent Auditor’s Report to the Members of Centre for Cross-Border Studies

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Centre for Cross-Border Studies (‘the Charitable Company’) for the year ended 31 July 2025 set out on pages 13 to 29, which comprise the statement of financial activities (including income and expenditure account), the balance sheet, the statement of cash flows and related notes, including the summary of significant accounting policies set out in note 1.

The financial reporting framework that has been applied in their preparation is UK Law and UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

In our opinion:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (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 is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

The Trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the Charitable Company or to cease its operations, and as they have concluded that the Charitable Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the Trustees' conclusions, we considered the inherent risks to the Charitable Company’s business model and analysed how those risks might affect the Charitable Company’s financial resources or ability to continue operations over the going concern period.

9

Independent Auditor’s Report to the Members of Centre for Cross-Border Studies (continued)

Report on the audit of the financial statements (continued)

Conclusions relating to going concern (continued)

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.

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 Charitable Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Charitable Company will continue in operation.

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the Trustees. In addition, our risk assessment procedures included: inquiring with the Trustees as to the Charitable Company’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the Trustees have knowledge of any actual or suspected non-compliance with laws or regulations or alleged fraud; inspecting the Charitable Company’s regulatory and legal correspondence; and reading Board minutes.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.

The Charitable Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.

The Charitable Company is not subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the Trustees and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance. We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls. On this audit, we do not believe there is a fraud risk related to revenue recognition. We did not identify any additional fraud risks.

In response to the risk(s) of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.

10

Independent Auditor’s Report to the Members of Centre for Cross-Border Studies (continued)

Report on the audit of the financial statements (continued)

Detecting irregularities including fraud (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The Trustees are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the Trustees’ report. The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Opinions on other matters prescribed by the Companies Act 2006

Based solely on our work on the other information undertaken during the course of the audit:

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

11

Independent Auditor’s Report to the Members of Centre for Cross-Border Studies (continued)

Respective responsibilities and restrictions on use

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; 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; assessing the Charitable Company’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 they either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an opinion in an auditor’s report. Reasonable assurance is 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, other irregularities 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.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

Our 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 auditor’s 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.

17 April 2026

Dominic Mudge (Senior Statutory Auditor) for and on behalf of KPMG, Statutory Auditor Chartered Accountants The Soloist Building 1 Lanyon Place Belfast BT1 3LP

12

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Statement of financial activities (including income & expenditure account) for the year ended 31 July 2025

Unrestricted
Funds
Restricted
Funds
Total
Funds
2025
Note
£
£
£
Total
Funds
2024
£
Income:
Other trading activities
3
-
523,961
523,961
Income from charitable activities
4
301,543
-
301,543		 393,294
324,133
Total income
301,543
523,961
825,504		 717,427
Expenditure:
Charitable activities
5
(260,275)
(487,901)
(748,176)
Expenditure on raising funds
6
(13,584)
-
(13,584)		 (663,581)
(7,500)
Total expenditure
(273,859)
(487,901)
(761,760)		 (671,081)
Net income for the year
27,684
36,060
63,744		 46,346
Reconciliation of funds
Total funds brought forward at 1 August
16
533,285
461,217
994,502
Net income for the year
27,684
36,060
63,744
Transfer between funds
-
-
-		 948,156
46,346
-
Total funds carried forward at 31 July
16
560,969
497,277
1,058,246		 994,502

All amounts above relate to continuing operations of the charitable company.

The statement of financial activities includes all gains and losses recognised in the year.

Notes on pages 16 to 29 form part of these financial statements.

13

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Balance sheet as at 31 July 2025

2025 2024
Note £ £
Current assets
Debtors 11 1,187,362 1,129,507
Cash at bank and in hand 14 15,012 49,662
Total current assets 1,202,374 1,179,169
Creditors: amounts falling due within one year 12 (144,128) (184,667)
Net assets 1,058,246 994,502
The funds of the charity
Unrestricted income funds 16 560,969 533,285
Restricted income funds 16 497,277 461,217
Total charity funds 1,058,246 994,502

The financial statements on pages 13 to 29 were approved by the Board of Trustees on 14th April 2026 and signed on its behalf by:

Mr Peter Osborne

Trustee

Notes on pages 16 to 29 form part of these financial statements.

Centre for Cross-Border Studies

Registered number: NI036854

14

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Statement of cash flows for the year ended 31 July 2025

2025 2024
Notes £ £
Cash flows from operating activities:
Net cash (used in)/ provided by operating activities 13 (34,650) 2,255
Cash flows from investing activities - -
Cash flows from financing activities - -
(Decrease)/ Increase in cash and cash equivalents in the
reporting period (34,650) 2,255
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
year 49,662 47,407
Cash and cash equivalents at the end of the reporting year 14 15,012 49,662

15

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025

1 Accounting policies

Centre for Cross-Border Studies (“CCBS” or “the charitable company”) is a company limited by guarantee, domiciled and registered in the UK. The registered number is NI036854 and the registered address is 39 Abbey Street, Armagh, BT61 7EB.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, as amended by the Charities Act (Northern Ireland) 2015, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Companies Act 2006. The presentation currency of these financial statements is sterling.

Centre for Cross-Border Studies meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company’s financial statements.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed and revised on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Management have assessed that there are no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognised in the financial statements.

The charitable company has availed itself of the exemptions available under the Companies Act 2006 and has adapted the Companies Act formats to reflect the special nature of the charitable company’s activities.

Going Concern

The Trustees have a reasonable expectation that the Centre for Cross-Border Studies has adequate resources to continue in operational existence for the foreseeable future. The Centre continues to hold positive cash reserves along with positive net assets and net current assets, with additional award of new grant funding during the year. For this reason it continues to adopt the going concern basis in preparing the financial statements.

Income

Income is recognised when the charitable company has entitlement to the funds and it is probable that the income will be received and the amount reliably measured.

The specific bases used are as follows:-

Donations and grants

Income from donations or grants is recognised when there is evidence of entitlement, receipt is probable and its amount can be measured reliably.

Other Income

Other income is accounted for on the accruals basis.

Deferred Income

Income received in advance is deferred and held as a liability on the balance sheet until earned.

16

Centre for Cross – Border Studies

Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

1 Accounting policies (continued)

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.

Expenditure on raising funds

This includes the salaries, direct expenditure and overhead costs of staff who promote fund raising, including events and mailings.

Charitable activities

Charitable expenditure comprises those costs incurred by the charitable company 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 necessary to supply them. Support costs are allocated to their relevant activity based on the income received.

Governance costs

Governance costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements. An analysis of governance costs is included at note 7.

Provisions for liabilities and charges

Provisions are recognised in the financial statements when:

Basic financial instruments

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financial transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment excluding stocks, investment properties and deferred tax assets

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the charitable company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

17

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

1 Accounting policies (continued)

Fund accounting

The charitable company has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows:

Unrestricted income funds

Unrestricted income funds represent funds which are expendable at the discretion of the charitable company in furtherance of the purposes of the charitable company. In addition to expenditure on activities such funds may be held in order to finance capital investment and working capital. Unrestricted funds relate to grants received for core funds, funding for the provision of administrative and training services and sundry other income.

Restricted income funds

Restricted income funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The aim of restricted funds is set out in the notes to the financial statements.

Foreign currency

Transactions in foreign currencies are translated to the charitable company’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the profit and loss.

Cash at bank and in hand

Cash at bank and in hand includes cash on hand, demand deposits and other short term highly liquid investments regardless of maturity.

2 Taxation

The company has charitable tax status (Reference Number XR31047), and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charitable company’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

3 Other trading activities

Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Research contracts - Department of Foreign Affairs:
Reconciliation Fund - 96,714 96,714 85,878
Other contracts – the National Lottery Community
Fund: Dormant Accounts Fund NI & PEACEPLUS - 177,169 177,169 25,259
Other contracts – European Commission - 4,999 4,999 -
Provision of administration and other services - 245,079 245,079 282,157
- 523,961 523,961 393,294

18

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

3 Other trading activities (continued)

Analysis of restricted funds income by project:

2025 2024
Deferred/
Amount Deferred Accrued Amount accrued
received Income income Income received Income income
£ £ £ £ £ £ £
DFA – Maintaining conditions for
cooperation& cross border lives (85,825) 96,714 (42,358) - (137,709) 85,878 (53,248)
Total Reconciliation Fund (85,825) 96,714 (42,358) - (137,709) 85,878 (53,248)
Dormant Accounts Fund NI –
Building sustainability - - - - (2,280) 7,311 -
Jean Monnet Frontieres en
mouvement. (4,999) 4,999 - - - - -
Funded by International Fund for
Ireland (CIPP) - CBenACT (42,503) 25,333 - - (56,960) 53,567 (17,170)
PEACEPLUS S2@25 (55,982) 177,169 - (139,134) - 17,948 (17,948)
Total contract restricted funds (189,309) 304,215 (42,358) (139,134) (196,949) 164,704 (88,366)

Restricted income from other trading activities totals £523,961 (2024: £393,294). Income from contract restricted funds listed above is £304,215; the remaining restricted income from trading activities of £219,746 relates to income from the provision of administration and other services.

Restricted funds includes government grants of £102,335 (2024: £111,370) received by the Centre in respect of activities relating to SCoTENS and Universities Ireland. There are no unfilled conditions or contingencies relating to these funds. The Centre has received no other forms of government assistance.

4 Income from charitable activities

4
Income from charitable activities
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Provision of training and administration services 78,770 - 78,770 76,271
Other 222,773 - 222,773 247,862
301,543 - 301,543 324,133

The balance of £222,773 (2024: £247,862) in ‘Unrestricted funds: Other’ mainly consists of funding received in respect of core costs.

19

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

5 Expenditure on charitable activities
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Salaries (note 8) 170,156 142,027 312,183 227,865
Professional and consultancy fees 21,962 150,409 172,371 132,507
Travel, subsistence and conference expenses 21,988 35,336 57,324 69,406
Governance costs (note 7) 6,175 - 6,175 6,211
Other 39,994 160,129 200,123 227,592
260,275 487,901 748,176 663,581

Other costs of £200,123 (2024: 227,592) include stipends of £78,608 (2024: £70,913), sundry grants £56,219 (2024: £76,949) and other administration expenditure.

6
Expenditure on raising funds
2025
£		 2024
£
Administration
13,584
Advertising
-		 7,500
-
13,584 7,500
7
Governance costs
Unrestricted
funds
Restricted
funds
Total
2025
£
£
£
Total
2024
£
6,211
-
6,211
Total
2024
£
Fees payable to the charitable company’s external
auditors for audit services
6,175
-
6,175
Other audit related services
-
-
-
6,175
-
6,175
8
Employee information
Unrestricted
funds
Restricted
funds
Total
2025
£
£
£
Staff costs:
Wages and salaries
135,297
113,760
249,057
Social security costs
16,595
9,101
25,696
Other pension costs
18,264
19,166
37,430		 181,350
17,795
28,720
170,156
142,027
312,183		 227,865

20

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

8 Employee information (continued)

2025 2024
Number Number
The average monthly number of persons employed by the charitable company
(excluding trustees) during the year by activity was:
Research/Professional 4 2
Administration 2 3
6 5

The number of employees with remuneration exceeding £60,000, excluding employer pension contributions was:

2025 2024
Number Number
£60,001 to £70,000 1 1

9 Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Centre for Cross-Border Studies. Staff costs outlined above in note 8 include compensation, consisting of salary, benefits, employer’s pension contribution and employer’s social security contribution, including compensation paid to key management personnel.

2025 2024
£ £
Keymanagementpersonnel compensation 81,311 79,443
10 Trustees
2025 2024
Number Number
The number of Trustees at theyear-end(31 July): 12 11

None of the Trustees received any remuneration or reimbursement of expenses from the Centre during the year (2024: £nil). There were no amounts paid in respect of indemnity insurance (2024: £nil).

21

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

11 Debtors

2025 2024
£ £
Trade debtors 49,464 56,989
Prepayments and accrued income 231,708 113,098
Amounts owed by The Queen’s University of Belfast 906,190 959,420
1,187,362 1,129,507

Prepayments and accrued income includes accrued income of £208,256 (2024: £87,631).

12 Creditors: amounts falling due within one year

2025 2024
£ £
Accruals 24,202 40,936
Deferred income 119,926 143,731
144,128 184,667
Movement on deferred income
2025 2024
£ £
Deferred income brought forward 143,731 101,896
Released in the year (143,731) (101,896)
Deferred in the year 119,926 143,731
Deferred income carried forward 119,926 143,731

Deferred income relates to grants, engagement fees and other income recognised over more than one financial year in accordance with the accounting policy stated in note 1.

Deferred income includes the following balances:

13 Reconciliation of net income/(expenditure) to net cashflow from operating activities

2025 2024
£ £
Net income for the reporting period (as per the statement of financial activities) 63,744 46,346
Increase in debtors (57,855) (80,443)
(Decrease) / Increase in creditors (40,539) 36,352
Decrease in provisions - -
Net cash (used in)/ provided by operating activities (34,650) 2,255

22

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

14 Analysis of cash and cash equivalents

2025 2024
£ £
Cash in hand 15,012 49,662
Total cash and cash equivalents 15,012 49,662

15 Analysis of net debt

Balance at Balance at
31 July 31 July
2024 Cash flows 2025
£ £ £
Cash 49,662 (34,650) 15,012
Net cash 49,662 (34,650) 15,012

16 Analysis of Charitable Funds

Balance at Balance at
31 July 31 July
2023 Transfer Income Expenditure 2024
£ £ £ £
 £
Restricted income funds (see below) 438,567 - 393,294 (370,644) 461,217
Unrestricted income funds 509,589 - 324,133 (300,437) 533,285
Total funds 948,156 - 717,427 (671,081) 994,502
Balance at Balance at
31 July 31 July
2024 Transfer Income Expenditure 2025
£ £ £ £
 £
Restricted income funds (see below) 461,217 - 523,961 (487,901) 497,277
Unrestricted income funds 533,285 - 301,543 (273,859) 560,969
Total funds 994,502 - 825,504 (761,760) 1,058,246

23

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

16 Analysis of Charitable Funds (continued)

Unrestricted income funds are amounts, which are expendable at the discretion of the Board in furtherance of the aims of the charitable company.

Restricted funds are amounts, which are expendable only in accordance with the specified wishes of the sponsor. The restricted funds consist of grants and awards for specific projects carried out by the charitable company.

Restricted funds comprise:

Balance at Balance at
1 August 31 July
2024 Transfer Income Expenditure 2025
£ £ £ £ £
European Commission projects 20,039 - 4,999 - 25,038
North-South Higher Education
and research bodies 441,842 - 493,629 (462,568) 472,903
Other research and
administration projects (664) - 25,333 (25,333) (664)
Total restricted funds 461,217 - 523,961 (487,901) 497,277

Restricted funds are amounts, which are expendable only in accordance with the specified wishes of the sponsor. The restricted funds consist of grants and awards for specific projects carried out by the charitable company. The transfer between funds relates to a balance on a restricted fund where the activities have been completed and there are no further retentions on restrictions remaining.

17 Analysis of net assets between funds

Restricted Unrestricted 2025 2024
funds funds Total Funds Total Funds
£ £ £ £
Net current assets 497,277 560,969 1,058,246 994,502

24

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

18 Related party disclosures

The Queen’s University of Belfast is regarded as a related party as defined by Section 33 FRS 102 due to a degree of common control being exercised over the University and the charitable company.

The following facilities are provided by The Queen’s University of Belfast:

The following transactions were conducted with The Queen’s University of Belfast during the year:

2025
£		 2024
£
Provision of banking services:
Amounts received by Queen’s University Belfast in relation to Centre for Cross-
Border Studies Limited
668,035
Amounts paid by Queen’s University Belfast in relation to Centre for Cross-
Border Studies Limited
(755,439)
Interest paid by Queen’s University on funds held in relation to Centre for Cross-
Boarder Studies Limited
38,155
Related party transactions:
Interest Income received
(38,155)
Amounts charged for administration and other recharged costs
34,174		 706,944
(664,723)
40,985
(40,985)
46,103
(53,230) 88,324

The balance with Queen’s University Belfast at the year-end is set out in note 11.

The Centre’s trustees are drawn from a wide range of sectors throughout the Island of Ireland.

The following transactions are included in the financial statements with other related parties where a trustee has noted an interest as an employee, or a member of the governing body, of that organisation. The transactions relate to subscriptions to SCoTENS and Universities Ireland and some sundry expenditure items.

25

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

18 Related party disclosures (continued)

31 July 2025
Accruals and
deferred
Debtors income Income Expenditure
£ £ £ £
Queen’s University Belfast 906,190 - 49,000 (13,584)
Dublin City University - - 12,176 (12,253)
Department of Foreign Affairs and
Trade, Dublin - - 96,714 (21)
31 July 2024
Accruals and
deferred
Debtors income Income Expenditure
£ £ £ £
Queen’s University Belfast 959,420 - 52,917 (7,500)
Dublin City University - - 15,762 (15,731)
International Fund for Ireland (IFI) - - 56,960 (213)
Department of Foreign Affairs and
Trade, Dublin - - 137,708 -
NI Policing Board - - - (645)

19 Pension costs

The charitable company participates in two separate defined benefit occupational pension schemes, each of which is valued at least triennially by professionally qualified actuaries. The schemes are the Universities Superannuation Scheme (USS) for academic and academic related staff, in which most UK Universities participate, and the Retirement Benefits Plan of the Queen’s University Belfast (RBP) for non-academic staff and academic related staff. The assets of the schemes are held in trustee-administered funds, and the rates of contribution payable are determined by the trustees on the advice of the actuaries.

Since CCBS has not entered into a contractual agreement with either of the scheme providers or Queen’s University Belfast to fund a deficit recovery plan, no pension liability has been recognised in the financial statements.

(i) Universities Superannuation Scheme (USS): The charitable company participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The charitable company is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the charitable company therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the Statement of financial activities represents the contributions payable to the scheme.

26

Centre for Cross – Border Studies

Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

19 Pension costs (continued)

(i) Universities Superannuation Scheme (USS) (continued):

The latest available complete actuarial valuation of the Retirement Income Builder section of the scheme is at 31 March 2023 (the valuation date), which was carried out using the projected unit method. This 2023 valuation was signed in December 2023.

Since the charitable company cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below:

Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post retirement: 0.9% p.a. Pension increase (CPI) 3.0% p.a. (based on a long term average expected level of CPI, broadly consistent with long term market expectations). RPI/CPI gap, less 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

2023 valuation Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% pa, 10% w2020 mortality and w2021 parameters, and a long term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females

The current life expectancies on retirement at age 65 are: (not updated since 31[st] March 2023)

2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.4
Males currently aged 45 (years) 25.7 25.6
Females currently aged 45 (years) 27.2 27.2

27

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation (company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

19 Pension costs (continued)

(i) Universities Superannuation Scheme (USS) (continued):

Details of the last funding valuation as at 31 March 2023

2025 2024
Total scheme assets £73.1bn £73.1bn
Total scheme liabilities £65.7bn £65.7bn
FRS 102 total scheme surplus £7.4bn £7.4bn
FRS 102 total funding level 111% 111%

The 2023 Valuation was signed off in December 2023 and noted a surplus of £7.4bn. The USS Trustee confirmed that from 1 January 2024, the contribution rates to the scheme would reduce. The total employer contribution from 1 January 2024 will be 14.5% (from 21.6%), with a member contribution of 6.1% from (9.8%).

The USS Trustee also announced that from 1 April 2024, the benefits in USS would revert to the pre 1 April 2022 levels. The accrual rate will change from 1/85[th] of salary to 1/75[th] of salary and the salary threshold will increase from £41,004 to £70,296.

All eligible members of USS with any period of active membership in the period 1 April 2022 to 31 March 2024 will receive a £215 uplift to their annual pension, plus an associated £645 retirement lump sum. All pensioners as at 1 April 2024 will receive a pension uplift of £241 per year.

The pension cost for the charitable company for the year was £14,868 (2024: £17,212) . Contributions are charged to the statement of financial activities in the year to which they relate. The employer contribution rate in the reporting period was 14.5%.

(ii) Retirement Benefits Plan of the Queen’s University Belfast (RBP): The latest actuarial valuation of the RBP, for, was carried out at 31 March 2023 by a qualified independent actuary. The 2023 Valuation identified a funding shortfall of £21.1m and a funding level of 89.2%. A Recovery Plan has been agreed to address the funding deficit by 31 March 2030.

The major assumptions used by the actuary for the purposes of these accounts are:

2025 2024
Future salary increase:
Under 40 3.15% 3.15%
Over 40 2.90% 2.90%
Pension increases in payment:
CPI subject to a maximum of 5.00% p.a. 2.60% 2.60%
CPI subject to a maximum of 3.00% p.a. 2.10% 2.10%
Pension increase rate in deferment 2.65% 2.65%
Discount rate 5.75% 4.95%
Inflation assumption:
Retail Prices Index 2.95% 3.05%
Consumer Prices Index 2.65% 2.65%
GMP equalisation - % of DBO 0.60% 0.60%
Average pension increase in payment 2.35% 2.35%

28

Centre for Cross – Border Studies Trading as Centre for Cross Border Cooperation

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2025 (continued)

19 Pension costs (continued)

(ii) Retirement Benefits Plan of the Queen’s University Belfast (RBP) (continued):

The average life expectancies at age 65 used to determine benefit obligations are:

2025 2024
Years Years
Member age 65 (current life expectancy) male 20.9 20.6
Member age 65 (current life expectancy) female 23.4 23.3
Member age 40 (life expectancy at 65) male 22.1 21.7
Member age 40 (life expectancy at 65) female 25.1 25.0
Details of the funding position are as follows:
2025 2024
Total scheme assets £162.7m £171.8m
Total scheme liabilities £202.9m £216.3m
FRS102 total scheme deficit £40.2m £44.5m
FRS102 total funding level 80% 79%

The contribution for the year was £22,562 (2024: £11,508). Contributions are charged to the statement of financial activities in the year to which they relate. The employer contribution rate is the period was 21% of pensionable pay.

20 Liability of members

The Centre for Cross – Border Studies is a company limited by guarantee and does not have a share capital. The liability of each member is limited to an amount not exceeding £1.

21 Ultimate controlling party

The trustees do not consider the charitable company to have an ultimate controlling party. The activities of the charitable company are overseen by the Board of Trustees.

22 Contingent Liability

There are no contingent liabilities (2024: nil).

23 Events after the reporting period

There are no material events after the reporting period that would require adjustment or disclosure in the financial statements

29