CHARITY REGISTRATION NUMBER: NIC101366 Friends Of The Ulster Museum Financial Statements 30 June 2022
Friends Of The Ulster Museum Financial Statements Year ended 30 June 2022 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 15 Notes to the detailed statement of financial activities 16
Page 1 Friends Of The Ulster Museum Trustees, Annual Report Year ended 30 June 2022 The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2022. Reference and administrative details Registered charity name Friends Of The Ulster Museum Charity registration number NIC101366 Principal office ejo Ulster Museum Botanic Gardens Belfast BT9 SAB The trustees Mrs P Cameron Mrs P Blamphin (Chairperson) Miss M P Mackintosh (Treasurer) Mrs D Baillie (Administrator) Mr l Forsylhe Dr M Gibson Ms H Crowdy Mr J Leckey Mrs M Noad Mr P Thompson Mrs D Hiscock Independent examiner Johnston Graham Limited Chartered Accountants 2161218 Holywood Road Belfast BT4 1PD
Page 2 Friends Of The Ulster Museum Trustees, Annual Report f¢oneinue Year ended 30 June 2022 Structure. governance and management As sel out in the conslitulion, the administration, conduct and function of the charity will be upheld by the Management Committee made up of three officers and 8 ordinary members supported by a paid administrator. The Committee holds a meeting at least twice a year. The nine ordinary members are elecled al the AGM for a term of three years. The Chairman and the Vice Chairman a elected at the AGM and re-elected each year for a period of five years. The Hon Treasurer is elected each year at the AGM. The Annual Accounts which have been examined by an independent examiner are presented at the AGM for the membership's approval. Grants and donations requests are brought to the meeting of the Management Committee by the Hon Treasurer for approval and are presented in the annual accounts to members at the Annual General Meeting. Further approval of the annual subscription and the Adminislratorfs salary are brought to the Management Committee by the Hon Treasurer for approval and are presented in the annual accounts. No change being a variation or item rescinded lo the constitution shall be made without being passed by not less than 0-thirdS of members in person at the AGM. The Friends of the Ulster Museum was registered with the Nl Chartty Commission in December 2015. The Hon Treasurer is the main contact with the Commission's office. The main business address is clo Mrs Deborah Baillie, Administrator, Friends of the Ulster Museum, Ulster Museum, Botanic Gardens, Belfast BT9 SAB The management committee met during 2021-2022 on the following dates to administer the normal business of the Friends. Dates.. 10th August 2021, 23rd Seplember 2021, 191h May 2022 and 6th September 2022. Objectives and activities To support and assist The Ulster Museum, and to promote ils use and enjoyment by the public. To provide funding {eilher directly. or after accumulation or investment) lo allow The Ulster Museum to purchase objects to add lo the Museum's collection for public exhibition. and in particular art science and history exhibitions. To encourage and support other similar bodies associated with the Ulster Museum.
Page 3 Friends Of The Ulster Museum Trustees. Annual Report (continued) Year ended 30 June 2022 Achievements and performance Funds held by the Friends of the Ulster Museum have been generated by a bequest plad in an investment portfolio producing annual income and events run by the members raising funds to support and assist the Ulster Museum to promote ils use and enjoyment by the public. These funds also pemiit the museum to purchase objects adding to its collections for public exhibition. The Friends also support and encourage other similar bodies some associated with the Ulster Museum. A further source of funds is received by members, subscriptions. gift aid and bank interest ttjvering administration costs.'_ wages and salaries, printing and stationery, bank charges. insurance. The Friends employ one part-ts'me administrator bul does not have overhead costs. Grants and donations requests are brought to the meeting of the Management Committee by the Hon. Treasurer for approval and are presented in the annu81 accounts lo members al the Annual General Meeting. Further approval of the annual subscription and the Administrato¢s salary are brought lo the Management Committee by the Hon Treasurer for approval and are presented in the annual accounts. This report records activities of the Friends during the year 1st July 2021 to 30th June 2022. It normally would summarise the grants and donations made during the financial year, details of which would be presented in the Annual Accounts at the AGM. Due to the restrictions though having been somewhat relaxed of the Covid-19 pandemic. we did receive some requests and made the following donations'.- A payment of £1,000 towards the publishing of Miss Eileen Black's latesl book "Through the Salerooms" £5,000 towards the purchase by the Ulster Museum of"The 36th {Ulsterl Division at the Cenotaph" by William Conor. Financial review The result for the year shows an overall surplus of £380 and gain on investments of £1,537. Reserves policy The Trustees have a discretionary portfolio with our brokers sel up lo maximise the return lo the charity within acceptable risks and to provide adequate reserve to meet the needs of the charity into the foreseeable future. The investment portfolio is held for growth and interest lo allow the friends lo support the Ulster Museum, acquire items for the curators of history Scien and art and further 8SSlSting with large scale exhibitions. Plans for future periods To continue with our raison d'etre of assisting and supporting the Museum.
Page 4 Friends Of The Ulster Museum Trustees, Annual Report{continued) Year ended 30 June 2022 Responsibilities of the trustees The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in Northern Ireland requires the trustees lo prepare financial statements for each financial year. Under that law the Iruslees have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable lawl. The trustees must not approve the financial statements unless they are satisfied that they give a tnje and fair view of the stste of affairs of the charity and the income and expenditure of the charity for that period. In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP.. make judgements and accounting estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going Conrn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northem Ireland) 2008. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, annual report wa5 approved on 27 September 2022 and signed on behalf of the board of trustees by.. Mrs P Blamphin (Chairperson) Trustee
Page S Friends Of The Ulster Museum Independent Examiner's Report to the Trustees of Friends Of The Ulster Museum Year ended 30 June 2022 I report to the trustees on my examination of the financial statements of Friends Of The Ulster Museum I'the charity,) for the year ended 30 June 2022. Responsibilities and basis of report As the trustees of the charty you are responsible for the preparation of the financial statements in accordance with the qUirements of the Charities Act (Northern Ireland) 2008 (the '2008 Act'l. You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination. I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northem Ireland under section 6519}(b) of the 2008 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material Spect.. accounting records were not kept as required by with section 63 of the 2008 Act,. of the financial statements do not accord with those records.. or the financial statements do not comply with the accounting requirements of the 2008 Act,. or the financial statements do not comply wth the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which ts not a matter considered as part of an independent examination. I confirn that there a no other matters to which your attention should be drawn to enable a proper understanding of the atUnts to be reached. David Knox For and on behalf of Johnston Graham Limited Chartered Accountants 2161218 Holywood Road Belfast BT4 1PD 27 September 2022
Page 6 Friends Of The Ulster Museum Statement of Financial Activities Year ended 30 June 2022 2022 Unrestricted funds Total funds Total funds 2021 Income and endowments Donations and legacies Charitable activities Investment income 7,060 3,776 3.185 7.1%0 3,776 3,185 7.600 65 2.664 Total income 14,021 14,021 10.329 Expenditure Expenditure on charitable activities Total expenditure 13,641 13,641 13,641 6.007 13,641 6.007 Nel gains on investments 1,537 1.537 2,775 Net income and net movement in funds 1,917 1,917 7,097 Reconclliation of funds Total funds brought forward Total funds carried fonvard 114,915 114,915 116,833 107,818 116,833 114,915 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Thg notes on pages 8 to 13 forni part of these financial statements.
Page 7 Friends Of The Ulster Museum Statement of Financial Position 30 June 2022 2022 2021 Note Current assets Investments Cash at bank and in hand 13 85.348 31.965 83.239 32.156 117,313 115,395 Creditors: amounts falling due within one yeaT Net current assets 14 480 480 116,833 116,833 114,915 114.915 Total assets less current liabilities Net assets 116,833 114,915 Funds ofthe charRy Unrestricted funds 116,833 114,915 Total charity funds 15 116,833 114,915 These financial statements were approved by the board of trustees and authorised for issue on 27 September 2022. and are signed on behalf of the board by.. Mrs P Blamphin {Chairpersonl Trustee Miss M P Macknnt Trustee sli (Treasurer) The note$ on page$ 8 to 13 forni part of these financial statèments.
Page 8 Friends Of The Ulster Museum Notes to the Financial Statements Year ended 30 June 2022 General infomiation The charity 15 a public benefit entity and a registered charity in Northem Ireland and is unincorporated. The address of the principal Offi is clo Ulster Museum, Botanic Gardens, Belfast. BT9 SAB. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland.. the Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charities SORP (FRS 102)} and the Charities Act (Northern Ireland) 2008. Accounting policies Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectstions of future events that are believed lo be reasonable under the ¢ir¢umstan¢es. Fund accounting Unrestricted funds are available for use at the discreb'on of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the tnjstees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds.
Page 9 Friends Of The Ulster Museum Notes to the Financial Statements (c¢inllnued) Year ended 30 June 2022 Accounting policies (¢otrJtinued) Incoming resourcgs All incoming resources are included in the statement of financial activities when enlillemenl has passed to the charty,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of ineome.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is ¢la$5ffied as unrestricted funds unless there is a conlraclual requirement for il lo be spent on a particular purpose and returned if unspent, in which case it may be regarded as $triCted. ResoUeS expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recover&J, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, non-charilable trading activities, and the sale of donated goods. expenditure on charitable activities indudes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relab'ng to the governance of the charity apportioned to charitsble activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All $tS are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or received and not discounted.
Page 10 Friends Of The Ulster Museum Notes to the Financial Statements fcontinuedj Year ended 30 June 2022 Accounting policies (continuedj Financial instruments (contlnu8d) Debt instruments are subsequently measured al amortised cost. lfvhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimient. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond nomial business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured 8t the present value of the future payments discounted at a market rate of interest for a similar debt inslwment. other financial instruments are subsequently measured at fair value, wth any changes recognised in the statement of financial activities. with the eXptIon of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporbng date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the inits'al gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the ¢arrying amount would have been had the impairment not previously been re¢ognised. Donations and lega¢ie$ Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Subscriptions Subscriptions Gift Aid 6,012 1,048 7,060 6,012 1,048 7,(0 6,422 1,178 7,600 6,422 1,178 7,600 Charftable activities Unreslricled Total Funds Unreslricled Total Funds Funds 2022 Funds 2021 NI I UK outings and events 3,776 3,776 65 65
Page 11 Friends Of The Ulster Museum Notes to the Financial Statements Iconlinved) Year ended 30 June 2022 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Bank interest Dividends re¢eived 25 3.160 25 3,160 3,185 20 20 2,644 3,185 2.664 2,664 Expendithre on charitable activities by fund ty Unrestricted Total Funds Unreslricled Totsl Funds Funds 2022 Funds 2021 Charitable activities Support Costs 9,060 4,581 9,(%0 4,581 13,641 1.500 4.507 1,500 4,507 13,641 6.007 6.007 Expenditure on charitable activities by activity type Activities undertaken directty Support costs Total funds 2022 Total fund 2021 Charitable activitie5 9,060 4,581 13,641 6,007 Net gains on investments Unrestri¢ted Total Funds Unreslricled Total Funds Funds 2022 Funds 2021 Gainslllossesl on listed investments 1,537 1,537 2.775 2,775 10. Independent examination fees 2022 2021 Fees payabte to the independent examiner for. Independent examinabon of the financial statements 480 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as foll¢)ws'. 2022 2021 Wages and salaries 2.687 2,083
Page 12 Friends Of The Ulster Museum Notes to the Financial Statements fcontinued) Year ended 30 June 2022 11. Staff costs {eontinued) The average head count of employees during the year was 1 {2021.' 1)- The average number of full-tirne equivalent employees during the year is analysed as follows.. 2022 No. 2021 Number of staff - administration No employee received employee benefits of more than £60,000 during the year {2021.. Nill- 12. Trustee remuneration and expenses During the year, one of the trustees - Deborah Baillie receNed remuneration from the Friends gf the Ulster Museum for adminislraltve dltlies for the sum £2,68712021: £2,083). 13. Investments 2022 2021 Investments Cash on deposit wth stockbroker 85.348 77,479 5,760 83,239 85,348 14. Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income 480 480 15. Analysis of charitable funds Unrestrlcted funds At 1 July 2021 Gains and At losses 30 June 2022 Income Expenditure General funds 114,916 14,021 {13,641) 1,537 116.833 Gains and At losses 30 June 2021 1 Juty 2020 Income Expenditure General funds 107.818 10,329 16,007} 2.775 114,915
Page 13 Friends Of The Ulster Museum Notes to the Financial Statements (continued) Year ended 30 June 2022 16. Analysls of net assets between funds Unreslricled Total Funds Funds 2022 cunI assets Creditors less than 1 year Net assets 117,313 14801 116,833 117,313 14801 116,833 Unrestricted Total Funds Funds 2021 Current assets Creditors less than 1 year Net assets 115,395 14801 114.915 115,395 14801 114,915
Page 14 Friends Of The Ulster Museum Management Information Year ended 30 June 2022 The following pages do not fomi part of the financial statements.
Page 15 Friends Of The Ulster Museum Detailed Statement of Financial Activities Year ended 30 June 2022 2022 2021 Income and endowments Donations and legacies Subscriptions Gift Aid 6,012 1.048 6,422 1.178 7,(0 7,600 ChariLible activities NI I UK outings and events 3,776 65 Investment income Bank interest Dividends received 25 3,160 3,185 20 2,644 2,664 Total income 14,021 10.329 Expenditure Expenditure on charitable activities Wages and salaries Insurance Other office costs Interest on bank loans and overdrafts Donations and gifts NI I UK outings and events Accountancy fees 2,687 470 630 2,083 452 1.243 249 1.500 6,000 3,060 510 480 13,641 6,CK)7 Total expenditure 13,641 6,007 Net gains on investments Gains on listed investments 1,537 2,775 Net Income 1,917 7,097
Page 16 Friends Of The Ulster Museum Notes to the Detsiled Ststement of Financial Activities Year ended 30 June 2022 2022 2021 Expenditurg on charitsble activities Charitable activities Activities undertaken directly Donations and gifts NI I UK outings and events 6,000 1,500 9,060 1,500 Support costs Wages & salaries Insurance Printing and slalionery Bank fees Accountsncy fees 2,687 470 630 2,083 452 1,243 249 480 510 4,581 4,507 Expenditure on charitable activities 13,641 6,007