On 9 May, the Ulster Society hosted the latest in a series of legal issues webinars with our legal partner, A&L Goodbody. In this webinar Sam Corbett and Tanya Surgeon outlined the difference between current conditions and those of 2008/09, along with key things that both accountancy practices and those accountants working in business should be aware of from a legal standpoint. A recording of this webinar is available to view for free and on demand HERE A pdf copy of the slides from this presentation can be viewed HERE  

On 6 May the Ulster Society Young Professionals Group hosted a webinar titled 'How to network - making valuable connections' featuring leadership consultant James McSporran, Over the last couple of years it's been hard to practice effective networking and face-to-face engagement. In this session, James McSporran will share some thoughts on how to approach a networking situation and make lasting connections. A recording of this webinar is available to view for free and on-demand HERE

On 27 April the Ulster Society hosted a webinar featuring three of Northern Ireland's leading economists. What do we know about the economic outlook for NI? What can we expect in the year ahead? This webinar examines what businesses and policy-makers can do to address the challenges ahead. A recording of this webinar is available to view, for free and on demand, HERE  

On 8 April the Ulster Society Young Professionals Group hosted a webinar titled 'Stress Management - Balance and your Growth Mindset' featuring Sinead Willox, Lawyer, Certified Life Coach and Mindfulness Practitioner.  In this session,  Sinead discusses the importance of work life balance, the growth mindset and share some techniques to assist with stress management and productivity.  A pdf copy of Sinead's slides can be viewed HERE A recording of this webinar is available to view for free and on demand HERE

TO ALL MEMBERS OF THE ULSTER SOCIETY NOTICE OF THE ELECTION OF COMMITTEE MEMBERS 2022/2023   Note: All references to Rules are to the Rules which came into force on 7 June 2021. This notice is given in accordance with Rule 28.2. In accordance with Rule 21.1.1, the number of vacancies for ordinary members on the Committee of the Ulster Society (the “Committee”) to be filled at the Annual General Meeting of the Ulster Society, (the “Society”), to be held on 6 June 2022, is ONE. The following member of the Committee, who is retiring under the provisions of Rule 25.2, is eligible for re-election, and has indicated to the Committee that she wishes to offer herself for re-election and is accordingly deemed to be nominated for re-election: Ms Catherine MARTIN, member in practice To fulfil the membership strand / geographic requirements of Rule 21.2, the members elected must include two members in practice and two members in business. The committee meets these requirements. Therefore, members must be elected from the following: ONE member of the Society whether a member in business, member in practice, member employed in practice or other category of membership In accordance with Rule 21.1.1, candidates for election to Committee must be members of the Society and be nominated by five members of the Society, who are not current Committee members, and who indicate their support in writing. Nominations are now sought for the above vacancy. Completed nominations must, under Rule 29.5, be sent to the Honorary Secretary by e-mail to karen.hewitt@charteredaccountants.ie not later than 1pm on 20 April 2022. Nomination forms are available on request from the Committee Secretary, email karen.hewitt@charteredaccountants.ie . The Ballot, if necessary, will be held on 13 May 2022. By Order of the Committee Paul Miller, Honorary Secretary, Ulster Society

The Chairperson of Chartered Accountants Ulster Society has called on Northern Ireland’s main political parties to end political instability, provide a shared vision for Northern Ireland and to provide real leadership for its people.  Speaking to 400 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (31 March), Maeve Hunt called for a Northern Ireland Executive to be formed immediately after the Assembly Election to end the terrible impact of political uncertainty and to address the real issues facing business and wider society. Maeve Hunt called for a new Executive to get back to leading Northern Ireland, create a shared vision and agree a Budget to support the economy and meet urgent needs. Maeve Hunt said: “As it stands, with costs rising, supply chain disruption and a war in Europe, our Executive is unable to present a vision for the future and an agreed budget for services for our people. “Invest NI’s suspension of offers of financial support sends out a message that Northern Ireland isn’t open for business. The finance minister tells us that £300 million pounds of funding for local services cannot be allocated. “The failure to agree a three-year Budget is disappointing. We are frustrated at the indecision. We are angry that our devolved Government is failing us, yet again. Our Ministers are not doing what we put them there to do. That is to deliver timely decisions on our economy and every sector of our society where there are glaring needs.  “Our members clearly still believe that Northern Ireland is a great place to live and a great place to do business, but we’re in dire need of real leadership. We are crying out for a shared vision. With all that’s going on in the world, it’s vital that we have leadership taking key decisions, encouraging business investment and looking to the post-pandemic future.  “The longer political instability continues, the more difficult it is for local business to contribute to growth, create jobs and provide a better quality of life. “The health crisis has changed how we live and how we work. We now have an opportunity to rethink how we do things. We have an opportunity to assess how our small region sits in the wider world. “It is an opportunity to embrace the post-pandemic future, to re-energise our economy and to realise the fantastic potential that exists here in Northern Ireland. We must ensure that this opportunity does not pass us by.” A recent survey of Chartered Accountants in Northern Ireland found that only 1% rated the performance of the NI Executive as ‘Good’, with 78% rating it as ‘Poor’ or ‘Very Poor’. 44% said that the number of businesses in financial distress is increasing, just 13% felt it was decreasing. Ms Hunt also paid tribute to the role which Chartered Accountants have played during the COVID-19 health crisis. She said: “The last two years have been unprecedented. It has been tough for a lot of people. A lot have struggled, and many have experienced personal loss and tragedy. “Our members have been at the sharp end of trying to keep businesses running and keeping jobs viable. Their expertise has been essential in maintaining livelihoods and in keeping key services going. The Ulster Society is proud of the role that our members have played throughout the health crisis.” Providing entertainment for guests at the Ulster Society Annual Dinner were award-winning local comedian Paddy Raff and musicians and dancers from Belfast BeO. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 400 members and their business guests.  

On 30 March the Ulster Society hosted a webinar about efforts to maximise the impact of the Regional City Deals and other key investments for the benefit of NI plc. Clare Guinness of Innovation City Belfast and Kevin O’Connor of Derry City and Strabane District Council provided an overview of the City Deals, their aspirations for success, the role of outcome based accountability in measuring success, how to overcome the various challenges presented and the ultimate benefit / value-add of adopting a collaborative approach both at regional level and across the public & private sectors. A recording of this webinar is available to view, for free and on demand, HERE  

On Friday 25 March the Ulster Society Young Professionals Group, in partnership with VANRATH, hosted a webinar titled 'Time Management - Staying Productive in a Hybrid World' featuring guest speaker Angus Farr. In this session, Angus shared some thoughts on how accountants are adapting to hybrid ways of working, while maintaining or sometimes increasing their personal effectiveness. Angus also took questions from the audience. Angus is a Chartered Accountant and Chartered HR professional and works with individuals and organisations to improve those all-important soft skills that can often determine career and business success more than technical knowledge alone. A recording of this webinar is available to view, for free and on demand HERE A pdf copy of Angus' slides is available HERE  

23 March 2022 Today’s announcement was an opportunity to go further to provide help to businesses struggling in current inflationary environment  Disappointing not to see greater certainty given to businesses in Northern Ireland as to what the future corporation tax regime will look like  More important than ever for NI Executive to pursue activation of corporation tax setting powers   Greater certainty to businesses and investors as to what a future regime will look like  Measures to ease the rising cost of living, particularly for lower earners, are very welcome today, however more could have been done to support businesses in Northern Ireland also experiencing inflationary pressures. That’s according to Chartered Accountants Ireland in response to the Spring Statement announced by Chancellor Rishi Sunak.  Commenting Cróna Clohisey, Tax and Public Policy Leader, Chartered Accountant Ireland said: “There was little in today’s Spring Statement of immediate benefit for businesses in Northern Ireland that continue to struggle with rising energy costs, inflation, staff shortages and turbulent supply chains as they emerge from the pandemic.    “While the Chancellor did increase the employment allowance from £4,000 to £5,000 and acknowledged that there would be further tax measures announced as part of the Autumn Budget, businesses in Northern Ireland would have greatly benefited from the certainty of a confirmation of a reversal or even a postponement in the decision to increase corporation tax in Northern Ireland from 19% to 25% from April 2023. This missed opportunity further strengthens the case for the region to activate powers to set its own corporation tax rate.”  The Institute has long campaigned for Northern Ireland to have the power to set its own corporation tax rate and believes that the rate should be more in line with the OECD’s proposed global 15% minimum rate. The majority of Chartered Accountants surveyed in Northern Ireland favour the introduction of a devolved corporation tax rate for the region, with almost 9 in 10 of those in favour of the belief that the rate should be less that the current 19%.    Cróna Clohisey continued: “Northern Ireland could greatly benefit from reducing its corporation tax rate below the current 19%. The interim report of the Fiscal Commission in NI has already stated that there is a case for devolving corporation tax powers to the NI Assembly and urged the NI Executive to develop its own plans to demonstrate the sustainability of its finances.   “Northern Ireland has lower levels of income and investment compared to the rest of the UK and we believe that allowing the Northern Ireland Assembly to set a lower rate would enable the region to attract increased high-value FDI, drive investment and expansion by local companies. The Institute believes that with the correct infrastructure and tax policy, there is significant potential for the region.”   Ends  

On 3 March the Ulster Society hosted a webinar examining the accreditation and impact of The Diversity Mark. The Diversity Mark is a ‘Mark of Progress’ that publicly declares that they are committed to building a more diverse and inclusive workplace to benefit all employees.  It is awarded to companies following an independent assessment process which ensures they have reached the required standard of commitment to advancing Diversity and Inclusion. In this webinar featuring an expert panel of speakers, we examined the impact that the Diversity Mark can have, the process involved, and the experience of some local companies that have been through the process. A recording of this webinar can be viewed, for free and on demand, HERE   A pdf copy of Jenny Moore/ Kerry Phillips and Nicola Armstrong's presentation is available HERE A pdf copy of Siobhan McKenna's presentation is available HERE A pdf copy of Jill Michael's presentation is available HERE

On 24 February the Ulster Society's Chartered Accountants in Business sub-Committee hosted a free webinar examining how organisations can address the need to innovate and to disrupt with ambition. Speakers for this event were Dr Adrian Johnston MBE, Catalyst NI; and Sonya Kerr, CATAGEN. A recording of this webinar is available to view for free and on demand HERE A pdf copy of Dr Adrian Johnston's slides can be viewed HERE A pdf copy of Sonya Kerr's slides can be viewed HERE

On 23 February the Ulster Society's Public Sector sub-Committee ran a webinar examining how organisations can meet their sustainability obligations, act responsibly and play their part in addressing climate change.. This webinar featured an expert panel of speakers - Debbie Caldwell, Belfast City Council; Dr Judith Wylie, University of Ulster Business School; Keith Scott, NI Water. A recording of this event is available to view for free and on demand HERE A pdf copy of Debbie Caldwell's slides can be viewed HERE A pdf copy of Judith Wylie's slides can be viewed HERE A pdf copy of Keith Scott's slides can be viewed HERE

Chartered Accountants identify NI Protocol as main opportunity for business  -------------------- Concerns about energy costs, supply chain disruption and current political climate A survey of business leaders shows that two thirds (66%) believe that the local economy is growing again despite the challenges of the COVID-19 health crisis. Two years on from the start of the pandemic, only 19% say that the economy is stagnant and 12% feel that the economy is contracting. The survey was less positive about the recent political climate. The findings reveal a poor rating of the NI Executive and Assembly’s performance, with 78% rating it as poor or very poor, 21% rating it as ok, and just 1% rating it as good. The survey was taken before the resignation of former First Minister, Paul Givan. The findings show that economic recovery from the pandemic is still at an early stage. 57% say that there is still some way to go in terms of recovery, while 30% say that Northern Ireland remains in a very challenging position. The survey from Chartered Accountants Ulster Society also shows that despite a generally improved outlook for the year ahead, a majority of Chartered Accountants say the number of businesses in financial distress is increasing (44%) rather than falling (13%) as the impact of COVID-19 continues to have an effect.  There was, however, some uplift in optimism around prospects for the local economy in 2022 with 28% seeing prospects as good or very good for the coming year, up from just 10% in 2020. 20% view prospects for the economy as poor or very poor, down from 41% in 2020. Key Issues The biggest negative issues for the year ahead are rising energy costs (45%), supply chain disruption (41%) and current political conditions in Northern Ireland (40%) according to the survey.  A recovering global economy is seen as the biggest positive factor (48%). Brexit has moved down the list of challenges (33%) and EU Exit opportunities are now a consideration with 81% saying that the Northern Ireland Protocol presents a major opportunity for the Northern Ireland economy. The survey also shows that Chartered Accountants feel that the Protocol issue has been handled poorly, with 80% saying the Protocol impasse is damaging Northern Ireland’s international reputation. Only 2% feel that the EU Exit has been handled well by the Northern Ireland Executive. 5% say that the UK Government has handled it well, while the EU scores more highly with 33% feeling it has handled the process well. When asked how EU Exit has impacted their business, one in three respondents believe that it is leading to a positive impact on trade but almost half say there have been negative impacts on trade with Great Britain. Over 60% feel there have been negative effects on their business in terms of access to EU workers and increased business costs. 38% say that the EU Exit has had a negative effect on profit growth. The survey shows a significant rise in skills shortages with three in five (62%) businesses or organisations experiencing skill shortages (up from 48% at the start of 2020 pre COVID-19 and full EU Exit). Fiscal Devolution The survey reveals very low confidence around the capacity and capability of the NI Executive to take on more tax varying powers. 79% of those surveyed say the NI Executive has weak or very weak capacity and capability for dealing with new devolved tax powers. Corporation tax is considered the most appropriate tax to devolve with 46% saying it is suitable or very suitable. 43% of respondents say that the current non-domestic/business rating system is poor as a basis for taxing property in Northern Ireland, while only 7% view it as good. Working Practices In terms of future working patterns, hybrid working looks to be the most significant, with 56% of those surveyed believing they will combine both working from home and at the office going forward. The survey shows an even split around whether workers feel they can be as productive working a four-day week and just over a third (36%) believe employers would support some permanent form of hybrid working.   Comment Maeve Hunt, Chairperson of Chartered Accountants Ulster Society which represents over 5,000 Chartered Accountants in Northern Ireland said: “There are certainly some positive signs of an improving economic outlook as we begin to look towards a post-pandemic future, but it is clear that the last two years have taken a heavy toll on many local businesses. “Our survey shows a much more optimistic view of growth for the local economy, but we should also remember that we are growing back from a low base due to the impact of COVID-19 and the uncertainty around the UK’s exit from the EU. “Business leaders are voicing some clear concerns about rising energy costs, supply chain disruption and current political situation in Northern Ireland.  “Despite some misgivings in the survey about the performance of the Executive and Assembly, it is vital that we have leadership taking key decisions, encouraging business investment and better public services. As Northern Ireland begins to emerge from the COVID-19 pandemic, leadership and real decision-making is needed now more than ever. “The longer that political instability continues, the more difficult it is for local business to contribute to growth, jobs and a better quality of life in Northern Ireland.” Independent economist Maureen O’Reilly, who formulated and analysed the survey of Northern Ireland’s Chartered Accountants said: “Members work across all parts of the economy in Northern Ireland. That includes industry, the wider private sector along with the public and third sectors and as such their views provide a very valuable and realistic assessment of how the Northern Ireland economy is performing.   “This suggests that recovery is definitely underway and prospects are improving but that is couched by concern around the extent of financial distress in the economy that will be tested further by the significant inflationary pressures that firms and households are now facing. “Many of the biggest issues facing the economy are outside the control of the NI Executive and government here but members are clear that political leadership and stability is one of the most significant barriers not only to recovery but in taking greater ownership of decisions, particularly around how the tax system can support and drive local economic growth.  Another critical concern is access to skills which has been exacerbated by COVID and is fast reaching a level that will hold back the economy going forward”.   A summary of key findings: • 66% felt that the economy was growing; 19% of local Chartered Accountants feel that the local economy is stagnant; 12% believe that the economy is contracting. • 30% say that Northern Ireland is still in a very challenging position in terms of recovery from the pandemic. • 44% say that the number of businesses in financial distress is increasing. 13% say the number is falling. • 28% feel the outlook for the NI economy in the year ahead is ‘Good’ or ‘Very Good’; 52% feel the outlook is ‘Fair’; 20% say ‘Poor’ or ‘Very Poor’. • Rising energy costs (45%), supply chain disruption (41%) and political conditions in NI (40%) are seen as the most negative issues for the economy. • 81% say the NI Protocol represents a major opportunity for the Northern Ireland economy. • 62% say their business or organisation is experiencing skills shortages (up from 48% in 2020) • 78% rate the performance of the NI Executive and Assembly as ‘Poor’ or ‘Very Poor’; 21% rate it as ‘OK’; 1% rate it as ‘Good’ • 79% of those surveyed say the NI Executive has weak or very weak capacity and capability for dealing with new devolved tax powers. • 43% of respondents say that the current non-domestic/business rating system is poor as a basis for taxing property in Northern Ireland, while only 7% view it as good. • 56% believe that hybrid working patterns will be most common in the year ahead. • 106 Chartered Accountants took part in the survey  

On Tuesday 8 February the Ulster Society's Public Charity/ Not for Profit Group hosted an introduction to Charity Independent Examinations with expert in the field, Margaret Birse. Topics that were covered include: • What is an Independent Examination? • Preparation for, and undertaking an, Independent Examination • Reporting requirements for Independent Examiner A recording of this webinar is available to view for free and on demand HERE A pdf copy of Margaret's presentation is available to view HERE

Chartered Accountants Ulster Society has expressed concern and disappointment over the crisis that has engulfed the devolved institutions. Maeve Hunt, Chairperson of Chartered Accountants Ulster Society, in a statement, said: “Northern Ireland is now caught it a situation where nothing of substance can be decided. A consultation on a three-year Budget is currently underway but without a functioning Executive, it cannot be taken forward. “We need certainty, timely decision-making, innovative thinking and proper financial planning across all government departments including Health, Education, Infrastructure and, of course, the Economy. That will now not happen and that is a great disappointment. “We are also concerned for the future of the devolved institutions. The last thing that business and our economy needs is a protracted period of political stagnation and uncertainty. “We believe that what is being played out at Stormont has the potential to cause serious damage to Northern Ireland’s international reputation. Inward investors and overseas businesses look for political stability whenever they are making important decisions and if that is absent, then Northern Ireland could be the loser. “As Northern Ireland begins to emerge from the COVID-19 pandemic, leadership and real decision-making is needed now more than ever.”  

During January the Ulster Society Young Professionals Group hosted a series of virtual wellness sessions. With expert guidance from Elizabeth Welty and support from VANRATH these threes sessions feature short practices focusing on mindfulness and movement to help you stay positive. Suitable for beginners or those with more experience.  Recordings of each session are available below: Big Presentation?  No problem This short practice uses simple mindfulness to bring your best self forward, and help manage distracting thoughts.  Our focus is like a muscle, the more we work with it the better it will be when the pressure is on!   Release Valve. Stress release for mind and spine This practice will start with easy desk stretches to release tension in neck and spine.  We’ll work with our minds to let go of unhelpful ruminating thoughts to clear space for a calm and positive internal landscape.   Grit. Using Mindfulness to be Steady, Strong and Responsive Don’t puff up, don’t shrink down - stand your sacred ground’ ~ Brene Brown A short mindfulness and movement practice to inspire a steady, strong presence. A prefect practice for cultivating internal grit.  

On 18 January the Ulster Society Public Sector sub-Committee hosted a webinar examining the topic of cybersecurity and how organisations can be better prepared. This webinar featured presentations from Colm McDonnell, Partner in the Deloitte Risk Advisory Practice in Ireland and Gina McIntyre, Chief Executive Officer of the Special EU Programmes Body (SEUPB). A recording of this webinar is available to view for free and on demand HERE A pdf of Colm's presentation is available HERE A pdf of Gina's presentation is available HERE

On 8 December the Ulster Society hosted a webinar in partnership with Hays covering 'How to support Equity, Diversity and Inclusion in the workplace and be an ally'. The webinar was presented by Lorraine Twist, Director with Hays UK. A recording of this webinar is available to view for free and on demand HERE A pdf copy of Lorraine's slides are available to view HERE In this webinar, Lorraine covered    • An introduction to Equity, Diversity and Inclusion (ED&I) in the workplace (what does it mean and why is it important?)  • An overview of the Hays ED&I Survey 2021   • The survey included data, insights and recommendation on how to attract and retain a diverse workforce and create an inclusive, equitable culture  • How to practically support you organisations ED&I agenda in Finance • How to be an ally