Group consolidated surplus
Before revaluation and exceptional items: Total operational surplus for 2025 was €3.86m, compared with an operational deficit of €300k in 2024, representing a favourable year-on-year improvement of €4.16m.
General activities’ operational surplus was €4.3m in 2025, versus €1.7m in 2024.
Law School activities generated a surplus of €249k against a prior-year loss of (€1.1m).
Subsidiaries generated losses of (€733k) against prior-year losses of (€902k).
After revaluation and exceptional items: In the audited financial statements, the operational surpluses/losses are included in the consolidated statement of comprehensive income. This statement also brings in revaluations and exceptional items. For 2025, these are resulting in the Law Society making an overall surplus of €15.2m for the year (2024: surplus of €5.3m). There are three items for noting:
- Actuarial gain on defined-benefit pension liability: in accordance with the accounting standard FRS102, in 2025, the financial statements show a surplus on the defined-benefit pension scheme of €9.7m, while in 2024 there was a surplus of €3.9m. The larger actuarial gain in 2025 was primarily driven by a reduction in inflation and projected salary increases to value the scheme’s liabilities. The actuarial gain on the defined-pension benefit liability is €5.4m in 2025 (2024, €2.4m).
- Fair-value gain on the revaluation of development land: the Benburb Street site is a brownfield city-centre site that extends to 1.1 acres and is zoned Z5, allowing a variety of uses for potential schemes, including commercial and residential. As is practice, we engaged Mason, Owens & Lyons to undertake an annual valuation of the land. In estimating the market value of the subject property, they have had regard to prevailing market conditions and sales transactions that are considered comparable with the subject property. In consideration of this information, they have adopted a base capital value per acre of €12.7 million per acre, in line with the primary comparisons, resulting in a gross site value of €19,250,000. This valuation, as at 31 December 2025, is an increase of €5,250,000 on the 2024 valuation. On 19 March 2026, planning permission was granted for development of the site at Benburb.
- Fair-value gain on the revaluation of investments: the revaluation of the Law Society’s investments resulted in a fair-value gain of €964k, reflecting a strong investment performance for 2025 (2024: gain of €1.3m).
Subsidiaries
The group structure includes a number of subsidiary entities. The Law Club of Ireland made an operational loss of €92k (2024: loss €91k). Benburb Street Property Company Limited made an operational loss of €135k (2024: loss €8k). Blackhall Technologies made an operational loss of €336k (March 2025: loss €367k; nine-month period).