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2023-06-30-accounts

CHARITY REGISTRATION NUMBER: NIC101366

Friends Of The Ulster Museum Financial Statements

30 June 2023

Friends Of The Ulster Museum

Financial Statements

Year ended 30 June 2023

Page
Trustees' annual report 1
Independent examiner's report to the trustees 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8
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 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2023.

Reference and administrative details

Registered charity name Friends Of The Ulster Museum Charity registration number NIC101366 Principal office c/o Ulster Museum Botanic Gardens Belfast BT9 5AB President Mrs N Dunbar Vice-President Mr P Cavan (Deceased 28[th] May 2023) The trustees Mrs P Blamphin (Chairperson) (Resigned 14[th] January 2023) Dr E Miller (Acting Chairperson) (Appointed 10[th] February 2023) Miss M P Mackintosh (Treasurer) Mrs D Baillie (Administrator) Mrs S Caldwell Mr I Forsythe Miss A Macdermott Ms H Crowdy Mrs J Leckey Mrs M Noad (Resigned 5[th] June 2023) Mr P Thompson Mrs E Stanley Mrs P Cameron Mr R Wallace Mrs L Wallace Independent examiner Johnston Graham Limited Chartered Accountants 216/218 Holywood Road Belfast BT4 1PD

Page 2

Friends Of The Ulster Museum

Trustees' Annual Report (continued)

Year ended 30 June 2023

Structure, governance and management

As set out in the constitution, the administration, conduct and function of the charity will be upheld by the Management Committee made up of three officers and nine ordinary members supported by a paid administrator. The committee holds a meeting at lease twice a year. The nine ordinary members are elected at the AGM for a term of three years. The Chairman and the Vice Chairman are 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 Administrator's 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 to the constitution shall be made without being passed by not less than two-thirds of members in person at the AGM.

The Friends of the Ulster Museum was registered with the NI Charity Commission in December 2015.

The Hon Treasurer is the main contact with the Commission's office.

The management committee met during 2022-23 on the following dates to administer the normal business of the Friends: Dates:- 6[th] September 2022, 14[th] February 2023 and 7[th] June 2023

Objectives and activities

To support and assist The Ulster Museum, and to promote its use and enjoyment by the public. To provide funding (either directly, or after accumulation or investment) to allow The Ulster Museum to purchase objects to add to the Museum's collection for public exhibition, and in particular art, history and science exhibitions. To encourage and support similar bodies associated with the Ulster Museum.

Page 3

Friends Of The Ulster Museum

Trustees' Annual Report (continued)

Year ended 30 June 2023

Achievements and performance

Funds held by the Friends of the Ulster Museum have been generated by a bequest placed in an investment portfolio producing annual income and events run by the members raising funds to support and assist the Ulster Museum to promote its use and enjoyment by the public. These funds also permit 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 covering administration costs: wages and salaries, printing and stationery, bank charges, insurance. The Friends employ one part-time administrator but 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 annual accounts to members at the Annual General Meeting. Further approval of the annual subscription and the Administrator's salary are brought to 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 2022 to 30th June 2023. 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. We received the following requests and made the following donations to the Ulster Museum:

A payment of £5,100 towards the purchase by the Ulster Museum of 16th and 17th Century coins and a bronze-age axe.

£5,000 towards the purchase by the Ulster Museum of painting "L'allée au bois" by Pierre-Auguste Renoir.

Financial review

The result for the year shows an overall shortfall of £5,456 and loss on investments of £498.

Reserves policy

The Trustees have a discretionary portfolio with our brokers set up to maximise the return to 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 to allow the friends to support the Ulster Museum, acquire items for the curators of history science and art and further assisting 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 2023

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 to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on 26 September 2023 and signed on behalf of the board of trustees by:

Dr E Miller (Acting Chairperson) Trustee

Page 5

Friends Of The Ulster Museum

Independent Examiner's Report to the Trustees of Friends Of The Ulster Museum

Year ended 30 June 2023

I report to the trustees on my examination of the financial statements of Friends Of The Ulster Museum ('the charity') for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008 (the ‘2008 Act’). 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 Northern Ireland under section 65(9)(b) of the 2008 Act.

Independent examiner's 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 respect:

  1. accounting records were not kept as required by with section 63 of the 2008 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of the 2008 Act; or

  4. the financial statements do not comply with the applicable requirements concerning 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 fair' view which is not a matter considered as part of an independent examination.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

David Knox

For and on behalf of Johnston Graham Limited Chartered Accountants 216/218 Holywood Road Belfast BT4 1PD

26 September 2023

Page 6

Friends Of The Ulster Museum

Statement of Financial Activities

Year ended 30 June 2023

Year ended 30 June 2023
2023 2022
Unrestricted
fundsTotal funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 4 6,320 6,320 7,060
Charitable activities 5 3,248 3,248 3,776
Investment income 6 3,527 3,527 3,185
──────── ──────── ────────
Total income 13,095 13,095 14,021
════════ ════════ ════════
Expenditure
Expenditure on charitable activities 7,8 18,552 18,552 13,641
──────── ──────── ────────
Total expenditure 18,552 18,552 13,641
════════ ════════ ════════
Net (losses)/gains on investments 9 (498) (498) 1,537
──────── ──────── ────────
Net (expenditure)/income and net movement in funds (5,955) (5,955) 1,917
════════ ════════ ════════
Reconciliation of funds
Total funds brought forward 116,833 116,833 114,916
───────── ───────── ─────────
Total funds carried forward 110,878 110,878 116,833
═════════ ═════════ ═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 13 form part of these financial statements.

Page 7

Friends Of The Ulster Museum

Statement of Financial Position

30 June 2023

30 June 2023
2023 2022
Note £ £
Current assets
Investments 13 85,408 85,348
Cash at bank and in hand 25,950 31,965
───────── ─────────
111,358 117,313
Creditors: amounts falling due within one year 14 480 480
───────── ─────────
Net current assets 110,878 116,833
───────── ─────────
Total assets less current liabilities 110,878 116,833
───────── ─────────
Net assets 110,878 116,833
═════════ ═════════
Funds of the charity
Unrestricted funds 110,878 116,833
───────── ─────────
Total charity funds 15 110,878
═════════
116,833
═════════

These financial statements were approved by the board of trustees and authorised for issue on 26 September 2023, and are signed on behalf of the board by:

Miss M P Mackintosh (Treasurer) Trustee

Dr E Miller (Acting Chairperson) Trustee

The notes on pages 8 to 13 form part of these financial statements.

Page 8

Friends Of The Ulster Museum

Notes to the Financial Statements

Year ended 30 June 2023

1. General information

The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is c/o Ulster Museum, Botanic Gardens, Belfast, BT9 5AB.

2. 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 Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008.

3. Accounting policies

Basis of preparation

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 expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees 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 two sub-classes: restricted income funds or endowment funds.

Page 9

Friends Of The Ulster Museum

Notes to the Financial Statements (continued)

Year ended 30 June 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; 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 income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to 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 at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Page 10

Friends Of The Ulster Museum

Notes to the Financial Statements (continued)

Year ended 30 June 2023

3. Accounting policies (continued)

Financial instruments (continued)

Debt instruments are subsequently measured at amortised cost.

Where 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 impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting 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 initial 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 impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Subscriptions
Subscriptions 5,437 5,437 6,012 6,012
Gift Aid 883 883 1,048 1,048
─────── ─────── ─────── ───────
6,320 6,320 7,060 7,060
═══════ ═══════ ═══════ ═══════
Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
NI / UK outings and events 3,248 3,248 3,776 3,776
═══════ ═══════ ═══════ ═══════

5. Charitable activities

Page 11

Friends Of The Ulster Museum

Notes to the Financial Statements (continued)

Year ended 30 June 2023

6. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Bank interest 71 71 25 25
Dividends received 3,456 3,456 3,160 3,160
─────── ─────── ─────── ───────
3,527 3,527 3,185 3,185
═══════ ═══════ ═══════ ═══════

7. Expenditure on charitable activities by fund type

Unrestricted
Total Funds
Unrestricted Total Funds
Funds
2023
Funds 2022
£ £ £ £
Charitable activities 12,348
12,348
9,060 9,060
Support costs 6,204
6,204
4,581 4,581
────────
────────
──────── ────────
18,552
18,552
13,641 13,641
════════
════════
════════ ════════
8. Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2023 2022
£ £ £ £
Charitable activities 12,348
6,204
18,552 13,641
════════
═══════
════════ ════════
9. Net (losses)/gains on investments
Unrestricted
Total Funds
Unrestricted Total Funds
Funds
2023
Funds 2022
£ £ £ £
Gains/(losses) on listed investments (498)
(498)
1,537 1,537
════
════
═══════ ═══════
10. Independent examination fees
2023 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 540 510
════ ════
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023 2022
£ £
Wages and salaries 3,604 2,687
═══════ ═══════

Page 12

Friends Of The Ulster Museum

Notes to the Financial Statements (continued)

Year ended 30 June 2023

11. Staff costs (continued)

The average head count of employees during the year was 1 (2022: 1). The average number of full-time equivalent employees during the year is analysed as follows:

Number of staff - administration

2023 2022 No. No. 1 1 ════ ════

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

12. Trustee remuneration and expenses

During the year, one of the trustees - Deborah Baillie received remuneration from the Friends of the Ulster Museum for administrative duties for the sum £3,604 (2022: £2,687).

13. Investments

2023 2022
£ £
Investments 85,408 85,348
════════ ════════
14. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 480 480
════ ════

15. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At Gains and At
1 July 2022 Income Expenditure losses 30 June 2023
£ £ £ £ £
General funds 116,833 13,095 (18,552) (498)
110,878
═════════ ════════ ════════ ════ ═════════
At Gains and At
1 July 2021 Income Expenditure losses 30 June 2022
£ £ £ £ £
General funds 114,916 14,021 (13,641) 1,537
116,833
═════════ ════════ ════════ ═══════ ═════════

Page 13

Friends Of The Ulster Museum

Notes to the Financial Statements (continued)

Year ended 30 June 2023

16. Analysis of net assets between funds

Unrestricted Total Funds
Funds 2023
£ £
Current assets 111,358 111,358
Creditors less than 1 year (480)
(480)
───────── ─────────
Net assets 110,878 110,878
═════════ ═════════
Unrestricted Total Funds
Funds 2022
£ £
Current assets 117,313 117,313
Creditors less than 1 year (480)
(480)
───────── ─────────
Net assets 116,833 116,833
═════════ ═════════

Page 14

Friends Of The Ulster Museum

Management Information

Year ended 30 June 2023

The following pages do not form part of the financial statements.

Page 15

Friends Of The Ulster Museum

Detailed Statement of Financial Activities

Year ended 30 June 2023

Year ended 30 June 2023
2023 2022
£ £
Income and endowments
Donations and legacies
Subscriptions 5,437 6,012
Gift Aid 883 1,048
─────── ───────
6,320 7,060
─────── ───────
Charitable activities
NI / UK outings and events 3,248 3,776
─────── ───────
Investment income
Bank interest 71 25
Dividends received 3,456 3,160
─────── ───────
3,527 3,185
─────── ───────
──────── ────────
Total income 13,095 14,021
════════ ════════
Expenditure
Expenditure on charitable activities
Wages and salaries 3,604 2,687
Insurance 470 470
Other office costs 1,296 630
Interest on bank loans and overdrafts 294 284
Donations and gifts 10,100 6,000
NI / UK outings and events 2,248 3,060
Accountancy fees 540 510
──────── ────────
18,552 13,641
──────── ────────
──────── ────────
Total expenditure 18,552 13,641
════════ ════════
Net (losses)/gains on investments
Gains/(losses) on listed investments (498) 1,537
──────── ────────
─────── ───────
Net (expenditure)/income (5,955) 1,917
═══════ ═══════

Page 16

Friends Of The Ulster Museum

Notes to the Detailed Statement of Financial Activities

Year ended 30 June 2023

Year ended 30 June 2023
2023 2022
£ £
Expenditure on charitable activities
Charitable activities
Activities undertaken directly
Donations and gifts 10,100 6,000
NI / UK outings and events 2,248 3,060
──────── ───────
12,348 9,060
──────── ───────
Support costs
Wages & salaries 3,604 2,687
Insurance 470 470
Printing and stationery 1,296 630
Bank fees 294 284
Accountancy fees 540 510
─────── ───────
6,204 4,581
─────── ───────
──────── ────────
Expenditure on charitable activities 18,552 13,641
════════ ════════