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Changes to Irish VAT rates taking effect from 1 July 2026 will require businesses to review more than just their invoicing processes. The changes may affect pricing strategies, accounting systems, contractual arrangements, point-of-sale systems and wider VAT compliance procedures. Businesses impacted by the reduced rate should begin preparations well in advance of the implementation date. What VAT Changes Take Effect From 1 July 2026? Revenue issued guidance on the VAT changes in April 2026, providing greater clarity on how the revised rates will apply from 1 July 2026. As part of Budget 2026, the VAT rate for certain food, catering and hairdressing services will reduce from 13.5% to 9% with effect from 1 July 2026. Revenue guidance confirms that the 9% rate will apply to qualifying restaurant, catering and hot takeaway services, together with hairdressing services. The change does not apply to all supplies within the hospitality sector. Certain beverages, including alcohol, bottled water, soft drinks, sports drinks and vegetable juices, remain subject to VAT at the standard rate when supplied as part of restaurant, catering or takeaway services. It is therefore essential for businesses to review their product and service offerings carefully to ensure the correct VAT treatment is applied. Who Should Pay Attention? The changes are particularly relevant for businesses operating in sectors such as: Restaurants, cafés and coffee shops Takeaway and hot food providers Catering businesses Hotels and guesthouses providing food or catering services Hairdressing businesses Businesses making supplies subject to multiple VAT rates For businesses with a straightforward service offering, implementation may be relatively simple. However, businesses supplying a combination of qualifying and non-qualifying products and services may face more complex VAT considerations. Importantly, while the VAT reduction is often associated with the hospitality sector, it does not generally extend to hotel or guest accommodation services, which remain subject to their existing VAT treatment. However, food and catering supplies provided by accommodation providers may qualify for the 9% rate, depending on the nature of the supply. Mixed Supplies Require Careful Review One of the most significant practical challenges for many businesses will be correctly identifying supplies that qualify for the reduced rate. Businesses selling a combination of qualifying and non-qualifying items may need to revisit how products and services are categorised within their systems. For example, restaurant meals may qualify for the 9% rate, while alcohol and certain beverages supplied as part of the same transaction remain liable to VAT at 23%. Hotels, catering providers, hospitality businesses and operators offering bundled packages should take particular care where different VAT rates apply to different elements of a single transaction. Check Your Pricing Before July A VAT rate reduction presents both commercial and tax considerations. Businesses should assess whether the reduction will be: Passed on to customers through lower prices; Retained to support margins; Incorporated into a broader pricing review. This is particularly important where customer-facing prices are quoted on a VAT-inclusive basis. The appropriate approach will depend on a range of factors, including market conditions, cost pressures, competitive positioning and customer expectations. Whatever approach is adopted, businesses should ensure that decisions are made consciously and documented appropriately. Update Systems and Processes VAT rate changes must be implemented correctly across all business systems. Before 1 July 2026, affected businesses should review: POS and till systems Accounting software Online ordering platforms Invoice templates VAT codes Product and service classifications Recurring billing arrangements Price lists and menus Internal controls and approval procedures Errors in VAT coding can be difficult to identify immediately and may only become apparent during VAT return preparation or a Revenue intervention. Early testing of systems can help minimise implementation risks. Review Contracts, Bookings and Customer Communications Businesses should also review contracts, quotations and existing customer arrangements. Where agreements span the VAT change date, consideration should be given to: Whether prices are stated as VAT-inclusive or VAT-exclusive; Whether contractual provisions accommodate changes in VAT rates; Whether pricing updates need to be communicated to customers. Clear communication is equally important internally. Staff should understand the revised VAT treatment and be able to explain pricing changes where required. Preparing for the Transition Businesses should also consider the VAT time-of-supply rules where deposits, advance payments or bookings are received before 1 July 2026 but the related supply takes place afterwards. Particular attention may be required for: Event deposits Catering contracts Corporate hospitality bookings Recurring service arrangements Prepaid vouchers and gift cards Advance customer payments The VAT treatment can vary depending on the nature of the supply and the timing of the tax point. Businesses should review these arrangements in advance to ensure the correct VAT rate is applied. Don't Forget Wider VAT Modernisation Although separate from the VAT rate changes taking effect from July 2026, businesses should also be aware of Revenue's broader VAT modernisation programme. Revenue has confirmed that, from 1 November 2028, VAT-registered large corporates will be required to issue structured e-invoices and report certain domestic business-to-business transaction data to Revenue. From the same date, all businesses will be required to have the capability to receive structured e-invoices. While these obligations remain some distance away, they demonstrate the continued move towards more digital, data-driven VAT compliance. Businesses can begin preparing now by: Improving financial data quality; Reviewing accounting and ERP systems; Strengthening VAT coding procedures; Assessing readiness for future e-invoicing requirements. Key Actions Before 1 July 2026 Affected businesses should: Identify supplies that qualify for the 9% VAT rate. Review supplies that remain taxable at 13.5% or 23%. Update POS, accounting and invoicing systems. Review pricing strategies and customer communications. Assess the treatment of deposits, prepayments and advance bookings. Consider whether contracts require amendment to reflect the VAT change. Ensure staff understand the revised VAT treatment. Review VAT coding and VAT return processes before implementation. How UHY FDW Can Help While the VAT rate reduction is welcome for many businesses operating in the food, catering and hairdressing sectors, implementation will require careful planning. Businesses should use the period before 1 July 2026 to review pricing, systems, contractual arrangements and VAT classifications to ensure the new rates are applied correctly from day one. At UHY FDW, our tax team can assist businesses in assessing the impact of the changes, identifying potential risk areas and implementing practical solutions to support compliance with the revised VAT rules. If you would like to discuss how the VAT changes may affect your business, please contact a member of our tax team today!

For charities and not-for-profit organisations, an audit is more than a compliance requirement. It is an opportunity to strengthen governance, improve financial processes and give trustees, funders and stakeholders greater confidence in how the organisation is being managed. Charities often operate with limited resources, busy teams and multiple funding streams. That can make financial oversight more complex, especially when processes have developed informally over time. Here are some of the common issues that can arise during charity audits, and how organisations can prepare for them. Weak or Informal Internal Controls Strong internal controls help charities protect their assets, manage risk and reduce the chance of errors. Issues can arise when controls are undocumented or too dependent on one person. This may include limited segregation of duties, unclear payment approvals, late bank reconciliations or informal expense processes. For smaller charities, it may not always be possible to separate every role fully. But trustees should still be able to show what controls are in place and why they are appropriate. Missing Records and Supporting Documents Incomplete documentation is one of the most common causes of audit delays. This can include missing invoices, grant agreements, payroll records, bank statements, fundraising records, board minutes or evidence of restricted fund spending. Good record-keeping helps the audit run smoothly. It also supports transparency and gives trustees a clearer view of the charity’s financial position. Restricted Funds Not Clearly Tracked Many charities receive income for a specific purpose, such as grants or donations linked to a particular project. Problems can arise when restricted funds are not tracked separately, or when the charity cannot clearly show that funds were used in line with donor or funder conditions. Clear records should show where restricted income came from, what conditions apply, how funds were spent and what balance remains at year-end. Governance Records Not Kept Up To Date Audit work often involves reviewing board minutes, approvals and governance documentation. Issues can arise when key decisions are made but not properly recorded. This may include decisions around budgets, reserves, large payments, conflicts of interest or use of restricted funds. Minutes do not need to be overly complicated, but they should clearly show the decisions made and the actions agreed. Reserves Policies That Need More Clarity A reserves policy helps explain how much funding a charity aims to hold, why that level is appropriate and how reserves support the organisation’s work. Issues can arise where there is no reserves policy, the policy is outdated, or trustees cannot clearly explain the level of reserves held. A good reserves policy should reflect the charity’s size, funding model, commitments and future plans. Limited Financial Reporting to Trustees Trustees need timely and relevant financial information to make good decisions. Where financial updates are limited, unclear or only reviewed once a year, it can be harder for trustees to identify risks or understand how the organisation is performing. Regular management accounts, budget comparisons and cashflow updates can support stronger oversight throughout the year. Audit Preparation Left Too Late A smooth audit starts well before fieldwork begins. When preparation is left until the last minute, charities may struggle to gather documents, answer queries or secure trustee approval within the required timeframe. Agreeing an audit timetable early and keeping records up to date can make the process much more efficient. How Charities Can Prepare Charities can make the audit process more effective by taking a proactive approach throughout the year. This includes: keeping financial records up to date reviewing internal controls regularly documenting trustee decisions clearly tracking restricted funds separately preparing useful financial reports for trustees maintaining a clear reserves policy agreeing audit timelines early A well-prepared audit does more than support compliance. It helps trustees understand the organisation better and strengthens confidence in how the charity is run. How UHY FDW Can Help At UHY FDW, we work with charities and not-for-profit organisations to deliver practical, clear and supportive audit services. We understand the pressures charities face, from funding requirements and governance responsibilities to limited resources and increasing expectations around compliance. Our team takes the time to understand your organisation, your purpose and the environment you operate in. We help identify areas for improvement, support stronger financial oversight and provide guidance that helps trustees meet their responsibilities with confidence. If your charity is preparing for audit or reviewing its financial governance, speak to our Charity and Not-for-Profit team. We’re here to help you strengthen your processes, support good governance and achieve a better future together.

Strong internal controls are essential to the effective operation of any organisation. They help reduce risk, improve accountability and provide management with greater confidence in the information they rely on to make decisions. As businesses grow and evolve, processes that once worked well may no longer provide the level of oversight required. Regular reviews of internal controls can help organisations identify weaknesses, improve efficiency and strengthen governance before issues arise. Taking time to assess controls throughout the year allows businesses to stay ahead of potential risks, support compliance obligations and ensure key processes continue to operate effectively. Why Internal Controls Matter Internal controls are the checks and processes that help a business operate effectively. They support everything from financial reporting and approval processes to fraud prevention, stock management, payroll accuracy and compliance. When controls are clear and working well, they help ensure that: Transactions are recorded accurately Responsibilities are clearly assigned Key approvals are documented Errors are identified early Risks are monitored and managed Financial information can be trusted Good controls do not need to be complicated. In many cases, small improvements can make a real difference. Common Control Weaknesses Control issues often build gradually. A process that worked well when a business was smaller may no longer be suitable as the organisation grows, teams change or reporting requirements become more complex. Common weaknesses include: Too much reliance on one person Lack of segregation of duties Informal approval processes Incomplete or inconsistent record-keeping Limited review of reconciliations Weak password or system access controls Delays in identifying errors or unusual transactions Processes that are not documented These gaps can increase the risk of errors, fraud, reporting delays and compliance issues. Why Regular Reviews Are Important Internal controls should not be viewed as a once-a-year exercise. Regular reviews help businesses ensure their processes remain effective and aligned with the needs of the organisation. Reviewing controls periodically can help management understand: Whether key processes are being followed consistently Where approval or review steps may be missing Whether responsibilities are clear across the team If financial information is being prepared accurately and on time Where manual processes could be improved Whether risks have changed as the organisation has evolved By identifying issues early, businesses can make improvements before small weaknesses develop into larger problems. Practical Steps Businesses Can Take Strengthening internal controls does not always require a major overhaul. Often, it starts with a few practical questions. Who approves key payments? Who reviews bank reconciliations? Who has access to financial systems? Are changes to supplier or employee bank details independently checked? Are management accounts reviewed regularly? Are processes documented clearly enough for someone else to follow? These questions can highlight areas where a business may be exposed. From there, management can take practical steps to improve controls, such as introducing review checklists, clarifying approval limits, limiting access to key systems or improving documentation. Supporting Better Decisions Internal controls are not only about reducing risk. They also support better decision-making. When financial information is accurate, timely and reliable, management can make decisions with greater confidence. Strong controls also help boards, committees and senior teams demonstrate good governance and accountability. For growing businesses, this becomes increasingly important. As operations become more complex, informal processes may no longer provide the level of oversight needed. How We Can Help At UHY FDW, we work with businesses to review internal controls, identify areas of risk and recommend practical improvements. Our approach is focused on understanding how your organisation operates. We look at the processes behind the numbers and provide clear, relevant advice that supports stronger governance, better reporting and more confident decision-making. Whether you are experiencing growth, reviewing your risk environment or looking to strengthen governance across your organisation, we can help you identify and improve the controls that matter most. Speak to our team to discuss how an internal controls review can support your business.

A Strong Hold on Growth Originating from a formula first used on teak in Indonesia, news of an adhesive with incredible strength spread quickly. Two decades later, demand for Gorilla Glue products continues to accelerate. With the support of UHY member firms across Europe, the business's growth ambitions are thriving. "We had always planned to expand into Europe from the UK, but Brexit brought challenges that none of us were equipped to deal with," says Richard Allen, Head of European Accounting at Gorilla Glue Europe Ltd. "This was unfamiliar territory for British businesses in our position and we needed specialist support to facilitate our growth, first into the Netherlands and later into Germany. I had worked with UHY in previous companies, so it was the only network I wanted to support us. I was confident from the outset that UHY had the expertise and resources to guide us through this critical period." "From the beginning, I have been impressed by the effortless way member firms communicate. There is never any need to repeat instructions, and I have complete confidence that everything necessary is being done to help us achieve our goals." Staying Close As Gorilla Glue expanded its European operations, experts from across the UHY network worked together to provide seamless cross-border support. Michelle Dale, VAT Director at UHY Hacker Young in Manchester, coordinated communications between Niall Donnelly, Head of Corporate Tax at UHY Farrelly Dawe White, Dundalk, Ireland; Martin Kuijpers, VAT Specialist at Govers Accountants/Consultants in Eindhoven, Netherlands; and Lomme Van Dam, International Business Tax Advisor at Govers Accountants/Consultants. "Together, these professionals from different parts of the UHY network combined their expertise to help us establish legal entities and navigate complex compliance requirements in the Netherlands and Germany," says Richard. "They helped us get established quickly and continue to support the development of our European structure. Their advice and day-to-day assistance with matters such as VAT returns and payroll have been exceptional." Looking to Expand? Whether you're planning international growth, entering new markets or navigating complex compliance requirements, our team can help you move forward with confidence. Get in touch with our team to discuss your expansion plans and discover how we can support your business growth. #UHY #UHYGlobal #InternationalBusiness #BusinessGrowth #CrossBorderExpansion #Tax #Brexit

Every Irish company has statutory filing obligations. One of the most important is the annual return. For many businesses, the annual return can feel like a routine compliance task. But missing a Companies Registration Office deadline can lead to penalties, loss of audit exemption and wider disruption for the company and its directors. With changes to audit exemption rules now in place, it is more important than ever for Irish companies to understand their filing obligations and keep their compliance calendar under control. What is an annual return? An annual return is a statutory filing made to the Companies Registration Office. It provides key information about the company, including details such as its registered office, directors, secretary, share capital and shareholders. Every Irish company must file an annual return with the CRO at least once each year. The first annual return is due six months after incorporation and does not require financial statements to be attached. Later annual returns usually require financial statements or other relevant documents to be filed with the return. The 56-day filing deadline The annual return deadline is not one to leave until the last minute. CRO guidance confirms that late filing fees apply from the day after the expiry of the filing deadline. This deadline is 56 days after the effective date of the annual return. If the return is late, the CRO late filing fee starts at €100. A daily fee of €3 then applies, up to a maximum late filing fee of €1,200 per return. This is in addition to the standard filing fee. Why late filing matters Late filing can create more than an avoidable fee. It can lead to: Loss of audit exemption Late filing penalties Additional administration Risk of prosecution Possible involuntary strike-off Disruption during banking, investment, sale or restructuring processes The CRO states that it is the responsibility of each director to ensure their company is not in breach of the Companies Act 2014. That makes annual return management more than an administrative task. It is part of the company’s wider compliance and governance responsibilities. Audit exemption and the July 2025 change Audit exemption is an important consideration for many qualifying small and micro companies. Previously, a late annual return could result in the loss of audit exemption for the following two financial years. However, the audit exemption regime changed from 16 July 2025. From that date, a qualifying company will not lose audit exemption because of a single late annual return. If an annual return is filed late more than once in a five-year period, the company will lose its audit exemption entitlement for the next two years, as per Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024. This is a welcome change for companies that make a one-off error, but it does not remove the need for careful filing. Late filing fees still apply, and repeated late filing can still have serious consequences. Beneficial ownership should not be overlooked Annual return compliance is not the only statutory filing area companies need to manage. All relevant entities are required to file beneficial ownership information with the Central Register of Beneficial Ownership. A newly incorporated entity has five months from incorporation to register its beneficial ownership details. For companies with non-Irish resident beneficial owners, they are required to obtain an Identified Person Number, which is a pre-requisite for adding non-Irish resident individuals to the Register of Beneficial Owners, as well as for completing annual return forms. Companies should review their beneficial ownership register information on a regular basis so that it remains up to date. This helps ensure that company records remain accurate and aligned with CRO and RBO requirements. Entities which fail to process changes to the Register of Beneficial Owners within the required 14 days may result in prosecution and, on summary conviction, be liable to a class A fine of up to €5,000, or on conviction on indictment, to a fine not exceeding €500,000. Building a stronger compliance process Many filing issues happen because companies do not have a clear process in place. A strong compliance process should include: A clear annual return date Diary reminders well ahead of the deadline Up-to-date director, secretary and shareholder details Accurate statutory registers Timely financial statement preparation Regular review of beneficial ownership details Clear responsibility for CRO and RBO filings This helps reduce pressure on directors and ensures compliance does not depend on last-minute action. How company secretarial support can help Company secretarial support helps companies stay ahead of statutory deadlines and maintain accurate records. It can help with annual returns, CRO filings, statutory registers, beneficial ownership reviews, director and shareholder updates, board records and wider company compliance matters. It also gives directors greater confidence that key obligations are being managed properly. At UHY FDW, our Corporate Compliance and Company Secretarial team supports businesses with practical, reliable company secretarial services across the company lifecycle. Speak to our team to review your company records, annual return dates and wider compliance position.

Running a business means managing a lot of moving parts. Clients, people, finances, operations and future plans all need attention. Behind the scenes, every company also has statutory and corporate compliance responsibilities. These include annual returns, Companies Registration Office filings, statutory registers, director and shareholder changes, beneficial ownership records, board minutes and company records. For many business owners and directors, this can feel like background administration. But when company records are not kept up to date, or deadlines are missed, small issues can quickly become bigger problems. Company secretarial support helps businesses stay compliant, organised and in control. It gives directors confidence that the company’s statutory obligations are being managed properly, while they stay focused on running and growing the business. More than filing forms Company secretarial work is often associated with annual returns and CRO filings. These are important, but they are only part of the picture. Good company secretarial support helps ensure the company’s legal records reflect what is actually happening in the business. This might include changes to directors, secretaries, shareholders, share capital, registered office details or beneficial ownership. It can also include preparing board minutes, maintaining statutory registers, supporting company formations, managing corporate restructuring steps, assisting with voluntary strike-offs or helping restore a company to the register where required. In short, it helps keep the company properly maintained from a legal and governance perspective. Supporting directors Directors have legal responsibilities under the Companies Act 2014. The CRO states that each director is responsible for ensuring their company is not in breach of the Companies Act 2014. That does not mean directors need to manage every administrative detail themselves. But it does mean they need to know that the right processes, records and filings are in place. Company secretarial support helps directors understand what needs to be done, when it needs to happen and what information needs to be maintained. This can reduce pressure on directors and help ensure important compliance matters are not missed. Keeping company records accurate Accurate company records are essential. They show who owns, manages and controls the company. They also help demonstrate that important decisions have been properly recorded. These records may include: Register of members Register of directors and secretaries Share allotment and transfer records Board and shareholder minutes Written resolutions Beneficial ownership information Registered office and officer details The Companies Act 2014 also confirms that the duties of the company secretary include those delegated by the board, alongside the secretary’s statutory and other legal duties. Keeping these records accurate matters at every stage of a company’s life. It becomes especially important during growth, restructuring, investment, sale, succession planning or changes in ownership. Helping during business change Company secretarial support becomes particularly valuable when a business is changing. A growing company may need to issue new shares, appoint new directors, update shareholder records or review its structure. A company preparing for investment, sale or restructuring may need to ensure its statutory records are complete before due diligence begins. Even a company that is no longer trading may still have obligations to manage. CRO guidance confirms that a company which has ceased trading and has no outstanding creditors can request voluntary strike-off through the appropriate process. When company records are up to date, change is easier to manage. When they are not, simple transactions can become more complicated than they need to be. Supporting better governance Good governance is not only for large organisations. It matters for owner-managed businesses, family businesses, SMEs and growing companies too. At its simplest, good governance means having clear records, clear responsibilities and clear decision-making. It helps directors understand what has been agreed, what needs to happen next and how key decisions have been documented. It can also support stronger relationships with banks, investors, buyers, auditors and professional advisers. When company records are complete and well managed, stakeholders can see that the business is organised, responsible and in control. How UHY FDW can help At UHY FDW, our Corporate Compliance and Company Secretarial team supports businesses across the full company lifecycle. We can assist with company formations, annual corporate compliance, statutory registers, share changes, corporate restructuring, voluntary strike-offs, administrative restorations and corporate health checks. We work with businesses to keep company records accurate, manage statutory obligations and support directors with practical, reliable guidance. Strong company secretarial support gives you more than compliance. It gives you clarity, structure and confidence. Speak to our Corporate Compliance and Company Secretarial team to find out how we can support your business.

Internal audit is often seen as something only large organisations need. For many business owners, boards and management teams, the phrase can sound formal, technical or suited to complex corporate structures. But in reality, internal audit can support organisations of many sizes, especially where good governance, risk management and stronger controls matter. It is to give management and boards a clearer view of where the organisation is working well, where there may be gaps, and what practical improvements can be made. What is internal audit? Internal audit is an independent review of how an organisation operates. It looks at systems, processes, controls and risks to understand whether they are working as they should. This can include areas such as finance, governance, compliance, operations, reporting, data, policies and decision-making structures. Why smaller organisations may need it too Internal audit is not just for large companies with multiple departments and complex reporting lines. Smaller and medium-sized organisations can also face significant risk. In some cases, they may be more exposed because responsibilities sit with a smaller number of people, processes are less formal, or controls have developed over time rather than through a structured plan. As an organisation grows, the way it manages risk often needs to grow with it. Processes that worked well when the business was smaller may become harder to manage as teams expand, reporting requirements increase, or operations become more complex. Internal audit can help identify those pressure points early. Common areas internal audit can review Internal audit can be tailored to the size, structure and needs of your organisation. It may focus on areas such as: Financial controls and approval processes Governance and board reporting Payroll and HR processes Procurement and supplier management Compliance with policies and procedures Risk management frameworks Cybersecurity and data protection controls Grant claims or funding requirements Operational efficiency Segregation of duties The scope does not have to be broad. For many organisations, the most useful internal audit work starts with one focused review of a key risk area. More than compliance Internal audit is often linked with compliance, but its value goes further. A strong internal audit process can help organisations make better decisions, improve accountability and build confidence in how they operate. It can also support directors, trustees and senior teams by giving them objective insight into the areas they are responsible for overseeing. This is particularly important where organisations are managing public funds, regulated activity, charitable responsibilities, stakeholder expectations or rapid growth. Internal audit helps turn uncertainty into action. When should an organisation consider internal audit? An organisation may benefit from internal audit if: It is growing or becoming more complex It has limited visibility over key risks It relies heavily on a small number of people or informal processes It has experienced errors, delays or control weaknesses It needs to strengthen governance or reporting It receives grants or public funding It operates in a regulated or high-accountability environment The board wants greater assurance over how risks are managed You do not need to wait for something to go wrong. Internal audit works best when it is proactive. It gives you time to spot issues, strengthen processes and make improvements before risks become bigger problems. A practical approach to internal audit At UHY Farrelly Dawe White, we support organisations with internal audit services that are practical, focused and proportionate. We work with you to understand your organisation, your structure and the risks that matter most. From there, we can review key controls, assess governance processes and provide clear recommendations that help you strengthen how your organisation works. Our approach is not about adding unnecessary complexity. It is about giving you useful insight, clear priorities and confidence that your processes are supporting your organisation properly. Stronger controls. Clearer confidence. It is for any organisation that wants better visibility, stronger controls and more confidence in the way it manages risk. Whether you need a focused review of one area or a wider internal audit plan, the right support can help you move forward with clarity. Speak to our team to understand how internal audit could support your organisation!

Running a business means making decisions every day. Some are routine. Others shape the future of the business. In both cases, good decisions rely on good information. Many businesses already have plenty of data. What they often lack is clear, timely insight that helps them understand what that data is saying. That is where management accounts add real value. Management accounting is designed to support planning, control and decision-making by turning financial information into insight that management can use. Timely insight that supports action Management accounts give you a regular view of how your business is performing. They are usually prepared monthly or quarterly, rather than once a year, which means they can support decisions while there is still time to act. Depending on the business, they may include profit and loss reporting, balance sheet information, budgets, forecasts and cash flow reporting. This gives you greater visibility over performance, profitability and financial position. Instead of waiting until year-end to understand what has happened, you have current information that helps you respond sooner and plan more effectively. More than figures on a page The real value of management accounts is not just in the numbers themselves, but in what they tell you. Good reporting helps you understand trends, monitor performance and compare actual results against expectations. Variance analysis, for example, can help explain where performance is ahead of plan, where it is falling short and where further attention may be needed. This level of insight supports more confident decision-making. Whether you are reviewing costs, planning recruitment, assessing pricing or preparing for growth, you are working from evidence rather than instinct alone. Keeping cash flow in focus Profit is only part of the story. Cash flow remains one of the most important indicators of financial stability. Cash flow forecasts help show the timing and amounts of cash expected to come in and go out over a given period, helping businesses spot pressure points, plan ahead and assess whether funding may be needed. When cash flow is built into your management reporting, it becomes easier to manage working capital, anticipate shortfalls and make decisions with a clearer view of the road ahead. A stronger basis for business decisions At their best, management accounts do more than report performance. They help you understand it. They bring structure to financial information, highlight what matters most and support better conversations around the direction of the business. That leads to stronger planning, better control and more informed decision-making. How we can help We work with businesses to deliver management accounts that are clear, relevant and tailored to their needs. Our focus is not just on producing reports, but on helping you understand your numbers and use them to make better decisions. If your current reporting is not giving you the clarity you need, speak to our team about management accounts that bring greater insight, control and confidence.

Taking on the role of a charity trustee is a meaningful step. It places you at the centre of an organisation that exists to make a real difference. With that position comes responsibility. In Ireland, charity trustees are the people who ultimately exercise control over, and are legally responsible for, the charity. That makes a clear understanding of the role essential from the outset. What does a charity trustee do? At its core, being a trustee means overseeing how a charity is run. Trustees are responsible for governance, strategic direction and accountability. This is different from day-to-day management. While staff or management may run the charity’s daily operations, trustees remain responsible for ensuring that the organisation acts in line with its charitable purpose, complies with relevant legal and regulatory requirements, and is governed effectively. Acting in the best interests of the charity Trustees must act in the best interests of the charity at all times. That means putting the charity’s purpose first and ensuring that personal interests, loyalties or outside influences do not interfere with decision-making. Conflicts of interest can arise in any organisation, but they must be identified, declared and managed properly. Good governance depends on trustees being willing to ask questions, challenge where needed and make decisions that support the charity’s long-term interests. Ensuring proper oversight Trustees are expected to exercise real oversight of the charity’s activities, finances and decision-making. That includes understanding how money is received and used, reviewing financial information, monitoring key risks and making sure appropriate controls are in place. Trustees do not need to be specialists in every area, but they do need enough visibility and understanding to govern effectively and respond when something requires attention. Complying with regulatory requirements Registered charities in Ireland must meet specific obligations to the Charities Regulator. One of the most important is the requirement to submit an Annual Report within 10 months of the charity’s financial year-end. Trustees should also ensure the charity complies with other relevant laws, including areas such as data protection, employment, equality and health and safety where applicable. Compliance is not simply an administrative task. It is a central part of protecting the charity and maintaining public confidence. Following the Governance Code The Charities Governance Code is a practical framework that supports good governance across the sector. It is built around six principles and is intended to help trustees put the right systems and behaviours in place. Responsibility for compliance rests with charity trustees, so boards should be able to show how those principles are being applied within their organisation. Why this matters Expectations of charities continue to rise. Donors, beneficiaries, regulators and the wider public all expect transparency, accountability and strong governance. When trustees fulfil their role well, they help protect the charity’s purpose, strengthen its decision-making and support long-term impact. When governance is weak, the consequences can affect compliance, credibility and public trust. How we support charity trustees We work with charities and not-for-profit organisations to strengthen governance, improve oversight and support compliance. Whether you are newly appointed or already serving on a board, the right advice can help you understand your responsibilities clearly and respond with confidence. Take the next step If your charity needs greater clarity around governance, compliance or trustee responsibilities, now is the time to act. Speak to our team for practical support that helps you strengthen oversight, reduce risk and move forward with confidence.

I remember 1986 well. It was the year Argentina won the World Cup and IBM released its first laptop. That year also marked a notable milestone for accountancy. An American firm in New York, Urbach, Kahn & Werlin formally joined forces with London-based firm Hacker Young to create an international association called Urbach Hacker Young. UHY. Of course, I didn’t know that in 1986, but when I discovered UHY over 25 years later, I was impressed by what I found – so I joined. Rhys Madoc - UHY CEO Forty years on from its transatlantic beginning, the business has grown into a worldwide network of like-minded accounting firms. I have been privileged in my role as UHY’s executive director, and now CEO, to witness how the network’s founding principles of integrity, trust and collaboration still drive its success today. Global expansion I joined in 2013 just three years away from its 30th anniversary, and an exciting time for the network. UHY had recently updated its brand, giving the blue logo some contemporary curves and emphasising not only individual and independent member firm identity but the international dimension too. Strategically it was a time of global expansion, and my job was to help the network enter new countries, finding the right firms with the right services in the right locations – and growing our membership of course. But that wasn’t all. I heard increasingly from our member firms that more centralised support from the network would be a significant way of enhancing their own marketing, particularly in getting across the international messages that would boost their appeal to multinationals and local businesses looking to invest overseas. Member engagement Adopting a more centralised support model, we launched a revised webinar programme, enhanced member firm support materials and new members’ intranet portal to enable better communications and reporting. Alongside this we rolled out new global publications, a brand asset library and comprehensive sales tools. The Board noted a significant shift in partner perspectives, increasingly recognising marketing as strategically vital for their firms’ development and growth. Our smaller firms in particular benefited from central guidance and promotional tools. By our 30th anniversary, the network was represented in 90 countries, our member firms employing over 7,000 professionals and staff. Our regional conferences that year were defined by celebration, optimism and the spirit of collaboration we had been building so enthusiastically. Burdens and blessings of lockdown None of us could have predicted a global pandemic. When countries went into lockdown in 2020, cross‑border trade stalled, entire industries were devastated, and our member firms and their clients found their day‑to‑day operations severely disrupted — in some cases confronting a threat to their very survival. Looking back, I’m both humbled and proud of how our firms stepped forward and demonstrated real leadership during an exceptionally challenging period. Our offices across the world accelerated adoption of cloud-based accounting and communication methods to offer remote business continuity to clients. They shared ideas and solutions. They adjusted policy and process to enable employees to work safely from home, supporting and motivating them, putting wellbeing at the top of the list. In turn, the UHY Board, and my team in the (virtual) UHY executive office adopted complementary measures: videoconferencing with Zoom and Teams for more intimate engagement; taking our regional conferences for 2020 online to maintain networking and momentum; facilitating technical accounting updates to mitigate Covid-19 impacts on business timelines and deadlines, especially in audit and assurance. We learned so much about the power of collaboration in a client-centric culture. When borders reopened a new set of economic challenges emerged as nations counted the cost of downtime and our profession found itself in demand as never before. UHY member firms have been able to play a big part in recovery and helping their clients to ‘turn the corner’. Reaching 40 The years since Covid have been marked by global economic and geopolitical uncertainty. It has never been more important for organisations to have trusted advisors they can turn to for help in navigating change. For 2024 the Board was delighted to report record revenues and the highest levels of cross-border business in the history of UHY. The network grew again last year and in 2026, our anniversary year, I am sure we will continue to grow further, in testament to the effort of what is now a 10,000-strong network of talented people operating under the UHY brand around the world. The network is in great shape. Since October 2024 we have had a new global chairman and a new global brand. Both are pushing boundaries and leading UHY into a new era, fostering a uniquely collaborative culture under a unified flagship brand that preserves each firm’s independence while bringing everyone together under one visual identity. I have had the honour and pleasure of working with six UHY chairmen who have expertly steered the network to where we are today. Our current Chair, Roberto Macho, is no stranger to UHY, being one of the longest serving board members and an early member of the fledgling network all those years ago. With Roberto’s leadership, a committed Board and an engaged membership, the future looks bright. So we proudly celebrate the network’s legacy, strengths and successes. In 1986 UHY International was launched in New York in October, and we will mark the moment at our own Annual Conference in Atlanta, Georgia, USA, this October. In our 40th year, let the party begin!